251 E Flagler St - Flagler Central Development Site

Colliers is pleased to introduce Flagler Central, an unparalleled redevelopment opportunity located in Downtown Miami's vibrant core. With 250 linear feet fronting Flagler Street and extending a full city block on NE 1st Street, this property spans 2.51 acres. Currently, the property features a 164,000-square-foot, three-story shopping center, anchored by Marshalls. Existing leases have a 180-day demolition clause, allowing for expedited redevelopment while providing a stream of income. The prospect can utilize a land banking strategy by continuing operations of the current building, adjusting rents to market rates, and redeveloping in the future.
The property benefits from T6-80 zoning, which is among Miami 21's most liberal designations, and further complemented by its position within the Downtown Density Overlay. This unique zoning allows for up to 1,000 housing units per acre, structures of up to 80 stories, and a maximum gross building capacity of 3.9 million square feet. The site is perfectly suited for a mixed-use tower that maximizes the benefits of high-density zoning. Strategically positioned as part of the Flagler Street revitalization initiative, the property also boasts superior connectivity, courtesy of its proximity to mass transit solutions and pivotal transportation corridors.
Within a short walk are key amenities including Brickell City Centre, Whole Foods, Bayfront Park, and Miami World Center. Strategically situated, the properties benefit from their proximity to a notable employment nexus of over 12 million square feet of downtown office space, the primary campus of America's largest community college, and vital governmental and judicial institutions. Further enhancing the location, the vicinity's entertainment, and sporting arenas draw vast crowds annually. Nestled next to the Miami Avenue Metromover station, the location offers unparalleled access to premier local facilities, seamlessly linking to the Metrorail and Brightline for extended regional commutes. This coveted spot epitomizes the ideal fusion of living, working, studying, and leisure, marking it as a superb redevelopment opportunity in Downtown Miami.