Adler Wants To Replace Miami Riverside Center With Apartment Towers

Adler Group is proposing to replace the City of Miami’s administrative building and build a project called Nexus Riverside Central.

Under thee terms of the proposal, the city would get a percentage of the revenue generated by the project through a 90-year ground lease. The revenue could be worth $70m in present day value.

Adler would manage construction of a replacement office building, which the city could pay for upfront or lease. It would cost an estimated $123 million, excluding land costs. Possible locations include Marlins Park, Overtown, or the Douglas Metrorail Station.

The proposal for Nexus Riverside Central includes:

  • 900 rental units in two 36-story towers (450 units each – total 850,000 square feet rentable)
  • 150 hotel rooms (63,000 rentable square feet
  • 20,000 square feet of retail/restaurant

Revenue is assumed to be $2.65 per square foot for the rental units, based on comparable rentals nearby. Retail rents are assumed to be $35 psf, with hotel rates at $161. All rates are projected to grow 3% annually.

It appears that Adler is moving forward with Nexus Riverside, a 36-story, 462-unit tower on adjacent land, regardless of the outcome of the bid.

Update:  Studio X Architects is the architect of the two newly proposed towers, as well as Nexus Riverside Tower, about to start construction.

 

(renderings: studio x architects)

 

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marc

Cool so they intend for the FPL power station being turned into a palm tree forest.

miami1

That should make the park people in Miami happy…lol…

aceraroja

LOL that was the first thing I noticed. I mean, great if they do, but this is probably just your typical extremely misleading render.

Mike04

I love how these developers magically put palm trees WHERE there’s a freaking power station! Freaking lairs!

Todd

What’s up with all those trees in the renderings? Why did they add them? Anyone from Miami clearly knows it doesn’t look like that.

Marc305

Yes, the trees are misleading, but I am all for this project. This area is changing very fast, the catalyst was Flagler on The River and last year they approved the new Garcia’s Fish Market and other restaurants. This project would compliment what is already there and hopefully make the city enclose the space under the I-95 bridges. Let’s hope they build it.

miami1

Plus I hope the office building for the city goes at Marlins Park. That would activate that area during the day and maybe a couple of midsize rental buildings go around the stadium as well….

suomynona

I’d also really like for the stadium to be significantly blocked from street/sidewalk-level traffic on 3 full sides. Because screw Loria.

suomynona

You mean to hide the parking lots?

Marc305

Yes, I believe the area is fast becoming more dense and affluent, the current parking lots create an eye sore. I am hoping the city will see all these new projects being built and make it more aesthetically pleasing and also more walker-friendly.

suomynona

I hope nobody wastes too much money on that. Money better spent turning 95 into an underground thoroughfare through the downtown area.

But I completely understand where you’re coming from. Wouldn’t be a bad (hopefully temporary) solution.

Anonymous

Could they add a couple of floors? Like across the river.

aceraroja

In what way is this “Central” aside from being downtown? More extremely lazy naming.

aceraroja

“NRC sits at the cross section of Miami’s most vibrant neighborhoods” — you can’t sit AT a cross section. Who writes this shit? And then it mentions Wynwood, the Design District, and Midtown. It’s a full 2.5 miles from the DD. Nothing means anything in a real-estate pitch I guess.

Anonymous

Is there any concern that an account number and routing number can be viewed in the documents pg.72

Todd

It’s only a concern if you want to transfer them money and I don’t think you do.

FH

It’s actually 1,350 rental units in total. 900 on MRC and the rest on Adler’s lot north of it.

Anonymous

I don’t think will happen , on paper everything is possible !!!!

Epson

Monstrocity!!!

Anonymous

I didn’t know that the concrete skin of buildings possessed reflective qualities like that of glass!

Poor rendering, very misleading, basic architectural design looking to fill in a key site.

How about architects and developers stop being so damn lazy and design something for the good of the city?!

Enough of lacing your wallets with more $$, Make Miami Great Again!

minus cocaine cowboys 🙂

Anonymous

Ugly.

Anonymous

Seriously, these developers have awful taste in architecture.

Anonymous

Super UGLY.