Luxury Waterfront Mixed-Use Development Fully Approved in the Heart of Downtown MIami

340 Biscayne Boulevard, Miami, FL

  • 1,400,000 Square Feet
  • Land Retail Office Commercial-Specialty Residential
  • For Sale

Summary Description

There are very few opportunities to fundamentally transform a city’s skyline. 340 Biscayne, also known as ITC Miami, is uniquely positioned to be that project.

ITC Miami is a visually stunning, fully approved, 77 story tower, located in the epicenter of Miami’s Central Business District. With expansive open water views and a coveted Biscayne Boulevard address, the site, on which ITC Miami is situated, is unmatched. The iconic 77 story tower was designed by the world renowned  architect Arquitectonica. The mixed-use project is comprised of the perfect combination of luxury residential, hotel/convention, and office spaces.

SITE CONDITIONS

The site is currently improved with a 200-key Holiday Inn, known as the Holiday Inn Port Of Miami-Downtown. As one of Miami’s few water fronting CBD hotels, the property has a long history of strong operating results (Though it currently is one of the top performing Holiday Inn’s in the country, the management agreement with Holiday Inn is cancelable with short notice). 

SUBMARKET OVERVIEW 

ITC Miami is situated directly across from two of South Florida’s “premiere” waterfront parks, the 30 acre Museum Park and the 32 acre Bayfront Park. Located within the parks, and therefore only a short walk from ITC Miami, are the newly constructed Frost Science Museum and the Perez Art Museum (a combined $600 million public private partnership). Also located in the park opposite ITC Miami, is Miami’s famous Bayside Marketplace, the American Airlines Arena (home of the Miami‘s professional basketball team, the Miami Heat), and the Bayfront Park Amphitheater.

INVESTMENT OVERVIEW

Ownership seeks to identify an equity partner, a joint venture development partner or a qualified buyer to fulfill the vision of ITC Miami.

PROJECT HIGHLIGHTS

  • 75 floors of unobstructed water views
  • Epicenter of Miami’s CBD
  • Fully entitled / approved
  • Walk to restaurants, retail, waterfront,  parks, museums, and the College Bayside metro station
  • Project IRR: 34.0%
  • Gross Profit: $416 million
  • At 988 feet, ITC Miami will be taller than anything currently in Miami’s skyline
  • Fully approved plans for 1.4 million SF of luxury mixed-use space: Residential / Hotel / Office
  • Flexible building design can accommodate use changes
  • Existing Holiday Inn provides $4.3 million of in-place NOI

 

Property Status: Development

Lot Size: 51,000 Square Feet

Area Available: 1,400,000 Square Feet

Related Documents:

Property Experts

Contact us regarding this property

An unexpected error has occurred. Please try again.
You didn't check the 'I'm not a robot' checkbox.

Your request has been submitted.

Someone will contact you shortly.