The supertall tower is planned to rise exactly 1,049 feet – the maximum permitted by Miami’s zoning rules.
This volatility has led some contractors to order and pre-pay for materials earlier than they usually would, tying more money into projects up front.
Crescent Heights would double the size of its assemblage with the acquisition of the school board’s 1.1-acre lot.
The project would have three 57-story towers connected by a podium at the base, comprised of 2,195 residential units, 540,000 square feet of offices, 49,999 square feet of retail and 2,457 parking spaces.
If selected, construction would begin in 2023 and take 59 months to complete.
Values are expected to increase 11%, while yields will average 6%.
With the future of offices still uncertain, Miami gained traction as an office boomtown. A slew of corporate giants and startups announced they would be opening up offices in Miami. But the office market has yet to produce eye-popping statistics matching the hype.
In its 890 feet of height, the Okan Tower is still planned to include three pools, one outside on the 70th floor, a spa, an outdoor lounge, a fitness center, a gastro kitchen, a children’s play center, a wine cellar, a rooftop restaurant, a movie theater and a cigar room.
The under-construction 55-story office tower — loaded with state-of-the-art amenities and building health systems — already is signing up big-name tenants, including Microsoft, WeWork, Thoma Bravo and CI Financial, with more to come ahead of its opening next year.
Cryptocurrency isn’t the only corner of the tech world exploring new realities in Miami.