Here’s what’s next for Adler Group’s
Miami River project

City has to decide where it will move its administrative offices before the developer can finalize its plans

TRD MIAMI /
Nov.November 09, 2018 01:45 PM

Rendering of Miami River Project and Adler Group President David Adler

On Tuesday, Miami residents voted to approve a referendum allowing the Adler Group to lease city-owned land along the Miami River, placing the developer one step closer to breaking ground on its multi-tower project.

But before that, the city has to decide where it will move its administrative offices.

As part of the deal, the developer will build a public riverwalk and a 230,000-square-foot administrative building. Andrew Schimmel, a senior project representative for the city of Miami, said the city is meeting with Adler as early as next week. He said once a site is selected for the city’s administrative offices then Adler can begin designing its project.

The 99-year lease agreement calls for the developer to pay an annual rent of 3 percent of the entire project’s gross revenues, or $3.62 million a year with annual 1.5 percent increases.

Adler Group also has the option to purchase the Miami Riverside Center property, which has a market appraisal of $69.4 million, said David Adler, president of the company. The developer already owns a neighboring 1.6-acre site at 230 Southwest Third Street.

The residential, office and hotel development, designed by Nichols Brosch Wurst Wolfe & Associates, was planned to include about 37,000 square feet of retail space and a 1,000-space parking garage.

The first phase would consist of an apartment tower with more than 300 units. As part of the lease agreement,the developer would set aside 10 percent for workforce housing.

Adler said the firm could built a 36-story condo tower on the site after the city moves into its new building, but that what ultimately gets built depends on market timing.

“No one has a crystal ball, we don’t know what the world is going to be like in four to five years,” Adler said. “We’re going to have to see what the market is like and determine what’s best.”


Related Articles

arrow_forward_ios
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Richard Branson (Credit: Virgin, Cindy Ord/Getty Images)

Virgin Trains seeks $350M to build five stations in Miami-Dade

Virgin Trains seeks $350M to build five stations in Miami-Dade
Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M
arrow_forward_ios

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

Loading...