Terra and Apollo Propose Mixed-Use Project in Downtown Miami

Terra and financial behemoth Apollo Global Management want to build a mixed-use development in Downtown Miami.

The Miami Parking Authority (MPA) is fielding proposals to expand a parking lot, College Station Garage, into a mixed-use development. Situated at 190 NE 3rd Street, the garage sits in one of the most sought-after neighborhoods in Miami. The 2-acre site is within walking distance of Bayfront Park and FXT Arena.

The partners predict the project will generate almost $1.7 billion for the MPA over a 99-year ground lease. They’re competing with the Related Group, Miami’s largest condominium developer, and ROVR Development, which together have proposed a 1,200-apartment complex with an affordable-housing component.

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

Source:  Commercial Observer