A project by Grand Station Partners has been approved by the Miami Parking Authority to lease a vacant tract of land the public body owns in order to build a 33 story apartment building. Located at 40 N.W. 3rd Street next to an existing garage structure, the new project will offer 300 apartments while adding 355 spaces to the existing parking garage. The parking authority would be given ownership of the expanded garage. Tenants in the new building will not receive parking in either garage they could elect to purchase monthly passes in the public garage.
Under the terms of the 99-year lease, Grand Station Partners would be obliged to pay a $750,000 deposit upon completing the deal to begin paying $240,000 per month in year six. The project will still need to be approved from the city.
