$465 Million Miami River Project Receives Initial Approval
By: Ismael Rodriguez
Adler Group received an initial vote of approval last week from the city of Miami on its proposed $465 million mixed-use project that in exchange will also grant the city a new administrative building and parking garage.
The deal allows Adler Group to lease the city’s current administrative center on the north bank of the Miami River in order to develop the Nexus Riverside Central, a riverside project that will include a 150-room hotel, three residential towers enveloping 1,350 units and 30,000 square feet of shopping and dining space, in exchange for the construction of a new Miami-Dade administrative building elsewhere in the city, according to the Miami Herald.
In addition, the agreement between the two parties also states that the Miami-based developer would pay the city a whopping $335 million over the length of a 90-year ground lease for the two-acre property. The deal was first proposed by Lancelot Miami River, an Adler Group affiliate, last year.
Mayor Tomas Regalado told the press he was hopeful that a deal would be reached and that a motion for the project would be given to voters in November, voicing concerns about the administrative building’s inadequate parking and congested riverfront land.
If the deal between Adler Group and Miami is approved come November, the new administrative building would likely be built in either Little Havana, Overtown, or inside the seven-acre Link at Douglas complex that Adler is currently building at the Douglas Road Metro-rail Station.