Miami Design District Development Hits Market In Bankruptcy Sale Led By Avison Young

Avison Young’s Florida Capital Markets Group has been exclusively tapped to facilitate the bankruptcy sale of Triptych Miami, a 0.99-acre development opportunity encompassing a full city block.

Located at 3601 North Miami Avenue in Miami, the site sits at the gateway of three of Miami’s three most dynamic, high-growth districts: Miami Design District, Midtown Miami, and Wynwood.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associate Berkley Bloodworth will spearhead the sale of the distressed asset on behalf of the debtors in possession, Aventura Hotel Properties, LLC (“AHP”), and Triptych Miami Holdings, LLC. Avison Young Principal George Vail will handle the debt aspect of the transaction. The team expects strong activity, as investor and developer interest remains high for prime location opportunities. The call for offers is on June 24th, 2021.

Triptych Miami has in-place T6-12-O zoning and approvals from the Urban Design Review Board for the construction of a 297-key hotel, 45,000 square feet of retail, and 60,000 square feet of office. Alternatively, the office portion of the site could be eliminated, reducing parking requirements.

“The site provides numerous rarities, including the opportunity to acquire a large block of infill land with significant buildable scale at the convergence of Miami’s three most burgeoning areas,” said Crotty. “Additionally, bankruptcy sales are highly sought after by qualified investors, as they provide a surety of closing.”

The class A neighborhoods immediately surrounding Triptych are in the midst of an incredible boom, driven by the locations’ status as arts districts, cultural hubs, and nightlife hotspots. Developments have multiplied rapidly, and the daytime and residential populations of the area have exploded with Miami recently ranking second among U.S. cities in overall population growth. Additionally, with entrance and exit ramps to I-195 located immediately adjacent to the property, Triptych Miami is supremely accessible from the Miami International Airport, Brickell and Downtown Miami, and South Beach.

 

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