EXECUTIVE SUMMARY
Once-in-a-lifetime rare oceanfront Miami Beach property with 260 Linear feet frontage of the World-Renowned Miami Beach white sand along the Atlantic Ocean.
Colliers International, as exclusive listing broker, is pleased to present the once-in-a-lifetime opportunity to acquire the Casablanca Miami Beach, a true beachfront development opportunity located at 6345 Collins Avenue in Miami Beach. The property is comprised of an existing 200,377 square foot condominium building that sits on a 1.88-acre beachfront parcel with 260 linear feet of frontage on Miami Beach’s world-class white sand beach.
The setting of the Casablanca Miami Beach directly on Collins Avenue as the first property in from the W 63rd Street entrance from La Gorce Island and the very rarely available central Miami Beach location, truly make this a rare offering in the market. Miami Beach continues to evolve into a global destination, attracting not only extremely wealthy individuals, but also the most prominent financial and technology companies in the world.
The Casablanca is located in the midst of the city’s growth with close proximity to the area’s most prominent hotels, condo buildings, restaurants, and golf-courses.
The Casablanca was originally built in 1950 featuring Post War Modern architectural styles designed by Roy France and is therefore a contributing structure in the North Beach Resort Historic District. While the in-place RM-3 zoning designation of the site is high-density and high-intensity, all redevelopment, additions, and renovations to the property must be reviewed and approved by the Historic Preservation Board.
The offering gives developers the opportunity to transform Miami Beach's skyline with a creative repositioning and redevelopment of the site into an ultra-luxury condo or hotel project capturing the Beach's soaring population and the rebounding hospitality market.
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OVERVIEW
Unparalleled and central location with proximity to Miami Beach’s top points of interest
Address
6345 Collins Avenue, Miami Beach, FL 33140
Land Size
+/- 1.88 Acres (+/- 81,849 SF)
Water Frontage
260’
Zoning
RM-3
Density/FAR/Max Height
150 Units per Acre / 3.0 FAR / 200 Feet
Asking Price
To be determined by the market
Year Built/Historic Overlay
1950 / Contributing property in the North Beach Resort Historic District
*Land Use Attorney Zoning Memo is available in the Due Diligence Vault.
INVESTMENT HIGHLIGHTS
Rare Large-Scale Miami Beach Site
The Casablanca Miami Beach Development Site is an extremely unique and rare offering in the marketplace. It represents the rare opportunity to acquire and re-develop a multi-acre oceanfront property directly on Collins Avenue. The site allows a developer to create an iconic and globally recognized building that will change the history and skyline of Miami Beach. The site’s 260 linear feet of beachfront, will provide a highly sought after amenity for future residents of the building.
Miami Beach's emergence as a World-Class Destination
Miami Beach continues to evolve into a global destination, attracting not only extremely wealthy individuals, but also the most prominent financial and technology companies in the world. The tropical year-round weather, business friendly and low tax environment and vibrant social scene, have attracted many people from this affluent demographic not only domestically but also internationally. The Casablanca is located in the midst of the city’s growth with close proximity to not only the area’s historic properties such as the Fontainebleau, the Faena District, La Gorce Island, the Bath Club and Surfside among others, but also the new developments such as 5700 Ocean, Four Seasons Surfside and Eighty Seven Park.
Escalating Pricing and Demand for Luxury Condos
With the growing affluent population of the city, comes great demand for ultra-luxury real estate. Demand and pricing for multi-million dollar single family homes and luxury condominiums has risen significantly with multiple record breaking sales throughout the city. New luxury, oceanfront condominium developments in Miami Beach such as 5700 Ocean and Eighty Seven Park have seen sellout prices in excess of $3,000 per SF. The Penthouse at 5700 Ocean sold for $36m in September 2021. With 7,500 SF of interior space, the sale works out to $4,800. Prices in the market are expected to keep rising as new supply is low and population growth fuels the demand for more units.
OFFERING PROCEDURE
Offers should be submitted in the form of a standard non-binding Letter of Intent, which can be found on the Colliers International Document Center, and must specify the following:
- Price (Call for pricing guidance)
- Length of Inspection Period
- Length of Closing Period
- Amount of earnest money deposit at execution of a Purchase and Sale Contract
- Amount of additional deposit upon expiration of Inspection Period
- The Casablanca's broker of record is Colliers International, LLC. As a condition hereof and the Contract for Purchase and Sale thereto shall provide that the successful bidder/buyer will pay, at the time of closing, to Casablanca's broker of record a brokerage commission of 1.0% of the sales price of the Property without setoff, credit or reduction in the sales proceeds paid to the Casablanca Owners. If the successful Bidder / Buyer has retained a broker, there may be additional brokerage fees payable at closing.
INVESTMENT CONTACTS
Gerard Yetming
+1 786 517 4995
gerard.yetming@colliers.com
Kenneth M. Krasnow
+1 786 517 4990
ken.krasnow@colliers.com
Julian Zuniga
+1 786 547 0153
julian.zuniga@colliers.com
Brooke Berkowitz Mosier
+1 561 512 3488
brooke.mosier@colliers.com
Copyright © 2022 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification.
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