The Miami-based development company must pass one more hurdle, however, prior to beginning work on the planned four-acre, 170,000-sf project: negotiating a development contract that fulfills each side's expectations. City commissioners must approve the contract prior to work commencing.
If neither side reaches an accord, city staff may begin negotiations with the company that ranked second on list of three companies qualified to submit proposals on the city-owned development site between Collins and Harding Avenues and 72nd and 73rd Streets.
Besides Related Group, the city received qualified proposals from BAP Development Inc., an affiliate of the Miami-based engineering-architectural firm Bermello Ajamil & Partners, and a joint venture known as the Cornerstone/Constructa Team.
If the two sides reach terms, Related Group would take charge of a project proposing development of a 51,500-sf Publix grocery store, an 81,465-sf movie theater complex, 36,500-sf of retail-restaurant space and 960 parking spaces.
It is uncertain how the city intends to finance the project, City Manager Jorge Gonzalez says in a recent interview with GlobeSt.com. The final agreement could emerge as some form of ground lease or a public-private joint venture.
"Financing is still to be determined," Gonzalez says. "My expectation is we'll negotiate that as part of the over development contract. We'll bring the land to the table, and the developer will bring the wherewithal and the capital."
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