David Martin -Terra president -offered paying $50 million for the air rights to redevelop the property at 300-344 Alton Road, a price that would be subject to two independent appraisals commissioned by the city. The existing building, which houses the restaurant Monty’s Sunset, would be demolished.
n its place, Martin would construct a building of up to 225 feet in height with 60 residential units, plus 45,000 square feet of commercial space, including retail and office. The site would also feature parking and two acres of open green space. The developer would also contribute $35 million to improvements to the marina facility that address resiliency and sea level rise . The city entered into a lease in 1983 to operate and maintain the Miami Beach Marina and property until 2022. Now, Martin is proposing a 99-year lease with a minimum annual rent of $1 million, to be adjusted for inflation, plus an increase in the share of per-gallon gasoline and diesel fuel that is sold.
The developer is hoping to make it on the Nov. 23 ballot. To do that, the questions would have to be submitted to Miami-Dade County’s Supervisor of Elections by July 31.
Somethings tells me it will get approved!