Miami-based City National Bank of Florida is continuing to make waves in the year following its sale to Chile-based Banco de Credito e Inversiones.
The bank’s landmark downtown Miami building located at 25 W. Flagler St. has been put on the market. City National Bank has been growing quickly and may soon outgrow the downtown Miami building.
The structure is the bank’s former headquarters and currently serves as City National Bank’s operational headquarters. City National Bank’s current headquarters are located at 1450 Brickell Ave.
“We’re growing, we’re adding employees, we’re likely to outgrow the space soon and we are evaluating our options to see what the future could possibly hold,”Eddie Dominguez, a spokesman for the bank, told the Business Journal. “We are testing the marketplace and we will consider various options. It’s a great asset and a in a very active development market. It’s good timing and it’s early in the marketing process.”
The sale price was not disclosed, according to the listing on LoopNet. The property could be worth at least $12.1 million, according to county records.
There are a lot of potential uses for the current site. The property falls under the favorable Miami 21 zoning, which allows for up to an 80-story tower with 1,000 units per acre. On the 25 W. Flagler property, that would mean up to a 696,000-square-foot building with the opportunity to increase with bonuses up to more than 1 million square feet.
“This is not about closing anything. We’re not closing any banking centers and we are very committed to the central business district. We have four banking centers in the CBD,” Dominguez said. “This is a key market for us that we will continue to serve.”
Avison Young has been retained as the exclusive listing agent for City National Bank, and the sales teams is led by John Crotty, Daniel Carlo and Michael Fay.
“The location of the property is outstanding. It is located just on the north side of Flagler and immediately to the east of the county courthouse. There is a lot going on in that area,” Crotty told the Business Journal.“To me, Flagler is the best in terms of it being the next hot area for infill location and to be able to expand and grow.”
The downtown building was built in 1965 and is 139,448 square feet, according to the listing. The building sits on a 29,000-square-foot lot with the non-built space used for surface parking.
The landmark building has a few key design features, including an mid-century style façade on its south side.
Key selling points include a potential leaseback scenario with the bank, the ongoing Flagler Street $13 million improvement and beautification project, and proximity to key infrastructure like the Metrorail, the Miami-Dade County Courthouse and I-95. In the future, the site will be close to hubs like Miami Central which will be the downtown Miami hub of the Brightline.
“The other interesting thing is that there is income in place on the property, so you have income of the existing tenants,” Crotty said.
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