Amazon is looking to invest $5 billion and add 50,000 new jobs over the next 20 years as they have their sights set on building Amazon HQ2. One major metropolitan city is going to get the business and it just so happens that Miami is in the Top 10. Amazon is looking for a city that has over 1 million residents and is located in North America, mainly the United States. Cities are currently now organized bid packages to present to the Amazon RFP. Amazon is also looking to build on a development site that will allow them to build a 3 phase office park style development or retrofit an existing building as long as it fits their criteria. Miami is an attractive city as it features a high quality of life, strong infrastructure growth, a growing educated workforce, strong job growth, etc. Quality of life has become a major factor when choosing a new headquarter location as both housing cost, livability and amenities play a major roll in a firm's ability to attract top-end talent. It has been reported that even those who command six figure salaries in the current tech hub of Silicon Valley and San Francisco are looking to leave the the bay area in search of a lower cost of living without sacrificing their quality of life. Miami has the low pricing when compared with other major cities without sacrificing the quality of life and the city features all of the amenities that highly paid and educated employees seek including top-tier restaurants, recreation and culture. The low cost with a high quality of life in Miami would make it easy for Amazon to attract top-end talent. Some factors that hurt Miami is the lack of public transportation and traffic congestion.
Luis Lamar, Anna Caruso, Susan Imbrigiotta, Larry Kibler, Ricardo Tabet, Mayor Tomas Regalado, Francis Suarez, & Wilfredo Gor
Optimum Group Hosts Groundbreaking Ceremony for “The Optimum,” Their New Coconut Grove Office Tower
Optimum Group, a global real estate investor and leading developer, hosted a formal groundbreaking ceremony and champagne reception to celebrate the construction commencement of The Optimum, a new class A office tower in Coconut Grove. Mayor Tomás Pedro Regalado spoke briefly on Coconut Grove’s rich history and Optimum’s commitment to enhance the neighborhood’s revitalization as well as company’s ongoing contribution to evolve South Florida communities and growing businesses.
“As the first new Class A office building in over 25 years that fulfills the much-needed commercial and retail component in the center of one of Miami’s most historic community, ‘The Optimum’ is our response for those who are looking to live, work and play in the neighborhood,” said Ricardo Tabet, ceo of Optimum Group. “The space will not only complement The Groves’ lush landscaping and understated aesthetic, but will contribute to the neighborhood’s electrifying renaissance.”
The Optimum is a 5-story, class A office tower in the heart of the Grove. The Optimum is being designed by Arquitectonica, who took cues from Coconut Grove lush folliage including raking the buildings’ facades in natural cement and wood to blend seamlessly into Coconut Grove. The development will entail 44,000 SF of office space and 6,500 SF of ground floor restaurant space which is expected to feature a high-end restaurant along with a rooftop lounge that offers dramatic, panoramic views of Biscayne Bay. Optimum Development USA paid $8.5 million for the assemblage in 2014 and has since taken a $21.5 million loan on the property. The Optimum is located at 3480 Main Highway in Coconut Grove and is expected to be completed by 2018 with occupancy in just 16 months.
Francisco Suarez, Ricardo Tabet, Mayor Tomas Regalado & Wilfredo Gort
Charles Khabouth, Danny Soberano, Francisco Suarez, Raquel Regalado, Wilfredo Gort, Ricardo Tabet, & Mayor Tomas Regalado
Ricardo Tabet
Francis Suarez, Raquel Regalado, Wilfredo Gort, Ricardo Tabet, Mayor Tomas Regalado, Anna Caruso, & Igor Jozsa
Forum Aventura
How Developers Are Pushing Upscale Office Space to The Next Level With Standard Residential Amenities
As the demand for office developments through the United States continues to grow, some South Florida developers are pushing office space to the next level and bringing an upscale twist with standard residential features and amenities. In order to stand apart from the competition, some developers have mixed in modern luxuries such as open floor-plans, floor-to-ceiling windows, lush green spaces and diverse residential style amenities.
Forum Aventura
Forum Aventura is an office-condo developed by Miami-based CK Privé Group. The project put an emphasis on lifestyle elements including a landscaped rooftop with bar area, 14' ceilings, upscale artwork and communal lounges to promote creativity, community and productivity. Construction on Forum Aventura has recently topped off and will be ready for move-in in Q2 of 2018.
Forum Aventura
Other examples of developers using amenities to enhance their office space includes Foram Group's 600 Brickell, which features 30,00 SF of landscaped space, private fitness center, on-site management, valet dry cleaners. In Downtown/ Edgewater, Terra's Quantum Executive Offices, located in Quantum on The Bay, features valet parking, a terrace with bay views and full kitchens.
600 Brickell
Construction Update: The Optimum, Coconut Grove's New Arquitectonica Designed Office Development Breaks Ground
Optimum Development USA celebrated the ground-breaking and start of construction of The Optimum, a 5-story, class A office tower in the heart of the Grove. The Optimum is being developed by Optimum Development USA, led by Ricardo Tabet, and was designed by Arquitectonica. The development will entail 44,000 SF of office space and 6,500 SF of ground floor restaurant space which is expected to feature a high-end restaurant along with a rooftop lounge that offers dramatic, panoramic views of Biscayne Bay. Optimum Development USA paid $8.5 million for the assemblage in 2014 and has since taken a $21.5 million loan on the property. The Optimum is located at 3480 Main Highway in Coconut Grove and is expected to be completed in 12 to 14 months.
Triptych Hotel Approved in Midtown
Triptych Hotel has been approved under the Miami 21 Zoning Code after submitting revisions to their original plans and scaling back the project. New plans show the project to rise 20 stories featuring 252 hotel rooms, 300 parking spaces, 38,000 SF of retail and 41,000 SF of office space. The hotel will be operated as a Hilton Curio Hotel. The hotel will be among the first in Midtown and will join HYDE Midtown when completed as the main hospitality options between Midtown and Design District. Triptych Hotel is being developed by HES Group and JQ Group.
Construction Update: Three MiamiCentral, MiamiCentral's First Office Building, to Open by End of Summer
Three MiamiCentral, the first building to open as part of the 11-acre, mixed-use MiamiCentral initiative by Florida East Coast Industries in Downtown Miami, is expected to open by the end of the summer (2017). The second office building, Two MiamiCentral, is expected to open in the fall (2017). Three MiamiCentral features 90,000 SF of rentable Class A Office Space, 35,000 SF of rentable ground level retail space and is adjacent to the MiamiCentral transit station. Two MiamiCentral will feature 190,000 SF of Class A Office Space with tenants including Ernst & Young, Cisneros, Moss & Associates, Venevision International Enterprises, Fortress Investment Group, Florida EAst Coast Industries and Regus. Rental rates at Two MiamiCentral are around $33 to $35 SF triple net; and $29 per square foot at Three MiamiCentral. MiamiCentral will feature All Aboard Florida's Brightline station for rail service connecting Fort Lauderdale, Palm Beach and Orlando.
Fort Lauderdale Approves FATCity in FATVillage
Fort Lauderdale city commissioners unanimously approved FATCity, Flager Arts and Technology City in FATVillage. The mixed-use project is being developed by Triana Cos will total 1.35 million SF within 2, 30 story towers designed by Adache Group Architects. FATcity will feature retail, 270,000 SF of office space, hospitality, 612 residential units and 1,300 parking spaces. FATCity is expected to break ground around the end of 2018.
Developer Robert Wennett Sells Iconic Mixed-Use Parking Garage, 1111 Lincoln Road
Bayerische Versorgungskammer (BVK), a German investment fund, has purchased the iconic, mixed-use parking garage from developer Robert Wennett. The deal was reached at $283 million and includes adjacent retail space at 1664 Lenox Avenue and 1666 Lenox Avenue. The total assemblage comes to around 146,327 SF, all roughly equating to around $1,932 SF on the sale. BKV financed the purchase with a $66.85 million mortgage from Universal-Investment-Gesellschaft mBh. Wennett originally purchased the properties for $23.5 million in 2005 before undergoing heavy development. 1111 Lincoln Road is an award-winning, mixed-use parking garage designed by Herzog & de Meuron in 2010, that has become an iconic part of Lincoln Road, Alton Road and South Beach. The 7 story, exposed concreted, mixed-use parking structure itself features 94,488 SF of office space, 51,839 SF of retail space, and a 300 parking spaces which can also be used as event space. Ground floor retail space has floor-to-ceiling glass storefronts with high ceilings along with another retail space located on level 5 that also features floor-to-ceiling glass to provide amazing views of the Miami skyline.
Terra Closes on $32 Million Construction Loan, To Break Ground on Mary Street Office Complex in Coconut Grove
Following the successful closing of $32 million in financing from BB&T Bank, a partnership led by Miami-based Terra will break ground on construction next month at Mary Street, a new Class A office and retail complex in Miami’s Coconut Grove neighborhood. The Touzet Studio-designed project will transform a parking garage into 78,000 square feet of contemporary Class A office space with 18,000 square feet of retail space, while preserving public parking use. The mixed-use Mary Street office complex is the latest example of 'adaptive reuse' infill development in Miami. Construction is expected to begin in early August 2017 and be completed in late 2018. Mary Street is being developed in partnership with Mayfair Real Estate Advisors, and will mark the first delivery of new Class A office space in Coconut Grove in more than 20 years, following the completion of Terra's new Grove at Grand Bay condominium two blocks away. Mary Street, Grove at Grand Bay and Park Grove, a nearby three-tower luxury residential complex being developed by affiliates of Terra, represent a new wave of design-driven urban infill development reflecting Coconut Grove’s strong residential demographics and allure as one of South Florida's most walkable and self-contained urban neighborhoods.
Mary Street's Touzet Studio design will feature a terracotta brise soleil whose vertical patterns mirror the contours of a seashell, with transformed retail storefronts that will enhance visibility and accessibility from the street. The building’s amenities include a state-of-the-art main lobby, 24-hour security, ample above ground public and office parking, covered valet and drop-off, and dedicated elevators with direct office access. Electric car charging stations, bicycle stations and bicycle storage will be available for employees, owners and guests who travel by eco-friendly means. The development’s revamped retail, which will include prime street-level frontage along Mary, Oak and Rice Streets, will cater to chef-driven restaurants with café seating and unique retail serving Coconut Grove’s residents, visitors and daytime workforce. The retail component will connect the luxury residential corridor along South Bayshore Drive with the neighborhood’s urban heart concentrated along Grand Avenue and Main Highway.
“Our ability to secure favorable construction financing for Mary Street speaks to the promising office market dynamics in Coconut Grove, the project's superior location, and the surge of interest we've received among prospective tenants within months of unveiling our plans,” said David Martin, president and co-founder of Terra.
New Information Released on 110 Tenth, Worldcenter's Pickard Chilton Designed Office Tower
Miami Worldcenter recently announced that a new, 45-story, futuristic office tower would be built as part of their development initiative. The tower is currently known as 110 Tenth and new details reveal that the 45-story tower would be built above the 12-story podium of PARAMOUNT Worldcenter residential condo tower. The podium houses parking along with their amenity deck and high-street retail space. Pickard Chilton has designed the office tower, although Stantec is the Architect on record, which will feature a futuristic "diagrid" design in addition to 600,000 SF of Class A office space and 944,000 gross SF. Construction is expected to begin in the Q2 of 2018, with occupancy expected in late 2020.
Check-out our original coverage of the futuristic office tower by Pickard Chilton.
