The current zoning of the properties at 20 and 25 Southeast 10 Street is “Public Parks and Recreation.” The application is to change it to “Restricted Commercial.” The city is also requesting to change the zoning atlas of the properties.
Miami continues to buck the national trend of an office market in crisis.
A total of 1,995 residential units are planned between all five towers.
The proposal includes three new towers where a 53-story tower is nearing completion, bringing the total to four on the property. Two of the three new towers are proposed to rise 68 stories each, with a shorter one at 25 stories.
The developer proposed a 12-story apartment building.
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.