Nexus Riverside was granted final approval by city commissioners last week, and is scheduled to break ground in the fourth quarter of 2020.
Plans call for the development of up to four towers, including a new 230,000-square-foot administrative office building for the city, rental apartment units, retail space, and a shared parking garage.
The city will remain in its current administrative building at the site until the new building is completed as part of the first phase. The old building will then be demolished to make for new development.
Total time for completion of all phases of the project is five to seven years.
Adler Development will build the project. Greenberg Traurig Miami Real Estate Shareholders Nancy B. Lash and Ryan D. Bailine represented Lancelot Miami River LLC, an affiliate of Adler, in the deal.
“Negotiating the deal was complex, due, in part, to the intricacies of timing the construction and financing of the city’s new headquarters with Adler’s development of Miami Riverside Center and its adjacent parcel” Lash said. “We were mindful that there can’t be any down time – the city can’t go dark, so all of the other aspects of the agreements had to be in sync with that requirement.”
The city will issue $150 million in tax exempt and taxable special obligation bonds to fund the building of the new city facility. The city-owned land itself will be leased to Adler, which will be granted an option to buy (Adler already owns adjacent land that will become part of the project).
“This agreement represents a win for the City of Miami and its residents,” Bailine said. “The city will receive a new, modern facility and will be monetizing its land holdings. The project will continue to bring more economic development and vibrancy to the Miami River area, providing local residents with a new opportunity to live on the Miami River and enjoy it via Nexus Riverside’s various retail offerings.”