|CBRE to market rare high-rise development opportunity in Southeast US urban center and financial district
Miami, FL – October 3, 2012 – CBRE has been appointed to market for sale 1201 Brickell Bay Drive, the last waterfront development site in Miami’s world-class Brickell neighborhood. The “shovel ready” 2.5-acre site offers over 300 linear feet of frontage on Biscayne Bay and has approvals for more than two million square feet. The current plans envision 787 condominium units, 1,500 parking spaces as well as waterfront restaurants and retail.
“In the past year, sales of condominiums in Downtown Miami have increased 24% with average pricing increasing by 9.1%. Brickell has seen its residential population more than double since 2000, and is projected to grow 24% over the next five years. South Florida’s luxury condominium market has seen tremendous increases in demand and pricing with several luxury towers achieving record breaking pricing in 2012 well in excess of $1,000 per square foot. Given that the property is the last of its kind, it is expected to command top pricing when it comes to market this fall,” said Robert Given, CBRE Executive Vice President with the Multi-Housing Group in South Florida.
As of May 2012, only 174 unsold condominium units remained to be sold out of the nearly 7,000 units built in the Brickell area since 2006. There were more than 1,100 developer-owned units sold in the preceding 16 months, for an average sales velocity of over 68 units per month.
Investor interest is piqued for premium assets in the Miami market. As a testament to the continued growth of Brickell as an international financial center and 24-hour city, several major developments are underway in the immediate vicinity of 1201 Brickell Bay Drive, invigorating a neighborhood that already includes world-class developments such as the Four Seasons Tower and the Mandarin Oriental.
In all, the total investment in major projects in the immediate area exceeds $12 billion, illustrating Brickell’s continuous development as the densest and most dynamic neighborhood in the Southeast. Among the most significant investments is the $1 billion mixed-use development Brickell Citi Centre which is currently under construction and slated to feature more than 4.6 million square feet of high-end retail, office, residential, hotel, and parking. In addition, Malaysian gambling company Genting acquired a bay-front site and adjoining properties for approximately $500 million in 2011 with plans to develop a mix of residential, retail and hospitality.
“This site is a first-rate waterfront development opportunity in a burgeoning gateway city. It represents a significant opportunity for a developer to capitalize on the growing Brickell neighborhood and the insatiable international appetite for luxury condominiums in Miami,” said CBRE Senior Vice President Gerard Yetming.
Given and Yetming have teamed together with Tom Duke, Vice President of the Retail Services Group to market the property for sale on behalf of the owner.
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