Miami International Airport Development OpportunityONE Sotheby's has been selected to exclusively market the sale of this prime development land near the Miami International Airport. The offering provides developers with a versatile opportunity to pursue a wide range of potential uses and developments including self storage, warehouses, parking garage, multifamily, or hotel.
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 an approved 375-key hotel, 250 multifamily residential units, retail, commercial, industrial/warehouse uses, and a parking garage for rental car companies. In this case, zoning permits 375 hotel units per acre or 250 multifamily residential units per acre with no FAR restriction other than FAA regulations.
A) SHOVEL READY HOTEL DEVELOPMENT
•This opportunity will allow new ownership to create 170 spacious guest rooms near the Miami Intermodal Center (MIC), which is a hub for rapid transit, commuter rail, local bus, and intercity transportation hub.
• Investors can acquire one acre of land next to Miami International Airport (MIA) in, Palmer Lake, an area that is gradually transforming from a semi-industrial sector to a hotel center due to the growing demand from travelers that increases every year.
B) ALTERNATIVE DEVELOPMENT
• Zoning allows for 250 multi family units per acre
• Zoning allows for 375 hotel units per acre
• Unlimited FAR restriction
Investment Highlights
- Fully entitled and permitted shovel-ready development available
- Only $1.5M in impact fees before commencing construction
- Strong ADR and RevPAR market with a high barrier to entry
- Unlimited FAR restrictions
- Less than a mile from Miami International Airport
- Zoning permits high-density development and flexible zoning permits for 375 multi family and 250 hotel units
- Miami International Airport generates approximately 60 percent of all international visitors to Florida
- 5 min drive to corporate area Blue Lagoon and 10 minute drive to Downtown & Wynwood
