CLIENT NEWS: Mixed-Use Project Proposed To Replace Surface Parking Lot In South Beach
January 30, 2023The 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
unit.
Beilinson Gomez is the architect.
The city’s Finance and Economic Resiliency Committee is scheduled to discuss the proposal at a January 27 meeting.
