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MIAMI | 1370 Northeast 2nd Street | FT | FLOORS (2 Towers)

Crescent Heights Proposes Residential Towers Across From Arsht Center

http://i.imgur.com/IwMnJGK.jpg

Quote:

Crescent Heights is proposing a project that would be partially built on School Board land across from the Arsht Center, according to documents obtained by The Next Miami.

The developer wants to take control of about an acre of School Board land at 1370 Northeast 2nd Street, which will be combined with an adjacent lot Crescent Heights owns to form a two acre site.

The project could rise up to 60 stories, with up to 1,000 residential units and 1,600 parking spaces to be built.

Crescent Heights wouldn’t pay any cash upfront for the land. Instead, Crescent Heights will deed over 600 parking spaces to the board, which the developer says is worth $24 million in present value at $40,000 apiece (and which may later generate $40m in revenue over 25 years).

The developer intends to sign a deal for the spaces with the Arsht Center to provide parking for the performing arts hall, with revenue going to the school board.

Crescent Heights was the only company that responded to an RFP issued by the school board for the land. Bids were due on February 2.

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NXT

It looks more like twin 30 story towers instead of a 60 story tower.
The design of the base seems to interact well with the Performing Arts center and hopefully it will be surrounded by future projects that will be urbane like this instead of multi-story parking garage podiums facing the street.
Also 1600 parking spaces is a lot considering there are 2 Metromover stations serving the Arts center but I guess snobby Art patrons have to park somewhere instead of using mass transit.
Looks promising though!
:tup:

Quote:

Originally Posted by bobdreamz (Post 7743203)

They have to replace the school board parking they are buliding on top of which was something like 600 spaces. So its 600 spaces for the school board and 1000 spaces for the 1000 units.

School Board To Vote On Deal For 60-Story Towers Across From Arsht

Quote:

The School Board of Miami Dade County will vote on a deal next week that could bring 60-story towers across the street from the Arsht Center.

The deal could also eventually lead to the entire 9-acre School Board property at 1500 Biscayne Blvd. being redeveloped – one of the largest development sites in downtown Miami.

Approval of the first deal is recommended by School Board Supervisor Alberto Carvalho, with Crescent Heights having beaten out two other bidders for the land.

The developer wants to take control of 1.1 acres of School Board land at 1370 Northeast 2nd Avenue, which will be combined with an adjacent lot Crescent Heights owns to form a two acre site.

The project could rise up to 60 stories, with up to 1,100 residential units and 1,100 parking spaces to be built, along with 100,000 square feet of office space for the School Board.

Crescent Heights wouldn’t pay any cash upfront for the land. Instead, Crescent Heights will deed over 600 parking spaces to the Omni CRA, and build out 100,000 square feet office to be deeded over to the School Board. The life of the CRA must be extended, and the CRA board must also vote to approve the deal.

The 600 parking spaces will be shared with the Arsht Center.

If the deal goes through and the School Board is able to move out of their current offices, the Board would look to have the entire 9-acre site currently housing their headquarters “monetized,” Carvalho told the SFBJ.

Carvalho has not held discussions with Amazon or the Beacon Council about it being a potential location for HQ2, although it would be optimal, he said.

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NXT

DOWNTOWN MIAMI SCHOOL BOARD PROJECT MAY SOON BECOME MUCH BIGGER, ‘COULD BE A NEW BRICKELL CITY CENTER’

Quote:

A large chunk of prime development land in downtown Miami could soon be but up for bid by the Miami-Dade School Board – and developers could build a mega-project there, according to the Herald.

The property has the potential to become “a new Brickell City Centre,” according to an official with the Omni CRA, an agency that is working with the School Board.

The School Board could eventually offer up to 10 acres to developers in a ground lease with the proceeds to fund education, as part of a “21-acre vision.”
:cheers:

Already, a deal is in place with Crescent Heights for an acre of land which the developer will combine with adjacent property to build twin 60-story towers with parking, residential, and offices for the School Board.

If the School Board does put its property out to bid, it could generate taxes for the CRA that would fund several now projects each with hundreds of affordable housing units.

A new building would be constructed for iPrep Academy at Northeast 19th Street, on city property next to the City Cemetery. School Board funding would pay for the school, with CRA funding for hundreds of elderly affordable housing on top.

Another project would be the rebuild of Phillis Wheatley Elementary near Overtown and Wynwood. Hundreds of affordbale housing units would also be built on top.

A School Board meeting is scheduled for today on whether to move forward with a possible deal.

An Omni CRA presentation is also scheduled for today and open to the public.

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NXT