Broker Says There’s ‘Voracious’ Demand For Downtown Miami Property After Former Lynx Site Sells For $46M

The downtown Miami property where the Lynx project was once proposed has been sold, and a broker involved in the transaction says that many more transactions are pending.

Mika Mattingly, the Executive Managing Director of brokerage firm Colliers, said her team has 10 land deals under contract to close by year’s end in downtown Miami.

“This is unbelievable given the fact the downtown market went silent in 2019 and during the pandemic,” Mattingly said, saying that demand for downtown assets was voracious.

The demand is being fueled, in part, by all the transformative projects that are just beginning to take shape in this area, according to Mattingly.

Mattingly represented the seller of the Lynx property, Wharton Equity Partners and Cross Lake Partners. Robert Given, Vice Chairman of Cushman & Wakefield in South Florida, also represented the seller.

Up to 80 stories are permitted on the property by right, and unlimited height is available through public benefit bonuses.

Allowable uses include residential, hotel, office and retail.

The buyer was Enrique Manhard, who recently sold property at 1900 and 2000 Biscayne to Kushner Companies where 1,100 apartments are planned. Manard was represented by Estrella Perez, with EP Realty Group Inc.

The site is also known as the Burdines property and includes 92,972 square feet currently used as a surface parking lot. The deal closed last week, with Manhard paying $46 million.

 

Former Lynx proposal (Pei Partners, Chad Oppenheim):

Kobi Karp 2015 rendering:

Wharton rendering:

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Anonymous
5 months ago

Sounds like a flip

Anonymous
5 months ago

The guy who bought it has zero experience building something this large.

Anonymous
5 months ago

So what?
Not many people in the world do have experience building some as large as the proposed Lynx site.

Newsflash: The guy who paid for the IM PEI drawings and named it Lynx had no experience building something this large, and he still doesn’t.

Anonymous
5 months ago

So what?

Anonymous
5 months ago

Not sayin’ they are wrong.. but this is what brokers say

anonymous
5 months ago

Lynx’s architects, Pei Partnership (I.M.Peis sons) demonstrate a superior design to the oft prone trendy designs of Kobi Karp who has yet to show design substance to any thing. The site is a great site and a gateway into downtown south from I-95. Hopefully the nxt owners have the good sense to realize that design matters in Miami especially when you have a site next to I.M.Pei and Partners iconic building.

Anonymous
5 months ago

“…design matters in Miami .” What Miami are you talking about?

Anonymous
5 months ago

Brother, you beat me to the punch!

anonymous
5 months ago

Miami has towers by: I.M.Pei, SOM, KPF, Zaha Hadid, Rem Koolhaas, Adrian Smith, BIG, Asymptope, Handel…and more to come from SHoP, KPF, and Foster.. It has cultural buildings by Cesar Pelli, Herzog de Meuron, Arata Isozaki, and more. Not too many cities have that many work class architects designing buildings. You must not know about the design of buildings or the talent that create them. Miami is clearly a city that values design!

anonymous
5 months ago

Not to mention Frank Gehry, Rafael Viñoly, Carlos Zapata, Isamu Noguchi, Roberto Burle Marx in urban landscaping for Biscayne Blvd, and then the local talents ( Morris Lapidus, Charles Pawley, Al Browning Parker, Chad Oppenheim, Arquitectonica, Bernard Zyscovich…ect). Miami is very design minded. Design is valued as a brand or commodity in Miami…no question about it.

Anonymous
5 months ago

What’s your point? We have good buildings designed from yesteryear, but too many coming are disproportionately garbage, and on prime real estate to boot (*cough* Baccarat Residences *cough*).

Anonymous
5 months ago

If that’s the case, then why all the cereal boxes and Melo disfigurement?

Angelo Diaz
5 months ago

Yeah, our market loves good design.
But, our “city” loves Arquitectonica designs buildings based on regurgitated concepts ‘inspired by’ ocean waves or palm trees or or ocean waves or palm trees or any combination of the 2, and janky construction by Melo way more than it loves good design. It has been proven.

Anonymous
5 months ago

Developers like the quick and thoughtless design solutions that ARQ comes up with because it lowers fees and projects can go to market faster… savings to them. ARQ use to be a good name, but now is just a default selection. Developers know what they get with them even if it’s a wave, palm tree, coral reef, or any other one liner metaphor. They become the background designs to the more stellar works of others. Philip Johnson once said that architects are “whores”, to which Bernardo Fort Brescia has made that truer than ever.

Anonymous
5 months ago

Angelo, I think individuals have different tastes in what they like. Personally, I love the design at Elysee. Arquitectonica as done an excellent job with Elysee.

Arquitectonica also did a great job with Brickell Citicenter and many others.
As a resident of an Arquitectonica building, I love it. It’s clearly NOT inspired by ocean waves or palm trees, it is an urban building done right.

Arquitectonica has a broad palette of projects all around the world, and love the design of many of their projects.

Anonymous
5 months ago

Absolutely true. Miami buildings attract people (who know about design) from around the world.

NYC Transplant
5 months ago

Is the Foster project in Brickell dead?

POLO
5 months ago

Downtown is the next big thing.

Anonymous
5 months ago

maybe. Still mostly a soulless concrete jungle with retail flight and commercial investment going elsewhere. Will the massive amount of new apartments and biscayne condos give it some neighborhood character? All depends on whether it gets some homebodies.

Anonymous
5 months ago

“commercial investment going elsewhere”
Wow….more from the “I will believe it when I see it” geniuses.

The story is about a $46M sale in the CBD, and about how one of the brokers who participated with Robert Given says that she has many more deals in the pipeline.

The story is how commercial investment IS NOT going elsewhere.

Anonymous
5 months ago

shame these projects never got off the drawing tables.
These developers lost the opportunity. The would have been fully developed by now.

Anonymous
5 months ago

No, the guy who paid for the drawings and site plan approval was looking to sell it to a developer who knew what they were doing. He couldn’t find that developer. The property went into foreclosure, Wharton bought for an exceptional price, just sold it for an exceptional price, and the new owner bought this trophy property for about $500 per sq ft which is an exceptional price.

Azarius
5 months ago

I would love to see something similar to the Lynx proposal go up. This is a very hot property (well should be ) do to the zoning rights

Anonymous
5 months ago

This property just keeps changing hands and nothing ever gets done there.

The Red Link
5 months ago

Fill in the gaps and make the city thrive!

Anonymous
5 months ago

Mana is going to make a killing when he’s the last owner of undeveloped land in downtown.

Anonymous
5 months ago

That means never of course

Anonymous
5 months ago

How about we get “voracious” architecture, like the previous proposals, and not boxes with jagged balconies?

Anonymous
5 months ago

Architecture is irrelevant with no viable development.

Anonymous
5 months ago

Max height please. No parking lol.

Anonymous
5 months ago

Mika needs to stop helping Moshie buy everything downtown.

Anonymous
5 months ago

have you ever rolled around all that commi$$ion money on silk sheets ?

Anonymous
5 months ago

Duh Moishe didn’t buy it

Anonymous
5 months ago

Moishe’s Latin clone did

Anonymous
5 months ago

Mika Mattingly sounds as if she’s teed up a bunch more deals for Mana to purchase with “all of this interest” — all of these buyers should be aware the other large owner in downtown has only torn down buildings to date!

Anonymous
5 months ago

Why such a hater

Anonymous
5 months ago

Not hate, just an honest observation well borne out by the facts

Anonymous
5 months ago

Wow. Look at how much the skyline has changed over the years.

The Miami 2000s high-rise boom will def go down in the history books

Anonymous
5 months ago

gentings property will fetch half million dollars soon….not including omni center…

Anonymous
5 months ago

“gentings property will fetch half million dollars soon?”

Dude, your talking about somewhere around probably 1920’s prices.

Anonymous
5 months ago

Just like you misused ‘your’ I’m sure he meant Billion dollars…

Anonymous
5 months ago

Sometimes I do make mistakes. You to will when you’re in your sixties like me, but “millions” when you mean “billions” are hardly something small you can overlook.

Anonymous
5 months ago

Even if it did appreciate to a half billion dollars, it would probably stay on the market for a very long period, similar to Mana.

Anonymous
5 months ago

All those Genting acres are worth more than half a Billion now.

Anonymous
5 months ago

Another white elephant

Anonymous
5 months ago

There needs to be a parking lot land value tax. It makes no sense that higher taxes are paid after the lot is improved but almost no taxes are paid for just keeping it an unimproved parking lot. The current system encourages land speculators to hold and flip.

Anonymous
5 months ago

They paid $708,239.62 in taxes last year. While I understand your point, I wouldn’t consider nearly a million as “almost no taxes”.

Anonymous
5 months ago

You are a better Anonymous than I am….
I do not understand the point at all.
What the hell is a “parking lot land value tax”?? Something that you just made up?

It makes perfect sense that an unimproved lot is VALUED at less than the VALUE of an improved lot.

Yeah….they paid a hell of a lot of money in PROPERTY taxes, and if they made money on parking they paid SALES tax on fees, and INCOME tax if they made an profits. EVERY YEAR they pay that money.

About 40% of the property taxes go to local schools for education (even though there are no households on a parking lot). Let’s hope that some of that education gets to you.

Anonymous
5 months ago

vacant land is symptomatic of a depressed urban core, not land speculators. It’s not a victory that this parcel was flipped after an 8 year hold. This sale to another “holder” just means there’s a lot of cash chasing deals right now.

Anonymous
5 months ago

” It’s not a victory that this parcel was flipped after an 8 year hold.”
That is a subjective comment.

If I were Wharton, who bought the note for $16.3M and sold for $46M, I might call it a victory, and maybe even have a nice celebration dinner.

If I were Manhard, who just exchanged Edgewater profits for prime CBD land, I’d do the same.

Anonymous
5 months ago
Anonymous
5 months ago

That video, “Thank you from a land speculator” is misleading on several accounts.
I hope young, inexperienced, or mentally deficient people are not tricked into thinking that land in Miami is not taxed. Or this video gives a realistic account for how Miami-Dade works.

As someone stated above…the owners of the Burdines land spent MILLIONS of dollars in various taxes over the years.

Further…the dopey cartoon talks about the “City that put millions in roads and improvements”.
B.S. I call BS.

“The City” does not “put millions” of monetary value into a road or improvement that it didn’t take away from someone else.