139 NE 1st St - Dade Commonwealth Building - Hotel Dev Site

Compass Commercial presents the Historic "Dade-Commonwealth Building" an existing 43,265sf office-building with rare in-place approvals from the Historic Preservation Board and the City of Miami for a 17-story, 163-room upscale hotel. Alternatively the existing structure is permitted to reposition to a 60-key hotel. Sale includes approved plans, demolition permits + Master permits which are in final stages allowing for quick project initiation. Property is entitled to an Ad Valorem Exemption and also the Federal Historic Rehabilitation Tax Credit due to it's historic designation. Great opportunity to develop a luxury hotel in Downtown Miami that's fast-tracked with approved plans, demo permits + tax credits.

Prime location in the heart of Downtown Miami within a short walking distance to some of Miami's significant tourist destinations, office buildings, dining and nightlife spots, and cultural attractions which offers the flexibility to cater to both business and leisure-oriented travelers. Excellent connectivity via nearby Brightline and MetroRail stations and just 15 minutes from Miami International Airport.

The historic designation of the Dade-Commonwealth Building provides significant tax incentives for developers, including a 10-year Ad Valorem Tax Exemption covering 100% of the assessed value of qualified improvements. Additionally, the property qualifies for the Federal Historic Rehabilitation Tax Credit, offering a 20% tax credit on direct and indirect renovation costs. Don’t miss out on this rare chance to develop a luxury hotel with significant tax incentives and fast-tracked with demo permits in-place.