Real estate developer Jeffrey Berkowitz has gotten the go ahead from the voters of Miami for his new $430 million SkyRise Miami tower. Miamians approved the plan for the observation tower by a margin of more than two to one.
Berkowitz was quoted as saying about the vote that, “It’s a mandate. Up, up and away.” He plans to begin work on it immediately. He and his partners in the development, General Growth Properties, spent a reported $300, 000 on promoting their plans with the voters of Miami.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at email@example.com.
SkyRise Miami is intended to give the city’s skyline a standout feature like the Empire State Building in New York and the Eifel Tower in Paris. To date, Miami has not been known for its skyline.
“Miami is a world class city. And I think an iconic structure downtown will firmly cement Miami on the global stage. It’s going to be Miami’s Eiffel Tower, ” said Berkowitz.
But not all of the local residents were happy with the proposed tower. Some of the opponents felt that it will be an eyesore, while others wondered why such a plan was greenlighted by the city while it has still failed to approve a new stadium for a possible MLS soccer expansion team.
To be built on a plot of land behind Bayside Marketplace, the 1, 000 foot high tower is expected to be completed by 2018. The developers will now make a $10 million payment to Miami before the start of construction. General Growth Properties will also spend $27 million on improvements to the neighboring outdoor shopping center which it currently leases. Its lease there will also be extended.
The foundation for the tower is expected to take 9 months to complete.
The tower will feature a scary ride that will drop visitors quickly down its side. There will also be a 550 foot high bungee jump, a ballroom for social gatherings, a night club and a moving movie theatre.
It will offer people beautiful views of all of Miami and as far away as the Everglades.
Berkowitz has already begun work on getting the needed financing for the project. The developers will start next week on reconfiguring utilities located under the Bayside marina pier and that serve the area there.