Dade Commonwealth Bldg 139 NE 1st St 43,265 SF 100% Leased Office Building Miami, FL 33132 $18,500,000 ($427.60/SF)

PCK Commercial presents a rarely available Historic Building that provides 7-stories and 45k/sf with full approvals to develop a 163-room, 17-story luxury hotel in the heart of Downtown Miami. Unlike raw land purchases, this fully entitled site is shovel-ready, with approved plans and demolition permits, allowing for a fast-tracked path to revenue generation.
This project comes with significant built-in financial advantages, the property qualifies for a 10-year Ad Valorem Tax Exemption, reducing property tax liabilities, and the Federal Historic Rehabilitation Tax Credit, providing a 20% tax credit on qualified redevelopment expenses.
The hotel can be delivered with a long-term lease from a Flag Hotel Operator, backed by a corporate guarantee, offering a stable, income-producing asset with minimal management responsibility. Alternatively, investors can self-operate and capture Miami’s record-setting ADRs + occupancy rates, maximizing revenue potential.
This investment is surrounded by major economic drivers, including Miami Worldcenter, Brightline, and a growing corporate presence, making it a prime location for a flagship hospitality development. With a high barrier to entry for new hotel developments, massive cost savings, and historic tax credits, this opportunity offers exceptional upside with minimal entitlement risk.