Luxury Condos in Miami Under $1 Million: What Can You Buy in 2026? | Luxe Miami Realty

Prime Development Opportunity with Existing Income

Exceptional opportunity to acquire a 24,480 SF development site in one of Miami’s fastest-growing corridors. Located directly on Biscayne Blvd, this property offers high visibility, strong traffic exposure, and significant upside potential.

The site is currently home to the well-known “Jimmy’s” restaurant, a recognized local landmark, providing immediate presence and potential holding income while planning redevelopment.

Zoning: Dual zoning T5-O & T3-L
Development Potential: Approx. 36 residential units (subject to setbacks and regulations)
Height Allowance: Up to 3 stories / 40 ft (principal structure)
Ancillary Structures: Up to 2 stories, not exceeding main building height
Density & FAR: No traditional limits applied
Use: Mixed-use development permitted

Miami 21 zoning (Article 4, Table 3) allows a wide range of uses including residential, retail, office, and hospitality making this site ideal for a boutique mixed-use project or residential development.

Strategically positioned in a rapidly evolving area with ongoing growth and redevelopment, this property offers a rare combination of location, flexibility, and income in place.