MIAMI—As developers move to the outskirts of the urban core, the Miami River Walk development site could turn more than a few heads. CBRE is marketing the 6.31-acre site with 1,041 feet of water frontage on the Miami River.
Located at 1001 Northwest 7th Street in Miami, the site is within one mile of Miami's two largest employment centers: Downtown/Brickell and the Health District. Gerard Yetming, Robert Given, Zachary Sackley, and Mary Kate Swann of CBRE's South Florida Multi-Housing Grou, expect the site to capitalize on the continued development and growth westward from downtown.
“River Walk offers a one-of-a-kind opportunity to control one of the largest remaining waterfront parcels on the river,” says Yetming, senior vice president of CBRE. “The Miami River corridor has rapidly become a highly desirable location for both residential and mixed-use development as the value of frontage on the Miami River is finally becoming realized.”
The Miami River site has a Major Use Special Permit (MUSP) that allows developers to build two towers with 744 residential units, 9,400 square feet of retail, and 1,076 parking spaces. River Walk's current zoning allows a development footprint of over 1.3 million gross square feet, including 946 residential units.
“With Downtown/Brickell nearly built out, developers have been showing an increasing interest in the area along the Miami River,” says Yetming. “With two major mixed-use projects planned along the river, River Walk is perfectly suited with its Miami River frontage and location to take advantage of the city's westward expansion and the rebounding residential, office and retail markets.”
River Walk is a short trip up the river from restaurants such as Casablanca Seafood Bar & Grill, Garcia's Seafood Grille & Fish Market, and Sea Salt and Pepper Brasserie, a trendy restaurant known for frequent celebrity sightings. The site is also in walking distance to the Miami Marlins' new ballpark and across the river from the historic Spring Garden Neighborhood.
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