Looking Up 

By Helen Hill

When developer Leon Cohen of Maclee Development builds his 93-story Empire World Towers, it will rank among the 30 tallest structures in the world.

Miami is gaining in the tall tower stakes.

Currently, the tallest building in Florida is the 789-foot Four Seasons Hotel & Tower on Brickell Avenue — not nearly as tall as the 1,250-foot-high Empire State Building, Chicago’s 1,700-foot-high Sears Tower or even the 986-foot-high Eiffel Tower. And it would be dwarfed by the world’s tallest free-standing structure: the 164-story Burj Dubai, estimated to eventually top out at 2,625 feet when it’s completed in 2009 (its actual, ultimate height is secret to thwart competitors).

But in local terms, we’re looking to break records. Coming close is the Arquitectonica-designed Marquis, 306 residences and a 56-key luxury boutique hotel and spa operated by Rock Resorts, located at 1100 Biscayne Blvd. in downtown Miami. The project has just topped off at 709 feet (67 stories), which will make it the city’s second tallest building when it is completed in spring 2009.

Height records are meant to be broken, and when developer Leon Cohen of Maclee Development builds his Empire World Towers, it will come in at 1,010 feet (93 stories), among the 30 tallest structures in the world.

Kobi Karp Architecture & Interior Design conceived the mixed-use complex, which city of Miami zoning officials recently approved. Empire World Towers will feature two oval-shaped towers faced in silver-blue tinted glass and “designed to reflect the nautical, sexy vibe for which Miami is known.” Planned are 1,557 condos, commercial offices, retail shops and a 1,786-parking-space garage, a mini-city with its own Metromover station incorporated into the project.

Still on the drawing board, with city of Miami approvals, is One Bayfront Plaza, 100 S. Biscayne Blvd., a 70-story tower that will reach 1,049 feet at the top of its decorative spire. It is scheduled to be completed between 2014 and 2017. Developer Tibor Hollo of Florida East Coast Realty plans to build 2 million square feet of Class A office space, an 850-room convention hotel, 112,000 square feet for shops and restaurants, and 120,000 square feet of convention space. The project will seek LEED certification from the U.S. Green Building Council.

Drive to healthier living

Upper Biscayne Boulevard in North Miami has become a lively area in the last few years with the construction of several new shopping centers along the thoroughfare. Now Craig Zinn Automotive Group plans to build the world’s largest Lexus dealership, Lexus of North Miami, at 14100 Biscayne Blvd. The company recently broke ground on the 1 million-plus-square-foot showroom; the service and parts facility, complete with 116 service bays; and a parking structure to hold inventory of up to 2,000 automobiles.

The project is designed to be eco-friendly, with Stiles Construction Co. using energy-saving construction techniques and recyclable materials throughout the building process. The dealership itself will contain numerous “green” features, such as intelligent building management systems for heating and cooling, non-absorbent tile flooring in the service department, and a containment system for lubricants and chemicals used during operations.

And clients waiting for their cars to be serviced will be able to consult on health and try out the amenities offered at the innovative Lexus Lifestyle Center. The dealership has also aligned itself with the Rosomoff Pain Center and will offer a plan for each new client, with a consultation and recommendation of lifestyle modifications.

The dealership is scheduled for completion in spring 2009.

Big sale ahead?

Reports of a deal for the sale of the Westin Diplomat Resort & Spa, South Florida’s largest and most expensive hotel, to New York-based real estate investment company The Chetrit Group may be premature. Last year, the hotel was offered for sale for about $650 million, considerably less than the $800 million it cost to build six years ago. Any buyer now may be paying even less for the property, which includes 998-room, 38-story dual towers with a 200,000-square-foot conference and convention center; the Diplomat Golf Resort and Spa, a few minutes away in Hallandale Beach; and the Diplomat Landing retail business and parking garages. A new Westin hotel is slated for the Intracoastal site; there are plans to increase the number of rooms at the Golf Resort & Spa and possible future high-end residential to be built around the golf course. The hotel will continue as a Westin.

Buzz

Leave it to lawyers to find loopholes to be closed. A recent opinion piece in the Sun Sentinel by attorneys Alan Becker and Allen Levine of the law firm Becker & Poliakoff highlighted a 40-year-old law known as the Interstate Land Sales Full Disclosure Act, which could be used by condo investors as the basis for lawsuits.

Here’s an overview of the concerns:

The 1968 legislation was originally intended to protect against unscrupulous developers who were selling swampland or wasteland property that was unsuitable for development. ILSA requires that developers who market 100 or more residential units using a “common promotional plan” follow specific filing and contractual requirements, which include registering the property with the government and providing buyers with an extensive property report before the purchase agreement is signed. There’s much more to the ambiguously worded regulations, which now may be used by disappointed short-term investors (aka “flippers”) to extricate themselves from condo purchases on legal technicalities that were never intended to apply to condominiums.

The lawyers called on Congress and Florida legislators to work with the U.S. Department of Housing and Urban Development in taking immediate action to close the loopholes in ILSA before the real estate market faces even more problems.

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The Caribbean at 3737 Collins Ave., Miami Beach, has been named a finalist in the National Association of Home Builders 2008 Pillars of the Industry Awards in the Best Adaptive Reuse of a Condominium Community category. Developer Christa/Bluerock is converting the existing north tower, the former resort hotel, into residences, and has built a new 19-story south tower designed by Miami architect Kobi Karp. The winners will be announced at the awards gala in Colorado Springs, Colo.

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A Wisconsin man has come up with a creative approach to selling his home in the current market. Bob Fanning, 69, is offering buyers the opportunity to gamble on his so-far-good health and become the beneficiary of his $500,000 life insurance policy. His 5,600-square-foot, four-bedroom, four-bathroom, two-story home comes with 30 acres of land and is priced at $498,900. The buyer could have a free home if Mr. Fanning pops off within 10 years. But legally, any suspicious or unusual circumstances would void the deal.

Please send news items on Miami-Dade real estate to hhill@miamisunpost.com