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
River Landing, Andy Hellinger and Coralee Penabad

Years in the making, $425M mixed-use Miami River development opens

Years in the making, $425M mixed-use Miami River development opens
Terrazas Miami (Google Maps, iStock)

Miami River condo association alleges $10M in defects: lawsuit

Miami River condo association alleges $10M in defects: lawsuit
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
arrow_forward_ios

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

Loading...