MIAMI – Hines has announced plans to develop a 45-story, 600,000-square-foot mixed-use tower in downtown Miami — the first new office tower in the city’s central business district in eight years.
Named 110 10th Street, the tower will be part of the 27-acre Miami Worldcenter, one of the largest private real estate projects currently underway in the United States.
110 10th Street will offer Class A office space and street-level retail. The tower site is located between Northeast 1st and 2nd Avenues and Northeast 9th and 10th Streets, placing it at the heart of the Miami Worldcenter campus.
The larger Miami Worldcenter spans ten city blocks and delivers a blend of retail, hospitality, residential and commercial space. The project’s first phase, which began construction in 2016, includes high-street retail, the 50-story Paramount luxury condominium tower and a Class A rental apartment building.
Demand for Class A office space in downtown Miami has been building. Over the past three years rental rates in the central business district have climbed while vacancy rates have declined, as companies expand their footprint and available office inventory has remained relatively constrained.
Pickard Chilton Associated has designed the 45-story tower. Hines anticipates starting construction in the second quarter of 2018, with initial occupancy targeted for late 2020 to early 2021.
May 30, 2017 Realty News Report Copyright 2017