Kar Properties will pay $6.2 million to purchase additional development rights for their proposed 60-story twin tower project on the Miami River, a representative of the developer told a review board last month.
The purchase will allow for an additional 480,000 square feet to be built on the top 24 floors of the towers. The cost of the additional rights works out to be about $13 per square foot. Instead of purchasing those rights from the city, the developer is considering buying TDRs from a historically designated site, or they may just invest that amount in public benefits.
Plans were reviewed by a Miami River Commission subcommittee last month. Board members were interested in capturing the public benefit payments, with the possibility of further expanding the river walk.
Regardless of the outcome of that investment, a public riverwalk is required to be built behind the towers, and the developers intend to go further and exceed the setback requirement. The riverwalk will also be fronted by a 3-story, 30-foot tall waterfall.
Kar’s twin towers will be part of the gated Riverfront community. Guests who enter the development are stopped at a security gate and have their destination and license plate noted.