MIAMI—200 South Miami, an income-producing high-rise development opportunity in the heart of Downtown Miami, just sold for $19 million. The site sits next to the Third Street Miami Metromover station.
200 South Miami is currently home to a four-story, 85,907-square-foot building on a 1.31-acre site FedEx is occupying. BDG 200 South Miami Avenue sold the asset to Fifteen 200 South Miami. CBRE‘s Gerard Yetming. Calum Weaver, Robert Given, and Zachary Sackley represented the seller in the transaction.
“This prime development parcel at the heart of a dynamic international gateway market generated a tremendous amount of interest from developers, as well as investors seeking in-place yield,” says Yetming, senior vice president of CBRE Capital Markets, Multifamily. “With six large and transformative urban infill developments slated for the Greater Downtown area, 200 South Miami is at the core of one of the most vibrant real estate markets in the country.”
CBRE is positioning the site as optimal for developing condos, multifamily or mixed-use project. 200 South Miami features Miami21 zoning of T6-80, to allow for a total density of 1,390 units. The new site has room for a 1.7 million square-foot building with 1,020 units and 974,804 square feet of salable condominiums.
200 South Miami is located between the on and off ramps for Interstate 95 and easy access to major South Florida arties. It offers 148 feet of frontage on Miami Avenue, a primary north/south thoroughfare in the Downtown/Brickell submarket. And signed agreement with the City of Miami gives a future developer the right to provide a direct access ramp to the adjacent Third Street Metromover Station platform.