Unity on the Bay Church in Miami’s Edgewater asks $40M for sale by Oct 21

With high-rise residential sprouting all around it, the Unity on the Bay Church in Miami’s Edgewater neighborhood hopes to land a buyer in the coming weeks. NGKF Capital Markets brokers Michael Lapointe, Adam Greenberg and Michael Lohmann sent out a filer proclaiming offers are due by Oct. 21 with an asking price of $39.75 million. The 2-acre site at 412 to 436 N.E. 22nd Ave. currently has a church built in 1919. Part of the lot has an unobstructed view of Biscayne Bay, making it valuable land for condo developers.

The Two-acre site of Unity on the Bay at 412 to 436 N.E. 22nd Ave. in Miami is on the market.

Located just north of downtown Miami, Edgewater has drawn developers such as the Melo Group and the Related Group with high-rise apartments and condos.
According to NGKF, the zoning would allow for about 300 units in up to 50 stories. Greenberg said he’s heard fromfive to 10 serious buyers with the capital to execute a deal. “We have set a date now because we’ve had a lot of groups interested and we wanted to put and end to it, where we can have all the offers in so we can quantify them and see who has the best offer,” Greenberg said. Timing is very important for the deal. Greenberg said Unity on the Bay Church would need to stay on the site until it can purchase another property and build a new church. So the deal would probably be structured as a staged takedown - selling the land a piece at a time - or a sale and leaseback for 18 to 24 months, he said. Greenberg said the church plans to find a less expensive site in Miami’s urban core. The proceeds of the sale would fund the new church, he added. “This site will be built as condos, I’m 90 percent sure,” Greenberg said.


Original Content from Bizjournals