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Colliers Tapped to Market Development Site in Brickell

MIAMI (March 31, 2021) – As Miami-Dade continues to see strong demand for multifamily assets, Colliers is bringing to market a 1.33-acre development opportunity in West Brickell. The Ninth Street West Brickell Development site, located strategically off 8th Street at 180 SW 9 St, 244 SW 9 St, and 901 SW 3 Ave, Miami, has an asking price well north of $25 million.

 

Colliers’ Associate Virgilio Fernandez and Executive Managing Director Gerard Yetming as lead brokers, Director Mitash Kriplani, and Associate Julian Zuniga are handling the listing on behalf of the seller.

 

“This is a fantastic opportunity for investors to re-develop a unique, transit-oriented core location in Miami’s financial district. It is also one of the last high-density development sites of its size in Brickell,” said Fernandez. “Brickell is undergoing a significant surge in demand for boutique development sites to build mixed-use towers as the city sees increased population growth from other states.”

 

The development site consists of two separate parcels, one with 13,500 square feet and 24 existing units, and the other with 45,000 square feet and 66 existing units. The units are currently income-producing, which reduces risk for investors while planning the development. The assemblage of properties is ideal for a mixed-use tower, as it is zoned to allow up to 531,258 square feet and 48 stories of several uses, including residential, hotel, office, and retail.

 

Located in Brickell, the development opportunity is a short three-minute walk from the Metrorail and the Brickell Metromover stop, and in close proximity to I-95. Future tenants and residents will also enjoy The Underline, a new 1-mile linear urban park connecting the Miami River to South Miami, which is located one block away below the Metrorail. The properties also have close proximity to downtown Miami, Brickell City Centre and Brightline Miami Central, home to a station for a commuter train connecting Miami to Fort Lauderdale to West Palm Beach and soon to Orlando.

 

Brickell, often referred to as the “Manhattan of the South,” is one of the largest financial districts in the United States. Brickell is home to many high-rise luxury condominium buildings, world-class restaurants and shops and many Fortune 500 companies, offering residents the chance to live, work and have fun without leaving their neighborhood.

 

There are no new expected condo developments in Brickell to be delivered ahead of 2025.  Existing inventory for condos will continue to shrink and the current pipeline will not be adequate to stem the demand. As of 2020, 97 percent of the remaining developer inventory has been sold. The existing inventory of luxury condo units in Brickell is down to 111, from a peak of more than 5,000 deliveries since 2012. This will drive pricing and demand for development sites like Ninth Street West Brickell.

 

For more information, please contact Virgilio Fernandez at 305-613-4507 or e-mail virgilio.fernandez@colliers.com


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Virgilio Fernandez

Senior Associate

Miami - Coral Gables

I am a Senior Sales Associate on the Colliers South Florida Capital Markets team based in Miami. I specialize in investment sales, namely land, retail and multifamily.

As a senior associate, I exclusively represent private buyers and sellers of investment properties throughout South Florida. I assist clients in making investment decisions by providing them with rigorous and objective analyses of their assets. I currently advise private investors in the acquisition and disposition of real estate assets with the goal of accelerating their success by maximizing their investment. I have represented buyers and sellers in numerous transactions and executed sales despite complicated scenarios. Using skill, care and diligence, as well as an entrepreneurial solutions-oriented approach, I seek to continue helping clients achieve their goals in the most effective and efficient manner.

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Mitash Kripalani

Director - Investment Services

Miami - Coral Gables

As a Director of Investment Services in the Miami office of Colliers International South Florida, I specialize in capital markets with a focus on multifamily, land deals and investment sales.  Servicing core South Florida markets.

I have more than a decade of commercial real estate experience. Prior to joining Colliers, I was with the Douglas Elliman Commercial Division in South Florida. I have also spearheaded numerous multi-million dollar Multifamily and condominium conversion projects and completed investment sales across the State of Florida. Our team specializes in multifamily properties, covered land, off-market sales, and assemblages across core South Florida neighborhoods.

I have earned the prestigious Certified Commercial Investment Member (CCIM) designation and currently serve as the Chapter President of the  Miami Dade/Monroe District Board of Directors for the CCIM. The Certified Commercial Investment Member (CCIM) Institute was established in 1954 to give commercial real estate practitioners a previously unrealized opportunity to further their business practices through focused education and networking opportunities. Only six percent of all commercial real estate practitioners - approximately 13,000 professionals - hold the respected CCIM designation across North America, and in more than 30 nations overseas.

I am passionate about giving back to the community by volunteering and being involved in professional organizations and a recent graduate of the Leadership Miami Program through the Greater Miami Chamber of Commerce. 

 

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Julian Zuniga

Financial Analyst

Miami - Coral Gables

As a Financial Analyst on our South Florida Capital Markets team, I am a key contributor on investment sales in various South Florida markets. I focus on performing financial analysis for prospective deals, assisting clients with the valuation of their properties and maximizing the opportunity of investments. I obtained my Florida Real Estate Sales Associate License in 2013. Working mainly with international investors, buyers, and sellers, I have closed numerous commercial transactions in South Florida valued at more than $3 million.

I was born in Barranquilla, Colombia, but have been living in the United States for 18 years. Being fluent in Spanish and English allows me to work seamlessly with international clients seeking to acquire or dispose investment properties in both domestic and foreign markets. I have strategic business allies in countries such as Colombia, China, Brazil, Italy, Canada, and United Arab Emirates that work with me in the real estate industry. I also established working relationships with important public and private lenders in South Florida such the First National Bank of South Miami, Columbus Capital Lending, Apollo Bank, and a portfolio of private investors, ultimately benefitting my clients.

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Gerard Yetming

Executive Managing Director, Investment Servs

Miami - Coral Gables

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 focuses on investment sales of all product  types in  urban core South Florida neighborhoods.

I am a dynamic and dependable commercial real estate broker with over 15 years of commercial experience, I have demonstrated success pioneering new, emerging brokerage practices in complex, non-traditional niches - including condominium conversions in the early 2000’s and urban land in the early 2010s. 

I have a proven track record for successfully executing capital market transactions, having been involved in over $8 billion of assignments including some of the largest and most complex transactions in South Florida. My recent focus on urban land assignments has resulted in $1 billion of transactions over the past since 2012.

Prior to Colliers, I co-led the land and multifamily practice at CBRE South Florida. Additionally, I served as Chief Investment Officer for The Federated Companies, a national real estate investment group that developed and managed over 7,500 units of residential housing with an aggregate value of over $1.5 billion. 

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