North Miami Beach officials greenlight 19-story, mixed-use project
- The North Miami Beach City Commission has approved a 19-story, dual-tower, mixed-use project, according to the South Florida Business Journal.
- Developer Macken Cos.' 5 Park development will include more than 400 apartments, almost 72,000 square feet of office space and 32,000 square feet of retail across both towers. Sandwiched between the two high-rises will be a six-story parking garage and amenity building.
- Macken struck a deal with the city to reduce its fees by $175,000 by buying the parking lot across the street for the same amount and providing 26 public parking spaces in the project's new parking garage. There is no projected groundbreaking date as of yet, and existing structures currently on the site must be demolished.
The good weather and proximity to the ocean in Miami have translated to the overall continued success of large-scale developments in the city — but only as long as they're in highly sought-after locations.
AECOM Tishman is part of the CoastalTishman joint venture that is building the Miami Worldcenter development in downtown Miami, a project that will feature the first office high-rise built in the downtown district in six years. When complete the 27-acre, $2 billion project will provide 450,000 square feet of retail, 2,000 residential units, hotel rooms, half a million square feet of event space and public areas.
Developers for another Miami project recently secured a $236 million construction loan for the 64-story Brickell Flatiron condo tower, which is already under construction in downtown Miami. One of the reasons the project was able to score such a big financing deal was that it managed to secure purchase deals for 60% of the building's 549 units during its presales period.
However, Miami developer Related wasn't as lucky with its Auberge Residences & Spa Miami project this year. The company decided to shelve the condo development because of anemic presales of only 15%, despite restarting a sales push after a brief break.
- South Florida Business Journal City approves 19-story mixed-use project designed by Kobi Karp
Follow Kim Slowey on Twitter