Is An Ultra Expensive Condo Project Coming to Terminal Island?

July 14, 2016

Previous project designed for the site, by Lord Norman Foster.

Back in 2014, developer Harvey Hernandez pitched a public-private partnership to the City of Miami Beach to build a luxury condo tower on Terminal Island that would be designed by Lord Norman Foster. The idea was rather fabulous of course – a ship-like form perched in the middle of Biscayne Bay, right next to the cruise ships – and even though Miami is the place where fabulous things come true, it didn’t.

But something like it might. According to The Next Miami, the Related Group has now likely gained control of a 3.71-acre piece of land on the property through a series of deals made last month. Meanwhile, in a Bloomberg article announcing condo king Jorge Perez’s desired departure from Related in a few years, and his plan to hand the reins over to his sons, also mentions that son Jon Paul Perez “recently brought in a deal in the Miami Beach area that he said would be the site of the company’s priciest-ever condo project on a per-square-foot basis, with units costing more than $2,500 a square foot.” Could this be that? If so, it would be right up there with his father’s most spectacular projects.