The city of Miami’s Public Benefits Program could be getting about $15.5 million in funding from Related Group.
As part of a plan to build the three tower One Brickell project at 444 Brickell Avenue, Related plans to buy an additional 868,399 square feet of development rights. At the current rate of $17.82 per square foot, Related will pay $15,474,870 to the city.
The first phase of the project includes a 75-story condo tower with 480 units, along with a 55-story tower with 500 rental units. Later, a third, 80-story tower is planned to include 249 hotel rooms and 420 condo units.
Respresentatives of the developer told the Miami River Commission’s Urban Infill Subcommittee last month that they will meet the required 50-foot setback from the river. A riverwalk will be built that meets zoning requirements and will extend underneath the Brickell Avenue bridge.
Related is requesting several waivers for the project, including view corridor setbacks and a 30% reduction in required parking spaces.
By therealdeal.com