Last Undeveloped Ocean Drive Land Site for Sale in Miami Beach

Wednesday, February 15, 2017

Update:  This property is no longer on the market. For a list of current real estate investment listings, please click here to be directed to our Property Search page.

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale a 0.26-acre development site located at 304-312 Ocean Drive with everlasting ocean views in the coveted South of Fifth (SoFi) live-work-play district in Miami Beach, Florida. The site comprises 11,500 square feet and represents the last remaining undeveloped site on all of the famed Ocean Drive.

The Miami Beach land site for sale offers 100 linear feet of frontage along the famed Ocean Drive as well as protected ocean views with its location directly catty-corner to Marjory Stoneman Douglas Ocean Beach Park. Additionally, it boasts a tremendous Walk Score® of 97, ranking it as a “Walker’s Paradise.” In the 1990s, a remarkable renaissance of the South of Fifth neighborhood created the exclusive, affluent neighborhood as it stands today. Numerous hotels, restaurants, shops, pharmacies and grocers are all located within a few blocks of the site, providing residents with a true neighborhood setting amid the excitement of living on Miami Beach. The upscale community is complemented by multiple parks, untouched beaches, panoramic ocean views and a marina.

The affluent SoFi neighborhood attracts international investment and garners some of the highest residential sales per square foot in the nation. A steady influx of wealthy residents, investors and visitors from Europe, South America, the Middle East and Asia have contributed to Miami’s cosmopolitan identity and provided a bottomless pool of investment from around the world. While Miami ranks sixth among the top global cities that matter to ultra-high-net-worth individuals, the average price per square foot for residential units is a mere fraction of the cost. The Miami Beach development site will allow a developer to capitalize on this new pool of sophisticated residents and visitors seeking a uniquely Miami lifestyle at a discount to the city’s global competitive set.

Miami Beach Land Site for Sale Investment Benefits

  • Last Remaining Undeveloped Site on Ocean Drive:  The vacant site for sale features 100 linear feet of frontage along Ocean Drive. The previous structures, the Biltmore and Seaspray Apartments, were cleared in 2014 following approval by the Historic Preservation Board. As a result, a potential investor will be able to avoid both historical preservation issues and the demolition costs associated with preparing the 304-312 Ocean Drive site for future development.
  • Everlasting, Unobstructed Ocean Views:  Future development will offer protected, unobstructed views of the Atlantic Ocean over Marjory Stoneman Douglas Ocean Beach Park. The 2.5-acre, city-owned park positioned catty-corner to the site offers immediate beach access and is characterized by swaying palm trees alongside palatial greenery. As a protected park, residents and guests will enjoy everlasting water views.
  • Luxurious Town-Home Site Plan:  Revuelta Architecture was contracted by the owner to create an initial site plan, which details four luxurious 5,000-square-foot town homes and one single-story unit. Each of the town homes feature two parking spaces, a spacious second-floor terrace, two balconies and a rooftop pool with spectacular ocean views past Marjory Stoneman Douglas Ocean Beach Park. The fifth unit measures 600 square feet on the first floor and features a separate entrance and two parking spaces.
  • Luxury SoFi Condominium Market:  The SoFi neighborhood peninsula is home to some of the most expensive high-rise buildings in Miami. Luxury, boutique product continues to be in demand. Sales within luxury developments have repeatedly broken records, and SoFi’s unparalleled appeal is evidenced by a recent January 2017 listing for $65 million, or $7,859 per square foot, at Apogee South Beach, located less than 0.5 miles from the site.

For more information on the land site for sale in Miami Beach or other development sites on the market in South Florida, please contact HFF Managing Director Jaret Turkell in HFF’s Miami office

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