North Miami Beach 3-Acre Site with 1,217-Unit Approval Hits Market at $26 Million

Key Points

• A 3-acre parcel in North Miami Beach—formerly home to Laurenzo’s Italian Market—has been listed for approximately $26 million.

• The site is fully entitled for a 2.1 million-square-foot mixed-use development with three 33-story towers, 1,217 residential units, over 23,000 square feet of retail, and 1,622 parking spaces.

• A prior $30.5 million sale contract with Triple Five Florida LLC fell through, ending in litigation and resulting in the entitlements reverting to the seller.

A significant development opportunity has hit the market in North Miami Beach. The former Laurenzo’s Italian Market property, spanning about three acres, is being offered for $26 million with approvals already in place for a large-scale mixed-use project. The listing provides investors with a rare entitled site amid a shifting South Florida development landscape.

Background & Site History

The property sits at the northeast corner of NE 163rd Street and Harriet Tubman Highway, covering 16385-16445 West Dixie Highway and 2255 NE 164th Street. It was home to Laurenzo’s Italian Market, a longtime family business that closed in 2019 after nearly seven decades.

In 2022, the Laurenzo family’s affiliate entered into a contract to sell the site for about $30.5 million to Triple Five Florida LLC. After multiple extensions—18 in total—the buyer requested seller financing but failed to close. The deal ultimately collapsed, leading to legal action and the entitlements being reassigned back to the Laurenzos.

Project Entitlements & Deal Economics

The site is approved for a 2.1 million-square-foot project comprising three 33-story residential towers, 1,217 apartments, 23,000 square feet of retail, and more than 1,600 parking spaces. The entitlements are valid for three years with the possibility of extension.

Although the current design may not be built immediately due to market conditions, brokers suggest it represents a strategic opportunity to secure an entitled site ahead of the next market upswing. At a listing price of $26 million, compared with the prior $30.5 million contract, the deal may offer room for value creation.

Risks & Investor Considerations

Market timing is a key factor. Current financing and construction headwinds make it unlikely the approved project will break ground right away. Entitlement extensions could be needed if market recovery lags. The project’s scale—1,200 units plus retail—adds execution risk, and the submarket’s demand profile may require adjustments to the mix or phasing.

Why It Matters for Developers and Investors

Entitled land parcels of this size are becoming increasingly scarce in South Florida. Acquiring one gives investors strategic flexibility: they can hold the site until capital markets stabilize or reposition the project to match future demand.

The mix of residential, retail, and parking provides optionality across multiple revenue streams. Having entitlements already in place also reduces development risk and approval delays, making the property attractive to long-term investors and joint venture partners.

For brokers and landowners, the listing signals how pricing for entitled sites in secondary Miami markets is recalibrating to reflect tighter lending conditions and shifting investor expectations.

Large-Scale Play

The North Miami Beach site represents a well-positioned, large-scale entitlement play with significant upside for patient capital. Although near-term development may be limited by market factors, the property offers rare scale and flexibility in one of South Florida’s emerging urban submarkets.