Two Waterfront Condo Buildings in Miami Area Are Looking to Sell to Developers
By Julia Echikson April 25, 2023 5:01 pm
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Waterfront condo buildings in the Miami area are up for grabs.
In Sunny Isles Beach, the homeowners association of Kings Point Imperial Condominium has listed the property for sale, having hired a Colliers team led by Gerard Yetming was hired earlier this month to broker a buyout.
Located at 220 Kings Point Drive, the 82-unit building sits on 2 acres with over 550 feet of frontage on the Palm Waterway, an inlet to the Intracoastal Waterway, just west of the Trump Towers condo complex.
Nearly nine miles south in Miami Beach, the association of Kim Aimee Condominium hired the same Colliers team last week to market the 11-unit condo building, located just south of 41st Street at 4015 N Meridian Avenue and boasting 172 feet of frontage along the Meridian Waterway.
Homeowners may be eager to sell, after the Florida legislature passed laws in 2022 requiring condo owners to pay for expensive building repairs in the aftermath of the deadly collapse of the Champlain Tower South. The new laws have especially hit condo owners of aging properties, such as the Kings Point Imperial and Kim Aimee, which were built in 1962 and 1936, respectively.
Buyouts allow developers to tear down the existing property to make space for new property, but such deals remain difficult to achieve because they often require the consent of the vast majority of condo owners.
Last week, residents of an oceanfront mobile home community rejected a $503 million offer from Delray Beach-based Kolter Group. In the largest proposed buyout underway today, Terra has offered $500 million to the owners of an oceanfront condominium in Miami Beach, a deal that Yetming is also brokering — but that has yet to close.
The Kings Point Imperial’s homeowners association hired the Colliers team after receiving several unsolicited offers from developers, whom Yetming declined to identify. The site of the six-story condo is zoned for medium-high-density residential properties, which allows 60 units per acre. A call for an offer date is slated for next month, Yetming said.
As for the Kim Aimee condo, the 27,355-square-foot lot is zoned for low-density residential buildings or single-family homes up to 50 feet high, but construction may not exceed 45 percent of the lot.
Julia Echikson can be reached at jechikson@commercialobserver.com.
