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Miami Beach To Consider Mixed-Use Development Deal For City Land

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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

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Mixed-Use Project Proposed To Replace Parking Lot In South Beach

The owner of the Washington Park Hotel in South Beach is proposing a 7-story mixed-use project on an adjacent municipal surface parking lot.

WPH Properties, LLC submitted the proposal for a 99-year lease of the city property.

The proposal include:

  • 135 structured parking spaces in three levels, including a single subterranean level
    utilizing mechanical lifts (triple the number of spaces in the existing lot)
  • ground level commercial space
  • three levels and thirty-three units of workforce housing units or office space (with the choice made by the city)
  • a top-level office/hotel use level
  • rooftop amenity area for hotel and building tenant use

In a letter, the developer wrote:

Our client has already invested over $52 million in the purchase and extensive renovations to
the Washington Park Hotel complex. We estimate the costs associated with the construction
of the new building at approximately $25 million.

This new project is not viewed by the Proposer as a profitable real estate development project
and the rate of return is not the primary motivation. Rather, because of the location of the
parking lot, the aim is to maximize and optimize the use of the combined properties as a single

Beilinson Gomez is the architect.

The city’s Finance and Economic Resiliency Committee is scheduled to discuss the proposal at a January 27 meeting.


Source: The Next Miami

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