The Nolan House

The distinctive character of a 1920’s-era estate on Brickell Avenue offered an exclusive opportunity to buy a piece of Miami’s history. For sale was more than property—this was an acquisition of architecture with established presence. We determined the likeliest buyer would be an owner-user: specifically, one whose brand strategy compelled it to occupy such real estate.

Having conceived a likely buyer profile, ONE Commercial created marketing material to effectively present the property’s strengths to the qualified audience. This profile included targeted industries: finance, banking, real estate, luxury retail, high-end food & beverage, educational institutions, and others.

We reasoned the value of the property was not to be found in its existing rents, but rather in the buyer’s opportunity cost. In other words: were the buyer to consider an alternative, how much would that alternative cost? Then relative to the comparable cost, Nolan House naturally commanded a premium by virtue of its character, history, location, and visibility. This supported an acceptable valuation, regardless of existing operations.

Further, ONE Commercial researched and met with the City of Miami to understand potential to market the property’s Transferable Development Rights (“TDRs”). Under a program administered by the City, TDRs may be sold by owners of historic properties, effectively monetizing the development rights (or “air rights”) which, if not for the historic designation, would otherwise be available to the property owner.