The Real Deal Miami

SkyRise Miami lease with Bayside Marketplace approved

Fate of $400 million downtown project to be decided by voters in August
June 27, 2014 09:45AM

Rendering of SkyRise Miami

Rendering of SkyRise Miami

Miami commissioners unanimously approved a 99-year lease agreement with Bayside Marketplace and SkyRise Miami developer Jeffrey Berkowitz during Thursday’s meeting.

Under the deal, Bayside owner General Growth Properties would give the city $10 million right away and increase its annual rent to $2.3 million. The company also commits to at least $27 million in upgrades to the downtown Miami mall. Berkowitz is set to pay rent to Bayside and contribute more than $1 million annually to the city, which is allowing the developer to sublease 1.9 acres behind Bayside.

The vote paves the way for an Aug. 26 referendum on SkyRise Miami. Earlier this month, commissioners opted to let the public determine whether waterfront developments can occur on city-owned land. The $400 million tower would include three observation decks, a restaurant, nightclub, ballroom, retail space and three amusement park-esque rides.

“We’re ready to make our campaign,” Berkowitz told commissioners, according to the Miami Herald. “We’re ready to convince the voters that this package is the best thing for the city of Miami.” [Miami Herald]Eric Kalis