The Miami-Dade County Transit and Mobility Services Committee passed a recommendation on Wednesday to award a contract for the development of a new $464 million mixed-use project in Miami to a joint venture between the Adler Group and 13th Floor Investment. The proposed "Link at Douglas" project at the Douglas Road Metrorail Station would include 970 residential units, 150- key hotel, 70,000 square feet of retail and a public plaza, and won the recommendation of the Miami-Dade County selection committee after competitive bids last year. The project now moves on to the full county commission to consider in September.
Designed by Stantec, the four phase project at the corner of Douglas Road & US-1 sits at the center of a growing urban neighborhood with accessibility from the Metrorail, Miami-Dade bus lines, and the Coral Gables Trolley. Phase 1 development would include a hotel at the corner of Douglas & US-1, spanning across the Miami-Dade Metrorail track, a pedestrian plaza and a 25-level residential tower with 288 units, and retail space. Phase 2 would see the addition of a 302-unit residential tower; Phase 3 calls for more retail and parking, and Phase 4 finishes with mid-rise residential units and retail space on the 7 acre site. The initial minimum rent would be $1.5 million to cover the first four years, according to a South Florida Business Journal article. On the fifth year of the lease, the developer would pay $375,000 per year and an annual participation of 3 percent of gross revenue. The construction would support 1,400 jobs and the project, once completed, would employ 223 people.
For more news and information visit Blumberg Partners.
No comments:
Post a Comment