Downtown Miami property draws huge interest

Brokers report two $100M offers for waterfront parcel next to EPIC condo-hotel

May.May 07, 2014 09:45 AM

Aerial of 300 East property (via CBRE)

The brokers marketing a waterfront property adjacent to downtown Miami’s EPIC Hotel & Residences say they’ve already received two offers exceeding $100 million.

A company tied to EPIC developers Ugo Colombo and Diego Lowenstein want to sell the 1.25-acre parcel at 300 Biscayne Boulevard Way, as previously reported by The Real Deal. CBRE began showing the site to potential buyers about a month ago.

Since then, 90 groups expressed interest in purchasing the property, CBRE’s Robert Given told the Daily Business Review. Given and Gerard Yetming, the brokers leading marketing efforts, won’t respond to the initial offers until all bids are made.

“We’re looking for the best combination of pricing as well as the quality of the developer,” Given said.

Only nine Miami properties have sold for at least $100 million in the city’s history, according to the Review. That includes the Related Group’s $104 million acquisition of 444 Brickell Avenue in December 2013. [Daily Business Review]Eric Kalis

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