Miami Beach commissioners voted yesterday in favor of finalizing a deal with Crescent Heights to build a tall luxury condo tower in South Beach in exchange for a public park, according to the Herald.
When completed, the Arquitectonica-designed 44-story tower will stand at 519 feet. Only the Green and Blue Diamond towers are taller, at 559 feet.
A total of 410 luxury units will be built. The developer will be permitted to rent the units on a short term basis with a minimum of 30 days, but condo owners will not be able to rent their units short term despite zoning in the area allowing it.
The skeletal remains of the South Shore Hospital, which has been an eyesore for years, will be demolished within six months of zoning approvals or 60 days after a development agreement.
As part of the deal, the developer will fund construction of a new 3-acre park and other public benefits. The city will pay for a bridge to connect the park to the baywalk.
Completion of the park is required with 2.5 years, while the tower must be completed within eight years.