An attorney for developer Fifteen Group said yesterday that a retail and condo project above a historic church at 1836 Biscayne Blvd may be built in phases.
The developer won approval for both the project and historic designation of the property. Thanks to the historic designation, Fifteen Group can now sell Transferable Development Rights that could be worth nearly $20 million, even if they never build anything there.
Fifteen Group paid $14.25 million for the property last year.
The newly approved design was reduced in height from 47 stories to 38 stories. It still includes 352 units, about the same number as before, along with a retail or grocer in the former church.