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Downtown Miami Site on the Block for $125M

Flagler City Center Can Be Redeveloped With 4 MSF
March 28, 2018


Flagler City Center, a 2.52-acre site in downtown Miami, has hit the market for $125 million.

The property at 251 E. Flagler St. operates as a 163,000-square-foot, mixed-use project anchored by Marshall’s. But a buyer can redevelop the site with up to 4 million square feet of commercial space and 2,500 multifamily units, according to listing firm DWNTWN Realty Advisors.

Devlin Marinoff, managing partner for DWNTWN Realty Advisors, told CoStar News there is no deadline for bids, and the firm will execute a deal whenever it finds a suitable buyer.

“This is the last great, big development site in the urban core of downtown Miami,” he said. “You don’t find this any longer.”

The site is owned by Flagler 251 Inc. The entity, controlled by Fatima Jebai, acquired the land in 1980 for $7.78 million, according to Miami-Dade County public records.

The Jebai family once listed the property with Avison Young in hopes of finding a joint venture partner, Marinoff said. But the family now wants to sell the site outright, he explained.

The property offers 250 feet of frontage on Flagler Street and an entire block on Northeast 1st Street. The Federal Aviation Administration has approved a height limit of 1,010 feet.

DWNTWN Realty Advisors said the site generates roughly $2.7 million in gross income annually, and added that the new owner could substantially raise rents as part a major redevelopment.

DWNTWN Realty Advisors' Tony Arellano and Skyler Marinoff also are working on the listing.

The firm is marketing the site as a transit-oriented project. It has direct access to Miami’s Metromover and connections to Metrorail and the new Brightline commuter train service.

Planners, elected officials and developers are calling for more mixed-use construction near public transportation stations to better connect Miami-Dade, Broward and Palm Beach counties and to reduce the number of cars on the roads.

During an Urban Land Institute forum last week, former Fort Lauderdale Mayor Jack Seiler said the tri-county region must work to resolve its transportation issues.

“If we can’t move people around paradise, it’s not paradise,” Seiler said.






Paul Owers, South Florida Market Reporter  CoStar Group   
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