Berkadia Arranges Sale of 1-Acre Site near Brightline in Downtown Miami to New-to-Market Chicago Developer
The $39.5 million sale marks The John Buck Co.’s debut in the South Florida market
MIAMI (February 8, 2023) – Berkadia announces it has arranged the sale of an Opportunity Zone-designated site in the heart of Downtown Miami for a JV with Chicago-based developer The John Buck Company – Florida Value Partners, and BH Group with PEBB Enterprises. The 1.03-acre “Miami Station” site, located across from the Miami Central Brightline station, sold for $39.5 million – or $800 per square foot. The property is entitled for the development of 301 residential units, 244,000 square feet of office, and just over 7,000 square feet of retail. The investment marks The John Buck Company’s official entry into the South Florida market.
Senior Managing Directors Jaret Turkell and Roberto Pesant, Managing Director Scott Wadler, Director Yoav Yuhjtman, Associate Director Omar Morales and Senior Financial Analyst Jose Mota of Berkadia South Florida marketed the property on behalf of the seller, BH 18 Investments LLC and Meyers Group.
“Miami Station presented the buyer a unique opportunity to acquire a shovel-ready site in the city’s urban core at a time when demand for residential and office space downtown is booming from a wave of corporate relocations,” said Turkell. “Located just steps from Miami Central, the city’s newest business and transportation hub connecting all the major South Florida markets, the mixed-use development site is ideal for a developer like The John Buck Company, which is known for developing landmark urban properties.”
Located at 533 Northwest 2nd Avenue, Miami Station offers 301 feet of frontage on NW 6th Street. It is zoned for 36-stories with a benefit height of 24 additional stories subject to FAA and MDAD approval. The property’s location next to the Brightline commuter-rail station and an array of public transit offers tremendous connectivity to most major employment centers across the Miami metro, along with the downtowns of Fort Lauderdale, West Palm Beach and Orlando (via the Brightline).
The John Buck Company has developed over $7.0 billion of real estate projects including several landmark buildings and skyscrapers in Chicago, Washington D.C., Philadelphia, and Abu Dhabi.