As downtown Miami continues to experience an unprecedented amount of activity, Colliers’ Urban Core Division has closed on another land sale located at 56 SW 1st St and 65 SW 2nd Street.
The development site, which sold for $10 million will be home to The M Tower, an approved 53-story, 440-unit apartment tower. This is Colliers’ Urban Core Division’s third land deal in downtown Miami in the last month, totaling close to $100,000,000.
Colliers’ Executive Managing Director Mika Mattingly and Associate Cecilia Estevez represented Downtown 56, LLC, the seller in the transaction. EP Realty’s Estrella Perez represented Downtown 1st Street LLC, the buyer.
M Tower will consist of 622,783 square feet of gross building area, with 25,732 square feet of office space and 1,089 square feet of retail. The development site also includes a parking garage owned by the Miami Parking Authority (MPA), located at 70 SW 1st St.
The 16,718-square-foot site includes air rights, waivers, and the ability to build residential units over the adjacent parking garage. The proposed units are targeted toward students and young professionals looking for a connected urban experience, currently the largest market of downtown residents.
“The downtown Miami market has never been more active than it is right now,” Mattingly said. “This market is poised to see the largest influx of investors ever from other states and this transaction highlights that trend. New York-based Downtown 1st Street LLC’s purchase of this development site proves that the migration from the Northeast has only accelerated as the vibrant downtown neighborhood continues to evolve.
“One thing that Miami has that other major US cities don’t have is a business-friendly mayor who is welcoming new businesses and investment that creates jobs and expands the city’s tax base to boost our local economy,” Mattingly added. “For years, Miami has promoted smart growth with greater density in downtown Miami due to the area’s easy access to mass transit. The vibrancy of downtown Miami is also increasingly attracting young professionals and families, and this project offers a tremendous opportunity to accommodate the growing population.”
The project has Urban Development Review Board (UDRB) approval, which it obtained through an extensive RFP process. The entitlement provides additional air rights, waivers, and the ability to construct a residential tower over the adjacent Miami Parking Authority (MPA) garage.
M Tower will provide residents with pedestrian access to shops, restaurants, and offices in the Central Business District, an up-and-coming trendy area. M Tower is strategically located near mass transit and major thoroughfares, with direct access to I-95 and the Miami Avenue Metromover station. It is a few blocks away from MiamiCentral Station, which connects to Fort Lauderdale, West Palm Beach, and soon Orlando. The site is also near PortMiami, known as the cruise capital of the world.
Downtown Miami continues to experience robust demand as it attracts a younger, wealthier and more educated population. Downtown is the largest employment center in Miami-Dade, with more than 175,000 employees and a day-time population of 235,000. The city is home to the highest concentration of banks and financial institutions outside of Manhattan, and tourism is at an all-time high with more than 6 million visitors per year. M Tower stands to benefit from the area’s rapid population growth. Since 2010, the population of Downtown Miami has increased approximately 52% and is expected to increase another 16% by 2024.