City of Miami commissioners approved a resolution to convert a parking garage into a condominium form of ownership. The property is the Regatta Harbour Parking Garage, located on the Coconut Grove waterfront.
The parking garage is owned by the Miami Parking Authority, an agency of the City of Miami. The first floor is occupied by commercial retail spaces, and the remaining floors make up the parking garage.
The resolution requires the City Manager to execute a declaration of condominium, articles of incorporation, and bylaws for the property. The intent is to sell commercial retail units individually subjecting them to property taxes and increasing revenue for the City. The parking garage portion would remain open to the public.
The resolution pushes South Florida one step closer to the latest real estate trend – car condos.
Car condos are gaining popularity in metropolitan cities due to high population and limited space, which make it increasingly difficult to find affordable and convenient parking.
This Miami Herald article reported that an existing parking garage in New York City was recently converted into a condominium. The developer sold off parking spaces for as much as $350,000 each.
Our firm has unique experience in condominium developments, the varying setups of parking within those developments and the resulting disputes and litigation over those parking spaces.
Sources:
Miami Today, Miami looks at making Regatta Harbour garage a condo to net taxes, (Dec. 7, 2021) https://www.miamitodaynews.com/2021/12/07/miami-looks-at-making-regatta-harbour-garage-a-condo-to-net-taxes/
The Miami Herald, ‘Pricey car condos’ are latest real estate rage, (Aug. 15, 2021, 6:00 AM) https://www.miamiherald.com/news/business/article253440089.html
Sources:
Photo from Miami Parking Authority
