Flagler Dadeland is zoned within Miami-Dade County's Downtown Kendall Urban Center district. The Miami-Dade Board of County Commissioners created the district in 1998 to establish a metropolitan urban center in Dadeland.

The site's zoning and location within the district sets the parcel apart from other local development opportunities. For example, the site can accommodate high-density development with minimal setbacks and heights up to 25 stories, as well as many other uses. Alternatively, the site could be developed for various business, civic, and residential uses without the need for additional public hearings.

"The Dadeland area is one of the most desirable office and retail destinations in South Florida and there is a strong demand for a multifamily component to support these sectors," says Caveiro. "Many of the existing rental properties in this submarket were converted to condos between 2003 and 2008 or built in the Seventies, which has created the opportunity to fill the need for class A, high-end multifamily residential."

Flagler Dadeland is right across the street from one of the top grossing malls in the United States—the 1.4-million-square-foot Dadeland Mall—and is next to the Dadeland North Metrorail station, by which 6,000 riders pass each day. The site is also within walking distance of Dadeland Office Park and retail centers such as Dadeland Station, Downtown Dadeland, Greenery Mall, and The Shoppes at Dadeland.

"An ideal development concept would consist of roughly 400 residential units in two 25-story towers with approximately 25,000 to 40,000 square feet of retail space on the ground floor," says Caveiro. "Our market research indicates the Dadeland area would readily support that type of mixed-use and multifamily development."