SkyRise Developer Berkowitz’s Custom License Plate On His Maserati Reads ‘SkyMia’

SkyRise developer Jeff Berkowitz has a Maserati with a license plate reading ‘SkyMia’, he told CNBC.

In an interview with the business network, Berkowitz reiterated his belief that the project will be successful. He said that financing for the $430 million project will be paid back within five years.

Berkowitz also said that the design of the tower appears to resemble a money clip, in his view.

The project is getting $9 million in public funding from Dade County. Berkowitz is also still trying to obtain financing from the state of Florida.

The developer says that he is committing $30 million of his own money to the project, but hopes to raise most of the money through the Eb-5 program, which allows foreign investors to obtain U.S. residency.

Utility relocation work is underway at the project.

CNBC also interviewed architect Charles Corda, an opponent of the project, who says that Berkowitz’s numbers ‘just don’t make sense.’

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anonymous
6 years ago

I don’t think its right to sell US residency for $500,000.

Obviously
6 years ago

I don’t understand your beef, Cubans can step one foot off of a raft onto land anywhere in this country and get instant citizenship.

marc
6 years ago

I dont care but you really can’t see the difference of giving citizenship to a penniless person escaping third world conditions and selling it to millionaires?

joey
6 years ago

i think his point is only Cubans have that privilege, there are more third-world countries without this antiquated privilege. You have to pay, in someway or another to be come a U.S. citizen anyway. The Eb-5 program is just like the fast line at Disneyworld. Obviously is trying to point out that Cubans throwing mud on the Eb-5 is just calling the kettle black, because their citizenship process is easy.

Anonymous
6 years ago

Dude’s right. Berkowitz’s numbers are pulled from thin air and are completely unrealistic. The joke will be on taxpayers if this thing is ever built.

Anonymous
6 years ago

It’s already being built.

anonymous
6 years ago

and the joke’s already on us. $9 million county funds and seeking state funds… for a project presented as requiring no public assistance.

marc
6 years ago

Prepwork is being done, not sure if pile driving has started. Far from going vertical.

Obviously
6 years ago

This thing is very far from being an iconic structure that’s worthy of gracing Miami’s skyline. This thing is not even amateurish from an Architectural standpoint, it’s elementary school drawing on a piece of paper with some crayons.

I hope the powers that be in Tallahasee will either make Berkowitz go and come back with a better design or deny any funds for this cartoonish piece of crap altogether.

Anonymous
6 years ago

I think the design is great. I don’t see anything wrong from an architectural point of view. Should be fairly solid in hurricane force winds.

This mostly means the architects behind the renderings did their homework as they would for any project.

I took a look at the numbers just so as to not be talking from a personal, don’t want to perform some calculations, point of view. Completely ignoring the interest, paying back a $430M loan over five years would require $235,616 in ‘profits’ every day (average). I would not under-estimate the revenues of a popular tourist destination (if it gains that traction), but at an incredible price of $20/ticket, that would imply sales of 11,780 tickets per day. Granted, half of the proceeds might come from other retail aspects of the establishment, so 5,000 plus spectators a day would work.

With that in mind, we can now see a ticket price of $10 for 10,000 spectators might work as well and we still have to factor in the interest on the loan, so there is some flexibility here on pricing.

Some quick calculations of capacity also reveal that at the lower ticket price you’d need to move and hold at a rate of 666 people/hour. That is well within reason. A quick Google shows that the Eiffel Tower brought in an average of 19,123 visitors per day in 2011 (Wikipedia). This is a good deal above these base numbers, so that seems a reasonable goal.

If they have done studies on new establishments, and hired a reputable architecture firm, I would hope they might consider touting their numbers. The numbers are plausible, but they should be doing their own marketing in the press or it might be that negative comments are a real minority and don’t get much notice as such.

Obviously
6 years ago

You can crunch numbers until the cows come home, it doesn’t change the fact that this horrendously designed structure should not be the first thing people see around the country or the world when cameras focus on Miami’s skyline. Even Berkowitz himself said “the tower appears to resemble a money clip,” what the hell?!!! Anything that’s built to a height of 1000ft and above should have the same reference of design from four corners of viewing – north south east and west – to express it’s impressive features from what ever direction you’re viewing, like the Eiffel tower or the Space Needle in Seattle. This thing lacks any impressive features and cantankerously shifts one’s eyes into bewilderment and confusion. This isn’t for the skyline of Miami and should be relegated to an amusement park somewhere.

Al Czervik
6 years ago

The project will cost $430M. That isn’t the loan amount. If it is like other successful Berkowitz projects, he will be putting a at least 20% equity into it.

Rainbow
6 years ago

I agree with Obviously. I love the idea, but hate that design. It’s not a world class design that many can be proud of to represent our beautiful city.

I cant believe they will let so much money from so many opportunities go into that one waste of a structure. I think its an eye sore at that height. They should have done an archtectural contest & have several designs for the selection of an icon, which this clearly isn’t.

I was seeing a program that showed Auckland, New Zealand & their downtown displays a pretty cool sky tower in a style closer to Seattle’s Space Needle & wished we were getting something along those lines.

Berkowitz please get us a better looking architectural model that can become a real landmark & leave the money clip in your own pocket.