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A member of church filed a complaint in October and won a preliminary battle last week before the Presbytery of Tropical Florida, the overseeing body of the church at 609 Brickell Ave.
Crescent Heights would double the size of its assemblage with the acquisition of the school board’s 1.1-acre lot.
Feeding into a record-breaking in demand real estate market, multifamily developers have enough work in the pipeline to last into 2024.
Three towers, between 39 stories and 48 stories, would sit on top of a new public parking garage with 1,350 spaces and retail on the ground floor.
The project would have three 57-story towers connected by a podium at the base, comprised of 2,195 residential units, 540,000 square feet of offices, 49,999 square feet of retail and 2,457 parking spaces.
The increasing migration of Northern high-income executives is accelerating the real estate markets and the overall economy in South Florida, while banks are reporting substantial profit gains and are eager to welcome their businesses.
If selected, construction would begin in 2023 and take 59 months to complete.
If approved, the development would not only be the largest residential development in Downtown Miami, it would also dwarf all the other projects in Miami Worldcenter, the master-planned project underway in Downtown Miami.
The church, which was developed in 1926 and placed on the National Register of Historic Places in 1989, would remain standing and be transformed for new uses through adaptive reuse.
Values are expected to increase 11%, while yields will average 6%.
Ven-American Real Estate, Inc. established in 1991, is a full service commercial and residential real estate firm offering brokerage and property management services.
Ven-American Real Estate, Inc.
2401 SW 145th Avenue, Ste 407
Miramar, FL 33027
Brokerage & Property Management Services
Phone: 305-858-1188