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Plans for tallest buildings in Miami gain first endorsement
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Miami Beach-based Maclee Developments is moving forward with plans to build twin 93-story condominium towers across from Bayside Marketplace.
On Wednesday, Maclee’s proposal won an endorsement from Miami’s Planning Advisory Board. The vote was 8-1 in favor. Miami city commissioners have yet to review plans and vote on the massive Empire World Towers, which would rise at 330 Biscayne Blvd.
Maclee is seeking a major-use special permit, required for large developments. Renowned Miami architect Kobi Karp is the brains behind the oval-shaped towers, which would cost an estimated $1 billion to build. Karp said he wanted the project to resemble a ship because the Empire buildings would be within walking distance of the Port of Miami and Biscayne Bay.
Leon Cohen, Maclee’s chief executive, unveiled the project in May 2005. But resistance from some city’s advisory boards and elected officials a year ago made him to put the plans on hold, he said. Cohen is confident sentiments over his projects have changed. Still, some Planning Advisory Board members voiced reservations before they cast their votes.
“When I first looked at it, I thought the project belonged in Dubai,” board member Ernest Martin said during the meeting and who voted for the project.
Dubai, part of the United Arab Emirates in the Middle East, has experienced a skyscraper boom in the last two decades. By 2015, Dubai is expected to have the most buildings with 100 floors or more than any other city in the world.
Initially, the Miami towers were designed to rise up 110 floors. But to comply with Federal Aviation Administration height regulations, Maclee reduced the height to 93 stories, or about 1,022 feet, said Miami attorney Lucia Dougherty, who represents Maclee.
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If built, the Empire towers could be challenged by another lofty Miami project.
Developer Tibor Hollo a few months ago received city approval to build One Bayfront Plaza at 100 S. Biscayne Blvd. Hollo’s glass encased building would have nearly 2 million square feet of office space and hundreds of hotel rooms. It would rise 1,049 feet over Biscayne Boulevard.
The two Empire World Towers would have a total of 1,557 condos, 3,317 square feet of offices and 24,741 square feet of retail space. But the mix of uses could change based on market conditions over the next five years, when construction of the project could start, said Cohen, whose company manages investment groups.
Air bridges are to connect the towers, and the College/Bayside Metromover station would be incorporated into the project. For that reason, Maclee wants to build a 1,321-car parking garage, with about 236 fewer spaces than the number of proposed condos. Dougherty said the city code doesn’t require any parking space at all in downtown because the area is served by mass transit.
Despite Wednesday’s board action, there’s no guarantee Cohen will develop the project, especially since thousands of condos built and under construction in the downtown area have created a condo glut.
The Florida housing market is suffering one of the worst slumps in decades. Condo sales in the state reached 2,375 units in November, a 29 percent decline from a year earlier, according to the Florida Association of Realtors. The statewide median sales price for condos was $186,700 in November, down 9 percent from the same month in 2006. Sales and the median price of single-family homes have also seen declines.
A few months ago, Cohen began looking for buyers for the 2.66-acre site at 330 Biscayne Blvd. He bought the property in May 2005 for $31.75 million, or $270 per square foot.
LoopNet, an online listing service for commercial real estate, advertises the site, including the project’s design plans and in-process permits. Lea Cohen, sister of Leon Cohen, said the family is asking $80 million for the package.
The site, which is located south of Miami-Dade College, covers more than two-thirds of a block. It does not include the block’s northeast corner, which is occupied by a Holiday Inn. The towers would replace vacant office buildings and a parking lot.
Cohen insisted he intends to build the landmark towers and would sell only if his project isn’t permitted.
“If the market doesn’t want it, we need to have a plan B: sell the property,” he said.
Property appraiser Dave Randell, president of Miami-based Hemisphere Real Estate, said permits for future development can add value to a property, but it’s difficult to estimate their worth. The value can be influenced by such factors such as the perceived ease of obtaining city permits and what stage the permitting process of a specific project is in.
“The more steps complied in the development process, the more value it is added to the property and the project,” Randall said. “But there isn’t any particular way to measure it.”
Owners who have been awarded permits or are on the verge of obtaining one may want to recoup the cost of the permit and a share of the profit that they would have made selling out the project, Randell said.
Randall said during the residential construction boom that peaked in mid-decade, some developers obtained permits and shortly after flipped their projects for profits.
“From 2004 to 2006, people wanted to come [into this market] and offered developers crazy money for their permitted projects,” he said.
In the current housing downturn, distressed developers and investors may opt to permit their projects then sell out.
“In a normal market, it is unusual to sell a project in the middle of the development process,” Randell said.
Paola Iuspa-Abbott can be reached at piuspa@alm.com or at (305) 347-6657.
Views: 32
Replies to This Discussion
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Permalink Reply by Adrian Salgado on
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"Dougherty said the city code doesn’t require any parking space at all in downtown because the area is served by mass transit."
I can't stop laughing.
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Permalink Reply by Mike P on
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Yeah, that is hilarious... Mostly everyone in Miami uses a car. You can never have too much parking! This project looks impressive. I hope it goes through!
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Permalink Reply by Anthony on
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Wow.. this would be something I'd love to see get completed. It'll make Miami be part of the record books!
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Permalink Reply by lovedowntown on
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So are they finally going to build these towers?
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Permalink Reply by Alex (MUL) on
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lovedowntown said:So are they finally going to build these towers?
I haven't heard anything new about Empire World Towers, but I found this interesting magazine interview with Michael H. Wilbur about One Bayfront Plaza:
http://www.designbookmag.com/article/viewhtml/one-vision
"Michael Wilbur is a principal at Terra Architecture Planning & Interior Design Inc. His visionairy plan for One Bayfront Plaza is poised to change the skyline of downtown Miami with the addition of a $1.8 billion, 1,049 foot tall folded glass tower on the edge of Biscayne Bay."
Here's a rendering of what the skyline would look like if both of the proposed skyscrapers go up!
(Shown: One Bayfront Plaza on the left; Empire World Towers on the right)
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Wow, I hope they build them. I love the picture that you posted. Have you heard of Miampolis? It is a very cool project. You can also check www.miapolislp.com
Alex (MUL) said:lovedowntown said:So are they finally going to build these towers?
I haven't heard anything new about Empire World Towers, but I found this interesting magazine interview with Michael H. Wilbur about One Bayfront Plaza:
http://www.designbookmag.com/article/viewhtml/one-vision
"Michael Wilbur is a principal at Terra Architecture Planning & Interior Design Inc. His visionairy plan for One Bayfront Plaza is poised to change the skyline of downtown Miami with the addition of a $1.8 billion, 1,049 foot tall folded glass tower on the edge of Biscayne Bay."
Here's a rendering of what the skyline would look like if both of the proposed skyscrapers go up!
(Shown: One Bayfront Plaza on the left; Empire World Towers on the right) - Attachments:
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miapolis1.jpg, 24 KB -
miapolis2.jpg, 161 KB
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That project looks insane! Is there any real financial backing behind that? Wouldn't the flight regulations restrict the height? Thanks for the heads up.
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I don't know to much about it, only what is on the website, but long time ago I read on some news site that this type of project would be left to the voters to decide. I don't know when will something like this be on the ballots, but a project like this would be so beneficial to Miami. It will even have an indoor amusement park. They will also fund a light rail from Watson island to Biscayne Blvd and dancing fountains on Biscayne Bay.
Alex (MUL) said:That project looks insane! Is there any real financial backing behind that? Wouldn't the flight regulations restrict the height? Thanks for the heads up.
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I found a really cool rendering of One Bayfront Plaza. I hope they build it! This tower is amazing...
Navigate to http://spine3d.com/portfolio/animations.html, scroll down and select 'One Bayfront' [5th row, center column] to view an animated render of the magnificent tower!
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Wow!!! I really hope they build this.
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from wirednewyork.com today:
Bayfront Plaza redesign completes
Terra Architecture has announced the completion of its redesign of One Bayfront Plaza, a US1.8 billion dollars landmark project set to redefine the skyline of Miami. Terra Architecture initially won the competition to design what will be Miami’s tallest building in 2006 and has been developing the design of this mixed use project since. An extensive redesign of the project which began last Autumn has just completed with the project now composed of a single 1,010 ft tall iconic tower with unparalleled views of Biscayne Bay.
One Bayfront Plaza is located at the heart of Downtown Miami, encompassing 2 city blocks. The project totals approximately 4 million sq ft, with 1.3 million sq ft of signature Class A office space, an 850 room hotel, 150,000 sq ft of retail area and one of the highest observation decks in the country, all located in the mixed use, 80 storey tower. The project is being designed to achieve LEED Silver certification.
The 850 key, world class, full service hotel, will be supplemented by 120,000 sq ft of banquet and exhibition space to serve significant conventions and meetings as well as the needs of the office and retail components.
The retail component fills the first three floors and will create a parallel destination for the 12 million annual visitors to Bayside Marketplace as well as for the more than 4 million annual cruise ship passengers.
The development schedule remains on track for groundbreaking in 2011 and the completion of the project in 2015.
a few renderings that came with the news:
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