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

Pointe Development Company and Monceau Realty Group submitted an unsolicited bid for the project

TRD MIAMI /
Aug.August 31, 2018 03:30 PM

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.


Related Articles

arrow_forward_ios
Four Seasons Residences at the Surf Club in Surfside

Miami condo sales go up, but dollar volume falls

Miami condo sales go up, but dollar volume falls
Map of condo sales and the Surf Club Four Seasons (Credit: Google Maps)

Down again: Miami condo sales declined last week

Down again: Miami condo sales declined last week
Antonio Sersale and Nadim Ashi, with Le Sirenuse at the Surf Club (Credit: Google Maps and Jacopo Raule/Getty Images)

Arrivederci: Le Sirenuse at The Surf Club shutters permanently due to coronavirus

Arrivederci: Le Sirenuse at The Surf Club shutters permanently due to coronavirus
Four Seasons Residences at The Surf Club with Tommy and Thalía Mottola (Credit: Craig Barritt/Getty Images)

Thalía and Tommy Mottola pay $8M for Surf Club Four Seasons condo

Thalía and Tommy Mottola pay $8M for Surf Club Four Seasons condo
Alex Sapir, Arte in Surfside

Alex Sapir gets lender approval to rent out units at Surfside condo project

Alex Sapir gets lender approval to rent out units at Surfside condo project
Alex Sapir, Amir Richulsky, Gerard Guez and a rendering of Arte by Antonio Citterio

Alex Sapir’s business partner gets extension for Surfside condo, company names new CEO

Alex Sapir’s business partner gets extension for Surfside condo, company names new CEO
Fendi Chateau, Gary Rosenbach (Credit: Shawn Ehlers/WireImage/Getty Images)

Hedge funder pays $7M for Fendi Chateau condo in Surfside

Hedge funder pays $7M for Fendi Chateau condo in Surfside
Mandarin Oriental in Miami, Four Seasons at The Surf Club

Mandarin Oriental, Four Seasons at The Surf Club furlough 850 people

Mandarin Oriental, Four Seasons at The Surf Club furlough 850 people
arrow_forward_ios

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

Loading...