$412 Million Mixed-Use Development Project Has Been Finalized For The Downtown Miami Area
Espacio USA, the American division of a Spain-based real estate firm known as Immobiliaria Espacio, has reached the final planning stages of its $412 million mixed-use project which will be including office spaces, luxury condominiums, and a range of street-level retail spaces which will be located at 1400 Biscayne Boulevard in the Downtown Miami area.
The development project will be breaking ground in early 2013 and will be expected to take about five years to complete.
So far, the project plans to set rise to a 12-story, 103,000-square-foot class-A boutique office building which will be specifically designed to meet the requirements of LEED Gold certification. It will also include a 55-story luxury condominium tower where an available selection of street-level retail spaces will be offered to potential tenants.
The Downtown Miami area is becoming more and more recognized as being a global destination for investors, businesses, tourists, and residents within the region. Alberto Muñoz, the CEO of Espacio USA, believes that the 1400 Biscayne Boulevard project will be able to capture the increasing demand by the time that the project is delivered.
Back in 2010, Espacio USA finished the $35 million acquisition of an office and retail building located on the 14th block of Biscayne Boulevard. They invested as much as $2 million in capital improvement and marketing which successfully brought about a healthy range of tenants which raised the building’s occupancy rate to 95 percent in a span of only two years.
According to statistics from the Market Trend Update, the Downtown Miami area’s total inventory of new, unsold condominium units fell below 2,900 units by the end of June 2012 which marks a decrease of 30 percent from June 2011.
The Downtown Miami area’s population has been on the rise with an increase from 40,000 to 70,000 from 2000 and 2010. An additional 10,000 more people are being expected to settle down within the area in the next couple of years. Needless to say, the local retail market are on the receiving end of the benefits of such a population growth as over 200 new businesses have been opened in the area since 2005.
Given the fact that the urban core of Miami is showing such positive signs of growth within its residential and commercial sectors of the market, people are optimistic in terms of the future development projects, particularly the one that has been set for the 1400 Biscayne Boulevard site.
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