The project is slated for nearly 370,000 square feet of offices, 558 residential units, and a hotel.
From 2010 to 2020, the metro region’s population rose by more than 660,000, creating intense demand for offices, stores, hotels, and homes.
In addition to seeking to foreclose on the mortgage, the bank wants the court to appoint a receiver over the property.
“Depending on how much they’re willing to implement, they could save between 5 and 20 percent” of their energy bill, said Ramin Moghaddass, an associate professor of industrial and systems engineering at UM and the director of the Industrial Assessment Center.
Residents will have access to control the features of their units, such as the lights and AC, manage package delivery, schedule gym classes, and socially interact with the community.
A townhouse or condominium development could be suitable for the assemblage, which is called The River Line and is in the largely residential Spring Garden Historic District.
The county tried to do so in 2018, but after three years, Miami-Dade rejected the nearly $5 billion plan the federal government had drawn up to protect the coast from storm surges, largely over concerns that the high walls along of the coast that the Corps of Engineers built could not be built suspected to be ugly and undesirable by the residents.
The 1.24-acre site is now home to a 13-story office building, which was completed in 1981.
Surging housing costs and a fickle labor market, which by one measure still hasn’t recovered from the pandemic are sending many locals packing. Miami-Dade lost 79,535 people through net migration to other parts of Florida or other states between 2020 and 2022. Still, there are reasons for optimism.
The city previously appraised the property’s value at around $3.5 million, but South River Warehouse, LLC, the development firm led by Arturo Ortega that owns the property, has stated it believes the land is worth around $23 million.