After heaps of drama, plans for Miami-Dade College’s massive mixed-use public-private development in Downtown Miami at 520 Biscayne Boulevard have been halted, per the South Florida Business Journal:
The college’s board of trustees cancelled the proposal process Monday, citing a slowing real estate market and burdensome legal process. MDC had issued a request for proposals for a public-private development of its 2.6-acre site at 520 Biscayne Blvd. earlier this year after it had received an unsolicited proposal in 2015 from Nader + Museu LLP.
"Due to several risks associated with the project, many the direct result of the hostile conduct of a single proposer, the board decided to move in a different direction and terminate this process. The college plans to evaluate its options for redeveloping the site in the future," MDC said.
The development was supposed to feature an art museum, performance space, conference center, and condos on the valuable site in the heart of Downtown.
Of the four original bids, Related Group was chosen but a fracas sprouted between Gary Nader, Related, and the MDC board over the bidding process. This included Nader saying Related Group CEO Jorge Perez is "the worst thing that happened to culture in this town."
Also amid a slowing market, MDC says the site, currently used as parking for nearby events like Miami Heat games, could still be developed in the future.