A 6.6-acre development parcel in Miami’s Park West neighborhood is officially on the market for $500 million, marking one of the highest-asking vacant land listings in South Florida history. The site, located at 1151 NW First Ave. and adjacent to the $6 billion Miami Worldcenter, was listed on April 17, 2026 by ownership group Marc Roberts Cos. and Lion Development Group, who have tapped CBRE to handle the sale.
A Skyline-Defining Site Hits the Open Market
Marc Roberts Cos., led by Marc Roberts, and Lion Development Group, led by Michael and Ron Simkins, jointly own the parcel. CBRE’s Robert Given, Bradley Capas, Troy Ballard, and James Quinn are representing the sellers.
“At a price of $500M, we expect strong interest from a broad range of global investors and developers seeking to transform this site into Miami’s next skyline-defining mixed-use development,” Given said in a statement. “The premier location, scale and favorable zoning create a compelling urban placemaking opportunity.”
The site sits about a mile from the Kaseya Center in downtown Miami, placing it inside one of the most active development corridors in the city.
Two Development Paths: Standard Zoning vs. Live Local Act
Current zoning permits a 4.8 million-square-foot project with up to 3,300 residential or hotel units. Tower heights are capped at roughly 650 feet due to Federal Aviation Administration rules — a ceiling that still places the site comfortably among Miami’s tallest buildable parcels. By comparison, the city’s tallest planned tower, the Waldorf Astoria Hotel & Residences Miami developed by Property Markets Group, will rise to 1,096 feet.
The development envelope expands significantly if the eventual buyer leverages the Live Local Act, the Florida statute that allows developers to bypass local zoning and density codes provided that at least 40 percent of the project is dedicated to workforce housing. Under that framework, the site could accommodate more than 10 million square feet of development and up to 6,602 residential units — roughly double the standard zoning ceiling.
That dual pathway makes the parcel attractive to a wider field of bidders. Pure luxury developers can target the standard zoning envelope, while groups willing to commit to workforce housing thresholds can pursue a far larger build.
A 12-Year Hold Reaches Its Inflection Point
Lion and Roberts purchased the site for $53 million in 2014, according to property records. At a $500 million asking price, the listing represents nearly a tenfold increase in valuation across roughly 12 years of ownership.
Earlier development thinking for the parcel pointed toward office use. In 2018, Michael Simkins suggested the site would be ideal for an office tower, surfacing the property as a potential candidate when Amazon was running its second-headquarters site selection. That bid did not materialize, but Simkins’s broader Park West strategy did. He owned and planned to develop a total of 10.4 acres in the neighborhood, and that plan continues to play out across multiple active projects.
A Park West Development Cluster Built by the Same Group
Roberts and Simkins are not stepping away from the neighborhood — they are simply monetizing one parcel inside a larger footprint they have continued to build out.
About a five-minute walk from the listed parcel, Simkins co-developed E11even Club Hotel & Residences and is now building E11even Club Residences Beyond at 20 and 60 NE 11th St. with Marc Roberts Cos., Property Markets Group (PMG), and E11even Partners. The same team is also building 38 West Eleventh Residences Miami, another Park West neighborhood project, in partnership with PMG.
That cluster has been a consistent driver of Park West’s transformation from underutilized land to a high-rise mixed-use district anchored by entertainment, condos, and hotel inventory. The $500 million listing places one of the cluster’s largest remaining parcels into the hands of an outside buyer for the first time.
Approaching a Statewide Land Pricing Record
The asking price approaches the South Florida record set late last year, when Oak Row Equities and OKO Group closed on a $520 million Brickell waterfront assemblage. That deal currently stands as the high-water mark for vacant land transactions in the region.
A $500 million close on the Park West parcel would not eclipse the Brickell record, but it would land near it — and it would do so in a neighborhood that, until recently, was not commanding price tags at that scale. The proximity to Miami Worldcenter, the Kaseya Center, and the existing E11even-anchored development cluster has shifted the math on what Park West parcels can command.
A Test Case for Miami’s Next Skyline Push
The listing arrives at a moment when Miami’s development pipeline is being closely watched by global capital. South Florida vacant land deals at or above the half-billion-dollar threshold remain rare, and each one tests how far the city’s pricing curve can stretch. The combination of the parcel’s scale, its position next to Miami Worldcenter, and the dual development pathway under current zoning and the Live Local Act gives the listing unusual flexibility.
For prospective buyers, the calculation is straightforward: build a 4.8 million-square-foot project under current rules, or scale up to a 10 million-plus-square-foot project anchored by workforce housing. Either path positions the eventual development as one of the largest urban projects to break ground in Miami this decade.
Whether the parcel sells at the full $500 million ask or settles below it, the listing reframes Park West as a market commanding price points once reserved for Brickell waterfront sites — and underscores how quickly the neighborhood’s valuation has shifted.
