The Real Deal Miami

Developer proposes $33.5M mixed-use town hall in Surfside

Pointe Development Company and Monceau Realty Group submitted an unsolicited bid for the project
By Katherine Kallergis | August 31, 2018 03:30PM

Rendering of Pointe Development Company and Monceau Realty Group’s proposed project

Surfside may get a new town hall.

Pointe Development Company and Monceau Realty Group submitted an unsolicited proposal to build a new town hall and civic center between 87th and 96th streets. The team was the only group to submit a proposal after Surfside opened up bidding, and the proposal will go before the commission in late September, attorney Alex Tachmes said.

The proposal calls for a ground lease between the town and the developer. Pointe Development and Monceau would finance construction of the $33.5 million development with about $10 million of their own equity and a construction loan for the rest, Tachmes said.

If the commission votes to approve starting negotiations with the developer in September, the project would still have to go through a series of site plan approvals and permitting. Tachmes said the group could break ground as early as late 2019 or early 2020.

The proposal includes a new police station, Class A office space, retail and restaurant space and public parking. The development would be built on the current town hall site at 9293 Harding Avenue and a municipal parking lot at 269 93rd Street.

The Surfside Civic Center would be a three-story, 17,705-square-foot town hall, plus a second, three-story building with 10,882 square feet of retail space and nearly 61,000 square feet of Class A office space. The two buildings would share a public rooftop park with 16,490 square feet of green space and fitness areas. A gym on the third floor of the civic center would be available to Surfside residents for a “nominal fee,” according to a release.

Under the proposed public-private partnership, the town wouldn’t pay for the project. The 99-year ground lease would be for the office, retail and parking components of the project. The developer would pay a base rent plus a percentage of gross revenue from the 431-space public parking garage.

Luxury development has ramped up in Surfside. The largest real estate project to be completed last year in Miami-Dade County was the Four Seasons Residences at The Surf Club, with an assessed value of about $1 billion. It led property values to jump 43 percent — the highest increase countywide — in the town of Surfside to more than $3 billion.