Miami River site in Brickell hits market, could sell for $90M, broker says

Miami /
May.May 06, 2019 05:30 PM
Michael Fay, John Crotty, David Duckworth of Avison Young with 99 Riverside

Michael Fay, John Crotty, David Duckworth of Avison Young with 99 Riverside

One of the last remaining large-scale development sites in Miami’s Brickell neighborhood just hit the market and could fetch more than $90 million, according to the listing broker.

The Trust of Norman Superstein and Benzol Properties Corp. combined three parcels totaling 2.08 acres next to Brickell City Centre, where properties sell for more than a $1,000 per square foot, said listing broker Michael Fay of Avison Young. At 90,558 square feet, the property at 99 Southwest Seventh Street, 625 Southwest First Avenue, and 66 Southwest Sixth Street, could sell for more than $90.5 million.

Avison Young’s John K. Crotty, David Duckworth, Brian de la Fé, and Berkley K. Bloodworth are also listing the property.

There are few large development opportunities left in Brickell, which is home to a number of high-end luxury condo and office buildings. The area commands some of the highest office rents in Miami, with an average asking rent of $55.25 in the first quarter, according to report from Avison Young.

The site for sale, known as 99 Riverside, could include an additional 32,720 square feet if the buyer is able to vacate roads connecting the parcels, according to a press release. This means the site could sell for more than $120 million, based on Fay’s projection of $1,000 per square foot.

With T6-48B-O zoning, a developer could build an 80-story tower with up to 1,400 residential units, as well as hospitality, retail, and office space.

Benzol Properties, which is managed by Bernard and Jerome Herskowitz, bought the waterfront parcel at 99 Southwest Seventh Street for $1.5 million in 1987. The Trust of Norman Superstein bought the two parcels at 625 South First Avenue and 66 Southwest Sixth Street for an undisclosed amount.

The properties are currently home to River Dry Cleaners and KLA Elementary School.

Nearby, Brickell City Centre plans to expand along South Miami Avenue at Southwest Fifth and Seventh streets, with two new mixed-use towers totaling more 100,000 square feet. The towers could total 54 stories and 62 stories with a combined 972 residential units.

Also nearby, Russian billionaire Vlad Doronin’s OKO Group and investment firm Cain International are planning to build Una, a 47-story, 135-unit luxury waterfront condo building at 175 Southeast 25th Road.


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