Daily Archives: December 5, 2006

New Hurricane Resistant Tower Slated for Ft. Lauderdale

aying to rest a slew of marketplace rumors, Crocker Partners and ING Clarion announced plans Monday for the $175 million, 30-story Atlantic Center mixed-use project in downtown Fort Lauderdale.

The partners will put up what’s billed as the market’s first hurricane-resistant building with 400,000 square feet of office space and 50,000 square feet of retail and restaurant space on Southeast Second Street just south of Broward Boulevard.

The building will rise on a 1.5-acre site adjacent to the city’s oldest office tower. One Financial Plaza is owned by Mainstreet One Financial Plaza Ltd., an affiliate of Mainstreet Capital Partners. Mainstreet Capital was formed by Paul Kilgallon in 1999.

The parcel, now a parking lot, is between One Financial and the Camden Las Olas apartment building.

A company affiliated with Crocker Partners paid $14.9 million for the site in September.

Atlantic Center is to have two generators capable of powering the building at full capacity even if the downtown electrical grid is knocked out, said Angelo Bianco, senior vice president of Crocker Partners.

The windows will be impact-resistant glass capable of withstanding hits from large objects. In testing, the glass must withstand two strikes by 2-by-4 lumber shot from a cannon.

Shortly before the Atlantic Center announcement, street talk indicated Mainstreet’s Kilgallon had approval power over what would be built on the adjacent land.

“That’s strong,” Kilgallon said Monday about his supposed approval rights for the new project. Crocker “submitted plans to us, but it was a neighborly thing.”

Rumors also contended Kilgallon would approve the project if Crocker and ING would buy One Financial. ING was under contract to buy the building before Hurricane Wilma walloped it. ING managing director Ed Rotter confirmed longstanding damage estimates of $15 million to $20 million.

But Crocker and ING aren’t buying the building, and repairs to the building’s curtain wall, or skin, will begin in February, Kilgallon said.

That could take nine months to be followed by a likely sale, he said.

“We could probably sell it now, but we’re not sure if we want to,” he said.

Bianco said Crocker is interested in investing in new and existing assets.

“One Financial is a lovely building, and we look at them all,” he said.

When told that sounded like he dodged the question, Bianco replied, “That sounds like what I can say at this time.”

Source: http://www.dailybusinessreview.com/news.html?news_id=41258

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The Proposed 710ft 56 floor Columbus Center Needs FAA Variance

  Real Estate Review: Planning Report
Lofty Brickell project planned, but economic realities may intervene

December 2006 By: Polyana da Costa
 

nother major mixed-used development is planned in Miami’s Brickell Avenue area, which already is a sprawling high-rise construction zone.

Project owner Nickel Goeseke of Cervera Real Estate is asking the city Planning Advisory Board to approve a 56-story tower with residential, retail and hotel components on nearly two acres at 1490-1492 S. Miami Ave.

A hearing on the proposed Columbus Centre is likely in January, but the item is not on a scheduled agenda, said Luciana Gonzalez, spokeswoman for the planning department.

Gilberto Pastoriza of Weiss Serota Helfman Pastoriza Cole & Boniske, the law firm handling the development, said he doesn’t see any obstacles to the project in an area designated restricted commercial.

The area southeast of the site is a mix of high- and medium-density multifamily units and single-family homes.

“We’ve engaged in a dialogue with neighbors, and both sides are working together, but I don’t think it will be a problem,” Pastoriza said.

Goeseke declined comment, and Pastoriza would not discuss project details, citing confidentiality reasons.

If approved, the development would include 211,449 square feet of office space, 219 residential units, 234 hotel units and 6,512 square feet of ground-floor retail space, according to documents filed with the city.

The first floor would be stores and offices, the next 18 floors would be offices followed by nine floors of hotel space, an amenities deck and 26 levels of condo units.

The tower would include 596 parking spaces in a two-level basement garage accessible from 15th Road and another parking garage with access to Southwest 14th Terrace.

The proposed 710-foot structure requires approval from the Federal Aviation Administration because of its proximity to the Miami International Airport flight path.

Preliminary analysis by the Miami-Dade County Aviation Department indicated it would allow a 623-feet structure. Anything higher would need special approval, according to documents filed with the city. The department required the developer to submit additional information for further analysis.

Other nearby developments have obtained clearance for taller buildings. Brickell’s Infinity II, a development planned by Colonial Development Group, was approved as a 736-foot, 65-floor project.

Goeseke, project attorney Tony Recio of Weiss Serota and architect Luis Revuelta of Revuelta Vega Leon attended the Brickell Area Association’s latest board of directors meeting Nov. 14 to present a project overview, said Gloria Konsler, executive administrator for the association.

“The only concern some people had was if the building would create a shadow over Simpson Park, but the architect assured them it won’t because of the way it’s designed,” Konsler said

Revuelta could not be reached for comment before deadline.

Several real estate insiders have doubts about the project’s viability. They say a large-scale project such as the Columbus Centre would not be advisable in a market already overwhelmed by new condo construction and during a time when many developers have killed or delayed projects.

“The project is highly realistic but not in this cycle … not in the next 36 to 48 months,” said Robert Kaplan, principal of Olympian Capital Group. “I wouldn’t advise them to commence for another 24 months until the existing inventory starts to be digested.”

The project is targeted for completion in 2011, according to city documents.

The site is owned by Javier and Alicia Cervera, Nickel Goeseke and Veronica Cervera-Goeseke. They have owned two of the three lots since 1993. Nickel Goeseke and Veronica Cervera-Goeseke bought the adjacent third lot at 1450 S. Miami Ave. for $2.03 million in 2003.

Goeseke could be working with a co-developer or planning to sell the site after the concept is approved since Cervera is not a major developer, Kaplan said.

“My opinion is they are either trying to maximize the value of the land by getting this approval or they are planning to find a venture partner to co-develop it, if they don’t already have one,” he said.

Alicia Cervera, as head of Related Cervera Realty Services, has close ties to Jorge Perez’s Related Group, which said it is not involved in Columbus Centre.

Another major developer, Alan Ojeda of Rilea Group, which completed One Broadway Brickell across the street at 1451 S. Miami Ave. last year, also said he is not involved.

Several other projects are being developed in the Brickell area, including the 60-story Icon Brickell complex and the 57- and 52-story Capital at Brickell under development by CABI at 1421 S. Miami Ave.

Source: http://www.dailybusinessreview.com/news.html?news_id=41225

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Developer Profile: Tibor Hollo

Hungarian-born Tibor Hollo, who arrived to this country in NYC in 1948, is the builder of the first high rise in Brickell, pioneered high density development in the Omni/Venetia area, and is developing what Florida East Coast Realty—his company—considers to be the last great waterfront parcel in Brickell Village. His life is one of adversity and triumph. He studied architecture in France during a time where Europe was on the verge of a conflagration of hate and war. His mother was a Holocaust victim. From these circumstances, Mr. Hollo learned his lessons and developed his business acumen. Mr. Hollo’s legacy is one of setting the stage for future development. In many respects, he has laid the groundwork by which other developers have been able to capitalize. Were it not for Mr. Hollo’s Omni/Venetia efforts, it would be questionable whether the area be seeing its current surge of activity. At this point, he has been developing in Miami for over a half century.

For a long time, the Omni/Venetia area was considered a neighborhood that had not lived up to its potential. As a mall, the Omni failed and the Grand didn’t become the flagship hotel Mr. Hollo had originally intended. The Venetia, in the south fringe of the area, has one of the most prime lots in the city, but for years remained in obscurity. At one point in the 1990’s Mr. Hollo began to lose some of his properties and had to resort to seeking assistance in order to keep his company afloat. Today, with the development of the AAA and the PAC, the entire area has exploded with activity and Mr. Hollo’s vision for the neighborhood north of the I-395 is coming to fruition. Mr. Hollo, however, is not surprised. This was what he envisioned for the area when he began development there over twenty years ago.

His latest developments, Opera Tower and Villa Magna, mark his tallest buildings to date. His major acquisitions have been, for the most part, confined to within the City of Miami proper, although he has done work in Broward and North Miami. The designs of his buildings have, for the most part, been simple. They have basic rectangular shapes like Bay Parc, The Grand, Venetia, and now Villa Magna. Opera Tower has broken the mold with its curvilinear shape. Much of his architectural work has been contracted to the Corradino Group Architects, although  he has worked with NBWW architects as well. Still, much like Mr. Colombo with RVL, Mr. Hollo has remained loyal to CGA.

Tibor Hollo is a pillar in the Miami development scene. When buying a property, there aren’t too many developers one can feel certain is going to get the job done right. Mr. Hollo is one of them. He will go down in Miami history as being one of the city’s most influential developers along with names like Collins, Fisher, Merrick, and Curtis. His efforts have not just been contributory; rather they have been unprecedented resulting in major activity from other developers. Mr. Hollo envisioned a future for Miami, built over 3 billion dollars worth of development, and is now seeing his vision be realized.Currently, his firm has plans to build a 1000 footer (One Bayfront). If he succeeds in doing so, it could be the first ‘supertall’ to ever grace our tropical skyline. Much is owed to Mr. Hollo, and it is pleasing to see that his work is not yet finished. He is grooming his two sons to take over his well established company, Florida East Coast. His vision will be transferred to them and his efforts, long from now, will continue through their work–as Miami becomes the 24 hour city that he had been envisioning since the 1960’s and did so much to help develop.

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