60-Story Towers to Go Up Near Miami River
Megaproject ahoy! Chetrit Group has gained city approval to build four sixty-story towers on two-ish blocks of Miami River-front property in the western fringes of Brickell, right smack next to I-95. The project, which will be undertaken in conjunction with local developer Ari Pearl, will also include a marina, 300 room hotel, offices, shops and restaurants, and a river walk. It’s perhaps the biggest sign yet that Miami’s urban core is moving west, and picturesquely up the Miami River.
“This is a very exciting project in a blighted area that could use some enthusiasm,” said Horacio Aguirre, Miami River Commission Chairman. Along with the towers, in order to gain city approval, the developers agreed to invest $17 million into an affordable housing fund, as well as $7 million for surrounding public infrastructure. It sounds like the area Aguirre speaks of is certainly going to be moving in the right direction.
Demolition has already begun, and the the first tower is expected to be completed by the end of 2018. A utilities deal that is estimated to be worth over $2 million has reportedly been signed for the property, which New York-based Chetrit Group acquired for around $100 million last year.
The site is bordered by SW 7th Street, SW 2nd Avenue, and SW 3rd Avenue, land that currently happens to contain Finnegan’s River and ubiquitous landscape architect Raymond Jungles’ office. There are plans to apply for a ‘Special Area Plan’ for the project, similar to other megaprojects like Miami Worldcenter and the Design District have, but the site does not quite meet the 9 acres required for such a plan. To make it work, the city of Miami would include some of the neighboring Jose Marti Park, making the city a co-applicant of the deal, which seems a little fishy. No pun intended, ha, ha.