One Biscayne North
1401 NE 108th Street, Miami, FL 33161
Marketing description
A fully entitled, 80,198 SF (1.84-acre) multifamily development site at 1401 NE 108th Street in Miami's Biscayne Corridor. The site offers a rare combination of entitlement certainty, strategic location, and value-creation potential — a clean, entitled site in a supply-constrained submarket with strong demand fundamentals and a clear regulatory framework. The site is fully rezoned from BU-2 Commercial to RMD (Residential Modified District), approved for up to 177 residential units, with a recorded covenant securing development rights. The hard entitlement work is complete, allowing a purchaser to move directly to design, permitting, and construction.
One Biscayne North sits at the seam where Biscayne Shores meets North Miami Beach — minutes from the bay, the barrier-island beaches, and the Biscayne Boulevard spine, and squarely inside the North Miami Beach submarket that CoStar identifies as one of the tightest in greater Miami. The submarket's vacancy rate of 5.8% is among the lowest market-wide, and over the past year renter demand outpaced new supply, with 492 units absorbed against 440 delivered. Asking rents average $2,187/month — well below the $2,480 regional average — keeping the location attractive and affordable for the young professionals, healthcare workers, and bay-adjacent households driving demand.
A 2,320-unit construction pipeline (an 11.2% expansion of inventory) signals where capital is concentrating, and the submarket's recent absorption suggests it is well positioned to absorb that supply over time. (Source: CoStar, North Miami Beach Multi-Family Submarket Report, 5/25/2026.)
A five-folio assemblage just east of Biscayne Boulevard, between NE 108th and NE 109th Streets. The site benefits from dual street frontage, direct Biscayne Boulevard visibility, and protected eastward views toward Biscayne Bay.
Investment highlights
- Entitlement Certainty: Local Zoning and Regulatory Approvals Are Already Complete. Resolution Z-23-23 Has Been Adopted, the Covenant is Recorded, and Rmd Zoning is in Place — Eliminating Years of Entitlement Risk and Allowing a Purchaser to Go Straight to Design.
- Manageable Scale: At 177 Units, the Project is Large Enough to Be Institutionally Relevant Yet Compact Enough to Execute Efficiently.
- Proven Submarket: The Biscayne Corridor is One of Miami's Most Fundamentally Sound Rental Submarkets: Undersupplied, Strong Household Income Growth, Proximity to Employment, and Water Views. It is Not Speculative.
- Workforce Housing Alignment: The Covenant Requires a Minimum 10% of Units to Be Workforce Housing. This Aligns With ESG and Social-impact Mandates and Positions the Project Favorably With Lenders Offering Preferential Financing for Affordable Components.
- Dual Business Plan Flexibility: The Site Supports Either a Build-to-hold Rental or a for-sale Condominium Under the Same Approved Entitlement. A Purchaser Can Elect the Strategy That Best Fits Its Capital Structure and Market Timing Without Re-entitling — Rental Underwriting and Condo Sellout Are Both Already Framed in This Memorandum.
- Bay-proximate, Transit-oriented Location: Direct Frontage on the Biscayne Boulevard / U.s. 1 Spine, Minutes From Biscayne Bay, the Barrier-island Beaches, and Brightline Aventura. The Location Pairs Water Proximity and Walkable Retail With Regional Rail and Highway Access — the Combination That Drives the Submarket's Sub-6% Vacancy.
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