Miami-Dade issues RFP for $10B downtown redevelopment
Dive Brief:
- Miami-Dade County, Florida, submitted a request for proposals to redevelop approximately 17 acres in downtown Miami in a $10 billion public-private partnership, according to the RFP document.
- The redevelopment’s vision includes affordable and workforce housing, a transit terminal, museum, library, park, county offices, recreational spaces, child care and parking areas, according to a redevelopment planning presentation.
- The minimum development parameters include 2,000 units of affordable and workforce housing, 2.5 acres of connected open spaces, a new transit terminal with a direct link to the region’s Metrorail and new public facilities for the main library and the HistoryMiami Museum.
Dive Insight:
The redevelopment site, currently branded as MetroCenter, is part of a larger 28-acre area which serves as the seat of the Miami-Dade County government. The county likened the vision for the project to Hudson Yards in New York City, Salesforce Transit Center in San Francisco and Umeda Kita in Japan.
The site makes up a combination of excess land and underutilized parcels formed from 11 primary sites, the majority of which are already occupied and would need to be vacated or relocated for redevelopment.
Miami-Dade County earmarked nine sites for vertical development and two sites for a 2.7-acre central park.
Proposed development sites at MetroCenter in downtown Miami
| Property | Acres |
|---|---|
| Cultural Center | 3.3 |
| Govt. Center excess land (north) | 3.1 |
| Govt. Center excess land (southwest) | 1.9 |
| Hickman garage | 1.9 |
| Hickman Building | 1.7 |
| Cultural Center Office and parking garage | 1.7 |
| Children’s Courthouse surface lot | 1 |
| Govt. Center Commission Chambers | 0.8 |
| Motor Pool surface lot | 0.8 |
| 140 W. Flagler Office Building | 0.5 |
| Motor Pool gas station | 0.3 |
SOURCE: MetroCenter redevelopment industry day presentation
The proposed site can support between 17 million square feet and 23 million square feet of new development, subject to financial feasibility and market demand, according to the RFP.
The current government center includes approximately 3.3 million square feet of county-owned offices, courts, public parking and retail. About 1.1 million square feet of those improvements are located on the redevelopment site.
The plan for the redevelopment calls for Miami-Dade County to receive market-rate ground rents and set ground lease terms for 99 years with extension options to the developers, according to the RFP.
The following firms are currently serving as advisors for the project:
- Jacobs Engineering Group as technical advisor.
- AECOM as Department of Transportation and Public Works advisor.
- IMG Revel Advisory as real estate and financial advisor.
