By Brian Bandell
The Miami City Commission voted on Thursday to place a major redevelopment deal on city-owned land along the Miami River on the Nov. 6 ballot.
The lease and development deal with Lancelot Miami River, an affiliate of Miami-based Adler Group, would replace the current city administration building at 444 S.W. Second Ave. with a new office building for the city on a neighboring site, and allow for the development of about 1,100 apartments in three towers.
Voters will decide whether the developer should lease the 3.15-acre site from the city for 99 years. Lancelot Miami River won competitive bidding for the property through a request for proposals (RFP) by the city. The developer already owns the neighboring 1.6-acre site at 230 S.W. Third St. If voters approve the lease, both properties would be developed in phases as a single project.
“The Adler Group is thankful and appreciative to the mayor, commissioners, and the City of Miami’s administration for the opportunity to deliver to the City a new world-class and significantly larger administrative headquarters”, said Michael M. Adler, chairman and CEO of Adler Group. “This public private partnership will generate substantial value and revenue to the city and its tax payers, by activating an underutilized portion of Miami’s special riverfront property with a privately funded mixed-use development and new public Riverwalk.”
…CBRE represented the city in the deal. Adler Group is working with Nichols Brosch Wurst Wolfe (NBWW) to design the project.
Read the full story HERE >>>> Source: South FL Biz Journal https://www.bizjournals.com/southflorida/news/2018/07/27/adler-groups-redevelopment-plan-headed-to-voters.html