13th Floor Investments and Key International Reach an Agreement with Presbyterian Church Site to Move Forward with Construction

At 609 Brickell Avenue in Miami, a new 80-story project, created by Sieger Suarez Architects, and developers 13th Floor Investments and Key International is moving forward.

The congregation and the Miami-based developers have a "transaction and development agreement," according to a memo filed with the Miami-Dade Clerk of Court on March 2nd. The developer's right to purchase the property, their duty to build the project there in accordance with the agreement, and their duty to transfer ownership of the new church improvements to the church after substantial completion are all included in the terms of the agreement. Only a memo verifying the existence of the arrangement was recorded. Other details of the agreement have not been released.

13K-BP Brickell Owner LLC is identified as the developing firm, while Arnaud Karsenti is mentioned as the developer's authorized signatory on the letter. The project's goal is to utilize the land that is currently used for parking and a religious school building at the back of the property while maintaining the main church structure.

The agreement provides a number of advantages for the congregation and might be worth $240 million to the church. As part of the arrangement, the church will be granted access to 148 parking spaces, 90,000 square feet of space in the new structure, and a small park. In exchange, the church will receive $48 million in cash, 15% of condo sales estimated to be $125 million, and a portion of revenue from the restaurant on the ground level.

The iconic 1949-built First Miami Presbyterian Church, was named a historical landmark in 2003, will continue to stand. The church had previously struggled with money, including a $7 million tax obligation in 2018 as a result of selling part of its lands.

The document submitted to Miami-Dade County does not specify the specific terms and conditions of the sale. It does, however, confirm "the Developer's Obligation to Construct the Project on the Property in Compliance with the Agreement."