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Opportunity Zone Site In Miami’s Arts & Entertainment District Hits Market — Again — For $21M

Colliers South Florida’s Urban Core Division has been tapped to market Block E, a 37,000-square-foot development site in the Arts & Entertainment District near downtown Miami. Located at 1550 NE Miami Place, the development site is listed for $21 million.

Colliers’ Executive Managing Director Mika Mattingly, Associate Cecilia Estevez, and Associate Christina Searles are handling the listing on behalf of the Klugler Family Trust, the seller. The Kluger Family Trust had listed the site for the same asking price in March 2020 with a different brokerage.

“In a very short time, we have seen the Arts and Entertainment District radically transform from a deserted, bleak industrial area to a thriving neighborhood with a strong pulse,” said Mattingly. “The district is home to a thriving arts, cultural, and entertainment scene that is attracting an influx of new residents. Nearby residential projects in the district have leased nearly 100% percent of units within weeks of opening, which speaks to the continued demand. The neighborhood is attracting major investors and developers as this vibrant and bold neighborhood continues its evolution.”

The Block E development site is conveniently located just 1,000 feet from the Metromover, providing connectivity to Brightline’s MiamiCentral station, downtown Miami and Brickell. Under Miami 21, the proximity to the Metromover removes the parking requirement for residential sites. The site, which is located in an opportunity zone, is zoned T6-24a which allows for up to 48 stories and 338,993 buildable square feet, with bonuses. Due to its location in the Omni density overlay, the development can include 427 residential units or 854 hotel units.

The Arts & Entertainment District, also known as the A&E District, is an emerging residential neighborhood of Miami that is located north of the Central Business District, South of Wynwood and west of Edgewater. The neighborhood has seen immense growth and beautification over the past few years, with a number of residential projects breaking ground and nightlife entertainment options.

“All roads lead to the Arts and Entertainment District, and its unmatched connectivity makes it the next logical step for development as downtown expands to the north,” said the Klugler Family. “We have assembled over 4.5 acres of land over the past forty years, and developers have expressed interest in this site so we felt it was time to list the ‘hole in the donut’ of the A&E District.”

The A&E District is home to several Miami landmarks and hot spots for tourists such as the Adrienne Arsht Center for the Performing Arts, Live Modern School of Music, the Perez Art Museum and the Phillip and Patricia Frost Museum of Science, all located within a 5-minute walk of the Block E development site. The $800 million signature bridge project, which will connect I-395, SR 836 and I-95, is just two blocks south of the site.

 

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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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Prime Development Site In Downtown Miami Hits The Market

As downtown Miami continues to evolve, one of the area’s most strategically located development sites has hit the market. The 37,857-square-foot parcel, currently occupied by a three-story building, is across the street from MiamiCentral’s main entrance.

MiamiCentral is home to the MetroRail, MetroMover, Tri-Rail, MetroBus, the Trolley system and Brightline, a commuter train that connects Miami to Fort Lauderdale, West Palm Beach and soon Orlando. Colliers’ Urban Core Division brokers Mika Mattingly, Executive Managing Director, and Cecilia Estevez, Associate, are marketing the property, located at 49 NW 5th Street. The site, which doesn’t have an asking price, could sell for over $40 million.

“This opportunity is unmatchable,” said Mattingly, who leads Colliers’ Urban Core division. “The buyer could build up to 400,000 square feet and 435 residential units just steps away from a mass-transit hub. Brightline projects 12 million visitors annually will ride the train, giving this property great exposure and a competitive advantage over other residential developments. The developer would be exempt from having to build residential parking spaces due to its proximity to public transit.”

The T6-80 zoning of the property would permit 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.

The development site is home to a building of historic value that could be demolished or designated as a historical landmark to be included on the National Historic Registry. Under such designation, the Citadel building, as it is called, would be protected, and the developer would be able to allocate the air rights to the northern parking lot.

The Citadel was built in 1925 to house the Salvation Army in response to a growing demand for religious and humanitarian services during the land boom of the 1920s. Although only a portion of this historic building survives as the entry portico to an office complex, the existing architectural details reveal the rare Venetian Gothic subtype of the Gothic Revival style, according to the City of Miami.

Today, Citadel is home to CenturyLink, a telecommunications company with over two years remaining on the existing lease. The building is currently producing significant revenue.

“This property is ideal for an efficient and cost-effective redevelopment with the ability to receive supplemental cash flow throughout the planning and approval process,” Estevez said.

The site is located blocks away from the Perez Art Museum, the Frost Museum of Science, Biscayne Bay, Miami Worldcenter, Miami Dade College and several residential and office buildings.

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Ironstate Pays $16M For Wynwood Site, Marking First Property In Miami

Ironstate Development Group purchased a property in Wynwood for $15.6 million, marking its first South Florida site.

The Hoboken, New Jersey-based development firm, led by brothers David and Michael Barry, acquired the Art by God assemblage at 60 Northeast 27th Street. The buyer is 26-60 NE 27th Street LLC, according to brokers involved in the deal.

Ironstate’s portfolio includes properties in New Jersey and New York, and the company has been considered a key player in Jersey City’s evolution. It is unclear what the firm’s plans are for the Wynwood site.

Art by God, led by Gene Harris and his family, was in contract to sell the land at 26 Northeast 27th Street, 25 Northeast 26th Street, and 61 Northeast 26th Street since October 2019. The previous buyer, Miami Beach-based Lucky Shepherd, assigned the contract to Ironstate, which acquired the property on Wednesday, according to the brokers.

Lucky Shepherd, led by Christine Menedis and Naveen Trehan, had planned to build a 150-key hotel with 48 rental apartments.

Andy Charry of Metro 1 represented the seller, while Colliers International South Florida brokers Mika Mattingly and Cecilia Estevez represented Lucky Shepherd.

Mattingly called it a “prime example of a Covid-ravished deal” that emerged “triumphantly.” Charry said the pandemic threw a monkey wrench through the original timeline. The closing was initially scheduled for early 2020.

“They had a great property located on a great street, and it became even better because of the proposed Brightline station,” Charry said, referring to the sellers. The family owns the gift shop that offers minerals, fossils and other natural resources.

Developers including the Related Group, Property Markets Group, Kushner Companies, East End Capital and others have flocked to Wynwood in recent years, developing mixed-use, multifamily projects.

 

Source:  The Real Deal

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Wynwood Is Getting An Eco-Friendly Hotel At The Site Of The Art By God Store

Art by God, the museum store specializing in furnishings and jewelry made from natural artifacts, is proceeding with negotiations for the sale of its Wynwood location. Fittingly, the site is set to become an earth-friendly hotel.

The 21,155 square-foot store, located at 60 NE 27th St., is part of a four-parcel assemblage totaling more than 56,000 square feet and currently priced at $15.6 million. The acquisition includes three other lots at 26 NE 27 St., 25 NE 26 St. and 61 NE 26 St.

The buyer is the Miami-based Lucky Shepherd, a multi-company firm founded in 2016 that specializes in holistic wellness in technology, real estate and design.

The new owners plan to raze the existing property and build a 150-key eco-friendly lodging, with 48 residential units, a farm-to-table restaurant, a speakeasy and a rooftop pool and bar. Touzet Studio is the architect on the project. Gensler will handle the interior design. Construction is expected to begin in late 2021 and last 24-30 months.

Gene Harris, who founded Art By God Inc. in 1982, paid $350,000 for the 1.29 acre assemblage in 1997. He opened the Wynwood store on the property in 2014. The Harris family is still deciding whether to open a store at another location or go entirely online.

Andy Charry of Metro 1 (formerly of APEX Capital Realty), represented the seller. Arden Karson, managing principal of Karson & Co., together with Mika Mattingly and Cecilia Estevez with Colliers International Florida’s Urban Core Division, represented the buyer.

“Just like 2020, this transaction has been very challenging,” Charry said. “I’m grateful to everyone who is helping to push this deal to the finish line. The buyers are getting a phenomenal site.”

A COVID DELAY

The property, which was sold off-market, has been under contract since November 2019.

The hospitality industry has been banking on Wynwood as a lucrative hotel location to capitalize on its flood of annual visitors (more than four million in 2019, according to the Wynwood Business Improvement District).

The San Francisco-based Sonder is currently developing a 72-room hotel at 111 NE 26th St., just one block from the Wynwood Walls. The international firm Quadrum Global is developing a nine-story, 217-room hotel at a three-parcel assemblage it bought for $8.5 million at 2217 NW Miami Court.

The New York-based Domio leased an entire 175-unit building developed by The Related Group and Block Capital Group, originally intended as apartments, and is operating it as a hotel at 51 NW 26th St.

 

Source:  Miami Herald

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