Crescent Heights would double the size of its assemblage with the acquisition of the school board’s 1.1-acre lot.
A large chunk of prime development land in downtown Miami could soon be put up for bid by the Miami-Dade School Board – and developers could build a mega-project there, according to the Herald.
The property has the potential to become “a new Brickell City Centre,” according to an official with the Omni CRA, an agency that is working with the School Board.
The School Board could eventually offer up to 10 acres to developers in a ground lease with the proceeds to fund education, as part of a “21-acre vision.”
Already, a deal is in place with Crescent Heights for an acre of land which the developer will combine with adjacent property to build twin 60-story towers with parking, residential, and offices for the School Board.
If the School Board does put its property out to bid, it could generate taxes for the CRA that would fund several now projects each with hundreds of affordable housing units.
A new building would be constructed for iPrep Academy at Northeast 19th Street, on city property next to the City Cemetery. School Board funding would pay for the school, with CRA funding for hundreds of elderly affordable housing on top.
Another project would be the rebuild of Phillis Wheatley Elementary near Overtown and Wynwood. Hundreds of affordbale housing units would also be built on top.
A School Board meeting is scheduled on whether to move forward with a possible deal. An Omni CRA presentation is also scheduled and open to the public.
Source: The Next Miami
Crescent Heights is preparing a Special Area Plan in Edgewater under the Miami 21 zoning code, according to the Herald.
The developer is planning a “whole community” that will include “a little bit of everything,” Russell Galbut told the paper.
Galbut confirmed that he is in contract to buy several Edgewater properties owned by The Village, a rehab facility which will have three years to vacate the property. The contract includes several properties, including 3180 Biscayne Boulevard.
He doesn’t expect the development to happen “this cycle,” but said that he doesn’t think anything is growing faster than the Brickell to Edgewater area.
If combined with Crescent Height’s 4.6-acre holdings at 3000 Biscayne, the developer’s holdings will be close to the 9-acre Special Area Plan threshold, and would span both sides of Biscayne Boulevard.
Source: The Next Miami
Ven-American Real Estate, Inc. established in 1991, is a full service commercial and residential real estate firm offering brokerage and property management services.
Ven-American Real Estate, Inc.
2401 SW 145th Avenue, Ste 407
Miramar, FL 33027
Brokerage & Property Management Services