US: The vacant block is located along Northeast First Avenue between 10th and 11th Streets and measures 2.18 acres.
It is zoned with the density to accommodate 1,092 residential units with no parking requirements, or a total of 1,713,114 gross-square-feet.
Robert Given, vice chairman at Cushfield & Wakeman and the real estate broker responsible for marketing the land to international buyers, said that by the time the remaining plot is fully developed, the $800 million redevelopment of I-395 will have been completed.
I-395 is a bridge over Biscayne Boulevard, designed to look like a spider. Given said that its completion will add more value to the marketed land, which sits close to the bridge.
Miami Worldcenter Associates managing partner, Nitin Motwani, has guided the project since its inception 15 years ago. He added that the “proximity to I-395 gives us the best egress and regress in Miami.”
The 27-acre Miami Worldcenter development, a $4 billion project, includes various apartment rental, condo and office towers, hotels, an expo centre, public spaces and retail.
Completed sections of phase 1 include a 58-storey Paramount Miami Worldcenter tower, which has sold 95 per cent of its 562 units, and the 43-storey Caoba Residences, which is 75 per cent leased.
Phase 1 of the project involves a 1,700 room Marriott Marquis hotel, a 348-room citizenM boutique hotel, a 45-storey Hines mixed-use office tower, a 320,000 square-foot retail and dining component, and two multifamily towers with more than 800 apartment rentals combined. They are scheduled to be completed between 2020 and 2023.