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Offices, Retail Part of Public-Private Partnership Proposed for Florida's Surfside Civic Center

Town Commission to Hear Presentation Sept. 26
September 4, 2018
Rendering courtesy of Pointe Development Company.

A developer is proposing Class A offices and retail as part of a $33.5 million project that also would feature a new town hall, civic center and police station in Surfside, Florida, a small oceanfront town north of Miami Beach.

Pointe Development Company wants to build about 61,000 square feet of offices and 11,000 square feet of ground-floor retail as part of a civic and recreation center at 9293 Harding Ave. and 269 93rd St. Those two sites are the existing town hall and a parking lot.

Those two new buildings would share a connected rooftop park that would be open to the public and include art installations, green space and a sports plaza. Pointe also would build a new police station at the site.

Pointe is slated to make a presentation on its proposal to the Surfside Town Commission on Sept. 26.

Surfside has nearly 6,000 residents. Its history dates to 1935, when 35 members of the Surf Club signed incorporation papers, according to the town’s website. The club’s guests included such celebrities as Frank Sinatra, Elizabeth Taylor and Dean Martin.

Pointe’s development project, which also would include a fitness center, flex space and a 431-stall parking garage, would be developed as part of a public-private partnership at no cost to the town, according to Alexander Tachmes, the developer's attorney and a partner at the Shutts & Bowen law firm.

He said that Surfside would receive rent revenue as part of a 99-year ground lease with the developer, as well as additional rent based on a percentage of gross revenue from the parking garage.

Pointe, meanwhile, would receive revenue from the office and retail leases, according to Tachmes.

“It would take a while for our client to make its money back,” he said. “The upfront costs are quite large.”

The developer already has received substantial interest on the proposed offices from Surfside hotels that want to move their back-room operations to the new space, Tachmes noted. He also said business leaders who live in the town want to lease space there.

“This is a project that checks all the boxes,” he said.

Pointe, based in Bay Harbor Islands, Florida, says its portfolio consists of more than 1.5 million square feet. The company, founded in 1995, has built shopping centers in South Florida and is developing a mixed-used development in Hialeah, Florida, and a mixed-use project in Miami’s Little Havana neighborhood.

Surfside Town Manager Guillermo Olmedillo said he can’t comment on Pointe's proposal until after the Town Commission hears the presentation later this month.

But the project would fulfill a need for more parking in the city. Olmedillo said a study commissioned by the town six years ago showed that Surfside needs about 400 parking spaces.

Olmedillo said Surfside has received a second development proposal that would add about 600 parking spaces to a commercial area about three blocks away from the existing town hall. Officials are waiting to hear more details on that plan, he said.

Paul Owers, South Florida Market Reporter  CoStar Group   
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