Magic City Innovation District
The first phase of the Magic City Innovation District is underway and is expected to be turned over to tenants as early as September, according to developer Tony Cho.
The first phase of the 17.7-acre development calls for gut-renovating the majority of the 21 existing commercial buildings in the Little Haiti and Little River neighborhoods of Miami. Spaces will range from 300 square feet to 14,000 square feet, and commercial rents will average about $25 per square foot, triple net, Cho, founder and CEO of Metro 1, said.
Metro 1’s Andres Nava is in talks with food and beverage operators, flex office, retail and other commercial tenants.
The mixed-use technology and culture-driven development could eventually include a Magic City Studios, an innovation center with startups, co-working space and other collaborations; an office tower; retail space; workforce housing and possibly a hotel. It’s planned for land between Northeast 60th and 64th streets and from Northeast Second Avenue to the railroad tracks.
The development group also includes Cirque de Soleil founder Guy Laliberté, venture capitalist Bob Zangrillo, and Plaza Equity Partners, led by Neil Fairman, Anthony Burns and George Helmstetter.
The next phase, which calls for ground-up construction, is expected to begin sometime next year. The development group has invested $10 million into the project so far, including land improvements for a park and renovations for its commercial buildings.
New Bleau Fontainebleau
Fontainebleau Miami Beach wants to redesign its Bleau Bar lobby and bar area, according an application approved by the city’s historic preservation board last week.
Renderings reveal that architecture and interior design firm Rockwell Group and Norberto Rosenstein will revamp the resort’s sunken bar and lobby area by adding more seats and updating its current round bar design. Additional redesigns include removing the existing blue glass flooring and replacing it with a new terrazzo-patterned floor, as well as introducing new decorative screens around its perimeter.
The 1,504-room resort at at 4441 Collins Avenue opened in 1954 and went through a $1 billion renovation a decade ago. The Fontainebleau Miami Beach is owned by Aventura-based Turnberry Associates, which also co-owns Aventura Mall and is also developing SoLe Mia, a major $4 billion project in North Miami.
Celino South Beach
Ricardo Tabet’s Optimum Development USA just released new renderings for its four-building Celino South Beach resort on Ocean Drive.
When complete, the project will feature 132 rooms, 33 suites, three restaurants and bars and two pools, including one on its roof. Highgate will manage the hotel and Toronto-based Ink Entertainment will run the food and beverage operations.
The developer paid a combined $51 million for the former Park Central Hotel in 2013, and recently secured $52 million in refinancing for its renovation and expansion. The property includes nearly 300 feet of frontage on the touristy street.