Miapolis, a proposed Miami Beach real estate high rise, has a catchy name but there are more questions than answers about a developer's dream of building the world's tallest building; a complex that would soar 160 stories on Miami's Watson Island.
Plans for the new Miami Beach real estate property call for a 3,200 foot tall building that would surpass the Burj Khalifa in Dubai as the world's tallest. The development would include an amusement park, a trade center, an observatory, a shopping mall, restaurants, Miami Beach condos, Miami office space as well as a hotel and a marina.
Guillermo Socarras has been working on the concept for nearly a decade, even though the name of the project and the location are new. After September 11, 2001 which was the last time Socarras floated this idea just, he claimed to control a potential site on Miami's Biscayne Boulevard and have Tyco International as a key supporter. However, those plans never materialized.
Whether the newest Miapolis plan is any closer to reality is hard to tell. Socarras declined to discuss the project this week claiming he wants to complete discussions with the Federal Aviation Administration first.
Concerns over the proposed Miami Beach real estate properties building height is just one of many obstacles that stand in the way for Socarras, whose previous developments have been mid-size condos and office buildings.
In order for this plan to work Socarras needs the FAA to approve the project's height and create a no-fly zone over South Beach and the Port of Miami.
Also, he would have to actually secure the land for Miapolis. He wants to build the iconic tower on the site of what is now Jungle Island, a tourist attraction featuring birds and other animals.
In order to do that Socarras is intending to pay off Jungle Island's $39 million loan and debts. Then he would hope to negotiate a new 99-year master land lease on the 28-acre parcel with the city at a rate of $4 million a year.
HIGH COST
Miapolis is a grand project that would cost billions. Industry experts agree it would be a tough sell, at a time when banks are reticent to lend money on any type of new Miami Beach real estate development.
Michael Cannon, local market analyst in Miami says, "It's a dream. Who would finance this? Who would invest in this? . . . It doesn't meet the test of highest and best use.''
The website lists a number of major companies that appear to be associated with the venture, but some of those listed say they haven't done any work for Socarras recently.
Socarras is trying to attract investors with a new set of detailed conceptual drawings for Miapolis, created by architecture firm Kobi Karp. Director Christian Berthin said the Miami firm was engaged in early 2009 and completed the concept package late last summer.
"We feel like we brought the design to the next level,'' Berthin said. "All signs point to it moving forward. It's a patience exercise at this point.''
Contributed by MLR Realty
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