8 Mega Projects Coming to Miami
Triple Five Group gained approval from Miami-Dade County commissioners earlier this year to build the largest mall in America. The project will bring an indoor ski-slope to Miami as well as other entertainment, however, American Dream Miami is only one of several megaprojects planned in South Florida. Turnberry Associates, LeFrak, Art Falcone, Nitin Motwani, and Dan Kodsi, Moishe Mana and Jeff Berkowitz have proposed their own developments.
In July 2017, the Turnberry Associates and LeFrak broke ground on two 17-story, luxury rental towers totaling 400 units that are part of the first phase of SoLe Mia. And in May 2017, the development group announced Costco would locate a nearly 166,000-square-foot store inside the mixed-use project.
The $4 billion Miami Worldcenter is spearheaded by Falcone, Motwani and Kodsi. The 27-acre project will include 300,000 square feet of high-street retail, an office tower, two apartment buildings and a convention hotel with 1,700 rooms and 500,000 square feet of meeting, exhibition, and convention space. It will also include Paramount Miami Worldcenter, a 60-story, 500-plus unit luxury condo tower that recently topped off.
In October 2017, the developers secured nearly $33 million in financing from Bank OZK, formerly known as Bank of the Ozarks. And Paramount Ventures, which includes Kodsi, Falcone and Motwani, closed on $285 million in construction financing for Paramount Miami Worldcenter in March 2017.
American Dream Miami
Edmonton, Canada-based Triple Five Group’s $4 billion American Dream Miami gained approval from Miami-Dade County commissioners in May to begin construction on what is set to become the largest mall in the country. Its plans also include a 16-story ski slope, a 20-slide waterpark, and a 14-screen 3D movie theater, among other entertainment facilities.
Miami isn’t the only South Florida city with massive mixed-use projects planned.
In October 2017, Penn-Florida Companies closed on nearly $400 million in financing from New York-based Mack Real Estate Credit Strategies. Penn-Florida Companies’ Via Mizner in downtown Boca Raton will span 2 million square feet with a 366-unit luxury apartment building, a 92-unit condo, a 164-key Mandarin Oriental Hotel & Resort and 60,000 square feet of retail.
In western Broward County, Joseph Kavana’s Metropica Development LLC is developing the $1.5 billion Metropica project in Sunrise will include a hotel, 2,250 residences, 485,000 square feet of retail space and 650,000 square feet of office space.
The first phase of office development will be a 170,000-square-foot Class A office building at 1700 Metropica Way that is expected to be completed by 2020. Metropica will also include a second phase of office development totaling 500,000 square feet, as well as more than 2,250 residential units, retail, shopping and entertainment, green spaces, public spaces, and a luxury hotel.
Beckham group’s MLS stadium
David Beckham got his wish to move forward with an MLS soccer stadium at Melreese Country Club. He also could get more than just a stadium.
The project, known as Freedom Park, could include a 25,000-square-foot soccer stadium as well as more than 1 million square feet of retail and office space and about 750 hotel rooms on the site near Miami International Airport. In total, the development is valued at $1 billion and will be built on 73 acres of the 131-acre Melreese Country Club.
The Mas and Beckham group previously said it would pay an annual rent of at least $3.6 million – or fair market value as determined by two independent appraisals – plus $20 million to fund the park’s construction, paid in annual installments of $666,667 for 30 years.
Magic City Innovation District
Tony Cho and Bob Zangrillo have drawn plans to build a $1 billion mixed-use project in Miami’s Little Haiti neighborhood.
Located just north of Wynwood and the Design District, Magic City Innovation District will span 17 acres and includes more than 200,000 square feet of rentable space within 20 buildings, warehouses and mixed-use spaces. It has drawn protests from local residents over concerns of displacement and gentrification.
The project’s plans include a 30,000-square-foot Magic City Studios and a 15,000-square-foot innovation center with startups, co-working space and other collaborations; an office tower; retail space; workforce housing and possibly a hotel. It’s planned for land between Northeast 60th and 64th streets.
Berkowitz is planning to build an observation tower next to Miami’s Bayfront Park downtown that he is pegging as the “Eiffel Tower” of Miami.
SkyRise Miami plans to feature various observation decks, an indoor controlled free-fall system and a “drop tower-style” ride featuring a 95-mile-per-hour descent. It was designed by Arquitectonica.
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