South Miami Taps 13th Floor Investments for $309M City Hall Revamp
Plan includes 670 new residential units and 28,000 SF of retail
By Julia Echikson September 18, 2024 3:27 pm
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South Miami’s City Commission selected 13th Floor Investments to redevelop its City Hall in a $309 million project that will include a mixed-use component.
The development, called Link at SoMi, will replace the 28,210-square-foot building at 6130 Sunset Drive, which houses the city’s Police Department and a Miami-Dade County Library branch in addition to City Hall.
The public-private partnership — which will be built on a 4.5-acre site that faces Dixie Highway, a few blocks west of the South Miami Metrorail Station — will hold two 15-story buildings with 670 residential units, 28,000 square feet of retail space, 880 parking spaces, and a five-story municipal building. The historic Sylva Martin building, which dates back to 1936, will remain.
The Corwil Architects-designed development will be constructed in two phases, starting with 335 apartments, 8,195 square feet of retail, a seven-story parking garage, and the municipal building, which will house City Hall, the police department, and library.
13th Floor Investments, led by Arnaud Karsenti, is now negotiating with city officials to finalize a deal, which is expected to take months. The commission selected 13th Floor on Tuesday.
The Miami-based developer would fund most of the $309 million project, and the $30 million required to construct the municipal building would be financed through a city bond, according to a spokesperson for 13th Floor Investments.
Under the proposal’s financial terms, 13th Floor would provide the city with $4.5 million in upfront rent, an annual base rent of $400,000 per phase, and participation rent, which amounts to 3 percent of gross revenue over a 99-year period.
In May, the City of South Miami issued a RFP. Four developers, which included Related Urban Development Group, Adler Development and Integra Investments, were pre-qualified, but did not submit a proposal.
Miami-based 13th Floor Investments has a history of public-private partnerships. Last year, it completed the first phase of the Link at Douglas mixed-use development on public land in nearby Coral Gables.
Julia Echikson can be reached at jechikson@commercialobserver.com.
