Three New Towers Proposed For Downtown, Replacing Aging Retail Centers

Several new high rises were proposed for downtown Miami over the past week, with heights ranging from 831-feet to over 1000-feet.

On March 19, a proposal was submitted for an 831-foot tower at 101 SE 1 Ave.  It would replace the Ultramont Mall, a 94,810-square-foot retail center that sits on 59,900 square feet of land.

Ultramont is directly across the street from the iconic 625-foot Centrust Tower (now known as Miami Tower), famous for its nighttime light display. The architect of Ultramont, Schapiro Associates, wrote that it was designed for a ten year lifespan (it opened in 1983.)

The second proposal calls for a twin-tower project to replace a shopping center at 255 E Flagler Street. An east tower would top out at a height of 837-feet, while a west tower will rise to a height of 1,001-feet.

The twin-tower project would replace a retail center that is anchored by Marshalls. It sits on about 110,000-square-feet of land, across the street from 50 Biscayne and the Suntrust Tower.

 

 

 

 

 

 

 

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Marc305
5 years ago

Out with the old and in the new!!

Obviously
5 years ago

There are some people on this site who need to relax. For the last couple of years, everyone was speculating and predicting development like these towers to start appearing north of the Miami River into downtown once land in Brickell got too pricey and the most diserable parcels began to dry up. To tell the truth, we are all eagerly waiting to see the new skyline once projects like Echo Brickell, Panaroma, Ten ten Brickell, SLS LUX, SLS Brickell, FlatIron, and Brickell City Centre (and a few others I may have missed) are all finished. It’s now north of the Miami River time, and again, so many people are coming on this site spouting the same skepticism about the announcement of these new projects for downtown the same way they did a few years ago for Brickell.

I wish some people would just chill out on all this speculation.

Oscar
5 years ago

Can’t wait to see some renderings. The article doesn’t specify but is it safe to guess that these are mostly condo projects? Here’s to hoping this squeezes into the current cycle.

miami wice
5 years ago

Yes, please include Miami Vice screencaps as often as possible henceforth.

Anonymous
5 years ago

I’ve been dreaming of this day…but I’m not hopeful that this will happen during this building cycle.

Both of these buildings need to go ASAP.

NYC Resident
5 years ago

Respectfully, I would truly love to see a change in mentality regarding Miami’s real estate market. I hear constant referrals to “cycles” when discussing Miami real estate. It doesn’t necessarily have to be like this. Even though I agree that prices cannot continue to climb at such an accelerated rate, I don’t foresee them dipping, thus making the concept of “cycle closing” irrelevant. Real estate is a long-term investment.

Anonymous
5 years ago

The Miami DDA recently released a report saying we are heading towards something like an 11-year supply of condos I think.

Miami has cycles, it always has. I agree that it doesn’t have to be like that, and to some extent, I don’t foresee this cycle ending the way the last did. However, there are plenty of market indicators that seem to show us going into another dip.

For instance, as the markets in developing countries continue to experience problems against a strong dollar, what happens if they pull their money out of their real estate investments in Miami? Hopefully the answer is people from the Northeast buy up a bunch of real estate…but who knows.

Ed
5 years ago

Miami has cycles because it’s not yet a world-class city for full-time residents. Once Miami has a significant number of high paying jobs across several industries, real estate cycles will no longer exist because there will always be demand and money for regular people with regular jobs.

Fredric
5 years ago

Thank you! You are echoing perfectly what I have said recently in comments on other articles.

The funny thing is that Miami is easily within reach of obtaining that world-class status if and when the local movers and shakers get everything lined up to maximize economic development. Some of the most recent trends in that area are encouraging but in truth, Miami needs to push the pedal to the metal on that front. Otherwise it is just more of the same old thing, which is letting the profit-chasing developers dominate the entire real estate industry in Miami.

Edward
5 years ago

I agree but unless something magically happens Fortune 500 companies rarely relocate to different states it seems unless they offer a really expensive benefit package. So if Miami keeps attracting decent high wage jobs I think it will be just fine. World Class city status is a nice title to have but it does really mean anything. New York is claimed to be a World class city but its a not a fact. It’s just someone’s opinion that it is by what it offers.

Anonymous
2 years ago

You are spot on. Sir.

suomynona
5 years ago

If wealthy foreigners are losing money against the Dollar, where would the developers find financing to build? I don’t know, maybe instead of building ultra-luxurious condos, you could tone it down to middle class/upper middle class condos and still turn a profit and keep development going.

There’s no rule that says all development must be spurred by foreign investment, or that if foreign investment dries up that developers can’t alter their plans to attract a different type of investor.

Really???
5 years ago

I hear what you are saying but you don’t need a dip to be a cycle. There are periods with a lot of growth and periods without much growth at all. Its the nature of real estate where you can’t simply produce the product to manage the supply/demand as quick as say ordering new stock.

NY has cycles, along with every other market. I think what you are referring to is a market crash, where the market tanks at the end of the cycle. I agree with you I think Miami is past that point right now. We’re all grown up and producing too much supply isn’t going to drive the prices down to $200/SF again.

I would expect sometime this year for the first project to postpone and not begin. Were simply getting to the point where we are building too much supply. At that point many of the projects will be put on hold. Sure at some point they will begin again, thus the next cycle.

suomynona
5 years ago

Are these properties owned by that guy buying up all the land around Flagler?

anon
5 years ago

No

BinBrickell
5 years ago

there is a ton of demand for urban miami housing but the boom thus far in the last few years has been all about luxury high end condos vs moderately priced units. the first buildings in this “cycle” that sold out in a few months were priced at $400-500/sq foot and then developers got cocky and the asking prices kept rising, so the market is saying “no” as evidenced by the amount of high end expensive projects struggling. $600+/sq foot is too much for many of these condos with cocky developers. downtown is the perfect location for moderately priced condo projects to thrive, as the streets are less attractive and the views are mostly taken. developers will be forced to adjust but the boom doesn’t have to stop. the market forcing developers to adjust is a good thing!

Anonymous
5 years ago

I agree now we are going to start seeing the central business come to life and i am sure we will see buildings to accommodate a variaty of price ranges as the the water views become scares. We will also see developments like centro with no or limited parking due to the proximity to mass transit. So I think that there will be a variety of price points and types of developments

chris
5 years ago

Great news that the CBD is getting lots of attention, however I would like to see the character of Flagler Street preserved; adding 1,000 towers would change the character of this street dramatically. A height limit should be enforced so that no buidling should be higher than the nearby Ingraham Building. Mind you this only would be for Flagler Street, not the others.

WhyNotNow
5 years ago

This time is different.

Anonymous
5 years ago

TheNextMiami, are these proposals public or posted online anywhere?

Anonymous
5 years ago

if flagler st is to be a viable shopping area with a variety of shops these buildings are necessary to bring residents thus creating the demand for offices and retail and this development would be next to a grouping of tall building on flagler.so in this area of the street it would not affect the character of the street

mechanesthesia
5 years ago

It’s about time!
There is no reason for there to be anything 1-3 stories in the CBD. This area can still have a street life, even with 80 stories, look at Manhattan. Also, we do need to attract business, like you see in Coral Gables, and hopefully this will do the trick with enough time.
I’ve been waiting for Brickell to get saturated so that the CBD can get the attention it needs! I’ve always dreamed about living around this area, but how it is now it’s way too blighted, which is a shame. It’s that way because there is not enough residential. There is SO much potential.
I love to see a mix of old historical building with new contemporary buildings.
This can organically develop as the “middle ground” between luxurious Brickell and more “down to earth” Midtown/Wynwood area.
I do hope for parking because I do not want to give up my car. I have too many friends and family that are in areas that are inaccessible by transit.