Joseph and Meyer Chetrit’s plan to build the Miami River project continues to move through the approval process, and could be ready for review by Miami’s UDRB as soon as next month, according to a city source.
Plans submitted last year showed that the project could include up to 1,749 units in four, 60-story towers. It would become one of the few projects approves as a Special Area Plan under the Miami 21 zoning code.
As with most projects on the Miami River, the developers would be required to build a publicly accessible riverwalk. Other public-benefit contributions have also been proposed in order to gain density bonuses.
The Chetrits paid $97.5 Million for the land last summer, and obtained a $55 million mortgage. Some in the industry have questioned whether they actually intend to develop the property themselves, or flip the land after gaining entitlements.