The Developer plans to acquire Bikini Hostel property as part of public benefits
The Miami Beach commission granted Michael Stern’s JDS Development Group and Gianluca Vacchi’s GV Development Group initial approvals on an upzoning for a planned luxury condo tower in South Beach.
Commissioners unanimously passed on first reading zoning amendments that will allow the developer to build a taller and slimmer tower on the site at 1250 West Avenue. The final votes for the project, including a development agreement, are expected in a June 25 meeting.
The project now calls for a building of up to 330 feet, or about 32 stories, more than double the 150 feet allowed. The project will mark a reduction in density, for a maximum of 125 condos, down from the 286 units allowed, Stern’s attorney Melissa Tapanes Llahues said. The JDS-led venture is seeking a 5.75 floor area ratio.
Residents spoke in favor and against the proposed height increase.
Kobi Karp Architecture & Interior Design designed plans for the project, which would include ground-floor commercial space.
A JDS affiliate has been closing on units at the 15-story Bay Garden Manor condo building, which was built in 1964 on the 1.9-acre site. JDS is expected to close on the remainder of units within the next few weeks, according to a source. The new project would rise on that waterfront property, which is just south of Monad Terrace, another JDS development.
As part of the deal, the JDS-led venture is in contract to acquire the Bikini Hostel property across the street at 1247 West Avenue and redevelop the site into a park for the city as part of a public benefits package. It’s not publicly known how much the developer is spending for the Bikini Hostel.
The hostel, owned by Philip and Michael Muskat, has been housing former Camillus House residents after the city of Miami, in a controversial move, relocated them to Miami Beach in November. Stern said at the meeting that it was his understanding the Muskats were in the process of buying a building in the city of Miami via a 1031 exchange, where the homeless residents would be moved.
The unanimous first reading vote for Stern and Vacchi’s project came more than a month after the city’s planning board voted four-to-three against recommending the zoning amendments to the commission, with concerns the project was “out of scale.”
Wednesday’s commission meeting became heated at various points during the discussion on the 1250 West Avenue project, as well as hours before when commissioners debated a similar upzoning for the Deauville Beach Resort site at 6701 Collins Avenue. The commission approved settlement and development agreements with the Deauville’s owners, the Meruelo family and David Martin’s Terra.
To learn more about this project contact us at info@mrluxurygroup.com
