Once in a Lifetime Opportunity! 1311 15th Terrace is a 7,500 square foot parcel in the heart of South Beach. This RM-1 zoned property boasts an FAR of 1.25 for a total buildout of 9,375 square feet. The Primary Uses permitted in this RM-1 Zoning District include Multifamily Apartment Buildings, Condominiums, and Single-Family Residences, to name a few. City Approved Plans! Plans for a new Five Story Apartment Building have already been approved by the City of Miami Beach Historic Preservation Board and Construction Drawings are underway. The approved design consists of gated, ground floor parking for each of Six 3 Bedroom 2 Bath Apartments, a Private Lobby, Elevator, Roof Top Pool, and even an Outdoor Kitchen! In Place Income! There are currently seven apartments on the property generating monthly income to cover pre-construction carrying costs. Demolition of the existing buildings has already been approved by the City and the Historic Preservation Board. A copy of all City Submittals, Plans, Variances, and Entitlements are available upon request. Location Location Location! In addition to the rarity of a Commercial lot in South Beach, the subject property is only 1 and ½ blocks from world-famous Lincoln Road Mall, two blocks to Biscayne Bay, and a short stroll to the Beach, Ocean Drive, Flamingo Park, the newly renovated Convention Center, as well as the best in fine dining, shopping, museums, and people watching- a favorite pastime due to the splendor, warmth, and diversity that is South Beach.