PROJECT OVERVIEW
The venture was initiated when Forse Holdings envisioned the near-term development of a 0.38 acre surface parking parcel located in Downtown Miami. The investment strategy as proposed and accepted by the City of Miami through an extensive RFP process is to develop a 53-story multifamily residential building encompassing 440 units on top of a structured garage facility designed to abut the existing Miami Parking Authority structure, ultimately consolidating into a single parking structure owned and operated by the MPA.
The Developer intends to commence construction in 2017 and embark on a 36-month construction timeline, at which point the venture would pursue aggressive leasing efforts to stabilize the building for a 2019 disposition strategy. All rental and operating assumptions have been crossed-referenced with third party operators and relevant property comparables.
NEIGHBORHOOD
ALL ABOARD FLORIDA
With it's main station located just a few blocks away from Downtown 56, All Aboard Florida, is bringing together the best our state has to offer, while bringing Florida closer together in the process. By combining private resources and innovative design with a can-do spirit, The All Aboard Florida project has created an express passenger rail service unlike any other in the country. All Aboard Florida is reducing congestion on our roads, cutting fuel emissions, and increasing tourism. Most important, it’s allowing vacationers, business travelers and local residents to sit back, relax, and enjoy Miami, Fort Lauderdale, West Palm Beach, Orlando and all points in-between. Each stop is an intermodal hub, which means there are plenty of ways for people to get to their final destination from all stations.
MIAMI WORLDCENTER
One of America's most exciting cities is giving rise to a vibrant new center. At nearly 30 acres, Miami Worldcenter achieves the heights of a world-class destination. It is within walking distance of over $3 billion in new public and private projects in mass transit, cultural institutions, recreational parks, and entertainment venues. A dynamic urban core of diversity and excitement, Miami Worldcenter brings a new energy to Miami with a compelling blend of exceptional retail, hospitality, and residential offerings in one unique location. Miami Worldcenter is one of the largest private master-planned projects in the United States, featuring a diversity of urban land use, including retail, hospitality, and residential space. Located in the core of downtown Miami, the ten-block, mixed-use development is situated immediately north of the Central Business District and is surrounded by world-class amenities and boasts convenient access to transportation.
MUSEUM PARK
The Perez Art Museum Miami and the Phillip Frost Museum of Science are currently being developed to become two landmarks at the heart of Downtown’s Museum Park. The Phillip Frost Museum of Science set to open early 2015 had a total project cost of $165 million for 250,000 SF. Groundbreaking features in the museum will include a 600,000 gallon aquarium, an indoor shark tank, and a 3D Planetarium. The Perez Art Museum, a $200.0 million development, is a modern and contemporary museum dedicated to collecting and exhibiting international art of the 20th century.
ADRIENNE ARSHT CENTER / NEW WORLD SYMPHONY
The recently developed $470.0 million Adrienne Arsht Center located on Biscayne Boulevard in the Omni neighborhood of Downtown Miami is one of the largest performing arts centers in the United States encompassing 570,000 SF. The New World Symphony is a Frank Gehry designed performing arts academy located in South Beach. The recently developed structure cost $160.0 million. It is the United States’ only full-time orchestral academy capable of preparing musicians for careers in symphony orchestras and ensembles.
MIAMI DESIGN DISTRICT
In the past ten years, the design district, just north of Midtown Miami has gone from an underdeveloped niche design area into a retail district and night time destination for fine-dining, entertainment and shopping. The Design District is currently funded by Louis Vuitton Moet Hennessy Group (LVMH) to transform the area into a combination of Rodeo Drive and SoHo New York. Thus far, various high end retail brands have opened stores in the design district. LVMH is set to inject $300.0 million into a open air retail promenade which will feature 100 stores, 20 restaurants, two department stores a boutique hotel a condominium tower and five parking garages.