Alex Sapir & International Partners Re‑List Miami Edgewater Opportunity Zone Site for $38M

Key Points

• A 1.5‑acre assemblage in Edgewater, Miami, near Arts & Entertainment District and Adrienne Arsht Metromover.

• Asking price: $38 million, originally acquired in 2017 for $33 million by Sapir Corp. affiliate and partners.

• Zoned for 741 residential units, nearly 1.5 million sf, eligible for municipal public benefit bonuses and Opportunity Zone tax credits.

Savvy investors and landlords, head’s up: a major Miami development site is back on the block—and this time, with even more potential. Alex Sapir’s firm (under Sapir Corp.), alongside Chinese and Hong Kong partners, has relisted its 1.5‑acre assemblage in Edgewater for $38 million. 

Ownership & Background

• Sapir Corp. affiliate (led by Alex Sapir) holds ~40% of the partnership, alongside CNMB International (China) and G‑Resources (Hong Kong). They originally paid $33M in 2017 for the eight‑parcel assemblage.

• Initially marketed in 2019 via CBRE, the listing has now shifted to Berkadia, with listing agents Omar Morales and Jaret Turkell leading the process.

Zoning & Development Parameters

• Property at 210 Northeast 18th St and 1768 NE 2nd Court sits in a designated Opportunity Zone, delivering long‑term tax benefits to eligible buyers.

• Zoned T6‑36B‑O, allowing up to 741 residential units and 1.5M sf of buildable area. Public benefit bonuses could push density even further.

• Previous plans envisioned two towers rising 60 and 40 stories, with up to 1,200 units, retail, and office components.

Current Use & Lease

• On the site: Mignonette Downtown oyster bar/seafood restaurant generates approx. $120K/year in rent.

• Its lease expires May 2026, but can be canceled with 90 days’ notice.

• Because the structure is designated historic, any redevelopment must be vetted by Miami's Historic & Environmental Preservation Board.

Neighborhood Appeal & Market Comps

• Located in south Edgewater, the site offers walkability to Publix, Margaret Pace Park, and the Adrienne Arsht Metromover station.

• Rental comps:

  • $6/sf at Forma (a new Crescent Heights project on Biscayne Boulevard),

  • $5.50/sf for newer condos, and about $4.25/sf at local mid‑rise apartment buildings.

• Underwriting a mixed condo‑apartment development may capture premium rent and absorption given the location and risingEdgewater popularity.

Investor Insights

• Opportunity Zone status enables deferred federal capital gains and potential tax exemption on new gains, a big incentive for long‑term yield investors.

• History board oversight on the historic portion may slow approval—but could also offer retention credits or façade bonuses.

• With prior tower plans in place, a new buyer inherits strong precedent for density, though city approvals may require updated entitlements.

• Nearby development: a separate Rosen‑led group just north is moving ahead with a mixed‑use high‑rise, boosting area momentum.

This Edgewater parcel offers a high‑leverage play for opportunistic investors seeking scale, OZ tax benefits, and Miami’s now‑hot Edgewater market. The $38M listing underscores confidence in long‑term value, while the zoning envelope and comps suggest attractive upside through density and delivery of premium rental product. A savvy buyer can turn this reposition into a standout Miami development—if they’re ready to move before the late‑September offer deadline.