MIAMI—DP Property Holding is loosening its grip on the last vacant waterfront site in Downtown Miami. CBRE is marketing the 1.25-acre parcel at 300 Biscayne Boulevard Way.

The site is next to the Epic Residences and Hotel. There's room enough for a development that spans 2 million square feet of gross building area with views of the bay and Downtown Miami, according to CBRE. The property also offers access sot the only private dock in Downtown Miami capable of accommodating megayachts.

“Since we began marketing the property a few weeks ago, we have received tremendous interest from local as well as foreign groups, including several new-to-market entrants,” says CBRE's Robert Given. CBRE is requesting preliminary bids by May 15th, 2014.  

The location next to Epic cannot be underestimated. It's Downtown Miami's most successful hotel and luxury condominium project and amenities—from restaurants like Zuma and Cipriani to Whole Foods to cultural and entertainment venues like American Airlines Arena and the Adrienne Arsht Center—surround it.

“The 300 East site benefits from a unique and unparalleled combination of neighborhood amenities all within walking distance,” says CBRE's Gerard Yetming. “Miami has become a premier international gateway and as such, has led to the acceptance of luxury condominium pricing in excess of $1,000 per square foot. No site better represents the potential for a luxury condominium development than 300 East.”

300 East has 490 feet of frontage on the Miami River and shares a permit with the adjacent hotel for 20 wet slips capable of accommodating megayachts. Brickell City Centre and Miami World Center are under construction nearby.

According to Given, the existing Major Use Special Permit (MUSP) allows for a very fast path to construction without any of the potential limitations of the current Miami-21 zoning code. He explains, “This will grant the new owner the ability to capitalize on current market momentum and deliver a product that maximizes potential revenue.”

This parcel was originally set for development as Epic's second phase. In 2004, DP received City of Miami approval for the MUSP to allow construction of a 609-foot building with up to 596 residential units on the 300 East site. CBRE says a new owner also could develop the property under the current Miami 21 code, allowing up to 1,250 residential units.

The Miami-based CBRE team representing the seller includes Given, Yetming, Zachary Sackley, and Mary Kate Swann, of CBRE's Multi-Housing Investment Properties Group; and Christopher Apone and Charles Foschini, of CBRE's Debt and Structured Finance Group.