Miami City Commissioners have given approval to a deal with Bayside Marketplace and the developer of SkyRise Miami to build a 1,000 foot tower and refurbish the shopping center, according to the Miami Herald.
The commission unanimously approved the 99-year deal. Now, the public will get a chance to weigh in on the deal when it’s put to a public referendum on August 26, according to the Herald.
The agreement, the Herald reported, would see Bayside’s operator, General Growth Properties, pay $10 million to the city upfront and then increase the pay to $2.3 million and commit to at least $27 million in improvements.
The SkyRise observation tower would be part of a complex proposed by developer Jeff Berkowitz. The complex would have “three observation decks, a fine-dining restaurant, a nightclub, ballroom, store, and three theme-park-style rides,” according to the Herald.
Berkowtiz told the Herald he will pay Bayside rent for the building and pay the city around $1 million a year once the tower is opened, which he has targeted for 2017.