Entrepreneur Jean Simonian Seeks to Redevelop Miami Beach Public Parking Lot into 7-Story, Mixed-Use Building

Luxury watch entrepreneur Jean Simonian is proposing to redevelop a public parking lot in Miami Beach into a mixed-use development, according to a recent filing with the Miami Beach Commission.

What Simonian’s project entails: The proposed seven-story development, situated at 1000 Washington Avenue, would encompass a blend of parking and commercial space. Three floors are slated for office spaces or workforce housing, while the first floor would be earmarked for 4,065 square feet of commercial space. A rooftop pool deck is also part of the design. Floors four to six have the potential to be developed into either offices or workforce housing, and the top floor, spanning 8,410 square feet, could be designated for a hotel or an additional office floor.

The parking lot, today: The site currently houses a 37-spot surface parking lot, which generated revenue of $255,731 in the previous year. Simonian is seeking a 99-year ground lease for the development, with an annual cost of $470,000 and a 2 percent annual rent escalation.

What is the next step: The Miami Beach commissioners are scheduled to review the application soon. They may choose to direct city staff to negotiate a deal, reject the proposal, or explore other potential offers.

Simonian is the founder of Westime, a prominent chain of luxury watch boutiques. He previously acquired the adjacent Washington Park Hotel for $44 million in 2021.

The proposed mixed-use development is part of a growing trend in Miami Beach, where developers are seeking to redevelop underutilized properties into more vibrant and diverse uses.