The Porosoff Group of Compass Commercial is proud to present the Signature Park Development Site 1315 NE Miami Court, a three-story, 35-Unit building built in 1960, with 17,969 SF of rentable space on an 18,750 (0.43 Acres) lot. The property is zoned
T6-24A-O under Miami-21 zoning which allows high-rise development in addition to short-term hospitality. The location of the property also allows for the application of the Urban Core Transect District and the Miami-Dade Counties Government Center
Subzone due to its proximity to transit, giving developers the ability to maximize the density while reducing and/or waiving parking requirements.
The property is currently 100% occupied with tenants at market rents. The unit mix is 34 One-bedroom units and 1 Two-bedroom unit. This makes the site an ideal covered land play as developers go through the entitlement process to re-develop the site.
As a result of significant high-rise development surrounding the property, there is a much higher and better use for the property. Surrounding projects include Melo Group – Art Plaza Tower (2019) 667 units, Melo Group – Square Station (2018) 710 Units, Melo Group – Miami Plaza (2020) 425 units, and more in the planning stages. An additional new driver to the area is the Nite Owl Drive-In movie theatre created by the Estefan Family on a nearby city block they own which is also prime for future development. There are several large multifamily, condo, and mixed-use projects within a 6-block radius of the property accelerated by a development boon due to post-covid migration into the marketplace which has brought in high-paying jobs and the accompanying wealth transfer into South Florida.
The asset sits a half mile from a 15.5-acre site in the Arts and Entertainment District that recently traded for $1,250,000,000.00 which will further transform the area as Miami becomes one of the most desirable global destinations. This irreplaceable location abuts the new Signature Bridge Park which many consider to be Miami’s version of Central Park. The property is also within close proximity to Miami Worldcenter, Brightline, and the surrounding neighborhoods of Wynwood, Edgewater, Brickell, and downtown Miami.
A zoning study on the property revealed the ability to build 200 hotel units and 302 residential units for a total of 502 units as part of a 41-story building with no parking or a 45-story building with 4 levels of structured parking. The ground level has a small retail component, dedicated and separate lobbies for the hotel and residential with a small reception lobby for the hotel and a larger regular lobby for the residential component. Additionally, the plans call for back-of-house areas, loading, and some parking for valet or ridesharing services. The proposed second level will be the main hotel with a restaurant and outdoor terrace dining, highlighting the burgeoning Miami skyline.
CRE Advisor Multifamily Hospitality Development
NMHC PAC Contributor
Tel: (305) 733-6066
License: FL SL3160379
Get all latest news and exclusive deals