Currently zoned for multifamily and retail, Transwestern Commercial Services has hired the Perkins & Will architectural firm to "determine the highest and best use for the property," says Peter R. Harrison, the Transwestern SCP who heads the Houston-based firm's Florida office here. He tells GlobeSt.com "the asking price is a minimum of $50 million," which puts the price tag in excess of $20 million an acre. Millennium Partners has retained Transwestern to sell the site.

"Without a doubt, it will be acquired for residential condos and certainly will also include a restaurant along the river," says Daryl Robinson, a Transwestern VP here. "The city calls for a setback allocation for the River Walk pedestrian path along this stretch." The location also provides easy access to Interstate 95 and Brickell Avenue and the Mary Brickell Village retail center, which is nearing completion.

"We're already in conversation with two parties," Robinson says. "One is a local developer, the other is an international investor that, based on the strength of the Euro, is interested in acquiring a well-located Miami property. South Florida is one of the top five magnets in the US for foreign real estate investment. There's a fire under South Florida real estate, and other likely prospects are developers from New York or out of state who want an opportunity in Miami."