Opportunity Zone site in Miami’s Arts & Entertainment District hits market — again — for $21M
This is at least the second time the development site is listed since start of 2020
A development site in a Miami Opportunity Zone is on the market again with an asking price of $21 million.
The lot, which is slightly less than an acre, could be developed with a 48-story tower, with either 427 residential units or 854 hotel keys, with bonuses, according to a release from listing brokerage Colliers South Florida. It is at 1550 Northeast Miami Place.
Mika Mattingly and Cecilia Estevez of Colliers South Florida’s Urban Core Division are listing the property on behalf of the Kluger Family Trust, which owns the lot through an affiliate. They bought the property in 2015 for $450,000, property records show.
The Kluger Family Trust had listed the site for the same asking price in March 2020 with a different brokerage.
The land is in the Arts & Entertainment District, a Miami neighborhood previously called the Omni that for years was bypassed by developers but more recently has seen a rebirth as a residential district.
Among the projects completed there in recent years are NR Investments’ Canvas tower high-rise with 513 units.
Miami-based Melo Group also has invested heavily in the district, completing 425-unit apartment tower Miami Plaza in 2020 next to the Kluger family’s lot.