Luxury Watch Seller Proposes Mixed-Use Dev on Public Miami Beach Parking Lot
By Julia Echikson October 17, 2023 4:16 pm
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Luxury watch seller Jean Simonian wants to replace a public parking lot in Miami Beach with a mixed-use development, according to a filing made to the Miami Beach Commission.
The seven-story development, located at 1000 Washington Avenue, is set to feature a mix of parking and commercial space, with three floors devoted either to office or workforce housing, per the proposal, filed via WPH Properties LLC.
The current plans include a three-story parking garage — including one subterranean level — with 135 spots in total, 4,065 square feet of commercial space on the ground floor, and a rooftop pool deck.
Floors four to six could be developed into either offices or workforce housing. The top floor, which totals 8,410 square feet, could be turned into a hotel or another office floor.
The site, which today is home to a 37-spot surface parking lot at the corner of Washington Avenue and 10th Street, spans about a third of an acre. Last year, the South Beach parking lot generated $255,731 in revenue, according to the application.
The developer is seeking a 99-year ground lease, which would cost $470,000 a year, in addition to a 2 percent annual rent increase. Simonian — who founded Westime, a three-store luxury watch boutique chain — bought the neighboring Washington Park Hotel for $44 million in 2021.
City staffers have not yet made a recommendation. Miami Beach commissioners, who will hear the application on Wednesday, could instruct city staffers to broker a deal, turn it down, or seek other offers.
Julia Echikson can be reached at jechikson@commercialobserver.com.
