Chetrit’s $1B Miami River project wins city approval

Miami /
Oct.October 23, 2015 12:00 PM

New York-based Chetrit Group and local developer Ari Pearl’s plans for a $1 billion Miami River project have moved a step closer to reality.

The Miami City Commission late Thursday unanimously approved a development agreement and rezoning of a 10-acre site where Pearl and the Chetrit Group plan to build the mixed-used site that includes four towers, a hotel, shops, restaurants, and a public river walk with boat slips.

There, a large section of Little Havana along the Miami River will get a major facelift.

To obtain city approval for higher density, the developers promised to invest $14 million into an affordable workforce housing fund, as well as $7 million for public infrastructure surrounding the project, including renovating nearby Jose Marti Park. Raymond Jungles has designed the plans for the park.

“This project is of city-wide importance,” the developers’ lawyer Melissa Tapanes Llahues told commissioners. “It makes the vision of an interconnected city a reality.”

Located between Southwest Second Avenue and Southwest Third Avenue, the Miami River and Southwest Seventh Street, the project will be built in five phases. The complex would have 1,678 residential units, 330 hotel rooms, 266,000 square feet of retail and office space, and more than 2,000 spaces. The first tower with 200 hotel rooms and 328 condos, Tapanes said, is scheduled for by the end of 2018. The developer is also getting 1.2 million square feet of “air rights” from the city at $17.82 a square foot, or $21 million, which is being used for the public improvements.

Pearl and the Chetrit Group have been working on the project’s design since they assembled the land for roughly $100 million last year. Some of the properties they acquired included the Finnegan’s River restaurant and the Pleasure Emporium adult superstore.

The developers and their architect, Kobi Karp, also consulted with the Miami River Commission on the site’s design which calls for restaurants and shops to line the river walk that will be accessible to Brickell and East Little Havana residents. There will also be a public gathering place at an I-95 underpass.

“This is a very exciting project in a blighted area that could use some enthusiasm,” said Miami River Commission Chairman Horacio Stuart Aguirre. The commissioners also heard from a dozen residents and property owners who spoke in favor of the project.

City Commissioner Frank Carrollo, whose district includes the site, gave the project a thumbs up after negotiating some more concessions from Pearl. Carrollo said the developers had agreed to contribute $14 million to the city’s workforce affordable housing fund and to set aside a space for the city to build a small paramedic station. The first $1 million is due when Pearl and Chetrit submit site plans for the towers, which they expect will be sometime in February 2016. Another $1 million is due once the first building permits are approved.

“This is a beautiful project,” Carrollo said. “I am glad to say I met with the developer and his team to address some issues.”

 

Related Articles

arrow_forward_ios
Jorge Mas, David Beckham and rendering of Miami Freedom Park (Getty, Arquitectonica)
Beckham’s mixed-use Miami soccer complex scores final zoning OK
Beckham’s mixed-use Miami soccer complex scores final zoning OK
Back to school: Aging college campuses draw developers
Back to school: Aging college campuses draw developers
Back to school: Aging college campuses draw developers
From left: Jonathan Leifer and Ari Pearl with Bay Harbor Towers
Ari Pearl JV pays $32M for Bay Harbor Islands condo complex
Ari Pearl JV pays $32M for Bay Harbor Islands condo complex
PPG Development's Ari Pearl with 1750 Northeast 167th Street (top) and 1775 Northeast 167th Street (Google Maps, PPG)
Ari Pearl, partners plan 700 apartments in North Miami Beach
Ari Pearl, partners plan 700 apartments in North Miami Beach
 E11even's Marc Roberts and Romie Chaudhari with 60 and 90 Northeast 11th Street (Marc Roberts, Abingtonemerson, Loopnet, iStock)
Puff, puff, pass: Developers win approval for downtown Miami medical marijuana dispensary
Puff, puff, pass: Developers win approval for downtown Miami medical marijuana dispensary
(L-R) Ari Pearl, Matt Press, and Gil Dezer with the property at 1750 Northeast 167th Street in North Miami Beach (Google Maps, LinkedIn, Dezer Development, PPG Development)
Dezer sells North Miami Beach properties to Ari Pearl and partners for $31M
Dezer sells North Miami Beach properties to Ari Pearl and partners for $31M
From left: David Beckham, former professional footballer and current president and co-owner of Inter Miami CF; Francis Suarez, mayor of Miami; and Jorge Mas, chairman, MasTec, along with a rendering of Miami Freedom Park (Getty Images, City of Miami)
Miami approves major lease for Beckham soccer stadium mixed-use development
Miami approves major lease for Beckham soccer stadium mixed-use development
Ari Pearl completes luxury apartment tower in Hallandale Beach, scores $150M refi
Ari Pearl completes luxury apartment tower in Hallandale Beach, scores $150M refi
Ari Pearl completes luxury apartment tower in Hallandale Beach, scores $150M refi
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...