June 16, 2016
Jorge Brugo and Ian Ludmir, building atop a lot purchased from the Miami Parking Authority for $1.35M in 2014 and investing more that $6M towards fixing up the parking authority’s 50-year-old garage on 70 SW First St. in Downtown. They will add some 160 public parking spaces, and transform the current 658 parking space garage into an elegant tower.
M-Tower dwellers, however, will have to pay a monthly fee, like more downtown area residents, for the right to park in the controlled garages. The future 637,000 Sq Ft project, designed by Zyscovich Architects, is headed towards 600 feet and 440 apartments. with 25,000 Sq Ft of shared office space, 900 Sq Ft of retail and a pool deck, Brugo spoke about the project, stating it will be leasing rooms at a market rate between $2.7 and $2.85 a square foot.