North Beach Town Center Development is an affiliate of Pacific Star Capital which acquired the properties from City National Bank in April 2017. The group also owns the City National Bank building and had a grander vision initially but that involved swapping two lots with the City for a cohesive development site, an agreement that, so far, has not come to fruition.
There are 170 multi-family residential units proposed above the ground floor Target along with 179 parking spaces for retail customers and residents. Resident amenities include a 3,634 sq ft clubhouse and open green space located on the roof of the parking structure. The project is designed by Cube 3.
Because the building is taller than the 125 ft allowed in the North Beach Town Center – it is just shy of 150 ft – Pacific Star Capital co-founder Ari Mehrabi notes in the application that the developer intends expedited construction in lieu of a public benefit fee. City Code allows extra height in the Town Center in exchange for a public benefit fee. An expedited construction timetable can be substituted for the fee provided projects in excess of 100,000 sq ft obtain a building permit within 21 months of the effective date of the Town Center ordinance (November 2018) and a temporary certificate of occupancy (TCO) or certificate of occupancy (CO) within 30 months of approval of the building permit.
The City’s first Target location opened on 5th Street in the BLVD at Lenox this past August. Like the South Beach store which is under 33,000 sq ft, the proposed North Beach location would be on the smaller side at 30,089 sq ft. According to Target's corporate website, the company is rolling out more of these "small-format" stores which are about one-third the size of their full-size stores at 130,000 sq ft.
The proposed operational plan notes the North Beach store would include “a similar number of employees and site security features” as the South Beach location.
Mehrabi writes in the application letter that the goal is “to transform the area from an underutilized collection of single-use buildings and surface parking lots into a vibrant pedestrian-oriented town center with new retail and multi-family units, while also providing much needed parking, for the surrounding community.”
The intent, he said, is to “create a surrounding atmosphere similar to Purdy Avenue in Sunset Harbour. North Beach needs additional retail options and is lacking national credit retailers. The combination of these large and small businesses will generate a lively shopping and gathering space in the Town Center.”
“In addition to removing underutilized and economically stagnant parking lots for better quality development, the Project will celebrate the architectural heritage of the area and create new opportunities for the entire neighborhood to enjoy,” Mehrabi wrote.
Pacific Star Capital was co-founded by Mehrabi in 2001. The firm has a real estate portfolio “totaling in excess of $700 million,” according to the application. Locally, the fund developed the 44,000 square foot Whole Foods-anchored shopping center at 123rd Street and Biscayne Boulevard in North Miami.
Pacific Star Capital is also one of the bidders for redevelopment of the Byron Carlyle Theater on the block adjacent to this proposed project.
If approved, the large retail store would be one of only two retail establishments over 25,000 sq ft allowed in the Town Center zoning district, a ten-block area around 71st Street.
The item is on the agenda for the February Planning Board meeting. Application details are here.
The development also requires approval of the Design Review Board. Complete plans are not yet finalized and a date has not been set for that hearing.
Renderings: Cube 3
