Unearthing a Prime Listing in Downtown Miami
We found a unique development opportunity at 231 E Flagler St in Downtown Miami, listed on Crexi and represented by Mariano Saal from TIR Prime Realty. The listing is unpriced, so we used Deepblocks to determine a potential price.
Navigating Miami Zoning Overlays: RDIA and TOD
This development opportunity falls under two major zoning overlays, RDIA and TOD, which allow for 321 units and require no parking, as it is less than 1,000 SF from a metro mover station.
Maximizing Units and Calculating Potential Space
We maximized the units within the 24 FAR allowed by Right. Assuming 10,000 SF of retail and 10,000 SF of amenities, each unit would average 778 SF.
Exploring FAR Increases and Public Benefits
The property has a 50% FAR bonus, which can increase to 36 FAR contingent on public benefits. While benefits require human intervention, the bonus would increase the unit area to 1,200 SF, making it an attractive option for investors willing to navigate the bureaucratic process.