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Front Page » Top Stories » To Aid City New Downtown Miami Garage Sold In Bites

To Aid City New Downtown Miami Garage Sold In Bites

Written by on March 3, 2011

By Jacquelyn Weiner
Less than a year after the Miami Parking Authority moved into its new $36 million Courthouse Center Garage, two pending office deals could shrink available space to just 1,200 square feet.

Yet rather than leasing the never-used downtown space at 40 NW Third St., the authority is selling full floors, aiming to increase cash flow to aid the City of Miami, said Jeremy Larkin, president of commercial real estate firm NAI Miami, which handles leasing at the center.

Mr. Larkin said Miami Mayor Tomás Regalado is making a "big push" for the authority to generate more cash for the city.

This follows Miami’s failed attempt to take over the quasi-independent agency and its assets by referendum in November.

Among office deals at the garage: sale of 6,488 square feet — the full third floor — to BVK/Meka advertising at $141 per square foot is being finalized, said Rolando Tapanes, authority director of planning and development.

The deal will likely be done within a week, he said.

In addition, an oral agreement is in place for purchase of an added 6,500 square feet — the full second floor, Mr. Larkin said.

The asking purchase rate at the garage is $175, he said, adding that he can’t share prices or buyers until deals are inked.

A 1,200-square-foot top-floor space is still available.

Other top-floor tenants include the authority and law firm Five Defenders, which bought 6,780 square feet for $1.5 million, Mr. Tapanes said.

Completed in December 2009, the 11-story Courthouse Center Garage includes 852 parking spaces, 40,900 square feet of office space and 4,000 square feet of retail.

It was financed with AAA+ general-obligation bonds backed by authority revenues.

Flagstone Property Group’s Watson Island mega-yacht complex is moving forward. Completion expected around 2021. Read the story in e-Miami Today.