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Development Site In Downtown Miami Sells For $10 Million

As downtown Miami continues to experience an unprecedented amount of activity, Colliers’ Urban Core Division has closed on another land sale located at 56 SW 1st St and 65 SW 2nd Street.

The development site, which sold for $10 million will be home to The M Tower, an approved 53-story, 440-unit apartment tower. This is Colliers’ Urban Core Division’s third land deal in downtown Miami in the last month, totaling close to $100,000,000.

Colliers’ Executive Managing Director Mika Mattingly and Associate Cecilia Estevez represented Downtown 56, LLC, the seller in the transaction. EP Realty’s Estrella Perez represented Downtown 1st Street LLC, the buyer.

M Tower will consist of 622,783 square feet of gross building area, with 25,732 square feet of office space and 1,089 square feet of retail. The development site also includes a parking garage owned by the Miami Parking Authority (MPA), located at 70 SW 1st St.

The 16,718-square-foot site includes air rights, waivers, and the ability to build residential units over the adjacent parking garage. The proposed units are targeted toward students and young professionals looking for a connected urban experience, currently the largest market of downtown residents.

“The downtown Miami market has never been more active than it is right now,” Mattingly said. “This market is poised to see the largest influx of investors ever from other states and this transaction highlights that trend. New York-based Downtown 1st Street LLC’s purchase of this development site proves that the migration from the Northeast has only accelerated as the vibrant downtown neighborhood continues to evolve. 

“One thing that Miami has that other major US cities don’t have is a business-friendly mayor who is welcoming new businesses and investment that creates jobs and expands the city’s tax base to boost our local economy,” Mattingly added. “For years, Miami has promoted smart growth with greater density in downtown Miami due to the area’s easy access to mass transit. The vibrancy of downtown Miami is also increasingly attracting young professionals and families, and this project offers a tremendous opportunity to accommodate the growing population.”

The project has Urban Development Review Board (UDRB) approval, which it obtained through an extensive RFP process. The entitlement provides additional air rights, waivers, and the ability to construct a residential tower over the adjacent Miami Parking Authority (MPA) garage.

M Tower will provide residents with pedestrian access to shops, restaurants, and offices in the Central Business District, an up-and-coming trendy area. M Tower is strategically located near mass transit and major thoroughfares, with direct access to I-95 and the Miami Avenue Metromover station. It is a few blocks away from MiamiCentral Station, which connects to Fort Lauderdale, West Palm Beach, and soon Orlando. The site is also near PortMiami, known as the cruise capital of the world.

Downtown Miami continues to experience robust demand as it attracts a younger, wealthier and more educated population. Downtown is the largest employment center in Miami-Dade, with more than 175,000 employees and a day-time population of 235,000. The city is home to the highest concentration of banks and financial institutions outside of Manhattan, and tourism is at an all-time high with more than 6 million visitors per year. M Tower stands to benefit from the area’s rapid population growth. Since 2010, the population of Downtown Miami has increased approximately 52% and is expected to increase another 16% by 2024.


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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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