Met 3 | 32 Floors | 349 Ft | Under Construction

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[Also see: Met Square]

Met 3 location: 200 SE 2 Street, Miami.

Met 3 is now under construction as of December 2012. The project will include a ground floor Whole Foods Market in an 11 story pedestal, with 17 floors of 462 rental apartments above.

Suffolk Construction, the general contractor on the project, expects to complete the Whole Foods by the end of 2013, with the residential tower slated for completion the following year, according to MDM.


49 Comments

  1. sandman

    January 20, 2012 at 9:32 pm

    Courtesy MHR at SSC:



  2. langbro

    February 15, 2012 at 4:13 am

    Courtesy Miami1:


  3. sandman

    February 19, 2012 at 6:25 pm

    The owner of Met 2 (metlife insurance company), has executed a lease which gives them the right to use up to 750 spaces in the new Met 3 parking garage.

    They also have bought the rights to purchase Met 3 after it is completed.

  4. yellows2k

    February 24, 2012 at 3:15 pm

    Construction set to start for Met 3 project in downtown Miami

    South Florida Business Journal by Oscar Pedro Musibay, Reporter

    Date: Friday, February 24, 2012, 9:56am EST

    Excitement is growing in downtown Miami as construction crews prep the ground for a complex that will house Whole Foods Market, the first major supermarket to be located in the area.

    The popular upscale grocery store will be located on the ground floor of the Met 3 apartment building at 200 S.E. Second St., whose building site currently resembles an empty swimming pool.

    Eventually, the Whole Foods will sit on a parking pedestal with rental apartments on top, fulfilling the third major piece of developer MDM Group’s four-part project. Equity Residential (NYSE: EQR) has a contract on the air rights …

    http://www.bizjournals.com/southflorida/print-edition/2012/02/24/construction-set-to-start-for-met-3.html?s=print

  5. sandman

    April 18, 2012 at 6:21 pm

    Updated renderings for Met 3 and Met Square.

    Met 3:

  6. sandman

    April 18, 2012 at 6:25 pm

    Met Square – Silverspot movie theater:






  7. langbro

    May 3, 2012 at 5:28 am

    Looks like the plans may have been changed yet again for Met 3 and Met Square…. Met SQ might be getting a resi tower on top.

  8. miami1

    May 3, 2012 at 2:15 pm

    Good News!!! Maybe MDM Group is realising how hot the residential market is getting in Downtown. That is why I don’t understand why they can’t build Met 3 higher, offer it as rentals, and when the market improves convert it to condos…

  9. langbro

    May 3, 2012 at 5:08 pm

    Be advised that these are very rough sketches – you will not like the rendering because they are not completed designs

  10. miami1

    May 3, 2012 at 7:16 pm

    I like it. It’s taller than Met 3!

  11. yellows2k

    May 3, 2012 at 7:57 pm

    miami1, post: 757, member: 20 wrote: It’s taller than Met 3!

    That isn’t saying much.

  12. miami1

    May 3, 2012 at 8:19 pm

    Yeah, they basically chopped the original Met 3 in half, one part on top of Whole Foods and put the other half on top of Met Square!!!

  13. sandman

    May 3, 2012 at 8:30 pm

    It is possible that it is just a placeholder…. or they are only permitted a certain amount of units under their MUSP.

  14. Afi K. James

    May 3, 2012 at 11:59 pm

    I Can’t wait for this.

  15. METROPOLITAN INTENT

    May 7, 2012 at 3:05 pm

    Has the placement of the tower on Met Square been approved yet?

  16. langbro

    May 7, 2012 at 4:32 pm

    They should not need to get new approval, as long as they stay within the general parameters of the original major use special permit.

  17. sandman

    May 23, 2012 at 7:43 pm

    Supposedly there are some problems with construction…

  18. UMdev

    June 26, 2012 at 6:09 pm

    The last I heard the didn’t have the equity for the rental portion of the project.

  19. sandman

    June 26, 2012 at 8:35 pm

    UMdev, post: 1320, member: 80 wrote: The last I heard the didn’t have the equity for the rental portion of the project.

    Welcome to the forum.

    Not sure who you mean by ‘they’. The air rights were supposed to be sold to Equity Residential on top of either Met Sq or Met 3.

  20. UMdev

    June 26, 2012 at 8:46 pm

    I was referring to the equity as in capital or money. In order to build you have to have financing (debt) and capital (equity). So say you are building a $100m project and the most a bank will loan you is 60%, then you have to have the other 40% in cash (equity). From what I heard the group putting up that equity for the residential portion backed out. They were still going to go forward with the Whole Foods and garage with the ideal that they would find a new equity partner or iron out and issues later.

    I don’t know if that’s true, that just what I’ve heard.

  21. sandman

    June 26, 2012 at 8:50 pm

    To clarify, there is a company called ‘Equity Residential’ (NYSE listed, Sam Zell vehicle) that was in talks to buy the air rights and build the residential portion.

  22. yellows2k

    August 3, 2012 at 10:10 pm

    MDM moves forward with market and garage, rental tower out

    MDM Development is working to begin vertical construction on the parking pedestal with a Whole Foods Market on the ground floor at its downtown Miami site. But the planned rental tower above it is on hold.

    MDM had been negotiating with Equity Residential to build more than 400 apartments as part of the third phase of its Metropolitan Miami project, dubbed Met 3. But that deal is not going forward, according to sources.

    MDM would only comment on what it will build.

    “We are moving forward with construction of the much-anticipated Whole Foods Market and accompanying parking pedestal with the Met 3 site. Regarding future development on the Met 3 site, we will continue to evaluate all our options as we move forward with the ongoing development of Metropolitan Miami as a whole,” MDM VP Tim Weller said.

    Metropolitan Miami, at 200 S.E. Second St., is slated to have a 37,000-square-foot Whole Foods on the ground floor, topped by 10 levels of parking.MDM expects that the supermarket would be open by the fourth quarter of 2013.

    http://www.bizjournals.com/southflorida/print-edition/2012/07/27/commercial-real-estate-roundup.html

  23. sandman

    September 7, 2012 at 1:30 pm

    When the construction permit for the garage was finally issued a few months ago, the notes stated that they are required to have archaeological monitoring.

    There still is no major construction activity at the site.

    This is the site of an Indian burial grounds, so it would not surprise me if some people were claiming that the land is cursed.

  24. langbro

    October 22, 2012 at 7:52 pm

    Looks like they have now cleared up the liens that were placed on the property.

  25. Daniel

    October 24, 2012 at 1:50 pm

    As a resident of the Epic Hotel and Residences, I can see the lot for Met Square undergoing some construction and excavating. Only a partial of the lot is currently being excavated which seems odd unless it’s in phases???

  26. langbro

    October 24, 2012 at 2:43 pm

    Daniel, post: 2332, member: 319 wrote: As a resident of the Epic Hotel and Residences, I can see the lot for Met Square undergoing some construction and excavating. Only a partial of the lot is currently being excavated which seems odd unless it’s in phases???

    I believe the only permit that they currently have is for tree removal.

    The plan for Met SQ was to stagger the construction so that it starts six months after Met 3 since they will share parking.

  27. langbro

    November 5, 2012 at 2:49 pm

    There is now a permit pending for archaeological excavation – which could indicate that they found some type of native burial ground at the site. This could potentially delay the project for some time.

  28. Sean

    November 5, 2012 at 5:31 pm

    Just to clarify, that archeological permit is for Met Square, not Met 3?

    langbro, post: 2497, member: 2 wrote: There is now a permit pending for archaeological excavation – which could indicate that they found some type of native burial ground at the site. This could potentially delay the project for some time.

  29. langbro

    November 5, 2012 at 10:33 pm

    Sean, post: 2501, member: 42 wrote: Just to clarify, that archeological permit is for Met Square, not Met 3?

    I think so – but not sure.

  30. northwestern

    November 15, 2012 at 2:44 pm

    Machines back on the Met III site with the gate open yesterday. Also saw some large pipes that I don’t think we’re there before.

  31. langbro

    November 15, 2012 at 3:30 pm

    northwestern, post: 2612, member: 343 wrote: Machines back on the Met III site with the gate open yesterday. Also saw some large pipes that I don’t think we’re there before.

    very possible that they are finally moving

    the architect released these last week


  32. langbro

    December 3, 2012 at 5:14 am

    Full construction finally underway.

    Driving pilings:

  33. sandman

    December 3, 2012 at 3:03 pm

    langbro, post: 2758, member: 2 wrote: Full construction finally underway.

    Driving pilings:

    Yes.

    They posted a $31.5 million performance bond a few weeks ago. The NCO has been filed and construction is now underway.

  34. sandman

    December 11, 2012 at 5:07 pm

    Here is a copy of the new lease for Whole Foods at Met 3.

    Just signed a few weeks ago

    20 year lease with up to 30 additional years as an option.

    New lease permits restaurant use at Met Square

    [embed]http://www.scribd.com/doc/116421861″]

  35. sandman

    December 12, 2012 at 2:21 pm

    Also, the developer of Met 3 received a $44 million loan from MetLife insurance company on November 16th.

  36. Sean

    January 30, 2013 at 5:04 am

    Ok the address listed for the Met 3 site is wrong. SFBJ has it wrong too. It’s actually 250 SE 3rd Ave Miami, FL 33131. That other addy lands you on Biscayne BLVD.

  37. sandman

    January 30, 2013 at 12:50 pm

    Sean, post: 3332, member: 42 wrote: Ok the address listed for the Met 3 site is wrong. SFBJ has it wrong too. It’s actually 250 SE 3rd Ave Miami, FL 33131. That other addy lands you on Biscayne BLVD.

    The address listed in the first post is actually correct – google that has it wrong.

  38. Sean

    January 30, 2013 at 12:54 pm

    sandman, post: 3333, member: 1 wrote: The address listed in the first post is actually correct – google that has it wrong.

    Oh.

  39. sandman

    January 31, 2013 at 8:59 pm

    An application was submitted this week to install construction cranes at the Met 3 site.

    The cranes are to be installed up to a maximum height of 423 feet.

  40. Sean

    January 31, 2013 at 11:09 pm

    Are they building the residential portion now? Two anonymous commenters on Curbed said they were.

  41. sandman

    February 1, 2013 at 1:21 pm

    This would seem to indicate that they intend to build it, but I have not heard yet if they have a financing deal for the resi portion.

  42. Chrismiran

    February 12, 2013 at 9:46 pm

    I walked by on foot, which that by itself was quite daunting sheesh, and had the balls to ask one of the construction workers whats the deal. He told me pretty much the same scenario with Env mary brickell…build the supermarket and garage first with ground floor retail, and leave the foundation for a residential tower for the future

  43. UMdev

    February 13, 2013 at 2:50 pm

    Metro Atlantic, post: 3485, member: 282 wrote: I wonder what made them back out on the apartments. The residential market has a high demand for rental apartments, especially in Downtown. It would have been really successful. Unless they’re waiting in hopes of reviving the old Met 3 with the condos. Met 3 is a vicious cycle of back and forth.

    When Equity Residential purchased Archstone they decided to pull out of all the their new developments in South Florida to focus elsewhere. It had nothing to do with the actual Met 3 project.

  44. sandman

    February 20, 2013 at 3:59 pm

    It is a bit more complicated than that. There is some bad blood between the owner and EQR – there was a lawsuit which has since been resolved.

  45. sandman

    February 22, 2013 at 3:37 pm

    More details: The construction permit which has been issued for Met 3 is a phased permit which will allow them to build a 349′ residential tower with 462 units.

    They have applied for a construction permit at Met Square but it has not been grated yet.

  46. Laz

    February 22, 2013 at 7:01 pm

    It would be great to have a residential tower there, there are not enough all rental luxury buildings

  47. northwestern

    March 9, 2013 at 3:15 pm

    Looked outside my window this morning and it looks like the construction crane is going up!

  48. langbro

    April 23, 2013 at 8:12 pm

    Yes….via @cerverare

  49. northwestern

    June 4, 2013 at 3:11 pm

    In the first post, there was word from the contractor said that the pedestal/Whole Foods portion should be complete by the end of 2013. Is this estimate still reasonable? It seems to be taking quite a long time to complete the foundation work and they haven’t even started to go vertical yet…Or is it a quick process to build up once the foundation is in place?

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