CBRE Lists Downtown Miami’s Largest Remaining Development Site For $500 Million

CBRE is marketing downtown Miami’s largest remaining development site for $500 million, offering more than 10 million square feet of development potential.

The 6.6 acre property in the Park West neighborhood, known as the Miami Business & Entertainment District, is positioned for a large-scale mixed-use development that also allows for the development of up to 6,602 residential units across residential, office, hotel, and retail.

The site, located at 1151 NW 1st Ave., is at the northern gateway to downtown Miami, adjacent to the $2 billion Interstate 395 Signature Bridge and 33-acre Underdeck Park project, as well as the $6 billion Miami Worldcenter development. The site is three blocks from MiamiCentral, the region’s primary multimodal transit hub, and will offer future Interstate 395 ingress and egress directly to the property via new North Miami Avenue ramp.

The property is also within walking distance of major cultural, entertainment and public infrastructure, including the Adrienne Arsht Center for the Performing Arts, Kaseya Center, and the proposed Trump Presidential Library and Museum, as well as nearly 100 acres of park space across Museum Park, Bayfront Park and the upcoming Underdeck park. The site also borders the city’s only 24-hour entertainment district.

“At a price of $500 million, we expect strong interest from a broad range of global investors and developers seeking to transform this site into Miami’s next skyline defining mixed use development,” said Robert Given, Vice Chairman at CBRE. “The premier location, scale, and favorable zoning create a compelling urban placemaking opportunity.”

 

“Sustained demand driven by corporate relocations and wealth migration continues to elevate downtown Miami as a top tier global gateway market,” said Brad Capas, Executive Vice President at CBRE. “The Miami Business & Entertainment District is positioned to capture this momentum and anchor the city’s next phase of urban evolution.”

Given, Capas, Troy Ballard and James Quinn with CBRE are representing sellers Marc Roberts of the Marc Roberts Companies and Michael Simkins of Lion Development, co-developers of the adjacent E11ven Club Hotel & Residences, E11even Club Residences Beyond, and West Eleventh Residences Miami, in marketing the development site.