Fort Partners offers $100M for development rights of Miami Beach Marina site

Miami /
May.May 19, 2016 10:30 AM

The developers of the Surf Club Four Seasons have big plans for a prime slice of city-owned waterfront property in Miami Beach, but neighborhood residents and city commissioners are skeptical about the proposal to add more residential towers south of Fifth Street.

To help the project to move forward, Fort Partners and the operator of the Miami Beach Marina complex are dangling a $100 million offer in exchange for the development rights at the site located on Third Street and Alton, which is currently anchored by a Monty’s Raw Bar. Fort representatives made their first pitch at yesterday’s Miami Beach Land Use & Committee meeting.

“I don’t think I can support the project as currently proposed,” Joy Malakoff, committee chair and city commissioner, said. “Mostly for the lack of community analysis. More evaluation has to be made by staff.”

Via a referendum, city voters would have to approve the terms of the ground lease, sale of the city’s “air rights” to give the developer the ability to develop above the marina, and an increase in the maximum floor area ratio (FAR) for the development, which is the formula for calculating allowable square footage.

This would allow Fort and the current lease holders, the Christoph family, to build a pair of 400-foot residential towers, about 3,000 square feet of commercial space for retail and restaurants, 700 underground parking spaces, and a 1-acre public park. Miami Beach would remain the property owner, but would negotiate a new lease with the Christophs and RCI group, which operates the marina.

Fort representatives were hoping the land use committee would allow their request to move forward to the city’s planning and zoning board. “Fort Partners believes it is a win, win for everyone,” said Jeffrey Bercow, the developer’s attorney.

Jay Khoriaty, a Fort Partners principal, said the company wants to build a project that contributes to the community by providing uses and amenities that can be used by the public. “We see this as an opportunity to create a sense of arrival” near Fifth Street, Khoriaty said.

However, the committee voted to table discussion on the proposed amendments until its June meeting to give the developer time to meet with neighborhood residents and win their support.

“Until you sit down and work it out with the neighborhood, I am not going to entertain it,” said City Commissioner Ricky Arriola, who also sits on the committee. “Once it is fully hashed out, I might support a referendum.”


Related Articles

arrow_forward_ios
Antonio Sersale and Nadim Ashi, with Le Sirenuse at the Surf Club (Credit: Google Maps and Jacopo Raule/Getty Images)

Arrivederci: Le Sirenuse at The Surf Club shutters permanently due to coronavirus

Arrivederci: Le Sirenuse at The Surf Club shutters permanently due to coronavirus
Renderings of the penthouse and Fredrik Eklund (Credit: Four Seasons Private Residences Fort Lauderdale)

Fredrik Eklund tapped to list $35M PH in Fort Lauderdale

Fredrik Eklund tapped to list $35M PH in Fort Lauderdale
Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan

Four Seasons in Fort Lauderdale scores $210M loan
Genevieve Lake and Rochelle LeCavalier

Movers & Shakers: Residences at Mandarin Oriental taps sales director & more

Movers & Shakers: Residences at Mandarin Oriental taps sales director & more
Pat Riley, London hedge fund manager buy condos at Four Seasons at the Surf Club

Pat Riley, London hedge fund manager buy condos at Four Seasons at the Surf Club

Pat Riley, London hedge fund manager buy condos at Four Seasons at the Surf Club
Fort Partners lands $56M refi for Four Seasons Surf Club in Surfside

Fort Partners lands $56M refi for Four Seasons Surf Club in Surfside

Fort Partners lands $56M refi for Four Seasons Surf Club in Surfside
Hotel brands can add value to condo projects: TRD Miami panel

Hotel brands can add value to condo projects: TRD Miami panel

Hotel brands can add value to condo projects: TRD Miami panel
The week in luxury: A map of Miami-Dade’s priciest condo sales

The week in luxury: A map of Miami-Dade’s priciest condo sales

The week in luxury: A map of Miami-Dade’s priciest condo sales
arrow_forward_ios

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

Loading...