THE ALPHA COMMERCIAL ADVISORS® PRESENTS AN ADVANCED-STAGE COASTAL INFILL DEVELOPMENT OPPORTUNITY PAIRING SWEEPING BAY VIEWS WITH AN EXPEDITED PATH TO SHOVEL-READINESS. Following full Design Review Board (DRB) approval, this 10-unit, 4-story boutique project – Denbora III – is already deep into construction permitting, allowing a developer to bypass the most time-intensive front-end approval stages and move rapidly toward groundbreaking. The development is positioned to deliver modern housing stock into the water-surrounded Normandy Isles micro-market where bay-view options remain extremely limited. The surrounding island setting, defined by Biscayne Bay access and the Normandy Shores Golf Club, supports long-term desirability, while the existing fully-leased triplex provides in-place income that helps offset carrying and pre-development costs as the project advances toward construction start. Site Plan Approved + Near-Term Permit-Readiness: With Design Review Board (DRB) approval already secured and plans well-advanced through the permitting process, this rare waterview project offers an accelerated timeline from acquisition to construction start. Supply-Constrained Bayview Development Site: Opportunity to supply the market with an irreplaceable water-view project, delivering 10 boutique units into a district defined by a near-zero pipeline of new bayview residential supply. Covered Component w/ Cash-Flowing Triplex: Existing improvements include a fully-occupied triplex with (1) 2 Bed / 1 Bath unit and (2) 1 Bed / 1 Bath units generating positive cash-flow that supports development timeline optionality. INVESTMENT HIGHLIGHTS - Site Plan Approved + Near-Term Permit-Readiness: With Design Review Board (DRB) approval already secured and plans well-advanced through the permitting process, this rare waterview project offers an accelerated timeline from acquisition to construction start. - Supply-Constrained Bayview Development Site: Opportunity to supply the market with an irreplaceable water-view project, delivering 10 boutique units into a district defined by a near-zero pipeline of new bayview residential supply. - Covered Component w/ Cash-Flowing Triplex: Existing improvements include a fully-occupied triplex with (1) 2 Bed / 1 Bath unit and (2) 1 Bed / 1 Bath units generating positive cash-flow that supports development timeline optionality. - Normandy Isles Value Proposition: Capitalize on the site’s centrally-connected island community location. Anchored by the Normandy Shores Golf Club and surrounded by Biscayne Bay, this walkable, amenity-rich enclave blends tranquility with connectivity for both end-user and investment appeal.