Profiting from downtown transformation
Biscayne Arts Plaza
Opportunity:
Downtown Miami had been in decline for over 20 years. Land values, outside of the Brickell Financial District area, were very depressed. There had been numerous failed revitalization attempts. A newly planned performing arts center was envisioned in hopes that it might become the keystone for change. After confirming that significant local support for the performing arts center existed, Midgard believed the arts center would become a reality. It felt that a significant opportunity existed to assemble a block of parcels in the area at cheap prices and re-develop them into a high rise mixed use property.
Revisioning:
The area was reviewed for zoning, current use, price and future impact in order to determine the best investment value. A highly zoned but underutilized area was identified 2 blocks from the future performing arts center. Midgard undertook a program of acquisition and assemblage. Current uses and operating income were preserved and enhanced, while a plan for future higher utilization was conceived. A team was assembled and the property was planned and entitled for future intensive mixed use.
Result:
Midgard assembled and acquired an entire city block containing over 3 net acres in downtown Miami and continued the current uses on the property. As a result, operating income nearly covers Midgards' carrying costs.
A preliminary site/use plan has been developed giving entitlements to the property of over 1.5 million square feet of mixed use building including retail, hotel and residential condominiums with overall building heights exceeding 600 feet. The project will be 2 blocks from downtown mass transit Metro Mover, the performing arts center and in the heart of one of the more exciting cities in the world. Over the ten years since the initial parcels' purchase, property values have increased tenfold.
