Groundbreaking is scheduled for April 2006 and completion is anticipated about 24 months later, Ojeda says. This will be the first office building planned in the CBD since Mellon Financial Center in 2000. The new tower, located at SE 15th Road across from the Four Seasons, is designed to complement Park Place, an adjacent 371-unit luxury residential rental building currently being developed by Rilea and scheduled for completion this summer.
Rilea retained the local office of Cushman & Wakefield as the exclusive leasing agent for the office building. Tere Blanca, senior managing director and branch manager for South Florida, will head the team. She and her C&W colleagues worked with Ojeda in the lease-up of Mellon Financial Center.
"The asking rental rate has not yet been finalized, but it will be about $35 per sf or $36 per sf. We're talking with some interested prospects now," Ojeda says. The office building has yet to be named in order to afford naming rights to one major tenant, he adds.
The project will include parking for 1,400 cars and contain approximately 15,000 sf of ground-floor retail, which, Ojeda says, "must complement the building and the street. In every great metropolis," he says, "critical mass is delivered through a proper symmetry in all facets of city living. By adding 500,000 sf of office space to accompany Park Place as well as the retail components, we are adding positive value to the cadence of Miami."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.