According to the utilities agreement, the new tower will include 750,901 square feet of office and 6,553 square feet of retail.
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Plans for the Class A tower include 750,000 square feet of creative offices, structured parking for 1,000 vehicles and 7,500 square feet of ground-level retail space.
The historic Trinity Episcopal Cathedral that has stood on the property since 1923 will be preserved and enhanced.
The 1.24-acre site is now home to a 13-story office building, which was completed in 1981.
Church leaders on Tuesday told the Miami Herald they are finalizing a sale contract with developers that would ultimately lead to construction of the condo building on one of the last remaining waterfront sites in Miami’s prime financial district.