Commissions Decide they Would Rather Lease Land Rather than Sell it
Last week the Coral Gables City Commission discussed a draft of the request for proposals from developers on different ideas for redeveloping the public land under the 20 year old parking garages near Miracle Mile. The Commission has made the decision that it would rather lease the land and not sell or give it away. The potential mixed-use development would replace the garages located at on Andalusia Avenue, across from the Publix and the other behind the Actor’s Playhouse at the Miracle Theatre.
Commissioner Vince Lago said sticking strictly to a lease might narrow the field of developers too much and suggested the city say it prefers a lease.
“I’m not going to cut any deal with any developer if I find out that that property, Garage 4, is worth a lot more than what I could build my own parking garage for,” Lago said to the Miami Herald. “I don’t want this to be an exercise in futility,” he said.
Miami-based commercial real estate appraisal firm Gallaher & Birch said that in today’s market the land in question could definitely be worth more than the assessed value by county appraisers. “Assessed value, in a very robust market, can be surprisingly low,” said Gallaher, who isn’t involved in the garage deal.
One other point Commissioners agreed on is keeping the same amount of parking is crucial for businesses on Miracle Mile.
The commission will consider a revised solicitation at its June 10 meeting as developers await a shot at the project.
