South Beach could be getting a 385-foot Bjarke Ingels-designed tower if voters approve a deal in tomorrow’s elections.
Terra Group founder David Martin is proposing to develop the project on what is currently the Miami Beach Marina in the South of Fifth neighborhood.
The tower would rise just over 30 stories and include 60 residential units. Total development size is 225,000 square feet. The base of the tower would include 45,000 square feet of commercial space and parking.
In exchange for the air rights to the property, the developer would pay the city $55 million.
The developer would also make $22.5 million in public improvements to the property, including an improved baywalk and a new 1-acre public park. Total new public open space is said to be 2 acres.
The marina itself would see $40 million in improvements, with a new operator, Suntex. Rent revenue to the city from the marina would also increase significantly compared to the current operator, as would property taxes on the residential property.
Neighborhood group Miami Beach United is opposed to the deal over potential noise from restaurant tenants, and the tactic of the city vacating Alton Road in order to gain additional development rights known as Floor Area Ratio.
The Miami Beach ballot has three items related to the project, and the results will likely be known on Tuesday night.