Witkoff, Related Cos & Related Group Win Approvals for Major Miami Projects
A slew of high-profile developers, many of them from New York, secured approvals last week for Miami projects from the city’s Urban Development Review Board.
The approvals will allow these projects to progress through the entitlement process. Together, the projects could bring close to 5 million square feet of development to Downtown Miami and Brickell.
The largest of the projects is a massive three-tower complex from The Witkoff Group and Monroe at Miami Worldcenter, the 27-acre master-planned development in Downtown Miami. The proposed project totals 3.4 million square feet and calls for 2,346 rental apartments, more than 2,000 parking spots, and ground-floor retail.
In 2021, the joint venture paid $94 million for the 5-acre site at 700 North Miami Avenue just east of the Miami Central train station. The site previously housed the Miami Arena.
Another project on the agenda would be the tallest office building in Miami once it is completed. Stephen Ross’s Related Companies and Swire Properties are planning a 59-story office tower at 700 Brickell Avenue, just east of the Brickell City Centre mixed-use complex, which Swire completed in 2016. The Class A tower will feature 1.1 million square feet of office space and 1,400 parking spaces. Floor plates will range between 40,000 and 60,000 square feet.
The approved filing is slightly smaller than the 80 stories that were unveiled earlier this year. Ross has previously said that construction would get underway once the project is at least 25 percent pre-leased.
Last, farther south in Brickell, Related Group, Miami’s largest condo developer led by the Pérez family, is working on a St. Regis-branded luxury condominium. The tower would soar 48 stories with a total of 152 units and 391 parking spaces at 1809 Brickell Avenue, which faces Brickell Bay.
The Miami-based developers also downsized the project last year, shaving one tower as Miami’s residential market cooled. (Ross, who co-founded Related Group in Miami with Jorge Pérez, sold his stake in the company last year.)
Julia Echikson can be reached at email@example.com.