Sean McCormick, whose family has owned 111 SW 3rd St. in Downtown Miami since 1970, has tabbed Jo Palma to design the new 36-story tower that will replace the existing warehouse on the property. Palma was behind the design for Cayan Tower in Dubai which is currently the tallest twisting tower in the world. The new building will be known as The Basel Miami, and will rise 36-stories with over 234,000 SF of total development. The Basel Miami will feature office space, a boutique hotel, private residence on the upper floors and retail on the ground floor which is expected to feature a Modern Art Gallery. McCormick is looking for a joint venture partner and an established, signature luxury hotel brand to operate the hotel. The project has an expected cost around $100 million to develop. 111 SW 3rd St. is in an Opportunity Zone and is located across the street from Adler Group’s Miami Riverside Center, which is currently under development.
Real Estate Development News
