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CBRE has been engaged to market what is described as downtown Miami’s largest remaining development site, a 6.6-acre parcel in the Park West neighborhood branded as the Miami Business & Entertainment District. The site, located at 1151 NW 1st Ave., is being offered at a price of $500 million and is positioned for a large-scale mixed-use project.
According to CBRE, the property offers more than 10 million square feet of development potential. Current entitlements allow for up to 6,602 residential units along with a broad mix of uses, including residential, office, hotel, and retail. This scale positions the site as a candidate for a skyline-defining project that could add significant density and a blend of commercial and residential components to the downtown area.
The ownership group for the site is led by Marc Roberts of the Marc Roberts Companies and Michael Simkins of Lion Development. Both are also identified as co-developers of several nearby projects, including the adjacent E11ven Club Hotel & Residences, E11even Club Residences Beyond, and West Eleventh Residences Miami. These neighboring developments underscore that the immediate area is already attracting large mixed-use and hospitality-driven investment.
CBRE’s brokerage team of Robert Given, Brad Capas, Troy Ballard, and James Quinn has been retained to represent the sellers in the marketing process. The assignment focuses on identifying investors and developers capable of executing a project that can take advantage of the site’s scale, entitlements, and location within downtown Miami’s urban core.
In a statement, CBRE’s Robert Given noted that the $500 million asking price is expected to draw interest from a wide range of global investors and developers. The combination of extensive development rights, a large land assemblage, and a downtown location in an established entertainment-focused neighborhood is being positioned as a key differentiator for the offering.
With its substantial allowable residential unit count and mixed-use entitlement profile across residential, office, hotel, and retail components, the site represents a significant future development opportunity within Miami’s urban fabric. The outcome of the marketing process will help indicate how capital allocators are currently pricing large-scale, mixed-use development opportunities in one of the city’s most active districts.
The post CBRE Markets $500M Mixed-Use Development Site in Downtown Miami’s Park West appeared first on CRE Market Beat.
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