Three Downtown Miami Sites Hit The Market

Three urban core development sites in Miami are being marketed for sale, representing the last few remaining development opportunities in Downtown Miami.
The owners have engaged exclusive marketing advisor Mika Mattingly to market the sites, which are expected to draw tremendous interest from residential multifamily developers as well as hotel an entertainment venue operators.
Foria, a 1.43-acre site, is located at 127 NE 11th Street, positioned at the gateway to Downtown Miami, and represents the largest of the three sites.
The site borders Miami World Center and is located within close proximity to Museum Park, The Adrienne Arsht Center for the Performing Arts and Genting’s Resort World development.
11th Street is zoned a 24-hour entertainment zone – a walkable urban environment amongst an established upscale residential community, hotels, cultural establishments and stores, as well as a vital business environment.
An 18,000-square-foot lot located at 54 West Flagler Street is also being marketed by Mattingly.  The site is located on Flagler Street in Miami’s Central Business District and is accessible by its frontage on two streets with high pedestrian and automotive traffic.
54 West Flagler is zoned T6-80-O, allowing mixed uses such as office, hotel, residential and retail.

“New developments including Museum Park, Centro, and The Langford Hotel are promoting growth and the renaissance of Downtown Miami’s community, resulting in a surge in office and retail leasing in the Central Business District,” commented Mattingly.

54 West Flagler Street is one of the last assets available on Flagler Street. A massive beautification project was recently approved.  Funding for a $13 million improvement plan for Flagler Street – eliminating most on-street parking and replacing it with valet stations extend and level sidewalks to allow ample room for pedestrians, cafe tables, bike racks and benches.

Mattingly added, “Flagler Street is on track to regain its status as ‘Main Street’ in Downtown Miami.”

An additional half-acre site located at 35-49 NW 1^st Street, zoned and approved for an 80-story, 517 residential units is also being marketed by Mattingly.
Miami has evolved into a city of international significance. Several major projects are transforming the urban fabric of this international destination, and these sites benefit from a unique and unparalleled combination of neighborhoods and districts. The transformation of Downtown has lead to luxury condominium pricing in excess of $1,000 per square foot.
Mattingly, along with colleague Shai Ben-Ami recently represented Israeli businessman Moishe Mana in the purchase of 124,000 square feet of retail space on Flagler Street, and an additional 50,000 square feet within Miami’s Central Business District.
Ben-Ami and Mattingly are both members of the Commercial Industrial Association of South Florida (CIASF).
CIASF is a non-profit organization of business leaders involved in the development, design, construction, sales, and leasing of Industrial and Commercial Real Estate in South Florida.  The association hosts events each month covering a wide range of topics including the Industrial Market Report in January and the Office Market Report in May, its signature events. CLICK HERE FOR MORE INFORMATION REGARDING CIASF’S NEXT EVENT
 

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