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):