ROVR Development and Related Plan to Build 48 Story Tower in Downtown Miami- College Station
The Related Group is at it again with another tower proposed in downtown Miami. Along with the Miami Parking Authority, The Related Group, and ROVR Development are proposing to replace a downtown Miami parking garage with a 48-story development.
On Feb. 2, the Miami Off-Street Parking Board, or MPA, will vote on a 99-year lease and development agreement for the College Station Garage at 190 N.E. Third Street which is very close to Miami Dade College.
When the MPA received an unsolicited proposal for the property in July 2021, the process began. It solicited public bids for the property and received bids from College Station Partners LLC, a joint venture with The Related Group and ROVR Development, as well as Terra of Miami. On January 19, an MPA review committee gave College Station Partners’ bid a higher grade for the development.
The College Station project would include 1.88 million square feet of space and include 1,200 residences, 8,214 square feet of retail space, 33,865 square feet of public service space, 30,000 square feet of amenities, and 1,357 parking spots.
The completed facility would contain the same number of public parking spots as the present garage, which will be demolished. The MPA would own these spaces.
The developer stated that 20% of the units would be affordable housing for seniors earning up to 50% of the local median income, while the other 15% would be worker housing for those earning up to 140% of the area median income. Miami’s current median family income is $39,000.
According to the proposal, the public service space might be used for a fire station or an urgent care clinic to support the downtown’s fast-rising population, including a not-for-profit art’s center.
The units would range from 360 to 1,310 square feet in size. There would be 138 studio apartments, 636 one-bedroom apartments, 354 two-bedroom apartments, and 72 three-bedroom apartments.
The lease is expected to be signed in the first quarter of 2023, taking up to 60 months to construct. The application said that the developers would have to establish alternate parking arrangements for tenants of the adjoining Downtown Lofts I and II condos, which would use this garage for parking, during the construction time.
According to the lease’s proposed financial terms, College Station Partners would pay the MPA $500,000 upfront, about $2 million per year during construction to compensate for missed parking revenue and 10% of the project’s net cash flows for rent following completion. According to the developers, this would equate to a $1.27 billion economic gain to the MPA over the life of the 99-year lease, not including the value of the new public parking garage.
Just Revealed: Related and Merrimac Announces New Tower The Crosby Miami Worldcenter
Related Group and Merrimac Ventures are now teaming up to develop a residential tower with no rental restrictions in the heart of Miami, The Crosby Miami Worldcenter.
The Crosby Miami Worldcenter will sit on 0.55 acres in the Park West neighborhood of Miami. Rising 31 stories tall, the residential tower will feature 450 condo units. The units themselves will be fully furnished and finished from studios to two-bedroom floor plans. Square footage will range from 350 to 825 square feet and pricing will begin in the low $300,000. Interiors will be curated by AvroKo.
Residence Features Include:
9-foot-high ceilings with floor to ceiling glass windows
Balcony with every residence
Finished interior and exterior flooring
Gourmet kitchens featuring custom Italian cabinetry
Bosch appliances, including paneled refrigerator/freezer, dishwasher, built-in convection oven/microwave, and cooktop
Rain showers in primary bathrooms and custom Italian vanities
Full-size washer and dryer in unit
Fully built-out closets
Contemporary lighting packages, including recessed lighting, dimmers, and lighting control
Brilliant smart-home system offering seamless personalization with the touch of a button, including the ability to control audio, climate, window treatments, and lighting systems
Smart keyless entry system allowing you to unlock your door via smart app, door code, keycard, or Apple Watch
The Crosby will be designed by Cohen Freeman Encinosa (CFE) Architects. The design of the tower appears modern with floor-to-ceiling glass windows on every floor and expansive terraces throughout. The Crosby features over 22,000 square feet of luxury amenities from a rooftop pool to a ground-floor restaurant.
Tower Amenities Include:
Expansive rooftop resort-style pool with jacuzzi, cabanas, and grilling stations perfect for entertaining
Private rooftop restaurant/bar Italian inspired trellis garden
Inviting fire pit lounge with breathtaking views of the Biscayne Bay skyline
State-of-the-art fitness center featuring saunas and plunge pools
Clubroom with private dining and stunning water views
Convenient juice and coffee bar
Spacious coworking center
Gaming lounge
Curated museum quality art throughout all common areas
24/7 security services, high-speed elevators, and controlled property access
24/7 concierge services European porcelain flooring
According to Nick Pérez, a Senior Vice President at Related, it took around two years to come to terms for the project with the managing partner at Merrimac and a co-developer, Nitin Motwani. The developers paid $12 million for the site.
The Crosby will have no rental restrictions and the buyers are able to rent out their units using any available platform for as many days as they would like. In the announcement, Related expects the buyers to be mostly investors due to there being no restrictions.
According to Motwani of Merrimac, “This will be the only for-sale product at Miami Worldcenter.”
The construction costs have not been disclosed and construction is expected to begin in 2023 with a completion date of 2025.
Notable Real Estate Developers Purchase the White House Inn Property in North Miami
Teddy Sagi and Jorge Pérez, Miami’s most notable real estate investors, have chosen their second South Florida property to invest in: the White House Inn at the gateway to North Miami. What once was a motel that opened its doors in 1969 later became a dilapidated building that saw many problems throughout the years, which later closed in 2014.
Along with BH Group, Pérez’s Related Group, and Sagi’s LabTech Investments Limited are teaming up to buy the waterfront property located at 2305 Northeast 123rd Street.
The 1-acre property is expected to be redeveloped into a luxury apartment complex that would cost around $85 million. Sagi and Pérez are expected to close on the $11 million sale next week.
The North Miami property was sold by a firm led by Mario Murgado, the owner of Murgado Automotive Group for $7.8 million in 2014. Murgado planned to demolish the White House Inn and replace it with a seven-story Ocean Cadillac dealership with a self-contained parking structure, top-floor showroom, and ground-floor restaurant.
Local residents were outspoken in their opposition to the dealership, fearing that it would bring a flood of traffic to the neighborhood. Later Murgado proposed an 11-story tower, Biscayne Harbour, that was approved by the city council but was never finished.
“One of those rare bayfront sites that’s gone underutilized for far too long,” and that the partnership plans to give North Miami “the entrance it deserves,” according to Pérez.
Not only is Pérez known for his work with the Related Group but he is a big player in the residential market as well. In July, he sold his Coconut Grovemansion for $33 million. Pérez also sold his Apogee Beach penthouse for $6 million.
The Related Group Plans for Demolition of Site for New Tower-Miami Station
In January 2021, the developer, the Related Group revealed plans for a proposed transit-oriented tower called Miami Station. Now, plans are rolling out to begin demolition and preparation for construction.
The pre-construction site located at 525-533 NW 2nd Ave in the Overtown district of Miami recently filed to begin demolishing the current parking garage that sits on the site. The remains of the parking garage is that of the Logik office tower that stopped mid-construction during the recession in 2008. The concrete shell of the garage has never been utilized.
A separate lot is adjacent to MiamiCentral Station and is also the former site of the Krystal Tower that was never completed. A separate lot next door with the once planned tower, Avery MiamiCentral will eventually be added to the Miami Station site plan.
Once construction begins, the proposed tower will rise 41 stories at 459 feet tall. The proposed plans would include 309 apartments, over 200,000 square feet of office space, over 8,000 square feet of retail, and 510 parking spaces.
Units will feature studio to 3 bedroom floor plans a well as a few penthouse units ranging from 460 to 1428 square feet of living space.
The office space will occupy the first 12 floors with 13-foot slab to slab heights. The residential units will occupy the higher floors with 10-foot slab to slab heights.
