Prime Downtown Offices Set for Redevelopment

MIAMI—The numbers aren't big but what the sale of 501 Northeast 1^st Avenue means for the further development of Downtown Miami could be. Aztec Group just brokered the sale of the office building, which is literally steps away from Miami Dade College Wolfson Campus and close to the American Airlines Arena and the future Miami Worldcenter mixed-use development, for $8.25 million.

“Miami's Central Business District is one of the last bastions of dealmaking with Miami locals,” says Aztec vice president Jason Katz. “In some cases, owners have held properties in their families for over 30 years. Selling properties like 501 Northeast 1st Avenue requires both an intimate knowledge of the city's history and a vision for the neighborhood's future.”

Aztec managing director Jim Fried and Katz represented the seller, Virginia Cole Investment. Virginia had owned the office building for over 20 years. The site is a prime candidate for transit-oriented development, sitting directly across from the College North Metro Mover Station.

“Factors such as the property's corner location, potential for future development, and access to public transportation made it an attractive investment for prospective buyers seeking this acquisition,” says Fried. “With Downtown Miami rising as a 24-hour destination, we expect to lead more sales of commercial properties as investors eye the urban core for re-development and new construction opportunities.”

Aria Development Group, a development group based in Miami and New York, acquired the office building. Aria did not disclose any specific plans for redevelopment, but is aiming to leverage the site strategically.

“Downtown Miami has been undergoing an incredible transformation into a thriving area with new opportunities for urban development,” says David Arditi, principal of Aria. “We're looking forward to helping shape the future and the skyline of the neighborhood.”

What does Miami's future office market look like? Andres del Corral, vice president of Blanca Commercial Real Estate, has some ideas.

“New office projects are being developed as market fundamentals continue to improve,” del Corral tells GlobeSt.com. “In the continued population growth and foreign investment, the market will continue to grow. In the far future, I hope the Southeast market will consist of clean urban centers that are friendly to the environment, efficient for businesses, and comfortable to live in.”