The drama at 520 Biscayne continues as art dealer Gary Nader told The Next Miami that he will be pressing forward in his quest to develop he waterfront, Downtown property into a mixed-use cultural center with a museum and condos. The development would include The Latin American Art Museum, which would house close to 1,000 pieces by Latin American artists including Roberto Matta, Rufino Tamayo and Fernando Botero. 520 Biscayne would also include a five-star hotel and two residential towers with 300-units each. The residences would be designed for art collectors, with strategically placed walls and windows to showcase art in addition to 12-foot ceilings and will range from $2 million to $25 million. Last year his unsolicited bid via his firm Nader + Museu, LLP. was passed over in favor of a bid by Related Group by the Miami-Dade College Board of Trustees, who owns the land. In October 2016, the MDC Board of Trustees officially rejected all bids to develop the property, leading to Related Group to file a formal protest with a settlement, which the Board of Trustees also rejected. In January 2017, it was announced that Related Group had officially withdrew their protest. Related Group's withdrawal has given Nader the opportunity to continue pursuing the rights to develop the property.
Park West, Downtown Miami | Photo via One Thousand Museum
Miami Downtown Development Authority Study Concludes It Will Be "Unprecedented" to Find a Downtown Condo for Under $750,000 in 2025
A study by the Miami Downtown Development Authority concluded that it will be "unprecedented" to be able to find a condo in Downtown Miami for under $750,000 in 2025. The study found that the market reached an equilibrium in 2016, with new construction and supply matching an increasing demand for Downtown Miami. Although the Miami condo market has seen a softening and has entered into being in a state of being a "buyer's market," prices have remained somewhat stable and can even hint at trailing up in certain areas. That said, the resale market regressed 7%, seeing a drop after five years of gains above 10%. In Downtown, 2,202 condos were delivered in 2016, another 3,456 condos in 2017, 2,846 in 2018 and 1,960 in 2019.
Developers at Skyrise Request Approval to Build Skyway, Rotating Viewing Pod Attraction
Skyrise, the entertainment mecca to be built in Downtown's Bayfront, has filed to add Skyway to the approved, proposed structure. Skyway would be skyrise's signature attraction, a 20-pod rotating, "modern ferris-wheel," experienced through viewing capsules. There would be 2 revolutions per hour and the pods would rise to a maximum, approved height of 1,049 ft. Plans for Skyway were designed by Arquitectonica and are currently under review.
Patricia & Phillip Frost Museum of Science to Finally Open May 8
The years of waiting and watching are beginning to come to end at Miami's Museum Park as the Patricia and Phillip Frost Museum of Science has finally announced an opening date of May 8. The museum will be the second museum delivered following the Pérez Art Museum Miami (PAMM) which has been received by the public as a major hit and help complete the cultural and art initiatives in Miami's Arts and Entertainment district which also includes the Adrienne Arsht Center for the Performing Arts and YoungArts.
The Frost Museum of Science has been a 5 year project, began construction in 2012 and has overcome many obstacles and roadblocks along the way including a $350 million price tag. Phillip and Patricia Frost had to help cover the rest of the cost of the construction after fundraising efforts failed to raise the necessary funds, missing the expected 2016 completion date. The Frost Museum of Science was designed by Grimshaw Architects, sits on 4 acres and features 4 different buildings in one, divided based on their field of study. There will be a planetarium, aquarium and feature 2 exhibit wings spread over 250,000 SF. The planetarium is 1-of-8 in the world featuring 8K resolution in 3D along with seating for 250 people. The museum claims on its website that it will take guests on a "journey from the ocean to the Everglades, from the human cell to outer space, investigating life as we know it." The building is working toward LEED Gold certification as part of their initiative to create a better planet. Tickets for the May 8 opening day are available on the museum's website.
Tibor Hollo to Break Ground on 92-Story One Bayfront Plaza in January 2019
Tibor Hollo's Florida East Coast Realty expects to break ground on the 1,049 foot, 92-story One Bayfront Plaza in January 2019 with completion is expected at some point in mid to late 2022. The 1,049 foot design by architectual firm Kohn Pedersen Fox will maximize the height approved by the FAA. One Bayfront Plaza will feature 902 apartments, 200 hotel rooms, 532,000 SF of Class A Office Space, 103,959 SF of retail, pedestrian bridge to the metromover and 1,055 parking spaces. The residences and hotel will feature a sky recreation deck which will have 2 pools, one being for residents and one for hotel guests. There will also be another amenity deck on the 40th floor. Check out our coverage of One Bayfront Plaza's New Renderings, new plan submission, and application to the FAA to increase height.
Photo via Miami Herald
Resorts World Applies to Renovate The Omni into Office Space & Boulevard Shops Update
Change may finally be coming to the vacant Omni Mall in Edgewater at 500 Biscayne Boulevard as Resorts World Omni, LLC has applied for a construction permit to renovate 24,550 SF into office space. Blufin Construction is the contractor on record for their application. Currently both Resorts World Bimini and Crystal Cruises use 500 Biscayne Boulevard as their headquarter address. Crystal Cruises last year leased 40,000 SF of office space in the Omni Building, adjacent to their Boulevard Shops sales center. Resorts World Bimini and Crystal Cruises are owned by Genting Group, a Malaysian conglomerate that has business interests in leisure, hospitality, plantations, properties, power generation, oil and gas, e-commerce, information technology and biotechnology.
Last year Crystal Cruises began reconstruction of The Boulevard Shops on an adjacent lot at 1401 Biscayne Boulevard. Their plan was unveiled at the 2016 Fort Lauderdale SeaTrade show for the Boulevard Shops project for Crystal Cruises which will include a renovation and expansion of the historic building to offer a cafe and bistro with indoor and outdoor seating, cigar bar and sales center for Crystal Residences. Crystal Residences will be onboard condos featured on 2 of their cruise ships. The renovation of The Boulevard Shops is being designed by architect Richard Heisenbottle.
Featured Listing: Ten Museum Park 4205
There is just no where else you can enjoy a private sky-high pool right in the middle of Downtown Miami. Ten Museum Park 4205 is a modern and massive bachelor pad. 3 bedrooms and 3 bathrooms spread over 2,581 SF and 3 floors. The unit is finished with modern glass throughout to allow views of Biscayne Bay, Downtown Miami, Brickell, Coconut Grove and Coral Gables. The main living room features 20 foot ceilings with full glass for sunset views to create the perfect place for entertaining. High-end finishes and upgraded lighting throughout. The kitchen and bathrooms are finished with European fixtures and high-end appliances from Sub Zero, Bosch and Duravit. Private rooftop pool on the 44th floor for an urban oasis finished with Bisazza tile. Ten Museum Park is an ultra-luxury, full-service building in Miami's booming Park West neighborhood. The building features a full-service spa, gym and pool deck and is right across the street from Museum Park, the Perez Art Musuem and Frost Science Museum. Currently listed with Darin Feldman of Insignia International Properties for $1,560,000.
Miami Innovation District Coming to Park West
The Miami Innovation District, a proposed tech hub, is one step closer to coming to Miami after land in Park West controlled by Michael Simkins' Innovate Development Group was cleared. Innovate Development Group purchased the land in 2014 for $54 million. Details and renderings of the proposed project were leaked in June, showing a 10 acre development including 3,850,000 SF of office space, 2,400,000 SF of residential units, 250,000 SF of retail space, and 2,500 parking spaces. Residential units would include 300 SF "micro-apartments" for the young, working class. There will also be an amenity area called the "Cloud Level" which will include classrooms, daycare, tech support, exhibition spaces, as well as landscaped green space and connection to different towers that are part of the complex. Part of the original proposal, a 633-foot LCD tower, has seen great pushback. Miami Innovation District will be designed by SHoP Architects, who designed the Barclays Center in Brooklyn as well as for Google and Uber. Miami Innovation District is expected to bring 700 permanent jobs and the project will contribute $5 million to the South East Overtown/ Park West CRA and 3% of annual sales or $1 million per year.
Mana to Bring New Mixed-Use Tower Including Hotel to Downtown
Moishe Mana has made a deal with the City of Miami to construct a mixed-use tower at his 240 N Miami Avenue Downtown site. The deal will allow him to use a section of the much larger Miami Parking Authority property adjacent to his 14,000 SF. The MPA had originally given the rights to the land to Grand Station, who subsequently subleased the rights to Mana. Mana's proposal will be a mixed use building including a 150-room hotel office space, residential units, retail space.
Construction Has Begun at Omni Park in Downtown Miami
Construction has begun at the 7 acre site in Omni that will soon be the Omni Park. Although temporary, the park will remain for 2 years to provide food and beverage vendors, amphitheater, skate park and art walk amongst the green urban escape. The site is owned by FDOT and will be part of the Signature Bridge Project which is under bidding. What remains of the Omni Park at that point will be reconstructed under and around the Signature Bridge to keep the green space in the area which has been the subject to massive urbanization with Miami WorldCenter construction now in full swing. The OMNI CRA has provided $300,000 in funding for th park and the Perez Art Museum has provided $150,000 while Brad Knoefler is overseeing construction which is scheduled for late February 2017.
Read our original news break on Omni Park from its December Announcement.
Future "Signature Bridge" at Downtown Miami's Omni Neighborhood