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Old Posted Apr 25, 2017, 12:45 PM
dave8721 dave8721 is offline
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Join Date: Jul 2005
Location: Miami
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Proposal to replace the old 1920s Courthouse building:

Developer offers Miami-Dade a $300 million courthouse. Rent: $1.8 billion over 99 years.

A Miami developer wants to build a $300 million courthouse for Miami-Dade in exchange for an $18 million yearly lease stretching into the next century and the right to convert the existing historic tower into a for-profit complex with shops and offices.

The unsolicited proposal by developer Russell Galbut would deliver Miami-Dade a modern courthouse a few steps across Flagler Street from the existing one built in 1928 — a government building so old it once held the trial of Al Capone.

While Galbut’s Crescent Heights would pay for construction, it would gain two significant sources of revenue from Miami-Dade to try and turn a profit during the 99-year deal.

Crescent would collect at least $18 million a year in rent from Miami-Dade on the new courthouse, which would rise on what’s now a narrow parking lot at 54 W. Flagler Street. And Crescent would take over the existing courthouse, and refurbish it into Miami’s newest high-end office tower, with shops and restaurants on the ground floor at 73 W. Flagler St.

His plan would deliver the modern courthouse sought by judges, lawyers and the county clerk, who complain the existing 28-story building is so out-of-date, cramped and in disrepair that it no longer can serve as headquarters for the county’s civil justice system. The new 35-story building would offer 50 courtrooms to replace the existing building’s 25 rooms, a top request by judges.

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