By Ismael Rodriguez
Citibank hired CBRE, a Miami-based real estate agency, to market its branch building on Washington Avenue and 17th Street in Miami Beach, an area that could raise the property’s worth to around $20 million.
CBRE is expected to find developers willing to sell or lease back retail space to the bank in order for a future redevelopment to take place, according to Paul Weimer, vice president of CBRE Hotels.
The bank desires to purchase or lease back 4,000 square feet on the ground floor of any future creation on the land.
The property currently sits on a 30,000-square-foot corner lot, across from the New World Center and the Fillmore Miami Beach. It’s zoned CD-3 for high-density commercial development, meaning that 75,000 to 82,000 square feet can be used to build on the site, depending on its use.
“We think a hotel is the highest and best use, but it could be mixed-use,” Weimer told the press, adding that it could serve the Miami Beach Convention Center, which is undergoing renovation and expansion.
Despite having the property on the market without an asking price, CBRE hopes to target developers with local experience, according to Weimer.
Some local developers in the Miami Beach area include Russell Galbut, Ronny Finvarb and Scott Robins.