Miami Developers Pitch 2 New Office Towers Totaling More Than 500K SF
Two new office towers are being proposed blocks apart in Miami’s urban core, including one that would tower over the Intracoastal Waterway.
That proposal is a 636-foot-tall office tower near Midtown Miami, while a 20-story tower from another group is proposed on the edge of the Design District. The Miami Urban Development Review Board will review the plans during a Wednesday meeting.
Miami-based One Thousand Group is seeking approval for a development that is planned to include 312K SF of office space and 671 parking spaces on a 1.5-acre lot at 3601 Biscayne Blvd. The partially glass-clad tower would be one of the tallest in the immediate area
The development is called Tower 36 in the proposal submitted for review, but the One Thousand Group said in a statement to Bisnow that the project doesn't yet have an official name.
The tower, designed by New York-based architect Kohn Pedersen Fox Associates, includes 12K SF of retail space in the lobby and a 15K SF restaurant with an 11K SF dining room on a triple-height fifth floor that would sit atop a three-story parking garage.
A 42K SF amenity lounge is planned to share the fifth floor with the restaurant space, and the sixth floor would also include 10K SF of amenities. The building would feature a rooftop garden designed by Fort Lauderdale-based EDSA, the project’s landscape designer.
“As companies continue to bring their teams back into the office, including those who are relocating to places like Miami, and as developers we believe it is essential to create built environments that meet the desires of those companies and needs of their workforce,” the principals of One Thousand Group said in an emailed statement.
While the building would rise 47 stories, most of the upper floors at the property are planned to have two-story ceiling heights, leaving 32 floors of habitable space, including the parking garage.
Tower 36 is planned at the site of a Shell gas station, a multifamily property and a vacant lot on the corner of Biscayne Boulevard and Northeast 36th Street, directly adjacent to I-195. An affiliate of One Thousand Group called Tower 36 LLC has the three parcels under contract, but a spokesperson declined to disclose the price.
The tower would mark One Thousand Group’s entry into office development.
The firm is best known for building the Zaha Hadid-designed One Thousand Museum north of Downtown Miami and has developed four other condo towers, including the Four Seasons Brickell condo-hotel. In April, it announced a partnership with Miami-based Terra and Major Food Group to build a 58-story condo project in Edgewater simply called Villa.
“Our office model looks to combine the luxuries, amenities, services and level of security similar to those that we have created in our ultra-luxury residential towers,” the statement from the principals says.
The skyscraper would be built as of right, according to the developers' zoning proposal.
The second project under review is a 20-story office building at 3601 North Miami Ave. that is proposed by a joint venture of Tricap, Integra Investments and Lndmrk Development. The project is in Miami’s Design District, just a few blocks away from the One Thousand Group's proposal and also directly adjacent to I-195.
The property, designed by Miami-based Arquitectonica, would have 199K SF of office space atop a six-story, 642-space parking garage and ground-floor lobby on a 1-acre parcel.
The proposal shows glass running up the entire building facade, marrying the exterior design of the parking garage and office space. The building’s terraced floors would span around 21K SF, with sky gardens and outdoor spaces dotted along the exterior.
Retail space on the fourth floor would span 4K SF, and a rooftop terrace would include a 9K SF restaurant with a 4K SF dining room. The 19th floor would include a 3K SF fitness center and a grand staircase leading to the outdoor terrace.
New York-based Tricap and Miami-based Lndmrk didn't respond to Bisnow’s requests for comment. Miami-based Integra declined to comment on the proposal.
The joint venture paid $23M to purchase the Miami Avenue site out of foreclosure in May 2022 and announced plans to build an office building on the site, The Real Deal reported. The previous owner, Miami-based HES Group, had planned to build a 475K SF mixed-use development on the site with a 300-room hotel, 38K SF of retail space and 60K SF of office space.
There was just under 1.4M SF of office space under construction in Miami-Dade County at the end of the third quarter, according to Cushman & Wakefield.
Office leasing in Miami has retreated from pandemic-era highs, but the market has shown signs of resilience this year. The region saw 588K SF of leasing activity in the third quarter as vacancy dropped slightly. Asking rates are up 8% compared to last year, but rent growth has slowed, ticking up less than 1% during the third quarter.
At its meeting last month, the Urban Development Review Board approved plans for a 33-story office tower at Miami Worldcenter in Downtown Miami. The 484K SF proposal from Miami-based investment firm Abbhi Capital would have a residential component, sharing a podium with a 59-story residential tower with 558 units.
