MIAMI—Prime parcels of Miami real estate are selling to developers with big visions. Benzol Properties is the latest to decide to cash in on the land rush around Brickell City Centre.
Benzol is marketing Waterside at Brickell, a 1.62-acre development site with 380 feet of frontage on the Miami River. A strategic location suggests this site could fetch top dollar—it's next to Brickell CityCentre, Swire's billion-dollar mixed-use project. Specifically, Waterside at Brickell is located at the northwest corner of Southwest 7th Street and 1st Avenue.
CBRE has listed the site. Robert Given, Gerard Yetming, Zachary Sackley, and Mary Kate Swann of the South Florida Multi-Housing Group are marketing the property in collaboration with Charles Foschini and Christopher Apone of CBRE Debt & Structured Finance Group.
“Brickell and the Downtown area are experiencing escalating demand as major neighborhood amenities get closer to completion,” says Given, vice chairman of CBRE. “Waterside at Brickell is a tremendous opportunity to capitalize on the intensifying demand, the emergence of Brickell City Centre, and the transformation of Miami into a world-class international gateway city.”
A developer could build tower 48 stories high on the Waterside at Brickell site, along with another 32 stories through public benefit bonuses. According to a preliminary plan and massing study from Kobi Karp Architecture, the site is suitable for two 61-story towers with 810 residential units covering more than 1.7 million gross square feet. The plan also makes room for retail space at the base of both towers.
“This site has a waterfront location with spectacular views and boat dockage, and will be within walking distance to the most important business, social, and shopping destinations in Miami,” says Yetming, senior vice president of CBRE. “It is right in the middle of where everyone will want to be.”
Brickell is home to the largest concentration of international banks in the US, as well as some of the most prestigious office buildings in the Southeast. Beyond international banks, the Brickell tenant mix includes Fortune 500 companies, and world-renowned law firms. With 6.7 million square feet of office space in 28 buildings, Brickell represents 15% of Miami-Dade's office market and draws the highest rental rates of any submarket.
Currently under construction, Brickell CityCentre spans five blocks and 11 acres along Southwest 8th and 7th Streets and is expected to become the cultural center of the city. The the first phase, set for completion in 2014, includes 565,000 square feet of retail and entertainment space and 862,000 square feet of office space.
A Chilean hotel chain is building its first-ever US project in Miami's urban core. Atton Hotels is breaking ground on the 275-room, 12-story Atton Brickell Hotel, Miami. Located at 1500 SW 1st Avenue in Downtown Miami's Brickell Financial District.
Located next to Le Parc at Brickell, a 128-unit luxury condo with 128 residences currently under construction, Atton Brickell Hotel, Miami will offer views of Downtown Miami and Simpson Park. The hotel is a short walk to Miami's public transportation Metrorail and Metromover systems, the Shops at Mary Brickell Village, Brickell CityCentre complex, as well as retail, dining and entertainment establishments in the area.
Atton Hotels operates four hotels with nearly 1,000 rooms in Latin America. The $65 million Atton Brickell Hotel project will create about 400 construction and 130 permanent positions, and is slated for delivery in early 2016.
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