New York developer Michael Stern is moving forward with plans to build a $500 million mixed-use tower west of Brickell Avenue, which will include 1,000 residential units.
The Miami City Commission cleared the way for Stern’s JDS Development Group to work with the city on developing the massive site.
The 1.5-acre project calls for a 752-foot-tall tower. Part of the agreement with the city includes JDS building a fire station on the ground floor.
Stern plans to break ground on the 2.5 million-square-foot project this summer, beginning work without financing. He will seek financing in about a year.
The 62-story tower will include 1,000 rental apartments, 200 micro units, a 200-key hotel and about 250,000 square feet of office space. The development will also feature about 1,700 parking spaces. There will be no condo component.
JDS hired James Corner Field Operations, the landscape architecture and urban design firm behind the High Line in New York, to renovate Southside Park, at 140 Southwest 11th Street. New York City-based SHoP Architects is designing the project with Kobi Karp. SHoP Architects also designed Stern’s Brooklyn skyscraper at 9 DeKalb Avenue.
The developer would pay for and build an $8 million fire station and contribute about $2.2 million in cash for fire station equipment, according to The Next Miami, which first reported the payment breakdown.
JDS will also contribute about $5.4 million in public benefits and $200,000 in streetscape improvements, and pay for the renovations to the park and the transfer of development density rights, according to the report.
In South Florida, Stern is working on Monad Terrace, which will be completed at the end of the summer. The Atelier Jean Nouvel and Karp-designed boutique condo project will have 59 units at 1300 Monad Terrace in Miami Beach.
JDS was previously involved in a huge mixed-use project along the Miami River with Chetrit Group, but was bought out.