Brickell development site hits market for $32.8M

Miami /
Aug.August 03, 2015 10:30 AM

A corner lot directly across from Brickell City Centre has been put up for sale, and its listing agent says the property has already brought in attention from international hotel brands.

The property, at 90 Southwest Eighth Street, measures just under half an acre and is currently occupied by a three-story building that was constructed in the 1970s.

What makes the lot attractive, and fitting of a $32.8 million asking price, is its zoning, listing agent Alfonso Jaramillo told The Real Deal. Jaramillo, of Fortune International Realty, said the property falls under T6-48B-O zoning in the city of Miami. That means a prospective developer could build up to a 60-story tower with 1,000 hotel rooms per acre or 500 residential units per acre.

Jaramillo told TRD that the property has been on the market for about three weeks, and since then he’s seen interest from national and international hotel brands.

Their interest is fed by the site’s walking distance from Brickell City Centre’s shopping center, Jaramillo said, along with the possibility of erecting signage that would be visible from I-95.

“All the premium real estate is owned by people who are going to develop it at some time,” he said. “In all the conversations we’ve had with people [for this property], it’s pretty much the same thing — you have some retail on the ground and mezzanine, the hotel takes up around 60 percent of the building, and residences like the Ritz-Carlton.”

A company titled 90 SW 8th Street Enterprises owns the property, which it bought for $750,000 in in 1993, according to Miami-Dade County property records.


Related Articles

arrow_forward_ios
Cain International's Jonathan Goldstein, OKO Group's Vlad Doronin and the Brickell condo renderings. (Getty, OKO Group & Cain International)
Billionaire Vlad Doronin, partner score $128M construction loan for Brickell condo tower
Billionaire Vlad Doronin, partner score $128M construction loan for Brickell condo tower
JDS Development's Michael Stern with a rendering of the One Southside project (JDS Development)
Michael Stern’s tower site deemed brownfield, paving way for tax breaks
Michael Stern’s tower site deemed brownfield, paving way for tax breaks
Brickell dev site hits market, broker expects it to fetch more than $25M
Brickell dev site hits market, broker expects it to fetch more than $25M
Brickell dev site hits market, broker expects it to fetch more than $25M
Founders Fund partners Peter Thiel and Keith Rabois (Getty/Illustration by Kevin Rebong for The Real Deal)
Silicon Valley’s Founders Fund inks Miami lease
Silicon Valley’s Founders Fund inks Miami lease
Renderings of the One Brickell project with Jorge Pérez  and Jon Paul Pérez (Photos via Wikipedia Commons, Related)
Related to partner with Baccarat on major Brickell high-rise development
Related to partner with Baccarat on major Brickell high-rise development
Yamal Yidios and an aerial view of the property (Ytech)
Ytech completes $12M deal for Brickell high-rise dev site
Ytech completes $12M deal for Brickell high-rise dev site
Continuum 2.0? Bruce Eichner teams with TSG to develop Brickell tower
Continuum 2.0? Bruce Eichner teams with TSG to develop Brickell tower
Continuum 2.0? Bruce Eichner teams with TSG to develop Brickell tower
Michael Stern and a rendering of the project (Getty, JDS Development/SHoP Archictects)
Michael Stern pays $24M for future site of 62-story Brickell tower
Michael Stern pays $24M for future site of 62-story Brickell tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...