Fifteen Group, developer of the retail and condo project above a historic church at 1836 Biscayne Boulevard, will be changing their plans and building the project in phases.
The development group received approval for the historic designation and project plans for the property. Now that the developer has the historic designation, they may sell Transferable Development Rights that might be worth about $20 million even if they don’t build anything on the plot.
In 2014, Fifteen Group purchased the property for $14.25 million.
The redesigned plan shrunk from 47 stories down to 38 and includes 352 units – about the same as before. It also includes plans for a retail or grocery store in the current church building.
Source: thenextmiami.com
Photo credit: thenextmiami.com