Address: 56 SW 1st Street
Submarket: Downtown Miami
Property Type: Fully Entitled Development Site
Sold Price: $11,000,000
Process: Identified strong buyers who were willing to move quickly and were able to navigate the Parking Authority JV, which had many moving parts.
Challenges: M Tower is a fully entitled development site and a joint venture with the Miami Parking Authority. Building permits were close to expiring, after having been extended for several years. Development needed to start quickly, or the permits would be gone.
Outcome: Found the strongest buyer who was able to close quickly.
Date Sold: 7/29/2021
Building Size: 124,304 SF
Lot Size: 16,178 SF