More office and co-living development could be headed to this Miami Beach street

Height bonus among measures city officials are considering to continue attracting developers to Art Deco Historic District

TRD MIAMI /
May.May 30, 2019 08:45 AM
550 Washington Avenue and 1235 Washington Avenue (Credit: Google Maps)

550 Washington Avenue and 1235 Washington Avenue (Credit: Google Maps)

Having already found success luring new hotel and retail development on Washington Avenue, Miami Beach city officials are now considering new incentives to attract developers of co-living apartments and offices.

The measures include height bonuses of up to 75 feet, an increase in a project’s floor area ratio (FAR) of .5, and eliminating off-street parking requirements and sidewalk cafe concurrency fees. The FAR increase would require citywide voter approval, but the other two proposals can be adopted by the city commission.

During the city’s land use committee meeting last week, Big Time Productions founder Eugene Rodriguez told city commissioners John Elizabeth Aleman, Ricky Arriola, Michael Gongora and Joy Malakoff that allowing increases to the FAR of older buildings like the Paris Theater at 550 Washington Avenue, which he owns, and the theater-turned-nightclub-space at 1235 Washington Avenue, would spur redevelopment of such properties into hotels or office buildings.

“Buildings like the Paris Theater already have a 40-to-50-foot ceiling height, which is grand, but you can’t fit anything on top of it,” Rodriguez said. “They are just sitting there. They are gorgeous buildings…that would be grand lobbies of an office building or a hotel.”

Rodriguez said he holds small events at the Paris Theater, but that the building has no real use, he said. “I love this building,” he said. “I just don’t know what to do with it.”

Miami Beach Planning Director Thomas Mooney said he is working on ballot language proposed by Malakoff to increase the FAR on Washington Avenue. He said the city commission would have first reading on the ballot question by July, along with the proposed ordinances for the height bonus and the elimination of the parking requirements and sidewalk fees. City officials believe adding co-living apartments and office buildings will attract more daytime users to Washington Avenue.

Last year, Property Markets Group opened the 464-unit X Miami, one of the first co-living apartment buildings in the South Florida market. Developer Robert Wennett’s Miami Produce Center  mixed-use project in Allapattah could have as many as 2,400 co-living units, which are apartments in which tenants are paired up with roommates.

Since the city approved measures designed to increase hotel uses and expand retail and dining opportunities on Washington Avenue, investors and developers have been buying up sites and launching projects. Recently, commercial real estate firm KLNB picked up a CVS-anchored building at 938 Washington Avenue for $18.3 million, paying $1,470 a square foot. Across the street, Lightstone Group’s 202-key hotel is under construction at 915 Washington Avenue. And three blocks south, adjacent to the Paris Theater, Imperial’s Michael Fascitelli and Eric Birnbaum are building a seven-story, 300-key hotel at 601 to 685 Washington Avenue.


Related Articles

arrow_forward_ios
Three Hundred Collins

Three Hundred Collins allegedly marred by cheap materials, unpaid contractors and duped investors: lawsuit

Three Hundred Collins allegedly marred by cheap materials, unpaid contractors and duped investors: lawsuit
From left: 1900 Collins Avenue (Top), 229 19th Street, 1925 Liberty Avenue and 227 19th Street (Credit: Google Maps)

Contractor alleges unpaid work at Lennox Miami Beach hotel, amid legal battle between father-in-law and son-in-law

Contractor alleges unpaid work at Lennox Miami Beach hotel, amid legal battle between father-in-law and son-in-law
Mirce Curkoski, Julian Johnston, and Olesia Aliseenko, with the home (Credit: Mark Sagliocco/Getty Images, and Google Maps)

Former Miss Ukraine pays $20M for waterfront Palm Island mansion

Former Miss Ukraine pays $20M for waterfront Palm Island mansion
Rendering of the project and Rishi Kapoor

Developer Rishi Kapoor lands approval for mixed-use co-living project in South Beach

Developer Rishi Kapoor lands approval for mixed-use co-living project in South Beach
Michael Shvo and a rendering of the tower (City of Miami)

Miami Beach board again delays vote on Michael Shvo’s proposed tower near Raleigh Hotel

Miami Beach board again delays vote on Michael Shvo’s proposed tower near Raleigh Hotel
Jill Hertzberg, Dora Puig, Oren Alexander with Star Island properties

Miami Beach’s Star Island regains its luster

Miami Beach’s Star Island regains its luster
5212 North Bay Road in Miami Beach and Marcelo Claure (Getty)

SoftBank’s Marcelo Claure pays $11M for North Bay Road teardown

SoftBank’s Marcelo Claure pays $11M for North Bay Road teardown
34 Star Island Drive with Albert Justo, Stacy Robins and Mirce Curkoski (Redfin)

Former Star Island residents return, buy $12M waterfront home

Former Star Island residents return, buy $12M waterfront home
arrow_forward_ios

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

Loading...