MIAMI (PRWEB) June 27, 2019
Greenberg Traurig, P. A. Miami Real Estate Shareholders Nancy B. Lash and Ryan D. Bailine represented Lancelot Miami River LLC, an affiliate of Adler Development, in its successful agreement with the City of Miami to build its new headquarters as part of a planned nearly $1 billion mixed-use project on the Miami River. On June 27, the Miami City Commission gave final approval for the project and the issuance of $150 million in tax exempt and taxable special obligation bonds to fund the building of the new city facility, which was approved by voters on the Nov. 2018 ballot.
The project, named Nexus Riverside, will be located on 1.59 acres owned by an Adler affiliate at 230 SW 3rd St. and the adjacent 3.15 acres at 444 SW Second Ave., the site of the existing city administrative building known as the Miami Riverside Center. The project will be built in phases over five to seven years, with the new city offices to be developed as part of the first phase.
Plans call for the development of up to four towers, including the city’s 230,000-square-foot office, multi-family rental units, retail space, and a shared parking garage.
As part of the deal, Lancelot Miami River will lease the Miami Riverside Center site under a long-term lease, which grants Adler the option to purchase the site. Construction of the city’s new facility is expected to begin by the end of the fourth quarter of 2020. The city will remain in its present administrative building until the new facility is completed.
Lash and Bailine assisted Adler Development with structuring the deal, which began negotiations after the Adler team won the City of Miami’s 2016 request for proposal to build a new headquarters in a combined transaction designed to monetize the value of the city’s property.
“Negotiating the deal was complex, due, in part, to the intricacies of timing the construction and financing of the city’s new headquarters with Adler’s development of Miami Riverside Center and its adjacent parcel” Lash said. “We were mindful that there can’t be any down time – the city can’t go dark, so all of the other aspects of the agreements had to be in sync with that requirement.”
Lash, who is co-chair of global law firm Greenberg Traurig’s Miami Real Estate Practice, represents clients in Florida and nationwide in broad aspects of commercial real estate. Her experience includes the negotiation, documentation and closing of the sale, purchase, financing and development of vacant land, office buildings, apartment buildings, shopping centers and large-scale mixed-use, hotel, condominium, office and retail projects. She has wide-ranging experience in portfolio transactions with assets located in jurisdictions throughout the United States, and represents landlords and tenants in complex lease negotiations, with a specialty in ground leased developments in the public-private sector.
“This agreement represents a win for the City of Miami and its residents,” Bailine said. “The city will receive a new, modern facility and will be monetizing its land holdings. The project will continue to bring more economic development and vibrancy to the Miami River area, providing local residents with a new opportunity to live on the Miami River and enjoy it via Nexus Riverside’s various retail offerings.”
Bailine’s practice focuses on the development and financing of complex real estate projects, including real estate, land use, and regulatory aspects. He represents some of the most active and prolific developers in North America, advising on residential, commercial, industrial and mixed-use projects, including Transit Oriented Developments (TOD), opportunity zone elements, affordable and workforce housing issues, and public-private endeavors. Bailine routinely works with local, regional and national regulatory agencies to facilitate the permitting, construction, development, and financing of real estate projects, including negotiating long-term ground leases, development agreements, development rights transfers, financing documents, joint venture agreements, and qualified opportunity zone structures, along with infrastructure and utility components.
“We very much appreciate Ryan, Nancy and the entire GT team’s hard work and dedication on this project. Not only were they an absolute pleasure to work with, but their resourcefulness, legal knowledge, and negotiating skills were instrumental,” said Adler Group’s Executive Vice President Jonathan Raiffe and Vice President Adam Mait in a joint statement. “Simply put, we could not have selected better legal representation and were beyond fortunate to have them on our team.”
About Greenberg Traurig, LLP: Greenberg Traurig, LLP (GT) has more than 2,000 attorneys in 41 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. Web: http://www.gtlaw.com Twitter: @GT_Law.