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

Coast Guard previously spoke out against plans for a 34-story condo tower

TRD MIAMI /
Jun.June 02, 2020 05:30 PM
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez

Miami’s condo king is backing away from a proposal to build a luxury condo tower on Miami Beach’s Terminal Island.

Jorge Pérez’s Related Group is now proposing a 160,000-square-foot Class A office project for a site it owns on Terminal Island. The change comes a year after the Coast Guard warned that Related’s condo proposal could compromise the Coast Guard Miami Beach station’s security.

Jon Paul Pérez, executive vice president of Related, said in a statement that the development firm reviewed its plans “after careful consideration and conversations with local stakeholders.” Pérez added that businesses in the Northeast and elsewhere are interested in opening offices in South Florida, fueling demand for such a project.

The two four-story buildings would include 11,250 square feet of restaurant space, helicopter pads and a mega-yacht marina, as first reported by RE Miami Beach. The proposal is expected to go before the Miami Beach Planning Board in August.

The previous project, One Island Park, was planned as a 34-story tower with 90 luxury condo units. In exchange for allowing the condo tower, Related would build a new 50,000-square-foot fleet maintenance and sanitation facility that was valued at an estimated $28 million.

Pérez and Related’s lawyer said at the time that a residential building was the best option for redeveloping the site because it would generate less traffic than a cruise ship terminal or an office building.

The developer purchased the site in 2013 for $9.94 million.


Related Articles

arrow_forward_ios
Despite record high office vacancies across South Florida, average asking rates hit new highs

South Florida Q3 office rents hit record high, despite higher vacancies

South Florida Q3 office rents hit record high, despite higher vacancies
Tere Blanca and the Aventura office complex (Credit: Google Maps)

Aventura office complex Optima inks new leases

Aventura office complex Optima inks new leases
2290 and 2328 10th Avenue N, Lake Worth

Lake Worth Beach office buildings sell for $11M

Lake Worth Beach office buildings sell for $11M
Blackstone's Jonathan Gray and Stephen Schwarzman (Getty, iStock)

Blackstone to open office in South Florida

Blackstone to open office in South Florida
From left: Chris Maling, Donald K. DeWoody Jr., David Maling, and Alfredo Sanchez

North Palm Beach mixed-use property hits the market for $45M

North Palm Beach mixed-use property hits the market for $45M
Pablo Cejas, Bill Kerdyk, and 147 Alhambra Circle

Pablo Cejas adds to downtown Coral Gables assemblage

Pablo Cejas adds to downtown Coral Gables assemblage
Dan Azel with 8900 Southwest 107th Avenue and 10700 Southwest 88th Street (Credit: Google Maps)

Construction honcho pays $17M for Kendall office buildings

Construction honcho pays $17M for Kendall office buildings
John Bardis, Carlos Lopez-Cantera, and the office (Credit: Google Maps)

Medical co-working space operator buys Miami medical campus

Medical co-working space operator buys Miami medical campus
arrow_forward_ios

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

Loading...