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 email@example.com