A DEVELOPMENT OPPORTUNITYLast development site available within walking distance to
Miami Central & Virgin/Brightline Train
Miami World Center
33-55 NE 6th StreetMiami, FL 33030
OFFERING MEMORANDUM
MIAMI LINKTHE MIAMI LINK
04 SITE OVERVIEW
14 INVESTMENT HIGHLIGHTS
16 DEVELOPMENT POTENTIAL
18 LOCATION MAP
20 MARKET DRIVERS
26 COMPARABLESTABL
E O
F C
ON
TEN
TS
Contact Information
Colliers International Urban Core Division is pleased to present the
opportunity to acquire The Miami Link (33-55 NE 6th Street, Miami, FL
33030) bordering Miami World Center and a block away from Miami
Central, South Florida’s largest developments to date. The property
consists of a 5,000 square-foot building sitting on 24,000 square feet of
land. The Miami Link is designated T6-60a, one of Miami’s most favorable
and aggressive mixed-use-zoning codes, allowing for up to 396,000
square feet of development and a density of 275 units. The site is also
positioned within 1,000 feet of Miami’s largest trans portation hub, which
frees a developer from any parking requirement for residential projects.
This prime location creates new pathways of mobility so that employees
and visitors can embrace the perks of working, living, and playing in the
city. With developments on every corner, this site has become the last
opportunity to develop in the vanguard of Miami’s multi-billion-dollar
world-class destination.
THE OFFERING
themiamilink.comCECILIA ESTEVEZSenior Associate +1 786 942 [email protected]
MIKA MATTINGLY Executive Managing Director+ 1 786 486 [email protected]
BRADLEY ARENDTDirector +1 954 652 [email protected]
MIAMI LINKTHE MIAMI LINK
4 5
Miami World Center
Frost Museum/Park
American AirlinesArena
Miami-Dade CollegeWolfson Campus
Virgin/BrightlineStation
Adrienne ArshtCenter
Address:33-55 NE 6th StreetMiami, FL 33132
Lot Size SF: 24,000/0.55 Acres
Building Size: 5,130 SF
Zoning: T6-60a O
FLR Allowable: 264,000 SF
FLR Allowable w/Bonus: 396,000 SF
Building Height: 60 Stories
Building Height w/Bonus: Unlimited
Allowable Units: 275
Folio(s):01-0105-080-109001-0105-080-110001-0105-080-1110
Property Summary
SITE OVERVIEW
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6 7
Miami World Center
Frost Museum/Park
American AirlinesArena
Miami-Dade CollegeWolfson CampusVirgin/Brightline
Station
Adrienne ArshtCenter
Address:601 N Miami Avenue,25 NE 6th StreetMiami, FL 33132
Lot Size SF: 24,000/0.55 Acres
Zoning: T6-60a O
FLR Allowable: 264,000 SF
FLR Allowable w/Bonus: 396,000 SF
Building Height: 60 Stories
Building Height w/Bonus: Unlimited
Allowable Units:275 + an additional 100 units from Special Area Plan Allocation
Folio(s):01-0105-080-109001-0105-080-110001-0105-080-1110
Property Summary - Parcel B
POSSIBLE ADDITIONALASSEMBLAGE
SITE - OVERVIEW
NE 1st Avenue
NE 6th Street
COABA / MIAMI WORLD CENTER
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SITE - OVERVIEW
NE 6th Street
NE 1st A
venue
COABA / MIAMI WORLD CENTER
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SITE - OVERVIEW
13
Downtown Miami ranks amongst the Top 5 places in the U.S. for walkability, and is the hub for rapid transportation.
American AirlinesArena
Bayside Marketplace T he Miami Link is situated in the center of a huge
base of 175,000 employees, the main campus
of the largest college in the country, and one of the
most advanced passenger rail systems in the nation. It
is surrounded by a multitude of projects within Miami
Worldcenter. The site benefits from quick, direct access
to I-95 and I-395, and is a block away from Virgin
MiamiCentral, a high-performance-rail transportation
hub. For the first time ever, employees can consider living
as far away as downtown West Palm Beach or Fort
Lauderdale and easily commute to Downtown Miami
for work.
INVESTMENT HIGHLIGHTSPort Miami
Miami Dade College
Caoba Residences
NE
8th
Stre
et
NE
10th
Stre
et NE 6th Street
N Miami Avenue
MetroMover
MetroMover
MetroM
over
MIAMI WORLDCENTER SITE
Virgin / BrightlineMiami Central
Station
MetrorailOvertown Station
“THE NEW GLOBAL CITY”- The Wallstreet Journal
Biscayne Blvd
MIAMI LINKTHE MIAMI LINK
14 15
Miami World Center
Frost Museum/Park
American AirlinesArena
Miami-Dade CollegeWolfson CampusVirgin/Brightline
Station
Adrienne ArshtCenter
INVESTMENT HIGHLIGHTS
PATH OF GROWTH
MIAMI WORLDCENTER DEVELOPMENTS
The Miami Link is in the heart of one of the fastest evolving gateway cities
in the U.S. The daytime population swells to over 250,000, due to the
high concentration of commercial office space, government and judicial
centers, retail districts, and Miami Dade College, the largest institution of
higher education in the country. The number of full-time residents has surged, as
young professionals and families move into the newly built towers. The current
condominium projects offer pricing across the spectrum, from well below
$500,000 to more than $9 million, which is the average unit pricing at One
Thousand Museum Residences. This valuation reflects a maturing downtown
that is attracting a wide range of buyer profiles. Downtown Miami remains
a bargain compared to Miami Beach, and its pricing is aligned with Coral
Gables and Aventura. Compared to 2016, rental volume increased almost 20
percent, with 325 units per month rented in 2017.
Demand for living in Downtown Miami is at an all-time high, with residential
projects such as Yotel having sold 95 percent of its units before breaking
ground, Paramount having sold 90 percent of its units before completion, and
XMiami having leased 40 percent of its units before opening.
Currently under construction in Park West is Miami Worldcenter, a 30-acre,
mixed-use commercial development that will include: 1 million square feet of
retail space; the Marriott Marquis World Convention Center Hotel featuring
1,800 rooms and 600,000 square feet of convention space; and promenade-
style streets filled with outdoor cafes, restaurants, and boutique retail shops.
Miami Worldcenter is one of the largest private master-planned projects in
the U.S. and once completed, will be a “city within a city.” Its first project,
Paramount Miami Worldcenter Residences, has become well known as the
building with the most amenities in the world.
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DENSITYThe maximum density is 500 units per acre. 0.55 x 500 = 275 units
INTENSITYIntensity is governed by Floor Lot Ratio, “FLR”, and is based on the next lot area of the property. This property has an FLR coefficient of 11.
The formula is as follows: Net Lot Area x FLR coefficient + 50% Public Benefit Bonus= Building area permitted.
PARKING Miami 21 permits shared parking for developments with mixed uses. Residential parking is not required for T6-60a sites that are within 1,000 feet of a Metromover or Metrorail station. Lodging uses require one parking space for every two lodging units and one additional visitor space for every fifteen lodging units. Office and commercial uses require three parking spaces for every 1,000 square feet of office. The commercial parking requirement is 3 spaces per 1,000 SF of office or retail. In the designated central core areas, there is no parking requirement for residential and mixed-use projects meaning these types of projects are able to provide no residential parking and can provide off site- commercial parking by leasing parking spaces within 1,000 feet of the parcel. There are additional parking waivers for the subject site as it is located within a Transit Oriented Corridor.
HEIGHTThe maximum height permitted is 60 stories with unlimited height available through public benefit bonuses.
SETBACKS The principle and secondary frontages require a 10 ft setback for the first 8 stories and a 20 ft minimum above the 8th story. The side and rear frontage require 0’ setback for the first 8 stories and a 30 ft minimum above 8 stories.
LOT COVERAGE The first 8 stories allow up to 80% lot coverage, above 8th story allows for a maximum of 18,000 SF floor plate for residential and lodging uses and 30,000 SF floor plate for office and commercial uses.
DEVELOPMENT POTENTIAL
Provided below is the calculation of what’s permitted on the property:
ZONING FLR COEFFICIENT BASE SF PUBLIC BENEFIT BONUS (50%) TOTAL SF
T6-60a O 18 264,000 132,000 396,000
Miami 21, adopted May 20, 2010, represents a significant departure from the previous zoning
regulations. Since Miami 21 incorporates form-based principles, some of the changes are directed
towards the design and form structures, rather than their uses or general intensities. Such changes include
requirements for orientation, design, fenestration, pedestrian openings, etc. The T6-60a zoning of the
Property would permit several uses as of right, including residential, hotel, office and retail.
16
18 19
NORTH
EAST
SOUTH
WESTMIAMI LINKTH
E MIAMI LINK
MIAMI WORLDCENTER
HOTEL & CONVENTION CENTER
RETAIL PROJECTS
PARAMOUNT Condos - 569 units, 60 stories
7TH STREET RESIDENCES 441 units, 43 stories
LUMA Rentals - 434 units, 43 stories
CAOBA Rentals - 444 units, 43 stories
OKAN
293 Hilton hotel rooms, 236 condos/hotel residences, 153 provate condos, 64,000 SF of office space
MARRIOT MARQUIS HOTEL& MWC EXPO CENTER
1,700 Hotel Rooms, 500,000 SF of event & expo space
NATIVO50 stories, 400 Airbnb-friendly condos, 204 hotel style rooms and retail/restaurants
LUMA Rentals - 434 units, 43 stories
CITIZEN M12 story hotel with 350 hotel rooms
7TH STREET PROMENADE/WORLD SQUARE300,000 SF of high street retail/two pedestrian promenadesand main square 1 & 2 stories
MARKET DRIVERS
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200 FEET FROM MAIN ENTRANCE
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MARKET DRIVERS
VIRGIN/ MIAMI CENTRALOne of the most advanced passenger rail systems in the nation connecting downtown Miami,
Fort Lauderdale, West Palm Beach and Orlando. It also serves as the central hub to all forms
of transportation with direct access to the Metromover, Metrostation and Tri-Rail with 280,000
square feet office, 185,000 square feet retail, 800 apartments.
MIAMI30 MIN 60 MIN 3 HRS
FUTURE EXPANSION
FORT LAUDERDALE WEST PALM BEACH ORLANDO
22 23
1000 MUSEUM84 luxury condos designed
by celebrity architectZaha Hadid.
PARAMOUNT569 luxury condos 60 stories tall. 90% sold before opening.
DOWNTOWN 5thTwo towers of 51 stories with 1,042 apartments, 12,500 SF of retail and 1,049 parking
spaces
NATIIVO50 stories, 400 Airbnb-friendly condos, 204 hotel style rooms
and retail/restaurants
YOTELPAD231 Condos and 222 hotel rooms in 31 stories. Sold out
before breaking ground.
MARKET DRIVERS
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WALDORFASTORIA
400 Biscayne BlvdMiami, FL
50,244 SF
Zoning T6-80 O
Sold 1/18/18
$55,000,000
$1,095 PSF
LAND SALES - COMPS
ADIOS LAND
90 NE 11th StreetMiami, FL
23,129 SF
Zoning T6-60a O
Sold 8/3/18
$16,536,000
$715 PSF
MELO LAND/CHURCH
500 NE 1st AvenueMiami, FL
35,945 SF
Zoning T6-80 O
Sold 7/20/18
$16,536,000
$512 PSF
CITIZEN M
158 NE 8th StreetMiami, FL
14,971 SF
Zoning T6-60a O
Sold 12/28/19
$10,750,000
$718 PSF
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CITIGROUPCENTER
201 S Biscayne BlvdMiami, FL
Class A
Full Service
$43-$60 PSF
MIAMI CENTRAL
700 NW 1st AvenueMiami, FL
Class A
Modified Gross
$50 PSF
DUPONT
169 E Flagler StreetMiami, FL
Class B
Full Service
$29-$35 PSF
WELLS FARGO CENTER
333 SE 2nd AvenueMiami, FL
Class A
Full Service
$43-$60 PSF
OFFICE LEASING - COMPS
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Tenant:
Suite: 19th Floor
2,405 SF
Rate: $50 PSF
Tenant:
Suite: 11th Floor
1,150 SF
Rate: $50 PSF
CITIGROUP CENTER
201 S Biscayne BlvdMiami, FL
Tenant: Crazy Poke
Suite: 1st Floor
1,200 SF
Rate: $80 PSF
Tenant: Bellamia
Suite: 1st Floor
1,000 SF
Rate: $85 PSF
CENTRO
151 SE 1st StreetMiami, FL
Tenant: Silverspot Cinemas
3 Floors
4,800 SF
Rate: $85 PSF
MUZE
300 SE 3rd AvenueMiami, FL
Tenant: Pucci’s Pizza
Suite: 1st Floor
600 SF
Rate: $65 PSF
MARINA BLUE
888 Biscayne BlvdMiami, FL
RETAIL - COMPS
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APARTMENT - RENTAL COMPS
CAOBA698 NE 1st Avenue
Miami, FL50% leased in under 3 months
from opening
Studio
Avg SF: 515
Avg Rent: $1,876
Avg Rent/PSF: $3.69
1 Bedroom
Avg SF: 752
Avg Rent: $2,450
Avg Rent/PSF: $3.27
2 Bedroom
Avg SF: 1,069
Avg Rent: $3,131
Avg Rent/PSF: $2.94
3 Bedroom
Avg SF: 1,272
Avg Rent: $4,295
Avg Rent/PSF: $3.38
X MIAMI230 NE 4th Street
Miami, FL40% leased before opening
Studio
Avg SF: 512
Avg Rent: $1,845
Avg Rent/PSF: $3.60
1 Bedroom
Avg SF: 621
Avg Rent: $2,524
Avg Rent/PSF: $4.08
2 Bedroom
Avg SF: 962
Avg Rent: $2,905
Avg Rent/PSF: $3.02
MUZE AT MET
340 SE 3rd StreetMiami, FL
Studio
Avg SF: 519
Avg Rent: $1,829
Avg Rent/PSF: $3.52
1 Bedroom
Avg SF: 832
Avg Rent: $2,509
Avg Rent/PSF: $3.02
2 Bedroom
Avg SF: 1,259
Avg Rent: $3,135
Avg Rent/PSF: $2.49
3 Bedroom
Avg SF: 1,410
Avg Rent: $3,911
Avg Rent/PSF: $2.77
MIAMI LINKTHE MIAMI LINK
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PARAMOUNT
900 NE 1st AvenueMiami, FL
90% sold before opening
1 Bedroom
Avg SF: 1,425
Avg Price: $819,857
Avg Price/PSF: $559
2 Bedroom
Avg SF: 1,908
Avg Price: $1,175,750
Avg Price/PSF: $611
3 Bedroom
Avg SF: 2,541
Avg Price: $1,652,717
Avg Price/PSF: $652
4 Bedroom
Avg SF: 4,414
Avg Price: $4,760,000
Avg Price/PSF: $1,078
YOTEL235 NE 2nd Street
Miami, FLSOLD OUT beforebreaking ground
Studio
Avg SF: 531
Avg Price: $356,000
Avg Price/PSF: $671
1 Bedroom
Avg SF: 618
Avg Price: $401,200
Avg Price/PSF: $673
2 Bedroom
Avg SF: 708
Avg Price: $433,000
Avg Price/PSF: $612
APARTMENT - SALES COMPS
1000 MUSEUM
1000 Biscayne BlvdMiami, FL
4 Bedroom
Avg SF: 4,780
Avg Price: $6,530,909
Avg Price/PSF: $1,366
5 Bedroom
Avg SF: 10,361
Avg Price: $23,425,000
Avg Price/PSF: $2,262 Unit prices range from
$6M to over $25M
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Since 2010 the population of Downtown Miami has increased by more than 30% and is projected to increase an additional 20% by 2021.
The majority of the population within the neighborhood are highly educated, young working professionals.
53% of the population are between 20 and 44 years old.
>> Residents spent $656.3 million on all retail in 2016.
>> Workers and visitors spent $1.7 billion in 2016.
>> Median household income for 2016: $91,989
>> Average household income for 2016: $111,305
Income in Greater Downtown Miami significally exceedsthat of the City of Miami.
“Younger Employees, which are thefastest growing segment of the U.S. workforce,
prefer urban neighborhoods and easyaccess to alternate transportation”
- The Miami Herald
Downtown Miami is growing fast, becoming younger, wealthier and more educated. In 2018, more
than 92,200 people called greater downtown Miami home, up nearly 40 percent since 2010, and
expected to exceed 109,000 by the year 2021. The median household income is also increasing, up
55 percent since 2010. A significant chunk of these residents are young professionals with disposable income.
They seek an urban core lifestyle, choosing to live downtown over the beaches or Brickell. New services and
development are pouring into downtown Miami to meet the needs of the shifting demographics.
MIAMI LINKTHE MIAMI LINK
Confidentiality & Disclaimer Statement
Intended solely for your own limited use to determine whether you wish to express any further interest in the Property.
This confidential memorandum contains brief, selected information pertaining to the business and affairs of the Property
and has been prepared by Colliers International South Florida, LLC, primarily from information supplied by the Owner.
Although this confidential memorandum has been reviewed by representatives of the Owner, it does not propose to
be all-inclusive, nor does it contain all the information which a prospective purchaser may require or desire. Neither
the Owner, nor any of its officers, directors, employees or agents, nor Colliers International South Florida, LLC, makes
any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential
memorandum or any of its contents, and no legal liability is assumed or is to be implied by any of the aforementioned
with respect thereto. Prospective offers are advised to verify the information independently. The Owner reserves the
right to change the price or any information in this Memorandum, or to withdraw the Property from the market at any
time, without notice. This confidential memorandum shall not be deemed an indication of the state of affairs of the
Property or the Owner, nor shall it constitute an indication that there has been no change in the business or affairs of
the Property or the Owner since the date of preparation of this memorandum. By your receipt of this confidential
memorandum, you agree that the information contained herein is of a confidential nature and you will not disclose this
memorandum or any part of the contents to any other person, firm or entity without prior authorization from Colliers
International South Florida, LLC.
themiamilink.com
MIAMI LINKTHE MIAMI LINK
Contact Information
themiamilink.com
MIAMI LINKTHE MIAMI LINK
CECILIA ESTEVEZSenior Associate +1 786 942 [email protected]
MIKA MATTINGLY Executive Managing Director+ 1 786 486 [email protected]
BRADLEY ARENDTDirector +1 954 652 [email protected]