Greenberg Traurig represented Lancelot Miami River LLC, an affiliate of Adler Development, in its successful agreement with the City of Miami to build its new headquarters as part of a planned nearly $1 billion mixed-use project on the Miami River.
The Miami City Commission approved the project and issued $150 million in tax exempt and taxable special obligation bonds to fund the building of the new city facility, which was approved by voters on the Nov. 2018 ballot.
The project, named Nexus Riverside, will be located on 1.59 acres owned by an Adler affiliate at 230 SW 3rd St. and the adjacent 3.15 acres at 444 SW Second Ave., the site of the existing city administrative building known as the Miami Riverside Center. The project will be built in phases over five to seven years, with the new city offices to be developed as part of the first phase.
Plans call for the development of up to four towers, including the city’s 230,000-square-foot office, multi-family rental units, retail space, and a shared parking garage.
As part of the deal, Lancelot Miami River will lease the Miami Riverside Center site under a long-term lease, which grants Adler the option to purchase the site. Construction of the city’s new facility is expected to begin by the end of the fourth quarter of 2020. The city will remain in its present administrative building until the new facility is completed.
Lash and Bailine assisted Adler Development with structuring the deal, which began negotiations after the Adler team won the City of Miami’s 2016 request for proposal to build a new headquarters in a combined transaction designed to monetize the value of the city’s property.
The Greenberg Traurig team was led by Nancy B. Lash (Picture) and Ryan D. Bailine and included Of Counsel James A. Carenza and Associates Michael J. Larson and Nicole Wolfe.
Law Firms: Greenberg Traurig;
Clients: Lancelot Miami River llc;