Lionheart Capital proposes 2 new mixed-use buildings in Design District
Company affiliate has owned the proposed development site for more than a decade and plans to demolish an existing building
UPDATED Sept. 21, 5:26 p.m.: Lionheart Capital is looking to speed up development of a pair of commercial buildings in the Design District, according documents filed with the city of Miami.
Flagler Holding Group, a company managed by Lionheart founding partner Ricardo Dunin, is seeking approval of a development agreement that the developer will comply with the special area plan for the Design District. Lionheart previously obtained approval for the construction of the two three-story structures totaling 58,000 square feet at 4218 Northeast Second Avenue. Miami-Dade property records show Flagler paid $710,000 for the property in 2003.
The Miami City Commission is expected to vote on the development agreement Thursday during a planning and zoning hearing. Dunin and his attorney Neisen Kasdin did not respond to requests for comment. Flagler is also asking that the proposed site be removed from an existing development agreement with Miami Design District Associates, the entity created by Craig Robins’ Dacra to transform the neighborhood into a luxury retail and arts destination.
Renderings of Lionheart’s proposed project show two buildings primarily made of floor-to-ceiling glass walls connected with a paseo that funnels pedestrians into an area lined with luxury retail stores and restaurants. The second and third floors would feature offices, according to documents Lionheart submitted to the city. It will also have 98 underground parking spaces. To make room for the project, Lionheart plans to demolish two commercial buildings on the .035-acre site.
The proposed project is located across the street from a mixed-use project Helm Equities is developing at 4201 Northeast Second Avenue. Plans for the two-acre project include a 21c Museum Hotel with 135 rooms, a rooftop pool and art museum, as well as 70,000 square feet of retail, 85,000 square feet of office space, a sculpture garden and 300 parking spaces.
Lionheart also owns a 5,600-square-foot historic building on the corner of Northeast 43th Street and Second Avenue that is home to small local boutiques. The firm owns a large development site in Pompano Beach, and is completing construction of The Ritz-Carlton Residences, Miami Beach, a luxury condo development that’s facing lawsuits from five buyers over alleged construction delays.
Correction: A previous version of this story misstated some of the details of the development agreement and plans.