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Recycled Real Estate, For Sale

February 27, 2015

LeBron James practiced free throws in this building.  Just kidding. But with 16-foot clear height ceilings and a building shaped like a basketball court enclosure, he could have. The ‘Chosen One’ from Northeast Ohio who graced our presence for four years never stepped foot in this property. But now that I have your attention let me tell you who has passed through here: a zillion people who arrived or departed by bus. That’s right. A bus. As in the Greyhound type.

Built in 1939 as a bus terminal, the property we just listed for sale served the community for many years with its original intent. With approximately 12” thick concrete walls, it has withstood dozens of hurricanes. They don’t build buildings like this anymore.

Over the years the Buena Vista residential neighborhood developed around the property and for the past 20 years or so the property has served as a warehouse. A few years ago my client purchased the property for a Miami location to do what they do, which is to create environments and experiences that evoke creativity and inspire interaction through technology, art, architecture and the intersections in between (translation, the company, in this case the seller, is a design and construction firm that creates and builds space for cutting-edge occupiers, such as uber high-end retailers and branded environments that frankly, is hard to put into words). Photos help.

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However for business reasons the company is moving on and now this space is available to buy – for $2.35 million.

The property is zoned “non-confirming use under Miami 21 Zoning Overlay,” and could conceivably be redeveloped into mid-density residential apartments or condos. Because of those thick concrete walls and shape, it could also be utilized for art storage, even an art gallery.

Hence the notion that we are in the real estate recycling business. Neighborhoods change. Requirements for space evolves. We evolve. For some of the properties and buildings that endure, they are transformed into the next and highest-best use.

The land area of 123 NW 51st Street is approximately 28,800 square feet and the building is about 21,420 square feet, with a gated parking lot and grade-level loading. It is not your average listing in a Miami suburb.

Opportunity knocks. Interested parties should contact me. Oh, and on an earlier comment that we would not invoke LeBron James’ name in this blog… we beg forgiveness. Who would have known that we would get a listing like this? The rule of “exceptions apply” stands.

Download the Buena Vista Bus Terminal_eBrochure.

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