A downtown Miami enhancement internet site that was formerly listed for $125 million 5 years in the past is again on the market place.
The 2.5-acre assemblage at 251 East Flagler Street, 244 Northeast First Street and 40 Northeast Third Avenue is at this time outlined without an inquiring cost, according to an emailed brochure. Virgilio Fernandez and Pablo Camposano with Colliers, which has the listing, declined to comment.
The web page, identified as Flagler Central, has 3 retail buildings done in between 1991 and 1994, together with a 3-tale, 164,000-square-foot shopping heart anchored by a Marshalls store.
The seller, an entity managed by Fatima Jebai in Miami, paid out a combined $15.1 million for the assemblage concerning 1980 and 1991, records demonstrate. In addition to inquiring $125 million in 2018 for the site, Jebai’s entity also outlined Flagler Central in 2015 without an inquiring price tag.
In accordance to the brochure, Flagler Central is accepted for up to 80-story tower with as many as 2,500 multifamily or apartment units less than the latest zoning. The website is ideally suited for a mixed-use tower “that maximizes the positive aspects of significant-density zoning,” the brochure states.
“Existing leases have a 180-working day demolition clause, allowing for expedited redevelopment though giving a stream of income,” the brochure states. “The prospect can utilize a land banking approach by continuing operations of the current setting up, changing rents to current market premiums, and redeveloping in the upcoming.”
The internet site is adjacent to the lately opened Julia & Henry’s, a food stuff hall in a renovated historic creating that was earlier home to the initial Walgreens retail store in Miami.
Downtown Miami is the midst of a development spurt. New York-centered RFR Realty, led by Aby Rosen, is planning a 1,049-foot tower at 130 and 136 Biscayne Boulevard, and 141 Northeast Third Avenue. The project will entail a 252-place lodge, 1,074 condominium or multifamily models and a 1,013-place garage. The proposed setting up would be the seventh supertall skyscraper in the operates in downtown Miami.
In a different portion of downtown Miami, a joint enterprise led by Chicago-centered developer John Buck is proposing a 41-story blended-use tower with 306 condos and 245,000 sq. ft of office environment house. Buck, along with partners — Miami-dependent Florida Worth Companions, Aventura-based BH Team and Boca Raton-primarily based Pebb Enterprises — paid $39.5 million for the growth internet site at 525 and 533 Northwest Next Avenue in February.
