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Miami Beach Readies Four City-Owned Sites For Sale

The City of Miami Beach is preparing four city-owned properties for their potential sale to finance various unfunded capital improvement projects.

Two city-owned vacant lots have been removed from the list that included five properties and the North Shore Branch Library, located at 7505 Collins Ave., that could be sold by the city.

An 8,700-square-foot lot at 8100 Hawthorne Ave., which is valued at about $984,000, and a 31,808-square-foot lot on Sunset Drive, which could be worth $5.7 million, are now out of the list of properties to be potentially sold by real estate company CBRE Group.

The library, which is estimated to be valued at $75 million, received approval for a request for proposals and the city is waiting to issue it based on community engagement sessions held by city staff, according to the city’s spokesperson and director of communications.

The other properties are expected to have their offers submitted to the city by CBRE this month, the spokesperson said. These properties include a 15,313-square-foot lot at 226 87th Terrace valued at $4.6 million; a 12,105-square-foot lot on Pine Tree Drive valued at $3.4 million; and a 2,757-square-foot lot on Commerce Street, which could be worth $1.5 million.

Funds from the sales of these properties were considered to fund capital projects such as the 72nd Street Community Complex project in North Miami Beach, a project that includes a 7,500-square-foot library, a 50-meter competition pool and a 25-meter multi-purpose pool, among other amenities, and which had a budget shortfall of $16.1 million, according to the latest estimate.

At a city commission meeting, Jan. 20, Commissioner David Richardson laid out a plan to fund the community complex using allocations from other overfunded projects, revenue from the Seventh Street Parking Garage, funds from resort taxes and other avenues.

Nonetheless, other unfunded city projects need allocations, which a combined $9.5 million from these city-owned properties could help fund.

The city has already received interest from developers and representatives of the private sector and will review their offers, presented by CBRE, to discuss it with the city commission after planning analysis required for the sale of public property, according to the spokesperson.

“The potential funding of other capital projects,” the city spokesperson said, “will be addressed during our budget process this summer.”

 

Source:  Miami Today

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Miami Beach May Sell Six City Properties

Miami Beach staff have targeted six city properties that could sell for a total of over $70 million that could then fund capital improvements. 

The big-ticket sale in the group would be the land that currently houses the soon-to-be-moved North Shore Branch Library at 7505 Collins Ave., which is estimated to be worth $58 million to $65 million, according to a presentation from the city’s Property Management Department. 

Commissioners and administrators held preliminary discussions about the properties at the most recent Finance and Economic Resiliency Committee meeting, where Director of Property Management Adrian Morales explained that the six properties were narrowed down from a total of 136 assets that officials and consultants CBRE identified as showing “potential for disposition.”

The money from selling any of these properties, Commissioner David Richardson said, could fund other city projects but should not be used to fill gaps in city operations. 

Some of the properties, said Commissioner Mark Samuelian, could potentially be leveraged into public-private partnerships, while others could be sold outright. The committee tasked staff with looking further into the proposed properties, in particular the library, and returning with recommendations.

Other properties identified for possible sale include an 8,700-square-foot pump station vacant lot at 8100 Hawthorne Ave. valued at roughly $1 million, a 12,105-square-foot vacant lot on Pine Tree Drive valued at $2 million to $2.4 million, and a 31,808-square-foot vacant lot on Sunset Drive valued at an estimated $5 million to $5.3 million, according to the presentation. 

However, Mr. Richardson noted that he had previously believed that the Sunset Drive site was a public park, and that many members of the community might see it as public green space as well. 

The department identified two more properties that don’t yet have price estimates; a 2,757-square-foot vacant lot on Commerce Street and a 15,313-square-foot lot on 87th Terrace.

Residential lots, Mr. Samuelian said, may be “low-hanging fruit” for a sale, though he said how the funds should be used is a separate discussion. 

Selling the parcel that currently holds the library, which will eventually be moved into a new complex on 72nd Street as part of a General Obligation Bond project, could be a good way to make up the existing $40 million funding gap for that project, Mr. Richardson said. Mr. Arriola said he wondered if the $40 million gap was actually accurate or if it could be lower, and Mr. Samuelian said that $40 million would be a lot to spend on one project and that there would need to be further discussions. 

 

Source:  Miami Today

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