The Real Deal Miami

Voters to decide on Miami Riverside Center redevelopment

Proposed four-tower project on city-owned site would have residential units, office and retail space, a hotel and a parking garage
By Francisco Alvarado | July 27, 2018 03:30PM

David Adler and renderings of the Miami Riverside Center

The $1 billion soccer stadium and commercial development proposed by David Beckham and his partners is going to have some company on Miami’s Nov. 4 ballot.

The Miami City Commission voted unanimously on Thursday to let residents approve or reject a deal with the Adler Group to build a four-tower mixed-use project on the city-owned site of the Miami Riverside Center in downtown Miami. But unlike the Beckham deal, the Adler Group’s proposal has generated far less controversy.

Designed by Igor Reyes of Nichols Brosch Wurst Wolfe & Associates Inc., the project’s four towers would be a mix of residential, office and hotel uses with roughly 37,000 square feet of retail and a parking garage with a minimum of 1,000 spaces.

Adler’s development entity Lancelot Miami River LLC would also construct a new public riverwalk and other public amenities as part of the project, which is located on 3.15 acres at 444 Southwest Second Avenue. The development would also include an adjacent parcel Adler purchased in 2015 for $14.25 million.

Adler is offering to pay the city 3 percent of the entire project’s gross revenues or annual rent starting at $3.6 million that would then increase annually by 1.5 percent, whichever is greater. The developer also agrees to design and build the city 230,000 square feet of new office space that would replace the Miami Riverside Center. The new administrative offices could be part of the new development, another Adler project or be built at another location.

After winning the city’s request for proposals in 2016, Adler revised the project to include more towers. Initially, the developer proposed two 36-story towers with a combined 900 apartments, 150 hotel rooms and 20,000 square feet of retail.