Berkadia announces it has arranged the sale of a 1.83-acre development site in Miami’s Bay Harbor Islands. Located just west of Bal Harbour Shops, the 1177 Kane Concourse site includes 300 feet of frontage on Kane Concourse and is permitted for a mixed-use residential, retail and office development.
Senior Managing Directors Jaret Turkell and Roberto Pesant, Managing Director Scott Wadler, Associate Omar Morales and Senior Analyst Jose Mota of Berkadia Miami marketed the property on behalf of Northwood Investors. David Martin’s Terra is acquiring the development site.
“This was a unique opportunity to acquire a fully approved mixed-use development site in a market that is currently underserved for both office and multifamily,” said Turkell. “As Miami continues to attract corporate relocations and residents leaving high-tax states, submarkets like Bay Harbor Islands stand to benefit and attract new business and residential interest.”
“Our plans for 1177 Kane Concourse include a landmark mixed-use development encompassing a boutique high-end residential component, Class A office and retail space, and a signature food and beverage experience at street level,” said David Martin, CEO of Terra. “The development will meet growing demand for luxury living and boutique commercial space as more residents and companies gravitate to South Florida, while invigorating Bay Harbor’s iconic Kane Concourse. Terra has a long track-record of enhancing communities across South Florida, and we’re excited about doing the same for the village of Bay Harbor Islands.”
Bay Harbor Islands is an affluent community roughly two miles north of Miami Beach, just above Indian Creek Island. It is easily accessible to I-95 via N.E. 123rd Street. No Class A office space has been added to this submarket since 2016.