The SunTrust International Center garage at 55 NE First St. Courtesy photoResidences, Hotel and Retail Could Rise on Downtown Miami Garage Site Near SunTrust Tower?
Architectural firm Kobi Karp is exploring development opportunities for a seven-level garage near the SunTrust International Center in downtown Miami.
October 29, 2018 at 11:21 AM
3 minute read
A downtown Miami garage recently bought by an Israeli investment company is being considered for mixed-use redevelopment as residences, a hotel and retail, according to architect Kobi Karp.
Mishorim Real Estate Investment Ltd., which invests in real estate, bought the garage at 255 NE First St. from Boca Raton-based Crocker Partners LLC, another real estate investor, for $18.25 million.
Now Mishorim has hired Miami-based Kobi Karp Architecture & Interior Design and is exploring development options, Mishorim CEO Daniel Leventhal said in an email.
Exactly what is Kobi Karp considering?
“We are looking to create a cutting-edge, environmentally sustainable project with mixed uses such as residential, hospitality and neighborhood commercial retail,” said Karp, architectural firm founder and principal.
Karp declined to disclose details, such as the building height, but said his firm also is looking at increasing connectivity between Northeast Second and First streets on either side of the existing seven-level, 247,000-square-foot garage.
The site has development rights for potential buildable space of 1.35 million square feet and up to 860 residential units.
Before anything new rises on the site, however, it's expected that the garage will get a facelift. Mishorim will renovate the garage, including painting it and adding more lights, Leventhal has said, adding it was too early to say if parking fees will increase.
The garage sale, which closed Oct. 22, breaks down to nearly $74 per square foot and $24,140 per space.
This is Mishorim's second investment in Miami's Central Business District after starting two years ago with a 4,350-square-foot retail space at the Centro residential tower at 151 SE First St.
The garage once was bound by shared Crocker Partners ownership to SunTrust International Center a block away. Crocker, a value-add investor, unloaded some of its downtown holdings this year.
In May, the company sold the SunTrust office tower for $127 million, and some of its tenants use the garage a block north. Real estate finance and investment manager PCCP LLC was the buyer.
In September, Crocker was part of the joint venture that sold the 33-story Brickell City Tower, also called Brickell Bayview, for $117 million.
Related stories:
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Fowler White Burnett Opens Jacksonville Office Focused on Transportation Practice
3 minute read
How Much Coverage Do You Really Have? Valuation and Loss Settlement Provisions in Commercial Property Policies
10 minute read
The Importance of 'Speaking Up' Regarding Lease Renewal Deadlines for Commercial Tenants and Landlords
6 minute read
Meet the Attorneys—and Little Known Law—Behind $20M Miami Dispute
Trending Stories
- 1LA Judge Anne Hwang Confirmed to the Federal Bench
- 2NY Court Leaders Ask for 10% Judiciary Budget Increase
- 3ClaimClam Wanted to Boost Class Action Claims Rates. But Judges and Attorneys Fought Back
- 4'We Will Sue ... Immediately': AG Bonta Says He's Ready to Spend $25M Battling Trump
- 511 Red State AGs Demand Damages in Antitrust Lawsuit Shaming ESG Climate Investors
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
