Real estate Developer Jeff Berkowitz has plans for a 1,000 foot high tower in downtown Miami. The tower, SkyRise Miami, would be located behind Bayside Marketplace. The tower would be the tallest building in Florida. While the tower still has to go through the permit process, the FAA has already approved the building height. Additionally, testing has been completed to determine that the design will withstand hurricane force winds.
The tower will feature many amenities. Plans include three observation decks, a restaurant, a nightclub, the SkyHigh Club, a ballroom, a meeting room, and an interactive exhibit. Additionally, there are plans for rides at the tower. The SkyRise Flying Theatre, SkyPlunge, and SkyDrop should help draw visitors. The tower is projected to draw more than 3 million visitors a year.
Berkowitz is known in South Florida for his mall developments. He plans to invest up to $50 million in the project personally. The total project cost is expected to be between $300 and $400 million. Many potential investors may come from China where Berkowitz plans to court investors with the EB-5 visa program.
Developing commercial real estate requires careful navigation through complex issues. Financial investments, zoning laws, and project management are just a few details that must be understood when starting a project. Proper planning from the beginning will help ensure a successful development. The South Florida commercial real estate attorneys at Schecter Law have years of experience to help protect a client’s interests.