Michael and Ron Simkins’ Lion Development Group and Marc Roberts are seeking to sell a 6.6-acre development site in downtown Miami’s Park West area, with an asking price of $500 million, according to an April 15 announcement from CBRE, which is marketing the property.
The site, located at 1151 Northwest First Avenue north of the Miami Worldcenter mixed-use complex, is being listed by a team at CBRE that includes Robert Given and Bradley Capas. The listing price breaks down to approximately $75.8 million per acre.
James Quinn of CBRE said current zoning allows for up to a 4.8 million-square-foot development across various property types with as many as 3,300 residential and hotel units. He added that this capacity could be increased by about one million square feet through transferable development rights from other sites owned by Lion Development Group and Roberts. Additionally, under Florida’s Live Local Act—which allows larger buildings if below-market apartments are included—the site’s potential increases to 10 million square feet with up to 6,600 units. Building heights are capped at around 650 feet due to Federal Aviation Administration regulations.
Roberts said he and his partners have played a significant role in shaping Park West through projects such as the E11even Hotel & Residences, which has been completed; E11even Club Residences Beyond, expected to finish in about a year; and the forthcoming 38 West Eleventh Residences Miami slated for completion in two years. “We did all the heavy lifting. We set the table. Now somebody else can come along and build a whole other city there with 10 million square feet,” Roberts said.
Marketing materials highlight that the site is close to the under-construction Interstate 395 signature bridge project—expected now by 2029—and will include access benefits plus proximity to the planned Underdeck Park spanning thirty-three acres beneath it.
If sold at its asking price, this deal would approach South Florida’s record urban land sale: Oak Row Equities and OKO Group’s December purchase of a Brickell bayfront parcel for $520 million ($122.4 million per acre). Recent notable deals nearby include Kasumigaseki Capital’s $88.8 million acquisition at Miami Worldcenter last month as well as another joint venture buying retail space there for $210 million.
