Bids Are In: Four Vying To Build At MDC’s 520 Biscayne Property (Updated)

Miami Dade College received four bids for the surface parking lot at 520 Biscayne Boulevard:

Miami Dade College Purchasing Department has received proposals related to Supplemental Information Package (SIP) USP3 #2015-20-10 for the Public/Private Partnership for the Development of a Mixed Use Project at 520 Biscayne Boulevard, Miami, Florida 33132.

The proposal submittals were received at the Miami Dade College Purchasing Department and publicly opened on Tuesday, January 19, 2016 at 3:00pm.

The proposals include responses from the following companies listed in alphabetical order:

  • Gregg Covin Development/Oppenheim Architecture
  • Nader+Museu I Limited Liability Limited Partnership
  • Pi Art Tech and Trade Center at MDC, LLC.
  • The Related Group

The Purchasing Department will provide its due diligence in determining that all requested information has been submitted. Upon completion of the Purchasing Department’s due diligence, the Evaluation Committee will be provided access to review each responsive proposal submission.

 

Update: A “cone of silence” is preventing the release of the proposals.

Jorge Brugo, who manages Pi Art Tech and Trade Center at MDC, LLC, told TNM that “we are delighted to be accompanied by such great developers, and that we are very excited to participate in the 520 Biscayne Boulevard bid by such a prestigious institution as the Miami Dade College. We are honored and wish for the best bid to win.”

 

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Anonymous
5 years ago

The Nader and Related proposals are dependent upon preselling condos and making enough profits to finance a component required by the college as a condition to get the land to develop the projects, this seems like a very flawed plan.

Seems like the land could be tied up for a long time before the developer can see if there is a market with enough presales. The College would be foolish to accept such an offer. Those plans are not financeable without a very large amount of presales.

The Covin/Oppenheim plan seems more commercial/institutional oriented which makes more sense for this site and may be financeable with private equity and institutional capital.

But the real problem is what the college is seeking in return for the land is a facility that will likely cost $150-200m which puts that sites land value at $150 – $200m which is a very high value , which means that any project on that site will need to generate $150-$200m in additional profits to pay for this, over and above the normal returns that a developer taking extreme risk would seek to make.

Seems like a poorly conceived request on the part of the college, and if past behavior is a good indication of future behavior, once the college realizes that there no such thing as a free $150-200m facility , and that no developer will be able to guarantee them financing for the project they will probaby withdraw the request like they did the last time.

Another Anonymous
5 years ago

..a well thought out case. You would also have to add the the Brugo/ PI SArt Tech proposal to the first catagory as it seems that the developers profile is in RE Residential development. The article doesn’t name the architect. Perhaps it’s in the caliber of Oppenheim and FR-EE and better than ARQ. If Miami remains a hot market, this may work, however, all proposals are contingent on the market cycles. The contingencies will be enormous and the MDC Board should be advised with caution. The Covin/Oppenheim orientation would not yeild as much as the other residential oriented developments although more compatible with its program to MDC’s need. The lore to all this is that the property is prime with waterfront views and given Miami’s trends for hi-end RE development, MDC wants to go through this exersize yet again to see what the market now offers. This may set this up for MDC to offer the property at an enormous premium and walk away. In this scenario, Related and Nader ( with FR-EE’s father-n-law, Carlos Slim) could compete, to which the site would become yet another hi-end residential tower. Nader is offering an art Institution that Miami is prime to establish itself as an ART capital. Perez would have several reasons to compete with that. So it seems reasonable to assume that the two bids that have the leg up on this would be Nader and Related. Related would have to have a very compelling program to neutralize the Nader proposal. Seems very clever of Nader to jump start this and tie up the Slim-FR-EE axis. This is all good for Miami, lets hope that MDC is a good stewart in the process.

Anonymous
5 years ago

comparative renderings from all 4 bidders soon please ?