New York Developer Buys Site Where 53-Story M Tower Planned

A developer from New York has purchased the downtown Miami property where the 53-story M Tower is planned.

Downtown 1st Street LLC, and affiliate of Lions Group NYC managed by Ramin Shirian is the buyer.

The property is located at 56 SW 1st St and 65 SW 2nd Street, and is currently used a surface parking lot. The sale also included air rights above the adjacent Miami Parking Authority at 70 SW 1st St. needed to build the tower.

M Tower will include:

  • 440 apartments targeted toward students and young professionals looking for a connected urban experience
  • 622,783 square feet of gross building area
  • 25,732 square feet of office space
  • 1,089 square feet of retail

Colliers’ Urban Core Division Executive Managing Director Mika Mattingly represented Downtown 56, LLC, the seller in the transaction. EP Realty’s Estrella Perez represented Downtown 1st Street LLC, the buyer.

The sales price was $10 million.

“The downtown Miami market has never been more active than it is right now,” Mattingly said. “This market is poised to see the largest influx of investors ever from other states and this transaction highlights that trend. New York-based Downtown 1st Street LLC’s purchase of this development site proves that the migration from the Northeast has only accelerated as the vibrant downtown neighborhood continues to evolve.

“One thing that Miami has that other major US cities don’t have is a business-friendly mayor who is welcoming new businesses and investment that creates jobs and expands the city’s tax base to boost our local economy,” Mattingly added. “For years, Miami has promoted smart growth with greater density in downtown Miami due to the area’s easy access to mass transit. The vibrancy of downtown Miami is also increasingly attracting young professionals and families, and this project offers a tremendous opportunity to accommodate the growing population.”

The project has Urban Development Review Board (UDRB) approval.

Melo Group’s 60-story Downtown 1st tower is now rising on the same block.

 

28 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
Anonymous
1 month ago

looks like melo and new yorkers are going to activate this part of downtown while the only thing mana does is renovate a existing office building that has falling foam coming from it.

Moishe Mana
1 month ago

Y’all still bitching? Looks like I’m in the market to purchase another property.

Anonymous
1 month ago

And Mana? Crickets…

Anonymous
1 month ago

Why not build a second tower on top of the garage? Seems like a wasted opportunity.

Anonymous
1 month ago

The short-sighted code will require you to cover it, which is usually in the form of an ugly mural and/or assorted sheet metal. Frankly, keeping it bare or making it a “green wall” would look much better.

Anonymous
1 month ago

Beautiful tower! Keep on building our beautiful city! It’s looking sexier by the minute😍

Shawn Kouri
1 month ago

Finally! A mass market apartment complex in downtown Miami.

Anonymous
1 month ago

^ ?

Anonymous
1 month ago

Mana? You there??

Anonymous
1 month ago

Yes.. what do you want?.. I’m in downtown Miami buying up more property.. now leave me alone.

– Moishe

Anonymous
1 month ago

Just build it already!

Anonymous
1 month ago

it’s good that investors from other states are starting to believe in miami most of the real estate investment in miami was done by local developers like Melo and Related, so it’s good that developers from other states are investing here and Miami can develop faster

Anonymous
1 month ago

I would expect a building more architecturally attractive Fromm a New York developer.
disappointing!!!

Anonymous
1 month ago

Here he is, one of these “architectural bashers.”

Tell me, what took you so long to come on this site and bellyache?

Anonymous
1 month ago

… and a “architectural bashed” who is clueless on different construction costs of different architectural designs and building practicalities. Some clown who doesn’t even know which way to hold a hammer and thinks building round is the same costs as building square.

Anonymous
1 month ago

The reason New York developers are flocking here is because they see the garbage they can get away with in regard to architectural significance and build/finish quality Meanwhile, Manhattan and Brooklyn in the past five years have got projects that Pritzker prize winning architect’s attention.

Anonymous
1 month ago

There is a balance between architectural significance and cost practicalities. If every building built is not an iconic building, people bash architecture. If all buildings are built with a significant architectural flair at higher costs, people cry lack of housing affordability. There is a correct balance. Not every building in Miami can be built like the Porsche Design Tower. There is a reason this building is square, small windows, and not a complete glass structure.

Anonymous
1 month ago

they got away with a lot of garbage in ny city. they have lots of beautiful buildings and lots of crappy buildings in manhattan and i have n’t even talked about the bronx, queens and brooklyn

Anonymous
1 month ago

Lol, looks like the folks in loft 1 and 2 are losing their parking garage

Anonymous
1 month ago

Those units facing East will have no view, with Melo 1st Development next door.

Anonymous
1 month ago

unless youre directly on the water dont expect to get nice views in Miami. Most likely someone will eventually block them

Anonymous
1 month ago

“Those units facing East will have no view, with Melo 1st Development next door”

lol.. good thing Miami is getting more developers who don’t worry about such things.

Anonymous
1 month ago

Obviously, the developers are not selling a Miami view but rather an urban place to live simply.

Anonymous
1 month ago

Look, I wanna be far off looking at places and things, not actually go there sometimes.

– Lazy and Boring

Anonymous
1 month ago

it’s good that they are constructing new skyscapers but downtown miami won’t be a great neighborhood unless local business attract people from hialeah, east little havana and allapatah and they spend their money in downtown miami. so local restaurants new to change their menus to serve them .we also need more street vendors that sell pinchos, gallo pinto, chimichangas, ropa vieja , chuchitos, nacatamales and all that delicious food and miller high life beer so they have something to drink while they look at the skyscrapers. we also need people that speak creole to serve the haitians that arrived recently

Anonymous
1 month ago

^^^you could get a job parking Trolls Royces.

Anonymous
1 month ago

It’s unlikely people from the suburbs are going to go to downtown to shop and eat out, when shops and restaurants already exist in their neighborhoods. Even if they were willing to go to Downtown, they’re likely priced out anyway. Businesses aren’t going to hire creole speakers because Haitians don’t have much buying power in Miami. Spanish seems to rule over english here, so unfortunately businesses will cater to Spanish over Creole and English.

Anonymous
1 month ago

Clearly you’re the same troll who said something similar about MWC retail, but maybe those people can open and operate businesses in their own locale if that’s what keeps them “unique.”