Bercow Represents Exciting New Project
July 19, 2016County considers $464M transit-oriented development deal
The Adler Group and 13th Floor Investment have asked Miami-Dade County officials to sign off on their $464 million deal to turn the Douglas Road Metrorail station into a transit-oriented development.
The Miami-Dade County Transit and Mobility Services Committee will vote on the contact on Wednesday following a negotiation with county staff that lasted about a year. Adler Group and 13th Floor were the top bidders in a request for proposals (RFP) contest.
If it passes committee, the full county commission would consider the deal in September.
The county memo said the redevelopment deal for the 7-acre site along the busy Metrorail stop south of downtown Miami would have a positive impact on the county’s finances with $464 million over the initial 30-year term, plus two 30-year renewal options.
The Link at Douglas Road would include a 150-room hotel in 109,230 square feet, 970 residential rental units in 966,525 square feet and 75,994 square feet of retail. There would be about 1,700 parking spaces. The developer must reserve 12.5 percent of the residential units as workforce housing.
It was designed by Stantec. The project would be built in four stages over at least 15 years.
The initial minimum rent would be $1.5 million to cover the first four years. On the fifth year of the lease, the developer would pay $375,000 per year and an annual participation of 3 percent of gross revenue. The construction would support 1,400 jobs and the project, once completed, would employ 223 people.
Adler/13th Floor would also fund $14 million in improvements to the Metrorail Station and make $1.25 million in public infrastructure improvements, including a $800,000 contribution to the Underline linear park that would stretch underneath the Metrorail line. — Brian Bandell
Published July 13, 2016 in the South Florida Business Journal
