CBRE to Market 20.57-Acre South Florida Redevelopment Site
- Dec 17, 2014
Miami—Keating Resources has tapped CBRE to market a 20.57-acre mixed-use redevelopment site in Hialeah, Florida following the city’s approval last month to amend its Comprehensive Plan and Zoning Code to allow for a Transit Oriented Development Overlay District. The new district aims to “promote and encourage pedestrianism, mobility and transit ridership through vertical and horizontal mixed use development in an area limited to within 0.8 miles from the Hialeah Market Station/Tri-Rail Station,” according to the city’s summary agenda for Nov. 25, 2014.
The site, dubbed The Market Station Development Site, is located at 725 SE 9th Court in an Enterprise Zone and is less that a mile from the Hialeah Market Station/Tri Rail Station. It is currently an income producing industrial site that contains two warehouse facilities that total 506,300 square feet and are 79 percent leased. The new zoning changes could help pave the way for a large redevelopment in that location.
“As we have seen in Doral, Miami’s recovery and land boom is reverberating in areas just outside the urban core where the multifamily fundamentals are strongest, and Hialeah is home to some of the best multifamily market fundamentals in South Florida,” says CBRE Senior Vice President Gerard Yetming, who is marketing the property alongside CBRE’s Robert Given and James Quinn. “Market Station is the first significantly sized land offering in Hialeah to come to market in the recent past, delivering an unprecedented opportunity for a future owner to develop a landmark project combining residential and retail components, with the secure alternative of in-place income to allow for flexibility in timing.”
As in other areas of the country, high rents have pushed renters out of urban markets and into the suburbs. In Hialeah, this trend has resulted in a 4.7 year-over-year rent growth and an occupancy rate that is currently higher than 98 percent, with no market rate units currently planned or under construction in the city. Occupancy in Hialeah will average about 97 percent over the next five years, with rents increasing on an average of 3 percent over each of the next five, according to information cited in a CBRE press release.
The Market Station site is located near several major transportation hubs including highways and rail lines and is also in close proximity to major employment hubs of Blue Lagoon, Doral, Dadeland, Coral Gables, Downtown Miami and the Miami Healthcare District.