Downtown Miami is getting its first new office tower in six years
Another piece in the ambitious Miami Worldcenter project has clicked into place.
Hines, the privately-owned real-estate investment firm with a presence in 189 cities in 20 countries, will build a 45-story tower with 600,000 square feet of Class A office space at 110 NE 10th St. in downtown Miami.
The tower, to be called 110 10th, will fill one of the last remaining parcels of vacant land at Miami Worldcenter, the $2 billion, 27-acre mixed-use development covering 10 blocks in downtown.
In development since 2006, Miami Worldcenter aims to bridge the blighted gap between the Central Business District and Edgewater and Wynwood to the north with up to 450,000 square feet of retail, 2,000 residential units, 1,700 hotel rooms, 500,000 square feet of expo space and 100,000 square feet of parks and public spaces.
The project will be within walking distance of All Aboard Florida’s Central Station, a Brightline train due this summer that will take riders from Fort Lauderdale to Miami in 28 minutes.
Location, location, location
Michael Harrison, senior managing director of Hines, said that location and timing were two key factors in the company’s decision to proceed with the project after a year of planning.
“There hasn’t been significant standalone signature office space construction in Miami since the recession,” he said. “Vacancy rates have been tightening, and that has put upward pressure on rental pricing.
“The other thing that’s transformative to this location is traffic and access. People who drive from downtown to Brickell are frustrated by having to sit in their car for 40 minutes. You have to …
Source: Miami Herald
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