Miami, FL – September 2, 2014 – (RealEstateRama) — CBRE has been exclusively engaged to market the Courtyard Miami Downtown, a 233-room Marriott property located on a prime 1.07-acre site in the heart of downtown Miami, one of the most sought-after real estate markets in the country. Located at 200 SE 2nd Avenue, the property holds the potential for redevelopment into as many as 1,070 condominium units under the current Miami 21 zoning code. CBRE is marketing the property on behalf of owner AVR Realty.
“This is an extraordinary location in the heart of Miami’s business district, directly between the new landmark All Aboard Florida Miami terminal, Miami Worldcenter and Brickell City Centre projects,” said CBRE Vice Chairman Robert Given.
“Extremely high barriers to entry in a dense urban center, coupled with a booming residential and lodging market, make this property a one-of-a-kind investment opportunity,” said CBRE Hotels’ Senior Vice President Christian Charre. “The city’s current zoning code also allows for consideration of a high-return alternative – a rare chance to carve a new condominium community out of this saturated downtown core.”
Miami’s lodging market is one of the strongest in the nation, with a June year-to-date average daily rate (ADR) of $202.87, ahead of cities such as San Francisco and Boston. Luxury condominiums in downtown Miami are also commanding pricing in excess of $1,000 per square foot.
The 13-story Courtyard by Marriott is surrounded by a high concentration of Class A office space in Brickell and Downtown. Premier large-scale mixed-use developments, including Swire’s Brickell City Centre and the Met Miami projects, with their residential and retail amenities, are located within a short walk. It is also close to some of South Florida’s most recognizable attractions, including Bayside, American Airlines Arena, Miami Tower, the Port of Miami and Mary Brickell Village, and boasts exceptional access to Brickell Avenue, I-95, and I-395.
The CBRE team marketing the Courtyard Miami Downtown includes Mr. Given and Mr. Charre, along with Paul Weimer and Natalie Castillo of CBRE Hotels, and Gerard Yetming of CBRE’s Institutional Properties group.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
