Miami Riverside Center
Developer: The Adler Group
In a less controversial move, the Adler Group is proposing a four-tower, mixed-use project with public amenities on the city-owned site of the Miami Riverside Center at 444 Southwest Second Avenue and the lot next door at 230 Southwest Third Street.
Adler’s Lancelot Miami River LLC is seeking a 99-year lease for the 3.15-acre Southwest Second Avenue site. Annual rent would be 3 percent of the entire project’s gross revenues, or $3.62 million a year with annual 1.5 percent increases.
The developer would also build a public riverwalk and a city administrative building totaling 230,000 square feet.
The residential, office and hotel development, designed by Nichols Brosch Wurst Wolfe & Associates (NBWW), would feature about 37,000 square feet of retail space and a 1,000-space parking garage.
Adler is weaving in previous plans for a luxury rental project on the 1.6-acre site next door. The developer paid $14.25 million for the property in 2015, property records show. The project hasn’t garnered significant opposition since Adler won the city’s request for proposals in 2016.
What happens next if approved:
Adler plans to start building the city’s administrative building and workforce housing “immediately after approval,” according to a spokesperson. The residential component of the riverfront project is expected to begin after the city moves into its new building. Adler is considering using the Nexus property next door as the site for the city’s new building and rental housing project.
More HERE >>>> Source: The Real Deal Major projects on the ballot