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 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

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Related Group building at 315 Biscayne Boulevard and Jorge Pérez (Credit: Google Maps)

Related Group lists downtown Miami HQ

arrow_forward_ios
Loading...