One of Last Full-Block Dev Sites Lists

MIAMI—One of the last full-block development sites in the City of Miami just hit the market. Located at 1950 Northwest 1st Avenue, the property is just south of the Wynwood Art District and Midtown Miami, and west of Biscayne Boulevard and the Performing Arts District. That officially puts the land within the Omni CRA.

David C. Metalonis, senior vice president and partner at Colliers International South Florida, listed the property. A call for offers has been set for May 9, 2013.

The 2.47-acre site is zoned T6-8-0 which allows for up to 12 stories in height, 674,025 square feet of total gross floor area, and residential development of up to 370 units. With existing Major Use Special Permits (MUSP) already approved for a proposed 311-unit mixed-use project called Avenue One, the site is ready for immediate development.

"Current zoning code allows for a mixed-use project that could be developed as three separate towers using a new design by Miami architect Kobi Karp," says Metalonis, who is representing Miami-based owner A-1 Management Corp. The seller's principals brought the loft concept to Miami and who have sold multiple projects in Miami-Dade.

The property is listed at $10 million, which is below its March 2013 appraised value of $11.4 million. Metalonis says the site could also be land-banked in anticipation of continued growth along Biscayne Boulevard, Wynwood, Midtown, the Design District, and the massive redevelopment of the former Miami Herald site by Genting Resorts World Miami.

"The property holds appeal for a wide range of local and international developers and investors," he says. "The deal is big enough to be of interest to international investors, yet small enough for investors to hold it and ride Miami's incredible momentum. Prospective buyers looking to build multifamily, destination retail, parking, or land-bank the site have shown serious interest."