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INSTITUTIONAL OPPORTUNITY — Q1 2026

Miami's Data Center Land Gap Is Your Alpha.

~69 MW of capacity in a market where operators are spending $150M+ per site. Five active operators. Near-zero vacancy. The entitlement arbitrage is real.

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INVESTMENT THESIS

Buy Cheap. Rezone. Sell Dear.

A pure entitlement play — capture 60-80% of total value creation through zoning alone, with 20% of the risk of ground-up development.

$17-40
Raw Land (GU/BU-3)
+30%
CDMP Confirmed
Our Exit
$35-50
Rezoned IU-1
+15%
Site Plan + Permits
$50-77+
DC-Ready (Full Dev)
$17-40
Raw Land
+30%
CDMP Confirmed
Our Exit
$35-50
Rezoned IU-1
$50-77+
DC-Ready (Full Dev)
2-3x
Projected Equity Multiple
Based on validated entry at $17-40/SF and operator exit comps at $50-77+/SF in the Airport West corridor.
8-14mo
Target Hold Period
5+
Active DC Operators in Miami

Sources: Baxtel Miami Data Center Overview (2025); Cushman & Wakefield Metrobloks Transaction Report (Apr 2025); Iron Mountain MIA-1 Groundbreaking (Beacon Council, Mar 2025); Miami-Dade County Property Appraiser; Data Center Frontier; DataCenterDynamics.

THE PLAYBOOK

Three Steps. One Exit.

A deliberately simple strategy: acquire undervalued land, rezone to industrial, and sell into the strongest demand environment in Miami-Dade history.

1

Acquire

Purchase GU/BU-3 zoned land at $17-40/SF in established industrial corridors adjacent to existing operations.

Varies by parcel per deal
  • ▶ Target parcels with "Industrial & Office" CDMP designation
  • ▶ Adjacent to existing IU-1 zoning (path of least resistance)
  • ▶ Near FPL substations (power is the gating item)
  • ▶ Inside the Urban Development Boundary (UDB)
  • ▶ Flood Zone X only (no AE/AH zones)
  • ▶ Clean Phase I ESA — walk away from contamination
2

Rezone

Convert to IU-1 (Industrial, Light Manufacturing) through Miami-Dade County's quasi-judicial hearing process.

$240K — $530K entitlement cost
  • ▶ Engage top-tier land use counsel (Bilzin Sumberg, Holland & Knight)
  • ▶ Pre-briefing with district commissioner (D12 Bermudez / D1 Gilbert)
  • ▶ Staff review → CZAB advisory → BCC final approval
  • ▶ Data centers = very low traffic generation (favorable for concurrency)
  • ▶ No school concurrency impact (industrial use)
  • ▶ Maintain ag tax exemption during rezone (FL §193.461)
3

Exit

Sell rezoned, DC-entitled land to operators at $35-50/SF — or ground lease for long-term yield.

Varies by deal net profit
  • ▶ 5+ active DC operators seeking Miami sites (Iron Mountain, Metrobloks, Ambrose, EdgeConneX, RadiusDC)
  • ▶ EdgeConneX flipped Beacon Station for 12% gain with zero construction
  • ▶ Alternative exit: ground lease at 6-8% yield, 30-50yr NNN
  • ▶ 1031 exchange eligible for tax deferral (if structured as investor)
  • ▶ Potential OZ qualification = zero capital gains tax

Execution Timeline

Due Diligence
Mo 1-2

CDMP verification, Phase I ESA, title, FPL capacity inquiry, survey

Close & File
Mo 3-5

Land acquisition, engage counsel & lobbyist, prepare and file rezone application

Staff Review
Mo 5-9

DRC circulation: Planning, DERM, Transportation, Fire, WASD

Hearings
Mo 9-12

CZAB advisory hearing, BCC final approval vote

Market & Exit
Mo 12-14

Broker engagement, DC operator outreach, close sale or negotiate ground lease

THE DEALS

Three Parcels. Three Risk Profiles.

Three active opportunities in Miami-Dade's emerging data center corridor. All figures are preliminary and subject to broker verification.

Deal A — NW 137th Avenue Corridor, Airport West

Under Diligence — Figures Preliminary Proven DC Corridor

5.01 acres · Zoned IU-1 (Industrial, Light Manufacturing) · Adjacent to Metrobloks 15.2 MW site

Acquisition
TBD — Inquiring
Current $/SF
Est. $50-77
Exit $/SF
$77-100+
Entitlement Cost
$0 (Already IU-1)
Equity Multiple
Est. 1.3-1.8x
Rezone Risk
NONE
Timeline
3-6 mo
Capital Required
Est. $11-17M

Why This Deal

  • ▶ Already zoned IU-1: No rezoning required — this parcel is shovel-ready for data center development. Eliminates the primary execution risk.
  • ▶ Adjacent to Metrobloks: 500 NW 137th Ave (4.05 acres, 15.2 MW, $150M project) is next door. Proven DC cluster forming.
  • ▶ Avison Young exclusive listing: Marketed by a top-tier brokerage. Legitimate institutional deal flow.
  • ▶ Inside UDB with direct Turnpike access: Within Miami-Dade's Urban Development Boundary. Florida's Turnpike access via NW 12th St interchange.
  • ▶ Short-term IOS tenancy in place: Current industrial outdoor storage operators provide holding income while pursuing DC operator exit.
  • ▶ Comp validation: 220 NW 137th Ave (2.51 acres, IU-1) listed at ~$77/SF. Metrobloks transacted at $150M total project in same corridor.
Estimated Net Profit (All Cash)
TBD — Pending Acquisition Price

Source: Avison Young listing (avisonyoung.us); Cushman & Wakefield Metrobloks Transaction Report (Apr 2025); LoopNet 220 NW 137th Ave listing.

Deal B — 220 NW 137th Avenue, Airport West

Under Diligence — Figures Preliminary Opportunity Zone

2.51 acres · Zoned IU-1 · Listed at $8.4M · Opportunity Zone · Adjacent to 836 Dolphin Expressway

Acquisition
$8,400,000
Current $/SF
$76.84
Exit $/SF
$90-120
Entitlement Cost
$0 (Already IU-1)
Equity Multiple
Est. 1.2-1.6x
Rezone Risk
NONE
Timeline
3-6 mo
Capital Required
~$8.7M

Why This Deal

  • ▶ Opportunity Zone qualification: Potential for zero capital gains tax on qualifying investments held 10+ years. Dramatically changes the after-tax return profile.
  • ▶ Already IU-1 zoned: No entitlement risk. Permitted uses include warehouse, data center, and light industrial.
  • ▶ 836 Dolphin Expressway adjacent: Less than 1,000 feet from the expressway. Strong logistics and connectivity.
  • ▶ Municipal utilities accessible: Property to the north already connected to county water & sewer, making utility connection straightforward.
  • ▶ Smaller capital requirement: At $8.4M, this is accessible to a broader range of investors than the larger NW 137th parcel.
  • ⚠ Smaller footprint: At 2.51 acres, this may be undersized for hyperscaler requirements (typically 5+ acres). Best suited for edge/colo operators or land assembly with adjacent parcels.
Estimated Net Profit (All Cash)
TBD — Dependent on operator exit pricing

Source: LoopNet listing #28259121; Miami-Dade Property Appraiser; Opportunity Zone designation via IRS.

Deal C — Medley NW 74th Street, Development Site

Under Diligence — Figures Preliminary Strongest Industrial Precedent

3.4 acres · Current zoning TBD · Conceptual 135K SF warehouse plans exist · Heart of Medley industrial district

Acquisition
TBD — Listed, Price Upon Request
Current $/SF
Est. $40-68
Exit $/SF
$68-90
Entitlement Cost
Est. $50-150K
Equity Multiple
Est. 1.3-2.0x
Rezone Risk
LOW
Timeline
8-14 mo
Capital Required
Est. $6-10M

Why This Deal

  • ▶ Medley industrial precedent: Miami-Dade's heaviest industrial concentration. Beacon Lakes (GU to IU-1) created 3M+ SF of DC/logistics space. Zoning precedent is strong.
  • ▶ Simi Capital comp: Simi Capital acquired 10.5 acres at 8505 NW 74th St for $31M ($67.80/SF) — validating the corridor at institutional pricing.
  • ▶ Conceptual plans available: Broker has 62K + 73K SF warehouse plans ready, accelerating the site plan phase if entitlement is pursued.
  • ▶ Political alignment: BCC District 12 (Commissioner Bermudez) is pro-business and industrial-friendly. Medley has virtually zero residential population — minimal community opposition risk.
  • ▶ Multiple FPL substations: Proven industrial power corridor with existing substations within 1 mile.
  • ⚠ Zoning verification needed: Current zoning must be confirmed via Miami-Dade Property Appraiser. If already IU-1, no rezone needed. If GU/BU-3, standard rezoning applies.
Estimated Net Profit (All Cash)
TBD — Pending Acquisition Price Verification

Source: LoopNet listing #29569977; Traded.co (Simi Capital transaction); Miami-Dade County Property Appraiser.

Financial Modeling

Detailed financial models with sensitivity analysis (bull/base/bear scenarios) will be provided in the full investment memo upon request. All projections are based on verified comparable transactions and current market conditions in the Airport West and Medley industrial corridors.

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MARKET CONTEXT

Miami Is 15 Years Behind Northern Virginia.

When a market is 30x undersupplied relative to national leaders, you're not buying real estate — you're buying the gap.

N. Virginia
3,000+ MW
Dallas
1,500+ MW
Atlanta
1,279+ MW
Phoenix
800+ MW
Miami
~69 MW ⚡

Verified Comparable Transactions

Date Property Buyer Price $/SF Notes
Jan 2023 Beacon Station Industrial EdgeConneX $13.7M $50/SF 6.25ac — DC-entitled land
Q1 2025 500 NW 137th Ave Metrobloks $13.6M $77/SF 4.05ac — across from FPL substation
Jun 2025 Beacon Station (flip) Ambrose/Flagler $15.35M $56/SF Same site — 12% gain, zero construction
Q3 2023 Medley industrial corridor Various $79M qtr $35-55/SF Quarterly industrial transaction volume
Sept 2025 Seagis Doral Warehouse Institutional $20M $328/SF 62K SF — built industrial comp

Active DC Operators — Your Buyer Pool

Operator Project Status Investment Implications
Iron Mountain MIA-1, 16 MW Under construction $100M+ Validates Miami DC demand
Metrobloks MIA-A1, 15.2 MW Land acquired, planning $13.6M (land) Paid $77/SF — highest land comp
Ambrose Beacon Station, TBD Land acquired Jun 2025 $15.35M Bought EdgeConneX's site
EdgeConneX MIA01/02, 9 MW Operational Flipped for 12% gain Still active in market
RadiusDC Miami I, TBD Expanding Growing presence Seeking additional capacity
Equinix MI1-MI6, 17.5+ MW Operational Largest operator NAP of Americas (MI1)

6+ operators actively acquiring or developing in Miami. Zero hyperscaler campuses announced.

Sources: Baxtel Miami Data Center Overview (2025); Cushman & Wakefield Metrobloks Transaction Report (Apr 2025); Iron Mountain MIA-1 Groundbreaking (Beacon Council, Mar 2025); Miami-Dade County Property Appraiser; Data Center Frontier; DataCenterDynamics.

REGULATORY FRAMEWORK

IU-1 Zoning — Engineered for Data Centers

IU-1 Development Standards

Height Limit
No explicit cap ✓
FAR
No explicit limit ✓
Lot Coverage
No maximum ✓
Front Setback
20 feet §33-51
Side/Rear Setback
0 ft (25ft if adj. residential)
Min Lot Width
75 feet
Min Lot Area
7,500 SF
Data Centers
Permitted by right ✓

Approval Authority

Governing Code
MDC Code Ch. 33, Art. XXIX
Process Type
Quasi-judicial hearing
Advisory Body
CZAB
Final Authority
Board of County Commissioners
Medley Corridor
District 12 — Comm. Bermudez
Opa-Locka Corridor
District 1 — Comm. Gilbert (Chair)
DC Moratorium
None in MDC ✓
CDMP Amendment
Not needed if "Industrial & Office"

Why Data Centers Win at Zoning Hearings

🚗

Traffic Impact

Minimal — fewest vehicle trips per SF of any industrial use

🏫

No School Impact

School concurrency only applies to residential

💰

High Tax Revenue

Highest property tax revenue per acre of any land use

INFRASTRUCTURE

Power, Fiber, Water, Resilience

Infrastructure is the buyer's problem — but confirming availability is our due diligence obligation. Here's the landscape.

⚡ FPL Power
$0.07-0.09
/kWh

10MW = $5.5-8.5M/yr operating cost for end users

🔌 Fiber Optic
NAP of Americas
#1 LatAm hub

$200K-2M lateral build depending on corridor

💧 Water/Sewer
Low Water Users
WASD $20-40K

Low concern — data centers use minimal water relative to size

🌪 Hurricane Resilience
HVHZ
185-195 mph

Cat 5 rated — highest building code standard in the U.S.

Corridor Infrastructure Ranking

Corridor Power Fiber Flood Environmental Overall
Medley / NW 74th Excellent Good Low (Zone X) Moderate ★★★★★
Doral / SW 137th Excellent Excellent Low Moderate ★★★★★
Opa-Locka Airport Good Moderate Verify PFAS Risk ★★★★★
SW 147th Ave Good Growing Verify Ag chemicals ★★★★★
Homestead Limited Poor Variable Moderate ★★★★★

HONEST ASSESSMENT

What Can Go Wrong. What Can Go Right.

Key Risks

HIGH IMPACT CDMP amendment required — adds 12+ months

Mitigation: Verify CDMP designation before LOI. If "Industrial & Office," no amendment needed. Walk away if CDMP requires amendment.

MEDIUM Environmental contamination — pesticides/arsenic/PFAS

Mitigation: Phase I ESA before going hard on any contract. Budget for Phase II where agricultural history or airport proximity exists.

MEDIUM FPL power unavailable at substation — 18-36 month infrastructure timeline

Mitigation: Obtain FPL service availability letter during due diligence. Confirm substation capacity before closing.

LOW Rezone denial — 10-20% probability

Mitigation: Pre-consultation with commissioner, experienced land use counsel, strong zoning precedent in target corridors.

LOW DC market correction

Mitigation: Miami is 30x undersupplied relative to major markets. Even significant demand reduction leaves Miami undersupplied.

LOW Hurricane during hold period

Mitigation: Vacant land has near-zero damage exposure. No structures, no contents, no tenants.

Upside Catalysts

30-40%

Exit value exceeds $50/SF

Metrobloks paid $77/SF — significant upside beyond base case.

15-25%

Hyperscaler announces Miami campus

Transforms entire market — land values could 2-3x overnight.

40-50%

Multiple bidder competition at exit

6+ active operators creates natural competitive tension at exit.

OPTION

Ground lease instead of sale

6-8% yield, 30-50yr NNN — long-term income stream alternative.

15-20%

Opportunity Zone qualification

Zero capital gains tax on qualifying investments held 10+ years.

20-30%

FPL data center tariff

Makes Miami more competitive on power costs vs. other markets.

Why Miami. Why Now.

$0.07
FPL Industrial
$/kWh
$0
Florida State
Income Tax
15+
Subsea Cables
NAP of Americas
$0
Hyperscaler
Campuses
650M+
LatAm Population
Edge AI inference hub
52%
Land Price
YoY Surge

Honest Limitations — What We Don't Claim

Subsea Cable Rerouting

BRUSA, Seabras-1, Firmina bypass Miami. Not all LatAm traffic routes through the NAP.

Small Market Size

~69 MW (Source: Baxtel, 2025) is a secondary market. Miami is not competing with NoVA on scale — it's a niche play.

Hurricane Insurance Costs

$0.50-1.00/SF additional cost for end operators. A real cost factor for DC economics.

No Hyperscaler Flywheel (Yet)

No AWS, Azure, Google, or Meta campuses. No clustering effects that drive exponential demand growth.

GET IN TOUCH

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Qualified investors receive access to detailed deal memos, financial models, and direct communication with our team.