null - Commercial Real Estate News Releases | Avison Young News
Commercial real estate news releases from Avison Young
Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.
Avison Young to sell iconic ±15.5-acre BayCity Miami development site, one of the largest and most valuable waterfront land assemblages in the U.S.
décembre 1, 2022
MIAMI – Avison Young’s Florida Capital Markets Group has been exclusively tapped to sell Genting Group’s Omni District waterfront land, a ±15.5-acre development opportunity dubbed BayCity Miami at 1431 N Bayshore Drive in Miami. With 800 linear feet of direct Biscayne Bay frontage and highly aggressive zoning in one of Miami’s most dynamic and connected neighborhoods, it is considered the most desirable development site offering in the city’s history and one of the largest waterfront land assemblages currently available in the U.S.
“This site is among the most valuable in the United States, let alone South Florida,” said Michael T. Fay, Principal and Managing Director of Avison Young’s Miami operations who leads the team managing the sale. “The rarity of this opportunity coupled with the potential to build a landmark office, retail, residential, hospitality, and entertainment destination will attract prospective buyers from all over the world.”
Spanning several lots, including the former Miami Herald headquarters site, the property is in the Metromover subzone of Miami-Dade’s mixed-use zoning of RTZ (Rapid Transit Zone). With South Florida’s most generous zoning designation, the site has unlimited buildable square footage, no setbacks, a height limited only by the FAA regulations (649 feet) and a potential density of over 8,000 units. The RTZ zoning provides developers an enormous, highly flexible building envelope and the opportunity to develop a singular waterfront development of incredible scale.
Along with Fay, Avison Young Principals John K. Crotty, CCIM; David Duckworth, and Vice President Brian C. de la Fé will spearhead the marketing and sale of property. Genting Group, one of the largest resort and entertainment and gaming corporations in the world, will remain invested in the Omni area, maintaining ownership of parcels spanning 10 acres west of Biscayne Boulevard.
“South Florida’s popularity only continues to grow, and we are incredibly optimistic about our opportunity to bring a unique development to the area,” said Robert DeSalvio, President, Genting Americas East. “With our focus now locked in on 10 acres of prime real estate, we look forward to accelerating the process of outlining a project, putting shovels in the ground and getting a project built that all South Floridians can be proud of.”
Over the past 2.5 years, Miami has become a Tier-1 American city, on par with New York City and Los Angeles. According to proptech platform AVANT by Avison Young, Orbital Insight, Miami is outperforming most top U.S. metropolitan cities, including New York, as far as daily visitors to the city’s downtown urban core. Additionally, high-income earners and some of the most successful financial services, technology and cryptocurrency firms continue to relocate to Miami from other major metros. Rents across commercial real estate asset classes in Miami are at all-time highs, and development sales continue to break records.
About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.