Hyatt and Gencom's Three-Tower Development On The Miami River

The supertall tower is planned to rise exactly 1,049 feet – the maximum permitted by Miami’s zoning rules.

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The deal covers 35,639 square feet of commercial properties and a 1,120-square-foot single-family home.

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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.

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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.

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If selected, construction would begin in 2023 and take 59 months to complete. 

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Values are expected to increase 11%, while yields will average 6%.

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MAJOR. will be the firm’s fifth supertall skyscraper and third project in the Brickell neighborhood.

The concept, dubbed SkateBird, will serve as a skating arena, shopping hub, event center and food hall. 

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The scarcity of space has had an effect in Miami-Dade, where the asking leasing rates increased 12.5% to $38.98 per square foot this third quarter, from $35.54 a square foot year-over-year.

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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.