400 Biscayne hits the market, could sell for north of $60M

Miami /
Sep.September 28, 2016 08:45 AM

The First United Methodist Church site in downtown Miami is now for sale, and could sell for north of $60 million. 

The church currently owns and occupies 1.15-acre development site at 400 Biscayne Boulevard. HFF’s Jaret Turkell and Maurice Habif are listing the property unpriced, Turkell told The Real Deal, but expect that it will sell in the $60 million range.

The site has 305 feet of frontage along Biscayne, and is zoned under Miami 21 as T6-80, which allows for about 1,150 units, 1.8 million square feet and unlimited height, pending FAA approval, according to marketing materials. Allowed uses include hotel, residential, retail and general commercial.

“The really cool thing about it is it’s parallel to Biscayne, so the views will be spectacular,” Turkell told TRD.

The church, which has never been on the market, is looking for a buyer that will allow it to stay on-site until construction of a new project begins and is also requesting a 20,000-square-foot to 30,000-square-foot space in whatever is eventually built, Turkell said.

The 28,000-square-foot building, built in 1981, takes up about half the block including a paved parking lot. If and when it sells, the site joins a number of other churches, temples and other religious institutions to profit off of their land and move elsewhere in South Florida.

HFF will market the site for about a month and then have a call for offers, he said.

It’s next to a Miami Dade College Wolfson parking lot at 520 Biscayne Boulevard, which the college is currently in the process of developing in a public-private partnership. The Related Group is currently ranked as the top bidder, and has proposed turning the 2.6-acre site into a 75-story condominium tower, a 39-story office tower, a 100-room hotel and private club.

Earlier this year, Kawa Capital Management bought into the Holiday Inn site at 340 Biscayne Boulevard, which has been through approvals for a mixed-use tower.

And just south at 300 Biscayne, Property Markets Group is developing the site into two phases, a rental tower geared toward millennials and a luxury condo tower that has not yet launched.


Related Articles

arrow_forward_ios
RFR Holding's Aby Rosen (Getty), East End Capital's Jonathon Yormak (East End Capital) and 100 Biscayne Boulevard (iStock)
Aby Rosen’s RFR buys 100 Biscayne office tower in downtown Miami for about $90M: sources
Aby Rosen’s RFR buys 100 Biscayne office tower in downtown Miami for about $90M: sources
Randy Smith (Alden Capital) and Anthony Hsieh (LoanDepot) (Zillow, ONE THOUSAND MUSEUM, Wikipedia, LoanDepot)
LoanDepot founder drops $50M on Star Island mansion, One Thousand Museum condo
LoanDepot founder drops $50M on Star Island mansion, One Thousand Museum condo
A rendering of The Crosby, Related's Nick Pérez and Merrimac's Nitin Motwani
Motwanis, Related to develop 450-unit condo tower at Miami Worldcenter
Motwanis, Related to develop 450-unit condo tower at Miami Worldcenter
Moishe Mana with the Shoreland Arcade at 120 Northeast First Street (Getty)
Moishe Mana buys historic downtown Miami buildings for $34M
Moishe Mana buys historic downtown Miami buildings for $34M
Logan and Jake Paul (Photo by Seth Browarnik/Worldredeye.com)
Jake and Logan Paul to buy Miami penthouses asking $21M each
Jake and Logan Paul to buy Miami penthouses asking $21M each
Moishe Mana, already downtown Miami’s biggest landlord, pays $25M for three more buildings
Moishe Mana, already downtown Miami’s biggest landlord, pays $25M for three more buildings
Moishe Mana, already downtown Miami’s biggest landlord, pays $25M for three more buildings
Chewy CEO Sumit Singh and Plantation Pointe at 7600 and 7700 West Sunrise Boulevard (Chewy, Midtown Capital Partners)
Here are South Florida’s biggest office leases of 2021
Here are South Florida’s biggest office leases of 2021
Related Group, Merrimac JV plans Miami Worldcenter project, pays $12M for site
Related Group, Merrimac JV plans Miami Worldcenter project, pays $12M for site
Related Group, Merrimac JV plans Miami Worldcenter project, pays $12M for site
arrow_forward_ios

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

Loading...