First Ground-Up OZ Project Comes to Miami Design District
- Sep 27, 2019
BH3 will develop an 86,000-square-foot retail project in Miami’s Design District, the 30-acre enclave featuring high-street shops, upscale restaurants, art galleries and hotels.
The development will be the first and largest ground-up building to rise in this Designated Opportunity Zone. The project received its final and non-appealable site plan approval in August 2019. Having Segal Suarez as architect, groundbreaking is planned for the second quarter of 2020, with expected delivery in the third quarter of 2021.
The nine-story building will be located at 3801 N. Miami Ave., at the southwestern entrance of the Design District, roughly 4 miles north of downtown Miami. The property is adjacent to Interstate 195 and close to Interstate 95, mid-way between Miami International Airport and Miami Beach. The retail development, also including showroom space, will feature 25-foot ceilings on ground level and 14-foot ceilings on floors two through nine. Preleasing is to start in October 2019, with estimated rents ranging from $45 to $55 triple net per square foot.
BH3 purchased the two development parcels at 3801 and 3819 N. Miami Ave. for $15.1 million in 2017. In 2019, the developer established an Opportunity Zone fund specifically for this project, according to Gregory Freedman, principal and founder of BH3.