July 20, 2018 | The Real Deal
Projects are to be developed separately by Redsky Capital, Terra and Altman
By Francisco Alvarado
Three significant, yet separate, mixed-use projects proposed by Redsky Capital, Terra and the Altman Companies breezed through Miami’s Urban Development Review Board, receiving unanimous approvals this week.
Redsky is planning an eight-story building with 144,781 square feet of office space and another 36,072 square feet of commercial space on three properties totaling 1.25 acres in the heart of Wynwood.
Called Forum, the project is designed to create a friendly pedestrian environment through paseos that connect all of the proposed building’s frontages, as well as an enclosed parking garage, according to Redsky’s letter of intent. Forum will also feature multi-level open terraces, plazas, passageways and accessible retail frontages. The project architects are Stantec and Ten Arquitectos.
The development site is located at 235-257 Northwest 27th Street, 252-276 Northwest 27th Terrace and 2700 Northwest Second Avenue, all of which Redsky purchased from Goldman Properties for $30.75 million in 2016.
Redsky required approval from the Urban Development Review Board because the size of the project’s floor area exceeds 2,000 square feet.
In Coconut Grove, Terra is proposing Summerhill, an office-apartment project designed by Arquitectonica that would rise next door to the company’s Grove at Grand Bay condo building. Located at 2655 South Bayshore Drive, Summerhill would feature two 20-story residential towers with 303 units sitting atop of a seven-story pedestal that would house 32,000 square feet of office space and a shared parking garage. The project would also have some ground-floor retail and two lobbies.
Like the Forum development, Summerhill’s floor area exceeds 2,000 square feet, requiring the board’s approval. Terra would demolish an existing seven-story building with 97 apartments to make way for Summerhill.
In an emailed statement, Terra President David Martin said Summerhill would target renters who want to live in one of Miami’s “most exciting neighborhoods.”
Meanwhile, Altman is looking to jump in on Little Havana’s hot market. The firm is under contract to purchase a property at 2100 Southwest 8th Street where it would develop a building with 224 residential units and 9,500 square feet of ground-floor retail. The project would be called Altis Little Havana.
The review board approved eight waivers including a 3 percent increase in maximum lot coverage, substitution of one commercial loading berth to two residential loading berths, and a 10 percent reduction of the required parking.