A year has passed since patrons shared drinks and laughs at Fox’s Lounge.
Now the building it once inhabited is part of an assemblage of land and buildings that were sold to an investment group for $7.5 million. A buyer, whose identity was not disclosed, purchased two separate parcels at 6022 and 6030 South Dixie Hwy. and 7435 SW 61st Ave. The property, called Fox’s Plaza, totals just over an acre of land with two vacant buildings, including Fox’s, and 165 feet of frontage along South Dixie Highway.
“This sales stands as a testament to the strength and allure of the Miami market as well as the status of city as a continuing icon for new development and opportunities,” said Tony Arellano, executive vice president of Metro 1 Commercial, who represented the buyer, S. Miami Retail BH LLC. “The South Dixie Highway Corridor represents an ideal location surrounded by growing retail, dining and residential expansion and as urban pioneers, we are excited to be a part of the evolution of this emerging area.”
Although the property had already been approved for development of two four-story buildings filled with retail, office, and residential uses, the buyer chose to renovate and lease out the vacant structures to creative tenants.
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Fox’s Lounge operated for 69 years before closing last year.
The South Dixie Highway Corridor has daily traffic counts of more than 100,000. It is home to the Underline, a 10-mile linear park and urban trail and includes many redevelopment projects, including the Gables Waterway condominium, the mixed-use Gables Station, 224-apartment Paseo de la Riviera, and Sunset Place.
“The South Dixie Highway corridor is a strong retail market because of the high traffic counts and the growing affluent demographics,” said Marcos Puente, broker with Colliers International South Florida, who represented the seller, Rene Dahdah. “Properties along the corridor rarely go up for sale. When I listed this property and others in the area, I received multiple offers and those who didn’t get it, have me scouting the area and reaching out to my relationships to help them identify other opportunities. From private to institutional investors, they can’t have enough of this corridor because of the rent growth potential and its location near mass transit which is the future of Miami.”