As of April 16, 2026, the Miami real estate market is buzzing with excitement, particularly surrounding a significant development opportunity in downtown Miami/Park West. Michael and Ron Simkins’ Lion Development Group, along with Marc Roberts, have listed a prime 6.6-acre site for a staggering asking price of $500 million. This strategic location at 1151 Northwest First Avenue is just north of the Miami Worldcenter mixed-use complex, making it a hot ticket for potential investors and developers alike.
The site, currently marketed by CBRE, boasts a team led by Robert Given and Bradley Capas. If the sale goes through at the asking price, it would translate to an impressive $75.8 million per acre, positioning it just shy of South Florida’s record urban land deal of $520 million. That record was previously held by a 4.25-acre bayfront site in Brickell, which sold for $122.4 million per acre. Not too shabby for a plot of land!
Development Potential
This particular site comes with significant development potential. The current zoning allows for 4.8 million square feet of development, which includes plans for 3,300 residential and hotel units. But wait, there’s more! Thanks to transferable development rights, the development capacity could be ramped up by an additional million square feet. With the recent Live Local Act, there’s even room for a whopping 10 million square feet and 6,600 units. Imagine the possibilities!
While height restrictions are set at around 650 feet due to Federal Aviation Administration regulations, the site’s appeal is amplified by its proximity to the much-anticipated Interstate 395 bridge project. This project includes plans for a 33-acre Underdeck Park, which will enhance the area’s attractiveness for both residents and businesses. However, it’s worth noting that the bridge project has faced delays, with the latest completion date now pushed to 2029.
What’s Next for the Developers?
Roberts and Lion Development Group aren’t new to the scene; they have previously developed three residential towers in Park West, including the notable E11even Hotel & Residences. Their current projects, the E11even Club Residences Beyond and the 38 West Eleventh Residences Miami, are set for completion in about a year and two years, respectively. This track record adds credibility to their latest venture.
As the Miami real estate scene continues to evolve, opportunities like this one are becoming increasingly rare. With Miami’s top development site deal this year already clocking in at $88.8 million for a 1.4-acre property at Miami Worldcenter, the market is clearly on an upward trajectory.
Whether this ambitious listing will reach its asking price remains to be seen, but it certainly sparks interest and speculation about the future of Miami’s urban landscape. Keep your eyes peeled on this one; it’s shaping up to be a game changer.
For more detailed information, you can check the original source of this news here.