Downtown Miami Site Commands $500M Price Tag
Lion Development Group and Marc Roberts are seeking $500 million for their 6.6-acre Park West development site. The assemblage could accommodate up to 10 million square feet of development under state housing incentives.
A prime development site in downtown Miami's Park West district has entered the market with a $500 million price tag, positioning it among South Florida's most expensive urban land transactions.
The 6.6-acre assemblage at 1151 Northwest First Avenue is being marketed by Lion Development Group, controlled by Michael and Ron Simkins, alongside Miami developer Marc Roberts. CBRE brokers Robert Given and Bradley Capas are handling the listing.
At the asking price, the property would trade for approximately $75.8 million per acre, approaching the regional record of $122.4 million per acre set by a Brickell bayfront site that sold for $520 million in December.
Current zoning permits construction of 4.8 million square feet across various property types, accommodating 3,300 residential and hotel units. The development capacity expands to roughly 5.8 million square feet through transferable development rights from other properties owned by Lion and Roberts, according to CBRE's James Quinn.
The Florida Live Local Act significantly amplifies the site's potential, allowing developers to construct larger buildings in exchange for including below-market apartments. Under this program, the property could support up to 10 million square feet of development with 6,600 units. Federal Aviation Administration regulations cap building heights at approximately 650 feet.
The sellers have established a strong presence in Park West, the neighborhood home to E11even Miami nightclub. Their completed projects include E11even Hotel & Residences, while two additional towers remain under construction: E11even Club Residences Beyond, scheduled for completion within a year, and 38 West Eleventh Residences Miami, expected to finish in two years.
"We did all the heavy lifting. We set the table. Now somebody else can come along and build a whole other city there with 10 million square feet," Roberts explained, describing the sale as potentially yielding a "nice profit" without disclosing the original assembly costs.
The property benefits from proximity to the Interstate 395 signature bridge project, which will provide direct highway access and include a 33-acre Underdeck Park. Originally scheduled for completion in 2021, the bridge project now targets a 2029 finish date.
Miami's development site market has shown robust activity this year. Kasumigaseki Capital, based in Tokyo, acquired a 1.4-acre Miami Worldcenter property for $88.8 million last month. Additionally, a joint venture purchased the retail and entertainment portion of Miami Worldcenter for $210 million, demonstrating continued investor appetite for large-scale urban projects.
The Park West site sits north of Miami Worldcenter, positioning future development within the city's expanding urban core. The location offers developers the opportunity to create a substantial mixed-use project that could reshape this section of downtown Miami's skyline while contributing to the area's ongoing transformation into a dense residential and commercial district.
