A proposed five-story Class A building that is majority-owned by the former CEO of Google and his philanthropist wife is scheduled to come before the Miami Beach Planning Board on Jan. 25.
Eric and Wendy Schmidt own a 88% interest in 411 Michigan SOFI Owner LLC, the developer of the proposed building, at 411 Michigan Ave. Eric Schmidt was a top executive and adviser for Google and its parent company, Alphabet Inc., from 2001 until 2020. Wendy Schmidt is the president of the Schmidt Family Foundation, a Palo Alto, California-based nonprofit that holds over $1 billion in assets.
Lauren Pressman, director of investments for Hillspire, LLLC, the family office for the Schmidts and the Schmidt Foundation, has a 2% interest in the venture, according to city records. Sharing the remaining 10% interest are New York-based real estate developers Davide Bizzi, Saif Sumaida, and Amit Khurana, as well as New York entrepreneur Paramdeep Singh.
Called “Fifth and Michigan,” the planned 75-foot-tall building is slated to become the first project in the United States designed by Spanish architect Alberto Campo Baeza if the building can get the necessary approvals from the city, including a conditional-use permit from the Planning Board.
According to a memo from Planning Director Thomas Mooney, the building “as presented by the applicant” will be 41,377 square feet in size and include 38,252 square feet of office, 3,2125 square feet of retail, and mechanical parking. The project also involves moving and lifting a two-story structure built in 1933 and turning it into a cafe, the memo stated. A one-story structure on site is slated to be demolished.
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