Crescent Heights and Miami-Dade School Board are working on a large development!The deal to develop the parking lot grounds will take at least a year.Should the deal reach fruition, it could lead to the relocation of the Miami-Dade Public Schools administrative building into the Crescent Heights project. According to the school board resolution, 1370 NE 2nd LLC would include 100,000 square feet of free office space for the nation’s fourth largest school district as part of the development. Crescent Heights would also build 1,100 apartments and about 1,100 parking spaces.The 1.13 acre site owned by Crescent Heights is valued at $20.6 million, according to a school board memo. Once completed, the new offices and parking spaces would represent $60 million in value to the school board.
By moving into a new building, the school board could then begin marketing its current 9-acre headquarters site at 1500 Biscayne Boulevard for redevelopment. As one of the largest properties in Miami’s urban core that is also near two Metromover stations, the school board site would be very attractive to developers, or maybe, even Amazon should Miami make it to the final cut of cities being considered for the Internet giant’s second headquarters.The deal hinges on a third partner, the city of Miami’s Omni Community Redevelopment Agency, which would be receive 600 of the 1,100 parking spaces. Those spaces would be shared by the school board during working hours and by the Adrienne Arsht Center for Performing Arts during its events. In exchange for the 600 spaces, the school board wants the Omni CRA to provide property tax incentives on the 49,075-square-foot site that will be utilized by Crescent Heights.
Update:Developer Russell Galbut now has full ownership of a group of properties near the Adrienne Arsht Center in downtown Miami, a portion of which would be part of a major redevelopment of land owned by the school board.Companies tied to Galbut and his firm, Crescent Heights, paid $13.5 million for the parking lot at 127 Northeast 11th Street, just south of I-395; and $10.8 million for the northwest block of 13th Street and Second Avenue, near the school district’s headquarters, according to property records.Galbut said there is “no clear timeline” on development, and he declined to comment on the Miami-Dade County School Board project. But if Miami-Dade County commissioners vote to extend the Omni CRA’s lifespan, that would generate sufficient cash to pay for the proposed home of the school board’s new headquarters, a 120,000-square-foot space in a Crescent Heights-developed project. In exchange for a 1-acre piece of land, Crescent Heights would allow the school district to take two to three floors of office space, likely in the form of an office condo, and 600 parking spaces in the daytime, the Miami Herald previously reported. The land is valued at about $20 million, and the CRA would kick in about $42 million, for a grand total of $62 million. The Adrienne Arsht Center would be able to use the public parking garage at night.The Mirmelli family sold its stake in the land to the Crescent Heights LLCs. Galbut said the Mirmellis wanted to sell their interest in the properties – 55 percent in the 11th Street property and 50 percent of the 13th Street assemblage. The buyer financed the deal with a $22 million mortgage from Amerant Bank.This property is truly golden and is at the epicenter of the Miami Building Storm!SeaGlass is expected to break ground in the fall, and construction will take about 18 months.
Dixie hwy between 16th avenue north and 17th avenue north, Lake WorthOne developer , two rental brand new projects , one -Lake Worth.Affiliated is in the midst of the construction of the 230 units , called MID.Read more
Fisher Island developer Heinrich Von Hanau just got approved zoning changes to allow for a 57-unit, 10-story condominium building at 6 Fisher Island Drive and 12 single-family homes at 68 Fisher Island Drive. The new projects would bring the total number of residences on the island to 871 . Fisher Island is allowed a maximum of 1,400 residential units.Read more
The 2323 Apartments project will be eight stories and include smaller micro unit apartments. The project will have commercial and office uses on the ground floor, and 116 residences.Parking for up to 129 vehicles will be on the second and third floors.Indoor and outdoor amenities are planned, including a swimming pool above the parking levels.This project plans 47 micro apartments ranging from 385 to 388 square feet. Architect Ivo Fernandez of Modis ArchitectsRead more
The developers said they are considering building live-work units in Allapattah, and plan to have co-working space in the lobby. The existing building is currently leased to retail tenants. GlobalPro Ventures acquired the property in October for $1.9 million, records show.The site is zoned T6-8, which means that they can build up to eight stories high with about 70 to 80 units.Read more
Member only unique 2000 paid residents in gated island golf and marina community. Super safe and secured location with its own landing field , 11+ restaurants ( 24/7 service) , school ( from preK to 8th grade), 36 holes golf, 175 slip marina, art league with different classes , medical center, spa and gym, wiht everything for your pet!Read more
78 Southwest Seventh Street and 98 Southeast Seventh Street , Miami The combined $163 million purchase breaks down to $80.3 million for Two Brickell City Centre and $82.7 million for Three Brickell City Centre. Each building has about 130,000 square feet, which means they sold for roughly $630 per square foot.Read more