{"id":233379,"date":"2026-04-15T22:30:11","date_gmt":"2026-04-15T22:30:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/233379\/"},"modified":"2026-04-15T22:30:11","modified_gmt":"2026-04-15T22:30:11","slug":"e11even-residences-developers-list-site-for-500-million","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/233379\/","title":{"rendered":"E11even Residences Developers List Site for $500 Million"},"content":{"rendered":"

Michael and Ron Simkins\u2019 Lion Development Group and Marc Roberts want to offload a 6.6-acre development site in the downtown Miami\/Park West area, with an asking price of $500 million, The Real Deal has learned.\u00a0<\/p>\n

The assemblage is at 1151 Northwest First Avenue, north of the Miami Worldcenter mixed-use complex, according to a news release from CBRE, which is marketing the site.\u00a0<\/p>\n

Robert Given and Bradley Capas are part of the brokerage\u2019s team listing the property.\u00a0<\/p>\n

A sale at the asking price would break down to $75.8 million per acre.\u00a0<\/p>\n

Zoning allows for a 4.8 million-square-foot development across property types with 3,300 residential and hotel units, said James Quinn of CBRE. Capacity can be increased by roughly 1 million square feet through transferable development rights, including from the unused density from other sites Lion and Roberts own, Quinn said.\u00a0<\/p>\n

The Live Local Act, a state law that permits developers to build bigger buildings if they include below-market apartments, supersizes development capacity on the site to 10 million square feet with 6,600 units.\u00a0<\/p>\n

Heights are limited to about 650 feet due to Federal Aviation Administration rules, Quinn said.\u00a0<\/p>\n

Roberts, Miami-based Lion and PMG have left their mark on Park West, home to the E11even Miami nightclub, with three residential towers. They completed E11even Hotel & Residences and are developing E11even Club Residences Beyond, slated for completion in about a year, and 38 West Eleventh Residences Miami<\/a>, expected for completion in two years, Roberts said.\u00a0\u00a0<\/p>\n

\u201cWe did all the heavy lifting. We set the table. Now somebody else can come along and build a whole other city there with 10 million square feet,\u201d Roberts said.\u00a0<\/p>\n

It\u2019s difficult to determine exactly how much Roberts and Lion spent on assembling the site, though Roberts said a $500 million sale would be a \u201cnice profit.\u201d\u00a0<\/p>\n

Marketing materials for the site point out its proximity to the under-construction Interstate 395 signature bridge project, allowing for easy access from the property to the interstate. The project will come with a 33-acre Underdeck Park.\u00a0<\/p>\n

The massive bridge project, which has faced criticism over authorities spending funds on vehicular improvements instead of on mass transit, has been long-delayed. The latest expected completion date was pushed back to 2029, eight years later than originally planned, the Miami Herald reported<\/a>.\u00a0<\/p>\n

If the site sells for $500 million, it would come close to South Florida\u2019s record urban land deal of $520 million<\/a>. Oak Row Equities, led by Erik Rutter and David Weitz, and Vlad Doronin\u2019s OKO Group closed that purchase of a 4.25-acre bayfront Brickell site in December. It traded for $122.4 million per acre.\u00a0<\/p>\n

Miami\u2019s top development site deal this year was Tokyo-based Kasumigaseki Capital\u2019s $88.8 million<\/a> purchase of a 1.4-acre property at Miami Worldcenter last month. Also at Miami Worldcenter, a joint venture among Art Falcone, ROK Acquisitions, Andrew Mirmelli, The Davis Companies and Jamestown bought the retail and entertainment portion of the complex this month for $210 million<\/a>. The seller was Miami Worldcenter Associates, led by Falcone, Nitin Motwani and CIM Group.\u00a0<\/p>\n

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\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Michael and Ron Simkins\u2019 Lion Development Group and Marc Roberts want to offload a 6.6-acre development site in…\n","protected":false},"author":2,"featured_media":233380,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[225,227,226,104178],"class_list":["post-233379","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hialeah","tag-hialeah","tag-hialeah-headlines","tag-hialeah-news","tag-park-west-dev-site"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/233379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=233379"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/233379\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/233380"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=233379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=233379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=233379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}