Plans for a mixed-use project by Espacio USA on which construction was due to start in September are currently under review with the City of Miami, a spokesperson said. Espacio USA — the American arm of Spanish developer Inmobiliaria Espacio — holds two Omni-area properties: an office building at 1400 Biscayne Blvd. and an adjacent mixed-used building at 253 NE 14th St.

http://miamitodaynews.com/news/121011/fyi.shtml

Some unanswered questions:

-Will the parking garage be ugly? We need better drawings
-The implication is that they are buying the adjacent Florida Grand Opera site. Why is the site not included in these plans? (Florida Grand Opera to sell future headquarters site)
-Will they be kicking out tenants from the current 1400 Biscayne center to build this, or will they be building the garage portion in the rear first
-Why are they reusing the old MUSP instead of making this building Miami 21 compatible? Why does the DDA have so many criticisms of the design
-Why do the plans appear to have been drawn up using decades old technology?

Ummm because Pei is like 90 years old and thinks it's still 1983.

Kidding, but seriously. Your questions all point in that direction, and the building is god damned Brutalist! It looks just like that crappy Marriott next to the crappy Venetia. Might as well build a sky bridge to the Omni, which won't even need remodeling by the way.

More info and a development timeline...

Spanish firm proposes major development next to Arsht Center

http://www.miamiherald.com/2012/10/16/3053124/spanish-firm-proposes-major-development.html

So Pei had nothing to do with this. Just his firm. The man's retired.

Alyce just adores it, with reservations.

http://www.miamiherald.com/2012/10/18/3056512/major-biscayne-boulevard-projects.html

Looks like this property is being marketed under the name Ice Biscayne 1400

http://icebiscayne1400.com/index.html