Referendum 2: Miami River development

This question is also related to a land deal and a multi-decade lease for a development. Here’s the official language:

Shall the City enter into a 99-year lease of approximately 3.15 acres at 444 and 460 SW 2nd Avenue with winning bidder, Lancelot Miami River, LLC, providing:

  • Privately funded mixed use riverfront development;
  • New public riverwalk and other public amenities;
  • Greater of $3,620,000 annual rent, increasing 1.5% annually, or 3% of gross revenues;
  • $69,400,000 purchase option;
  • 2% capital transaction fee;
  • Living wage and 10% workforce housing;
  • Design and development of a new administrative building?

The city commission is asking voters to decide whether the city should lease city-owned land to developer, Lancelot Miami River LLC, to build on a 3-acre site by the Miami River. The developers are looking to build three towers with a mix of rental units and condos, a new $140 million office building for city workers, and to upgrade part of the riverwalk.

The project will essentially replace the Miami Riverside Center which the City of Miami uses as an administrative building. Unlike the Beckham stadium deal, this project has been discussed between the city and the developers for more than a year and hasn’t faced much criticism.

If you vote yes, the City of Miami will lease the land for the development to Lancelot Miami River and they’ll build their project.

If you vote no, the lease won’t be approved and the two sides will have to re-negotiate.