Miami Parking Authority Signs Developer For Old Garage
By Tom Harlan
The Miami Parking Authority’s board signed an agreement for redevelopment of a 46-year-old garage at 40 NW Third St. into a $125 million mixed-use facility.
The new facility, a joint venture finalized May 18 between the authority and Miami Downtown Developers, is to include 190,000 square feet of office space, 15,000 square feet of retail, a garage with about 1,400 spaces and 322 condos.
Construction is to begin in May 2006, authority executive director Art Noriega said. He said the offices and garage are to open in December 2007, followed by the condos in December 2008.
The condos are to range from about $200,000 for a one-bedroom to $410,000 for a three-bedroom.
Red Rock Global, part of Miami Downtown Developers with New Jersey firm the Gale Co. and Teja Associates of Miami, is to manage the development.
The Atlanta company – which has managed public-private partnerships in Atlanta, Cincinnati and New York – specializes in urban mixed-use developments. Red Rock is opening an office in Miami to support the project and others in South Florida – including a partnership with the Miami-Dade Empowerment Trust to redevelop a 430-acre area of the Miami-Dade Empowerment Zone in southwest Homestead.
The company also plans urban-infill housing projects in the area, according to its Web site.
Red Rock Global has multiple South Florida projects in preliminary stages, principal Tyrone Rachal said in a February interview.
Company officials find Miami to be a promising market, he said.
The parking authority, which owns the 1.7-acre site, is to manage the garage.