The Real Deal Miami

Flagler Street redevelopment site in downtown Miami goes up for sale

Property is zoned for 80 stories and 2.4M square feet

April 13, 2015 04:30PM
By Sean Stewart-Muniz

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A rendering of "Sky Plaza," an example of what the property can be developed into

A rendering of “Sky Plaza,” an example of what the property can be developed into

A 2.52-acre lot in downtown Miami was just listed for sale, and it’s being marketed as a prime redevelopment opportunity.

The property, at 251 East Flagler Street, houses a two-story building with 164,000 square feet of retail space.

John Crotty of brokerage firm Avison Young, which is marketing the property, told The Real Deal that potential buyers have a few options: they can redevelop the property, or come in and collect rent from the current building’s tenants.

It’s zoned T6-80, which is the city of Miami’s highest density mixed-use code. The land can be built up to 80 stories tall with 2.4 million square feet.

“It’s basically a blank slate for somebody to come in to build,” Crotty told TRD. “The beauty of this property is that you’ll have cash flow while you reposition for redevelopment.”

The owners are also open to a joint venture, Crotty said, where they would partner with an investor to redevelop the lot.

He said the main draw of the property, besides its generous zoning, is its size: The owners pieced together the lot from separate parcels when they first bought it, which would be difficult to duplicate in today’s market.

There is no asking price, and the owners are accepting offers from interested parties. Crotty would not disclose their identity, but said they are a high net-worth family.

The property was last purchased for $7.75 million in 1980 by the current owner, Flager 251. The company is managed by Fatima Jebai, according to corporate records. It also shares the address of the Jebai Group’s office in South Florida.

The firm is an international real estate investment company with offices in Lebanon and Paraguay.

Downtown Miami has been a hotbed of investment activity recently, with buyers like Moishe Mana picking up mixed-use properties left and right. The Israeli investor has amassed a land portfolio over a series of multimillion dollar purchases, many of which have been on Flagler Street.