Last Brickell development site comprised of three parcels along Miami River comes to market

May 6, 2019

Last Brickell development site comprised of three parcels along Miami River comes to market

 

Avison Young’s Florida Capital Markets Group to sell property poised for skyline-altering 80-story mixed-use project in highly sought-after urban South Florida submarket

Miami — Avison Young’s Florida Capital Markets Group has been exclusively selected by a family trust ownership group to sell 99 Riverside, the last remaining development opportunity along the Miami River in Miami’s famed Brickell submarket. Adjacent to the new Brickell City Centre, the site is comprised of three parcels totaling ±2.08 acres or ±90,558 square feet at 99 S.W. 7th St., 625 S. 1st Ave., and 66 S.W. 6th St.

By vacating roads passing between the parcels, 99 Riverside has the potential to expand by up to ±32,720 square feet for a total site area of ±123,278 square feet, allowing for multiple scheme options. The site boasts a T6-48B-O zoning designation permitting the construction of mixed-use structures of up to 80 stories including ±800 to ±1,400 residential units, hospitality, retail, and office, depending on the final lot area.

Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations, and John K. Crotty, CCIM, will spearhead the disposition of 99 Riverside along with Principal David Duckworth, Senior Associate Brian de la Fé, and Associate Berkley K. Bloodworth.

“In the heart of Miami’s business community and urban core, Brickell is one of South Florida’s best-known submarkets and home to many marquis developments over the past decade,” said Fay. “With all three parcels assembled for sale for the first time, 99 Riverside represents a once-in-a-lifetime investment opportunity with several options for the construction of a skyline-altering high-rise on Brickell’s only large development site available and the last along the Miami River.”

Across all asset classes, new construction in Brickell regularly commands some of the highest rental rates in South Florida. According to research by Avison Young, Brickell’s office market has 555,094 square feet under construction as of first quarter 2019. The submarket also reported the lowest office vacancy, highest lease rates, and positive absorption in Miami’s urban core. The activity further speaks to the growing demand for mixed-use projects offering residential, hospitality, and lifestyle amenities for the bustling area.

“Enviably positioned directly along the Miami River on the north side and the MetroRail on the west side, 99 Riverside’s future high-rise development will feature unobstructed water and city views, high walkability, and convenient connectivity to the rest of the city,” said Crotty. “The MetroRail and MetroMover provide quick access to downtown destinations as well as more distant stops such as the Miami-Dade Government Center, Brightline Station, Medical District, and Miami International Airport to the north; and Coconut Grove, University of Miami, and Dadeland Downtown District to the south.”

The current tenants at 99 Riverside that operate out of the existing structures would offset holding costs for a new investor. Termination clauses in current tenants’ leases provide maximum flexibility for a developer to time new project construction.

Brokerage