Downtown Property Where 1,001-Foot Supertall Tower Permitted Listed For $125M

Up for sale: a downtown Miami property where a supertall tower can be built.

Brokers have listed 251 E. Flagler Street for sale, with an asking price of $125 million.

In 2016, the FAA approved a supertall tower for the property at 1,001 feet above ground, or 1,010 feet above sea level. A second tower was also approved at 837 feet above ground, or 846 feet above sea level.

Up to 4 million square feet and 2,500 units can be built.

The property was listed with another broker in 2015, but didn’t sell.

DWNTWN Realty Advisors Brings Flagler City Center to Market for $125 million in the core of Downtown Miami

“Flagler City Center” presents opportunity to create iconic project in the city center of Downtown Miami

MIAMI, FL (March 27, 2018) – DWNTWN Realty Advisors is at the brokerage forefront of the greater Downtown Miami area. The site represents the largest and one of the last significant contiguous development sites in the center of Downtown Miami. Flagler City Center is a 2.52 acre as-of-right site that accommodates up to 4 million sq. ft. of buildable area and up to 2,500 multi-family units. This exceptional listing is being brought to market by DWNTWN’s managing partners Devlin Marinoff and Tony Arellano together with company executive, Skyler Marinoff. The property is located at 251 Flagler Street and the asking price is $125 million.

“As Downtown Miami continues to grow and progress into a global destination, DWNTWN Realty Advisors is excited to bring this tremendous opportunity to market,” states Skyler Marinoff. “This property represents the highest density urban development site of this size ever offered in Downtown Miami,” adds Devlin Marinoff.

The last of the great, dense, large, and substantial contiguous development sites available, Flagler City Center is located in the heart of the Central Business District in Downtown Miami. The property encompasses 250 linear frontage on Flagler Street and a full city block on NE 1st Street, presenting unprecedented access and exposure. The 2.52 acre development site offers 3.9 million square feet of gross buildable potential with

FAA height limit approved up to 1,010′.

The property is currently operated as a 163,000 square foot mixed-use operation, anchored by Marshall’s. It is currently generating approximately $2.7 million in gross income annually with room to fill vacancies and increase rents substantially and with the potential to phase in a large scale project. Flagler City Center is a true urban infill transit-oriented development project. It has direct access to Metromover with connections to Metrorail and Brightline which opens commerce to the entire tri-county area and offers rail accessibility all the way up to Palm Beach County.

Downtown Miami is quickly emerging as a major global destination that is poised to become the epicenter of Miami’s urban core. Flagler City Center has the potential to become a major icon and commercial center within the center of Downtown Miami.

The listing of Flagler City Center contributes to DWNTWN Realty Advisors’ recent commercial success with its principals having completed over $300 Million in sales over the past two years and more than $33 million in sales in the last three months. DWNTWN is focused on the concepts of new urbanism, the densification of Miami’s Downtown, and the value that walkable city centers such as Flagler City Center create. DWNTWN Realty Advisors specializes in the sale, acquisition, and leasing of Downtown Miami properties. This latest listing further emphasizes the firm’s commitment to the enhancement and continued growth of Miami’s emerging areas and to their company mantra that “DENSITY IS OUR DESTINY”

PreviouslyFAA Approves Sky Plaza Supertall Tower

Up For Sale: 2.5-Acre Flagler Street Site With Potential For A 1,000-Foot Tower

 

concept:

 

 

 

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Anonymous
3 years ago

Why are these developers afraid to be the first to build a 1000 ft tower in Miami? Just build the dam thing!

Anonymous
3 years ago

It’s for sale. If you are not afraid…why don’t you build it?

Anonymous
3 years ago

When i win the power-ball mate 😉

marc
3 years ago

Lot’s of “supertall” properties in the area and not one “supertall” tower to show for it.

Anonymous
3 years ago

What are the odds of us getting a tower that tall, and pretty and quickly in downtown.

*sigh* Only if I close my eyes and imagine it in my head. 🙁

Anonymous
3 years ago

Will somebody, ANYBODY please build a supertall for crying out loud ?

Anonymous
3 years ago

I don’t care if they build a 10,000,000 foot building, if its going to have a 200 ft parking garage its just garbage. Whats the point if it will kill the pedestrian frontage of most of that block.

Anonymous
3 years ago

Hmmm, so let me get this straight. You think they could build a 10,000,000 foot building without a garage. Because every single one of those people living in there are either going to take Lift/Uber or public transportation to work. Are you an idiot?
People work through out Dade and Broward and need a car to get around. Just because you don’t need one and you live and work in the same street (I’m guessing) does not mean that everyone else does!

Anonymous
3 years ago

He had me stuck at 10,000,000 feet…..

Keeping things real
3 years ago

Why don’t you take your personal form of transportation to Broward where you belong. That Anonymous poster had a good point.

Anonymous
1 year ago

Hello Bank. I need 350 million to build a over 1000 foot tower in downtown Miami without any parking.
What do you say? Don’t worry about the vacancy rate resulting from no parking… it will work out and you will be paid back. Trust me. I don’t need to sign a personal guarantee. Just loan me the money.

Anonymous
3 years ago

Mmmm Sparky’s is fire.

Anonymous
3 years ago

that’s too damn expensive, add that to the construction loan and no one will ever make it work

Anonymous
3 years ago

This will sit and sit and sit because of this

Miami1
3 years ago

Unless the Argentinians that are building the Aston Martin tower take a shot at it…

Anonymous
3 years ago

let the Melo Group purchase it, then we’ll see action!

Anonymous
3 years ago

The press release is off…the gross sq ft of this project is 2.6m (not 4 million sq ft.) Which means it is even more expensive per buildable sq ft.

Solrac
3 years ago

Very innovative massing and schematic design by Hani Rashid and Asymtope. Far more creative than any of the Miami based architects. It’s not a one and done design, but a sculpted solution for a tall tower that maintains its massing and optimized floor plates. Hope the new potential owners appreciate and market design and not just propose a monstrosity like Panoroma.

Anonymous
3 years ago

I believe Panorama was designed by an out of Town architect.
Pity it was not a local architect.

n the discussion. Type your comment here.

Anonymous
3 years ago

“Pity it was not a local architect.”

Yeah, our local architects like Arquitectonica and Kobi Karp are great! /sarcasm

Anonymous
3 years ago

so it was all a sham?

Anonymous
3 years ago

Man, I’m going to miss that Marshalls… Sure the building is gross.. but damn do they have best selection in the area

Anonymous
3 years ago

Marshalls are everywhere. Nothing of value will be lost, and actually will add value instead. Tear down this flea market! Considering the former Hipprodrome/Rex/Florida Theater at the southwest corner isn’t part of the redevelopment, restore it and/or incorporate the original facades into another tower.

Anonymous
3 years ago

Individual car ownership will be a thing of the past for city dwellers. Rental cars will be available for long or short trips are a price that is less than owning.

aceraroja
3 years ago

Forget aesthetic discussions of parking garages. Car apologists answer me this: physically WHERE will these cars go on the alley-sized streets surrounding this proposed development? “People need their cars,” well, they’re going to be living in them. It will take them 30 minutes to leave that garage in the morning.

Anonymous
3 years ago

Um, what?

Anonymous
3 years ago

“Car apologist”?
Okay…I’ll answer that thoughtful question.
Wait.
Ha ha ha…it wasn’t thoughtful at all! It was a horrendously stupid question! AND you answered it yourself.

When the individuals who own the cars want to drive them, they will. Where? Wherever the hell they want to. When? Whenever the hell they want to.

I love my car. I don’t drive it much…less than 10k miles per year, but as an American, I love the freedom and liberty afforded by the ownership of my SUV and any private property.

You can be sure, that I will never disparage a person for their love of their skateboard, fixie, or whatever your preferred mode or transportation; these are your choices.

Further, individuals like me will NEVER ask the collective to subsidize my SUV or my transportation, and reciprocity would be appreciated.

aceraroja
3 years ago

“The collective” does in fact already subsidize your polluting tank, and we breathe your toxic fumes with no compensation. Or do you think your gas taxes pay for the billions of dollars per mile the highways cost? Haha. Cute! American Individualism is a myth. It’s just that your particular lifestyle has been promoted by the ruling classes as optimal, and resources and infrastructure have been developed to encourage it, to the detriment of other, objectively better — less expensive, greener — choices. There’s no such thing as a free market, we all play our part in funneling wealth and power to the top. Now plug your ears and wave that flag HARD to sweat out your doubts. Pop a pill and be productive!

Anonymous
3 years ago

Prius’ are heavily subsidized, Metromovers are heavily subsidized and SUV’s are not.
I’ll gladly pay more to drive absolute comfort and laugh at the little Honda’s who claim a moral high ground by virtue of their little cars.

Highways happen to form the arteries to get patients to hospitals fast, food from farms to Publixs, buses to schools, and interstate commerce flowing.

Keep on walking if you want to hippy…my guess is the “toxic fumes” from my severely regulated SUV are less than the toxins from your compose pile and kombucha farts.

Anonymous
3 years ago

Tear this eyesore flea market down and restore the corner not included in the redevelopment (former Hippodrome/Rex/Florida Theater?).

NYCjeans
3 years ago

Miami is booming it like every week new building proposed or some new construction

Anonymous
3 years ago

“Marshalls in 2004…not much has changed” lmao except that was actually a not terrible design over a decade ago but it shouldn’t exist now, this is the heart of downtown, build it tall

Anonymous
3 years ago

Not sure why these developers don’t separate the building from the garage?

Anonymous
3 years ago

I believe that the parking garage comments are more geared towards the lack of street appeal of those buildings. The ground floor retail ideas are an afterthought and in my humble opinion knowing that the Miami sun demands tinted windows is that almost all retail in downtown looks unwelcome due to bad taste and/or ,well,you can’t see what’s in it from the outside….

Anonymous
3 years ago

>>Up to 4 million square feet and 2,500 units can be built.

But how many parking spots?

Anonymous
3 years ago

You people who complain about parking are really getting stale.

Anonymous
3 years ago

The point is not the parking. The point is the horrendous parking pedestals that come with that parking that we complain about.

Anonymous
3 years ago

Look, there are four ways to include parking.

(1) Build a separate building for parking.
(2) Build underground parking (very expensive).
(3) Street level parking (may take up acres).
(4) Parking pedestals that the building sits atop.

Trust me, people are going to complain about either solution.