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Prime Development Site In Downtown Miami Hits The Market

As downtown Miami continues to evolve, one of the area’s most strategically located development sites has hit the market. The 37,857-square-foot parcel, currently occupied by a three-story building, is across the street from MiamiCentral’s main entrance.

MiamiCentral is home to the MetroRail, MetroMover, Tri-Rail, MetroBus, the Trolley system and Brightline, a commuter train that connects Miami to Fort Lauderdale, West Palm Beach and soon Orlando. Colliers’ Urban Core Division brokers Mika Mattingly, Executive Managing Director, and Cecilia Estevez, Associate, are marketing the property, located at 49 NW 5th Street. The site, which doesn’t have an asking price, could sell for over $40 million.

“This opportunity is unmatchable,” said Mattingly, who leads Colliers’ Urban Core division. “The buyer could build up to 400,000 square feet and 435 residential units just steps away from a mass-transit hub. Brightline projects 12 million visitors annually will ride the train, giving this property great exposure and a competitive advantage over other residential developments. The developer would be exempt from having to build residential parking spaces due to its proximity to public transit.”

The T6-80 zoning of the property would permit several uses, including residential, hotel, office and retail. The maximum height permitted at the site is 80 stories with unlimited height available through public benefit bonuses.

The development site is home to a building of historic value that could be demolished or designated as a historical landmark to be included on the National Historic Registry. Under such designation, the Citadel building, as it is called, would be protected, and the developer would be able to allocate the air rights to the northern parking lot.

The Citadel was built in 1925 to house the Salvation Army in response to a growing demand for religious and humanitarian services during the land boom of the 1920s. Although only a portion of this historic building survives as the entry portico to an office complex, the existing architectural details reveal the rare Venetian Gothic subtype of the Gothic Revival style, according to the City of Miami.

Today, Citadel is home to CenturyLink, a telecommunications company with over two years remaining on the existing lease. The building is currently producing significant revenue.

“This property is ideal for an efficient and cost-effective redevelopment with the ability to receive supplemental cash flow throughout the planning and approval process,” Estevez said.

The site is located blocks away from the Perez Art Museum, the Frost Museum of Science, Biscayne Bay, Miami Worldcenter, Miami Dade College and several residential and office buildings.

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