Two bidders step up to buy Miami administrative headquarters building on river

Miami /
Jun.June 21, 2016 02:25 PM

Two companies have reportedly entered the running to buy the city of Miami’s administrative building on the Miami River, which it’s vacating in hopes of finding a newer and larger home.

The city began shopping its three-acre riverfront property at 444 Southwest Second Avenue as far back as last summer, according to the Miami Herald, looking to trade-up for larger and more modern offices, or have a developer renovate the current building through a purchase and lease-back arrangement.

Its most recent move to get the deal done was hiring commercial broker CBRE in March to help market the property.

Now, two companies have submitted bids by the Monday deadline, according to the Herald. Lancelot Miami River LLC, headed by Adler Group’s President David Adler, and Panther Capital LLC, which lists its managing members as Aaron Adler, Jason Adler and Lawrence Adler.

Rachel Schapiro, an Adler Group spokesperson who’s related to David Adler, told The Real Deal that the other team is totally separate from the Adler Group.

The bids are sealed so both teams’ plans are yet unknown. Adler Group is developing a 36-story Nexus Riverside tower next door with 462 rental units.

City officials previously said the administration has outgrown its current offices and is looking to move into a Class A office building measuring 375,000 square feet within city limits.

The 3.15-acre site is prime territory along Miami River, which has seen a surge of interest from developers seeking affordable waterfront land as sites in neighborhoods like Sunny Isles Beach and Miami Beach become both scarce and expensive.

An Argentinian family has revived plans for the Epic East site at the mouth of the river, and the Chetrit Group is gearing up to launch sales for its $1 billion mixed-use project nearby.

CBRE’s marketing material says the site is zoned for up to 1,574 residential units. [Miami Herald]Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Harvey Hernandez and a rendering of his Brickell project
Harvey Hernandez plans three-tower project on riverfront Brickell site
Harvey Hernandez plans three-tower project on riverfront Brickell site
Project Renderings (Babba Joshua Yesharim)
Babba Joshua Yesharim plans residential project along Miami River
Babba Joshua Yesharim plans residential project along Miami River
Gregory Galy of Mila restaurant with the Riverfront property. (Google Maps, LinkedIn via Galy)
Mila Group, partners plan hotel and restaurants on Miami River site
Mila Group, partners plan hotel and restaurants on Miami River site
Joseph Chetrit and a rendering of the Miami River project (Getty)
Chetrit scores $15M for Miami River $1B mixed-use project
Chetrit scores $15M for Miami River $1B mixed-use project
River Landing, Andy Hellinger and Coralee Penabad
Years in the making, $425M mixed-use Miami River development opens
Years in the making, $425M mixed-use Miami River development opens
Terrazas Miami (Google Maps, iStock)
Miami River condo association alleges $10M in defects: lawsuit
Miami River condo association alleges $10M in defects: lawsuit
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail
Altman scores $55M construction loan for Ludlam Trail project
Altman scores $55M construction loan for Ludlam Trail project
arrow_forward_ios

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

Loading...