MIAMI | 200 South Miami Ave.| 800ft+| 80 fl x 2

[chris08876]

For those who know downtown Miami, FedEx is a familiar location. It’s a quick, convenient stop on the city’s west side to send packages when overnight delivery is the only option.
But many people might not know the site well unless you are driving through that area on your way to the city's administrative offices nearby. The property's owner, however, is hoping that its proximity to several public transportation nodes, including Metrorail and Metromover, will help make it an ideal location for residences.
To that end, CBRE has been hired to market the property at 200 S. Miami Ave. The 57,075-square-foot site is about a block west of the soon to be TotalBank Tower, formerly the Bank of America Tower.
The proposed development could have 1.75 million square feet of building with 1,020 units, or nearly a million square feet of condos. But know that Miami 21 zoning provides for a density of 1,000 units, according to the marketing materials that CBRE's Gerard Yetming and Calum Weaver put together.
FedEx has its lease on the property through April 2019, with no lease extensions; it generates a net operating income of more than $1 million annually, according to the marketing materials. So, whomever buys it will either have to buy out the FedEx lease, if they want to build immediately, or locate the shipping company into the future development to make good.
The purchase opportunity is in line with the marketing of other downtown properties for sale, including the 444 Brickell Ave. site which is now under contract to The Related Group for about $100 million.

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http://www.bizjournals.com/southflor...-for-sale.html

[chris08876]

Site was bought as of July 16, 2014. This is good news as it leads the way for a massive development to occur:
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Fifteen Group Buys Downtown Fedex Property

Fifteen Group has closed on the purchase of the downtown Miami FedEx ship center.

The property is across the street from the Lynx site.

1.31-acre property currently leased by FedEx is acquired for $19 million. CBRE arranged the sale of 200 South Miami, an income-producing high-rise development opportunity in the heart of downtown Miami, FL. Adjacent to the Third Street Miami Metromover station and currently leased by FedEx, the 1.31-acre site was acquired from BDG 200 South Miami Avenue, LLC by Fifteen 200 South Miami LLC for $19 million. CBRE’s Gerard Yetming and Calum Weaver, Robert Given and Zachary Sackley represented the seller in the transaction.

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July 17, 2014
http://www.exmiami.org/index.php/dow...-fifteen-group

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Remember:

As an optimal site for a condominium, apartment community, or mixed-use project within Miami’s walkable “live/work/play” downtown, 200 South Miami features Miami21 zoning of T6-80, to allow for a total density of 1,390 units. While the site currently hosts a four-story, 85,907-square-foot building, proposed designs suggest it could accommodate a 1.7 million square-foot building with 1,020 units and 974,804 square feet of salable condominiums.

[Onn]

Looks like a Miami megaproject! Looks pretty good too!

[chris08876]

Just as a reminder, don't confuse this with 400 South Miami Ave which is the 928 foot tower. The title has yet to be changed for that project, so in the meantime, just know the differences. Theres a couple of projects with very similar names, and sometimes, the difference between 1010 and 1100 in the address can cause confusion; especially with "Brickell" being a household name for developments.

Just want to make sure whoever manages the SSP database for Miami knows the difference along with other members.

[chris08876]

http://i.imgur.com/QmtQaDc.jpg

Compared to:

[chris08876]

FedEx’s downtown Miami site for sale, could fetch $40 million

FedEx’s downtown Miami distribution facility is up for grabs, and could fetch close to $40 million, The Real Deal has learned.

The property, at 200 South Miami Avenue, is leased to FedEx until 2029, with a five-year renewal option. The company leases the entire nearly 110,000-square-foot building, using it as its “last-mile delivery” facility serving downtown, said Cushman & Wakefield Vice Chairman Robert Given, who has the listing. Starting in 2019, rent will be $14.82 per square foot, triple-net, with 2.5 percent increases each year thereafter, according to listing information.

Given told TRD bids are due on Friday and so far, close to 150 people have requested packages. The property is listed without a price, but he said he expects the sale price to “approach $40 million.” That would equate to about $364 per square foot.

Property records show the seller as the Fifteen Group, a Miami-based real estate investment and development firm led by Mark and Ian Sanders. The company purchased the site for $19 million in 2014. The building was built in 1999.

The 1.4 acre site could eventually be redeveloped, with current zoning allowing 2 million square feet and up to 1,395 units, according to the listing brochure.

“It’s an opportunity for someone to have a covered land play. You have a triple-net lease credit tenant paying a certain rent for the next 12 to 17 years, so that piece of land becomes that much more important,” Given said. “It’s a last-mile distribution center in the heart of downtown, so it’s hard to reproduce. Down the road, it could be a tall office building or a tall condo building…. Imagine having an acre downtown 17 years from now, so it’s great for estate planning and long-term development.”

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TRD