Cushman & Wakefield of Florida, acting as exclusive agent on behalf of Canpartners Realty Holding Company IV Miami River LLC, an entity related to Canyon Capital Realty Advisors LLC, announces the sale of 1.23 acres on the Miami riverfront.
The parcels represent a prime, mixed-use/multifamily, high-rise development opportunity along the Miami River and located just west of Interstate 95, between the Flagler Street and SW 1st Street bridges on the western section of Downtown Miami in Miami-Dade County, Florida. Multifamily marketing and brokerage specialists Rosendo Caveiro and Brad Capas, senior directors with Cushman & Wakefield’s Florida Multifamily Advisory Group, represented the seller in the transaction.
A development entity led by Melo Contractors Corporation acquired the parcels for $4,500,000 which equates to $84 per square foot or $3,659,000 per acre. Under the Miami 21 zoning designation of T-6 (Urban Core Zone), the site has a Floor Lot Ratio (FLR) of 548,859 square feet and can accommodate 184 residential units.
“This is one of the most exciting multifamily development opportunities in the Miami CBD, especially since it will be developed along the Miami River,” said Caveiro. “With more than 300 linear feet of frontage along the riverfront and excellent exposure above the Interstate 95 ramp, the new development will have 360 degrees of unobstructed views. The views from a high-rise building will be off the charts.”
The site is within walking distance to major employment centers, such as Miami-Dade County’s Government Center, Main Public Library and Metrorail Station, the City of Miami’s Police Department, and a host of other city, county and Federal government offices. Major banks, law firms and private businesses are also within close proximity.
Melo Contractors Corporation has been a very successful developer of luxury rentals and condominiums. Their projects have been built in or within very close proximity to the Miami CBD, therefore, Caveiro anticipates that Melo will develop a project consistent with the high quality and modern design of their past successes.
“Melo builds top-tier rental and condo high-rises that match the site’s prestigious Miami CBD address and high profile location,” said Capas. “We are confident that their Miami River project will prove to be a very successful and visible community.”
Commenting on the state of the South Florida multifamily market, Caveiro and Capas report: “Notwithstanding today’s economic challenges, we are big believers in the South Florida multifamily market. The underlying fundamentals and long-term potential are very favorable. By taking down a site overlooked by many other developers, Melo has demonstrated great confidence in the Miami CBD. This transaction sends a strong positive signal to the investment and development community about the outlook for Miami and South Florida, and urban multifamily development, in particular.”
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