Russian Developer Drives Up Edgewater Land Prices By Paying 218% Premium
The average price of commercial land in Edge water has reached $574 per square foot, compared to $461 in Brickell, $259 in Aventura, $147 Miami Beach, $125 Coral Gables. Land prices for new residential condo development sites have surged too over the last 45 days in the Edgewater neighborhood.
In a most recent development, Russian developer Baybakov paid a combined 218 percent premium for the properties over the 2013 assessed market value of less than $9.5 million, according to the Miami-Dade Property Appraiser’s Office. In other words, Baybakov ended up paying $30million dolar for 1.7 acres of land in a trio of adquisitions.
Baybakov’s first and largest investment in the Edgewater area under the 700 Edgewater Development entity occurred on Feb. 21, when he paid $21.5 million for a 32-year-old rental building standing 12-stories tall on a 37,500-square-foot lot on Northeast 26th Terrace that fronts Biscayne Bay.
With the three purchases, Baybakov now owns more 60 percent of the entire block that stretches from Biscayne Bay west to Northeast Fifth Avenue and from Northeast 26th Terrace south to Northeast 26th Street. It would be no surprise if the Russian developer ends up buying the whole block.
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