In competition against the city, Bloomberg acquired the 12,500-sf site about two years ago for $435,000, or $35.80 a sf.

The Miami Beach City Commission decides today whether to pay locally based American Riviera $1.5 million for the envisioned world-class regional public library.

Bloomberg is seeking another $245,000 to cover legal fees in the court case he filed against the city's eminent domain action. The law also allows him to seek certain costs up to a cap of about $350,000.

There also are some indications in the public record that Bloomberg is seeking additional concessions related to one of his redevelopment projects.

Last year, Bloomberg won approval to redevelop a 51,750-sf office building and permission to link tenant parking to a remote lot about two blocks away. It now appears, however, Bloomberg is seeking a deal that would allow him to also offer his office tenants on-street parking privileges outside the building.

It is difficult to determine whether the commission will accept the out-of-court proposal or return to court for settlement negotiations, considering the resentment some of the elected members harbor against the land owner.

Although he couldn't talk in detail about the proposed settlement, Deputy City Attorney Robert Dixon tells GlobeSt.com that Bloomberg acquired the property at roughly its appraised value.

A year later, a second appraisal came in at about $750,000. Just recently, the city's appraiser set the estimated value at about $1.1 million.

"They have appraisals that are higher," Dixon says.

In this case, however, the city has little leverage in negotiations. Bloomberg knows that.

The city needs the parcel to complete the final piece of its prized cultural campus, which includes the Bass Museum on one contiguous parcel, the Miami City Ballet on an adjoining parcel and Collins Park on the other.

"The piece is critical to the city," Dixon says. "It would be of tremendous benefit to the citizens. This would truly become a world-class building. The entire eastern face would front Collins Park and the Atlantic Ocean. It would just an absolutely significant addition to the city because of its architectural beauty."

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UPDATE: City Dilemma--Is $120 per SF a Holdup or Fair Price for Library Site?

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