Originally Posted on Wednesday, December 06, 2006
The Miami Herald reports that Boca Raton based Ocean Land Investments is partnering with Jorge Perez's Related Group to propose a 3 tower 300 unit Ultra-Luxury condo development in land behind Mercy Hospital in Coconut Grove. The land is owned by Mercy Hospital but the hospital wants to sell 6.7 acres of its prime bayfront land to the group for $98 Million. The hospital says that it will use the proceeds from the sale to fund much needed internal improvements to the hospital.
The project, which was originally going to have 1000 units, has faced public opposition from residents who fear an increase in traffic in an already congested part of Miami. The reduction to 300 units and decision to brand the project as an ultra-luxury project was due in part to appease these concerns. Related contends that the affluent residents of such a project would not be contributing to the rush hour problems becuase most of them do not need to be at work during the normal 9 am to 5 pm work day. The ultimate decision as to whether or not the project will proceed will be up to the Miami City Commission.
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