Miami Beach officials will consider a plan for major renovations to one of the city’s largest apartment buildings, plus a proposal for a new boutique condo building.
Both proposals will go before the city’s Design Review Board on Oct. 3.
MCZ/Centrum Flamingo II and III, a subsidiary of national multifamily investor Aimco (NYSE: AIV), owns the two-tower apartment complex with 1,689 units at 1420 and 1508 Bay Road. It sits along Biscayne Bay a few blocks south of the famous Lincoln Road retail strip.
A third tower at Flamingo is a condo. The buildings were constructed in 1960.
According to a letter of intent from the developer, the goal of the renovation would be to make the Flamingo apartments more welcoming and neighborhood friendly, easier for drivers to pick up and drop off residents, add amenities, and make the units larger.
“What Aimco’s vision is for this property is to create a waterfront community for our residents to enjoy with all the benefits of resort living, Aimco spokeswoman Cindy Lempke said. “We hope to attract a range of residents, from single apartment dwellers who are young professions to families to empty nesters.”
The biggest renovations would be in the North Tower, where the unit count would be reduced from 614 to 446. The average unit size would increase from 884 to 1,112 square feet. Lempke said the new apartments would have updated kitchens and upscale finishes.
Aimco would remove the guard gate and fence fronting Bay Road to create a large public pedestrian plaza, which would lead to new restaurant and retail space. The leasing office of the Central Tower would be converted to 4,128 square feet of retail. An 180-seat restaurant would be built under the Central Tower.
Other changes to the Flamingo Apartments would include a second pool, a new Jacuzzi, an internal vehicle drop off/pick up driveway, and the basketball court in the parking garage would be replaced by parking spaces.
Lempke said the renovations would be a multi-phase and multi-year project. She’s not sure about the timing yet, or what this would mean for current renters. Aimco will continue to renew leases in the apartments now, she added.
“Our company has done a number of redevelopments projects across the country,” Lempke said. “We always give residents plenty of time if they need to relocate during the construction period and we work with them to make sure there is an alternative living arrangement available.”
Stantec is the architect of the Flamingo Apartments redevelopment. Attorney Michael W. Larkin represents the developer. – Brian Bandell
Published September 27, 2017 in South Florida Business Journal