Related Group and partner ROVR Development have submitted a proposal to redevelop downtown Miami’s College Station Garage with three towers.
The three towers are being designed by Arquitectonica. They feature an “iconic” design cascading at different heights with asymmetrical curves that will be illuminated at night, the developers say.
The height of the three towers will range between 39 and 48 stories.
The project is proposed to include:
- 1,200 rental apartments (average units size: 722 square feet)
- 1,357 Miami Parking Authority parking spaces
- Residential amenity spaces
- Ground floor retail, with a potential fire station, urgent care, and art center
The existing garage is a seven-story building with 1,439 spaces. The new development would have eight full levels of parking.
20% of the apartments will be reserved for low-income households at or below 50% of AMI and 15% of the project will be reserved for workforce households at or below 140% of AMI; the remainder of the project will serve market rate residents.
Completion would take 60 months after the developers close on the property.
The developer are proposing a 99-year lease, with rent payments during construction. After completion, the MPA would receive a portion of the net cash flow.
A partnership between Terra Group and Apollo Global Management has filed a competing bid. An MPA committee has ranked the Related/ROVR proposal first, according to the Real Deal.
The MPA’s Off Street Parking Board is scheduled to vote on the proposals at a meeting on February 2.
