Coveted Parcel In Miami CBD Hits The Market

Avison Young has been awarded the exclusive assignment of one of the largest available land parcels in Miami’s CBD.
The 2.52-acre lot, located at 251 E. Flagler Street in Miami, has an existing 164,000-square-foot low-rise retail structure onsite and is zoned to permit a 2.4 million square foot mixed-use development opportunity. Ownership is open to an outright sale, joint venture partnership or any other development proposals at this time.
Michael T. Fay, Principal and Managing Director, and John K. Crotty, CCIM, Principal with Avison Young’s Miami office, will lead the marketing initiatives for this asset and will be calling for offers in the coming weeks.
 

“The opportunity to have access to a prime parcel of this size in the heart of Downtown Miami – bookended by Brickell City Centre and Miami Worldcenter – is unparalleled,” said Fay. “The current structure of the asset provides cash flow from its retail tenant base, but the property’s real value can be realized through redevelopment of the existing asset upon it.”

With over 2.4 million square feet of retail, residential and parking, “Sky Plaza” is positioned to take advantage of Downtown Miami’s future housing needs. The project is designed to incorporate 4 floors of retail (forming the pedestal with condo towers above), plus 600 residential units in varying size and amenities.
The area has been the focus on much attention lately as Israeli developer Moishe Mana has recently acquired a critical mass within the urban core assembling nearly five acres of land, with various large development options attached.
 

“This is a pivotal property in the Downtown Miami CBD market with advantageous financial attributes currently and for the future” said Crotty. “There will be high interest for a property of this caliber and the sale will continue the transformation of Downtown Miami as a global city.”

 

————————-

Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below.

Enter your email address: