Miami Beach Asks Office Developers To Bid On Sites Near Lincoln Road

Miami Beach has officially launched a request for proposals process to find office developers for several city-owned properties north of the famous Lincoln Road retail strip.

This presents opportunities for one or more developers to build Class A office buildings at a time when an increasing number of wealthy individuals — and their companies, in some cases — are relocating from high-tax states to the city, where office rents are nearing record levels.

There’s the potential to build about 400,000 square feet of office space, plus ground-floor retail, on these properties, said Ken Krasnow, vice chairman of institutional investor services at Colliers International South Florida, which is helping Miami Beach market the RFP.

The properties the city is fielding interest in total 1.38 acres at 1664 Meridian Ave., 1.12 acres between Lenox Avenue and Michigan Avenue, 0.85 acres at the southwest corner of 17th Street and Lenox Avenue, and the parking garage on 2.9 acres at 640 17th St. The parking garage is across from the Miami Beach Convention Center.

The bids will be ranked by a city evaluation committee and then the city commission would vote on the winning bids from one or multiple developers. However, the 99-year lease or leases would require approval from voters in a public referendum because of Miami Beach’s rules on selling city property. The parking lots would need 50% voter approval while a parking garage would need 60% of voters to agree, Krasnow said.

Bids are due by Nov. 15. Interested parties can obtain more information about the proposal here.


Click here to read more about this story.

Comments (2)

© 2023 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.