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Miami Beach’s iconic parking garage sells for $283M

1111 Lincoln features retail, office space, and parking

A view from within the parking structure at 1111 Lincoln Road in Miami Beach
A view from within the parking structure at 1111 Lincoln Road in Miami Beach
via instagram/angelocaranese

1111 Lincoln, the iconic parking garage designed by Herzog & de Meuron on the western end of Lincoln Road in Miami Beach, was reportedly sold last week at a previously undisclosed price to an unknown buyer.

Today, we learn the number is an eye-opening $283 million, per The Real Deal, and the buyer is German investment fund Bayerische Versorgungskammer. The sale also includes 1664 Lenox Avenue and 1666 Lenox Avenue.

The aesthetically-pleasing predominantly open-air structure is seven stories, and includes 110,000 square feet of office space, 40,000 square feet of retail, 263 parking spaces, and a rooftop penthouse. The seller was developer Robert S. Wennett, who bought the property in 2005 for $23.5 million and built himself a residence on top of it. When it was constructed in 2010, the parking garage’s cost totaled $65 million.

There’s also a fascinating additional residential component in development called 1111 Lincoln Residences. Located within the building just north of the garage, it will feature two rooftop residences built around interior courtyards with no views to the outside of the building, other than upward.

The Lincoln Garage

1691 Michigan Avenue, Miami Beach, FL 33139