Dayco president Luis Lumar tells GlobeSt.com that the estimated sell-out of the project is $101 million. He adds that about $40 million of the units have already been sold, mostly to doctors, dentists and other local businesses. The top two floors of the building were sold to a local insurance company.
"The buyers are mostly local business owners who want to buy their office building and work closer to where they live," he says.
The glass wall building will be the first office condominium in Dadeland's Urban Core, Miami-Dade's first urban submarket. The submarket also features residential condominiums, retail development and restaurants such as West Elm and Chili's. Town Center One is also the first phase of the Town Center at Dadeland, a 5.5-acre mixed-use project. The project, developed from the Downtown Kendall Charrette, is zoned for five buildings, which will contain a combination of commercial, retail and residential space.
Lumar says plans for subsequent buildings at Town Center at Dadeland will be determined based on the market, but will likely contain some live-work space and a hotel to support the office space. "We're going to watch the market carefully and respond to what the market is saying rather than force something on the marketplace," he says.
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