CBRE Tapped To Market Rezoned Twenty-Acre Site

CBRE has been retained by Keating Resources to market a 20.57-acre site in Hialeah for mixed-use redevelopment.
The Market Station Development Site is an income-producing industrial site located at 725 SE 9th Court, less than a mile from the Hialeah Market Station/Tri-Rail Station.  On November 25, 2014, a proposed resolution was approved by the City of Hialeah to amend the Comprehensive Plan and Zoning Code to allow for a Transit Oriented Development Overlay District (“TOD”) that will promote and encourage pedestrianism, mobility and transit ridership through vertical and horizontal mixed use development.  The Mayor was also authorized to study the feasibility of creating a Community Redevelopment Agency (”CRA”). With the new zoning, the site now holds the potential to be redeveloped into large-scale, mixed-use transit project in one of Miami’s most populous suburbs.
 

“As we have seen in Doral, Miami’s recovery and land boom is reverberating in areas just outside the urban core where the multifamily fundamentals are strongest, and Hialeah is home to some of the best multifamily market fundamentals in South Florida,” said Gerard Yetming, Senior Vice President, CBRE. “Market Station is the first significantly sized land offering in Hialeah to come to market in the recent past, delivering an unprecedented opportunity for a future owner to develop a landmark project combining residential and retail components, with the secure alternative of in-place income to allow for flexibility in timing.”

Multifamily occupancy in Hialeah is presently above 98%, and expected to average about 97% over the next five years. High rents in other Miami submarkets have pushed many renters to suburban submarkets in search of more affordable market-rate housing, resulting in 4.7% year-over-year rent growth in Hialeah. As population growth in South Florida continues to accelerate, and as no market rate units are currently planned or under construction in Hialeah, rents are expected to increase on average 3% over each of the next five years.
Market Station currently consists of two warehouse facilities totaling 506,300 square feet on 20 acres located in an Enterprise Zone. The buildings are currently 79 % leased, up from 58% three months ago.
CBRE’s Gerard Yetming, Robert Given and James Quinn are marketing the property.
 

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