Unity on the Bay Church in Miami’s Edgewater asks $40M for sale by Oct 21

NGKF Capital Markets brokers Michael Lapointe, Adam Greenberg and Michael Lohmann sent out a filer proclaiming offers are due by Oct. 21 with an asking price of $39.75 million. The 2-acre site at 412 to 436 N.E. 22nd Ave. currently has a church built in 1919. Part of the lot has an unobstructed view of Biscayne Bay, making it valuable land for condo developers.

According to NGKF, the zoning would allow for about 300 units in up to 50 stories. Greenberg said he’s heard from five to 10 serious buyers with the capital to execute a deal.

“We have set a date now because we’ve had a lot of groups interested and we wanted to put and end to it, where we can have all the offers in so we can quantify them and see who has the best offer,” Greenberg said.

Timing is very important for the deal. Greenberg said Unity on the Bay Church would need to stay on the site until it can purchase another property and build a new church. So the deal would probably be structured as a staged takedown – selling the land a piece at a time – or a sale and leaseback for 18 to 24 months, he said.

Greenberg said the church plans to find a less expensive site in Miami’s urban core. The proceeds of the sale would fund the new church, he added.

“This site will be built as condos, I’m 90 percent sure,” Greenberg said.