175 Fontainebleau Blvd
Miami, FL 33172
Value Add Office Bldg -Heart of Miami · Office Property For Sale

The Miami Airport office submarket continues to see healthy rent growth of three percent over the past year. These lower rents, relative to other markets, gives the Miami Airport a pricing advantage in attracting tenants looking for high-quality space at a discount. Fundamentals are expected to stay stable over the next few years, which should keep rent growth health in the near-term. This property is zoned RU-5A, Semi-Professional Office District, within the unincorporated Miami-Dade zoning district. This zoning allows for a variety of uses including office, medical, and industrial. As is, the floor area ratio (FAR) is 0.6, yielding approximately 80,760 square feet of buildable space with a two-story height limitation. However, if this property is rezoned to BU-2, the FAR would be .40 for the first floor and increased by 0.11 for each additional story up to eight stories (FAR of 1.17 at 8 stories), and by .06 for each additional story thereafter. The maximum height of the building is not limited except as all other provisions of the BU-2 article must be complied with, especially the floor area ratio, lot coverage, and the landscaped open space requirements. Adjacent to the subject property is 275 Fontaine Parc, an eight story 133-unit apartment building expected to be completed early 2020. Zoned BU-2, this apartment complex would total 155,720 square feet and include 68 one-bedroom/one-bathroom units, 59 two-bedrooms/one-bathroom units, six three-bedrooms/two-bathrooms units, a pool deck, SPA, 4,400 square feet of amenities and 225 parking spaces. This new development will add additional value to the neighborhood given its excellent location including its surrounding employment centers, Miami International Airport, and Florida International University. Fontainebleau Park Office Plaza is extremely easy to manage and typically has a long list of tenants looking to occupy the building given the location, convenience, and overall condition of the property. This property is positioned to be well received and strongly sought after by both investors and owner-users alike.