Meeting regarding the Oak Avenue Garage
The Village Council and Grove 2030 will be holding a community forum regarding the Oak Avenue Garage.
The Miami Parking Authority has contracted to sell the publicly-owned, four-story parking garage on the corner of Mary Street and Oak Avenue in Center Grove Details of the proposed sale will be shared. Please attend to ask questions, and to let them know what you think.
The meeting is Thursday, October 29 at 6:30 pm at the Sailing Club, 2990 S. Bayshore Drive.
The Miami Parking Authority has contracted to sell the publicly-owned, four-story parking garage on the corner of Mary Street and Oak Avenue in Center Grove Details of the proposed sale will be shared. Please attend to ask questions, and to let them know what you think.
The meeting is Thursday, October 29 at 6:30 pm at the Sailing Club, 2990 S. Bayshore Drive.
posted by Tom Falco at 10:00 AM
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3 Comments:
The questions how much did the land and construction of the garage cost?
No, the question is how much is the underlying land and zoning entitlements worth now and more importantly in the future once the Park Grove in completed. The existing parking garage is an interim use. Ultimately, as market conditions support it, the garage will be demolished and more dense use will be developed on the site, likely a mixed use project with a large residential component. They will undoubtably point to the adjacent uses as justification for approval of their request for the up zoning of the size and density allowed by right. The site is currently zoned T5-L which allows for a structure of no more than 5 stories and 65 residential units per acre. In the interim, the revenue generated from parking and retail rent receipts will provide a return on the proposed $16 million purchase price. I don't know what the square footage of retail space is nor the number of parking spaces in total to be able to do a revenue analysis. If anyone has those figures it would be interesting to factor that into the discussions.
Never should have been sold. Property is scarce around there and everybody hopes there are more cars and people to shop and dine in the Grove in the future. This guy did not buy it to house his construction workers. Please.. How it happen well I GUESS it is politics and more
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