International Developer Gets Approval for $412M Downtown Mixed-Use Project
- Oct 19, 2012
By Georgiana Mihaila, Associate Editor
Espacio USA will soon move forward with its first major US investment, as the company’s latest mixed-use project—planned for Downtown Miami’s Omni area—recently received city approval. The company envisions a $412 million development consisting of a 12-story, 103,000-square-foot Class A boutique office building designed to achieve LEED Gold certification and a 55-story luxury residential condominium tower with prime street-level retail.
Located on the 14th block of Biscayne Boulevard, the development will be set in the very heart of Miami’s cultural arts and entertainment district, just north of the Adrienne Arsht Center for the Performing Arts.
The mixed-use urban development also marks the return of world renowned architecture firm Pei Cobb Freed & Partners to Miami after designing the iconic, color-changing Miami Tower. With construction set to begin in the first quarter of 2013, the project’s completion is expected to take five years.
International developer Espacio USA—the American division of Spain-based real estate firm Inmobiliaria Espacio—is not a complete stranger to the Miami market. The company completed the $35 million acquisition of a 150,000-square-foot office and retail building on the 14th block of Biscayne Boulevard in 2010.
“Two years ago, we began investing in Downtown Miami and attracting new office tenants, and now we are entering the next phase of our plans to help revitalize Omni by bringing a Class A product to an underutilized area,” explains Alberto Muñoz, CEO of Espacio USA. “With an iconic design and a healthy mix of residential and commercial uses, the development will serve as an anchor for its neighborhood while bringing an additional economic boost to downtown Miami.”
The project marks the first major development to take off in the Omni area since the last real estate boom. The project will initiate development as downtown Miami rebounds with strong demand for residential and commercial product. The area’s inventory of new, unsold condo units has dropped below 2,900 units as of June 30, 2012, a decrease of 30 percent from a year ago, according to a recent Market Trend Update from the Miami Downtown Development Authority (DDA).
Image courtesy of Schwartz Media Strategies
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