928-Foot Tower Planned On Riverfront Parcel

KAR Properties has submitted plans to the FAA to build a 928-foot tower on the Miami River, according to records obtained by TNM.

If approved, the tower would reach a height of 933 feet above sea level, making it taller than any other building that currently exists in Miami (although several towers are planned that would break the 1000-foot mark.)

A 605-foot condo project called Cima was once part of a MUSP approved for the site in 2004, known as the Riverfront Parcel. Two condo towers known as Ivy and Wind were built, but the rest of the land remains vacant.

KAR bought the Cima property in 2013 for $27 million. In total, KAR has spent about $60 million assembling the rest of the property in the Riverfront Parcel over the past year, including land that isn’t on the river.

Led by Shahab Karmely, KAR is also planning a 38-story condo in Hallandale Beach.

 

 

17 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
Obviously
6 years ago

An excellant spot for such a tower at that height. I’ll say again “if the FAA didn’t have a problem with approving that Skyrise POC at 1000ft, then they shouldn’t have a problem with this planned structure.”

Ed
6 years ago

Has the FAA approved Skyrise height? I haven’t seen this unless I missed something.

obviously
6 years ago

Yes Ed. Remember back in May how Berkowitz was hoping the city commission could hurry on the approval process for the foundation work on his Skyrise project so he could get construction started before height approval from the Federal Aviation Administration expired in June?”

ZachJ305
6 years ago

I believe there’s a mistake in your first image. The two lots highlighted in red are also owned by KAR, however they are NOT where this tower is planned to rise. The former Cima site where this building is proposed is on the other side of the existing Riverfront towers along the water. That grassy lawn area directly in front of the Ivy is the lot for this tower.

obviously
6 years ago

Zach, the report never stated that the tower would go on one of the parcels in the first image, do you not see a big red “X” on the building in the second image?

Lucas
6 years ago

Also, the article states: “In total, KAR has spent about $60 million assembling the rest of the property in the Riverfront Parcel over the past year, including land that isn’t on the river”. My guess is that the two red boxes shown in the first picture refer to the parcels mentioned in that statement.

The views from Ivy and Wind are going to be totally screwed if this ends up moving forward. Not that it should be a complete surprise to owners. It was expected to happen one day.

Ed
6 years ago

Unless this is a rental building, it’s never going to get built. They are coming in at the end of this cycle.

Really???
6 years ago

The way it looks it won’t be until the end of 2017 or early 2018 when we start seeing an abundance of units. I don’t think it’s out of the question that they could sell units and be ready to start construction sometime in 2016.

Anonymous
6 years ago

OK, I think it is time now for something other than super-luxury condo towers to be proposed and/or built in and around downtown Miami.

How about an office tower, for example? And by office tower I DO NOT mean “mixed use,” where 90% of the floor space consists of yet more luxury housing and only 10% is for other things such as offices and a little bit of ground-floor retail. I mean an actual, real and full-blown office building where 90 percent or more of the space consists of professional offices. Or how about a hotel tower, where 100% of the building is a hotel and not just half or one-third with the rest of the space for still more condos.

Seems to me we could use quite a bit more affordable housing in downtown Miami. After all, not everyone who is going to live there will be super-rich. Young professionals can pay fairly high rental rates but are not going to buy million dollar condominium units. And where are all the people who work on all of this construction going to live? They could afford a decent rental apartment but not a condo investment property that is being sub-let for $3000 or more a month. I would like to see more than a few rental apartment towers built in downtown, where a broader cross-section of the population can afford to live. Surely some kind of incentives package could be put together to encourage developers to choose some other option besides yet another 800′ luxury condo tower?

Brickell City Centre is a good start, with a wide variety of uses for the proposed floor space from a large hotel to two smallish office buildings and a major upscale retail center tying it all together. Yes they also will have residences there, naturally. But at least the project is a real mix of uses and not primarily a luxury condo development.

Obviously
6 years ago

“And where are all the people who work on all of this construction going to live?”

So right now they are all homeless?!!!

The shame of these contractors…raiding homeless shelters for super cheap labor.

ed
6 years ago

Why don’t you go the construction sites and ask them where they live. You make it sound like these are ignorant, homeless folks. These are smart, well educated, and hard working people. Why don’t you also ask them what they make. Believe it or not, these hard workers make more than the minimum wage, which is well deserved. Construction pay has grown due to much demand and little supply of qualified workers.

If you are indignant at the number of expensive buildings going up, that’s what free market and capitalism is about. Don’t like it? Go to Venezuela or other socialist country where they do punish folks that build expensive properties. If there is demand, people will build. You don’t see affordable housing being built in Manhattan, on Madison Avenue or Park Avenue. These are built in the surrounding areas like Brooklyn and Queens. The Brooklyn and Queens of Brickell, Downtown Miami are Doral, Kendall,etc. In fact, there is some affordable housing in West Brickell. Not enough but they are going up.

A lot of constructions workers would resent people like you thinking that they are homeless and can’t afford to live under a decent roof. Show some humility and less ignorance.

Anonymous
6 years ago

Oh but if only Miami could be a somewhat smaller version of Manhattan! The problem is that it isn’t that yet and it may be quite a while before it is.

Manhattan has dozens of Fortune 500 HQs and hundreds of Fortune 5000 companies who call it home. Miami has Ryder Trucks, Burger King… uh, oh, we are already running short on Fortune 500 firms and neither of those two companies has their headquarters in downtown Miami. Manhattan also has Wall Street and the headquarters of many of the largest full service banks and most of the big investment banks within its confines. It has giant media corporations and a vast and thriving international arts community…

In other words, when luxury condo towers are built in Manhattan, the buyers will actually live in them. In Miami, a large percentage of the buyers of these luxury condos live in South America, Europe, Asia or even New York but not in Miami. They may stop by for a few days from time to time but otherwise their condos will sit empty. The market for leasing out these condos to young professional renters is not unlimited either, especially considering the rental rates.

My point was that it is time to get aggressive on the economic development front and to build some office building skyscrapers, some hotel towers or even some rental apartment buildings and not just super-luxury condos. I also do not completely agree with your point about the natural capitalistic process of supply and demand being the principal driver of this condo boom. The last boom went bust because too many greedy developers were trying to jam themselves into the market at the same time and kept on doing so even as the demand was starting to dry up. We were just extremely fortunate that the absentee-investment owners were willing to rent out their condos at below market rates when the bust kicked in, thus allowing the cycle to speed up and a new boom to begin. But the same mistakes seem to be happening this time around. The only way to alleviate that to some extent at least would be for economic development heat up and extent the demand to some extent. Absent that, we’ll see another big bust in the near future and this time it will likely not recover nearly so quickly.

Ed
6 years ago

Agree with a lot you are saying. the only think is I don’t think we’ll see the same bust this time around. The previous bust was built on buyers who didn’t have the economic conditions to really own these condos. They were getting in for less than 20% down, many times even lying on their mortgage applications and banks knew it and didn’t care. Now, these condos are asking for an average of 50% down before they start building. That means the majority of these buyers are high income folks and investors. These are people that don’t just throw money away (some might have learned their lesson in 2007). These are people who are in it to make more money. If they see their investment isn’t as profitable as real estate investment opportunities in other states or areas of Miami then they won’t bother. That’s something I think we are already seeing. A good example is Brickell City Center condo towers. The first tower is barely sold 80% and this tower a year ago would have sold out in less than a month. Brickell City Heights did well with their first tower when they began sales about 6-9 months ago but I don’t expect their second tower to do as well.

Finally, NINE at Brickell, which has cheaper prices is having problems selling their units. They are going to end up 1 year behind on projected closing of units. Go look at that building and it’s not even painted yet. Some balcony railings aren’t even installed. The outside conditions of building hasn’t changed in like a month. They aren’t selling well and prices are more “reasonable” then these others. That’s why i feel any pre construction buildings in Brickell that didn’t meet at least 50% sales in 2014 won’t start construction at all in 2015.

Obviously
6 years ago

I don’t care if people live in these new towers for just three days out of the year, I just love the new swanky look they’re giving to Miami’s skyline.

Empty weed strewn lots does nothing for the visual effect of Miami.

Obviously
6 years ago

…and another thing, I wish FPL would move out of the way and relocate somewhere else so that giant empty looking spot they’re on can get filled in with more highrise/skyscrapers downtown.

I’m sick of looking at that prime realestate there with nothing but vast emptiness on it in heart of downtown.

Al Czervik
6 years ago

@ anonymous
Your point that “we could use” more hotel towers, office towers, & affordable would have merit IF all of those things weren’t already coming. Keep reading Next Miami to gain this knowledge and/or walk in downtown and it will become obvious. A 1,800 room hotel is being developed by MDM downtown. Massive office towers are being developed by All Aboard Florida. Hundreds of thousands of Sq ft of retail is being developed by Swire and MWC. Take a walk around West Brickell… There are so many new rental units being developed lanes are closed, so walking is the best option.

Anonymous
6 years ago

Your points are well taken and I am well aware of the projects you mentioned. But most of them, such as the MWC and AAF are still in the early proposal stage, or just barely off the drawing board. Yes I know that the AAF station project supposedly has begun construction but that is for the station itself and not the ancillary development such as the office towers you mentioned. The 1800 room Marriott hotel does appear to be closer to fruition and that is a hopeful sign. Still though, some of the other projects associated with MWC are not yet locked into place and whether or not they ever will be remains to be seen. Brickell City Centre IS a reality and has been under construction for two years now. I just hope that someday soon the One BCC tower will come to pass and that the FAA will not ruin it.

Mainly I am concerned that once again, luxury condo projects are clearly dominating the development scene in downtown Miami and Brickell, just like in the last boom before it went bust. I find it hard to believe that the demand is large enough to fulfill all of the proposed and U/C towers. And notice that new luxury condo towers are being announced almost on a daily basis now. It is almost impossible to accurately count the total number of projects in all stages of the process from just announced proposals to nearly completed towers. New office developments, mixed use towers, hotels and apartment structures are not being rolled out at anywhere near the pace of the luxury condo towers. Developers are just crowding the market now with what they think or hope will be the quick profit producers today without considering any sort of planning for the future economic health of the region. And those in the city and county governments seemingly just rubber-stamp approval of each and every one of these proposed condo towers, also with little consideration to Miami’s future. That is not the kind of approach that will lead to a healthy economic future in Miami, IMO.