The estimated cost of the project hasn't been disclosed, but construction industry sources familiar with comparable projects tell GlobeSt.com the estimated value of the enterprise is at least $100 million.
City records show Boca Raton-based Miami One Centre Inc. won unanimous approval from the Miami City Commission for modifications sought on a major-use special building permit that now allows for development of a 29-story office tower, a 38-story apartment building with 425 units and a five-story, 1,485-space parking garage.
Related Group of Florida, the Miami-based developer controlled by millionaire investor Jorge M. Perez, filed the permit application for Miami One Centre. State corporate records list Boca Raton developer Ned Siegel as the Miami One Centre president. Lucia A. Dougherty, an attorney with Miami-based Greenberg Traurig, represented the development team.
The proposed development site covers several acres between the Hotel Intercontinental and the Dupont Plaza Hotel. Published reports show that Siegel and Boca Raton developer Morris L. Stolz II acquired the property for about $35 million. As part of its decision, the city commission scaled back on an original proposal to build a 10-story parking garage.
Neither officials at Related Group nor the Miami Building & Zoning Department responded to requests from GlobeSt.com for comment.
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