Goddard Investment Group, based in Atlanta and led by CEO Robert Goddard, has put up for sale 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 land is being marketed by Avison Young, with Michael Fay and John Crotty leading the brokerage team. A spokesperson for Avison Young did not disclose the asking price.
Records show that a Goddard affiliate purchased the property for $18.5 million in 2003. Since then, Goddard secured approval from Miami-Dade County to develop Laguna Vista on the site. 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 land is currently valued at approximately $36 million. The property also features a three-building office complex that is about 70 percent leased.
Burger King relocated its headquarters in 2002 to Miami’s Blue Lagoon neighborhood near Miami International Airport. The company now serves as anchor tenant in an eight-story building owned by Lennar.
Avison Young described the listing as one of “the largest contiguous redevelopment opportunities in Miami-Dade.”
Southwest Miami-Dade has seen increased activity from residential developers focusing on housing options for middle-class and workforce tenants. D.R. Horton has plans for a 108-townhome development on a separate parcel in Florida City, while Lennar intends to build a community of 146 townhomes on a nearby avocado orchard site adjacent to Navy Wells Pineland Preserve.
Bluenest Development is working on another project involving 500 townhomes and 76 single-family homes across a 90-acre tract. These homes are intended to be priced at workforce levels, with one-fifth reserved for households earning up to 140 percent of the county’s median income of $87,200.
