Details emerge on Adler Group’s bid to redevelop city HQ on Miami River

Miami /
Jul.July 27, 2016 04:45 PM

The Adler Group has big plans for city-owned land on the Miami River.

Responding to a request for proposals from the city, which is looking to replace its aging administrative headquarters, the developer said it would build the city new offices and construct a massive mixed-use development on the vacated riverfront site.

According to bid documents uploaded by the Next Miami, Adler’s proposal for the 3-acre Miami River site entails erecting two 36-story towers with a combined 900 apartments, 20,000 square feet of retail space and 150 hotel rooms.

The project, dubbed Nexus Riverside Central, would be combined with Adler’s neighboring development site to the north that it purchased for $14.25 million late last year. As detailed in the proposal, Adler is already close to beginning development of a 462-apartment residential tower called Nexus Riverside on that site with 7,000 square feet of ground-floor retail.

To make the project happen, Adler has proposed a 90-year lease on the city’s site with a present-day value of $70 million. In return, the city would gain 3 percent of all gross revenues generated from the development, according to the documents.

Adler would also partner with the city of Miami to finance and erect a new built-to-suit Class A office building with 375,000 square feet and 1,200 parking spaces.

The location of that building isn’t yet specified, though Adler said in the bid that it would be willing to offer a piece of land at its Link at Douglas Station development site — which it’s leasing from the county. Other suggestions include the Marlin Stadium and the Overtown Lyric Theater.

The city would have the option to stay in its current offices until the new building is completed under the proposal. If approved, Adler pegs the completion date for the city’s offices in January 2020, while the mixed-use development as a whole would roll open its doors later in 2026.

The developer is competing against Panther Capital Management, which has proposed to buy the city’s headquarters for $58.6 million and lease it back for roughly $25.6 per square foot on a triple-net basis.


Related Articles

arrow_forward_ios
renderings of the proposed three-tower development on the site of an existing Hyatt and the James L. Knight Center on the Miami River at 400 Southeast Second Avenue, Miami (Arquitectonica, Gencom, LinkedIn)
Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
Grant Cardone and Miami River apartment complex at 1001 Northwest 7th Street (Getty, Cardone Enterprises)
Grant Cardone’s firm buys Waterline Miami River apartments for more than $100M
Grant Cardone’s firm buys Waterline Miami River apartments for more than $100M
L-R Carlos Rodriguez Jr. of Driftwood Capital, Alex Mantecon of MV Real Estate Holdings, and Jay Stein of Dream Hotel (MV Real Estate Holdings, Driftwood Capital, Dream Hotel)
Voters will decide fate of Dream Hotel-anchored riverfront project on Wharf Miami site
Voters will decide fate of Dream Hotel-anchored riverfront project on Wharf Miami site
The development site at 1670 and 1690 Northwest North River Drive, Miami (EP Realty Group)
Uruguayan investor puts Miami River development site on the market
Uruguayan investor puts Miami River development site on the market
Mast Capital CEO Camilo Miguel Jr. and a rendering of Waterline Miami River (Mast Capital)
Mast Capital JV reels in $71M loan for Miami River multifamily development
Mast Capital JV reels in $71M loan for Miami River multifamily development
NY investor pays $10M for multifamily dev site near Miami River
NY investor pays $10M for multifamily dev site near Miami River
NY investor pays $10M for multifamily dev site near Miami River
Dream Hotel to anchor $185M riverfront project on site of the Wharf Miami
Dream Hotel to anchor $185M riverfront project on site of the Wharf Miami
Dream Hotel to anchor $185M riverfront project on site of the Wharf Miami
Joseph Chetrit and a rendering of the Miami River project (Getty)
Chetrit scores $310M construction loan for Miami River mixed-use project
Chetrit scores $310M construction loan for Miami River mixed-use project
arrow_forward_ios

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

Loading...