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Billionaire's plan for Park West unveiled: Downtown Miami's biggest project ever!
This is some of the best news I've heard for Miami. This looks amazing!
Posted on Sun, Nov. 04, 2007
Builder's plan for west of Biscayne: city within a city
BY MATTHEW HAGGMAN
Despite the condos and cranes already lining downtown Miami, some developers believe there's still gold in Miami's urban core that's been overlooked.
For several years, Boca Raton builder Art Falcone and business partner Marc Roberts have been quietly buying pieces of nine city blocks between I-395 and the central business district.
Now, with more than 20 acres bought or under contract, they are preparing to lay out detailed development plans and seek city approval for the first phase of a massive project: soaring office and hotel towers, condos, shops and plazas immediately west of Biscayne Boulevard.
The project, if successful, could bind together a downtown already revitalizing rapidly but in disconnected pockets, like the Carnival Center area and near the mouth of the Miami River. The patch where Falcone plans to build, known as Park West, remains a scruffy area that's seen little development. Many parcels are still parking lots.
''We want to make a city within the city,'' Falcone said.
It would also prolong a building boom that has included a raft of condominiums, some hotels and new offices.
Experts said they can't recall a bigger parcel of land assembled in downtown Miami, or such ambitious plans. ''It's the biggest project I've ever seen for downtown,'' said Matt Gorson, a real estate lawyer in Miami for more than 30 years who doesn't represent Falcone.
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Downtown Miami represents Falcone's next big bet. Since 2003, Falcone and Roberts bought or put under contract about 85 percent of the land reaching from North Miami Avenue to Northeast Second Avenue and Northeast 11th Street to Northeast Sixth Street.
County records show Falcone and Roberts have already closed on about $70 million worth of the property.
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Falcone said his team has flown to Europe, China, Dubai, Japan, India and across South America and the United States for ideas. Favorites include Tokyo's Roppongi Hills, Paris' Champs Elysées, Dallas' Victory Park and Rio de Janeiro.
The firm held a private charrette with six architectural firms that flew to Miami to survey the property and make presentations, ultimately hiring Boston-based Elkus Manfredi as master planner. Miami architect Bernard Zyscovich has also been retained as a local consultant.
More:
For office tenants, the team said they're looking abroad at firms with no local presence. For retail, they're avoiding big-box stores.
Talks are under way with hoteliers to serve the luxury and affordably priced travel market, they said.
Falcone said they intend to sell homes for no more than $500,000, less pricey than the luxury condos dominating new construction. He argues the lower-priced units he wants to build represents an underserved market, and because construction is years away, the housing market may have improved by then.
Falcone, who has submitted a bid to build a Miami Dade College building on Biscayne Boulevard, refused to elaborate on other aspects of the project, such as educational components or entertainment destinations.
The story on The Miami Herald:
http://www.miamiherald.com/top_stories/story/295182.html
Posted on Sun, Nov. 04, 2007
Builder's plan for west of Biscayne: city within a city
BY MATTHEW HAGGMAN
Despite the condos and cranes already lining downtown Miami, some developers believe there's still gold in Miami's urban core that's been overlooked.
For several years, Boca Raton builder Art Falcone and business partner Marc Roberts have been quietly buying pieces of nine city blocks between I-395 and the central business district.
Now, with more than 20 acres bought or under contract, they are preparing to lay out detailed development plans and seek city approval for the first phase of a massive project: soaring office and hotel towers, condos, shops and plazas immediately west of Biscayne Boulevard.
The project, if successful, could bind together a downtown already revitalizing rapidly but in disconnected pockets, like the Carnival Center area and near the mouth of the Miami River. The patch where Falcone plans to build, known as Park West, remains a scruffy area that's seen little development. Many parcels are still parking lots.
''We want to make a city within the city,'' Falcone said.
It would also prolong a building boom that has included a raft of condominiums, some hotels and new offices.
Experts said they can't recall a bigger parcel of land assembled in downtown Miami, or such ambitious plans. ''It's the biggest project I've ever seen for downtown,'' said Matt Gorson, a real estate lawyer in Miami for more than 30 years who doesn't represent Falcone.
More:
Downtown Miami represents Falcone's next big bet. Since 2003, Falcone and Roberts bought or put under contract about 85 percent of the land reaching from North Miami Avenue to Northeast Second Avenue and Northeast 11th Street to Northeast Sixth Street.
County records show Falcone and Roberts have already closed on about $70 million worth of the property.
More:
Falcone said his team has flown to Europe, China, Dubai, Japan, India and across South America and the United States for ideas. Favorites include Tokyo's Roppongi Hills, Paris' Champs Elysées, Dallas' Victory Park and Rio de Janeiro.
The firm held a private charrette with six architectural firms that flew to Miami to survey the property and make presentations, ultimately hiring Boston-based Elkus Manfredi as master planner. Miami architect Bernard Zyscovich has also been retained as a local consultant.
More:
For office tenants, the team said they're looking abroad at firms with no local presence. For retail, they're avoiding big-box stores.
Talks are under way with hoteliers to serve the luxury and affordably priced travel market, they said.
Falcone said they intend to sell homes for no more than $500,000, less pricey than the luxury condos dominating new construction. He argues the lower-priced units he wants to build represents an underserved market, and because construction is years away, the housing market may have improved by then.
Falcone, who has submitted a bid to build a Miami Dade College building on Biscayne Boulevard, refused to elaborate on other aspects of the project, such as educational components or entertainment destinations.
The story on The Miami Herald:
http://www.miamiherald.com/top_stories/story/295182.html
Views: 40
Replies to This Discussion
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Permalink Reply by Marc's Page on
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Wow, all I can say is - make it happen.
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Permalink Reply by Alex (MUL) on
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This proposed project for Park West has now been labeled the Miami Worldcenter and they have put up a website with more pictures and information:
http://www.miamiworldcenter.com
It looks like something like this probably won't happen for the next 5-7 years, but it will be an amazing addition to Miami (if and when it does become a realization).
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Update:
A glut of unsold condominium towers and delayed developments across Miami haven’t scared away Newport Beach’s Centurion Partners LLC from making its first foray into the South Florida market.
Centurion, a developer of high-end condos, resorts and hotels, recently signed on as an investment and development partner for Miami Worldcenter, a massive project planned in an older, rundown business district just north of downtown Miami.
The redevelopment project consists of a nine-block, 25-acre part of the city known as Park West.
The project envisions about 20 million square feet of office and hotel towers, condos, shops and entertainment, developed in phases during two decades. The city’s zoning commission signed off on initial plans in November, and Centurion joined the development team the following month.
The other developer in the project is the Miami Worldcenter Group, a partnership of Falcone Group and the Marc Roberts Cos., two South Florida developers.
Centurion became involved through its contacts with the heads of Miami Worldcenter Group, Art Falcone and Marc Roberts, said Centurion co-managing partner Scot Matteson.
Matteson likens the Miami project to Anschutz Entertainment Group Inc.’s L.A. Live development in downtown Los Angeles.
Miami Worldcenter has an expected price tag of $20 billion upon completion. Matteson said he’s confident Centurion and its partners will be able to raise the capital needed for the project.
The first phase of construction, which should total about $1 billion, includes about 2.5 million square feet of retail, restaurant and entertainment space.
The long timeline for the development will allow the company to ride out the tough economy and housing market, he said.
Pre-development work still needs to be completed; Matteson said he doesn’t expect to start moving dirt until the second half of 2010 at the earliest.
Full Article:
http://www.ocbj.com/industry_article...06&aID2=133792
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