1675-3 New Hotels 18 of 54, 14 Terms
mh94 CITY BUYS CONVENTION HOTEL LAND 03/20/1994
THE MIAMI HERALD
Copyright (c) 1994, The Miami Herald
DATE: Sunday, March 20, 1994 EDITION: FINAL
SECTION: NEIGHBORS MB PAGE: 10 LENGTH: 30 lines
SOURCE/CREDIT LINE: FRAN BRENNAN Herald Staff Writer
CITY BUYS CONVENTION HOTEL LAND
Miami Beach agreed Wednesday to pay $8.75 million for the final piece of
property needed for the proposed convention center hotel parcel, avoiding a
long and costly legal proceeding.
After failing to come to terms with the property's European owners, city
commissioners had agreed in November to file a quick-take action on the St.
Moritz, 1565 Collins Ave. The city would put $5 million -- the higher of two
appraisals on the property -- in an escrow account and gain title.
Under the quick-take action, a court would have decided the price the
city should pay for the property. It could have been higher than $5 million.
The settlement was reached with property owners Golden Eagle of Miami
Corp. the very day quick-take hearings were to start.
"We now have finished the land accumulation. And we've done that without
litigation and within a reasonable price, " City Manager Roger Carlton said.
"Property taken by condemnation ultimately costs much more. "
In all, the city has spent $20.6 million to acquire more than five acres
of waterfront property to bring a major hotel developer to the convention
center district. Carlton said Wednesday's settlement clears the way for the
next phase of the project: choosing from among the eight proposals submitted
by developers.
Carlton plans to appoint an independent review panel to evaluate the
hotel bids. He said he hopes to choose the panel within the next week.
TAG: 9401220714