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