December 19, 2019 — Avison Young’s Florida Capital Markets Group closed the $25 million sale of 25 West Flagler Street, an assemblage of three adjacent parcels totaling 29,000 square feet of land in Downtown Miami’s Central Business District (CBD). The property features redevelopment potential of up to 80 stories and ±696,000 square feet, as of right.
Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; Vice President Brian de la Fé; and Associates Berkley Bloodworth and Emily Brais in collaboration with Dan Carlo negotiated the disposition on behalf of the seller, City National Bank. The existing 139,448-square-foot office building was City National Bank’s former flagship headquarters. The buyer was Moishe Mana, one of the most prolific private investors in Miami who owns a significant number of properties along the Flagler Street corridor – including the property immediately to the east of 25 West Flagler – and in Wynwood.
“The sale of 25 West Flagler is a major deal in Miami, as the property has become part of a long-range redevelopment play,” said Crotty. “Ideally located and designated with Miami’s most favorable and aggressive zoning, the asset is a valuable addition to the buyer’s portfolio and overall plan in the area.”
Located between West Flagler Street and Northwest First Street, 25 West Flagler advantageously sits across from the Miami-Dade County Courthouse, within walking distance to Brightline’s MiamiCentral Station. A recently completed segment of the massive $27 million Flagler Street renovation and beautification project to create a more pedestrian-friendly environment, fronts the property.
New developments are encouraged by the Miami Downtown Development Authority’s 2025 Master Plan, which aims to maximize the potential of the Greater Downtown area and its waterfront through the implementation of projects that will increase livability, encourage private sector investment and ensure the proper expenditure of public dollars. Possible redevelopments of 25 West Flagler include a variety of mixed-use options such as office, multifamily or condo residential, hotel and retail.