CBRE has been retained by Midtown Opportunities as exclusive marketing advisor for an 18.47-acre offering that encompasses the remaining development sites within Midtown Miami and an adjacent city block.
The offering represents the potential for a large-scale development project of 5,604,448 developable gross square feet within one of Miami’s trendiest neighborhoods.
“This is a tremendous opportunity to acquire a massive infill development opportunity within one of Miami’s current hot spots. Both the prestige and scale of Midtown will allow a developer to imprint their name and vision on Miami’s future,” said Robert Given, Vice Chairman of CBRE.
Midtown Miami, a highly successful 56-acre urban redevelopment, has become the social epicenter in the area north of Downtown Miami. This vibrant neighborhood is currently experiencing huge demand from retailers, and residents of the established condominium towers enjoy one of the city’s few self-contained walkable communities. Neighborhood amenities also include close proximity to the Design District, which is undergoing a $312 million redevelopment into a luxury retail neighborhood, and the Wynwood Arts District.
The individual sites within Midtown are referred to as lots 1, 6, 7, 8 and Entertainment Block. These sites comprise 11.21 acres and are entitled for 2,661,002 developable square feet including bonuses, allowing for 2,240 total developable units. The adjacent city block, a former Chiquita Banana distribution site, covers 7.26 acres and would allow for the development of an additional 1,089 residential units and 2,943,446 gross buildable square feet, including bonuses.
“Whoever controls this site, will become the new 800-pound gorilla of Miami,” added Gerard Yetming, Senior Vice President of CBRE. “It represents the ability to shape an entire neighborhood in an area that is already getting some of the best real estate sales prices and rents in Florida.”
In recent years, the Midtown and adjacent Edgewater neighborhoods have seen significant increases in condo pricing and demand. Downtown Miami had the lowest direct vacancy rates (0.1 percent) and one of the highest average rental rates ($42.50 per square foot) of any Miami submarket.
With Brickell and Downtown nearly built out, however, developers have moved northward to take advantage of spectacular water views and the popularity of the nearby arts and design districts. Seven condo projects are under construction or proposed in the area and current pre-construction pricing for new units has surpassed $700 per square foot.
Midtown Miami is home to the only significant retail development with discount and “necessity” tenants serving Greater Downtown Miami and its success will be a catalyst to the development of the remaining parcels included in this offering.
CBRE’s Robert Given, Gerard Yetming, Zachary Sackley, and Mary Kate Swann with the South Florida Multi-Housing Group are marketing the property in collaboration with Casey Rosen and Dennis Carson of CBRE’s National Retail Investment Group.
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