Related switches gears on Terminal Island project, now plans low-rise offices

Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez

Miami’s condo king is backing away from a proposal to build a luxury condo tower on Miami Beach’s Terminal Island.

Jorge Pérez’s Related Group is now proposing a 160,000-square-foot Class A office project for a site it owns on Terminal Island. The change comes a year after the Coast Guard warned that Related’s condo proposal could compromise the Coast Guard Miami Beach station’s security.

Jon Paul Pérez, executive vice president of Related, said in a statement that the development firm reviewed its plans “after careful consideration and conversations with local stakeholders.” Pérez added that businesses in the Northeast and elsewhere are interested in opening offices in South Florida, fueling demand for such a project.

The two four-story buildings would include 11,250 square feet of restaurant space, helicopter pads and a mega-yacht marina, as first reported by RE Miami Beach. The proposal is expected to go before the Miami Beach Planning Board in August.

The previous project, One Island Park, was planned as a 34-story tower with 90 luxury condo units. In exchange for allowing the condo tower, Related would build a new 50,000-square-foot fleet maintenance and sanitation facility that was valued at an estimated $28 million.

Pérez and Related’s lawyer said at the time that a residential building was the best option for redeveloping the site because it would generate less traffic than a cruise ship terminal or an office building.

The developer purchased the site in 2013 for $9.94 million.

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from The Real Deal Miami & Miami Florida Real Estate & Housing News | & Curbed Miami - All https://therealdeal.com/miami/2020/06/02/related-switches-gears-on-terminal-island-project-now-plans-low-rise-offices/
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