According to new reports Crescent Heights has finally struck a deal with the city of Miami Beach to redevelop the former South Shore Hospital site, the three-block lot between Alton and West Avenue from 5th to 7th streets, into a 42-story tower. The tower, which will be located on 5th Street, is designed by Arquitectonica and will feature a 13,900 SF floor-plate. Crescent Heights has agreed with the city to limit the residential unit count to 400 as well as reduce the commercial intensity by 50%. The proposal includes a single story commercial plaza on the Alton Road side of the 6th street parcel which would feature retail, cafes, etc., as well as parking. The commercial structure would buffer the park which in exchange to build a high-rise, Crescent Heights will donate a 2.5-acre street-grade park to the city. Original proposals included parking to be located under the park. The developer will also give an easement on 5th Street for the city to build a pedestrian walkway over 5th Street as well as build an extra turning lane.
The currently approved project on the site rises 5-7 stories and features 510 apartments. Mayor Dan Gelber worries about congestion due to an influx of new residences in addition to a "wall effect" that is created by the low-rise buildings. With a high-rise condos, a selection of owner-occupants will not live in Miami full-time while apartment rentals would be operating at near 100% occupancy.
The terms are still under negotiation and the plans have not yet been approved by the city. Mayor Gelber plans to ask the City Commission to pursue a development agreement and draw up a term sheet for Crescent Heights's proposal. Should the proposal be approved the timeframe of the project is expected to be 2 years.
