MIAMI—All Aboard Florida, developers of MiamiCentral, has picked Blanca Commercial Real Estate as the exclusive office leasing agent and CBRE as the exclusive retail leasing firm. MiamiCentral is a 3 million-square-foot project urban, mixed-use transit-oriented development.
MiamiCentral spans nine acres just east of Miami-Dade County Hall. A two-acre site sits next to it on the corner of Northwest 2nd Avenue and Northwest 6th Street in Miami's Historic Overtown neighborhood.
MiamiCentral aims to offer a modern urban “live-work-play” environment, complete with office, retail, and residential components at the point where Miami's public transit systems converge. A key component of the project is All Aboard Florida's new express, intercity passenger train that connects the downtowns of Miami, Fort Lauderdale, and West Palm Beach with Orlando. Service is scheduled to begin in late 2016.
“As the first new class A office development planned for downtown Miami in years, MiamiCentral will meet growing demand for space among global and local companies,” says Tere Blanca, president and CEO of Blanca. “MiamiCentral will appeal to users that value a dynamic urban location offering direct access to high-speed rail service, varied mass transit options and a host of amenities including on-site retail and dining.”
The office component totals nearly 800,000 square feet of class A space. The first two towers span 215,000 square feet and are set to open at the end of 2016.
The retail component includes nearly 200,000 square feet of leasable space on the street level and in the main terminal concourse. MiamiCentral will also feature a fresh urban market, boutique retail, and vibrant eateries, all directly connected to 1,100-plus urban and luxury residential units.
“MiamiCentral is a major contributor to the burgeoning downtown area, pushing to create a more walkable, urban neighborhood for both visitors and residents,” says CBRE senior vice president Paco Diaz. “Featuring unique eateries and entertainment, the development will serve as a highly trafficked commuter pass through as well as a highly desirable destination in and of itself. This is the most exciting combination of developments to hit downtown Miami in decades.”
According to All Aboard Florida, MiamiCentral will benefit from an estimated 12 million business travelers and commuters per year. What's more, about 1 million residents currently live within 5 miles of MiamiCentral.
Other key stats include the tourist angle. Visitors to Miami spend almost 50% more on retail-related purchases than New York City. For example, food and beverage visitor spending averages $50 per person per day in Miami compared to $40 per person per day in New York City. Overall visitor spending in Miami is $85 per person per day compared to $40 per person per day in New York City
“MiamiCentral demonstrates that a true passenger rail system and a connected public transportation system can reinvigorate a downtown, as so many world-class cities enjoy,” says Michael Reininger, All Aboard Florida's president and CEO. “This is a rebirth for two ideal areas of Downtown Miami, an opportunity to create an identity for a historic part of the city, and reinvigorate the desire for mass transit. The importance of Downtown Miami is evidenced by the significant investment made not only by All Aboard Florida, but other key developments, and will be a hugely sought after iconic destination, in a newly urbanized neighborhood.”
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