According to the utilities agreement, the new tower will include 750,901 square feet of office and 6,553 square feet of retail.
Miami City Commissioner Manolo Reyes, chairman of the Miami DDA, said the slow progress of the Flagler Street project has harmed downtown area businesses.
Amid elevated interest rates and other economic headwinds, owners are still asking – and expecting – top dollar for their properties.
Total taxable property values in Miami-Dade are now at $469B, up $43B compared to 2023.
If the investor group does formally submit an application, commissioners could, under city procurement rules, elect to open up the property for competitive bids or go to voters with investor’s solo bid.
The 60-story tower is currently in review by Miami-Dade County planners.
Terra and Arquitectonica are working on two projects in Overtown and Midtown; Kobi Karp is designing a condo tower downtown.
The incentive program includes three different categories of businesses.
Clear Residences is planned as a 60-story tower, rising 690 feet above ground.
While the allure of purchasing a branded condominium may be tempting, most buyers are not aware that the brand name pedigree they have purchased into is merely on lease to the association, subject to terms and conditions that often leave purchasers with fewer rights than obligations.