79-Acre Campus Up For Sale
The 79-acre property at 11222 Quail Roost Drive, west of Cutler Bay, has three office buildings, a warehouse and three school buildings totaling 515K SF, as well as 25 acres of undeveloped land.
It is owned by American Bankers Insurance Co. of Florida, which underwrites Assurant.
The listing, which is being handled by CBRE Senior Vice President David Wigoda, says the property offers a turnkey solution for a corporate buyer or it could be redeveloped for office, industrial, retail, hotel or multifamily uses.
“Like many global companies, Assurant has embraced more of a hybrid workstyle and as such, we have embarked on a process to consolidate parts of our global real estate portfolio, including our Miami property,” an Assurant spokesman told Bisnow in a statement. “Assurant has a long and rich history as an employer in the Greater Miami business community and is committed to maintaining a physical presence in the Miami Dade County area that better represents our space needs.”
The property was approved as a development of regional impact, according to the listing, which allows for significant development across the 79-acre campus. The southern portion of the property is part of a SMART Corridor Buffer Area, which the listing says allows for greater densities than those permitted under the underlying land use designation.
“Ideally the property is suited for multiple commercial uses, depending on the buyer’s preference, given its size and location,” Assurant’s spokesperson said.
The listing also says the recently passed Live Local Act could allow for multifamily development on the site. The bill, which goes into effect on July 1, widely expands the types of zoning that permit multifamily development across the state, as long as developers reserve a certain number of units for workforce housing.
Assurant has invested millions into upgrades at the property, according to the listing, which says the campus “is an ideal candidate for another corporate user.” The buildings can be delivered vacant or partially leased on a short-term basis.
The property is directly adjacent to the Florida Turnpike, less than a mile from U.S. 1 and around 18 miles from Miami International Airport. It spans three parcels that were assessed at a combined value of $51.9M by Miami-Dade County in 2022.
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