The largest development site available in Downtown Miami has sold for $46 million. Known as Miami Center or the ‘Burdines property,’ it is the last significant development site remaining in downtown Miami’s Central Business District (CBD). The 92,972 SF development site, which is located at 16 SE 2nd St in downtown Miami, is currently home to a parking lot.
Mika Mattingly, Colliers' Executive Managing Director, and Robert Given, Vice Chairman of Cushman & Wakefield in South Florida, represented Wharton Equity Partners and Cross Lake Partners, the seller. Estrella Perez, with EP Realty Group Inc., represented Enrique Manhard, the buyer.
“This is a pivotal site for the future of downtown Miami because it is a major location connecting downtown to Brickell,” Mattingly said. “This deal represents the voracious appetite for downtown assets. We currently have 10 land deals under contract to close by year’s end, and there is little inventory left for the first time ever. This is unbelievable given the fact the downtown market went silent in 2019 and during the pandemic. The demand is being fueled, in part, by all the transformative projects that are just beginning to take shape in this area. It could not be a better time to invest in the future of downtown Miami.”
Based on the site’s T6-80 zoning, this is one of the largest land sales in downtown Miami. The zoning designation allows several uses, including residential, hotel, office and retail. The maximum height permitted at the site is 80 stories with unlimited height available through public benefit bonuses. Because the development site is right in the middle of Brickell and downtown, it will provide future residents the opportunity to live, work and play in a highly walkable, urban environment.
South Florida has continued to see an influx of residents from New York, California and other states seeking lower taxes, better weather, and a higher quality of life. Greater Downtown’s population was 92,235 people in 2018, a jump of 38% since 2010, according to a study from Miami’s Downtown Development Authority (DDA). Downtown and Brickell have also emerged as the top choice for the largest technology and financial firms. According to a recent report from the DDA, at least 700 new jobs are expected in the area over the next few years.