APPROVED: ICON Brickell

[Brickell]

http://www.miami.com/mld/miamiherald/10092744.htm

Sheraton may cede to condos

Jorge Perez has signed a contract to buy the Sheraton Biscayne Bay hotel and ultimately plans to erect condominiums in its place, sources close to the deal say.

BY MATTHEW HAGGMAN

[email protected]

Miami developer Jorge Perez has signed a contract to buy the Sheraton Biscayne Bay hotel on Brickell Avenue, which sits on nearly five acres of prime waterfront land.

Perez, who heads the Related Group of Florida, ultimately plans to bulldoze the hotel and erect three 50-story condominium towers on the site, according to a source familiar with the deal. For the time being, Perez may keep the hotel open while developing the first of the three high-rises.

Under the terms of the deal, Perez will pay more than $100 million for the 4.7-acre site owned by Massachusetts Mutual Life Insurance. Closing is scheduled for Dec. 15.

Perez and Massachusetts Mutual Life Insurance declined comment about the Sheraton property. Manny de Zarraga, executive managing director of Holliday Fenoglio Fowler, which is brokering the sale, confirmed a contract has been signed but refused to name the buyer.

''The site commanded strong interest from big national players as well as some offshore companies,'' de Zarraga said.

He said buyers were particularly attracted because, as opposed to buying a vacant parcel, the hotel can provide a profit source as development starts.

If completed, the transaction would be one more indication that Miami's red-hot condo market is displacing development of other types of projects. Sites designated for office development in the downtown and Brickell area, for instance, are increasingly being used for condo development.

Now a hotel site would be occupied by new condo towers.

Perez ranks among South Florida's most prolific condo developers. He has more than three dozen projects stretching from South Pointe in Miami Beach to CityPlace in West Palm Beach.

He added another Tuesday. Although he declined to comment about the Sheraton deal, Perez said he signed a contract to pay more than $125 million for the Harbour House, a beachfront apartment rental complex in Bal Harbour.

Perez bought the property from Colorado-based Archs

tone-Smith. He plans to renovate the units and convert them into condominiums.

The hotel site at 495 Brickell Ave. would be his third development in the Brickell area. He is also developing twin condo towers called The Plaza at 901 Brickell Ave. and another condo project at 500 Brickell Ave.

Located near the mouth of the Miami River, the Sheraton Biscayne Bay parcel fronts Brickell Avenue and stretches to the bay. The protected Tequesta Indian site, called the Miami Circle, lies to its north. A public park is south of the property.

The Sheraton Biscayne Bay rises 17 floors and has some 598 rooms.

Perez plans to replace it with three 50-story condo towers comprising two million square feet. Each building will have about 1,800 residential units.

The project would take five to six years to complete, according to the source.

[Urban_Legend]

Will it ever stop!? This much development happening so fast is crazy! The amount of cranes in Miami in the next few years will be wild. You know, this project is kinda like the Radisson in Jacksonville.

[bobliocatt]

^Its funny you mention that, because most of the Jacksonville condo tower projects are being proposed from condo developers out of South Florida. BTW, is there anywhere, where I can see an updated list of towers under construction & proposed for Miami?

[bobliocatt]

Looks pretty good. I've said this many times before and I'll say it again. I can't wait to see this skyline 5 years from now.

[Aessotariq]

Agreed... the ICON name is definitely appropriate.

[miamistreets]

I showed pictures of the Icon in downtown miami section.Thos buildings are marvelous,they look futuristic.Probably could a be an ideal addition to our skyline.

[Urban_Legend]

I like it, even though it reminds me somewhat of the RenCen in Detroit, lol. But it will add a nice glass twist to the skyline. I'm kinda sick of white concrete in downtown Miami, lol.

[Aessotariq]

I'm pleased to see a landmark building being built on such a prominent piece of property. The entry into the river will be stunning, to the say least, especially when the Riverwalk is finished.

[Aessotariq]

The Sheraton has been closed for a while, and the signs are up. ICON is coming. Three spectacular glass residential towers on the mouth of the Miami River, just a few hundred feet away from the historic Miami Circle. With this project work on the public Baywalk on the south bank of the river can move forward. The first tower is expected to break ground in January 2006!

http://www.miamitodaynews.com/news/050929/story6.shtml

[Florida]

Must be nice to have them come in clusters like this.

[asonj23]

Looks pretty good. I've said this many times before and I'll say it again. I can't wait to see this skyline 5 years from now.

Wow!! Those are great towers! I agree that the ICON is a fitting name.

...to bad we can't move those puppies to Jax, Miami has enough for now...