Two Properties in Downtown Miami Hit the Market as Development Sites Become Scarce


Miami, FL, October 21, 2018 As demand for assets in downtown Miami soars, Colliers International South Florida’s Urban Core Division has been tapped to sell two properties at 54 W Flagler Street and 127 N Miami Ave. As one of the last few development land sites available in downtown Miami, 54 W Flagler, owned by high-profile developer Russell Galbut, is an 18,000 square foot lot. It’s zoned T6-80 and can be developed up to 80 stories, between 432,000 and 648,000 square feet.

 

The property located at 127 N Miami Ave is in the heart of downtown Miami’s Jewelry district, adjacent to Metro Mall, which was acquired by New York investor and developer Yair Levy in June and is expected to undergo a $20 million renovation into a luxurious jewelry building. The 2,464 square feet of retail space at 127 N. Miami Ave is uniquely positioned within a four-block radius of more than one hundred jewelry stores downtown. The neighborhood is home to one of three jewelry districts in the United States and has generated more than $850 million in sales during 2016 alone, signaling the continued upward trend of consumer spending and investment in the submarket.

 

“Flagler Street is currently undergoing a $13 million beautification process that will position it to rival the likes of New York’s Fifth Avenue,” said Mika Mattingly, who leads Colliers International South Florida’s Urban Core Division. “Both properties offer buyers the opportunity to be a part of the historic rebirth of downtown Miami. Inventory for development sites is becoming scarce at a time when downtown Miami is on the verge of transforming into a trendy neighborhood that will attract entrepreneurs.”

 

In the last three years, $2.9 billion has transacted in the central business district, one of the few pedestrian-oriented neighborhoods in Miami. In part, this is because more than 250,000 office workers and visitors descend upon its streets during daytime. The area is home to one of the highest concentrations of luxury residential units in the world. Since 2010, the population of Downtown Miami has increased more than 38 percent, with continued momentum anticipated.