Land/Income and Future Mix/Use Development Site - Miami, Florida - 68,000 Sq Ft
As per R-3 Zoning (fronts NW 35th Street)
6,800 sq. ft per folio * 3 folios = 20,200 sq. ft/ 43,560 per acre = .4637 acres
.4637 acres * 85 units per R-3 acre = 40 residential units
As per C-1 Zoning (fronts NW 36th Street) – Converts easily to R-4 Zoning
6,800 sq. ft per folio * 7 folios = 47,685 sq. ft/ 43,450 per acre = 1.0947 acres
1.0947 acres * 150 units per C-1 = 165 residential units
Total Allowable Residential Units - Build approximately 205 residential units
The parcels also allow for construction square footage of:
Under Current Zoning Laws, 168,000 square footage of construction is allowed Out Right. With Multiple Use Special Permits (MUSP Permits) – one might potentially build up to 243,000 square feet. At only $30 per buildable square foot, one would value the subject property between $5,000,000 and $6,000,000.
There are Unlimited Height Restrictions with respect to what can be built on this site.
In the rear, on the NW 35th Street side, there is already in place the SD-9 Overlay zoning that allows for up to five stories including parking lots and pool areas. The 15-Plus acres of City Owned and Operated Moore Park create a buffer which creates opportunity for much more dense development as far as Floor to Air Ratios (FAR Ratio). Moore Park allows a developer to extend the measuring points when calculating Allowed Square Footage of Development which adds considerably to the Total Allowed Square Footage of Construction. Of course, along with the development site, we have great zoning existing all around which further limits future high rise construction in any of the other three directions (South, East, or West). Due to these already in-place zoning issues long term views in all directions are already guaranteed after development.
Of course, the commercial ground mixed/use component is also viable for whatever course a developer wants to take – middle priced hotel or a more affordable mid or high-rise residential component.
