June 13, 2014
The former Max Miami mixed-use development in the city’s Omni area is being repositioned as a residential project.
Max Miami, a proposed 31-story tower with residences, a hotel, offices and restaurant and retail space, was scuttled when the real estate market began to decline in 2007. Original developer Prema LLC eventually filed for bankruptcy, paving the way for the 1.1-acre site at Northeast 16th Street and First Avenue to be auctioned off. New owner NR Investments filed revised plans for 513 residential units and 10,000 square feet of commercial space with the city last week.
The city’s Omni Midtown Community Redevelopment Agency was slated to review the new project proposal on Wednesday, according to the Daily Business Review. NR could potentially receive a $7 million subsidy over 15 years. If approved, the subsidy would take the form of an annual rebate on the increased property taxes collected from the project site.
To receive the subsidy, NR would have to plunk down at least $2 million on improvements to the public streets and sidewalks surrounding the land by 2017.
Source: The Real Deal