Florida East Coast Industries Lists ParkLine Miami for Sale with Cushman & Wakefield for $500M
Florida East Coast Industries (FECI) announces the listing of ParkLine Miami for $500 million. The property, which consists of two iconic towers totaling 816-luxury residential units, will be listed on the market by the commercial real estate services firm Cushman & Wakefield. The firm’s Florida team of Robert Given, Troy Ballard and Zachary Sackley will lead the marketing efforts along with the support of the New York and Los Angeles offices which will include Doug Harmon, Adam Spies and Rob Rubano. The two ParkLine towers are part of a master-plan adjacent to 2 and 3 MiamiCentral, 285,000 SF of Class A office towers, and over 160,000 SF of retail. ParkLine Miami is the largest, single multifamily asset in the Southeastern US to be listed for sale to date.
Residents at ParkLine Miami have direct elevator access to the MiamiCentral Brightline station along with the station’s new 26,000 SF culinary center by C3, Citizens, which will house elevated restaurants by globally-renowned chefs such as “Iron Chef” Masaharu Morimoto and Michelin Starred chef Dani García. Residents will also have direct access to retailers such as Publix, Starbucks, Chic-fil-A, Joe & The Juice and Einstein Bagels located adjacent to the property.
FECI developed ParkLine Miami as a transit-oriented development to complement the $4.5 billion invested in Brightline trains, the only provider of modern, eco-friendly high-speed rail in the nation. It is the most significant transit-oriented development (TOD) offerings in the Southeastern US. Brightline currently serves Miami, Fort Lauderdale and Palm Beach with expansion stations in Aventura and Boca Raton opening in 2022. Construction to Orlando is on track to be complete by the end of 2022. Moreover, discussions remain underway with local stakeholders regarding expansion to Disney and Tampa. Brightline projects over nine million annual passengers once all Florida stations are completed.
“This is a rare opportunity indeed, as the towers sit directly atop and are connected to the Brightline train platforms, in addition to three other modes of rail transportation and over 160,000 SF of retail in MiamiCentral,” noted Robert Given, executive vice chairman at Cushman & Wakefield. “MiamiCentral will undeniably be the center of gravity of the Miami MSA for generations to come.”
The future expansion of MiamiCentral includes a Miami-Dade commuter rail system with stations in Wynwood, the Design District, El Portal, North Miami and FIU’s Biscayne Bay Campus. With the stations in Orlando and Tampa, the connectivity provided by ParkLine Miami is unprecedented in the multifamily environment.
“This is unlike any residential property ever built or offered for sale in the Southeast US,” says Given.
“ParkLine is the definition of metropolitan living and FECI strategically built these two towers above Brightline to offer a car-optional lifestyle and promote alternative, eco-friendly transportation options,” said Sarah Watterson, chief development officer at FECI. “More and more, people who live at the core of major cities today seek a lifestyle of interconnectivity without sacrificing time and money. ParkLine is meeting those needs and more with its integration to Brightline.”
In addition to the Tri-County connectivity provided by Brightline and MiamiCentral, ParkLine Miami’s residents will benefit from Brightline’s new and first-of-its-kind, door-to-door service. This will include a fleet of both private and third-party vendor vehicles supporting point-to-point service beyond the train and making a car-optional lifestyle possible. All services will be available through the Brightline app and will further create transportation access to everything from scooters, bikes and electric micro-rides to shuttles and chauffeured Teslas.
Perched above Downtown Miami, at 100 NW 6th Street, ParkLine Miami puts residents just minutes from the city’s hottest neighborhoods, including Wynwood and the Design District, with access to a plethora of dining, retail, arts and culture, and events. Opt for a stroll to the Adrienne Arsht Center for the Performing Arts, Frost Science Museum, Perez Art Museum or FTX Arena. The property is also adjacent to Miami World Center, a $4 billion development underway with over 300,000 SF of retail slated to begin openings this year. Convenient accessibility to the Miami Metrorail and Metromover allows for a car-free lifestyle, with major thoroughfare I-95 located nearby for those who so desire.
For more information, visit www.feci.com.
By ML Staff. Images courtesy of FECI