Former INS Building At 79th Street Sold

A development property that includes the former INS Building at Biscayne Boulevard and 79th Street has been sold.

B Group Capital Management paid $23 million for the property in a court-ordered-sale, according to a press release.

Around 500 residential units can be built in addition to commercial uses, with a total buildable area of approximately 889,000 square feet, the release said. The development could include two 12-story buildings.

There are two parcels included in the sale, including a 2.6-acre property where the former INS Building was, and a 0.9-acre waterfront parcel along Little River.

Avison Young’s Florida Capital Markets Group closed the sale on behalf of court-appointed receiver Michael Goldberg. Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Jay Ziv; John K. Crotty; David Duckworth; and Brian C. de la Fé completed the sale.

 

 

 

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Mike Brady
6 months ago

Fun fact about this INS building. It was originally the HQ for the very scammy Gulf American Land Corp which developed Cape Coral, FL in the early 60s. GALC sold empty lots, many underwater in swampland (land by the gallon!) to unwary investors in the NE who they flew down on their own airline. Often the lots were double sold. The dredging and draining has caused massive environmental damage in SW Florida. This all resulted in huge changes to Florida development law in the 1970s.

Anonymous
6 months ago

Cool, thanks for sharing!

Yet Another Anonymous
6 months ago

Cape Coral first then Fort Lauderdale second is the real ‘Venice of America’, with hundreds of miles of canals. It was protected by the barrier islands/Sanibel that took the surge and waves from Ian, but even with all that land reclamation and dredging, it’s elevation is only 3 feet or 1m.

mike
6 months ago

Thanks for sharing! I did not know about this.

anonymous
6 months ago

I used to live in North Bay Village for a few years and would drive by this building every day. Its in a prime location and hopefully developers do something great with it.

Azarius
6 months ago

It would have to be higher than 12 stories

Anonymous
6 months ago

Shouod be a two story city square and go up later. Miami developers always putting cart before horse in terms of development… there’s no infrastructure or transit for density. Just going to have more cars on da road and nothing to see or do here.

Anonymous
6 months ago

They’ll probably do about as good with it as the govt did prior

Anon
6 months ago

It says canal, not river. Would not want to get up sold on this one

Socretes
6 months ago

Its a great location.
Saying that it is a “prime” location is a stretch.

Anonymous
6 months ago

Disagree

Him
6 months ago

A portion for this lot would have been a good spot for a future transit station.

Anonymous
6 months ago

This is an ideal location for a mixed use transit oriented development…another big miss

Qtip
6 months ago

Well the city could have bought the property for that but they didn’t, so maybe the site isn’t as ideal as you think. Aside from being a big lot what makes this such a special site that some other big lot doesn’t achieve? The area around it isn’t very dense, it doesn’t connect to any other major mass transit system, and it isn’t a major commercial hub.

anonymous
6 months ago

train station is too far away fro that. Gotta have land developed directly adjacent to the rail line. Best you could do here is a rapid bus transit

Anonymous
6 months ago

B.S. It’s a five minute walk tops.

Anonbttm
6 months ago

The FEC is on the other side of the little river and station area planning has already begun around 82/79.

Not Eric Reid
6 months ago

John Crotty as in Miami Heat legend John Crotty??

JC Man
6 months ago

Yes

Eric Reid
6 months ago

John K. Crotty? Kaboom!

Anonymous
6 months ago

HEAT in 6!

Cover the Podiums
6 months ago

if they could buy out the remaining buildings (strip club and shack apartments) between the river and the intersection, it could be transformed into a very nice mid-rise riverfront district

Yet Another Anonymous
6 months ago

This is actually located between the two airports that limit Miami and Sunny Isles height limits (MIA and Opa Locka airport), that technically it’s one of the only city locations that could have towers taller than 1,049 ft (320 meters)!
It’s adjacent to the FEC Brightline and future Tri-Rail Coastal Link/sensible urban commuter rail tracks and the north beach causeway. Not Miapolis but it could be a Central Miami/Beach/FTL 1,200 ft super tower!

Name*
6 months ago

There’s plenty of room to go up in the core. Just make this spot a nice town square or some kind of park, maybe a tennis arena

Trains Are Good
6 months ago

This is a good location for future development. But one note, MDC is not planning a Coastal Link station at 79th. They studied it, but the project is moving forward without a station in that location for now. Apparently the station site needed too much additional infrastructure for it to be feasible. Station to the south will be at 61st. Station to the north will be at 123rd.

Raaa
6 months ago

Do anybody know why this shell of a building remained like that for so long?

happy gilmore
6 months ago

Because the previous developer went into foreclosure on the property

happy gilmore
6 months ago

Finally! I frequent the park across the river and I’m tired of seeing one of the tenants at the “Hotel” across the river provide “services” to her clients blasting Whitney Houston ” I will always love you”! Hope it gets demolished too!

Anonymous
6 months ago

Better blasting Whitney Houston than the junk with the same exact beat I hear from cars, at least.

Anon
6 months ago

Whitney Houston is one of the greatest voices of all time. Do not disrespect the Queen of Music. May she rest in peace. She was a national treasure and shall be in all perpetuity.

anon
6 months ago

reggaeton >>> whitney houston

Name*
6 months ago

Ewww no bro. Whitney Houston’s music uplifts the soul. What does Raggaeton do?

Anonymous
6 months ago

It encourages you to treat women like prostitutes.

Name*
6 months ago

Watch the new biopic Whitney Houston film if you’re too young to have had your life changed by the uplifting music of the 80s and 90s… they don’t make music with reflective messages like that anymore sadly 😭

Anonymous
6 months ago

This is a great snapshot of what makes the culture in Miami so trashy.

Anonymous
6 months ago

Something along the lines of that Davie proposal, but with better architecture and less parking would be great here, especially with a Little River Brightline commuter/Tri-Rail Coastal Link stop.

Azarius
6 months ago

Only 12 Stories in this area? With possible connections to the beach and transit going downtown, this is a missed opportunity for more housing. I would say at least 30 stories here like Midtown

Azarius
6 months ago

They should partner with other land owners and creat a SAP

Anonymous
6 months ago

These old buildings are pretty tough with a strong foundation so it wouldn’t surprise me if they add maybe additional 6 floors or so to this existing base

Anonymous but Famous
6 months ago

Another fun fact…. That building featured a running reel of information and news at the top- the first in the South….. but we waited what- fifteen years after the INS left?Remember all the excitement when that happened, that the bldg was to be the catalyst for a great regional-level street from there to the Bay? But the geniuses at the City of Miami allowed 3 boxy self- serve warehouse bldgs and then placed an ill- placed park and fire station toward the bay end, deflating the whole concept urbanistically. Another lost opportunity. Now all we’ll get is a kind of mundane- plus street… if we’re lucky.

Anonymous
6 months ago

Is this even in Miami? Far from core. Good suburb. Overbuilding suburbs away from transit will have worst impact on livability.

Anonymous
6 months ago

It is in Miami City Proper. Anythign east of miami and south fo 82nd is miami. Then a little sliver of miami goes up along biscyane blvd to 87th.

Anonymous
6 months ago

Good god. Please get out of Brickell sometime and fast. This is embarrassing.

Anonymous
6 months ago

There should be a Tri Rail stop here– not the developer giveaway at 61 Street.

Qtip
6 months ago

Dude what are you talking about the track doesn’t go through the property. You’d have to fill in part of the river to get a Tri rail stop.

Azarius
6 months ago

A stop on 82nd and NE 4 would be a great commuter station plus is not far from the East west tracks being used by trirail

Anonymous
6 months ago

Only in Miami is a canal called a river LmAO – how they trying to upsell this is truffling

Anonymous
6 months ago

In fairness, it’s called “Little” River, as in not much of a real river.

Hello
6 months ago

It is a river. The drainage canal system was built to flow into the river. It’s shocking how vocal people are about things they don’t know about. There’s probably a good reason the Tequesta built a mound in El Portal adjacent to it as they did along the Miami River.

Anonymous
6 months ago

Yup, those waters are raw sewage. I can’t believe I saw a kayaker on it some years ago, the smell aline would keep me away

Anonymous
6 months ago

FINALLY !!!!!!
Now, get Ready for the Miami Shores’ and Morningside’s NIBYS to start crying.

Anonymous
6 months ago

Bet they won’t blame their NIMBYism on some bullshit collection of “artifacts.”

Anonymous
6 months ago

There’s already an approval, and rather mediocre one, already approved. If they want to complain, at least do so to get something more like The Boulevard.