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Citibank Sees Dollar Signs In Potential Redevelopment Of South Beach Branch
January 20, 2017
Citibank sees redevelopment dollar signs at its branch across from New World Center.
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CBRE has been tapped by the banking giant to market its 7,400 SF Citibank South Beach branch at the corner of Washington Avenue and 17th Street in a deal that could see it trade in excess of $20M, according to The Real Deal.
That's because the 30k SF lot the bank sits on is zoned for high-density commercial, where a developer can build up to 82k SF, depending on use, CBRE's Paul Weimer told the publication. “We think a hotel is the highest and best use, but it could be mixed-use,” Weimer said.
Given its proximity to the expanding Miami Beach Convention Center, there could be a real lure for a hotel project, he said. [TRD]
