Plans to build a residential tower on a prominent Brickell site are moving forward following a vote yesterday.
Members of the First Miami Presbyterian Church voted 68-42 in favor of a deal with developer 13th Floor Investments to build the high rise, according to the Herald.
The tower will rise 80 stories and will be “one of the tallest in Miami,” the Herald wrote.
The waterfront property sits in an area that allows supertall height of 1,049 feet above sea level. Nearby, the 80-story One Brickell City Centre tower has already been approved at that height.
The church’s historic building will be preserved. Only a surface parking lot and school building at the rear of the property will be redeveloped.
Condo sales in the new tower are estimated to be worth over $800 million.
The church will receive compensation valued at a total of $240 million.
The compensation includes an upfront payment of $48 million in cash, plus 15% of condo sales, estimated to bring another $125 million in the future.
The church will also receive 148 parking spaces, 90,000 square feet of space in the new building, and a small park, rounding out to the total estimate of compensation to $240 million.
A public baywalk is already in the works behind the property and is also shown in the new plans. Any potential developer would be required to build a public baywalk as a condition of approval.