Downtown Miami office building hits market, brokers expect sale price to top $30M

The four-story building could be redeveloped into a 470-unit, 490,000-square-foot mixed-use project

235 Southeast 1st Street, Mika Mattingly and Cecilia Estevez
235 Southeast 1st Street, Mika Mattingly and Cecilia Estevez

Another downtown Miami office property hit the market, as owners of older buildings hope buyers will pay a premium to redevelop a property.

The office building at 235 Southeast 1st Street is unpriced, but the brokers expect the sale price to be more than $30 million, according to a spokesperson.

Colliers International South Florida’s Mika Mattingly and Cecilia Estevez are listing the property.

The four-story building is anchored by Regions Bank and has 81,000 square feet of office space. It could be redeveloped, however, into a 470-unit, 490,000-square-foot development which could reach 80 stories, according to a press release.

Mattingly said the site is attractive because it allows buyers the opportunity to capitalize on temporary cash flow from the office building while waiting for redevelopment.

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Scallops USA, which is managed by Juan Wright Castro, bought the property in 1976, records show. It was built in 1954.

The property sits in the heart of downtown Miami near Bayfront Park and adjacent to the planned 92-story One Bayfront Plaza, a mixed-use project developed by Florida East Coast Realty.

The Regions Bank office building is also close to the planned Miami Worldcenter mega development. The $4 billion, 27-acre Miami Worldcenter will include about 450,000 square feet of high street retail, a 1,100-space parking garage, a 1,700-room convention center hotel from MDM Development Group and an office tower being built by Hines.

In September, Colliers International South Florida’s Mattingly, Jack Lowell and Estevez listed a 24,000-square-foot development site known as World Center Link at 33-55 Northeast 6th Street for about $16.5 million.