Tuesday, October 29, 2013

Follow Up

One hopes it doesn't get out of hand, but I want to start a follow up-pile. Essentially, as I'ev done in the lst two days, I will post tidbits to be looked in to for further understanding.

Consider this piece on Curbed Miami:

Unbuilt SoBe Park/500/600 Alton Project Put Up For Sale.

It's got so few comments but they are so poignant that I copied most of them here. The story here is rather obvious from the comments. How common is it for flippers to get special ordinances given to their projects so they can increase their profitability?

This wouldn't be too remarkable if it weren't for the comments!
An anonymous goest comments, "You are sorely mistaken Sean. This was all about getting through the variance process at the City. The Commissioners bent over backwards to give them less parking requirements. After all of the effort of the City and citizenry, the property is flipped back on the market for at least $18M more than before, with all approved plans. This will likely get built, just not by Crescent Heights.
And finally, another guest, "The City is going to rent the empty spots at the Berkowitz garage to a private valet companies. This would prevent 500-600 Alton developer from using Berkowitz garage to reduce the parking requirements for the new development at 500-600 Alton.
I wonder if prospective buyers of 500-600 Alton are aware of this? Seems like the selling price should be reduced to reflect the FULL parking requirements, 1000 instead of 750 spaces."
Mondocondo says, "What changed Crescent Height's heart? Look at the asking price! They're just trolling, hoping to hook a big one. Peace"

Another guest, "A shovel never touched the ground. Instead, the developer leased the space to FDOT as a staging area for the Alton Rd project."

Another, "This was the plan all along, to increase the value of the property by aquiring variances and reduced parking ordinance. Never the intention of this company to actually build.
The public was used and abused - what a waste of time attending planning board and commission meetings, item deferred over and over.
Now we have to wait years for a buyer with ulta deep pockets who can pay Galbut his $millions profit for the same ole empty lot of an eyesore."

And the original article:

The project variously known as Sobe Park, 500 Alton, 600 Alton, and The Wave will now be known as that empty pit of dirt at the entrance to Miami Beach that's now on the market. Price: unlisted. Even though construction appeared to have already started, the logical (though completely speculative) cause of this change of heart by developer Crescent Heights, is that they were so exhausted by the hoops they had to jump through to build the rather underwhelming, but also kinda nice, mega project that they just threw in the towel and said "screw this". First the NIMBYs hated it. We weren't huge fans either. Then once Crescent Heights capitulated to them and had the whole thing 

watered down
 redesigned, the architects and design aficionados hated it.We had mixed feelings. And now Crescent Heights has peaced out. Blah!

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