C&W Selected To Market 6 Acre Miami River Walk Site

May 04, 2015 No Comments by

Cushman & Wakefield announced today that Senior Director Rosendo Caveiro of the Multifamily Advisory Group, has been named exclusive marketing advisor for the sale of the Miami River Walk development site, a 6.31-acre vacant tract of land with over 1,000 feet of frontage along the Miami River. The site is one of the largest, privately-owned, undeveloped, vacant tracts of land remaining on the Miami River.

The Miami River Walk development site, located at 1001 NW 7th Street, is approximately one mile west of downtown Miami, offering easy access to State Road 836, Interstate 395, and the Civic Center Metrorail Station.

The site is situated within walking distance of Miami’s Health District, which boasts the nation’s second-largest concentration of medical and research facilities behind only Houston. The district is home to approximately 40,000 workers, most employed in the health services sector.

 

“With the Downtown/Brickell business and residential district nearly built out,” said Caveiro, “the next area for new development is the Miami Health District, where the Miami River Walk site is located.”

Cushman & Wakefield’s Year-End 2014 South Florida Multifamily Marketbeat Report documented how demand has outpaced supply in Miami, creating an incredible opportunity for development.

 

“Continued employment and population growth bolstered housing demand,” reads the report “The City of Miami is dominated by renters, as 67.8 percent of the housing is rental occupied, driven by both the high density of the existing stock as well as the high cost of home-ownership in the region.”

 

“Additions to supply have been picking up, but absorption still exceeds deliveries in core markets,” added the report, which also highlighted further declines in local vacancy and an 8.4 percent increase in average asking rent. “Healthy momentum is expected to continue in the multifamily sector as the new supply coming online during the next several years is not expected to greatly outpace demand.”

 

“Market conditions in the Miami Health District are ripe for development,” explained Caveiro. “Condominium prices have soared in the Downtown/Brickell submarket due to foreign investor demand. This has made it financially challenging for working professionals to buy – much less rent –– these condos,” added Caveiro. “The westward shift will provide a more affordable multifamily housing alternative.”

Once such alternative has already been announced one-half mile west of the Miami River Walk development site. River Landing, a planned 2.4-million square-foot, $300 million, mixed-use project composed of retail, residential condominiums, and a public park to be built on the site of the former Mahi Shrine Auditorium. River Landing’s retail component is expected to come on-line in the summer of 2017 with the residential element to follow in the spring of 2018.

These types of developments have become a necessity for urban communities which value quality, walkable urban spaces which help solve the traditional transit issues.

Cushman & Wakefield’s Fall 2014 Urban Development Report indicated that Miami is a prime candidate for such developments, as the fourth-fastest growing Metro Area in North America behind only Atlanta, Toronto, and Washington, D.C.

 

“Miami’s urban core is undergoing a transformation unlike any other seen in the market before, including the development boom of the mid–2000s,” reads the report. “The CBD is a mere 1.7-mile area with a daytime population of over 200,000 people –- and growing.”

“More than 74,000 people live in the Downtown Miami market, which is double the number from just ten years ago,” continues the report. “Specifically in the CBD, households have increased 93 percent, and a substantial portion of residents are young [57 percent in the 20–44 age range].”

 

“A unique characteristic of the site is its development flexibility,” said Caveiro. “Very few, if any, mixed-use or multifamily sites of this size in Miami have this dual zoning classification.”

 

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Industry News, Miami-Dade County Multifamily, Multifamily, NA
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