A 5.5 Acre site on the world famous Bal Harbour real estate strip just set a historic listing record for the East Coast with a listing price of $225,000,000. This premier location will be only 2 parcels down from the Bal Harbour shops and the new St. Regis Residence & Resort (completion date of 2011). The beachfront parcel located at 10201 Collins Avenue, has 400 feet along the Atlantic Ocean (x 600′ Depth) and now houses an oceanfront country club called Bal Harbour Club (how original) from 1976. Thorpe Sotheby’s International Realty out of Vero Beach is handling the marketing and sale as they are targeting the International buyer’s in the Middle East, Russia, the United Kingdom and Canada and marketing it as qualifying for 675,350 Square Feet of Condominium or Hotel use with restaurant and other uses with rezoning adding another 225,000 Square Feet of buildable space.
“We’re looking for someone with a lot of capital looking to get out of paper investments so they can buy a real estate development asset of this kind of value.” – TCPalm.com
My opinion for highest and best use on this oceanfront land parcel is as a mixed use, high end condominium with retail
space suitable for the Bal Harbour lifestyle and positioned to coincide with the Bal Harbour shops. An oceanfront restaurant is what we need to see with a celebrity name to back it up and a price per square foot to match the condo residences similar to St. Regis Bal Harbour yet without the hotel aspect. I believe St. Regis Bal Harbour Resort will be a great success and there are only so many tourists who will utilize Bal Harbour as a vacation destination instead of the desirable South Beach FL real estate with now an exorbitant amount of hotels. Bal Harbour is missing this key ingredient that may make sense to build after 2011. If you’d like to receive the latest local real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper left column) or by email above every time a new posting occurs. Have a great week and call any time toll free 1.888.383.7326 or view new condos here.