3.72 AC Development Opportunity

Highlights:

• Two keystone properties for the future Palmer Lake Plan area

Description:

Available for purchase are two parcels with the primary parcel being 2.765 acres and the second property comprising of approximately 0.958 acres for a total of 3.723 acres. The property is situated in the middle of the 220 acre Palmer Lake Master Plan each of MIA. Since 2015, a Miami based developer has purchased almost 24 acres adjacent to the west of the subject properties and a San Francisco REIT has recently purchased over 9 acres adjacent and east of the subject properties for future development.
The area around Palmer Lake, east of Miami International Airport (MIA) and the Miami Intermodal Center (MIC), is centrally located within Miami-Dade County. While the Palmer Lake area has for many years been home to businesses related to the airport, with the development of the Miami Intermodal Center (MIC), their operating environment has greatly changed, leaving many properties now vacant and suitable for new uses. With the relocation of rental car operators into the MIC, and the connection of the MIC to the airport by an automated people mover, the relationship of airport users to the region’s transportation facilities has been transformed. Where one the most obvious means for a visitor to Miami to travel beyond the airport was only by private car, now a visitor will leave MIA, enter the MIC, and be presented with a range of transportation options. Rental cars, Metrorail, Tri-Rail, local and intercity buses, and taxis will all be available in a single, integrated facility. The Palmer Lake area is a desirable location for the future development of offices, hotels, meeting spaces, retail shops, residential development and light industrial uses serving airport and marine users.
On May 1, 2012, the Dade County Board of County Commissioners adopted and approved the “Palmer Lake Area Plan”. On September 26, 2013,the Board of County Commissioners approved the rezoning of property in the Palmer Lake area to the Palmer Lake Metropolitan Urban Center (PLMUC) district. Development utilizing the PLMUC standards can now take place.
More recently, The Miami Freedom Park stadium project for David Beckham's Inter Miami has entered a new phase, with the MLS side submitting a rezoning plan to the City of Miami that would allow the club to develop on the site of what is now Melreese golf course. $1 billion dollar has been budgeted to redevelop Melreese Country Club and Golf Course into the home of the team’s new 25,000 Freedom Park soccer stadium. The site would also house a shopping mall, office complex and 58-acre public park. The Miami Freedom Park is less than one mile from the subject properties.

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