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Colliers brokers assist in the sale of a development site in Miami’s A&E District for $19.75M

Colliers South Florida’s Urban Core Division team represented the seller in the transaction

MIAMI, FL, May 19, 2022 – As South Florida’s market continues to evolve as a hotspot for real estate development and investment, Colliers negotiated the sale of a 37,252-square-foot development site known as Block E at 1550 NE Miami Place in the heart of the Arts and Entertainment District. The site is located within the boundaries of the opportunity zone and is zoned T6-24a O which allows the developer to build up to seven times the property land square footage and up to 500 units per acre.

Colliers’ Executive Managing Director Mika Mattingly and Senior Associate Cecilia Estevez represented the seller, Kluger Family Trust, in the transaction.

“This transaction showcases the continued growth of demand for development sites in Miami and emerging neighborhoods like the A&E district,” said Mattingly. “In a very short time we have seen the Arts and Entertainment District radically transform from a deserted, bleak industrial area, into a neighborhood with a thriving pulse.”

The buyer, Jenny Bernell of Clearline Real Estate, is a developer of multifamily and mixed-use real estate projects in the growing areas of Florida, New York and New Jersey. The firm currently has 1,500 multifamily units in the development pipeline.

 

This transaction marks Clearline’s third development site acquisition in Miami in the last year with plans for multifamily development.

The property is uniquely located 1,000 feet away from the Metro mover, which provides connection to the Brightline station, downtown Miami, and Brickell. The access creates prime pathways of mobility so that tenants can embrace the “work, live, and play” aspect of the area. The district is also home to several landmarks such as the Adrienne Arsht Center for performing arts, the Perez Art Museum and the Patricia and Phillip Frost Museum of Science, all within a five-minute walk from Block E. Over the last three years, the A&E district has experienced tremendous growth with proposed developments on every corner and a number of surrounding residential projects at 100% occupancy within weeks of opening.

With the A&E district’s rapid growth capturing global attention from investors, developers, new tenants and the world’s most renowned creatives, the city of Miami made the development of the district a top priority with new zoning to allow residential and commercial density construction. Over the last two years, the number of multifamily units grew more than 20 percent, office inventory increased 50 percent, and the number of hotel rooms more than doubled. The district is quickly densifying with arts, retail and restaurants, vibrant new office development and new-to-market tenants as well as an influx of people, creating one of the most exciting new urban areas in the United States.



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Mika Mattingly

Executive Managing Director - Urban Core

Miami

In 2016, I joined the South Florida offices of Colliers International, launching the firm’s Urban Core division.

As co-leader of this group, our team specializes in urban renewal, off-market sales, and assemblages across core South Florida neighborhoods.

With a strong foundation of building-level market data and a knack for navigating the complexities of urban zoning and approvals, I have established myself as the premier real estate expert in the Downtown Miami area. I have been a driving force behind the market transformation from a neglected business corridor to a revitalized destination for real estate investing and community.

Through my perseverance and keen eye for highest and best use, I have sold many of these cherished historical buildings - some of which had been left unused for years and will now be reenergized with an influx of capital and urban renewal efforts. These landmark buildings include the Old Post Office, Dade Commonwealth Building, Thomas Center and Courthouse Tower. 

Prior to Colliers, I was an instrumental player in major assemblages, including being the lead broker on behalf of investor Moishe Mana, who has acquired a major presence in downtown Miami. Since 2014, I brokered 53 transactions worth $306 million targeting commercial properties on East Flagler Street and surrounding areas.

I began my career in real estate in late 2006, learning the ropes on the tail end of Miami’s last boom. Always on the grind, I sold notes in the dry years that followed. When the market began to recover, I turned my attention to the emerging neighborhoods in Miami’s urban core. I became known for my keen intuition in pinpointing blighted areas that were poised for explosive growth, well before they were on the radar.

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Cecilia Estevez

Senior Associate

Miami

As an Associate, I work directly with the growing Urban Core division, preparing research and analysis of the team's niche neighborhood data, including rate trends, zoning, comps and due diligence. I also provide support on a variety of marketing and business development initiatives.

Prior to joining Colliers, I was a Leasing Coordinator and Project Manager for Great American Land Management, Inc., where I worked on a team overseeing the property management of more than one million square feet of retail space and assisted in the property marketing and lease documentation of the space. As a Leasing and Market Research Intern for ACRE in Orlando, FL, I analyzed market conditions and researched new business opportunities in conjunction with prospect outreach. 

I am bilingual in Spanish and hold a Florida Real Estate Sales Associate License. Additionally, I bring experience on a multitude of industry platforms, including Xcelligent, Salesforce and ARGUS.

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