Colliers International's Urban Core Division spearheading opportunity to acquire prime development site
MIAMI (Sept. 26, 2019) – Colliers International is pleased to announce that its Urban Core Division brokers Mika Mattingly and Cecilia Estevez have been appointed to lead the sale of The Plaza in Downtown Miami. The property’s current owners, Scallops USA, have decided to put the site on the market after 33 years of ownership.
Located at 235 S.E. 1st Street in the heart of one of Downtown Miami’s most prominent intersections, The Plaza is a prime covered land opportunity featuring 81,000 square feet of office space, sitting on a 20,000 square foot future development site.
Just two blocks from waterfront Bayfront Park and directly adjacent to renowned developer Tibor Hollo’s planned 92-story One Bayfront Plaza, the income-producing mixed-use site additionally benefits from flexible zoning with ample opportunity for future development, permitting up to 470 units, 490,000 square feet of development, no parking for residential and a maximum height of 80 stories with unlimited height available through public benefit bonuses.
“Downtown Miami’s renaissance boasts dynamic appeal that continues to attract domestic and international investors and developers that are seeking to be at the center of it all, especially at a time where these opportunities are scarce,” said Mika Mattingly, who leads Colliers International South Florida’s Urban Core Division. “The Plaza is a unique property in a prime location that offers buyers the opportunity to capitalize on receiving temporary cash flow from the office building while waiting on the next cycle or plan approval for development.”
Downtown Miami continues to experience robust growth with more than 92,200 residents calling the area their home, in addition to the numerous corporations, retailers and dining concepts that have moved to the area. Since 2010, the area’s population increased more than 30 percent and is expected to increase an additional 20 percent by 2021.