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Downtown Miami Dev Site Zoned For 80-Story Tower Hits Market

A downtown Miami investor is looking to sell his assemblage near Miami Dade College’s Wolfson campus.

The 1-acre assemblage at 222 Northeast First Avenue, and 50 and 60 Northeast Third Street, hit the market unpriced. The three lots are zoned T6-80-O, which means they can be developed into an 80-story tower, or even taller in exchange for public benefits.

Property records show entities managed by investor Daniel Stone own the three properties. The parking lots are next to Miami Dade College and across the street from the David W. Dyer Federal Building and U.S. Courthouse.

Rani Hussami of Apex Capital Realty has the listing. According to a zoning study by architect Kobi Karp, the property could be developed into more than 1 million square feet of residential, hotel and office space with 80 percent, or 36,000 square feet, of the lot covered.

Records show Demeris Inc., led by Stone, paid $2 million for the two lots on Third Street in 2006, and another Stone-led LLC paid an undisclosed amount for the larger property immediately south in 2008.

Two blocks north, a similarly sized lot at 49 Northwest Fifth Street recently hit the market. That property, across from Brightline’s MiamiCentral station, is unpriced, but could trade for more than $40 million, according to the listing brokers.

Also nearby on Northeast Third Street, Grand Station Apartments recently launched leasing. Rovr Development built the 30-story tower on top of the existing Courthouse Center garage. Retired baseball superstar Alex Rodriguez invested in that project.


Source:  The Real Deal

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