Adler Group’s plans for Nexus Riverside Central, a $465 million mixed-use project on the riverfront site of the current City of Miami administrative headquarters, have become more ambitious.
Within the Miami Herald’s latest report, which states the City Commission “authorized the appointment of a special estate counsel in the city’s proposed deal to lease its riverside administrative center to property developer Adler Group in exchange for the construction of a new building and parking garage elsewhere in the city,” we also learn the project would entail not two but three residential towers encompassing 1,350 units (up from 900), in addition to a 150-room hotel.
There also would be 30,000 square feet of shopping and dining. The proposed agreement dictates the developer pays $335 million to the city over the course of a 90-year ground lease on the two-acre property via rent and a cut of sales.
If a deal is reached by city commissioners, voters would have final say on the November ballot:
If approved and favorably voted on, the new administrative headquarters would likely be built in one of three spots: near Marlins Park in Little Havana, behind Lyric Theater in Overtown or inside the seven-acre Link at Douglas complex that Adler is building at the Douglas Road Metrorail Station.
Miami is currently experiencing a surge of planned residential development along the Miami River.
One River Point, a pre-construction condo comprised of 418 luxury units, is located just two blocks away, while Aston Martin Residences launched last Fall next to the Epic Hotel, where the river meets Biscayne Bay.