Downtown Miami site lists for $125M
March 27, 2018
Rendering
Flagler City Center, a 2.52-acre development site in downtown Miami list for $125M, zoned for up to 4 million square feet of redevelopment.
The 2.52-acre site at 251 Flagler St., 40 N.E. 3rd Ave., and 244 N.E. 1st St. currently has 164,003 square feet of commercial space that is mostly shops. The largest tenant is Marshalls. The oldest building is from 1979.
It’s near a Metro Mover station, which circulates pedestrians around downtown.
At a time when there has been a massive amount of redevelopment in downtown Miami with high-rise residential units, retail, restaurants, and hotels, this Flagler City Center has the potential for one of the biggest projects yet. The property contains the rights for up to 4 million square feet of space and up to 2,500 multifamily units. The maximum height, pending FAA approval, would be 1,010 feet.
In the meantime, the property generates about $2.7 million in gross income as a rental.
The property was previously listed for sale in 2015, but didn’t find any takers at the time.