Related swaps condo project for office on Miami Beach’s Terminal Island
South Florida’s largest condo developer is replacing its planned PortMiami condo with an office building.
The downtown Miami-based Related Group has replaced its original plan for a 35-story, 90-unit residential tower with a proposal calling for a pair of four-story office buildings on Terminal Island, home to the U.S. Coast Guard station and the Fisher Island ferry terminal. The change was first reported by RE Miami Beach.
The proposal, designed by Coconut Grove-based Arquitectonica, on the 3.71 acres of land at 120 MacArthur Causeway, includes a 160,000-square-foot office space with 11,250 square feet set aside for a restaurant, a helicopter pad and mega-yacht marina, plus 256 parking spaces. It submitted its new plans to the Miami Beach Planning Board and the Design Review Board in late May.
In a statement, Related executive vice president Jon Paul Perez said, “A large number of businesses, in the Northeast and elsewhere, are demonstrating considerable interest in South Florida and this is a one-of-a-kind location ideal for family offices, private equity firms, hedge funds, or even a corporation seeking a stand-alone corporate campus. It has always been our goal to develop properties the community can be proud of, and we feel this modified proposal not only addresses a need, but also the scale and context of the neighborhood.”
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The pivot comes at a time when the office market is under duress as companies adopt remote working on a permanent basis. Related declined to comment on the health of the market.
Related’s original plan for a condo tower faced criticism from Miami Beach residents and the Coast Guard, which has argued that a residential tower could compromise security.
