An office building on a prime corner lot in downtown Miami has hit the market.
The Plaza, a four-story office building located at 245 SE First St., sits a block south of Flagler Street and just two blocks west of Bayfront Park. The most notable tenant in the 81,382-square-foot Class-B building is Regions Bank.
Though pricing has not yet been set, it is expected to sell for more than $30 million.
“The Plaza is a unique property in a prime location that offers buyers the opportunity to capitalize on receiving temporary cash flow from the office building while waiting on the next cycle or plan approval for development,” said Mika Mattingly, a Colliers International Urban Core Division broker, who has listed the property with colleague Cecilia Estevez.
Built in 1954, the property was later transferred in 1976 to Scallops USA Inc., which is registered to businessman Juan Wright Castro. Castro’s family operated the building for 33 years.
“They feel it’s ready to come to the market. It’s a meeting of the minds,” said Mattingly.
The property should be on the market for three to six months, she said, given the flurry of activity in the area. Moishe Mana recently broke ground on his Flagler Common project along Flagler Street, and Biscayne Bay Brewing is renovating the Old U.S. Post Office at 100 NE First Ave. several blocks away.
The property will be listed at market rate, Mattingly said., comparable to the 2018 sales price of La Época at 200 E. Flagler St. That building sold for about $395 per square foot.
The property may be adapted for other uses besides an office building.
“I can picture a boutique hotel since it’s steps away from Bayside,” Mattingly said. “[But] I would hold it for a massive development in 10 to 20 years when downtown is thriving. I would do a minor renovation and keep it as an office space or adaptive reuse as hotel or multi-formal, mixed-use entertainment.”