Adler’s proposal to redevelop city’s Miami River HQ nudges forward

Deal calls for a land lease that would allow Adler to build a $465 million mixed-use project on the site

Miami /
Jun.June 09, 2017 01:35 PM

The Adler Group’s proposal to build a nearly half-a-billion-dollar project along the north bank of the Miami River just took another step forward.

The Miami City Commission voted to appoint a special estate counsel for the proposed deal that would have the city lease its riverside headquarters to Adler in exchange for a new building and garage elsewhere. The land lease would in turn allow Adler to build a $465 million mixed-use project on the site, the Miami Herald reported.

Adler wants to build two 36-story towers with a combined 900 apartments, 20,000 square feet of retail space and 150 hotel rooms partially on the 4.3-acre site, in addition to a 1.5-acre parcel it owns.

Last year, Adler proposed a 90-year ground lease with a present-day value of $70 million. In return, the city would gain 3 percent of all gross revenues generated from the development. That means Adler would pay the city an estimated $335 million over the length of the lease.

Adler would also partner with the city to finance and erect a new built-to-suit Class A office building with 375,000 square feet and 1,200 parking spaces at an estimated cost of $125 million. It’s not clear where the new city office complex would be located but three locations have been mentioned: adjacent to the Lyric Theater in Overtown, next to Marlins Park or as part of a massive complex that Adler is building at the Douglas Road Metrorail station.

Residents could vote on the deal in November. Weiss Serota Helfman Cole & Bierman was chosen as the special counsel. [Miami Herald] – Katherine Kallergis


Related Articles

arrow_forward_ios
(Photo-illustration by Kevin Cifuentes)
South Florida’s industrial squeeze has brokers sounding alarms
South Florida’s industrial squeeze has brokers sounding alarms
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Chicago firm plans apartments, commercial complex on Edgewater OZ site
Chicago firm plans apartments, commercial complex on Edgewater OZ site
Chicago firm plans apartments, commercial complex on Edgewater OZ site
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
Chewy CEO Sumit Singh and Plantation Pointe at 7600 and 7700 West Sunrise Boulevard (Chewy, Midtown Capital Partners)
Here are South Florida’s biggest office leases of 2021
Here are South Florida’s biggest office leases of 2021
Related Group, Merrimac JV plans Miami Worldcenter project, pays $12M for site
Related Group, Merrimac JV plans Miami Worldcenter project, pays $12M for site
Related Group, Merrimac JV plans Miami Worldcenter project, pays $12M for site
Here are South Florida’s largest multifamily sales of 2021
Here are South Florida’s largest multifamily sales of 2021
Here are South Florida’s largest multifamily sales of 2021
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
arrow_forward_ios

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

Loading...