Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the exclusive listing for the sale of Miami International Airport Development Opportunity a 0.99-acre of land located in Miami, Florida. The property is listed for $7,990,000.
“This is a rare opportunity for investors to acquire a truly entitled and permitted shovel ready project.” said Ahmed Kabani, senior managing director investments. Kabani and Suraj Dalal are representing the seller.
The offering presents developers with an option to continue a shovel-ready hotel development project with Tryp by Wyndham or develop an alternative project. The Tryp by Wyndham project consists of 170 hotel units and 160,000 SF.
If deciding to pursue an alternative use on the land, the 43,168 square-foot lot is zoned PLMUC under the Palmer Lake Metropolitan Urban Center. This zoning consists of high density and the greatest variety of uses including hotel, residential, retail, and commercial uses. In this case, zoning permits 375 hotel units per acre or 250 residential units per acre with no FAR restriction. New ownership will have the opportunity to capitalize on the pre-development work already completed and immediately start the in-place project or begin a new project.
The asset located at 2400 NW 24th Avenue is 2 miles from Miami International Airport, International Links Melreese Country Club and nearby major national retailers including Target, Costco, and Walmart.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research, and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting, and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
