Photo: Vertical Construction At 1,299-Unit Edgewater Collective, Where Kushner & PTM Just Authorized For Tax Rebate

Miami’s Omni Community Redevelopment Agency voted 4-1 last week to authorize negotiations on a tax rebate deal with developers Kushner and PTM.

According to a proposal submitted by the developers, a total of three towers with 1,299 apartments will be developed at 2000 and 1900 Biscayne Boulevard.

The developers are asking for a rebate of 95% of the available Tax Increment Financing generated by the project, with a present value amount of $35 million over the remaining anticipated life of the CRA through 2047.

In exchange, they would agree to restrict the maximum rents on 130 units (10% of the total unit count). The developers say they would prefer to prioritize workers in public service for those units including police officers, teachers, healthcare workers, and fire fighters.

The 130 units would have a restriction of mostly 80% and 100% of Area Median Income, with some units at 60%.

 

Vertical construction underway last week at the first of three towers:

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Melo is sigma and chad
5 months ago

Surprising melo is taking a while to start theirs across the street.

Anonymous
5 months ago

Melo is taking time while Mana says he’s ready to build Flagler. We live in an opposite reality these days😅

Anonymous
5 months ago

At this pace, we won’t have enough lots in 10 years❤️

Truth Matters
5 months ago

Trust me, there are hundreds of square miles of undeveloped land.

Se me paro'
5 months ago

Very nice looking tower for the area

Anonymous
5 months ago

Not very nice tower for the area.

Anonymous
5 months ago

I agree, and no bias to Kushner. It would be better without the concrete projections around random windows and balconies.

Joe CARollo
5 months ago

Kushner and taxes…🤦‍♂️

Downtowner
5 months ago

Agree. I wonder what the “capped” maximum rent will be for those public servants the developers claim to be interested in helping. How much tax revenue did the CRA just give away for the sake of 130 “affordable” apartments?

Anonymous
5 months ago

$35,000,000 present value.

Anonymous
5 months ago

They are already getting a huge capital gains tax break. They got this property next to the Rolls Royce dealership declared a depressed enterprise zone as part of the 2017 tax law.

Anonymous
5 months ago

You talk as if it’s Rodeo Drive because a Rolls Royce dealership is next door, next mind car dealerships tend to be locally unwanted land uses. It’s been considered a depressed area per State law from 1969, hence the establishment of the CRA.

Anonymous
5 months ago

Yes, God forbid they legally get a rebate from taxes. Makes you wonder how much Joey declared from what he got from his son under the table.

Anonymous
5 months ago

You know the old man went to prison…for tax evasion.

Anonymous
5 months ago

Let’s say these 130 units would have an average discount of $1,000.00, resulting in a waiver of $130,000.00 per month. As I understand it, the merged company would stop paying US 35,000,000.00 in exchange for these discounted rentals. This huge amount, if remunerated at 6% a year, which is not much nowadays with high inflation, the developer could continue with the money in hand and still have an income of US$ 175,000.00 a month. Sounds like a big deal to the developer.

Melo is sigma and chad
5 months ago

Nice updated balconies from the original rendering

Melo, a true Giga Chad
5 months ago

I was thinking the same thing. People were not a big fan of the convoluted design.

Anonymous
5 months ago

IMO, it’s still too cluttered.

Melo, a true Giga Chad
5 months ago

These guys are moving at an absolute snail pace. Urban 22 by melo is pouring a floor a week. Rain or shine.

Anonymous
5 months ago

Beautiful architecture beginning to line the back side of Biscayne 👏

Anonymous
5 months ago

I hope you are not referring to this seizure triggering building.

Anonymous
5 months ago

Drove by E11even and One South Park Brickell last
weekend…no progress that I could tell. Anyone know status of these two projects.

Anonymous
5 months ago

^
Haha.. he already knows whats going to happen to a project that sold out in about a week after it was announced.

Anonymous
5 months ago

One Southside Park just recently secured a $86M construction loan. I expect things to pick up there again very soon

BDub
5 months ago

I have a counter proposal.
For $35,000,000 the CRA gets ownership of 130 units and can lease them out as they see fit and collect the rents.

Anonymous
5 months ago

Then it will all be CRA employees living there. Better to subsidize people directly based on income than to create a system that plays favorites and benefits a few connected people. Of course, that’s a feature, not a bug when it comes to public policy.

Ciparoo
5 months ago

Haha people throwing out “totally out of character for the neighborhood” like this is some nimby meeting

Se me paro'
5 months ago

Not only that but I’d actually like to know what really characterizes the neighborhood

Nick
5 months ago

Much improved handsome design… the 3 tower combo is a great addition to Edgewater.

Paranoid Android
5 months ago

Terrible looking building. It looks totally out of character for Edgewater.

Zz01
5 months ago

Third image in the post has my trypophobia acting up.

Jevanka
5 months ago

This is really going to help the underprivileged African Americans in the area—Opportunity Zones work!

Anonymous
5 months ago

It’s called “Opportunity Zones,” not “Equity Zones” for easy HUD scams with kickbacks from poverty pimp representatives in gerrymandered districts.

Truth Matters
5 months ago

Why underprivileged?
Lots of jobs and schools around.

Anonymous
5 months ago

They need all the help they can get so I hope so. Because for centuries this country threw every road block you can imagine at African Americans.