Downtown Miami dev site approved for 80-story tower hits market
Assemblage spanning 2.5 acres is listed without an asking price, but owner previously sought $125M in 2018
A downtown Miami development site that was previously listed for $125 million five years ago is back on the market.
The 2.5-acre assemblage at 251 East Flagler Street, 244 Northeast First Street and 40 Northeast Third Avenue is currently listed without an asking price, according to an emailed brochure. Virgilio Fernandez and Pablo Camposano with Colliers, which has the listing, declined to comment.
The site, known as Flagler Central, has three retail buildings completed between 1991 and 1994, including a three-story, 164,000-square-foot shopping center anchored by a Marshalls store.
The seller, an entity managed by Fatima Jebai in Miami, paid a combined $15.1 million for the assemblage between 1980 and 1991, records show. In addition to asking $125 million in 2018 for the site, Jebai’s entity also listed Flagler Central in 2015 without an asking price.
According to the brochure, Flagler Central is approved for up to 80-story tower with as many as 2,500 multifamily or condo units under the current zoning. The site is ideally suited for a mixed-use tower “that maximizes the benefits of high-density zoning,” the brochure states.
“Existing leases have a 180-day demolition clause, allowing for expedited redevelopment while providing a stream of income,” the brochure states. “The prospect can utilize a land banking strategy by continuing operations of the current building, adjusting rents to market rates, and redeveloping in the future.”
The site is adjacent to the recently opened Julia & Henry’s, a food hall in a renovated historic building that was previously home to the first Walgreens store in Miami.
Downtown Miami is the midst of a growth spurt. New York-based RFR Realty, led by Aby Rosen, is planning a 1,049-foot tower at 130 and 136 Biscayne Boulevard, and 141 Northeast Third Avenue. The project will entail a 252-room hotel, 1,074 condo or multifamily units and a 1,013-space garage. The proposed building would be the seventh supertall skyscraper in the works in downtown Miami.
In another part of downtown Miami, a joint venture led by Chicago-based developer John Buck is proposing a 41-story mixed-use tower with 306 condos and 245,000 square feet of office space. Buck, along with partners — Miami-based Florida Value Partners, Aventura-based BH Group and Boca Raton-based Pebb Enterprises — paid $39.5 million for the development site at 525 and 533 Northwest Second Avenue in February.