Two partners with massive capital have announced their ambitious plan to develop more than 20 acres of downtown Miami. Partners, Art Falcone and Marc Roberts have amassed nine city blocks between I-395 and the central business district. The area called Park West facing downtown’s main street Biscayne Blvd. is projected to develop office and hotel towers, condos, shops and plazas. County records show that Falcone and Roberts have already closed on about $70 million worth of the property.
”We want to make a city within the city,” Falcone said.
This development is set to change Miami’s downtown unlucky strike with developments as numerous developments in the area have gone bust.
But Falcone assures that he has the financial backing to outweigh the housing slump and patiently wait until it improves.
Falcone was lucky two years ago when he sold his home-building company, Tanseastern, before the housing market’s downward spiral, and collected more than $1 billion.
Falcone’s luck is hopefully what Miami’s downtown area needs. Falcone and Roberts’ plan for Park West’s mega-development has been in the works over a year ago, with minute details and attention. They’ve flown across the world for conceptual and design inspirations and following bids, the project has been assigned to Boston-based Elkus Manfredi architectural firm as master planner.
As most details of the development are sealed, the few specifications we know is that all the buildings will meet the U.S. Green Building Council standards, and that the homes are set to sell for less than $500,000.
But the one thing we’re sure is that the development will not be completed anytime soon.
Via Miami Herald