One Of Miami's Last Big Development Sites Hits The Market For $500M
A nearly 7-acre development site in Miami’s Park West neighborhood is up for grabs for buyers willing to part with half a billion dollars or more.
Marc Roberts Cos., led by Marc Roberts, and Lion Development Group, led by Michael and Ron Simkins, have tapped CBRE to market the site, which could be developed with thousands of apartments or condos across more than 10M SF, for $500M.
The brokerage's Robert Given, Bradley Capas, Troy Ballard and James Quinn are representing the sellers, according to a release.
“At a price of $500M, we expect strong interest from a broad range of global investors and developers seeking to transform this site into Miami’s next skyline‑defining mixed‑use development,” Given said in a statement. “The premier location, scale and favorable zoning create a compelling urban placemaking opportunity.”
The 6.6-acre parcel allows for the development of a massive mixed-use project encompassing office, retail, hotel and up to 6,602 residential units if the buyer leverages the Live Local Act, which allows developers to bypass local zoning and density codes as long as at least 40% of their project is dedicated to workforce housing.
Current zoning allows for a 4.8M SF project and up to 3,300 residential or hotel units, Quinn told The Real Deal, which first reported the news. Heights are limited to roughly 650 feet due to Federal Aviation Administration rules. The tallest tower in Miami is set to be the 1,096-foot-tall Waldorf Astoria Hotel & Residences Miami developed by Property Markets Group.
Lion and Roberts purchased the site at 1151 NW First Ave., adjacent to the $6B Miami Worldcenter and about a mile away from the Kaseya Center in Downtown Miami, in 2014 for $53M, according to property records.
Simkins said in 2018 that the site would be ideal for an office tower, hinting at landing Amazon as a tenant when the tech giant requested proposals from cities for a second headquarters location, the South Florida Business Journal reported at the time.
But Simkins owned and planned to develop a total of 10.4 acres in the neighborhood — and he did.
About a five-minute walk away, Simkins co-developed E11even Club Hotel & Residences and is building the E11even Club Residences Beyond with Marc Roberts Cos., PMG and E11even Partners at 20 and 60 NE 11th St.
The developers are also building 38 West Eleventh Residences Miami, another Park West neighborhood project, with PMG.
The asking price for the vacant land is one of the highest in South Florida history and approaching the state record set by Oak Row Equities and OKO Group’s $520M purchase of a Brickell waterfront assemblage late last year.
