A developer has submitted an unsolicited proposal to replace a municipal parking lot in South Beach with a mixed-use structure.
Location Ventures, LLC is proposing to build a project at 1262 Collins Avenue with the following:
- 169 parking spaces
- 8,167 square feet of ground floor retail
- 8,524 square feet of Class A office space
The maximum height of the new garage will be 75 feet. Borges is the architect.
Currently, there is a 60-space parking lot on the site bringing in average annual revenue of $380,729.50 to the city.
Location Ventures is asking for a 99-year lease on the land in order to build the project.
The City of Miami Beach Finance and Economic Resiliency Committee is scheduled to discuss the proposal at a meeting today.
In a memo, the City Manager said she thinks if there is to be a development, it should be done through a competitive bidding process.
Several different design options have been presented: