MIAMI—The last remaining development sites in Midtown Miami areup for grabs. Midtown Opportunities is selling an18.47-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 FloridaMulti-Housing Group, are marketing the property in collaborationwith Casey Rosen and DennisCarson of CBRE's National Retail Investment Group.According to the broker, the site holds potential for a large-scaledevelopment project of 5.604 million developable square feet withinone of Miami's trendiest neighborhoods.

|

“This is a tremendous opportunity to acquire a massive infilldevelopment opportunity within one of Miami's current hot spots,”says Given, a vice chairman at CBRE. “Both the prestige and scaleof Midtown will allow a developer to imprint their name and visionon Miami's future.”

|

Midtown Miami, a 56-acre urban redevelopment, has become asocial epicenter in the area north of Downtown Miami. Retailers arefilling in the space, as condo towers continue rising in what hasbecome a true walkable community. Midtown is near the DesignDistrict, which itself is undergoing a $312 million redevelopmentinto a luxury retail neighborhood, as well as the Wynwood ArtsDistrict.

|

Known as lots 1, 6,7, 8 and Entertainment Bloc, the sites span11.21 acres and are entitled for 2.661 million developable squarefeet and bonuses that allow for 2,240 total developable units ofhousing. The adjacent city block, a former Chiquita Bananadistribution site, covers 7.26 acres. Developers could buildanother 1,089 residential units and 2.944 million square feet,including bonuses, there.

|

“Whoever controls this site, will become the new 800-poundgorilla of Miami,” says Yetming, a senior vice president at CBRE.“It represents the ability to shape an entire neighborhood in anarea that is already getting some of the best real estate salesprices and rents in Florida.”

|

Downtown Miami had the lowest direct vacancy rates—0.1%—and oneof the highest average rental rates—$42.50 per square foot—of anyMiami submarket. With Brickell and Downtown nearly built out,developers continue moving north to leverage water views and thepopularity of the nearby arts and design districts.

|

In recent years, the Midtown and adjacent Edgewaterneighborhoods have seen a significant rise in condo pricing anddemand. Seven condo projects are under construction or proposed inMidtown, according to CBRE, and current pre-construction pricingfor new units has surpassed $700 per square foot.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.