Berkadia Finalizes $40M Sale of Shovel-Ready Site Zoned for 36 Stories in Downtown Miami
Berkadia has arranged the $39.5-million sale of a one-acre, Opportunity Zone-designated site in the heart of Downtown Miami for a JV with Chicago, IL-based developer The John Buck Company – Florida Value Partners, and BH Group with PEBB Enterprises.
Jaret Turkell, Roberto Pesant, Scott Wadler, Yoav Yuhjtman, Omar Morales and Jose Mota of Berkadia marketed the property on behalf of the seller, BH 18 Investments LLC and Meyers Group.
The investment marks commercial real estate developer The John Buck Company’s official entry into the South FL market. The firm has developed over $7 billion of real estate projects, including several landmark buildings and skyscrapers in Chicago, Washington DC, Philadelphia, and Abu Dhabi.
The 1.03-acre “Miami Station” site, located at 533 Northwest 2nd Avenue across from the Miami Central Brightline station, sold for the equivalent of $800 per square foot. The property is entitled for the development of 301 residential units, 244,000 square feet of office, and just over 7,000 square feet of retail.
The site offers 301 feet of frontage on NW 6th Street. It is zoned for 36-stories with a benefit height of 24 additional stories subject to FAA and MDAD approval.
“Miami Station presented the buyer a unique opportunity to acquire a shovel-ready site in the city’s urban core at a time when demand for residential and office space downtown is booming from a wave of corporate relocations,” said Turkell.