Developers 13th Floor Investments and Key International are moving forward with their ambitious project at 609 Brickell Avenue in Miami, designed by Sieger Suarez Architects. The First Miami Presbyterian Church, located at this address, had previously agreed to a deal with the developers that could lead to the construction of one of Miami’s tallest and most iconic buildings—an 80-story luxury condo tower on the church’s property.
The Miami-based developers and the congregation have entered into a “transaction and development agreement,” as indicated in a memorandum recorded with Miami-Dade’s Clerk of Court on March 2. The terms of the agreement include the developer’s right to acquire the property, their obligation to construct the project on the property per the agreement, and their obligation to convey the new church improvements to the church after substantial completion. The full terms of the agreement were not made public, with only a memo confirming the existence of the agreement being recorded.
First Miami Presbyterian Church beside the 80-story condo development. Credit: 13th Floor Investments & Key International.
The developing entity is listed as 13K-BP Brickell Owner LLC, with Arnaud Karsenti as the authorized signator for the developer on the memo. The project aims to preserve the main church building while utilizing the land currently occupied by a parking lot and a religious school building at the rear of the property.
The deal, which could have a value of $240 million to the church, includes several benefits for the congregation. The church will be entitled to 90,000 square feet of space in the new building, 148 parking spaces, and a small park as part of the agreement. In return, the church will receive $48 million in cash, 15 percent of condo sales (estimated at $125 million), and a percentage of sales from the ground-floor restaurant.
609 Brickell Avenue. Designed by Sieger Suarez Architects.
The 3.4-acre site at 609 Brickell Avenue is one of the last vacant pieces of land in the popular Miami district, where condo units sell for millions. The historic First Miami Presbyterian Church, built in 1949 and designated as a historical landmark in 2003, will remain intact. The church had previously faced financial difficulties, including a $7 million tax bill in 2018 due to using some of its lands for profit.
As reported by Commercial Observer, the document filed in Miami-Dade County does not provide the exact terms and conditions of the sale. Still, it does confirm “the developer’s obligation to construct the project on the property in accordance with the terms of the agreement.” A First Miami Presbyterian Church representative has not yet responded to requests for comment.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Be the first to comment on "Developers Advance Plans For Iconic 80-Story Condo Tower At Miami’s First Presbyterian Church Site"