Miami Riverside Center

Adler Group Reveals Plan For Miami Riverside Central site

Conceptual Plans For Miami Riverside Site

Adler Group has revealed conceptual plans to build an office tower and three other towers at the City of Miami's Miami Riverside Central site located at 444 SW 2nd Ave, according to Miami Today.

Designed by Nichols Brosch Wurst Wolfe & Associates, the site would have 36,177 square feet of ground floor retail, 100 public parking spaces and a landscaped public riverwalk. There would also be a 8,963-square foot hotel lobby, 35,145 square feet of amenity decks on three of the buildings and  13,087 square feet of office space. 

The Miami City Commission must approve a referendum for the November ballot that would would allow the City of Miami to approve a lease or sale to Adler Group in return for a new office building.

Miami Riverside Center Could Go To Vote In November

Miami Riverside Center

A deal to swap Miami Riverside Center, located a 444 SW 2nd Ave could go to vote in either August or November of this year, according to Miami Today.

The City of Miami has outgrown the building and is looking to sell the building in return for a developer to build a new office for the City elsewhere. 

Miami Riverside Center was initially for sale in August 2015.

In July 2016, Adler Group won a bid to replace Miami Riverside Center with Nexus Riverside Central, that would have two 36 story rental towers with 900 units, 150 hotel rooms and 20,000 square feet of retail/restaurant space. 

Adler Group also owns 1.6 acres of land next to Miami Riverside Center, which they purchased for $14.25 million in February 2016.

Apartment Towers Proposed For Miami Riverside Center

Last month, two bids were submitted for Miami Riverside Center from Adler Group and Panther Capital. One of plans by Adler Group has been revealed by The Next Miami. 

Adler Group wants to tear down the existing Riverside Center and replace it with apartment towers called Nexus Riverside Central. Nexus Riverside Central would consist of two 36 story rental towers with 900 units, 150 hotel rooms and 20,000 square feet of retail/restaurant space. As part of the deal, the City of Miami would get a 3% revenue over a 90 year lease. 

Adler Group would also combine the two apartment towers with land they purchased next to Riverside Center in July 2015 to build Riverside Tower. 

As part of the proposal, Adler Group would help the City of Miami finance a new office building at 375,000 square feet. Locations include next to Marlins Park and near the Lyric Theater in Overtown.

Two Bids Submitted For Miami Riverside Center

Miami Riverside Center

Two bids have been submitted for Miami Riverside Center located at 444 SW 2nd Ave along the Miami River, according to The Miami Herald.

The June 20th deadline to submit a bid for the 3.15 acre site were received by Adler Group and Panther Capital LLC. 

Adler Group is developing the 34 story rental Riverside Tower next door.

The City of Miami is looking to sell the property and hoping the the buyer will build a new 375,000 square foot building at a new site possible next to Marlins Park or next to The Lyric Theater in Overtown.

Miami Riverside Center Still For Sale

Miami Riverside Center

In August of last year, City of Miami officials were looking to sell their administrative building at 444 SW 2nd Avenue, Miami Riverside Center, for $22 million. 

The city revised a deadline of May 17 to June 20 to receive offers on the 3.15 acre site, according to Miami Today. 

Just North of the site, a proposed 34 story rental tower called Riverside Tower recently signed a utility deal.

City Of Miami Wants To Sell Miami Riverside Center

View of Downtown Miami Towards Brickell

The City of Miami is working with CBRE to sell its administrative headquarters located next to the Miami River and I-95, according to the Miami Herald.  The building sits on 2 acres of land and is over 320,000 square feet which has potential for a "megaproject scale" as Curbed Miami describes.

Earlier this year, a 2.24 acre lot just North of the Miami Riverside Center site sold for $21 million by FP&L to Miami Bridge Lot Ventures. On the other side of the river is the Miami River project by Chetrit Group, which will be a megaproject with hotels, offices, retail and residential units that recently started demolition on the site. 

Any deal on the Miami Riverside Center for a land swap to build a new administrative center would require voter referendum.