$10M Miami Site Slated for 31-Story Mixed-Use Tower

MIAMI—As the next wave of development gets underway in Downtown Miami, it’s not all about billion-dollar mixed-use projects or high-rise condos. A landowner is putting a 1.58-acre parcel up for grabs with a mixed-use tower in mind.

Marcus & Millichap Real Estate Investment Services has the exclusive listing to sell a land parcel on Northeast First Place and Northeast First Avenue in Miami. The listing price is $10 million. Ryan Shaw, an associate, and senior associate Arthur Porosoff in M&M’s Miami office are representing the seller, a limited liability company in Miami.

“As the performance of urban infill rental properties in Miami continue to improve tremendously many developers are looking to invest in new multifamily and mixed-use projects in this area,” Shaw said in a statement. “This area is experiencing a boom with plans for the Resorts World Miami project and the groundbreaking of the Miami Science Center. Also within blocks of the proposed project is the new urban-designed Publix and the Adrienne Arsht Center for the Performing Arts.”

Located at 1603-1621 Northeast First Place and 1604-1630 Northeast First Ave., the site is approved for a ready-to-build 31-story mixed-use tower that's about 400 feet tall with 28 residential units, 168 hotel rooms spanning 65,543 square feet, 250,000 square feet of office spaces and 1,139 parking spaces.

The property is also near American Airlines Arena, Interstate 95, State Route 836, the Port of Miami and Miami International Airport. Although Downtown Miami was expected to see a major glut of office space, tenants may welcome the new development.

“If you take a look at our office pipeline for new development, there’s virtually none right now and with the exception of Brickell Avenue very little got developed across Dade, Broward and Palm Beach Counties in the last cycle,” Charles Foschini, vice chairman of South Florida Markets for CBRE, tells GlobeSt.com. “So the expectation is as the economy returns to equilibrium that rents will rise very precipitously and that quality available space will become scarce well before the ability to deliver new supply.”