Avison Young’s Florida Capital Markets Group has brokered the sale of a pivotal development opportunity at 7880 Biscayne Boulevard, Miami, known as Biscayne 79. The property, spanning an impressive 3.5 acres, was formerly occupied by the Immigration and Naturalization Service. The transaction was made under the guidance of court-appointed receiver Michael Goldberg and has garnered a selling price of $23 million.
The sale was executed by Avison Young Principals Michael T. Fay, Jay Ziv, John K. Crotty, David Duckworth, and Brian C. de la Fé, with B Group Capital Management, a Miami-based firm, emerging as the buyer. Fabio Faerman and Sebastian Faerman from FA Commercial, the commercial division of Fortune International Realty, represented the buyer.
Biscayne 79 development site. Credit: Avison Young
The Biscayne 79 site comprises two parcels, a 2.6-acre piece with direct access to the intersection of Biscayne Boulevard and 79th Street and a separate 0.9-acre waterfront parcel adjacent to Little River. This positioning along the northern development growth trajectory from Greater Downtown Miami makes it a suitable site for large-scale developments.
Zoned for mixed-use, the site permits the construction of 500 residential units and commercial spaces across two towers, each up to 12 stories. The total buildable area approximates 889,000 square feet.
“Situated in the heart of Miami’s bustling Biscayne Corridor with the potential for a developer to build office, retail, residential, and hospitality components, this rare opportunity attracted offers from a variety of potential buyers,” said Fay. “Ultimately, the right buyer proved to be a locally-based investor with a deep understanding of the site’s value, which allowed us to achieve the highest possible price for all stakeholders involved.”
Over the past 2.5 years, Miami has become a Tier-1 American city, on par with New York City and Los Angeles. It was ranked the fifth-most walkable of the largest cities in the U.S. in 2022. Additionally, high-income earners and some of the most successful financial services, technology, and cryptocurrency firms continue to relocate to Miami from other major metros. As a result, rents across commercial real estate asset classes in Miami are at all-time highs, and development sales continue to break records.
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Who is the buyer? B Group!? What is a B Group? Where do they get $23 Million?