Park West
Billionaire's plan city within a city
Posted on Sun, Nov. 04, 2007
Builder's plan for west of Biscayne: city within a city
BY MATTHEW HAGGMAN
Despite the condos and cranes already lining downtown Miami, some developers believe there's still gold in Miami's urban core that's been overlooked.
For several years, Boca Raton builder Art Falcone and business partner Marc Roberts have been quietly buying pieces of nine city blocks between I-395 and the central business district.
Now, with more than 20 acres bought or under contract, they are preparing to lay out detailed development plans and seek city approval for the first phase of a massive project: soaring office and hotel towers, condos, shops and plazas immediately west of Biscayne Boulevard.
The project, if successful, could bind together a downtown already revitalizing rapidly but in disconnected pockets, like the Carnival Center area and near the mouth of the Miami River. The patch where Falcone plans to build, known as Park West, remains a scruffy area that's seen little development. Many parcels are still parking lots.
''We want to make a city within the city,'' Falcone said.
It would also prolong a building boom that has included a raft of condominiums, some hotels and new offices.
Experts said they can't recall a bigger parcel of land assembled in downtown Miami, or such ambitious plans. ''It's the biggest project I've ever seen for downtown,'' said Matt Gorson, a real estate lawyer in Miami for more than 30 years who doesn't represent Falcone.
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Downtown Miami represents Falcone's next big bet. Since 2003, Falcone and Roberts bought or put under contract about 85 percent of the land reaching from North Miami Avenue to Northeast Second Avenue and Northeast 11th Street to Northeast Sixth Street.
County records show Falcone and Roberts have already closed on about $70 million worth of the property.
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Falcone said his team has flown to Europe, China, Dubai, Japan, India and across South America and the United States for ideas. Favorites include Tokyo's Roppongi Hills, Paris' Champs Elysées, Dallas' Victory Park and Rio de Janeiro.
The firm held a private charrette with six architectural firms that flew to Miami to survey the property and make presentations, ultimately hiring Boston-based Elkus Manfredi as master planner. Miami architect Bernard Zyscovich has also been retained as a local consultant.
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For office tenants, the team said they're looking abroad at firms with no local presence. For retail, they're avoiding big-box stores.
Talks are under way with hoteliers to serve the luxury and affordably priced travel market, they said.
Falcone said they intend to sell homes for no more than $500,000, less pricey than the luxury condos dominating new construction. He argues the lower-priced units he wants to build represents an underserved market, and because construction is years away, the housing market may have improved by then.
Falcone, who has submitted a bid to build a Miami Dade College building on Biscayne Boulevard, refused to elaborate on other aspects of the project, such as educational components or entertainment destinations.
http://www.miamiherald.com/top_stori...ry/295182.html
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