Developers Plan Apartments on Allapattah Auto Dealership Site
Biscayne Companies and Etienne Equities bought a developable site in Miami’s Allapattah neighborhood.
The $3.5 million cash sale closed earlier this month, Biscayne Companies principal Kenneth Fantes told Commercial Observer. Located just west of Melrose Park at 2951 NW 27th Avenue, the 0.7-acre site is now home to used car dealership Ocean Auto Sales.
The dealership paid $2 million in 2006 for the land, according to property records.
The new owners plan to build a multifamily property with a retail component, with the aim to break ground in two years. The site is zoned to house 114 units.
The sale comes as Allapattah, a working-class neighborhood just west of Wynwood, is seeing a rush of development in response to skyrocketing real estate prices in Miami over the past three years.
Among the biggest projects in the pipeline is NR Investments’ proposal to build a mixed-use complex at the General Services Administration building at 1950 NW 20th Street. The plans include 2,500 residential units, a 300-room hotel as well as retail and office space.
Just west of the neighborhood, closer to Miami International Airport, longtime Allapattah developer Lissette Calderone proposed building a 1,250-unit rental complex in March.
A representative for Ocean Auto Sales did not immediately respond to a request for comment.
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