Goddard Investment Group, an Atlanta-based real estate firm led by CEO Robert Goddard, has listed an 80-acre waterfront property in Palmetto Bay, Miami-Dade County. The site, located at 17777 Old Cutler Road, previously served as the headquarters for Burger King.
The property is being marketed by Avison Young brokers Michael Fay and John Crotty. A spokesperson for Avison Young did not disclose the asking price for the land.
Records indicate that a Goddard affiliate purchased the site in 2003 for $18.5 million. Since then, the company secured county approval to develop Laguna Vista on the property. The approved plans include 413 apartments, 42 townhomes, a hotel with 120 rooms, 280,000 square feet of retail space, and 315,000 square feet of office space.
According to the Miami-Dade County Property Appraiser’s Office, the current market value of the land is about $36 million. The release also notes that there is a three-building office complex on-site that is currently 70 percent leased.
Burger King relocated its headquarters to Miami’s Blue Lagoon area near Miami International Airport in 2002. It now serves as the anchor tenant in an eight-story building owned by Lennar.
Avison Young described the offering as one of “the largest contiguous redevelopment opportunities in Miami-Dade.”
Southwest Miami-Dade has become a focus for residential developers aiming to provide housing options for middle-class buyers and those seeking affordable or workforce housing. D.R. Horton has plans for a 108-townhome development on a 7.2-acre parcel under contract in Florida City. Lennar also intends to build a community with 146 townhomes on a nearby 12-acre site previously used as an avocado orchard; this project will be close to Navy Wells Pineland Preserve.
Additionally, Bluenest Development is working on constructing up to 500 townhomes and 76 single-family homes on a separate 90-acre tract in southwest Miami-Dade. This development will cap home prices at workforce levels and set aside twenty percent of units for households earning no more than 140 percent of Miami-Dade’s median income of $87,200.
