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Moishe Mana three-way deal could bring new downtown Miami tower

A three-way settlement reached by developer Moishe Mana, a second developer and the Miami Parking Authority could bring major high-rise residential construction to the heart of downtown one block from the new MiamiCentral transit hub.

A key to the accord is a sublease of air rights, or the space above a planned parking garage. The settlement requires court approval.

The three parties in this legal tangle are the parking authority – operated by the city’s Off-Street Parking Board – Grand Station Partners LLC and Mr. Mana’s North Miami Ave Realty LLC.

At its Feb. 1 meeting the board approved a sublease between the companies and an amendment to a ground lease the authority has with Grand Station, which includes consent to the sublease.

The sublease encourages the developers to work together to build out the east side of a city block, which is home to the parking authority’s headquarters, the Courthouse Center Garage at 40 NW Third St.

The authority owns an abutting undeveloped site at 240 N Miami Ave. filled with grass, sidewalks and small trees. Mr. Mana owns lots on the block’s southeast corner.

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The sublease says Mr. Mana’s company intends to build a high-rise mixed-use tower on its neighboring site with ground floor retail, a 150-room hotel with ancillary support, offices and residential.

Part of the project will extend into the space above the Grand Station garage “by either using a cantilever method which would not change or impact Sublandlord’s original plan for this portion of the Parking Garage… or designing a building with structural elements which will rely upon certain components of the Parking Garage for support and foundation…,” the sublease says.

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http://www.miamitodaynews.com/2017/0...n-miami-tower/