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Old May 9th, 2006, 12:38 AM   #1
Mike19
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Miami=Office development.

This thread's purpose is to inform all the members of the forum about office development in the CBD and Brickell. With (hopefully) an office boom, on the way, lets hope we get a lot of updates.
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Old May 9th, 2006, 02:27 AM   #2
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MIKE , I think your right,
Check this one out, www.2121biscayne.com

Its a Hot office tower with huge billboard signs on the property off Biscayne Blvd and 21st Street
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Old May 9th, 2006, 03:28 PM   #3
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Office buildings (or at least mostly office) planned in the area between Brickell and Midtown:

-600 Brickell (2 buidings): 68 stories, 903 feet tall and 40 stories, 485 feet tall. 952,030 sqft of office space total.

-Met 2: 46 stories, 617 feet tall. 700,000 sqft of office space.

-1450 Brickell: 32 stories, 527 feet tall. 508,900 sqft of office space.

-Max Tower (1600 NE 1st Ave): 30 stories, 400 feet tall. 254,280 sqft of office space.

-Bachelor Enterprises Tower (621 sw 3rd Ave, west of the big storage building on 6th street): 24 stories, 373 feet tall. 123,750 sqft of office space.

-Logik Tower: 30 stories, 368 feet tall. 105,106 sqft of office space.

-Latitude One: 23 stories, 305 feet tall. 225,000 sqft of office space.

-2121 Biscayne: 16 stories, 223 feet tall. 51,920 sqft of office space

-3301 Biscayne: 194 feet tall. 109,913 sqft of office space

-Overtown Transit Village: 17 stories. 340,722 sqft of office space.

-Brickell Village Corporate Office (1250 SW 2nd Ave, near the publix & blockbuster in West Brickell): 11 stories, 136 feet tall. 66,768 sqft of office space.

-Courthouse Garage (240 N Miami Ave): 8 stories. 32,500 sqft of office space.


There was also a 384 foot tall office building included as the last phase in the Riverfront project (Wind, Ivy..etc). We'll see if that ever gets built.
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Old May 10th, 2006, 03:38 AM   #4
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Quote:
Originally Posted by ChuckScraperMiami#1
MIKE , I think your right,
Check this one out, www.2121biscayne.com

Its a Hot office tower with huge billboard signs on the property off Biscayne Blvd and 21st Street


pretty spiffy looking... office condos seem to be the main benefit from this boom... have yet to see much of anything else besides that one by four seasons... forget wat its called... this aint bad for a midrise right on biscayne... and its a green building! woopee! theyve got a whole thing about it on their website... check it out
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Old May 10th, 2006, 04:32 AM   #5
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We have a bit of an office condo boom going on in downtown Orlando already. Maybe Miami is next.
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Old May 10th, 2006, 05:22 AM   #6
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What about 1001 Park West, has construction started yet?

text

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Old May 10th, 2006, 10:56 PM   #7
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That ones dead.......just like paramount park.
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Old May 10th, 2006, 11:10 PM   #8
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how do you know paramount park is dead? i was always under the impression it would get built as soon as they finished or were well under way with paramount bay.
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Old August 21st, 2006, 04:59 PM   #9
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http://southflorida.bizjournals.com/...21/story1.html

Quote:
NCL will keep headquarters in South Florida
South Florida Business Journal - August 18, 2006by Darcie Lunsford

Despite concerns following Hurricane Wilma, Norwegian Cruise Line's parent company will not be sailing away from South Florida.

Instead, it appears as if the 1,200-employee firm, now based near Miami International Airport, is scouting for a local spot to anchor a new 200,000-square-foot headquarters, according to real estate sources familiar with the project.
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Old August 21st, 2006, 05:12 PM   #10
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Paramount Park was not dead as of a couple of months ago. It is to be 'launched before the end of the year' in an Ocean Drive interview with the CEO of Prodigy.
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Old August 21st, 2006, 06:59 PM   #11
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Quote:
Originally Posted by dave8721
Some of these approved office towers say there waiting for a major tenant before starting construction, well Merry X-mas. I would love to see some of these big companys headquarters like NCL move into downtown. Imagine if Downtown had NCL, Royal Carribbean, Carnival, Burger King etc. I will keep dreaming.
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Old August 21st, 2006, 07:01 PM   #12
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I really understand the frustration and disappointment when things get cancelled, especially good buildings but I wouldn't want to be throwing around "IT"S DEAD" unless I had it froma very particular source. Just because they may have nixed 1001 Park West doesn't mean they are dumping all their plans and bailing out of Miami. Even though Leviev/Boymelgreen may be selling off many parcels of land, that doesn't mean SOLEIL is "dead" It may be likely, but is it actually dead? Way behind schedule, or delayed, doesn't mean cancelled. So as per the Ocean Drive article, as far as I know Paramount Park is not dead it is pushed back and won't even be launched until the end of this year and they probably mean Jan 2007. I don't mean to nitpick, but there is to much tough news from the Beautiful BOOM to add conjecture. Thanks.
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Old August 21st, 2006, 07:56 PM   #13
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Quote:
Originally Posted by umiami305
Some of these approved office towers say there waiting for a major tenant before starting construction, well Merry X-mas. I would love to see some of these big companys headquarters like NCL move into downtown. Imagine if Downtown had NCL, Royal Carribbean, Carnival, Burger King etc. I will keep dreaming.
I could see the cruise lines moving downtown. It would make sense for them to be close to the port. I couldn't see the more US centered corporations like BK, Lennar, Ryder or any of the Latin America HQ's that are in Coral Gables or Blue Lagoon moving downtown though anytime soon. The main offices downtown (other than Government which is by far downtown's biggest employer) are mostly lawyers and banks. The lawyers are there to be near the courthouses.
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Old August 30th, 2006, 04:16 AM   #14
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if we just get a few of the bk's, lennars, and ryders to move downtown, maybe more can follow... is there anything government can do to promote this? or any reason they would even give a shit?
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Old August 30th, 2006, 07:55 AM   #15
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Quote:
Originally Posted by nimbyhater
if we just get a few of the bk's, lennars, and ryders to move downtown, maybe more can follow... is there anything government can do to promote this? or any reason they would even give a shit?
Yeah...of course they care, and organizations like the Downtown Development Authority court them like crazy. The DDA, Beacon Council, and Greater Miami Chamber of Commerce work on this constantly.
The reason that you want major corporations, or any coroporatons in any CBD is for the economic development.
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Old August 31st, 2006, 08:01 PM   #16
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http://www.miamitodaynews.com/news/060831/story7.shtml

Quote:
Office rents rising after years of flat-lining

By Marilyn Bowden
After several years of near-stagnation, office rental rates are on the rise, a trend likely to continue at least until new construction takes some of the pressure off tight vacancies, brokers say.
"The Miami-Dade submarket is seeing an incredible evaporation of available space in submarkets across the board," said Diana Parker, a director at Cushman & Wakefield of South Florida. "As a result, we have seen increases in rental rates of $1.50-$4.00 across the board since the beginning of this year, and there will be more appreciations."
According to Cushman & Wakefield's midyear market report, rates across all classes countywide now average $25.01 a square foot - a $1.35 increase from a year earlier.
In Airport West, overall vacancy is at 7%, 8.3% in Class A buildings, said Richard Schuchts, a vice president at Flagler Development who handles leasing at Westside Plaza
Asking rates are at $22.78 overall, he said, and $25.49 in Class A.
"Compared to the first quarter, that's about a 10% increase on paper," he said, "but because concessions were so high and landlords were doing deals well below their asking prices, it's more like a 25% increase."
Because current vacancy figures don't take into account several deals that are committed but not fully executed, Mr. Schuchts said, appreciation will continue.
"There are very few options for new buildings," he said, "and they will have rents in the range of $30 and up, because the cost of new construction has been driven by high land and constructions costs. That means that Class A in the rest of the Airport West market will probably rise to the high $20s."
Relocating tenants will also have to deal with those higher construction costs in building out their space, which today will cost 20 to 30% more than last year, Ms. Parker said - and most landlords aren't as willing to provide reasonable tenant improvement allowances.
"If the lease has a five-year term," she said, "it's going by the wayside. It would have to be for a minimum seven- to 10-year lease. Otherwise they can't justify it."
While it makes sense for tenants in this environment to renew early, Ms. Parker said, with lease rates slated to continue rising, most landlords aren't willing to lock in a deal at today's rates.
In most cases, rents aren't rising fast enough to balance out landlord expenses, said Eric Siegrist, vice president of leasing for Crescent Real Estate Equities Ltd. Partnership, whose Miami properties include The Miami Center downtown, The Alhambra and The Colonnade in Coral Gables and Datran Center in South Dade.
"Our net rents today, after you take out commissions, tenant improvement dollars and operating expenses, are less than a couple of years ago," he said. "Insurance is going up, and in any instance where the landlord is doing the work construction costs have gone up. Rents are not rising proportionally."
That equation will affect new buildings conceptualized, Mr. Siegrist said. "With operating costs increasing and construction costs in some cases 40% higher, developers are going to have an amazingly low threshold of return even if they get $40 a foot. This will be a major obstacle, because a lot of Miami's tenants are law firms, and they can't afford what Fortune 500 companies could pay."
A typical Fortune 500 company budgets $120 to $150 a square foot to build out new space and put in the technology and furniture, Mr. Siegrist said - so even if a tenant in a new building could get a landlord to agree to a $50 tenant improvement allowance, "they would have a $100 shortfall per square foot on top of paying the highest rent in the market."
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Old August 31st, 2006, 09:18 PM   #17
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WHAT IS GOING TO HAPPEN IS THOSE NEARING THERE LEASE WILL SIGN A CONTRACT FOR SPACE AT A NEWER TOWER.

WHY WOULD THEY MOVE?

THE ONLY WAY THEY WOULD MOVE IS BECAUSE THEY NEED MORE FLOOR SPACE TO GROW AS A COMPANY.

THEY CURRENTLY HAVE SPACE BUT ON DIFFERENT FLOORS LIKE FLOOR 26 AND 29 MOST PEOPLE LIKE TO BE ON FLOORS LIKE 26 AND 27 JUST TAKE A FLIGHT OF STAIRS OR SHORT ELEVATOR RIDE TO GET TO ANOTHER DEPT IN YOUR COMPANY.

THEY ARE LOOKING FOR A BETTER LOCATION IN A NEWER BUILDING

THESE THINGS WOULD JUSTIFY THEM MOVING AND BUILDING OUT THERE SPACE I WOULD ALSO WANT TO LOCK IN A 10 YEAR LEASE AGREEMENT BECAUSE RATES WILL CONTINUE TO RISE.... SO WHY NOT SECURE A SPACE EARLY ON AT A LOWER RATE....
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Old September 1st, 2006, 07:01 PM   #18
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biscayne centre


check out this new office building being built at 11900 Biscayne Boulevard
website: www.biscaynecentre.com
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Old September 1st, 2006, 08:10 PM   #19
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I THINK THAT BUILDING IS ALLREADY BUILT BUDDY

ITS JUST OLD AND PROBABLY GOING TO OFFICE CONDO CONVERT

THERE ARE TWO TOWERS THIS ONE IS FURTHER SOUTHWEST ON THE LOT NEXT TO A CVS OR WALGREENS AND A POLLO TROPICAL

ACROSS THE STREET IS HOME DEPOT ON THE EAST SIDE....

8 FULLY REMODELED FLOORS
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Last edited by Rx727sfl2002; September 2nd, 2006 at 02:45 AM.
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Old September 1st, 2006, 10:42 PM   #20
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kinda looks like the PAC
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