Related Group’s High-Rise Project in Miami Beach Progresses
Designed by internationally-recognized architectural firm Arquitectonica, One Island Park will generate more than $2.9 million in annual tax revenue to the city on a parcel that currently generates $10,500 a year in taxes.
MIAMI BEACH, FL—The City of Miami Beach Commission has unanimously voted to move the Related Group’s 90-unit One Island Park residential project to the city’s Land Use and Development Committee.
“We are pleased with the commission’s vote to move One Island Park forward in the review process and look forward to delivering a new, upgraded city maintenance facility at no cost to taxpayers,” says Jon Paul Perez, VP, Related Group. “Our plan will bring a boutique residential building that will reduce the impact on traffic for surrounding areas, compared to the land’s current industrial and office zoning, which only allows for developments that significantly increase traffic.”
The development plan also calls for the construction of a new 50,000-square-foot city fleet maintenance and sanitation building. The new state-of-the-art complex will be constructed via a phased approach, ensuring the facility can continue to operate without interruption, the Related Group states.
After the June 5th commission vote, the project is expected to be presented to the public and members of the City Commission again at an upcoming Land Use and Development Committee session.
Designed by internationally-recognized architectural firm Arquitectonica, One Island Park will generate more than $2.9 million in annual tax revenue to the city on a parcel that currently generates $10,500 a year in taxes.
In order to develop One Island Park, Related Group seeks to amend the permitted uses in the city’s industrial land use category and zoning district to allow for residential use on the waterfront. The use will reduce traffic in and around Terminal Island.
The site’s current zoning allows for the development of an office building and/or passenger ship terminal. A busy cargo terminal previously operated on this site, generated 125,000 semi-trailer truck trips annually and causing traffic delays on the eastbound lanes of MacArthur Causeway, the Related Group contends.
As a first step to reducing traffic on the MacArthur Causeway, Related Group recently removed the cargo operator and converted the property into a yacht marina.
Related Group has conducted and continues to hold meetings with surrounding neighbors to educate the public on the One Island Park plan. Through those efforts, the project has received support from nearby residents, such as The South of Fifth Neighborhood Association, whose board voted to support the plan for the project after a Related Group presentation.
On Monday, Related Group increased its multifamily portfolio with the $26.25 million purchase of the Bay Oaks apartment community in Tampa.
The 176-unit garden style multifamily development was sold by Nashville-based Carter-Haston. The deal for the property in Tampa’s Bayshore submarket calculated out to a trade of $149,148 per unit. The community was 97.2% leased at the time of the sale.