The Real Deal Miami

City to review 464-unit apartment proposal in Miami

Property Markets Group wants to build its Vice apartment building on a 1-acre site downtown

October 18, 2015 12:00PM

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Rendering of Vice apartment building.

Rendering of proposed Vice apartment building.

The city of Miami’s Urban Development Review Board this week will consider a proposal to build a 32-story apartment building on a one-acre parcel in downtown Miami.

Property Markets Group (PMG) proposed its 464-unit Vice apartment building on half of a two-acre site the company acquired for $80 million after the land fell into receivership.

The Urban Development Review Board will consider the proposed Vice apartment development  Wednesday.

The previous owners of the land, Maurice Cohen and Leon Cohen, had planned to build twin 93-story buildings called Empire World Towers on the two-acre site before their conviction on charges of fraud and tax evasion.

PMG wants to build its planned 32-story apartment building at 248 Northeast 3 Street with 464 units, 670 parking spaces and 7,000 square feet of retail space. The building would encompass a total of 705,750 square feet. The amenities would include an 18,000-square-foot pool deck and a 6,000-square-foot fitness center.

Monthly rents at the Vice apartment building would start at about $1,500.

Adjacent to the site of the planned apartment building is an office building at 300 Biscayne Boulevard, which PMG plans to replace with a 500-unit residential condominium. [South Florida Business Journal] — Mike Seemuth