A Related Group affiliate has revealed plans to build the Gallery at Lummus Parc in the downtown Miami area.
Gallery at Lummus Parc is proposed to have twin towers rising 27 and 30 stories (connected by skybridge) with:
- 439 apartments
- 5,400 square feet of retail
- heritage space and signature waterfront installation honoring Lummus Park, curated by HistoryMiami
- 478 parking spaces, in a 10-level garage
Velocia will partner on the project to provide commuting and work/play transportation options and last mile connectivity to downtown Miami, in order to forestall the need for tenants to own cars.
CFE is the architect.
Related Urban Development Group would be the developer, with 20 percent of units reserved for low income and another 20 percent for workforce renters (the remaining units will have no income restrictions.
The project site is owned by Miami-Dade, and Related is asking for a 75-year ground lease, offering 16.5% of net cash flow (projected to total $239m over 75 years). County commissioners are scheduled to have a hearing on the proposal September 1.
The project cost is estimated at $151.6m, with financing said to be lined up from JP Morgan Chase, Raymond James and others (including Opportunity Zone financing).
There were two other bidders for the property – Mill Creek Residential, and Atlantic Pacific.