Flagler Street assemblage for sale, could fetch up to $32M

The sellers, the Hannon family, have assembled "the Gateway," starting more than 40 years ago

TRD MIAMI /
Jun.June 15, 2016 02:15 PM

An assemblage of close to three-quarters of an acre on Flagler Street in downtown Miami has hit the market, and its owners expect it to sell between $15 and $32 million, The Real Deal has learned.

The 32,200 square-foot property, at 200 West Flagler Street, includes mostly vacant land and parking lots, with small buildings that could be torn down, Scott Hannon, president of G&S Realty Advisors Corp., told TRD.

Hannon and his family own the land. His father, attorney Sam Hannon, purchased the first parcel more than four decades ago, and Scott Hannon said he has assembled the rest over the past 20 years.

“It has been a lot of work putting it together,” Hannon said. “We believed in it for a long time.

Marketed as “the Gateway,”  because it “literally defines a gateway entrance into the city of Miami,” the property is zoned T6-36/UL can be developed into residential rental, office, hotel or retail use. Its allowable height currently is 36 stories, but that may be raised to 48 stories as part of Miami 21, Hannon said. Up to 315 residential units are allowed, or about 400,000 square feet of office space.

The property has no stated listing price. But prices in the Flagler corridor have sold for $450 to $1,000 a square foot in the past couple of years, Hannon noted. “We are open to numbers in that range,” he told TRD. “We personally think the number would be on the higher end of that range because this is an extremely unique property.” The range translates to $15 million to $32.2 million, though Hannon also said he is willing to consider “all reasonable offers from prospective developers/investors.”

Among the property’s attributes, he cited its visibility, location, access and proximity to mass transit.

Hannon said his family as well as adjacent property owners — including Moishe Mana, who has spent more than $200 million assembling a large portfolio in the Flagler Street district — are also open to a joint venture with a developer. Together with the other owners’ parcels, the property could total 54,600 square feet. 

“Moishe owns one of of the parcels on the block and he has expressed interest in purchasing the balance of the block, but he hasn’t presented any offers at this time,” Hannon said.

The Flagler Street district is the midst of significant redevelopment. The county has funded part of a $13 million improvement plan for Flagler Street that will include expanded sidewalks, more trees, new benches and bicycle racks. The beautification project broke ground earlier this year.

Other properties for sale in the district include the historic Walgreens building, currently home to La Epoca Department Store, which just hit the market. Habitat Development Corp., led by the Alonso family, owns the property at 200 East Flagler Street. Its TDRs, also known as air rights, are also for sale.


Related Articles

arrow_forward_ios
Renderings of the project with Yair Levy

Diamond in the rough? Downtown Miami Metro Mall to get $35M makeover

Moishe Mana and 201 Southwest First Street (Credit: Google Maps)

Mana buys more land in downtown Miami for master plan

One Thousand Museum and Ravichandra Saligram 

Consumer conglomerate CEO buys condo at One Thousand Museum

Zaha Hadid and One Thousand Museum (Credit: Getty Images)

PHOTOS: Inside Zaha Hadid’s Miami tower

Olympia Theater (Credit: Getty Images)

Maurice Gusman heirs sue city of Miami to regain ownership of Olympia Theater

Rendering of downtown Miami courthouse to be built by Plenary Group and Miami-Dade County

All rise: Miami-Dade commissioners approve $267M downtown Miami courthouse project

Moishe Mana and 25 West Flagler Street

Moishe Mana buys City National Bank building in downtown Miami

One Thousand Museum and Krinos owner Eric Moscahlaidis

Krinos Foods owner revealed as buyer of One Thousand Museum condos

arrow_forward_ios
Loading...