Former Burdines Property in Miami Nets $46 Million in Sale
The area was the most extensive development site available in downtown Miami
The last significant development site attracting developers in downtown Miami’s Central Business District (CBD) recently sold for $46 million. The sale of the 92,972 square-foot development site, located at 16 SE 2nd Street, was facilitated by Colliers’ Urban Core Division.
“This is a pivotal site for the future of downtown Miami because it is a major location connecting downtown to Brickell,” says Mika Mattingly (pictured), Executive Managing Director of Colliers, an investment management company. “This deal represents the voracious appetite for downtown assets. We currently have 10 land deals under contract to close by year’s end, and there is little inventory left for the first time ever. This is unbelievable given the fact the downtown market went silent in 2019 and during the pandemic. The demand is being fueled, in part, by all the transformative projects that are just beginning to take shape in this area. It could not be a better time to invest in the future of downtown Miami.”
Wharton Equity Partners and Cross Lake Partners sold the site to Enrique Manhard, representing Estrella Perez of EP Realty Group Inc. as the buyer.
The site’s T6-80 zoning permits a height of 80 stories with several developments, including residential, hotel, office and retail.
A recent analysis from Miami’s Downtown Development Authority (DDA) showed Greater Miami Downtown’s population has 92,235 people living in the area in 2018, which was an increase of 38 percent since 2010 and a 65 percent jump from 2000 to 2010, according to a study from Miami’s Downtown Development Authority (DDA).