Avison Young’s Florida Capital Markets Group says it has been asked to sell Le Jeune Station, a 2.79-acre development site encompassing nearly an entire city block near the LeJeune Road and N.W. 7th Street intersection in Miami.
“The site’s 10-parcel footprint at 4238-4276 N.W. 7th St. offers an attractive mixed-use development opportunity with a zoning mix allowing a total as-of-right density of ±260 units,” the broker says in a statement. “A successfully up-zoned project could boast approximately 300 residential units and more than 625,000 sq. ft.”
“Spanning from Miami International Airport to the north and Coral Gables to the south, the Le Jeune Corridor is one of South Florida’s hottest mixed-use development locations experiencing demand from a growing population and flag-planting corporations,” Avison Young principal Michael T. Fay said in a statement. “Le Jeune Station represents an extremely rare opportunity to control almost an entire city block in Miami with generous zoning to construct a placemaking, area-defining project with distinctive residential, retail, and office components.”
In 2019, Miami saw a total office sales volume of $1.01 billion, and 44.5% of all office investment sales were to institutional investors, indicating strong investor confidence in the market. Vacancy rates across property types are among the lowest in the U.S. with office at 6%, retail at 1.8%, and multifamily at 3.8%.