Allied Partners, a New York-based real estate firm, will soon go before Miami Beach’s planning and zoning board to seek approvals for a mixed-use parking garage in the South of Fifth neighborhood.
The company’s CEO Eric Hadar sat down with The Real Deal to detail Allied’s new plans for the project at 400 Collins Avenue. The development would have 175 parking spaces, 12,000 square feet of residential space split among four units, and 7,200 square feet of retail.
This application marks a significant shift from Allied’s original plans for the development site, which included a robotic parking garage with 113 spaces and 24 residential units. Besides the potential problems a robotic parking system could bring, Hadar said the team simplified the design “into a building that will blend into the neighborhood.”
“We want this [project] to be a business card for Allied,” he told TRD. The company is typically a long-term holder of real estate and usually doesn’t act as a developer that builds and sells right after, he said.
As part of the redesign, Allied brought on architect Brandon Haw – who designed Faena House with his previous firm, Foster & Partners – to give the building a minimalist look that emulates the Art Deco color palette seen in South of Fifth.
Allied took title to the 19,500-square-foot development site, which is currently a surface parking lot, in 2011. Allied likes to enter markets when they’re “in turmoil,” Hadar said, and now that the market is slowing down, it’s a good time to make a move in Miami.
The garage will also satisfy parking requirements for Allied’s redevelopment of the historic Savoy Hotel at 425 Ocean Drive, Hadar said.
The developer will go before the Planning & Zoning board in June and the Historic Preservation Board in July. If approved, Allied expects to complete the project by the end of 2018.