Crescent Heights is proposing a project that would be partially built on School Board land across from the Arsht Center, according to documents obtained by The Next Miami.
The developer wants to take control of about an acre of School Board land at 1370 Northeast 2nd Street, which will be combined with an adjacent lot Crescent Heights owns to form a two acre site.
The project could rise up to 60 stories, with up to 1,000 residential units and 1,600 parking spaces to be built.
Crescent Heights wouldn’t pay any cash upfront for the land. Instead, Crescent Heights will deed over 600 parking spaces to the board, which the developer says is worth $24 million in present value at $40,000 apiece (and which may later generate $40m in revenue over 25 years).
The developer intends to sign a deal for the spaces with the Arsht Center to provide parking for the performing arts hall, with revenue going to the school board.
Crescent Heights was the only company that responded to an RFP issued by the school board for the land. Bids were due on February 2.