The owners of Miami’s Waterford at Blue Lagoon corporate park just broke ground on a new 10-story office building.

WaterfordAtBlueLagoon5Dubbed 800 Waterford Tower, the 250,000-square-foot offices are being built speculatively by owners TIAA-CREF and Allianz Real Estate of America. It’s the first new building to go up in the 250-acre park in seven years, according to a news release about the groundbreaking.

The developers expect 800 Waterford to open mid-year 2016. It will join the park’s six other office buildings, all located directly south of the Miami International Airport.

Financial giant TIAA-CREF, which provides retirement plans for academics, has owned the office park since the 1980s. Last year, the firm partnered up with Allianz, which paid $375 million to buy a 49 percent stake in the complex.

Leasing efforts will be handled by the Hogan Group, which markets and manages the Waterford at Blue Lagoon on behalf of Allianz and TIAA-CREF.

Earlier this year, the partners also announced they plan to build Burger King a new corporate headquarters in the park. The fast food chain would be downsizing from its current 200,000-square-foot digs next door to a custom-built 150,000-square-foot office building.

 

Source: The Real Deal

In a metropolis where everything seems to change constantly, Coral Gables’ Miracle Mile has been a holdover — a last-century Main Street not far removed from the 1950s in spirit and urban form, complete with angled street parking, narrow sidewalks, under-nourished street trees and, until recently, a respectably unexciting mix of mom-and-pop shops, jewelers and more bridal shops than anyone could care to count.

A rendering of a redesigned Miracle Mile streetscape showing wider sidewalks, a new paving pattern recalling the sky, parallel parking instead of angled parking, and new trees. (Credit: Cooper, Robertson & Partners - City of Coral Gables)

A rendering of a redesigned Miracle Mile streetscape showing wider sidewalks, a new paving pattern recalling the sky, parallel parking instead of angled parking, and new trees. (Credit: Cooper, Robertson & Partners – City of Coral Gables)

But it’s all been looking decidedly tired of late. Even as a sprinkling of stylish new restaurants and boutiques begins to brighten up the Mile, its sidewalks are stained and buckling and accommodate but a few cramped cafe tables. Raw dirt fills the open street-tree planters. Corner wood benches are splintering. Automobiles speed through noisily, subjecting pedestrians to long, discomfiting waits to cross the street.

Not, merchants and city and civic leaders say, what you’d expect from one of South Florida’s signature drags. And so Miracle Mile will become the latest to undergo a wholesale makeover designed to secure its viability by enhancing what planners call the public realm, much like the retrofits that have re-energized its South Florida competitors on Ocean Drive and Lincoln Road Mall in Miami Beach, South Miami’s Sunset Drive and Worth Avenue in Palm Beach. Even Flagler Street in downtown Miami is now undergoing its own hopeful pedestrian-friendly facelift.

A rendering shows restaurant row on Giralda Avenue rebuilt without curbs and with trees in the middle of the street, in the fashion of a European plaza. Bright street pavers describe concentric circles resembling ripples in a puddle, while LED lights overhead are designed to recall falling raindrops. (Credit: Cooper, Robertson & Partners - City of Coral Gables)

A rendering shows restaurant row on Giralda Avenue rebuilt without curbs and with trees in the middle of the street, in the fashion of a European plaza. Bright street pavers describe concentric circles resembling ripples in a puddle, while LED lights overhead are designed to recall falling raindrops. (Credit: Cooper, Robertson & Partners – City of Coral Gables)

The $21 million Gables streetscape project, which got a green light from the city commission last month and should get under way by spring, starts with dramatically wider sidewalks, covered in a multi-hued granite meant to resemble a cloud-dabbed South Florida sky. Curbs will be removed and the street edge defined by low stone bollards and a lush, densely layered tree canopy. Garden-like spots for lingering will occupy every corner and mid-block street crossing.

To expand sidewalk width from 15 feet to 23 feet, street parking will shift from angled to parallel parking. To slow down motorists and move them farther from the sidewalk, one of two traffic lanes in each direction will be slightly narrowed. The goal, city officials and planners say, is a welcoming ambience for people on foot, something struggling business owners on the Mile wish they’d see lots more of.

The plan, devised by one of the country’s top urban-design firms, provides what people look for in a Main Street today, they say: Ample space for strolling, shopping and sidewalk dining, all of it wrapped in a sexily distinctive look that will shine equally in the pages of Architectural Digest or on Instagram.

“Our task was to create a street unlike any other in the world, a street that says ‘Coral Gables,’” said Earl Jackson IV, the partner in charge of the plan for Cooper, Robertson & Partners of New York, during a public meeting last year. “It can be one of the great streets in the world if we get it right.”

The project will extend two blocks away to Giralda Avenue, the faded restaurant row that will undergo a parallel transformation. That single long block will be remade as a shared space between cars and pedestrians, with trees in the middle of the street to slow motorists and a curbless design to give Giralda the feel of a European plaza. Colorful granite pavers set in concentric circles, like ripples in a puddle, will extend all the way across Giralda, from storefront to storefront. Overhead, LED lights designed to resemble falling raindrops will hang from wires.

CoralGablesRedevelopment3

A thick scrim of trees will create a formal entrance at either end of Giralda. Removable bollards, meanwhile, will allow the street to be readily shut to autos for events like the popular, seasonal Giralda under the Stars, during which restaurants fill the block for a night with tables, music and dancing.

The project and its poetically fanciful design features have been enthusiastically embraced by a majority of the city council and most Miracle Mile and Giralda business and property owners, who have been coping with a bump in vacancies and what some say is steadily decreasing foot traffic, especially by day.

The cost will be split by taxpayers and downtown property owners, who agreed to a special assessment through the Coral Gables Business Improvement District. The project also means significant infrastructure upgrades, including a new water main and drainage and electrical-system improvements.

Some longtime Mile merchants say the redo, which the city has been considering for a full decade, is long overdue. The city last refreshed Miracle Mile and its sidewalks in 1999, when medians planted with big palm trees were added. While the work did improve the street’s ambience, merchants say, it didn’t go far enough and was of less than top quality.

Meanwhile, competition from online shopping, new upscale malls and emerging walkable, hip neighborhoods like Brickell and Wynwood sucked patrons away from the Mile. And though a scad of new restaurants has brought new life after dark, it needs even more activity to thrive, said Jose Bolado, co-owner with his brother Carlos of Bolado Clothiers, on the street for 47 years.

The crowds that will be drawn to the outdoor cafes made possible by the wider, more appealing sidewalks will in turn attract even more people, Bolado predicted. And more people on the street means more customers for retailers who figure out how to entice them into their stores, he said. That won’t happen if the Mile remains as it is, he said.

“Is it necessary? Yes,” said Bolado of the makeover. “All you have to do is walk outside and see the sidewalks are a raunchy mess. The traffic is menacing. It’s a sad state of affairs.”

 But the project, which coincides with a wave of high-density development in and around the downtown Gables that’s prompted a backlash from some residents, has also given rise to worries that it will take Miracle Mile down the same path as Lincoln Road, where rising rents have pushed aside local merchants, restaurateurs and customers in favor of big chains catering to tourists.

Some fear that the small streetfront shops that have defined the Mile since its inception in the late 1940s will give way to bigger, snazzier development, like the massive residential and commercial building housing the Tarpon Bend restaurant which replaced a low-scale retail strip more than a decade ago, altering the street’s historic character.

Though Gables founder George Merrick built the Mediterranean-style Colonnade building on Coral Way in 1926, he centered his business district several blocks north at the intersection of Alhambra Circle and Ponce de Leon Boulevard, said historian Arva Moore Parks, author of a new Merrick biography.

It wasn’t until just after World War II that businessman George Zain and his wife Rebyl, turning away from Merrick’s mandated Mediterranean style, established an auto-oriented commercial strip in a spare modern style along a half-mile-long stretch of Coral Way that the city renamed Miracle Mile in 1955. Few of the new buildings were architecturally distinguished, Parks said, aside from exceptions like the Miracle Theater, but the Mile was defined by a uniform low scale.

It thrived as an upscale shopping and business district, a rival to Lincoln Road, until, like its Beach counterpart, it began to lose its allure — and its shoppers — to new suburban shopping malls in the 1960s. For years afterwards the Mile was sustained largely by the bridal and jewelry trade.

Now some long-established shopowners who are hanging on despite declining business fear the streetscape will usher in a transformation they won’t long survive.

“Some day this little strip of shops will be gone,” said John Albright, manager and former owner of one of the oldest businessess on the Mile, Gables Coin & Stamp Shop, while gesturing around at the narrow store, one of several with angled fronts in a plain one-story building. “Just look around. You can see what’s probably coming.”

Already, Albright said, rising rents have pushed out some local businesses, including the jewelry store across the street, which couldn’t afford the $15,000 monthly rent, while a handful of casual-dining chain outlets, such as California Pizza Kitchen and Panera Bread, have opened on the Mile.

Albright and new owner Pat Olive say they’re not sure if they’ll benefit from the sidewalk redo. They’re worried business will be hurt during construction, even though work will proceed in sections and the city promises access to shops won’t be curtailed. They say wider sidewalks might boost restaurants without doing much for a daytime business like theirs that caters to a specialized collector base.

Then there’s the issue of parallel parking. The shift from angled parking will eliminate 96 streetside spaces out of the current total of 236 along the Mile, said Gables public works director Glenn Kephart. And while the city points out that there are hundreds of parking spaces in public and private garages directly behind the Mile’s storefronts, some merchants like Albright and Olive say customers prefer to park in the street out front.

Backers of the makeover plan, though, say that’s outmoded thinking. The city promises to make it easier and more appealing for Miracle Mile visitors to find off-street parking. A new signage scheme that’s part of the Mile renovation will point people to garages, and the city hopes to enhance the unalluring mid-block “paseos” that lead to them, Kephart said. A system of valet stations on the Mile will be expanded. Planners are also exploring phone apps that can give real-time information on parking availability. Meanwhile, the city is going out for bids to redevelop two dingy, outdated garages on the south flank of the Mile.

“We’re going to find our cars are gonna end up where they should be, in garages,” said Stephen Bittel, chairman of Terranova Corp., an early investor on Lincoln Road that’s also one of the biggest landlords on the Mile. “Streets are for people. Great streets are great places for people to gather and walk and shop and eat. That requires wider sidewalks and space for chairs and tables and more modern lighting and different landscaping. That’s what is required for this leap forward. Miracle Mile is the absolute face of the city. It just needs to reclaim its glory and kind of go back to the future. And we think the streetscape is the right way to get there.”

Bittel and BID leaders readily concede that increasing property values, rents and the quality of tenants along the Mile is one important goal of the plan.

But they insist that doesn’t mean Miracle Mile will turn into Lincoln Road. Bittel doesn’t believe the Mile will ever command the kind of rents, now surpassing $300 a square foot, that Lincoln Road does. In any case, he says the success of Miracle Mile will hinge on the right combination of national tenants and local, one-of-kind retailers and restaurateurs that will appeal to Gables residents, downtown workers and tourists.

And while some small shops may have to leave the Mile, they can move to nearby streets, as several already have.

“We’re not trying to compete with South Beach or make it a playground for 20-year-olds,” said Gus Fonte, the BID secretary. “We’re trying to make it a better destination and attract additional development, while keeping workers after dark and giving residents something they can be proud of.”

That sounds like the right formula to Sara Zamikoff, owner of the eight-year old Emporium, a women’s boutique whose mix of clothing and accessories by local and independent designers has won it a dedicated following. She moved her store to the Mile from Ponce de Leon in June in search of healthier foot-traffic, with just a small increase in rent. So far, she’s delighted with the results, and says she’s looking forward to the wider sidewalks and beautified streetscape.

“I see a lot of potential,” Sara Zamikoff said. “Miracle Mile is well known. It used to be known for wedding boutiques, but that’s changing. We are what Lincoln Road no longer is. If we can re-create that ambience here, the more we can highlight the local businesses, that womens’ boutique, a great restaurant, a great local wine store like Wolfe’s, with people wanting that connection and those unique items, that will be amazing.”

 

Source: Miami Herald

What was once a village that attracted bohemians during the 1950s and ‘60s, Miami’s Coconut Grove, is now attracting a different class with their new and improved condos.

A rendering of Park Grove

A rendering of Park Grove

According to The Wall Street Journal author Stefanos Chen, prices for some units in Park Grove’s under-construction towers are expected to top $1,900 a square foot—a city of Miami record.

Coconut Grove’s priciest home, a historic estate listed for $47.5 million, is likely to be torn down as the value really lies in its 6.9 acres, agents say.

Listing agent Mercedes Hernandez with Avatar Real Estate Services says homes on valuable waterfront lots, [like Sandy Dufay, a retired health care company founder] are dwindling because developers are tearing them down to build larger modern spreads that maximize their return. Down the block, a home on a similar lot was demolished to create a 9,800-square-foot spec house listed for almost $8 million—more than double the price of Ms. Dufay’s home. “There’s hardly a street that hasn’t had something knocked down” for redevelopment, says Ms. Dufay, who hopes her future buyer will keep her home intact.

Per The Wall Street Journal, Mr. Pérez, the billionaire developer and founder of Related Group, lives down the road in a 10,000-square-foot Venetian-style palazzo. Nearby is Jonathan Lewis, an investor and son of the late Progressive Insurance chairman, Peter Lewis, according to records, as well as Carlos Migoya, the CEO of Jackson Health System (and occasional tennis partner to Mr. Pérez, the developer says).

With celebrities like Golden Globe winner Christian Slater and many more, Coconut Grove’s housing market has noticed a significant change.

The Wall Street Journal also reports that The housing market has risen rapidly in the last few years, says Michael Light of Miami Luxury Homes. For publicly listed condos and homes, the median sales price in the Grove was $675,000 in 2015, up 17.5% from 2014. Last year, NBA star LeBron James sold his roughly 12,000-square-foot home in the Grove for $13.4 million, according to public records—one of the most expensive home sales in the village.

 

Source: Housingwire

Downtown Miami has changed immensely in the past 20 years, shifting from a sleepy business district to a bustling bayfront of condo high-rises, museums, and arenas. But one thing has remained constant: the traffic-clogged artery of Biscayne Boulevard dividing most of downtown from the waterfront.

Next week, city commissioners will consider a study on one way to change that: burying the road and I-395 underground, potentially creating an uninterrupted green space.

“It’s really gaining some steam,” says County Commissioner Xavier Suarez, who has long backed similar ideas.

The Florida Department of Transportation study for city commissioners — which the Next Miami obtained and posted online — warns of some significant drawbacks to the idea, though.

Biscayne Blvd. Traffic

Biscayne Blvd. Traffic

Burying both Biscayne and I-395 would cost $1.3 billion more than a plan to build a new “signature” 395 bridge instead. The agency also warns the change could also snarl hurricane evacuations because the tunnels would have to be closed due to a flooding risk.

I-395 Signature bridge rendering

I-395 Signature bridge rendering

But Suarez says there are significant benefits to consider as well — especially if the Biscayne portion of the project is considered separately from 395. (FDOT‘s study looks at burying only the piece of Biscayne near the 395 interchange; Suarez in the past has proposed sinking Biscayne along the full stretch of the bayfront downtown.)

Burying the portion of Biscayne that runs downtown would ease traffic woes and create a pedestrian-friendly signature space for the city, he argues.

“It’s clear that to grow, we have to build vertically in this city, with the density we have now. And to be pedestrian-friendly in that environment, you need to have these green spaces and these plazas,” Suarez says.

Suarez says that the Transportation Planning Council, which advises the county on long-range plans, is bullish on the idea and that Biscayne-centered plans are still under serious consideration. If the 395 portion of the project were abandoned, the cost would drop dramatically and hurricane evacuation risks would be less severe, he says.

“There are a lot of alternate routes than that stretch of downtown Biscayne,” Suarez says.

For now, city commissions will consider FDOT‘s study next week, the Next Miami reports. They’ll have other complicating factors to consider, including the need to reroute Metromover and the possibility of contaminated soil from a former oil depot.

Suarez says he believes the potential positives of an underground Biscayne Boulevard still far outweigh any negatives, though.

“What’s really exciting is that depressing Biscayne Boulevard is really now almost a recommendation for all the agencies I hear from,”  Suarez says.

 

Source: Miami New Times

The shovels are finally hitting the pavement on Flagler in downtown Miami, nearly two years after city officials agreed to undertake a total reconstruction that’s meant to restore the tatty but storied byway to its rightful place as the city’s glittering Main Street.

Work has just begun on what’s expected to be a two-year, $13 million streetscape project, starting at the Miami-Dade County Courthouse and proceeding in 13 stages all the way to Biscayne Boulevard.

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By the time the job is done, Flagler’s cracked, stained, slanted and narrow sidewalks, its scrawny-to-nonexistent greenery and its notoriously backup-prone gutters will be history, replaced by 150 shady oaks, new lighting and stormwater drains, and sidewalks twice as wide to accommodate the cafe tables and shoppers that the project’s backers expect the new street to attract.

Flagler Street Rendering

Flagler Street Rendering

On Thursday, the Miami City Commission approved the last bit of funding for the project, $920,000 for an upgraded drainage system and removal of old abandoned pipes that have been sitting beneath Flagler Street’s pavement for decades.

Flagler Street Rendering

Flagler Street Rendering

The street project’s timing seems especially fortuitous. It comes as New York entrepreneur and developer Moishe Mana has amassed what the website The Real Deal has tallied at nearly $200 million worth of properties on or abutting Flagler, with the idea of turning the street, which has long functioned as a down-market, discount-shop strip, into a restaurant, cultural and retail destination, all while preserving its historic low scale.

That combination of public improvements and private enterprise is what worked magic in places like Miami Beach’s Ocean Drive and Lincoln Road Mall, where the Flagler Street project’s backers note street and sidewalk improvements set the stage for a dramatic revitalization. That’s what they hope to replicate in downtown Miami.

“It’s really exciting,” said Brian Alonso, whose family owns the upscale La Epoca department store in the historic Walgreens building and the newer Lost Boy Dry Goods clothing shop in the also-historic DuPont building, both on Flagler. “Streetscape projects can transform an area. On Ocean, when you had Tony Goldman assembling property and the streetscape improvements at the same time, you had something transformative. You have something similar happening here. Mana can single-handedly change the area.”

Mana, who recently submitted plans for a massive, ambitious and controversial multi-use redevelopment in Wynwood, has been publicly coy about his precise plans for Flagler. But a video his company released in the fall shows refurbished buildings along Flagler, some occupied by rooftop lounges and restaurants. In the video, Mana calls Flagler Street a “Cinderella” that merely needs a new dress to reveal her beauty.

“Downtown is the future of Miami,” Mana says.

 

Source: Miami Herald

museum park rendering

Miami is considering a move to redevelop a park along Biscayne Bay downtown, according to a news report.

The Miami City Commission will consider giving a conservancy control of Museum Park, the South Florida Business Journal reported.

The park is home to the Perez Art Museum and the Frost Science Museum, which is under construction. The 22.5-acre park is in a prime location for the city and for years there’s been debate about how to improve it for residents and visitors.

A city-commissioned plan in 2008 by Cooper, Robinson & Partners highlighted a future Museum Park with more shade trees, water features and a restaurant, but the city hasn’t acted on it – until now. The park is currently managed by the Bayfront Trust, a quasi-city agency.

The commission was scheduled to vote on Jan. 14 on turning over management, events and development of the park to a new non-profit called the Museum Park Conservancy. Yet, the item was deferred to a later date by the city. The framework of the potential deal was included on the city agenda.

The conservancy could charge for events and naming rights at the park and allow the sale of alcoholic beverages at the park during special events. The conservancy would actively solicit donations to support the park and its development, which is currently not allowed under the Bayfront Trust structure.

The conservancy promised to show the city proof within 90 days that it’s raised at least $7.5 million for the park. The group says it already has this money. However, the conservancy could not start managing the operations of Museum Park until after the first phase of the development breaks ground. That could occur in about 18 months, according to the proposed agreement.

The proposed deal between the city and conservatory refers to the Cooper, Robinson study as the “master plan.” The conservancy would have to submit its annual audited financial statements to the city. The city commission would have the right to abolish the conservancy at any time and retake control of the park with 180 days notice.

According to city documents, the conservancy would be governed by a board of 10 to 15 directors. They would be appointed by the mayor, the city commission, the city manager, a non-profit called Friends of Museum Park, and also appointed by the sitting conservancy board. The Miami Foundation is currently working to establish the conservancy.

 

Source: SunSentinel

For many years, a handful of initiatives to redevelop a broad swath of city-owned, semi-derelict Watson Island have lurched along the MacArthur Causeway like zombies, never quite dead or alive.

A plane begins departure toward Bimini, Bahamas from the Miami Seaplane Base in Watson Island.

A plane begins departure toward Bimini, Bahamas from the Miami Seaplane Base in Watson Island.

Now it seems 2016 could be the year when the undead — the old Chalk’s seaplane terminal, a long-abandoned heliport, and a megayacht marina and resort plan that’s been stalled for 14 years — spring back to at least some sort of half-life on the island just off downtown Miami, long known as a burial place for sketchy development schemes looking to exploit public land. But the long-term prognosis for each remains unsettled.

At the seaplane base, a new operator promises to undertake a temporary revamp of the quasi-dilapidated facility, establish an expanded flight schedule, and formally submit to the city plans for a new terminal building that include a restaurant and public observation areas so visitors can bask in the romance of travel by seaplane.

Next door, after years of controversial delays and extensions by the city, Flagstone Development is nearing completion of the piers for its megayacht marina, which its representatives insist will soon be operational. The firm has also begun to clear its upland leasehold for Island Gardens, the $600 million hotel and retail complex Flagstone is supposed to build under an agreement with the city — even though financing has not yet been identified, at least publicly, a year after Flagstone agents said they hoped to have it nailed down.

An abandoned heliport sits near the Miami Seaplane Base

An abandoned heliport sits near the Miami Seaplane Base

Meanwhile, a contractor who won a bid a decade ago to reopen the heliport across from the seaplane base and Island Gardens is up to date with rent payments after falling behind and also paid FPL, with help from a city agency, to bury power lines at the site that posed a flight hazard, said Miami Mayor Tomas Regalado, who pledges the facility will be open and running this year. Right now, though, the heliport consists of a rusted metal shed, broken concrete and weeds.

Then there’s the perennially troubled Jungle Island animal and banquet-hall attraction, formerly Parrot Jungle, which has attracted a fraction of its projected attendance since opening in 2003. Its operators are now consistently making rent payments to the city, paying off a federal loan that was once in arrears, and raising money to make over the attraction with a new emphasis on water features and restaurants — and maybe a hotel as well.

Miami City Manager Daniel Alfonso met in early December with Jungle Island representatives, who told him they’re bringing in a new investor, ESJ Capital Partners, based in Aventura. Alfonso said in an interview that the discussion didn’t delve deeply into details, but there was talk about ESJ, which invests in a number of charter schools, introducing a new education component.

He also said Jungle Island representatives alluded to the possibility of new development at the site, something that has come up from time to time, often in reference to building a hotel. But Alfonso said any consideration of a hotel would be complicated because of requirements for a voter referendum in approving major improvements at the waterfront site.

To Regalado, who stresses that all of the projects predate his assumption of the mayor’s job, getting them moving is a central accomplishment of his administration. He notes the other major facility on the island, the Miami Children’s Museum, is popular and on solid footing — even if it took city approval of two massive and controversial electronic advertising billboards on the building to help shore up its finances.

“I think it’s part of my legacy. It will not be my doing. It’s been a long time coming,” he said. “But I think I’ll be very proud of leaving office with things going on in Watson Island.”

Regalado and city officials have defended extending the life of stalled or troubled projects on Watson Island like Island Gardens even after they’ve missed contractual deadlines or rent payments, saying previous administrations locked them into binding agreements which they’re obligated to make work as well as possible. But to skeptics and critics, all that progress is anything but positive. They say the Watson Island projects cement a legacy of seat-of-the-pants planning and questionable deals, with most of the publicly owned island effectively privatized.

“It’s really sad to me to see the evisceration or the loss of any kind of public space there,” said Greg Bush, a co-founder of the Urban Environment League and history professor at the University of Miami. “You could have a real park out there, or at least buildings with a public use. Instead what I see is the long-term lack of good planning and public benefit going over several generations, kind of endlessly.”

Those leery of the Watson Island projects include Miami Beach officials concerned about traffic impacts on the frequently clogged MacArthur Causeway, which bisects the island, as well as the new city commissioner for the district, Ken Russell. During his campaign, which was run by a lobbyist for a group critical of Flagstone, he criticized extensions for Island Gardens, which his predecessor, Marc Sarnoff, supported.

Russell said he’s now studying the deals and the role in them of the city’s Miami Sports and Exhibition Authority, or MSEA, which Regalado chairs and which serves as landlord for Island Gardens, the Children’s Museum and the seaplane and heliport facilities. Under city ordinances, the agency can lease out waterfront properties without a referendum, a requirement for city-owned waterfront land not controlled by MSEA, which includes the Jungle Island site.

Russell said that so far he’s found MSEA’s role“bewildering,” although he’s not yet prepared to take a position on the Watson Island projects.

“It seems there’s a lot on Watson Island coming to the forefront, and these are all things I want to look into,” said Russell, whose chief of staff once ran MSEA for the city. “MSEA is supposed to be in charge with a basic master plan and providing guidance, but there is not full transparency necessarily. This is what I’m scratching my head about, honestly.”

Jungle Island’s president, John Dunlap, did not respond to an interview request, but issued a statement in which he said “it is our policy not to discuss private business negotiations.”

The statement does not mention the ESJ investment firm, but adds: “We are proud to share that companies like Spectra Food Services & Hospitality (formerly Ovations), SharpShooter Imaging and Wildlife Trading Company have already committed significant investment dollars towards the redevelopment of our park services and attractions.”

Some of the Watson Island projects have been dogged by litigation. An appeal is pending on a lawsuit by a group of Venetian Island residents who contend the city improperly extended the agreement for Island Gardens after the developer missed several key deadlines. A circuit court judge dismissed the case without getting to its merits after concluding the residents do not have standing to sue.

The seaplane base’s former operator and the city were ensnarled in lawsuits for years until the new operator, lawyer and aviation enthusiast Ignacio “Nacho” Vega, bought him out. Vega said he now has six seaplane operators making four to five flights a day between Watson Island and Key West, Bimini and Fort Lauderdale.

In December, in his first and so far only commission meeting, the newly inaugurated Russell persuaded commission colleagues to put off until January a decision on a rezoning and land-use change that could clear the way for the redevelopment of the seaplane facility so that he could analyze the measure more closely. The changes would reclassify the land the terminal has occupied since 1929 from parkland to allow transportation uses. That would in turn allow the current operator, Vega, to submit plans for a new terminal to the city.

In the meantime, Vega said, he would remove a pair of dilapidated, condemned trailers on the property that served as office space and replace them with a new trailer. Eventually Vega hopes to construct a three- or four-story building with a restaurant and observation deck to attract non-flying visitors, because fees paid by airlines won’t be enough to sustain his operation. “We charge a minimal amount. Seaplane bases by themselves do not cover their costs,” Vega said.

The Island Gardens marina, meanwhile, is awaiting a temporary certificate of occupancy, which Regalado said should come in January. The developer’s representatives have said the marina would be operational, though the only structure on the property is a small building.

 

 

Source: Miami Herald

For two years the major players in Wynwood, Miami’s hippest, hottest emerging neighborhood, have been working on plans to jack the old industrial district up to the next level — only to now find themselves sharply at odds over exactly what that means, with the district’s future hanging in the balance.

Even as one group of property owners and developers publicly worked up a plan to control development to maintain Wynwood’s creative vibe and human scale while drawing in more housing, shops and businesses, the area’s biggest landowner, New York moving-company mogul, developer and arts patron Moishe Mana, privately sketched out a blueprint that embraces the same broad ideas — but on a dramatically different scale.

No sooner was the ink dry on the Miami City Commission’s approval of the Wynwood Neighborhood Revitalization District — special zoning rules that limit heights to eight to 12 stories and extract payments from developers to improve streets and create parking garages and public open space — than Mana applied for his own plan.

Mana’s proposed Special Area Plan, which would supersede the new zoning rules on 24 acres of his property, calls for a massive nine million square feet of new development, including towers up to 24 stories, while exempting the developer from the public-benefit programs in the NRD plan, as well as payments to the local business improvement district. In lieu of that, Mana has proposed to build an expansive public plaza and a city fire station and bury obtrusive FPL electrical lines that run through his properties at his own expense.

WynwoodSplit

The Mana plan has provoked some serious balking from a good portion of his fellow Wynwood property owners, including Goldman Properties, the firm credited with launching the neighborhood’s transformation from derelict warehouse district to hipster mecca and a key backer of the NRD plan.

Those Wynwood owners and entrepreneurs say they’re concerned Mana’s mammoth project could overwhelm its modestly scaled neighbors while providing insufficient public benefits and little help in mitigating its impact on traffic, parking, policing and other public services — in effect, they contend, passing on the public burden of his upzoning to other local property owners who agreed to cap development.

“Everything we’ve done is to try to develop a comprehensive strategy to create a great place,” said Goldman Properties managing director Joe Furst, complaining the Mana blueprint is so vague in places there’s no gauging its precise effects on the rest of Wynwood. “There’s too many question marks.”

Mana’s representatives have noted it was no secret that he was working on a big plan for his Wynwood properties, centered around the former Wynwood Free Trade Zone complex, which he purchased in 2010, and that he never objected to the NRD plan. But Furst and others note Mana held details close to the vest and did not brief anyone else in the neighborhood until he filed his application with the city in November.

Everything we’ve done is to try to develop a comprehensive strategy to create a great place.

Mana’s planner and architect, Bernard Zyscovich, called his client’s promised public benefits “very, very significant,” saying their cost will run into the tens of millions of dollars. And he said Mana has also agreed to mesh the zoning along the edge of his property on Northwest Second Avenue, Wynwood’s main drag, with the NRD zoning, creating a consistent urban street front.

“We’ve done a tremendous amount to collaborate and make sure we’re integrated with the rest of Wynwood,” Zyscovich said. “We also have our own objectives, of course.”

How Mana’s proposal fares will play out over the next several weeks, and is likely to have defining implications for Wynwood’s redevelopment. The debate over his plan is the first sign of a serious split in the neighborhood since it began drawing outside developers, investors and speculators who’ve driven up rents and land prices and driven out many of the artists and galleries that characterized its early revival.

The NRD plan, supported by a majority of local property owners, was an effort to guide development before it happened, upzoning just enough to foster construction of reasonably priced housing and new commercial spaces while maintaining a consistent scale, and encouraging a building-design aesthetic that blends with Wynwood’s funky industrial look.

But some are clearly concerned that Mana’s plan, because it covers a substantial percentage of the neighborhood, could upend that carefully calibrated strategy before it has a chance to work.

Earlier this month, the board of the Wynwood Business Improvement District, an autonomous public agency chartered by the city that commissioned the controlled-development NRD plan, declined Mana’s request for an endorsement of his own plan after twice meeting to consider it. Instead, the BID board, which Furst chairs, asked the city’s planning and zoning board to defer a scheduled vote on the Mana plan while agency leaders could study his proposals further.

The planning board put its vote off until Jan. 20 after Mana’s representatives agreed to a postponement. The Mana plan and a companion development agreement with the city will ultimately need to be approved by the Miami commission.

Mana’s attorney, Iris Escarra of Greenberg Traurig, was out of the country through January and could not be reached for comment. At the BID’s Dec. 14 meeting, though, she hinted Mana might be willing to compromise. “It’s possible this is going to evolve,” she said. “Stay tuned.”

Escarra did say that the development agreement will legally require Mana to keep his promises, including building the fire station and every acre of the promised open space. She also noted that city planners have already insisted that Mana meet other elements of the Neighborhood Revitalization plan. Among those: That his new buildings be reviewed by a new Wynwood design review board created under the NRD, and that Mana’s development provide cut-through “paseos” to foster pedestrian flow and connectivity to the rest of the neighborhood.

BID board members, who represent the district’s property owners, say they would like to reach an understanding with Mana. But what they’ve seen so far, they say, doesn’t seem to justify the large increases in scale and density he’s seeking.

And neither his zoning plan nor the development agreement appear to sufficiently hold Mana to building the promised public space in a timely fashion, nor guarantee a high design quality, they contend. Because the project would be built out over 30 years, some Wynwood stakeholders worry Mana might leave the public space for last.

“The vision for the Mana project is a good one,” said Jonathon Yormak, an investor and BID board member who’s planning a mixed-use building on a large vacant lot his firm owns off Wynwood’s main drag . “Everyone believes the underlying premise is a good one. We are all inclined to support it.  To Mana’s credit, he has engaged us. But for what he is really providing, versus what he’s asking for, does that seem like a fair outcome? The initial answer is no. What he’s presented is more to his benefit and to the detriment of the neighborhood,” Yormak added. “If they care to get our support, I believe they can get it. It will require a little bit of consideration and cooperation from them.”

Zyscovich said he and Mana’s team plan to meet with BID members in early January.

 

Source: Miami Herald

The real estate investing arm of Prudential Financial just paid a whopping $83 million for the 355 Alhambra office tower in downtown Coral Gables.

355 Alhambra office tower 3An affiliate of Prudential Real Estate Investors, which has an asset portfolio valued at $62.6 billion, purchased the 16-story tower through a deed filed Tuesday, according to Miami-Dade County records. The price breaks down to about $168 per square foot.

The seller is AEW Capital Management, an investment management firm that owned the building on behalf of institutional clients. Records show AEW paid $87.3 million for the building in 2008 — about $4.3 million more than its current price.

The tower, at 355 Alhambra Circle, was first built in 2001 and measures 492,820 square feet. A big portion of that square footage is located in the building’s multi-story parking garage, which affords three parking spaces per 1,000 square feet of rentable space, according to the building’s website. The remaining 224,241 square feet is divided into leasable offices. Tenants include Merrill Lynch, Moore & Co. and Spencer Stuart.

This is the second high-profile office purchase in the downtown Coral Gables area to close in December: two weeks ago, a Deutsche Asset & Wealth Management fund paid $119 million for the Alhambra office complex.

 

Source: The Real Deal

Developer PMG received approval today from the FAA to build a 1,049-foot tower at 300 Biscayne Boulevard, and they fully intend to build to that height.

PMG’s tower will be taller than the Empire World Towers once proposed for the same site:

PMG’s tower will be taller than the Empire World Towers once proposed for the same site

PMG principal Ryan Shear told TNM that the developer “has full intention to use every foot.” The tower would be the tallest in Miami.

The approved height is 1,041 feet above ground, or 1,049 feet above sea level. At that height, it will be taller than the 93-story Empire World Towers project that was once proposed for the same site.

Details of the project haven’t yet been revealed, but it is expected to include about 500 luxury condos.

 

Source: The Next Miami