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Rare full city block development opportunity in Miami’s Design District comes to market in bankruptcy sale led by Avison Young

Rare full city block development opportunity in Miami’s Design District comes to market in bankruptcy sale led by Avison Young June 7, 2021

MIAMI – Avison Young’s Florida Capital Markets Group has been exclusively tapped to facilitate the bankruptcy sale of Triptych Miami, a 0.99-acre development opportunity encompassing a full city block. Located at 3601 North Miami Avenue in Miami, the site sits at the gateway of three of Miami’s three most dynamic, high-growth districts: Miami Design District, Midtown Miami, and Wynwood. 

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associate Berkley Bloodworth will spearhead the sale of the distressed asset on behalf of the debtors in possession, Aventura Hotel Properties, LLC (“AHP”), and Triptych Miami Holdings, LLC. Avison Young Principal George Vail will handle the debt aspect of the transaction. The team expects strong activity, as investor and developer interest remains high for prime location opportunities. The call for offers is on June 24th, 2021. 

Triptych Miami has in-place T6-12-O zoning and approvals from the Urban Design Review Board for the construction of a 297-key hotel, 45,000 square feet of retail, and 60,000 square feet of office. Alternatively, the office portion of the site could be eliminated, reducing parking requirements.

“The site provides numerous rarities, including the opportunity to acquire a large block of infill land with significant buildable scale at the convergence of Miami’s three most burgeoning areas,” said Crotty. “Additionally, bankruptcy sales are highly sought after by qualified investors, as they provide a surety of closing.”

The class A neighborhoods immediately surrounding Triptych are in the midst of an incredible boom, driven by the locations’ status as arts districts, cultural hubs, and nightlife hotspots. Developments have multiplied rapidly, and the daytime and residential populations of the area have exploded with Miami recently ranking second among U.S. cities in overall population growth. Additionally, with entrance and exit ramps to I-195 located immediately adjacent to the property, Triptych Miami is supremely accessible from the Miami International Airport, Brickell and Downtown Miami, and South Beach. 

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2020 winner of Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.


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For more information:

John K. Crotty, Principal, Avison Young – Miami: 305.447.4865 

Michael T. Fay, Principal and Managing Director, Avison Young – Miami: 305.447.7842