City’s finance committee chairman said taxpayers could be on the hook for $150M in bond payments should Adler not complete the project
A deal by the Adler Group to redevelop the city of Miami-owned Miami Riverside Center won narrow approval by commissioners, despite criticism tied to the developer building a new city administrative building.
The Miami City Commission voted 3-2 on Thursday to approve the 99-year lease agreement with Lancelot Miami River LLC to replace the 27-year-old building at 444 Southwest Second Avenue. The new project will have four towers with a mix of residential, office and hotel uses, as well as roughly 37,000 square feet of retail and a parking garage with a minimum of 1,000 spaces. The project’s footprint would also include land owned by another Adler affiliate at 230 Southwest Third Street, where the developer is proposing to build the city’s new headquarters.
The project is designed by Nichols Brosch Wurst Wolfe and Assoc. (NBWW).
Read on HERE >>>> Source: The Real Deal Miami commissioners approve Adler’s mixed-use project on city property