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Flagler Street redevelopment site in downtown Miami goes up for sale

A 2.52-acre lot in downtown Miami was just listed for sale, and it’s being marketed as a prime redevelopment opportunity.

The property, at 251 East Flagler Street, houses a two-story building with 164,000 square feet of retail space.

John Crotty of brokerage firm Avison Young, which is marketing the property, told The Real Deal that potential buyers have a few options: they can redevelop the property, or come in and collect rent from the current building’s tenants.

It’s zoned T6-80, which is the city of Miami’s highest density mixed-use code. The land can be built up to 80 stories tall with 2.4 million square feet.
“It’s basically a blank slate for somebody to come in to build,” Crotty told TRD. “The beauty of this property is that you’ll have cash flow while you reposition for redevelopment.”

The owners are also open to a joint venture, Crotty said, where they would partner with an investor to redevelop the lot.

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http://therealdeal.com/miami/blog/20...s-up-for-sale/