Four Seasons Surfside developer Fort Capital is proposing to pay the city $100 million for the development rights. In exchange, they would be granted air rights to build two 400-foot condo towers.
A total of 250 units are proposed. The waterfront units would command a high price in what is already among the most expensive neighborhoods in Miami, South of Fifth.
Also included in the redevelopment would be a one-acre park, 700 underground parking spaces, and restaurant space.
A voter referendum would be required, and lobbyists for the developer are pushing to get it on the November ballot. The funds would be used for the city’s proposed light rail system, which could help it pass.