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Discussion Starter · #1 ·
whoa it seems as if one of these days a developer comes in and i'll pay you 100billion for the city of miami.i remember back when i used to go every saturday night to watch a movie at the omni ,to bad it went out of business
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Posted on Fri, May. 06, 2005




REAL ESTATE


Omni Center sells for $100M

Developers purchased the long-struggling Omni Center for $100 million, creating a huge section of properties poised for development in Miami's Performing Arts Center district.

BY MATTHEW HAGGMAN

[email protected]


The Omni Center, an enormous concrete structure covering a lengthy stretch of Miami's Biscayne Boulevard, has been sold for $100 million in a move that portends more dramatic changes in the rapidly evolving Performing Arts Center neighborhood.

Argent Ventures purchased the 11.2-acre parcel, currently occupied by a Radisson Hotel, an art school and chamber of commerce offices, from Lehman Brothers. Also on the property is the gutted Omni International Mall. The purchase comes on the heels of developer Pedro Martin's Terra Group buying a nearby 10-acre swath of land in March from The Herald's parent company, Knight Ridder, for $190 million.

The twin sales bring about a rare occurrence for a major metropolitan area: More than 21 acres -- separated only by a bus stop and Metromover station -- are poised for development.

''We view this site as one of the great development sites in the U.S.,'' said Mark Teitelbaum, chief operating officer of New York City-based Argent. ``Where else can you have control of such a large site in the middle of a major [downtown area] where around you is explosive development and you are near the water? This is a special opportunity.''

South of the Omni Center, the Performing Arts Center is taking form and an unprecedented number of high-rise condominiums are sprouting in downtown Miami. To the north, the Edgewater and Wynwood neighborhoods are experiencing a historic surge of building activity.

The Omni Center, stretching from Biscayne Boulevard to North Bayshore Drive and Northeast 15th Street to Northeast 17th Terrace, has stood for several years as an imposing eyesore. City leaders are hoping the renaissance occurring now will inspire more street life and bring pedestrians onto Biscayne.

''I would like to see them bulldoze that whole complex and start over,'' said Miami City Commissioner Johnny Winton, whose district includes Omni Center. ``I think that whole complex as originally designed is totally disinviting to the kind of community the city of Miami is trying to create.''

Teitelbaum said Argent is evaluating its options, which could include a mix of demolition and retaining the existing structure. Residential and office components are both considerations, he said.

He also praised the Greater Miami Chamber of Commerce and the Miami International University of Art & Design, which are both tenants in the building, and the 528-room Radisson Hotel.

''We like retaining existing infrastructure whenever possible,'' Teitelbaum said. ``The art institute is a great tenant on a long-term lease that belongs in the area. The chamber creates activity in the hotel. And we think the hotel is a great asset.''

Argent closed on its purchase last month. Jubeen Vaghefi of Rockwood Realty, who brokered the sale, said the property drew ''significant interest'' when it went on the market late last year.

Lehman Brothers' Miami office did not return calls.

In a separate transaction, Teitelbaum said Argent also purchased the sole single-family house located on the same block as Omni Center. A two-story home built in 1937, the home at 1720 N. Bayshore Dr. has stood incongruously next to the massive Omni for decades. Teitelbaum said it bought the home last month, which previously sold for $2.5 million in February, but refused to disclose the purchase price.

Luciana Gonzalez, spokeswoman for Miami's Planning & Zoning Department, said the nearly 70-year-old house is not historically protected.

Argent previously had a stake in the retail portion of Omni Center, but the property never came to life. Most recently, Argent acquired and renovated the Manhattan Mall in New York City.

''This is our next venture,'' Teitelbaum said of the Omni Center. ``We are putting all of our resources into this now.''

http://www.miami.com/mld/miamiherald/business/11576768.htm
 

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Cool! this is insane! :nuts:
Miami is going to be unrecognizable in the next five or ten years. So much is going on! :nuts:
Thousands of new condos, new neighborhoods, new tallest buildings, new malls, new people.:nuts:
South Florida has already grown and changed so much since I moved here in 1997!
It's like a gold rush!!!!:nuts::nuts::nuts:
Biscayne Boulevard is going to be amazing. I can't wait. I wish I could fast forward ten years.
I wish I could move downtown now before it becomes like Manhattan or Chicago's loop, or San Francisco.
I'm so glad something's going to be done about that disgusting eyesore of a mall.(No disrespect to your childhood memories of the mall, hatter:))
The Omni site is soooo important to the future of downtown. It has to become more pedestrian friendly.
After all of this development, the ridership on the metromover is going to be crazy!
 

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Discussion Starter · #3 ·
ok i was searching online for this argent ventures,and i was disappointed to findout they're in the business of renovating old malls into techology center which might mean no scrapers!!
 

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I remember when they built that monstrosity calling it a "megastructure" but it sits in an urban setting while ignoring the streetscape surrounding it so it was no wonder it failed. What a horrible piece of architecture and I hope they get rid of it.
 

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amen to that, bob.

gotta think we'll see some tall buildings on this site if they do scrap the existing building. $100 million is an assload of cash so they're gonna wanna make all thet can. only way to do that is to build up. hopefully they'll coordinate with the developer (can't remember who it is now. perdo martin?) next door at the herald site to unify the area.
 

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Hatter when did the Omni actually close? I remember going there as a kid too to see movies, and then when I was a young adult when I moved back.
 

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and a Wal-Mart.
 

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omni

does anyone know if that purchase include the hotel (i think its a radisson but i could be wrong) that sits in the center of the u-shaped plan of the Omni mall, or is it just the mall and garage. I don't really like that hotel either, the entrance on biscayne is an ugly recessed car-port.
 

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Discussion Starter · #14 ·
yea in the article it states the radisson is included
 

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rider_of_rohan said:
Hatter when did the Omni actually close? I remember going there as a kid too to see movies, and then when I was a young adult when I moved back.
Yes , Rider of rohan :) , the Omni Mall closed over 7 years ago, when J.C. Penney and the OMNI 6 Theaters closed , the Mall closed about two years after, This is Great News, and that two story, 70 year old house is Not a Historict art house :bash: , so the Whole Omni complex with the Raddison hotel needs to Come Down :bash: , its over 30 Years old. :runaway:

The part where the University art school is the Old Jordan Marsh, My mother used to work there back in the 60's before the Omni Mall was built, Its all got to go, Build about 4 Condo towers of 55 floors each with a park and driveways through the middle of the Condos.. Perfect, and Go Cranes !!! :cheers:

RE-EDITED for Mad-Hatter :) , okay Uptown, bro, But it still has to be torn down to the ground. :cheers:
 

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Discussion Starter · #16 ·
no it didn't close 15 years ago because i remember going to the omni amc6 when i was like eight ,that was 8years ago
 

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The Mad Hatter!! said:
no it didn't close 15 years ago because i remember going to the omni amc6 when i was like eight ,that was 8years ago
No Problem, Mad Uptown Hatter :) , its Been Re-edited, I can find the right date it closed by the miami herald office when I worked by there next week. :cheers:
 

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If these people are willing to spend that kind of money to simply buy the property, think how much they'll spend on the project that will go ON this property. :eek2:
 

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Discussion Starter · #19 ·
so as the article states 21 acres divided only by a metromover station.....anyone want to guess what kind of project we'll see......and roark no verticus
 
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