Corridor Thesis

Miami Airport West

Airport West is the institutional core position. It is the only corridor in the stack with a verified operator transaction, disclosed utility adjacency and a present-tense entitlement story that can clear an IC committee without hand waving.

Metrobloks validated Airport West pricing in March 2025 at $77.09/SF on land while also disclosing power, zoning and flood advantages. That makes the corridor the cleanest benchmark for takeout pricing in Miami today.

Entry basis range: 2.75-33.89; $/SF land before soft costs.
Supported exit: $77.09 / SF; Public comp-supported takeout only.
Basis-to-exit spread: 43.20 to 74.34 / SF; Before financing, taxes and promote.
Public pipeline: 2; 0 under LOI across 14.2 acres.

Deal Economics

Land-trade gross margin

74.3%

Assumes midpoint basis plus $1.50 / SF of soft cost.

Land-trade unlevered IRR

147.3%

18-month hold.

All-in development cost

$12.42M / MW

$1,685 / GSF at 16 MW.

Stabilized yield on cost

8.7%

Using $205.00 / kW / month and 88.0% occupancy.

Development unlevered IRR

11.4%

6.00% exit cap on a four-year hold.

Corridor power screen

16-22 MW

2026-03-31✓Verified

Public evidence exists here: Metrobloks disclosed 22 MW secured from FPL and 16.8 MW critical IT at 500 NW 137th Avenue. That is corridor-specific and should be shown as such.

Representative Parcel Screens

Public-facing pipeline table

Parcel	Folio	Acreage	Current zoning	Target zoning	Ask	Land basis	Entitlement	Diligence	Status
Doral West 10-Acre Land Site 10-acre public listing west of the City of Doral. Large enough to matter, still cheap enough to screen as an early-stage basis trade.	30-3029-***-0010	10.00	AG / Vacant Land	Industrial / data-center compatible use	$1.2M	$2.75 / SF	9-16 mo.	8.3 / 10	Under Screen
Doral SW 137th - 4.2 Acres CDMP already trends industrial. Good corridor quality with a moderate zoning execution path.	35-3029-***-3000	4.20	BU-3	IU-1	$6.2M	$33.89 / SF	9-14 mo.	7.3 / 10	Under Screen

Return Sensitivity

Development IRR by basis and exit cap

Basis case	5.50% exit cap	6.00% exit cap	6.50% exit cap
Low	14.5%	12.1%	10.0%
Base	13.7%	11.4%	9.3%
High	13.0%	10.7%	8.6%

Low / Base / High reflect the low end, midpoint and high end of corridor land plus utility-cost screens. Construction cost is held at the JLL 2025 global average of $10.7M/MW.

Utility Diligence

Power and energization posture

Substation proximity

200 feet to 230 kV substation

✓Verified

Metrobloks • 2026-03-31

Public capacity disclosure

22 MW secured / 16.8 MW critical IT

✓Verified

Metrobloks • 2026-03-31

Interconnection cost

$2.5M-$4.0M screen

≈Assumption

Key Bay Capital • 2026-03-31

Timeline to energization

12-18 months on like-for-like sites

✓Verified

CBRE Research • 2026-02-26

Environmental & Entitlement Risk

Risk matrix

Entitlement

Low

Institutional sites can stay inside existing industrial precedent if IU-1 is already in place.

Mitigation: Prioritize IU-1 parcels first; only spend rezone dollars on basis that clears a full $20+/SF spread.

Utility

Low

This is the only corridor with disclosed FPL capacity on a directly comparable project.

Mitigation: Require will-serve letters before hard diligence spend; treat disclosed Metrobloks power as the benchmark, not a blanket guarantee.

Flood / climate

Low

Airport West is inland and Metrobloks specifically markets flood-zone advantage.

Mitigation: Keep finished-floor elevations and storm hardening in the engineering package even on X-zone parcels.

Community / politics

Moderate

Doral-area traffic and utility optics can still slow public process on conversion sites.

Mitigation: Stick to industrial neighbors and data-center-compatible truck/noise narratives.

Source Stack

Every number should tell you where it came from

Metrobloks Acquires Land in Miami, FL to Build 15.2MW AI-Ready Data Center

Metrobloks • 2025-03-31

✓Verified

Confirms 500 NW 137th Avenue, 4.05-acre acquisition, 15.2 MW project scope, adjacency to FPL substation, and Miami digital-gateway positioning.

Open source

Miami MIA A1 Site Page

Metrobloks • 2026-03-31

✓Verified

Current site page states 16.8 MW critical IT, 22 MW secured from FPL with will-serve letter, 200 feet to 230 kV substation and fully entitled telecom/data-center use.

Open source

North America Data Center Trends H2 2025

CBRE Research • 2026-02-26

✓Verified

Primary-market average asking rate increased to $195.94/kW/month. Sites with power access inside 18-36 months are highly sought after. Powered sites in Northern Virginia and the Northeast exceeded $8 million per acre.

Open source

Data center availability crisis deepens as vacancy hits historic low

JLL • 2025-08-22

✓Verified

JLL says North America inventory reached 15.5 GW in H1 2025 and average asset-level cap rates held around 6%.

Open source

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