MIAMI | 255 Northeast 1st Street | 701 + 597 FT | 63 + 55 FLOORS

[chris08876]

Israeli Firm In Contract To Buy Downtown Parking Garage, Could Be Redeveloped

A 756-space downtown Miami parking garage is in contract to be sold to Mishorim, an Israeli real estate company.

The seven-story garage has been used for the SunTrust International Center office tower, but is no longer needed by office tenants, a source told the SFBJ.

The .86-acre property has been marketed as a potential redevelopment site. It has the most intense zoning possible in downtown Miami, and allows a building of up to 1,049 feet. The Yotelpad development site is across the street.

Mishorim is paying $18.25 million, including $13.95 million cash and $4.3 million assumption of debt.

Cushman & Wakefield was the listing agent.

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NXT

[chris08876]

Please rename thread to: MIAMI | 255 Northeast 1st Street | 701 + 597 FT | 63 + 55 FLOORS






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REVEALED: MISHORIM TOWERS PROPOSED IN DOWNTOWN MIAMI BY ISRAELI DEVELOPER AT 63 & 55 STORIES

Israel’s Mishorim has submitted plans to build Mishorim Towers in downtown Miami.

Mishorim Towers is proposed to include:

Twin towers, 63 stories (701 feet) and 55 stories (597 feet)
1,006,004 square feet of floor area
800 residential units
120 hotel units
7,110 square feet of commercial space
264 parking spaces
Mishorim is publicly traded on the Tel Aviv Stock Exchange and based in Bnei Brak, Israel. The company owns the parking garage currently on the site, which was built in 1973 on an .86 acre property.

Miami’s Urban Development Review Board is scheduled to review the proposal at a meeting on July 17. Thirteen waivers are being requested from Miami 21 zoning code requirements.

Kobi Karp is the architect.

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NXT

[bobdreamz]

Nice infill & height !
Downtown could use about another 10 projects like this.

[Djesus777]

I try hard to be excited about the new towers in Miami, but the architecture is disgusting. Gonna be lovely looking out my apartment there and looking at all the ugly new towers surrounding me lol.

[urbanview]

I love these towers. Can't agree with you here.

[chris08876]

MISHORIM TOWERS WILL BE BUILT IN TWO PHASES WITH CONDOS, DEVELOPER SAYS

Downtown Miami’s Mishorim Towers is planned to include hundreds of condos for sale as part of a two-phase project.

Representatives of the Israeli developer told The Next Miami today that the 800 residential units planned in the two towers will be sold as condos to private buyers.

The project’s two phases will include one tower at 63 stories (701 feet) and another at 55 stories (597 feet).

There is no firm timeline for construction yet. The shorter North Tower with only residential units will be the phase that is constructed first, however.

A hotel flag is also now in negotiation for the second phase tower. It will include 120 hotel rooms.

Across from the first phase North Tower is a Yotelpad tower with hotel and condos, with construction already underway by another developer.

Total area between both Mishorim Towers phases will be 1,006,004 square feet of floor area, with 7,110 square feet of commercial space and 264 parking spaces along with the residential and hotel area. Kobi Karp is the architect.

Mishorim purchased the property in October 2018 for $18,250,000.

In the meantime, the developer is taking steps to enhance the existing parking garage on site, with the largest mural in downtown Miami recently painted on the facade.

Lead by Biinary Projects, Artists Golden, Don Rimx, Slowmow and Kief, led by Andrew Antonaccio “2alas” collaborated to create the mural.

The mural depicts large scale geometric shapes. The developer says it helps enhance visibility of the landscape and promotes an invigorating environment for drivers and pedestrians. Eco Friendly Car Wash, which doesn’t use running water, has also been brought in as one of the guest amenities.

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NXT

[colemonkee]

It may be the shorter of the two towers, but 597 feet is nothing to shake a stick at, and will still be pretty prominent in that area.