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Announcement

New large development is coming!

By
Cashflow In Miami
on
July 18, 2020

1370 NE 2 ave Arts and Entertainment District , Miami

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.

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