SkyRise Extends Utility Work, Signs Water And Sewer Deal

The developer of the SkyRise tower filed paperwork recently to extend construction of utility work, and bring water and sewer to the project.

The first document modified the Notice of Commencement filed by the developer, extending the completion date of utility work from September 30 to December 30, 2015. Coastal/Tishman Joint venture is listed as the contractor.

In the second filing, SkyRise assumed responsibility for a water and sewer agreement with Dade County from Bayside Marketplace. Andrew Berkowitz and David Singer signed on behalf of developer Berkowitz Development Group.

 

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Marc305
5 years ago

I am not an architect but shouldn’t they be making a huge hole in the ground for the foundation of a 1000 foot tower?

marc
5 years ago

All this work being done is mostly to serve the now dockage created. They haven’t really started actual foundation work for this thing so in other words this is a sham so far. I don’t think the guy has gotten all the $$$ in investors yet.

Marc305
5 years ago

Thanks marc, you are probably right.

John
5 years ago

Agreed. Looks like stall tactics.

karl
5 years ago

Marc, you are correct as to location and purpose but also they needed work started by a certain time for funds to kick in and to start the momentum. You are correct as well on the total funds because Jeff Berkowitz does not want to tap further into his pockets. They also need to be cleared of the impending law suit by Raquel Regalado with Norman Braman funding. As to the total funding via EB-5 (for immigrant investor- Green Card), this is an enormous task that will take time. The total project cost is approaching $500M and rising. Berkowitz is trying to raise $270M through EB-5, or more than 50%. By comparison, the largest EB-5 raised is Hudson Yards at $800M from EB-5 (Mostly Chinese) for the $20B development by the Related Cos. Berkowitz will need time to get to his goal. The real question that should have been addressed by the politicians and public was the public benefits from SkyRise when more than 50% of the funds are raised through a Gov program. Using Hudson Yards as a templete, EB-5 funding is only 4% of the funding.

suomynona
5 years ago

Looking forward to this baby.