MIAMI—The last remaining development sites in Midtown Miami are up for grabs. Midtown Opportunities is selling an 18.47-acre parcel of sites and an adjacent city block.
CBRE‘s Robert Given, Gerard Yetming, Zachary Sackley, and Mary Kate Swann, all 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. According to the broker, the site holds potential for a large-scale development project of 5.604 million developable 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,” says Given, a vice chairman at CBRE. “Both the prestige and scale of Midtown will allow a developer to imprint their name and vision on Miami’s future.”
Midtown Miami, a 56-acre urban redevelopment, has become a social epicenter in the area north of Downtown Miami. Retailers are filling in the space, as condo towers continue rising in what has become a true walkable community. Midtown is near the Design District, which itself is undergoing a $312 million redevelopment into a luxury retail neighborhood, as well as the Wynwood Arts District.
Known as lots 1, 6,7, 8 and Entertainment Bloc, the sites span 11.21 acres and are entitled for 2.661 million developable square feet and bonuses that allow for 2,240 total developable units of housing. The adjacent city block, a former Chiquita Banana distribution site, covers 7.26 acres. Developers could build another 1,089 residential units and 2.944 million square feet, including bonuses, there.
“Whoever controls this site, will become the new 800-pound gorilla of Miami,” says Yetming, a senior vice president at 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.”
Downtown Miami had the lowest direct vacancy rates—0.1%—and one of the highest average rental rates—$42.50 per square foot—of any Miami submarket. With Brickell and Downtown nearly built out, developers continue moving north to leverage water views and the popularity of the nearby arts and design districts.
In recent years, the Midtown and adjacent Edgewater neighborhoods have seen a significant rise in condo pricing and demand. Seven condo projects are under construction or proposed in Midtown, according to CBRE, and current pre-construction pricing for new units has surpassed $700 per square foot.