The New York-based Lions Group has acquired a development site in Downtown Miami for $10 million which has a project known as M Tower approved to be built. M Tower is planned to rise 53-stories and offer 440-unit apartment units, located at 56 SW 1st St and 65 SW 2nd Street. Colliers' Urban Core Division Executive Managing Director Mika Mattingly and Associate Cecilia Estevez represented the seller, the Aventura-based S2 Development, and EP Realty’s Estrella Perez represented the buyer, Lions Group, in the transaction.
“The downtown Miami market has never been more active than it is right now,” Mattingly said. “This market is poised to see the largest influx of investors ever from other states and this transaction highlights that trend. New York-based Downtown 1st Street LLC’s purchase of this development site proves that the migration from the Northeast has only accelerated as the vibrant downtown neighborhood continues to evolve.”
M Tower will consist of 622,783 SF of gross building area, with 25,732 SF of office space and 1,089 SF of retail. The development site also includes a parking garage owned by the Miami Parking Authority (MPA), located at 70 SW 1st St. The 16,718 SF site includes air rights, waivers, and the ability to build residential units over the adjacent parking garage. The proposed units are targeted toward students and young professionals looking for a connected urban experience, currently the largest market of downtown residents.
The project has Urban Development Review Board (UDRB) approval, which it obtained through an extensive RFP process. The entitlement provides additional air rights, waivers, and the ability to construct a residential tower over the adjacent Miami Parking Authority (MPA) garage.
Downtown Miami continues to experience robust demand as it attracts a younger, wealthier and more educated population. Downtown is the largest employment center in Miami-Dade, with more than 175,000 employees and a day-time population of 235,000. The city is home to the highest concentration of banks and financial institutions outside of Manhattan, and tourism is at an all-time high with more than 6 million visitors per year. M Tower stands to benefit from the area’s rapid population growth. Since 2010, the population of Downtown Miami has increased approximately 52% and is expected to increase another 16% by 2024.
