The owner of a downtown Miami Courtyard Marriott is proposing redeveloping the site into an 82-story mixed-use tower.
A proposal filed with the city of Miami’s Urban Development Review Board reveals AVR Realty Co.’s plans to build a 1.5-million-square-foot residential and hotel high-rise at 200 Southeast Second Avenue. The development would include 637 residential units, 266 hotel rooms, about 9,200 square feet of retail space, 553 parking spaces, and 8,600 square feet of green space. Nichols Brosch Wurst Wolfe & Associates is designing the project.
AVR affiliate Miami Convention Hotel Corp. owns the 1.2-acre property where the 13-story, 231-key Courtyard Miami Downtown/Brickell hotel is located. The building, built in 1975, is adjacent to the Miami Tower at 100 Southeast Second Street, which sold in 2016 for $220 million. The Courtyard site is zoned T6-80-O.
Property records show the AVR affiliate refinanced the Courtyard Marriott in 2015, boosting its financing to $52 million. A year before, AVR hired CBRE to market the property as a redevelopment opportunity, but it was later taken off the market.
According to the UDRB application, the existing hotel would be knocked down. The developer is seeking five waivers, including 10 percent increases in lot coverage, maximum floorplates above the eighth story, substituting commercial loading berths for industrial loading berths, and parking on the second story.
The board will review the development on Wed., April 18. If approved, the project would add to a handful of new towers planned for that area of downtown Miami, which includes the Aston Martin Residences at 300 Biscayne Boulevard Way, Grand Station Partners’30-story project at 40 Northwest Third Street and the YotelPad development at 227 Northeast Second Street.
Source: The Real Deal