The development site of an already approved 53-story M Tower planned for Downtown Miami was recently sold to a prominent New York City developer. The two parties in the transaction are the seller Downtown 56 LLC, an affiliate of S2 Development, and the buyer Downtown 1st Street LLC, an affiliate of Long Island-based Lions Group NYC. The 16,718-square-foot site traded hands for $10 million, and that includes the addresses 56 Southwest 1st Street and 65 Southwest 2nd Street, including the air rights to the adjacent city-owned parking structure at 70 Southwest 1st Street. Lions Group NYC intends to follow through with the existing plans for the new building.
M Tower, designed by Zyscovich Architects, is projected to yield 622,783 square feet of space including 440 residential units, 25,732 square feet of office space and 1,089 square feet of retail likely located at the ground floor level. The residential aspect of the development is being targeted towards students and young professionals, as many individuals of this category continue to flock to Miami and other areas of South Florida. The property is conveniently located at the center of it all, having the Miami Avenue Metromover Station half a block to the east, and easy access to the I-95 while being within walking distance Brickell across the river.
M Tower. Designed by Zyscovich Architects.
“This market is poised to see the largest influx of investors ever from other states and this transaction highlights that trend,” Mattingly said. “New York-based Downtown 1st Street LLC’s purchase of this development site proves that the migration from the Northeast has only accelerated as the vibrant downtown neighborhood continues to evolve.”
M Tower. Designed by Zyscovich Architects.
The plans for M Tower have already been approved by the Urban Development Review Board, and can move forward in the planning stages.
Executive Managing Director Mika Mattingly of Colliers’ Urban Core Division represented the seller in the transaction. Estrella Perez of EP Realty represented the buyer.
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