Miami Metromall in Downtown Miami Offered For Sale As Potential 80 Story Tower
October 27, 2017 by Lucas Lechuga
The Miami Metromall, or First on First (as the owners are now calling it), is offered for sale in Downtown Miami. The site boasts over 33,000 square feet of developable land after the current structure is demolished and is zoned for a tower up to 80 stories.
Located at 1 NE 1st Street, the property offers an attractive address as well as a super attractive location. Looking at the map, you can see that the site is extremely convenient to the Miami Metromover to travel throughout the Downtown area, Government Center to travel throughout the county, All Aboard Florida to travel to Orlando, countless local government offices and the world-renowned Downtown Miami Diamond District. WeWork is also opening a flagship co-working space just steps away in the historic Security Building. The only thing it doesn't have is water frontage.
Given the fact that the area has 235,000 daily visitors, paired with recent land sale comparables of $600+ per square foot, this offering is very attractive. While there is no disclosed asking price, I could realistically see a win-win feasible deal for anything up to $23 million. If a developer were to pay $23 million, then build the maximum 774 units on the site, they would essentially incur a cost of $30,000 per unit on their land buy. That holds par with typical development costs for semi-luxury to luxury condos, but there is still the fun negotiation zone, so it looks like Downtown Miami has a viable opportunity!
What do you think? What would be best suited for this parcel?
If you would like more specifics, just let us know.
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