Commercial Property for Sale in Coconut Grove Florida 33134

283 Catalonia Avenue: A Landmark Investment Opportunity in Coral Gables

One Sotheby’s International Realty is honored to introduce a premier commercial acquisition located at 283 Catalonia Ave, situated in the prestigious and high-growth core of Coral Gables. Offered at $15,000,000, this property represents a rare alignment of immediate utility and massive future appreciation, catering specifically to sophisticated owner-users and value-add investors looking to plant a flag in one of South Florida’s most recession-resilient commercial submarkets.

The Strategic Value Proposition

This offering is more than just a building; it is a significant covered land play spanning over half an acre in a world-class zip code. The asset is comprised of a two-story, 22,811 SF office structure positioned on a 12,000 SF footprint, supplemented by an additional 12,000 SF of surface parking.

Combined, this creates a 24,000 SF (.55-acre) contiguous parcel just one block from "The Plaza." In an urban environment as dense and sought-after as the "City Beautiful," assembling over half an acre of commercial land offers a developer unparalleled flexibility for a future mixed-use masterpiece.

Development Potential & Zoning Analysis

The property is currently zoned Liberal Mixed-Use (MX1). Under 2026 development standards, the site offers a blank canvas for high-density transformation:

• Residential Density: Standard allowances permit up to 125 units per acre. For this .55-acre site, this translates to approximately 68 residential units.

  • Strategic Advantage: Because the property is positioned directly across from MX2 zoning, there is a clear path to seek designation for even higher density. Furthermore, if the lot is identified within the Central Business District (CBD) or North/South Industrial Mixed-Use Districts, density caps may be lifted entirely.

• Floor Area Ratio (FAR): While total building size is traditionally governed by FAR, innovative legislation provides a massive "pro-tip" for investors: Under the Live Local Act, developers may qualify to build up to 150% of the maximum allowed FAR, provided that at least 40% of the units are designated for affordable housing.

• Architectural Flexibility: By developing under the MXD overlay (which requires a 20,000 SF minimum, easily met here), there are no rigid minimum or maximum lot coverage requirements. This allows for bespoke architectural designs that maximize the property's footprint.

Height & Design Incentives

In Coral Gables, aesthetics and community benefit translate directly into square footage. While MX1 is generally low-rise, the Mediterranean Style Bonus program allows for significant vertical expansion:

Key Requirements for Modern Development

To maintain the prestige of the area, any new development must adhere to specific "City Beautiful" standards:

• Balanced Use Mix: To ensure a vibrant streetscape, no single use (Office or Residential) can exceed 85% of the total floor area.

• Public Open Space: Projects must integrate landscaped, ground-level open space that is both visible and accessible to the public.

• Setbacks: The site respects standard urban mandates, requiring 10-foot setbacks on major corridors like Douglas and LeJeune, and 20 feet on US-1.

The Neighborhood: Connectivity & Growth

The asset benefits from its proximity to two critical urban drivers:

1. The Central Business District (CBD): The functional heartbeat of the city where residential density is unlimited.

2. Rapid Transit Zone (RTZ): Nearby overlays allow developers to bypass certain local restrictions to encourage high-density growth in proximity to Metrorail stations, ensuring the property remains connected to the broader Miami-Dade transit web.

Investor Note: For a site of this magnitude, the recommended next step is a Conditional Use Review. Since multifamily residential in this zone typically requires a public hearing, beginning the entitlement process now will unlock the full "highest and best use" value of the 24,000 SF lot.

For further regulatory details and zoning updates, please visit www.ordinancewatch.com.