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Downtown Miami development site on the market for $125M

A 2.52-acre development site in downtown Miami is on the market for $125 million, The Real Deal reported, citing Devlin Marinoff, Tony Arellano and Skyler Marinoff of Dwntwn Realty Advisors who are marketing the property.

The report noted the site is being marketed as Flagler City Center, with up to four million square feet of development potential containing 2,500 residential units. The site is also approved by the Federal Aviation Administration for a 1,010-foot tall tower, according to the report.

The site, owned by Flagler 251 Inc., houses a 163,000-square-foot building anchored by Marshalls and generates roughly $2.7 million in annual gross income, the March 27 report noted.

The property was previously listed without an asking price in 2015.