Nexus Riverside On Track To Break Ground In 4Q 2020 After Getting Final Approval

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.”

 

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Anonymous

The river is the future! Great scale and density right on the river should activate the entire vicinity just hope they execute within the 5-7 years…

Anonymous

The river is the future of what? With the bay and the Atlantic you think people are supposed to be what, impressed with this little dinky body of water?

Anonymous

Yes, and just wait till the next major hurricane hits and the river rises. Great future…….

Anonymous

Should I applaud?
Such pessimism…

Anonymous

next to the river will be the first area to be drain out

Anonymous

Ok, not sure about this project. You are flanked by I-95 and an industrial looking FPL facility. Who in the world would want to live here?

Anonymous

I already approved this last year what’s the hold up?

marc

You know the shortest most boxy of the three will be the first phase and get built. The other two taller and more interestingly designed towers will come later and be value engineered to where it looks nothing like these cool designs.

Anonymous

Okay marc we know you’re right but geez.. did you have to say it?….

Anonymous

It’s Miami. We should always expect boxy, square buildings with cooling tanks as decorative crowns.

Anonymous

And lots, lots of parking at the base

Anonymous

Yeah. Boxy trash with white stucco facades. All of these glass facades with low profile framing will be a refreshing change.

Anonymous

you are so right, I’m sick of it

Anonymous

What has happened to Riverside in Brickell? They have barely moved any dirt with an opening date of this summer?

Anonymous

Single tower phased construction ending in a sale of remaining land incoming….

Azarius

Think this is a perfect fit with Chautes Big design going right cross the river from it

Anonymous

Wow, just walked past this area a few days ago and was just thinking how dead it was, great to see something like this bring life to that area

Anonymous

Not a fan of the cul-de-sac.

Anonymous

Same, antiquated, car-centric design.

Anonymous

“Car-centric”??
I’m guessing that some dopey professor taught you that phrase and you thought he was really smart.
Condo buildings are customer-centric allways. Any deviation from that focus is ancillary, and usually mandated by gov’t.

IF the customers want cars and parking spaces, they will demand them.

Anonymous

“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.

Huh? This “deal” costs the city hundreds of millions of dollars. The only winner is the developer of these buildings.

Reality

The City will receive over $1B in revenue from monetizing its land. That is a pretty good ROI for spending $150M.

Anonymous

Amazing, but why is Miami keeping its offices here? It’s too far from transit, and would make better sense to consolidate with Coconut Grove, maybe on the site of the Philip Johnson’s fortress or in the old courthouse.

Anonymous

won’t break ground for another 1y & half?? I’ll hold my breath.