Developers Michael Simkins’ Lion Development Group and Marc Roberts are testing just how hot downtown dirt can get. The pair has put a roughly 6.6-acre assemblage in Miami’s Park West on the market with an asking price of $500 million. The parcel sits north of Miami Worldcenter and immediately next to the rising E11even Residences towers that have already reshaped that stretch of downtown. If a buyer pays the asking price, the sale would rank among the largest urban land trades in South Florida this year.
The assemblage identified at 1151 Northwest First Avenue is being marketed by CBRE with pricing that works out to about $75.8 million per acre, as reported by The Real Deal. CBRE’s James Quinn told the outlet that current zoning allows roughly 4.8 million square feet of development on the property and that transferable development rights could add about another 1 million square feet. Marketing materials for the listing also highlight quick access to the I-395 Signature Bridge corridor and a planned 33-acre underdeck park beneath it.
Bridge, underdeck and transit access
Marketing for the site leans heavily on its proximity to the I-395 Signature Bridge and the 33-acre “underdeck” park planned beneath the new span. That project has lost federal funding and seen schedule slippages, with state agencies now pushing expected completion into 2029, according to Axios Miami.
How big could it be?
Developers and listing materials say the Live Local Act and transferable density could dramatically increase what a buyer can build on the block. Marc Roberts told The Real Deal that the partners “did all the heavy lifting” assembling the parcels, and CBRE’s James Quinn has said FAA restrictions would still cap heights at roughly 650 feet. Construction on the nearby E11even towers is already underway, and progress has been tracked by local industry outlets like Florida YIMBY.
Market context
A $500 million sale would come close to the region’s recent record development-site trade, a $520 million Brickell assemblage, underscoring how far buyers will stretch for prime downtown land, per CoStar. Other high-price trades this season, including an $88.8 million Worldcenter site purchase by Tokyo-based Kasumigaseki Capital, show that strategic downtown parcels remain in demand, according to Bisnow…