September 11, 2020
South Florida Business Journal: Macken seeks to downsize, cut office from North Miami Beach development
NORTH MIAMI BEACH, Fla. (September 11, 2020)—Three years after receiving approval for a mixed-use project in North Miami Beach, Macken Cos. wants to significantly downsize the project and eliminate the office space entirely. The city’s Planning and Zoning Board will consider the revised site plan for 5 Park on Sept. 14. LAAAJ LLC, an affiliate of Macken Cos., controls the 2.8-acre property at 16955, 17005, 17017, 17035 and 17071 W. Dixie Highway. The property currently has an office and retail center, which would be demolished. It’s just north of the city tennis center and a few blocks south of Greynolds Park. Approved in 2017, the original plans for 5 Park had two 19-story towers totaling 862,217 square feet. It was slated for 417 apartments, 50,486 square feet of offices and 32,000 square feet of retail space. At the time, the architect was Kobi Karp. Under the new proposal, the project would be significantly smaller and have a new design. The eight-story building would total 578,651 square feet, with 364 apartments and 18,000 square feet of retail space. There would be no offices. The building would have a pool court with cabanas, a fitness room, amenity rooms, a garden and 573 parking spaces. MSA Architects was tapped for the new design of 5 Park. Alan S. Macken, principal of the developer, said he changed the design to maintain flexibility and stay current with the real estate market. It would also make the project more cost-efficient.Macken Realty is the exclusive sales agent for Koya Bay.
There were additional costs to include offices in the project, such as a bridge between buildings and having two towers instead of one. Constructing a taller building is more expensive, he added. “There is a more efficient program we can put in place,” Macken said. “A project is only as good as its design, and I felt the design could be updated.” Macken is still talking to retailers about the project, and he’s signed several letters of intent, he added. Units in 5 Park would range from 600 to 1,416 square feet. There would be 51 studios, 163 units with one bedroom, 123 units with two bedrooms, and 19 units with three bedrooms. Attorney Joseph Goldstein of Holland & Knight represents Macken Cos. in the application. Macken said he will wait until he receives approval for the new site plan before deciding how to move forward with the project.
For more information, call (844) 4-MACKEN or visit www.koyabay.com.