Prized Design District, Midtown Development Site Lists for $47M

A partnership involving Tricap, Integra Investments, and Lndmrk Development is selling a high-profile development site located at the intersection of Midtown Miami and the Design District. Listed for $47 million with Apex Capital Realty, this one-acre property at 3601 North Miami Avenue offers significant development opportunities.

A Planning Pivot

The site, acquired for $23 million in 2022, was initially planned for a 20-story Class A office tower with retail and dining spaces. Previously, it was envisioned as the site for Triptych Miami, a mixed-use hotel project that went into foreclosure. The developers have invested over $30 million, including land and design costs, but have opted to sell as they are focusing on other ventures for the next three years.

Strategic Location and Zoning Advantages

Strategically positioned across from the Shops at Midtown Miami and visible from I-195, the site is zoned T6-12-O with a transit-oriented development overlay. It allows for flexible usage, including hotel, residential, office, retail, or mixed-use developments. With bonuses, the site could accommodate up to 466,000 square feet, 154 residential units, or 308 hotel rooms.

Track Record of the Developers

The partners have extensive experience in high-profile real estate development projects. David Edelstein recently sold the W South Beach for over $400 million and is developing NoMad Residences Wynwood. Integra Investments is involved in the St. Regis Residences in Brickell, and Karakhanian’s Lndmrk Development is co-developing One West Twelve Residences in Overtown.

This site represents an opportunity for a landmark project in one of Miami’s most dynamic, bustling neighborhoods.