Citibank sees redevelopment dollar signs at its branch across from New World Center.
CBRE has been tapped by the banking giant to market its 7,400 SF Citibank South Beach branch at the corner of Washington Avenue and 17th Street in a deal that could see it trade in excess of $20M, according to The Real Deal.
That's because the 30k SF lot the bank sits on is zoned for high-density commercial, where a developer can build up to 82k SF, depending on use, CBRE's Paul Weimer told the publication. “We think a hotel is the highest and best use, but it could be mixed-use,” Weimer said.
Given its proximity to the expanding Miami Beach Convention Center, there could be a real lure for a hotel project, he said. [TRD]
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