Brickell dev site hits market, broker expects it to fetch more than $25M

Assemblage’s zoning allows for two 48-story towers

Miami /
Apr.April 08, 2021 09:45 AM
901 Southwest Third Avenue and 180 and 244 Southwest Ninth Street (Google Maps)

901 Southwest Third Avenue and 180 and 244 Southwest Ninth Street (Google Maps)

A developable assemblage in Miami’s Brickell neighborhood hit the market, with zoning that allows for two 48-story towers. The listing broker said he expects it to sell for more than $25 million.

Owner Progesti Corp. listed the 1.3 acres at 180 Southwest Ninth Street, 244 Southwest Ninth Street, and 901 Southwest Third Avenue. Progesti, whose president is Jose Nunez, bought the properties, which currently house two small multifamily buildings, in 1999 for $2.85 million, a deed shows.

Colliers’ Virgilio Fernandez and Gerard Yetming are lead brokers on the listing.

Up to 531,258 square feet can be built on the two parcels, with a mix of hotel, condominiums, office and retail. The parcels are walking distance from each other, but aren’t contiguous.

The property at 901 Southwest Third Avenue and 244 Southwest Ninth Street has a three-story, 68-unit multifamily building that was constructed in 1962, according to property records. The other, at 180 Southwest Ninth Street, has a three-story, 24-unit multifamily building constructed in 1964.

Fernandez said he has seen interest so far for the assemblage, particularly from New York investors. He said he expects the sale price to far exceed $25 million.

The listing comes on the heels of another swath of land hitting the market. A Biscayne development site spanning 3.2 acres at 11240 Biscayne Boulevard near North Miami has an asking price of $10.5 million.

Other multifamily properties have hit the market recently, although not necessarily as redevelopment opportunities. Citywalk Apartments at 415 Southwest Ninth Street in an Opportunity Zone in Miami’s Overtown is asking $11.5 million; and a portfolio of 11 small multifamily buildings in central Palm Beach County was listed for $12 million.





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