Downtown Miami had been in decline for over 20 years. Land values, outside of the Brickell Financial District area, were very depressed. A newly planned performing arts center was envisioned in hopes that it might become the keystone for change. Midgard capitalized on this significant opportunity.
The area was reviewed for zoning, current use, price and future impact in order to determine the best investment value. A highly zoned but underutilized area was identified 2 blocks from the future performing arts center. Midgard undertook a program of acquisition and assemblage. Current uses and operating income were preserved and enhanced, while a plan for future higher utilization was conceived.
Midgard assembled and acquired an entire city block containing over 3 net acres in downtown Miami and continued the current uses on the property. As a result, operating income contributed to covering Midgard’s carrying costs. Over the years since the initial parcels’ purchase, property values have increased more than tenfold.
The property is in the Arts & Entertainment District, which has seen a development boom with multifamily and retail. This property is located in an Opportunity Zone. The 3.04-acre site at 1700 Biscayne Blvd. holds zoning that would permit a multiple towers with mixed uses. Midgard is currently marketing the property for resale through a strong national brokerage firm.
LINK – www.biscayneplace.com