The city of Miami is hoping to sell Miami Riverside Center, its current administrative headquarters located on valuable land along the Miami River, all while finding a new building to move its offices.
Now, the city has hired brokerage CBRE to make it happen.
The brokerage announced Tuesday that it will be marketing the 3.15-acre site at 444 Southwest 2nd Avenue for sale on behalf of the city. An asking price was not released.
Zoned for up to 1,574 residential units, the property is primed for redevelopment. The Miami River corridor has gained new attention this cycle as developers seek out cheaper alternatives to the scarce waterfront land markets in Miami Beach or Sunny Isles Beach.
Just last week, an Argentinian family submitted plans for a 70-story residential tower at the river’s mouth, and New York’s Chetrit Group is in the midst of developing a $1 billion mixed-use project not far away.
“Both Mayor [Tomás] Regalado and the city’s department of real estate recognize the tremendous value of selling this asset. The potential to expand economic development at the existing site and solve the city’s operational need for a new facility will greatly benefit the city of Miami,” said Department of Real Estate Director Daniel Rotenberg in a statement.
As part of its move, the administration is looking to score a new Class A headquarters within city limits, according to a release.
Robert Given, CBRE’s vice chairman, said in the announcement that the administration realized it didn’t need to have its building on prime waterfront real estate.
The city would also consider a leaseback of its current building for up to three years, CBRE said.