The Real Deal Miami

Site in the Arts and Entertainment District listed for $24M

New zoning classification would allow for more units and affordable living

March 20, 2015 12:00PM
By Katherine Kallergis

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15th Street in the Arts and Entertainment District

1530 Northeast Miami Place in the Arts and Entertainment District

A 1.57-acre site in the Omni district is on the market for nearly $24 million, The Real Deal has learned. 

The property, in the Arts and Entertainment District, is north of I-395 and one block southwest of Canvas Miami Condos, a 37-story, 513-unit residential development.

The listing price comes out to $349 per square foot. The property is on 15th Street and Northeast Miami Place and is zoned T6-24, which allows for a maximum of 24 stories, according to Miami 21 zoning code. In March, city of Miami commissioners approved an amendment creating the sub-classification T6-24B, which will have a higher floor lot ratio of 16 stories and a higher percentage of public benefits eligibility of 40 percent, Miami Today reported, encouraging less expensive rents.

Marcus & Millichap National Land Group Director Ryan Shaw and Paul Nudelman, senior associate, are marketing the site, which has 480,200 buildable square feet.

With the new sub-classification, “You can build more square footage and fit more units, which lowers a developers per-unit bases,” Shaw told TRD.

Shaw said it would be ideal for a Class A office development.

“I believe the demand [for Class A building] has been under estimated and will lend itself to a large tenant base to choose from,” he said.

1530 Northeast Miami Place is also located across the street from a Metromover station. A 2,200-square-foot corner parcel on the block is not part of the 1.57-acre site that’s on the market.