The Archdiocese of Miami is officially putting Archbishop Curley-Notre Dame High School on the market, but what it could sell for depends on yet-to-be-determined zoning.
Avison Young’s David Duckworth, John K. Crotty and Michael T. Fay and Bezold Realty were hired to market the 15.56-acre site at 4949 Northeast Second Avenue. The archdiocese closed the school last year, and in December reportedly received a $65 million unsolicited offer for the property.
Because of its size, the campus can seek Special Area Plan zoning. If approved for T6-12, it could be developed into a mixed-use project with up to 2,300 residential units, up to 28-story buildings and about 5 million square feet of space, according to Avison Young. It’s on the market unpriced, Duckworth said.
It’s north of the Miami Design District and west of the Upper East Side neighborhood.
Two major sites, the Eastridge Special Area Plan at 5045 Northeast Second Avenue and the planned $200 million redevelopment and expansion of the Jewish Health Systems campus, are within walking distance of Archbishop Curley.
Eastridge’s SAP application calls for buildings of up to 28 stories tall, nearly 2,800 residential units, 418 hotel rooms, 284,000 square feet of commercial/retail space, 97,000 square feet of office space, 295,000 square feet of open space, and thousands of parking spaces. SVP Realty owns the 22-acre site.
In Miami-Dade County, multifamily development sites have been selling for between $30,000 to $40,000 per potential unit, a source said. That would come out to between $69 million and $92 million for the Archdiocese’s property, but it is dependent on an SAP being approved. The goal is to sell the property quickly, but Duckworth said they are considering a longer period by securing site plan approval prior to selling.
Developers Tony Cho and Bob Zangrillo are planning Magic City, a $1 billion phased, mixed use development between Northeast 60th and 64th streets and Northeast Second Avenue to the railroad tracks. The first phase calls for a sculpture garden, the 30,000-square-foot Magic City Studios and the 15,000-square-foot innovation center that will be home to startups, co-working and other groups.
Over the next decade, Duckworth expects the Little Haiti corridor to rival areas like Midtown Miami.
Offers for the Archbishop Curley property are due Nov. 16.