NW 159th StNorth Miami Beach, FL 33160
New North Town Center
Asset ClassMixed Use, Land
±1,296-Unit Approved Mixed-Use Development Opportunity ±17.81 Net Acres / ±19.68 Gross Acres
Overview
New North Town Center is one of the largest fully entitled mixed-use development sites available in Miami-Dade County. The ±17.81-acre net site (±19.68 acres gross) is vested under a recorded 30-year Development Agreement for up to 1,650 residential units, 175,000 SF of retail, 175 hotel rooms,
260,000 SF of office, and a 2,000-student school. The current approved site plan delivers 1,296 residential units across three standalone, independently financeable phases, plus a dedicated school parcel and a separate retail/office/hotel pad — a complete master-planned community ready to execute on day one.
Investment Highlights
- Rare Institutional Scale: ±17.81 net acres / ±19.68 gross — among the largest contiguous, entitled development sites available in Miami-Dade County. Comparable sites in the corridor are typically under five acres.
- 1,296 Units Fully Approved: Site plan approved, plat recorded, and architecture complete across three discrete residential phases. No entitlement risk and no multi-year approvals timeline.
- Phased Execution Flexibility: Three independent residential phases (468 / 360 / 468 units) plus separately developable school and retail/hotel pads — allowing the sponsor to control delivery timing, capital deployment, and exit strategy.
- 30-Year Vested Entitlement With Embedded Upside: Recorded Development Agreement vests entitlements through ~October 2048, permitting up to 1,650 residential units, 20 stories / 255 ft in the Core, 175 hotel rooms, and 260,000 SF of office. Includes anti-downzoning protection and frozen Land Development Regulations.
- Pro-Development Municipal Posture: The City of North Miami Beach is actively promoting density and mixed-use activation through its MU/EC zoning, CRA framework, and Development Council outreach.
- Embedded Rent Runway: North Miami Beach asking rents sit ±12% below the broader Miami market average, with submarket vacancy at 5.7% and 12-month absorption (540 units) outpacing deliveries (440 units).
- Corridor-Defining Location: Direct frontage on West Dixie Highway and NW 159th Street, with Biscayne Boulevard (U.S. 1) less than a mile to the east and immediate access to the Golden Glades Interchange. A 3-mile radius covers Aventura Mall, Bal Harbour Shops, Sunny Isles Beach, and Florida International University — Biscayne Bay Campus.
- Qualified Opportunity Zone: The property is located within a designated Qualified Opportunity Zone. Qualifying investors who reinvest capital gains into a Qualified Opportunity Fund within 180 days are eligible for capital gains tax deferral and the permanent exclusion of appreciation on investments held for ten years or more.
NW 159th StNorth Miami Beach, FL 33160
Sales Team
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