MIAMI—With more investors are looking for transit-orienteddevelopment opportunities, Keating Resources mayfetch top dollar for its 20.57-acre site in Hialeah. The company ismarketing the Market Station Development Site for a mixed-use,transit-oriented development.

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The industrial site sits at 725 Southeast 9thCourt. That's less than a mile from the Hialeah MarketStation/Tri-Rail Station. The City of Hialeah in November approveda proposed resolution to amend the Comprehensive Plan and ZoningCode to allow for a Transit Oriented Development Overlay District(“TOD”). The TOD aims to promote and encourage pedestrianism,mobility, and transit ridership through vertical and horizontalmixed-use development.

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“As we have seen in Doral, Miami's recovery and land boom isreverberating in areas just outside the urban core where themultifamily fundamentals are strongest, and Hialeah is home to someof the best multifamily market fundamentals in South Florida,” saysGerard Yetming, senior vice president atCBRE who is marketing the property. Thanks to thenew zoning, the site now could be redeveloped into large-scale,mixed-use transit project in one of Miami's most populoussuburbs.

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Multifamily occupancy in Hialeah is standsabove 98%, according to CBRE, and the occupancy rate is expected toaverage about 97% over the next five years. The firm's researchreveals that living costs in other Miami submarkets have pushedmany renters to suburban submarkets in search of more affordablemarket-rate housing, resulting in 4.7% year-over-year rent growthin Hialeah. As population growth in South Florida continues toaccelerate, and as no market rate units are currently planned orunder construction in Hialeah, CBRE expects rents to increase onaverage 3% over each of the next five years.

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Market Station currently has two warehouse facilities totaling506,300 square feet on 20 acres located in an Enterprise Zone. Thebuildings are currently 79% leased. That's up from 58% three monthsago.

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“Market Station is the first significantly sized land offeringin Hialeah to come to market in the recent past, delivering anunprecedented opportunity for a future owner to develop a landmarkproject combining residential and retail components, with thesecure alternative of in-place income to allow for flexibility intiming,” says Yetming. CBRE's Robert Given andJames Quinn are working with Yetming to market theproperty.

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The site is located near several major highways and rail lines,with access to major employment centers like Blue Lagoon, Doral,Dadeland, Coral Gables Downtown Miami, and Miami HealthcareDistrict. The site is two blocks from Tri-Rail Hialeah MarketStation, which connects the property to the Metrorail, Metromover,and Miami International Airport. Keating could not immediately bereached for comment.

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