Miami River project seeks millions in public incentives and land

The River Landing project, which aims to transform the area between the Miami River and the Health District with big box retail and residences, wants millions of dollars in assistance from the county.

River Landing Development, led by Andy Hellinger, applied for an Economic Development Fund bond from the county to cover a portion of the $38.5 million in infrastructure and utility work that the project would require. The exact amount the county would cover hasn’t been determined.

The developer has also requested that the county donate the 1.5-acre site at 1280 N.W. 11th Street to a nonprofit foundation established by the developer. The site adjoins the projects and runs along the river underneath the State Road 836 Expressway. Instead of paying compensation for the land, the developer proposes to spend $4 million building a seawall, green space and a public walkway along the river.

Neither item has been scheduled to go before the commission yet, but the developer hopes to bring them to a committee vote in the next month or two.

The $300 million project on 8.1 acres would be located at 1480 N.W. North River Drive, a few blocks from Jackson Memorial Hospital and the University of Miami’s medical campus. The plans call for 426,000 square feet of retail and restaurant, 475 market-rate apartments and 2,200 parking spaces. About 2.5 acres would be public open spaces, Hellinger said.

Work on the seawall and foundation should start in February.

Hellinger noted that voters approved the EDF bond program years ago for game changing projects and he believes River Landing fits the bill. The developer’s application said the project would create 980 jobs when completed.

SkyRise Miami recently obtained approval for infrastructure funding through the same program.

“We will transform the district and we will enhance it with a significant retail presence,” Hellinger said. “It will further enhance the ability to enjoy the river for residents of Miami-Dade County, shoppers and visitors.”

Given that construction costs are growing, obtaining public assistance for the infrastructure costs would allow River Landing to be more competitive with lease rates for retailers. Hellinger said that’s important because retailers have previously ignored the Health District for other areas of the county.

“There is clearly demand in this area,” said Mark Gilbert, head of Cushman & Wakefield’snational retail investment group and a Miami resident. “The Health District is becoming connected to the downtown market as the river is developing and the area north of downtown Miami is developing.”

Gilbert said more grocery and dining options are needed west of Interstate 95 from downtown.

The project will have five floors of retail with national and regional and anchors, including a grocery store and entertainment, Hellinger said. He has a preliminary agreement with the tenants but he can’t execute the leases until the design details are finalized.

The 1.5-acre site the River Landing wants the county to donate to its foundation would be a nice amenity on the eastern edge of the project and allow Hellinger to complete a river walk, he said. It’s currently a parking lot.

Although the county wouldn’t receive any compensation for the site, Hellinger said it’s a fair deal because the developer would pay to maintain and improve the property. It would have a deed restriction to ensure the property is used for public space.

“We don’t intend to incorporate that land into our project and build a bigger building,” Hellinger said. “We think we are best suited to do something good with it.”

The first phase of the project should be completed in summer 2017.

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Story by: Brian Bandell – Jan 8, 2015, 2:04pm EST
Photo Courtesy: Biz Journals

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