Renderings:
For those who know downtown Miami, FedEx is a familiar location. It’s a quick, convenient stop on the city’s west side to send packages when overnight delivery is the only option.
But many people might not know the site well unless you are driving through that area on your way to the city’s administrative offices nearby. The property’s owner, however, is hoping that its proximity to several public transportation nodes, including Metrorail and Metromover, will help make it an ideal location for residences.
To that end, CBRE has been hired to market the property at 200 S. Miami Ave. The 57,075-square-foot site is about a block west of the soon to be TotalBank Tower, formerly the Bank of America Tower.
The proposed development could have 1.75 million square feet of building with 1,020 units, or nearly a million square feet of condos. But know that Miami 21 zoning provides for a density of 1,000 units, according to the marketing materials that CBRE’s Gerard Yetming and Calum Weaver put together.
FedEx has its lease on the property through April 2019, with no lease extensions; it generates a net operating income of more than $1 million annually, according to the marketing materials. So, whomever buys it will either have to buy out the FedEx lease, if they want to build immediately, or locate the shipping company into the future development to make good.
The purchase opportunity is in line with the marketing of other downtown properties for sale, including the 444 Brickell Ave. site which is now under contract to The Related Group for about $100 million.
References:
- http://www.bizjournals.com/southflorida/news/2013/11/18/south-florida-fedex-site-for-sale.html
- http://www.exmiami.org/index.php/downtown-fedex-property-sold-fifteen-group/?utm_source=rss&utm_medium=rss&utm_campaign=downtown-fedex-property-sold-fifteen-group
Note: Reference two contains information on a acquisition of property crucial for this development to commence.
