Business Hub & Redevelopment Opp 283 Catalonia Ave 26,956 SF 100% Leased Office Building Coral Gables, FL 33134 $15,000,000 ($556.46/SF) 5% Cap Rate

One Sotheby's International Realty is proud to present a new listing at 283 Catalonia Ave, a premier commercial office investment in the heart of Coral Gables, offered at $15,000,000. 283 Catalonia Ave offers a rare acquisition opportunity for owner-users and value-add investors in one of South Florida’s most resilient commercial submarkets.
This two-story, 22,811 SF office building sits on a 12,000 SF footprint plus AN ADDITIONAL 12,000 SF of surface parking. Office consist of a 2-Story Office building efficiently divided into 20 private offices + 30 admin sections - 3 Conference rooms 2 Private elevators, a large Kitchen/Lounge.
The sum total of the property is 24,000 sq ft (.55 of an acre) of land, or over half an acre of Commercial land, with 240 ft of frontage on Catalonia and 1 block from The Plaza & Lowes Hotel. This property provides a highly coveted, covered land play for future major mixed-use development. The property is currently zoned Liberal Mixed-Use (MX1), which allows for the following Development Potential: Based on 2026 standards, a 24,000 sq ft lot typically supports the following:
Residential Density: You can build up to 125 units per acre. For a 24,000 sq ft lot (~0.55 acres), this translates to approximately 70 residential units.(without Bonuses or TDRs)
Note: If your lot is within the Central Business District (CBD) or North/South Industrial Mixed-Use Districts, there may be no density limits on the number of units. You may be able to obtain a higher density by designating this property (which is directly across the street from MX2 Zoning) to obtain more density.
Floor Area Ratio (FAR): The total building size is controlled by the FAR, which varies by specific location and future land use designation.
Pro Tip: Under the Live Local Act, you may qualify to build up to 150% of the maximum allowed FAR if at least 40% of the units are designated as affordable housing.
Building Height: MX1 is generally intended for low-rise intensity. However, height limits are often site-specific or determined by the Comprehensive Plan.
Lot Coverage: If you develop under the MXD overlay (which requires a minimum of 20,000 sq ft), there is no minimum or maximum lot coverage requirement, giving you significant design flexibility.
Key Requirements & Incentives: Use Mix: No single use (e.g., just residential or just office) can exceed 85% of the total floor area unless located in specific transit-oriented overlays.Mediterranean Design: Most projects in Coral Gables require adherence to the Mediterranean Style Bonus program, which can grant additional height or intensity for high-quality architectural design. Open Space: You must provide landscaped open space at the ground level that is accessible and visible to the public.
Setbacks: Standard mandates include ground-level setbacks of 10 feet on major roads like Douglas and LeJeune, and 20 feet on US-1.
For a 24,000 sq ft site, your next step should be a Conditional Use Review, as multifamily residential in this zone typically requires public hearing approval.
1. Central Business District (CBD)
The CBD allows for unlimited residential density and serves as the city's functional center.
2. Rapid Transit Zone (RTZ) & Overlays
These areas bypass certain local restrictions to encourage high-density growth near Metrorail stations.
For more information, please see link: www.ordinancewatch.com
3. MX1 Specific Height & Floor Limits
In the MX1 district, building height is typically capped, but can be extended through the Mediterranean Style Bonus:
Standard Height: Roughly 45–50 feet (4 stories).
Bonus 1: Up to 63.5 feet (5 stories) for high-quality Mediterranean architectural design.
Bonus 2: Up to 77 feet (6 stories) for additional community benefits or superior design.