[ad_1]
High-profile Miami developers are looking to diversify Edgewater and the area surrounding Midtown and the Miami Design District by adding office towers.
In the larger filing, One Thousand Group has proposed building a 47-story high-rise at 3601 Biscayne Boulevard, just west of an Interstate 195 off-ramp in Edgewater, near the Miami Design District. The development, called Tower 36, would replace a Shell gas station and a two-story multifamily building.
The skyscraper would feature 312,058 square feet of office space as well as 29,109 square feet of commercial space and 671 parking spots, according to the plans.
The Miami-based One Thousand Group, led by Kevin Venger, Louis Birdman and Michael Konig, does not appear to own the 1.5-acre site, according to property records, but the proposal suggests they have the land under contract.
The second office bid comes from a joint venture between Integra Investments, Tricap Capital and Lndmrk Development. The proposal calls for a 20-story tower at 3601 N. Miami Avenue, between Midtown and the Design District, also facing Interstate 195.
The 448,817-square-foot building would house 199,048 square feet of office space, 11,438 square feet of commercial space — including 4,196 square feet of retail space on the ground floor — and 642 parking spaces.
The office floor plates would range between 12,000 and 21,000 square feet. The developers purchased the 1-acre site for $23 million last year.
Miami’s Urban Development Review Board is scheduled to hear both proposals this Wednesday.
The developments would be some of the first office high-rises in the largely retail and residential neighborhoods, as developers bank on the continued corporate migration to Miami that started during the height of the pandemic.
In the Design District, Craig Robins’ Dacra announced Ursa, a 15-story office tower, last year. But the developer has yet to announce tenant signings or secure construction financing as the city’s office market cools.
Over the third quarter of 2023, the office absorption rate across Miami remained in the red, dropping by about 2,400 square feet to negative 52,049 square feet, according to data from JLL.
One Thousand Group is best known for having developed the Zaha Hadid-designed One Thousand Museum condo tower in Downtown Miami, which it completed in 2019. As a follow up, the Miami-based firm launched the Major Food Group-branded Villa condo, also in Edgewater, in partnership with Terra earlier this year.
Julia Echikson can be reached at jechikson@commercialobserver.com.
[ad_2]
Source link
