SkyRise Miami & Bayside Renegotiations
The owners of the Bayside Marketplace in Miami stand to gain — if the city allows Jeff Berkowitz’s Skyrisetower to be built — due to the harsh terms of a proposed lease renegotiation. Bayside is currently leased to General Growth Properties of Chicago for 46 years, according to ExMiami.
SkyRise Miami would be an amusement center in downtown Miami that could be considered the city’s analogue to the Eiffel Tower. If built, SkyRise would rise 1,000 feet along the waterfront and would feature an observation deck and a nightclub. Shaped like a hairpin, the sleek structure would be open on the sides to allow hurricane-force winds to flow through and would contain observation decks, an upscale restaurant and ballroom and a pair of attractions for high-altitude thrill-seekers: A bungee jump and a Tower of Terror-like ride that would drop some 50 stories along the shaft.
The proposed renegotiation would allow Berkowitz to build Skyrise on an underused lot. In exchange, GGP would gain a 99-year lease extension, the ability to refinance in exchange for a one-time payment, no benefit to the city if the lease is sold or transferred, a slight rent reduction and a commitment to invest a mere $10 million into the property over 10 years. Skyrise Miami tower might receive $10 million from the State as part of the House’s $11.49 billion transportation and economic-development budget plan.
The deal, which was first proposed in mid-2013, has been reportedly sweetened, but the terms are still far from favorable for tax payers. *Notes taken from the Miami Herald & Exmiami.
Call me now to schedule a complete presentation of any project in Miami. For Reservation please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.comTime is always of the essence but much more in Pre-construction. Don't miss this window of Opportunity!
To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com
No comments:
Post a Comment