Ground-breaking on the 28-unit, $5.5 million project is scheduled for December with completion by year end 2003.

The site is at 35 NE 17th St. where the two-story, 47-year-old, 65,000-sf industrial building formerly housed an electric company and the Miami Public School Board.

Urban One Development LLC, a company managed by Intrepid, bought the former warehouse and distribution building from Beber Silverstein for $1.55 million or $23.85 per sf.

Construction industry estimators tell GlobeSt.com on condition of anonymity a comparable structure couldn't be erected today for less than $75 per sf.

Loft units of 1,500 sf to 3,750 sf will be priced from $275,000 to $700,000 for a penthouse unit with a 21-foot ceiling and a 3,000-sf private rooftop living area at the block-long structure. Surface parking will accommodate 33 vehicles.

The project is "destined to be a catalyst for neighborhood-oriented adaptive re-use and thoughtful development around Miami's Performing Arts Center District, bringing a distinctly chic, yet authentic loft lifestyle to Miami," McClausland says in a prepared statement.

He says Parc Lofts will be "a true loft" with exposed duct work and structural elements, no walls or traditional delineation of rooms, 16-foot and 22-foot-high ceilings and concrete columns.

Patrick Kennedy, the Miami Beach designer who blueprinted the redevelopment of Hotel Astor and Hotel Sagamore in South Beach, designed Parc Lofts. Working with him is Ilija Mosscrop of Mosscrop Associates, architect of the Tides Hotel on Ocean Drive.

Terremark Corp. of Miami is the construction manager. FX Realty Corp. of Miami Beach is handling Parc Lofts' sales.

Instant Insights /

Intrepid Breaking Ground in December on $5.5M Lofts Venture

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