201 SW 2nd Ave, Miami, FL
Completion Date: Under Development
Gross Area: 2.24 Acres
Net Rentable Area: 250,740 S.F.
Asset Type: Mixed-Use
This site is a rectangular parcel fronting on S.W. 2 Avenue between S.W. 2 and S.W. 3 Streets in downtown Miami. It is located in the west central sector of the central business district (CBD), just north of the Miami River and south of Brickell.
This parcel contains a total net area of 97,511 square feet, 2.24 acres and has entitlements to build 1,120 residential units in a mixed-use development. The site encompasses nearly an entire city block and has favorable zoning under Miami 21, T6-36, which allows for the development of a project of up to 60 stories with TDRs. Few available properties enjoy this tremendous benefit. The site is well-located in terms of proximity to major roadway linkages and has good access and visibility from the abutting roadway frontage. The site is adequate with respect to size, shape, dimensions, soils/subsoil and availability of utilities for development to its highest and best use, which as of right, is more than 1 million square feet of construction.
Prior to closing, title to the subject was held in the name of Florida Power and Light. FPL is the third-largest electric utility company in the United States. FPL is also a leading Florida employer with approximately 8,900 employees and is a subsidiary of Juno Beach, Florida-based NextEra Energy, a public company traded in the New York Stock Exchange. FPL owned the property for many years and utilized the site for overflow parking and as a work truck storage facility.
The property was only on the market for a short time and listed for sale by the owner. After extensive land-use and zoning research, Ytech found that the subject property is located within a special zoning district that increases density and allows for up to 500 units-per-acre to be developed on the site. The subject was listed for $28 million, and FPL conducted an institutional vetting process in order to select the buyer of the site. Ytech was the selected bidder and awarded the deal due to its deep understanding of the market and the subject property’s development potential, its well-established market presence, financial strength and proven track record.
Ytech acquired the property with a strategic partner on January 2015 for $21 million.