The new owners of the V Downtown site are requesting removal of a restrictive covenant on the property, in order to proceed with development.
The covenant was agreed to by a previous owner in 2007 as part of another development proposal submitted under Miami’s old zoning code. In 2010, the city repealed and replaced those rules with a new zoning code known as Miami 21.
Floor Lot Ratio on the lot was restricted by the covenant agreed to under the old rules.
A waiver allowing for the mixed-use 53-story V Downtown tower was approved by city planners in 2018.
In 2022, Pennsylvania-based LCOR purchased the property, and announced plans for a 40-story tower with:
14,000 square feet of retail
600+ parking spaces
City planners are recommending the covenant be removed to allow the development to proceed under current zoning code.
The resolution on removing the covenant is scheduled to be heard by the City Commission on March 23.