Biscayne Landing Master-Planned Community
Two-Bedroom Condos in North Miami from $243,000
October 8, 2013
Joel Greene here from Condo Hotel Center. When I was a kid, I used to love doing jigsaw puzzles. It fascinated me to see how individual pieces came together to make something so beautiful. Sometimes I’d work for weeks on the same puzzle, adding just a few pieces at a time. (What can I say, I have a short attention span.)
These days I don’t have much time for jigsaw puzzles but occasionally, in real estate, I find situations that remind me of my childhood pastime. The property I’m featuring today is one of those.
It’s a puzzle with pieces that have been slowly moving into place over the past nine years. And now, we are finally learning where those last few pieces will go. Read on for details.
The History of Biscayne Landing
So you can fully appreciate where this property is today, step back in time with me to the year 2006. Two ambitious Miami development companies had purchased 193 acres, the last, large undeveloped tract of land in North Miami, Florida. Their intent was to create a master-planned community called Biscayne Landing.
The project would take almost 10 years to build out. When done it would include high-rise condos, townhomes, shops, restaurants, swimming pools, fitness centers, playgrounds, jogging trails and even its own public schools from kindergarten through high school. The plans were grand but feasible and had the city of North Miami’s blessing.
Two 25-story condo towers called Oaks at Biscayne Landing were the first component completed of the master-planned community 2007. Unfortunately, shortly after they were built, the real estate market collapsed. And everything else in the master-planned community was put on hold.
The Situation Today
Biscayne Landing was in limbo from about 2007 until a few months ago. The 193-acre property changed hands, and eventually, the city of North Miami, which got the property back, sold the existing condo towers to one developer and leased the adjacent acreage to another. I’ll tell you about the condo towers in a second. First, here’s what’s in store for the undeveloped land.
Joint developers, LeFrak Organization and Swerdlow Group have just gained city approval for a $1 billion development on the adjacent 180+ acre parcel. That parcel will include over one million sq. ft. of commercial/retail space for the following:
- Four-star hotel with 150 rooms
- Luxury multi-family and high-end residential condominiums
- 10,000 sq. ft. community center
- Over 50 acres of well-manicured park land containing playgrounds, baseball and soccer fields all connected by picturesque pathways and bike trails.
Documents submitted to the city show the first phase of the project is an 850,000 sq. ft. plaza, with possibly a Lowe’s, Ross, Kohl’s and Dick’s Sporting Goods. Construction is already underway.
The Condo Towers
The two condo towers that comprised Oaks at Biscayne Landing and were completed in 2007 contained 373 condo residences. Some were sold. But many were rented out, as condo rentals fared better than condo sales during the recession.
Recently, institutional investment firm iStar Financial made a bulk purchase of the remaining 160 condo residences in the Oaks at Biscayne Landing. And those are the condos I’m offering to you today. You knew I’d get to the point eventually.
Oaks at Biscayne Landing
The condos at Oaks at Biscayne Landing are for sale. iStar Financial plans to make significant capital improvements that will include the following:
- New landscaping package for whole property
- Cleaning and repainting of both buildings
- New heated pool and pool deck
- Tennis courts
- Clubhouse and fully-equipped fitness center
- New 24-hour attended guardhouse with electronic security system
I believe Oaks at Biscayne Landing is a hidden gem. Although relatively new, it’s already getting a major $4 million renovation. And, yet it is being offered for sale at far below market value at an average of $175 sq. ft. Even the best unit available is only priced at about $220 sq. ft.
Furthermore, the seller is offering perks like no HOA fees and no real estate taxes for two years. Yet the best part of this property is what is coming to the area, and the effect that it will no doubt have on future value.
Attractive Condo Features
Overlooking the low rise FIU campus toward Bal Harbour, each residence offers sweeping views of the Intracoastal Waterways, neighboring parks and nature preserves, the Sunny Isles and Miami Beach skylines and beyond to the Atlantic Ocean.
From opulent marble baths to gourmet kitchens complete with Italian-made cabinetry, granite countertops, and top-of-the-line GE appliances, the residences are top quality.
They feature open living areas in a variety of layouts. And each condo has a spacious private balcony.
Opulent master bathrooms feature imported marble countertops and floors, full-size vanity mirrors, European-style jetted tub and separate glass-enclosed shower.
North Miami, a Thriving Community
North Miami doesn’t get nearly the attention that sister cities Miami and Miami Beach get, but it’s hardly the forgotten stepsister. It is the fifth largest city in Miami-Dade County and the 38th largest in all of Florida with more than 60,000 residents.
It has approximately 2,500 businesses and is home to Florida International University with its 200-acre campus that abuts Biscayne Landing. Johnson & Wales University is just a few miles south of Biscayne Landing. Both schools are well-respected, four-year universities.
Public schools for K-8 and the Alonso and Tracy Mourning High School, the schools that were originally planned for the Biscayne Landing community, were built and are within very short walking distance. In theory, a child living in Oaks at Biscayne Landing could go from kindergarten through college all without setting foot in a school bus or car.
The Biscayne Landing community is centrally located. It’s close to restaurants, a Publix grocery store and Costco, as well as, popular attractions such as the Aventura Mall, the Bal Harbour Shops and Sunny Isles Beach.
It’s just 20 -30 minutes driving time to Miami Beach, Miami International Airport, and downtown Miami.
Biscayne Landing is also in close proximity to Oleta River State Park, Florida’s largest urban park, encompassing over 1,000 acres of natural wetlands and popular recreation areas. The park offers a sandy beach, off-road biking, kayaking and pavilions for rentals. Less than two miles away is the City’s internationally acclaimed Museum of Contemporary Art (MOCA).
When you purchase a condo at Oaks at Biscayne Landing, it will include a rent-paying tenant in place. The opportunity here is to buy these discounted units with a tenant in place, make a cash-on-cash return for the next one to three years, raising rents along the way as amenities are added to the property and keep earning. Finally, exit and sell the units when the development around the Oaks is in full building stage and at the height of the excitement.
As I mentioned before, your first two years of taxes and maintenance fees will be paid by the seller, as an added incentive.
Marketing of this property is in the planning stages to be officially re-launched in approximately 30 days. I was given the opportunity to share the Oaks at Biscayne Landing information with you before that launch.
Considering the significant capital improvements to be done to the two towers, no HOA fees or real estate taxes for two years, and all the major commercial investments that will be developed in the community, this is an ideal time to invest in a property whose values are almost certain to increase.
The condos are extremely spacious two- and three-bedroom units ranging in size from 1,603 sq. ft. to 2,385 sq. ft. They range in price from $243,000 to $527,000.
Want to know more? Let me send you my detailed data sheet. You’ll just need to register per the developer’s requirements at the link below.
Putting the Pieces Together
Thanks for hanging in there with me as I gave you the long back story on the Biscayne Landing development. This is a property that I’ve personally followed for the past eight years, and I’m excited to see the plans for its future moving forward.
It won’t be long now before all the pieces are in place and the jigsaw puzzle that was Biscayne Landing, will soon reveal itself as North Miami’s premier residential community.
As always, I appreciate your interest in the properties we showcase here at Condo Hotel Center. And if you’re interested in touring the condos at Oaks at Biscayne Landing or any other condo development in South Florida, please give me a call. I’m happy to show you around.
Licensed Real Estate Broker
Condo Hotel Center
1368 NW 165th Ave.
Pembroke Pines, FL 33028
Want to know more about me? Click below: //www.condohotelcenter.com/joel-greene.html
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