Avison Young’s Florida Capital Markets Group says it has negotiated the $14 million sale of Le Jeune Station, an approximately 2.79-acre development site encompassing nearly an entire city block near the Le Jeune Rd. and NW 7th St. intersection in Miami.
The site’s 10-parcel footprint at 4238-42 NW 7th St. represents a mixed-use development opportunity with a zoning mix allowing a total as-of-right density of about 260 units. A successful up-zoned project could boast ±300 residential units and more than 625,000 sq. ft.
Market research shows that where many U.S. metro markets saw significant rent drops in 2020, Miami’s multifamily rents have remained stable. Despite overall employment losses, several industries have gained jobs year-over-year, such as tech, which saw a workforce increase of 3% in 2020.
Avison Young expects Miami rents and vacancy rates to outperform the U.S. average over the next 12-24 months; therefore, developers remain motivated to buy now.