Airport West / Doral
Miami Airport West
Entry 2.75-33.89 / SFSupported band 67.80-77.09 / SFTarget exit 77.09 / SF
Land trade IRR
147.3%
Key Bay Capital | Miami Data Infrastructure
Miami data-center land, underwritten for institutional capital.
Live corridor spreads, public comp support and pipeline access at the front door. Power, diligence and sourcing detail continue deeper in the platform.
Visible screens
8
0 under LOI across 70.1 acres.
Supported exit band
$67.80-77.09
Public transaction support only. No unsupported upside.
Development program
36 MW
61.5% average gross margin across the corridor stack.
Live Spread Monitor
Entry basis versus supported exit, by corridor.
Powered anchor
Miami Airport West
Medley / Beacon Lakes
Medley
Entry 5.51-43.50 / SFSupported band 67.80-77.09 / SFTarget exit 67.80 / SF
Land trade IRR
59.2%
Opa-Locka Airport Periphery
Opa-Locka
Entry 9.18-38.26 / SFSupported band 67.80-77.09 / SFTarget exit 55.46 / SF
Land trade IRR
31.5%
Miami Airport West
0 under LOI, 2 screening
Medley
0 under LOI, 4 screening
Opa-Locka
0 under LOI, 2 screening
Institutional Positioning
A public-facing site should still feel like the first page of committee materials.
The new front door keeps the underwriting discipline, but it packages the thesis in a sharper, more strategic frame: Miami gateway demand, corridor-level spread visibility, and operational credibility.
01Show the 69 MW figure once as metro inventory. Airport West gets corridor-specific power support because Metrobloks publicly disclosed 22 MW secured from FPL; Medley and Opa-Locka do not have comparable public disclosures.
02Replace the unsupported $77-$120/SF language with a defensible public band. The verified/broker comps that currently support the thesis are $67.80/SF in Medley and $77.09/SF in Airport West.
03Treat Medley as the spread corridor and Opa-Locka as optionality. The presentation should make clear that these two corridors rely on heavier assumptions and need utility letters before an LP can underwrite them as core.
Land-trade hold
18-30 months
Shorter for Airport West IU-1 parcels; longer when zoning, environmental or utility work must create the spread.
Construction cost
$10.7M / MW
JLL 2026 Global Data Center Outlook base cost for 2025. Corridor utility and land are layered on top.
Wholesale rate base case
$195.94 / kW / month
CBRE H2 2025 U.S. primary-market benchmark. Miami-specific adjustments are disclosed as assumptions corridor by corridor.
Stabilized exit cap
6.0%-6.75%
Anchored to JLL's ~6% average asset-level cap rate and widened for secondary-market / execution risk corridors.
Market Signal Atlas
Miami deserves an institutional story because demand, pricing and gateway infrastructure are all visible.
Core Thesis
Digital gateway infrastructure with basis discipline.
69 MW
Miami metro inventory
16.4%
Miami vacancy
$195.94 / kW / month
Primary-market asking rate
≈ 6.0%
Stabilized asset cap rates
>$8M / acre
NoVA powered-site pricing
Miami population growth
+123,471 residents
Miami-Fort Lauderdale-West Palm Beach ranked fourth nationally for numeric metro growth from 2023 to 2024.
South Florida tech-company growth
+53.6%
JLL shows South Florida tech-company count grew 53.6% from 2020 to 2023, with 62,013 tech jobs already in market.
Subsea cable density
15 cable systems
Equinix MI1 / NAP of the Americas remains the key Miami interconnection node, with more than 120 networks serving roughly 150 countries.
Corridor Spread Engine
The site now explains where the spread lives, where it does not, and why.
Airport West / Doral
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.
Entry basis band
Supported public exit
Entry basis
2.75-33.89 / SF
Supported exit
77.09 / SF
Powered capacity
16-22 MW
Medley / Beacon Lakes
Medley
Medley is the highest spread corridor but the least proven from a power-disclosure standpoint. It deserves institutional attention because the land basis can still clear below Airport West while industrial precedent remains credible, but the public diligence trail is thinner and must be disclosed that way.
Entry basis band
Supported public exit
Entry basis
5.51-43.50 / SF
Supported exit
67.80 / SF
Powered capacity
12-18 MW
Opa-Locka Airport Periphery
Opa-Locka
Opa-Locka is a basis trade, not the core institutional bet. It belongs in the room because the entry basis is meaningfully cheaper than Airport West or Medley, but the corridor should be presented as optionality with material environmental, political and utility execution risk.
Entry basis band
Supported public exit
Entry basis
9.18-38.26 / SF
Supported exit
55.46 / SF
Powered capacity
8-12 MW
Featured Opportunities
Real screens, presented like institutional opportunities instead of a thumbnail gallery.
Each visible parcel pairs a site image, live economics and a diligence read so visitors understand both the upside and the underwriting burden.
LandSearch / Florida Capital Realty
Miami Airport West
◉BrokerDoral 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.
Ask
$1.2M
Land basis
$2.75 / SF
Entitlement
9-16
Acreage
10 acres
Diligence score
8.3 / 10
Target zoning
Industrial / data-center compatible use
Medley
NW 25th St Industrial - 6.8 Acres
Medley
◉BrokerNW 25th St Industrial - 6.8 Acres
Immediate operator-fit story in Medley industrial core. Strong substation adjacency and mid-scale acreage.
Ask
$12.5M
Land basis
$42.20 / SF
Entitlement
0-6
Acreage
6.8 acres
Diligence score
8.0 / 10
Target zoning
IU-1
LandSearch / Keller Williams Legacy
Medley
◉BrokerNW South River Dr IOS Land
A rare 25-acre Medley land screen with real listing exposure. More yard and staging oriented than finished industrial, but that is exactly why it belongs in the public funnel.
Ask
$6M
Land basis
$5.51 / SF
Entitlement
9-16
Acreage
25 acres
Diligence score
7.3 / 10
Target zoning
Industrial / powered yard
Proof Stack
The institutional tone only works if every public-facing claim still carries evidence.
Key Bay should feel precise, not promotional. The closing section therefore leads with public transaction support, source-level notes and clear next actions into the diligence room.
Metrobloks Acquires Land in Miami, FL to Build 15.2MW AI-Ready Data Center
Metrobloks • 2025-03-31
Confirms 500 NW 137th Avenue, 4.05-acre acquisition, 15.2 MW project scope, adjacency to FPL substation, and Miami digital-gateway positioning.
Open sourceSimi Capital Pays $31M for 10.5-Acre Medley Development Site
Traded • 2025-05-27
Broker-market comp used for Medley exit support. Derived land basis equals $67.80/SF on 10.5 acres.
Open sourceNorth America Data Center Trends H2 2025
CBRE Research • 2026-02-26
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 sourcePublic Transaction Support
Land pricing the market can actually defend
2 investor-visible documents
3 public comps in current support band
| Market | Asset | Acreage | Buyer | Price | Land basis | Role |
|---|---|---|---|---|---|---|
| Airport West | 500 NW 137th Ave 2025-03-31 | 4.05 | Metrobloks | $13.6M | $77.09 / SF | Exit support |
| Medley | NW 93rd St development site 2025-05-27 | 10.50 | Simi Capital | $31M | $67.80 / SF | Exit support |
| Medley / Beacon Lakes | 9330 NW 112th Ave 2024-12-30 | 21.35 | Butters + First Industrial | $33.5M | $36.01 / SF | Basis floor |
| Opa-Locka | 12405 NW 38th Ave 2025-03-07 | 3.53 | Performance Food Group | $8.5M | $55.46 / SF | Basis floor |
Program scale
36 MW
Modeled development capacity across the active corridor set.
Active pipeline
8
Current public screens shown across Airport West, Medley and Opa-Locka.
Source posture
Verified + broker
Every homepage metric is tagged to a public source or clearly marked as an assumption.
New here?
Five-minute platform walkthrough
Key Bay is a research platform, not a pitch deck. Here is the fastest path to understanding the thesis, the data, and the pipeline.