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.