MIAMI | Development Thread

[MIAMISKYLINE]

Developers Hope A Planned Panhandling Ban Will Help With Security Issues


MIAMI (CBS4) ― In major cities around the nation you'll find communities where people work and live in the same area. In South Florida that is extremely rare. You need a car to get just about anywhere but there is an initiative underway to turn Miami into a 24-hour city.

When the sun sets on Downtown Miami, so do the gates. Scores of stores shut down and by the time the lights come on at night, you can walk down Flagler Street all by yourself.

Historically, Downtown Miami has been a place of business, but after hours, all those business people are off to the suburbs, but that may all be changing.

Alyce Roberts, the Executive Director of the Downtown Development Authority says Miami is on the "cusp of change."

It's called the 24-hour city, and The Downtown Development Authority, retailers, and developers are pushing it.

"It's exciting because it means people," said developer Loretta Cockrum from the Forum Group.

In just a couple of years, 13,000 new apartments have been created in Downtown Miami. The massive inventory has led to foreclosures and fire sales, but it also has introduced thousands of new residents to the area.

The massive introduction of people has led developer Loretta Cockrum to build even more. When Brickell Financial Center is done it will have 91 times the space of the Bank of America building.

"I hope that it continues to allow Miami to become the great city that it will become. We're not there yet. But we are definitely on our way," said Cockrum.

Mary Brickell Village is also benefiting greatly from the influx in residents.

"The area is growing. There is a lot of development in this area. It's created a nightlife within the Brickell area itself. We are a part of that," said Fernando Perez from Mary Brickell Village.

The brand new mall is 85-percent occupied and despite a downturn in the economy, a new Publix Supermarket and an LA Fitness gym are expected to open in early 2009.

While the people are coming, Miami's biggest hurdle is likely still ahead of it and that's safety.

The remarkable new half million dollar condominiums are not only home to new tenants, but hundreds of homeless who have plagued the city for decades. This is where the battle between the Miami of the past and future are meeting.

Jay Solowsky of the Downtown Miami Development Authority says, "When we are trying to encourage people to frequent the area, to move into the area, to enjoy the area, their experiences are negatively affected when they are constantly being panhandled. And therefore we need to do this."

This is the city's attempt to create a safer downtown. In a few weeks, a new law will be enforced that outlaws panhandling. In other words, someone asking you for money in Downtown Miami would go to jail.

Panhandler Rob Rollins says some people don't have a choice. "I mean they are living in the street. They can't get a job, so what else can you do? It's better than hitting someone over the head and robbing them."

Rob Rollins makes an interesting point. The law is also hotly contested by the ACLU calling it a violation of first amendment rights whether the person is homeless or not. In response, the city will restrict the ordinance to 7 miles.

"Right now it's critical that we protect the interest of those people who have invested their money, who have invested their lives, who are moving here so that they will have an enjoyable experience," explained Solowsky.

The Homeless Trust, an initiative started 15 years ago to end downtown's homeless problem, hopes the law will be the end all.

"We're enabling them to stay on the streets by putting money out there. We've got to stop that. If they don't have money to eat it gives our outreach teams a better opportunity to bring them into our homeless assistance center and get them the care, get them the treatment, get them re-educated, get them re-trained, get them into a job and permanent housing," said Ron Book from the Miami-Dade County Homeless Trust.

In a few months, homeless meters will dot Miami-Dade County. They are parking meters used in cities around the nation like Denver. The money people donate goes to organizations ending homelessness.

"We are going to do this in a big way," says Book. "The goal is to have several hundreds of meters."

So the recipe for the 24 hour city is services, safety, and lastly affordability.

"The affordability issue is very key to that because if you can combine the cost of your home and you can combine the cost of your office for an entrepreneur, that's a big cost, " said Gladys Margarita-Diaz of the Miami-Dade Housing Financing Authority. "And if you can shave the commute time down all the sudden you are collapsing into one number what would be three different numbers, very large ones."

With 8,500 more units expected to come online by the end of 2009, prices are likely to continue to be pressed downward which will help the 24-hour city become a reality.

"Miami is a young city. It's like a teenager just becoming a woman. It's like wow, we're here at the beginning of everything and that's what I think is really exciting," said Margarita-Diaz.

[MIAMISKYLINE]

Thousands of owners of second homes see taxes rise


Over the last two years, South Florida home prices have been in a tailspin, plunging by double-digit numbers.

How, then, did the value of Diane Jacobs' modest rental home in North Miami jump by 7 percent, or about $18,000 -- from $258,709 to $276,678.

The question is flummoxing a multitude of second home owners and investors who don't enjoy the benefit of homestead exemptions and tax breaks under Save Our Homes. Thousands have seen their assessed values rise, defying the expectations of tax relief a declining market could bring.

''I just couldn't believe it when I got it in the mail,'' Jacobs, 57, said, referring to her estimated tax from Miami-Dade County. The home's higher assessed value raises her tax liability by an additional $373 to $5,615.

The confusion lies in the oddball market of 2007, in which home prices went from super hot to almost frozen -- and not in all parts of town at once.

The complex appraisal methods local officials use to calculate a home's worth may also be to blame.

By law, public appraisers are required to value all homes as of Jan. 1, with assessments of individual homes largely derived from analyzing sales of comparable properties over the previous 12 months.

Sales slowed considerably in 2007 and, in many cases, happened only early in the year. Back then, prices had not yet begun to slip in some neighborhoods and condo buildings.

''Most areas saw a decline [in sales],'' said Marcus Saiz de la Mora, property appraiser for Miami-Dade County. ``But for a lot of properties, the decline wasn't prevalent enough to indicate a reduction in the assessment, and some areas indicated still a slight increase in value over the previous year.''

The scenario means higher tax assessments this year for about 80,000 homes among some 470,000 residential properties that did not qualify for homestead exemptions in Miami-Dade and Broward counties. For another few thousand homes, values remained virtually flat.

For homesteaded owners, assessment increases are capped annually at 3 percent under Save Our Homes and generally rise until reaching market value. For owners of second homes, investors and landlords, the taxable values shift in tandem with prevailing home prices.

The system, meant to protect primary homeowners from skyrocketing taxes during years of rapid growth, clobbered investors during the recent boom and created huge tax disparities among owners of similar properties. Some investors saw their taxes rise by more than 100 percent.

Voters approved tax reform earlier this year that now caps assessments for nonhomesteaded properties at 10 percent. It takes effect next year.

A wrinkle in Save Our Homes, however, brings a reversal of fortunes, of sorts. Despite quickly falling home prices, most primary homeowners are still seeing their assessments rise under the law's so-called recapture provision. Most second homeowners believed their market values -- and therefore their taxes -- would fall this year.

M.J. Stone, a property tax consultant who helps homeowners challenge their assessments, said the frustration among her clients was the worst she's seen, primarily due to a misconception that values had plummeted by up to 30 percent across the board, as indicated by some widely-reported home price indexes this year.

''That may be true in the luxury condo market, but not necessarily the single-family home market,'' Stone said. ``The county, which is doing a mass appraisal technique, can't simply apply 30 percent reductions.''

Low sales volume in 2007 contributed to the confusion. ''Everybody knew the market was declining in 2007, but there was little tangible evidence. Nobody was buying because sellers weren't lowering their prices. In 2008, there is tangible evidence in deeply discounted sales prices,'' Stone said.

County property appraisers admit this has been a particularly tricky year for valuing property. In Broward County, for instance, only 26,000 qualified sales were used to value a total of 430,000 homes. In Miami-Dade, qualified home sales fell from about 75,000 in 2006 to 43,500 last year of the 700,000 homes assessed.

''When the market was up and things were selling like hot cakes, it was a whole lot easier because you had a lot of comparisons to use,'' said Lori Parrish, Broward's elected property appraiser.

County appraisers calculate values by comparing sales of similar properties within the same subdivision or block, among homes roughly equivalent in size, age, structural features and other measures prescribed by law. Each year, they are required to physically inspect 20 percent of all properties. For the remaining homes, they use various software programs that employ algorithms and other complex analyses, Parrish said.

Also, appraisers analyze how much it would cost to replace the property, accounting for depreciation as well as the value of the raw land. Approaches vary by property type, Saiz de la Mora said. But automated appraisals were nonetheless reviewed and approved by a certified appraiser.

''A lot of human interaction is still involved in this process, along with the aid and assistance of computer data systems,'' Saiz de la Mora said.

Saiz de la Mora said there was no danger, as some have feared, that whole blocks and buildings might be revalued on the basis of a single sale. Appraisers have ways of valuing properties in tiers, allowing them to pull comparable sales from nearby buildings and similar neighborhoods.

Parrish said most assessed values come in about 15 percent less than market value to account for non-real estate costs such as closing fees and sales commissions.

That might explain why Scott Needelman's valuation bounced right back to last year's amount on the three small apartment buildings his family owns on Miami Beach, even though he had appealed the assessment last year and won.

''I don't know how it works, but I would assume the [taxable value] would be at least last year's appealed amount or lower. But it was higher,'' Needelman said, adding his tax bill was about $80,000.

As for Jacobs, she called the property appraiser's office to discuss her concerns and was put on hold for an hour before being told she would need a day to meet an appraiser. Because she was recently laid off from her job as a legal secretary in a real estate company, she has the time, she said.

[MIAMISKYLINE]

Lincoln Road’s west end closes to traffic as construction begins
The western end of the Lincoln Road pedestrian mall is closed to traffic permanently as commercial expansion starts across from its iconic Art Deco-style movie theater.

The city of Miami Beach’s July 22 closure of the area coincides with the plans of developer Robert Wennett, who is adding a garage to his 10-story office building at 1111 Lincoln Road. Wennett’s expansion also calls for an upgrade to the first floor of the office building, the construction of a two-story building for tenant SunTrust Bank and the addition of 20,000 square feet of new retail.

Swiss architect firm Herzog & DeMeuron, which conceptualized the Bird’s Nest stadium for the 2008 Olympics in Beijing, is the architect behind the garage and office upgrade. Wennett, president of UIA Management, did not return repeated calls for comment.

Restaurants will be on the first floor and rooftop of the existing building, which is currently home to SunTrust bank. Elevators available at street level will take people to the rooftop restaurant, said Jorge Gomez, Miami’s Beach planning director.

[MIAMISKYLINE]

Arellano Construction Joins the OHL Group to Expand Healthcare Construction Services in the Southeast


MIAMI, Sep 12, 2008 (BUSINESS WIRE) -- OHL and Arellano Construction announced today their strategic alliance in the form of a stock purchase agreement. With 35 years of experience in the industry and a business volume surpassing US$100M in 2007, Arellano Construction is a leader in healthcare and institutional construction and renovation services in Florida. In an effort to capitalize upon its recent exponential growth, Arellano Construction found an ideal strategic partner in OHL USA.
"We are confident that the union of OHL and Arellano will create added value for our customers and employees. OHL will provide us with the financial support necessary to take on larger projects throughout the Southeast," said Agustin Arellano, President of Arellano Construction.
The newly signed agreement with Arellano Construction will provide OHL local expertise in hospital construction, a market niche in which the company holds a leading position in Spain and internationally. Healthcare construction is one of the OHL Group's pillar services, constituting 30% of its global production in the vertical construction industry. A recently signed US$2.5 billion project in Qatar involving one of the most advanced hospitals in the world is the largest hospital project that the OHL Group has ever undertaken.
"Thanks to this strategic alliance with Arellano, an experienced and renowned local player in the industry, OHL has succeeded in consolidating our portfolio of services in Florida and throughout the U.S.," said Francisco MarAn, Chairman of OHL USA.
Under the stock purchase agreement, OHL has acquired a controlling interest (70%) in Arellano so that current management shareholders may retain a substantial stake in the company. The consideration paid by OHL consists of an initial disbursement of US$ 25 million and a variable component of no less than US$ 11.5 million which shall depend on the future performance of the company.

[MIAMISKYLINE]

Potential bumps lie ahead for Florida Marlins stadium deal

A judge's ruling Tuesday opened the door to construction of a Florida Marlins stadium, but county commissioners still could derail the project.


Miami, Miami-Dade and Florida Marlins leaders boldly say they are moving ahead with construction of a baseball stadium in Little Havana after a crucial judicial victory this week.
But are they rolling the dice?
Though Circuit Court Judge Jeri Beth Cohen's finding that a stadium would serve the public good was a giant leap forward in the ball club's decade-long attempt to secure a permanent home, several obstacles remain.
Chief among them:
• For the stadium to be built, a supermajority of county commissioners -- 9 of 13 -- must approve construction and management contracts.
The commission approved the stadium in a 9-3 vote in February, with one commissioner absent. But with the smaller contracts coming back for approval, some commissioners will likely seek concessions before voting yes. If one of the yes votes changes to a no and all other votes hold up, making an 8-5 tally, the issue would fail.
Marlins owner Jeffrey Loria seemed well aware of the hurdles when he said, ``We will proceed immediately to finalize discussions with the county and the city to put in place all the long-awaited final agreements.''
Commissioner Dennis Moss -- a likely yes vote -- said he will fight for more affordable housing in the community before supporting the stadium once more.
Moss said major cities need a mix of sports and culture. ''Those are the things that make those particular communities the great cities that they are,'' he said. ``I'm OK with the stadium.''
Yet ''the public's interest is waning on this baseball stadium,'' said Commissioner Katy Sorenson, a likely no vote. ``And in spite of the judge's decision, I don't necessarily think there's a will for a baseball stadium.''
LAWSUIT NOT DEAD
• Also pending: a ruling on the only remaining count of auto dealer Norman Braman's lawsuit aiming to derail the stadium plan.
Braman contends that the county plans to improperly use property tax money to pay off a $484 million bond debt for the Adrienne Arsht Center for the Performing Arts. While that debt is not directly tied to the $515 million stadium, it is a key piece of the financing puzzle in the Megaplan for Miami that includes the new ballpark.
If Cohen sides with Braman, the county faces the tricky question of how to pay off the debt -- and whether the domino effect could affect stadium financing.
The Marlins facility is part of a $3 billion package that also includes building a tunnel to the Port of Miami, a park next to the museums at Bicentennial Park, possibly a streetcar system in downtown and the Arsht Center construction debt payoff.
Braman has lost all six of his lawsuit counts so far, but the legality of the construction debt payoff remains to be decided.
County Manager George Burgess intends to pay off the debt using money created from expanding two Community Redevelopment Agency special taxing districts.
Even if that final count goes against the team and government, they say such a ruling would not affect the stadium. The reason: The ballpark will be financed with an array of tourist and convention-development and sports-franchise taxes, private money from the Marlins, plus a $50 million bond voters approved in 2004 for Orange Bowl renovations -- but no CRA funds.
Burgess, Miami Mayor Manny Diaz and Marlins President David Samson say even with the Arsht Center payoff method in limbo, it won't halt construction plans.
Even if Cohen rules the arts center payoff illegal, the Marlins hope to break ground by year's end, and open the stadium in 2011.
Before issuing her last ruling, Cohen is awaiting a state Supreme Court decision involving a potentially similar case in Escambia County.
FUNDING DISPUTE
The arts center payments and a contractual link with the ballpark -- noted in an agreement signed by Samson -- are at the heart of Braman's contention the deal was a ''shell game.'' He argues a ballpark couldn't be built without the Arsht Center using the CRA money.
Burgess disagrees.
He rightfully says no CRA money is being used to build the Marlins' stadium, and that with Tuesday's ruling it's full speed ahead.
Burgess says the CRA money he plans to use to pay off the yearly arts center debt goes beyond what is required from the original bond deal, and that there is enough tourist tax money -- which he had hoped to use to strengthen reserves -- to help cover the construction debt.
''It's still stable. Everything's fine,'' Burgess said.
The other hurdle involves concession, construction, nonrelocation and other contracts that must be approved by a two-thirds majority of county commissioners. That vote is required because the Marlins did not seek formal bids in selecting architects and contractors, requiring a supermajority to waive bid rules.
The County Commission approved the stadium in a 9-3 vote in February, with Carlos Gimenez, Sally Heyman and Javier Souto voting no, and Sorenson, ill that day, absent.
But now that the issue is coming back, to formally approve the smaller contracts, some commissioners are likely to seek further concessions before going along. Again, nine yes votes are needed.
Heyman wants to know who is responsible for roadway and utility improvements that could run to tens of millions of dollars, and if the county would have to foot the bill for cost overruns that exceed $20 million.
''Those are critical questions that have gone unanswered,'' Heyman said. ``I've sent out memos.''
Moss, one of the earlier yes votes, wants to be sure the larger Megaplan benefits Overtown in a concrete way.
''We have to make sure Overtown gets something,'' said the South Dade commissioner. ``I'm not going to support the program unless there's an additional plan for west of the [Biscayne] Boulevard.''
MARLINS' SHARE
Gimenez has said the Marlins should contribute a share greater than the $120 million the team is putting into the $515 million deal. The team will borrow another $35 million from the county and repay it through ``rent payments.''
Commissioner Joe Martinez, who voted yes in February, could be a key swing vote. Earlier this week he seemed to be leaning against the plan. Martinez couldn't be reached for comment Thursday.
Commissioner Jose ''Pepe'' Diaz said he trusts ``management and the mayor when they say they have the money.
``People enjoy baseball. It provides many jobs and it's a game for a lot of people.''

[met3dreamer]

Builder MDM Development Group is moving forward with plans to open a Whole Foods Market in downtown Miami by spring 2011.

The 14-story Met 3 would house the Whole Foods on the ground floor, a 2,000-space garage above that and Shaquille O’Neal’s fitness center on top. The company plans to start construction in June 2009, said Tim Weller, MDM’s VP of development at Metropolitan Miami.

Met 3 was to feature a 74-story residential tower with 650 units, but that plan is on hold. Weller said the development group redesigned the building structurally to allow for its construction without the tower. Possible future uses for a tower could include office and residential space.

“Our plan is to build that final tower as soon as possible,” he said. “We have never considered not building it.”

South Florida Business Journal - by Oscar Pedro Musibay

[met3dreamer]

Originally Posted by met3dreamer

Builder MDM Development Group is moving forward with plans to open a Whole Foods Market in downtown Miami by spring 2011.

The 14-story Met 3 would house the Whole Foods on the ground floor, a 2,000-space garage above that and Shaquille O’Neal’s fitness center on top. The company plans to start construction in June 2009, said Tim Weller, MDM’s VP of development at Metropolitan Miami.

Met 3 was to feature a 74-story residential tower with 650 units, but that plan is on hold. Weller said the development group redesigned the building structurally to allow for its construction without the tower. Possible future uses for a tower could include office and residential space.

“Our plan is to build that final tower as soon as possible,” he said. “We have never considered not building it.”

South Florida Business Journal - by Oscar Pedro Musibay

what the hell

[MIAMISKYLINE]

YOU BETTER BE KIDDING.

14 STORIES?

THAT'S A HOUSE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Why?!?????????????????????


why

[MIAMISKYLINE]

What an embarrasment.

[Complex01]

So its only going to be 14 floors now, or can they build later. That suxs i really wanted to see Met 3 rise...

[MIAMISKYLINE]

MET 3 was too much I think.

[Cityseed]

With the demand for residential units being non-existent, they should change the plans to office.

[MiamiJR]

Hey there my Miami people ... I'm back. The Met3 is an ambitious project as all residential. It might still work out if they make it a mixed-use tower. Make it like the 4 Seasons, 1/3 office, 1/3 hotel & 1/3 residential.

In other news:
Huge Miami Worldcenter project heads to planning board
BY MATTHEW HAGGMAN
At a time when banks and builders are struggling for survival, two developers are seeking government approval for Miami Worldcenter -- a nine-block, 25-acre mixed used project that would be Miami's biggest urban development in years.

On Wednesday, the developers, Boca Raton-based Art Falcone, a one-time suburban home builder, and Marc Roberts, a former sports agent who lives in Jupiter, are scheduled to go before Miami's Planning Advisory Board, the first step in the approval process for their project.

City commissioners are expected to vote on the massive development later this fall.

The project, which would be located between the Adrienne Arsht Center for the Performing Arts and the central business district, calls for a mix of high-rise offices, hotels, shops, restaurants, entertainment and conference venues, schools and eventually residences -- all built within a framework of plazas and broad sidewalks.

The proposal comes at a time when there is a renewed desire for city living and the process of revitalizing downtown Miami is underway, but also runs smack into the current economic downturn when credit markets have seized up, lenders have gone under and many developers are struggling to stay afloat.

''We certainly agree that the market in its current form is challenging,'' said Nitin Motwani, managing director of the project. ``But we know real estate goes in cycles and will turn around, especially in a dynamic international gateway city like Miami.''

The developers have already spent $100 million on the project and that will grow as they close on parcels currently under contract in the nine-block area.

Getting financing in the current environment will be challenging, but Motwani said the developers plan to seek investment partners soon. Even if other partners come in, he said, Falcone and Roberts will remain the master developers of the project.

''What this [difficult] market situation has allowed us to do is that we have not been rushed,'' Motwani said. ``It has allowed us to . . . work more closely with the city and county, to understand what they want and what we want.''

The project, to be built in multiple phases over many years, would include upward of 12 million square feet of new construction -- about the size of eight Dadeland Malls. The first phase would include the hotel, shopping, restaurant and entertainment components.

But what will characterize the development, says its architect Howard Elkus, is its pedestrian focus and emphasis on public spaces.

The plan includes a roughly half-acre park, a traffic circle like New York City's Columbus Circle and a walking strip similar to Miami Beach's Lincoln Road. The developers envision that decaying Northeast First Avenue will achieve the ''urban role, presence, and spirit'' of Paris' Champs Elysees, according to plans filed with the city.

Today the Park West area is largely parking lots and one of the most run-down parts of downtown.

Falcone and Roberts are betting their development will be the missing piece in a downtown that includes the Brickell financial district and central business district as jobs centers and cultural and entertainment venues such as AmericanAirlines Arena, the performing arts center and the proposed art and science museums on the waterfront.

Three Metromover stops are within the development area, and the city's proposed streetcar line would bisect it.

''It's hard to imagine a site that is more central or better served by a diversity of assets,'' said Elkus, the project's Boston-based architect who has designed many large urban mixed-use projects, including West Palm Beach's City Place and Victory Park in Dallas.

For nearly two years Elkus and Michael Cohen, both of the firm Elkus Manfredi, quietly master-planned the site and met with local politicians and planners, collectively making more than three dozens visits to South Florida since January 2007.

Cohen said it's ''extremely rare'' to find such a large assemblage of land within a major urban center.

Real estate analyst Michael Cannon said developing such a large, multiyear project is a tricky balancing act. Each phase must not only be completed as a viable, stand-alone project but also integrated with future phases and the existing downtown infrastructure. Another important factor, he said, is whether the master plan has the flexibility to adapt to changing market conditions.

Worldcenter's developers are asking for not only approval of a special zoning district that binds each of the nine blocks to strict development and design standards while allowing for flexibility on how each building is used but also a contract that would cement the deal for 20 years.

The developers say such an arrangement would give assurances about what each building would look like while allowing latitude to adjust to market conditions such as whether shops and hotels would be more viable at a given time than condos. ''To make this type of commitment time-wise and financially, we need to feel comfortable we can execute the plan through it's entirety,'' said Motwani, who moved to Miami this year to oversee operations.

The Worldcenter project attempts to follow Miami 21, the proposed city-wide rezoning that stipulates screening of garages so pedestrians don't see pipes and other infrastructure, and storefronts that are 70 percent glass, so passersby aren't confronted with stark walls. Incentives also would be offered for using green building techniques and for constructing affordable housing within the nine blocks.

Roberts and Falcone, who made about $1 billion when he sold his home-building company Transeastern to TOUSA, began acquiring land in Park West about a decade ago.

[MiamiJR]

This is what I've been wishing for this city for years. Will it work ... I seriously hope so. Is it ambitious ... hell yes it is.

[NewAtlantisMiami]

Originally Posted by MiamiJR

This is what I've been wishing for this city for years. Will it work ... I seriously hope so. Is it ambitious ... hell yes it is.

I think these guys are visionaries who know that Miami still has lots of future potential.

[lviz]

[MAH4546]

Originally Posted by MiamiJR

Hey there my Miami people ... I'm back. The Met3 is an ambitious project as all residential. It might still work out if they make it a mixed-use tower. Make it like the 4 Seasons, 1/3 office, 1/3 hotel & 1/3 residential.

Four Seasons is less than 15% office space, and it's pretty much all occupied by just HSBC.

The 14-story Met 3 is being built so that a taller tower can be built on top of the structure when the market is right. It's a smart solution, because it allows critical retail components of the project to be built ASAP.

[futuresooner]

Originally Posted by MAH4546

Four Seasons is less than 15% office space, and it's pretty much all occupied by just HSBC.

The 14-story Met 3 is being built so that a taller tower can be built on top of the structure when the market is right. It's a smart solution, because it allows critical retail components of the project to be built ASAP.

That's what they're going to do to the new Riverplace Tower parking garage here in JAX, it'll allow for vertical expansion when needed.

More projects should be done like this right now, build needs, yet build for future wants.

[drew11]

I decided to make this neat little chart showing all the projects. I have so far completed the one for downtown, enjoy.


Downtown Recently Completed Height Floors Completion Date
900 Biscayne Bay 712' 65 2008
Marina Blue 615' 57 2007
Opera Tower 543' 56 2007
Plaza on Brickell 610,525' 56,48 2007
50 Biscayne 552' 55 2007
Infinity at Brickell 630' 52 2008
Ten Museum Park 585' 50 2007
Avenue Brickell tower 480' 47 2007
Brickell on the river 423, 482' 46, 42 2006-2007
The Ivy 512' 45 2008
Latitude on the River 476' 44 2007
500 Brickell 426, 426' 42, 42 2007
Wind 501' 41 2008
Axis at Brickell Village 418, 418' 40, 40 2008
Met 1 440' 40 2007
Asia 483' 36 2007
Avenue Southeast Tower 365' 35 2007
The Loft 2 433' 35 2007
Latitude One 305' 23 2007

Downtown Under Construction Height Floors Completion Date
Maraquis 679' 63 2008
Icon Brickell 586-465' 58, 58, 46 2008-2009
The Epic n/a 54 2009
The Capital at Brickell 649, 756' 56, 52 2009
Everglades on the Bay 538, 538' 49, 49 2008
Park Place at Brickell 2 540' 40 n/a
Met 2 647, 367' 46, 31 n/a
Skyline at Mary Brickell Village 376' 34 2008
Brickell Financial Center P 1 484' 40 2009
Downtown Approved Height Floors Completion Date
One Bayfront Plaza 1,049' 70 n/a
Brickell Financial Center P 2 903' 68 n/a
Paramount Park 756' 68 n/a
Infinity 2 736' 65 n/a
600 Biscayne 650' 62 n/a
Villa Magna Condominiums 574, 574' 57, 57 n/a
The Chelsea 649' 53 n/a
Cima 601' 52 n/a
Urbana Tower 549' 48 n/a
Riverfront West Phase 3 533' 45 n/a
Shangri-La Hotel Miami n/a 43 2011
Riverfront East Phase 3 500' 41 n/a
The Beacon 396' 39 n/a
Island Gardens Business Hotel n/a 29 2011
Coral Station Residences n/a 28 n/a
1001 North Miami Avenue n/a 27 n/a
Elipse 273' 24 n/a
Riverfront West Phase 4 334' 22 n/a
Urban River 1 197' 19 n/a
Summit Brickell Apartments 2-3 n/a 15, 15 n/a
Urban River 2 141' 14 n/a
Coral Station Office Building n/a 12 n/a

Downtown Proposed Height Floors Completion Date
Empire World Towers 1,022x2 93, 93 2010
One Herald Plaza 649, 649' 64, 64 n/a
City Square Tower 640' 62 n/a
Cardinal Symphony 600' 60 n/a
Opera Center Tower 649' 57 n/a
Columbus Center 710' 56 n/a
Max Tower 508' 55 n/a
1080 Brickell 491' 43 2010
Miami River Renaissance Towers n/a 36, 36 n/a
River House Lofts n/a 32 n/a
The Loft 3 398' 31 2010
Nathan Lofts n/a 13 n/a

Downtown On Hold Height Floors Completion Date
Met 3 828' 76 2009

Downtown Canceled Height Floors
Brickell CitiCenter 808-740' 76-69
Lynx 746-295' 76-30
1101 Brickell 849' 74
Brickell Flatiron 794' 70
Omni 644-584' 65-58
Dupont Tower 609' 60
Opus Towers 620' 57
Brickell Station East Tower 568' 53
Premiere Towers 513, 513' 52, 52
330 Biscayne n/a 50
1390 Brickell Bay 478' 49
Miami Flatiron Building n/a 16

[brickell]

via mileageman at SSC

1401 Brickell

http://64.233.183.104/search?q=cache...lnk&cd=1&gl=us

One of the most recent examples of the heft shown by Spanish investors — and the strength of Spain-based financial institutions — was the May sale of the 1401 Brickell office building. The real estate arm of Banco Santander Central Hispano paid $114 million for the 14-story tower the bank currently anchors. The $606 per square foot purchase price set a South Florida office building record for price per square foot.

Santander Global Property plans to raze the building to construct a 50-story tower on the 2.02-acre site. The property holds development rights for more than 800,000 square feet of office space.

Helping push the 1401 Brickell transaction along was the relationship between Banco Santander and the seller, Testa Inmuebles en Renta, a subsidiary of Spanish real estate giant Sacyr Vallehermoso Group. Testa had bought the building for $61 million in July 2006 at a then-record price per square foot of about $325 per square foot.

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