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HomeMy WebLinkAboutMiami HeraldMiamiHerald.com l 09/07/2006 1 Developers seek $200 million in city funds >Lk 40e Page 1 of 3 Subscriber Services 0 Jobs O Cars o Real Estate O Apartments o Local Shopping • ShcpLocal • Newspaper Ads O All Classifieds • Create an Ad • all Ad • Pets 4 Dating 1-4 " MiamiHerald.com EDINTO_ P1J RECORD FOR ITEM P2/7 ON� email this - this 9-7-oC . MIAMI'S OMNI AREA Developers seek $200 million in city funds The Miami commission is set to vote today on condo and retail plans for land being sold by The Miami Herald's parent. But some are wondering why the developers are seeking public funds. News • 5-minute Herald • Breaking News • Miami --Dade Neighbors • Broward Neighbors • Horida Keys • Florida • Nation • World • Americas Cuba Haiti Canada • Action Line • I...ottery • Obituaries • Politics • Education • Environment • Issues & Ideas • Special Reports • Weird News • Weather • Hurricane • Photo Gallery ,orrections ,, o its Entertainment BY MATTHEW HAGGMAN rnhaggman© MiarnHerald.com The developers of a project to put high-rise towers and a shopping mall next to the Carnival Center for the Performing Arts in Miami are asking for $200 million in government funds. The Miami City Commission will decide today whether to approve zoning changes and building approvals for the project, but the decision on any government funding will be made down the road. The developers say they need the money for street improvements and to build 1,500 arts center parking spaces. The request is generating a strong response already. "They will never get all that New4 LEADING THE INITIATIVE: Pedro Martin, of Terra Group, led the purchase for $190 million. ■ On the web Terra Group development: Quantum on the Bay • On the web j Terra Group development: 900 Biscayne • <' interactive I PAC progress report I, r; Interactive I Forced out of sky climbing city Interactive map Miami's growing skyline (2005) • Interactive I The hrn;sina boom (20051 Current Con-00t 3 r NTO THE D FOR TAKE A CLOSER LC OK. - and reduce the at wrinkles by 6 MORE NEW • Real Estate • Bed : •ath and Beyon • Household Products • Media • Publishin#) • McClatchy • Retail http://www.miami.com/rnld/miamiherald/news/15457958.htm 9/7/2006 MiamiHerald.com 1 09/07/2006 1 Developers seek $200 million in city funds Page 2 of 3 Tropical Life & Home anion sitor's Guide 'ONLINE FEATURES Calendar Contests Message Boards Special Publications Today's Front Page Traffic Reports Web Cams SITE SERVICES Place an Ad RSS feeds News by email News by text message Contact Us Site Map Past Articles Advertise Newspaper Services money," said Frank Rollason, who formerly headed the Omni Community Redevelopment Agency, where the money would come from. Rollason is running for a Miami City Commission seat. At issue are 10 acres pinched between the performing arts center and The Miami Herald's headquarters on Biscayne Bay. The media company's parent, The McClatchy Co. in Sacramento, is selling the land to a group of developers led by Miami builder Pedro Martin for $190 million, though the deal has yet to close. On Aug. 4, developer Mark Siffin -- one of Martin's partners in the deal -- requested the money from the Omni CRA, saying it would "offset the high costs associated with delivering a world -class development for the benefit of the city of Miami." Siffin added that street improvements and public parking are considered priority areas for the CRA. CRAs are temporary government agencies that reinvest tax dollars into blighted areas to spur further development. The Omni CRA is estimated to have up to $212 million to disburse in the area surrounding the arts center, said interim Executive Director James Villacorta. The request comes at a time when the real estate market is slowing, prompting some to question the price of a deal conceived last year. "I wonder if the request is a bailout for a development concept that may not be feasible," said real estate analyst Michael Cannon. Martin responded that his group intends to close on the deal once McClatchy completes its environmental requirements. He said the retail portion of the project will succeed immediately, and that the condo market will be healthier by the time he starts sales in 2008. Still, the request for public money drew outrage from some. Michael Lewis, publisher of the weekly newspaper Miami Today, wrote in a recent column that "government has no business paying anyone to build on a $190 million site, some of the community's most expensive land." Others say the request deserves careful consideration because there is still no long-term solution for parking at the Carnival Center. "To the extent that performing arts center parking is going to be strictly isolated from retail parking, there may be some public justification," said developer Jeff Berkowitz, who is planning a retail project in Miami Beach. "But if PAC parking is going to be eaten up with retail shoppers, it is an inappropriate use of public funds." There are still several steps before the public funding is approved or turned down, including a decision on whether to extend the life of the CRA. For now, the zoning and planning approvals are at issue. The commission is expected to decide today whether to rezone a Miami Herald parking lot at the foot of the Venetian Causeway for a 64-story condominium and hotel tower; approve a proposed 695,000- square-foot retail center and parking garage called City Square on The Miami Herald's two main parking lots; and approve two proposed 60-story condo towers next to the historic Boulevard Shops on Biscayne Boulevard. • Disci ss Retail http://www.miami.com/mld/miamiherald/news/15457958.htm 9/7/2006 MiamiHerald.com 09/07/2006 1 Developers seek $200 million in city funds Page 3 of 3 Martin also seeks to rezone The Miami Herald's headquarters at One Herald Plaza and win approval for a condo tower on the site. Martin, who has right of first refusal to buy the property if it ever goes on sale, has said the move is aimed at controlling any future development on the site if another buyer ultimately gets the property. Officials at The Miami Herald maintain there are no plans to sell its bayfront offices and printing facilities. "There are no plans to sell or to move," Jesus Diaz, publisher of The Miami Herald and El Nuevo Herald, reiterated on Wednesday. Opponents of the project have focused on the proposed condo at the foot of the Venetian Causeway, with complaints ranging from worries about over -clogged streets to the scale of the high-rise. Some also have argued that the developer's application is so sloppy and incomplete it should be rejected. Critics also argue that proposed multistory billboards along the exterior of the retail center, akin to those found in Times Square, are too much for the neighborhood. Martin responded that any signage will be appropriate for the area, adding that the project will do much to continue the area's revitalization. The big -box retailers slated for City Square, he said, include Lowe's, Borders, Best Buy, Staples, Bed Bath & Beyond and Target. SUBSCRIBE TODAY' Cf• IHOM:1:: FIEUVERY gat !AL trlur• tlt HAL;h Ads by Google Miami Seaquarium South Florida's Favorite Attraction A day of fun for everyone! www.miamiseaquarium.com Miami tantra Miami VIP access. Avoid the lines! Let Us Help You Plan Your Night Out w^rvw.Key2Mianmi.com Flamingo condo Conversion South Beach Bayfront condo Call 800-433-5960 www.Miami-Condo-Lirestyle.com About Herald.com I About the Real Cities Network I Terris of Use & Privacy >tatement I Copyright I About tre McCiaLchy C .. the ;public recoru , In'. with item s£ Ox1 ` bfo Pris a u A.'Thompson -.: City Clerk http://www.miami.com/mld/miamiherald/news/15457958.htm 9/7/2006