Miami commissioners are expected to vote tomorrow on a new deal with the owner of Bayside Marketplace that could pave the way for the SkyRise tower to be built.
In exchange for allowing SkyRise on a surface parking lot, Bayside’s lease would be extended an additional 30 years until 2060. Bayside would only get a very superficial face lift, but a new 17,253 retail liner would be built along Biscayne Boulevard, on the west side side of the parking garage. The deal would be sent to a voter referendum.
While the terms are significantly more favorable to the city than the original deal, an analysis by Al Crespo reveals that the proposed rent is still well below appraised value.