Voters will decide if developer David Martin can redevelop the Miami Beach Marina into a high-rise, mixed-use tower.
The Miami Beach City Commission on Wednesday agreed to send the proposal to a referendum in November.
Martin’s Terra is proposing a tower of up to 385 feet in height, or about 38 stories tall. It would include about 60 residential units encompassing 275,000 square feet, as well as 45,000 square feet of retail, restaurant, office and marina space, and a 1-acre park on the Miami Beach Marina site at 300 to 400 Alton Road.
To make it onto the November 3 ballot, commissioners had to approve the agenda item, which had passed on first reading June 24. The resolution from the city’s June commission meeting included the development agreement, sale of the property and air rights, a new marina lease, and the vacation of a right-of-way. The existing building, which houses the restaurant Monty’s Sunset, would be demolished.
The city entered into a lease in 1983 to operate and maintain the Miami Beach Marina and property until 2022. Now, Martin is proposing a 99-year lease.
A majority of voters would have to sign off on the project for it to move forward.
In a statement, Martin said the marina is “in need of significant improvements to keep it competitive and address the challenges of sea level rise and climate change.” The marina project would include more than 2 acres of publicly accessible open space and a 1-acre Marina Park and baywalk.
Martin brought in Bjarke Ingels Group to design the development. Ingles designed Terra’s Grove at Grand Bay project, a two-tower luxury condo in Coconut Grove.
The Coconut Grove-based developer is active in Miami Beach. He’s partnering with Crescent Heights on the Canopy Club, a residential tower, and Canopy Park, previously known as the 500 Alton development and later Park on Fifth. Terra, Crescent Heights and their partner New Valley recently broke ground on the 3-acre park component.
Martin is also a co-developer of the Miami Beach Convention Center hotel, a planned 800-key Grand Hyatt.
Write to Katherine Kallergis at kk@therealdeal.com