Edgewater Church with 2 Acres Next to Paramount Bay on the Market

 
Because of a flourishing real estate market in Miami, a church plans to sell a 2-acre (88,295 square feet to be exact), near-waterfront plot of land in Edgewater.

Unity on the Bay Church has been located at 412 NE 22nd Street along Biscayne Bay in Edgewater since 1961. Located on a prime piece of near-bayfront land, beside ultra-luxury condo tower Paramount Bay, Unity on the Bay has been approached by many developers over the past few years who want to purchase the land. Apparently, the church realized with the skyrocketing value of land in Edgewater, it makes more “cents” (see what I did there) to cash out now. According to the Miami Herald, the church has received past offers exceeding $40 Million and has now decided to place the sacred land on the market for sale.

Although the church has not yet set a sales price for the property, I’m sure a developer is going to pay a crazy amount of money for this land because it is situated along Biscayne Bay and a developer will be able to build a luxury condo tower that will boast incredible, unobstructed views of Biscayne Bay, the Atlantic Ocean and the Miami Beach skyline.

The land is currently zoned T6-36, which means a developer could build a 36-story tower. With units starting on the 3rd floor going up to the 36th, the total sellable square footage would be somewhere in the neighborhood of 500,000. At the average prices in the neighborhood of around $600 per sq/ft, the total building sell out would be around $300,000,000.

Edgewater is located in Greater Downtown Miami and is becoming one of the trendiest new neighborhoods in South Florida. Located along Biscayne Bay, Edgewater is the last untapped (and I use untapped very lightly since there has been a boom of new condo towers built there recently) neighborhood in Miami with property values set to go up, up, up. Located just minutes from Downtown Miami, Brickell and South Beach, Edgewater is one of the most sought-after neighborhoods for buyers looking for long-term appreciation.

All-in-all, the sale of the property would be a win-win for the church and a developer with deep pockets. The church will be able to relocate and build a new sanctuary along with a school and performing arts center with the proceeds from the sale.

If you, or someone you know, are interested in purchasing a condo in Downtown Miami or Edgewater, please contact your Miami condo specialist, Michael Light. You may reach me at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.