On the city parking lot next door, the owner of Miami Beach’s Washington Park Hotel has proposed to create a mixed-use project.
On October 18, the City Commission will consider how to move forward with WPH Properties LLC‘s offer for the 14,694-square-foot parking lot at 1000 Washington Ave. It may decide to suggest that municipal employees make a contract, look for additional bids, or decide not to proceed with any proposal at all.
For $43.75 million, WPH Properties purchased the nearby Washington Park Hotel in the beginning of 2021. The business made the city an unsolicited bid for the parking lot later that year. The preliminary terms of a development agreement have been considered by city employees.
The developer wants to pay $2 million over the first three years, as well as $470,000 annually with a 2% annual increase, to lease the lot from the city for 99 years. The property was evaluated for $8.8 million, according to the city.
WPH Properties presented their ideas for a seven-story structure that would house 1,75 parking spaces, including one level of underground parking, 4,065 square feet of commercial space on the ground floor, and 33,640 square feet of office space. On the roof would be an amenity deck with a pool.
The term sheet does state that, contingent upon the developer’s choice of business plan, the middle three stories of office space—roughly 25,000 square feet—might be substituted with workforce housing apartments. Still, the applicant wants to keep the office space on the top floor regardless.
Source: SFBJ
