The tower is currently going through Miami-Dade’s review process under the Rapid Transit zoning plan. Approval of developments in the zone may be conditioned on public benefits.
When Dan Kodsi and his former partner acquired the site two years ago, they planned to build a 200-unit apartment building. Now, Royal Palm is moving forward with a roughly 30-story condo tower.
Companies tied to Griffin and Citadel spent about $670M on the Brickell assemblage in 2022.
According to recently released Census data, between July 2022 and July 2023, Miami’s population increased by 1.3% making it the tenth fastest growing big city (defined as a population above 250,000).
The race to introduce air taxis to Miami’s skyline is speeding up as one provider is targeting a 2026 launch and plans to buy 20 all-electric jets to make the futuristic vision a reality.
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.