Massive downtown Miami site hits market — again — for $125M

Brokers say Flagler City Center can be developed into 4M sf, up to 2,500 resi units

TRD MIAMI /
Mar.March 27, 2018 04:30 PM

Proposed rendering of Flagler City Center

A development site in downtown Miami is back on the market with a big price tag.

The 2.52-acre property at 251 Flagler Street is asking $125 million, according to Dwntwn Realty Advisors’ Devlin Marinoff, Tony Arellano and Skyler Marinoff. The firm is marketing the property as Flagler City Center, and can be developed into up to 4 million square feet and 2,500 residential units, according to a release. It’s also approved by the FAA for a 1,010-foot tower.

Property records show Flagler 251 Inc. owns the Marshalls-anchored building. The company, led by Fatima Jebai, paid a combined $15.1 million for assemblage between 1980 and 1991. The 163,000-square-foot building generates about $2.7 million in annual gross income. A new owner could raise rents and fill vacant spaces, according to the release.

The site was listed without a price, by Avison Young’s John Crotty in 2015.

Meanwhile, developer Moishe Mana has spent more than $270 million on properties in the area since 2014. He’s expected to unveil his plans for the assemblage soon.  — Katherine Kallergis


Related Articles

arrow_forward_ios
One Thousand Museum

Chicago investor pays $11M for units at One Thousand Museum

Chicago investor pays $11M for units at One Thousand Museum
Dan Kodsi and Legacy Hotel & Residences

For future pandemics, Miami Worldcenter plans $60M health center

For future pandemics, Miami Worldcenter plans $60M health center
Denis-Christel Sassou Nguesso and 900 Biscayne Boulevard (Credit: Wikipedia and Facebook)

Congo president’s son allegedly used embezzled money to buy Miami condo

Congo president’s son allegedly used embezzled money to buy Miami condo
Fourth Avenue Church of God (Google Maps)

Church near Flagler Village to be redeveloped into mixed-use project

Church near Flagler Village to be redeveloped into mixed-use project
Rendering of the project and Russell Galbut

Crescent Heights buys out partner on two downtown Miami sites

Crescent Heights buys out partner on two downtown Miami sites
(Credit: iStock)

Luxury condo prices drop in downtown Miami amid lockdown

Luxury condo prices drop in downtown Miami amid lockdown
Harvey Hernandez, Centro Condo

Harvey Hernandez sued over delinquent loan for downtown Miami condo project

Harvey Hernandez sued over delinquent loan for downtown Miami condo project
Paul Pogba and One Thousand Museum (Credit: Laurence Griffiths/FIFA via Getty Images)

Manchester United’s Paul Pogba joins Beckham at Zaha Hadid condo tower

Manchester United’s Paul Pogba joins Beckham at Zaha Hadid condo tower
arrow_forward_ios

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

Loading...