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)