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Largest Development Site Available In Downtown Miami Sells For $46 Million

As downtown Miami continues to attract investors from all over the world, Colliers’ Urban Core Division facilitated a $46 million sale of Miami Center.

Known as the ‘Burdines property,’ it is the last significant development site remaining in downtown Miami’s Central Business District (CBD). The 92,972-square-foot development site, which is located at 16 SE 2nd St in downtown Miami, is currently home to a parking lot.

Colliers’ Executive Managing Director Mika Mattingly and Cushman & Wakefield‘s South Florida Vice Chairman Robert Given  represented the seller, Wharton Equity Partners and Cross Lake Partners, in the transaction. The buyer, Enrique Manhard, was represented by Estrella Perez of EP Realty Group Inc..

“This is a pivotal site for the future of downtown Miami because it is a major location connecting downtown to Brickell,” Mattingly said. “This deal represents the voracious appetite for downtown assets. We currently have 10 land deals under contract to close by year’s end, and there is little inventory left for the first time ever. This is unbelievable given the fact the downtown market went silent in 2019 and during the pandemic. The demand is being fueled, in part, by all the transformative projects that are just beginning to take shape in this area. It could not be a better time to invest in the future of downtown Miami.” 

Based on the site’s T6-80 zoning, this is one of the largest land sales in downtown Miami. The zoning designation allows several uses, including residential, hotel, office and retail. The maximum height permitted at the site is 80 stories with unlimited height available through public benefit bonuses. Because the development site is right in the middle of Brickell and downtown, it will provide future residents the opportunity to live, work and play in a highly walkable, urban environment.

South Florida has continued to see an influx of residents from New York, California and other states seeking lower taxes, better weather, and a higher quality of life. Greater Downtown’s population was 92,235 people in 2018, a jump of 38% since 2010, according to a study from Miami’s Downtown Development Authority (DDA). Downtown and Brickell have also emerged as the top choice for the largest technology and financial firms. According to a recent report from the DDA, at least 700 new jobs are expected in the area over the next few years.

 

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Ross Dress For Less Signs Lease At Historic Former Burdines Building In Downtown Miami

Ross Dress for Less signed a lease at the historic former Burdines building in downtown Miami.

The retailer plans to lease 34,192 square feet at 22 East Flagler Street. The vacant building was most recently occupied by Macy’s. Macy’s closed the store in early 2018 as part of a wave of closures as it looked to shed its assets and reduce costs.

Nearby, Ross has another location at One Bayfront Plaza at 100 South Biscayne Boulevard. Florida East Coast Realty plans to build a 92-story, 1,049-foot tall building on the site, which will also include over 1.4 million square feet of Class A office and hotel space.

In 1917, Miami businessman Richard Ashby originally leased the 48,000-square-foot building at 22 East Flagler Street to Burdines for about $30,000 a year. In 1956, Burdines merged with Federated Department Stores, which also owned Macy’s, Bloomingdale’s and other stores. By 2005, Federated had brought all its Burdines outposts under the Macy’s brand.

Records show Aetna paid $15.6 million for the property in 2013.

 

Source:  The Real Deal

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