The Real Deal Miami

Brickell development site hits market for $32.8M

Lot could be built up to 60 stories
By Sean Stewart-Muniz | August 03, 2015 10:30AM

The property at 90 Southwest 8th Street and Alfonso Jaramillo of Fortune International Realty

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.