E11even Residences Developers List Site for $500 Million

Michael and Ron Simkins’ Lion Development Group and Marc Roberts want to offload a 6.6-acre development site in the downtown Miami/Park West area, with an asking price of $500 million, The Real Deal has learned.

The assemblage is at 1151 Northwest First Avenue, north of the Miami Worldcenter mixed-use complex, according to a news release from CBRE, which is marketing the site.

Robert Given and Bradley Capas are part of the brokerage’s team listing the property.

A sale at the asking price would break down to $75.8 million per acre.

Zoning allows for a 4.8 million-square-foot development across property types with 3,300 residential and hotel units, said James Quinn of CBRE. Capacity can be increased by roughly 1 million square feet through transferable development rights, including from the unused density from other sites Lion and Roberts own, Quinn said.

The Live Local Act, a state law that permits developers to build bigger buildings if they include below-market apartments, supersizes development capacity on the site to 10 million square feet with 6,600 units.

Heights are limited to about 650 feet due to Federal Aviation Administration rules, Quinn said.

Roberts, Miami-based Lion and PMG have left their mark on Park West, home to the E11even Miami nightclub, with three residential towers. They completed E11even Hotel & Residences and are developing E11even Club Residences Beyond, slated for completion in about a year, and 38 West Eleventh Residences Miami, expected for completion in two years, Roberts said.

“We did all the heavy lifting. We set the table. Now somebody else can come along and build a whole other city there with 10 million square feet,” Roberts said.

It’s difficult to determine exactly how much Roberts and Lion spent on assembling the site, though Roberts said a $500 million sale would be a “nice profit.”

Marketing materials for the site point out its proximity to the under-construction Interstate 395 signature bridge project, allowing for easy access from the property to the interstate. The project will come with a 33-acre Underdeck Park.

The massive bridge project, which has faced criticism over authorities spending funds on vehicular improvements instead of on mass transit, has been long-delayed. The latest expected completion date was pushed back to 2029, eight years later than originally planned, the Miami Herald reported.

If the site sells for $500 million, it would come close to South Florida’s record urban land deal of $520 million. Oak Row Equities, led by Erik Rutter and David Weitz, and Vlad Doronin’s OKO Group closed that purchase of a 4.25-acre bayfront Brickell site in December. It traded for $122.4 million per acre.

Miami’s top development site deal this year was Tokyo-based Kasumigaseki Capital’s $88.8 million purchase of a 1.4-acre property at Miami Worldcenter last month. Also at Miami Worldcenter, a joint venture among Art Falcone, ROK Acquisitions, Andrew Mirmelli, The Davis Companies and Jamestown bought the retail and entertainment portion of the complex this month for $210 million. The seller was Miami Worldcenter Associates, led by Falcone, Nitin Motwani and CIM Group.