Plan To Turn Rickenbacker Causeway Into Linear Park Is Back And Fancier Then Ever

The first time we heard of architect Bernard Zyscovich‘s plan to turn parts of the Rickenbacker causeway into a pedestrian and cyclist friendly linear park it was a revolutionary but still modest idea.

His original plan called for lessening the number of car lanes on the bridge, and replacing them instead with a bicycle path blocked off by lush, tropical landscaping. Well, some officials weren’t so keen on eliminating car lanes, so they asked Zyscovich the question all architects secretly want to hear: What would you do if money wasn’t an object?

The results are eye-popping and totally ambitious.

Rickenbacker Causeway Plan Z - 2Forget modifying the current structure. The new plan, dubbed Plan Z 2.0, completely reimagines the Rickenbacker. New lanes would be constructed solely for bikes, and a striking entranceway meant to link up with the planned Underline park would be built.

The dedicated biking and jogging lanes would then continue onto Key Biscayne. An observation deck is called for at the William Powell Bridge.

Though, in the short term, Zyscovich just wants to complete a pilot program that would paint the entirety of the existing bike path green and add reflectors to the lanes.

According to Miami Today, Key Biscayne officials liked Zyscovich‘s originalplan, but wanted to see options that wouldn’t reduce car lanes. According to the paper,  Mayor Carlos Gimenez and Matheson Family spokesman Bruce Matheson are in favor of the plan.

Rickenbacker Causeway Plan ZThe Rickenbacker is one of the most popular pathways for cyclists and joggers not just in Miami-Dade, but all of Florida. But parts of the path can be particularly dangerous. A number of fatal accidents where drivers have killed cyclists over the past few years have brought attention to the need for more safety measures along the causeway.

Of course, there’s no word on who will pay for this idea quite yet. Miami-Dade leaders and citizens have a history of falling in love with eye-catching, big picture ideas, and then never actually seeing those ideas come to pass in a timely manner. Only time will tell what becomes of this idea.

Zyscovich will officially present the plan to the Key Biscayne Village Council later this month, but officials from the City of Miami and Miami-Dade County will eventually get filled in as well.

 

Source: Miami New Times

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As Condo Market Cools, CRE Heats Up In Miami’s Urban Core: Panel

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Miami’s urban core markets generated $1.2 billion in retail property sales last year, with more than half of the total occurring in Brickell, downtown and Wynwood, according to a recent commercial real estate report prepared for the Commercial Industrial Association of South Florida.

From left to right: Moderator and Downtown Development Authority Executive Director Alyce Robertson, Tony Cho, Raymond Fort, Andrew Frey and Jon Paul Perez

From left to right: Moderator and Downtown Development Authority Executive Director Alyce Robertson, Tony Cho, Raymond Fort, Andrew Frey and Jon Paul Perez

The findings were made public Friday during a panel discussion sponsored by the association that featured Tony Cho of Metro 1, Raymond Fort of Arquitectonica, Andrew Frey of Tecela, and Jon Paul Perez of the Related Group.

On the leasing side, the Biscayne Boulevard corridor, Brickell, downtown Miami, the Design District, Midtown, MiMo, Little River and Wynwood accounted for a combined 10 million square feet of leased space. Vacancy rates range from as low as less than 2 percent in Brickell to 12 percent in the Design District.

Miami’s urban centers will continue to experience rapid growth in the commercial retail sector in 2016 as the market for luxury condo sales slows down, the panelists told audience members huddled inside an unfinished office suite at Three Brickell City Centre.

“There is going to be a slowdown and a correction in ultra high luxury,” Metro 1 founder and CEO Cho said. “I think we will see a shift in type of projects [getting built]. I see more infill, mixed use projects catering to millennials.”

Frey, Tecela’s principal, echoed Cho. “With waterfront luxury high-rise condos, there is going to be an oversupply and there is going to be a decline in value,” Frey said. “I don’t think that is any real surprise to anyone. That is separate from the rest of the real estate industry, including multifamily, retail and office. I think [those sectors] seem to be doing pretty well.”

The panelists specifically singled out the ongoing transformation of Wynwood, which has morphed from an artist-driven warehouse community into a thriving, hip retail and office neighborhood over the last decade. With the new zoning overlay that was approved for Wynwood last year by the city commission, the neighborhood is poised for even more growth once developers in the area complete new residential buildings.

“I most recently fell in love with Wynwood,” said Perez, a Related vice president. “I didn’t understand it until about a year ago. You get this real sense of a new neighborhood that is truly transforming and changing.”

Frey said the new zoning overlay is good because Wynwood developers can now build projects with more density. “You will have actual residents, locals and repeat customers that live in the neighborhood,” he said. “With the new rezoning, you have opened a fantastic development opportunity there.”

According to the association’s market report, Wynwood experienced $165 million in retail property sales volume in 2015 and the vacancy rate is right at 6 percent. The average lease price for retail space is just above $80 per square foot.

 

Source: The Real Deal

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Massive Mixed-Use Development To Include A Three-Story Food Hall In Its Shopping Center

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A European artisanal food market has secured a three-story, 38,000-square-foot space within Brickell City Centre‘s 500,000-square-foot shopping center, developers of the soon-to-open project announced this week.

Swire Properties, along with retail co-developers Whitman Family Development and Simon Property Group said the indoor Italian food hall will anchor the $1.05 billion project’s open-air shopping center being built in Miami’s Brickell financial district.

“We want to bring the tradition and energy of the old world Italian streets and town centers, or piazza, to Miami’s urban core, creating a vibrant central destination for the Brickell community and beyond,” said the companies in a joint statement. “A food market is the heart and soul of most major Italian cities; now the same will be true here in Miami.”

Click the Image to view a SFBJ Slideshow of the Brickell City Centre

Click the Image to view a SFBJ Slideshow of the Brickell City Centre

The food market will open within the north block of the shopping center and feature a variety of eateries selling Italian cuisine. Their wares will include produce, home-meal replacements and imported artisanal cheeses and meats. There will also be live cooking demonstrations, classes by Italian chefs and educational programs on wine and food pairing at the food hall.

“Despite Miami’s immense cultural growth and its rich culinary scene, we have yet to see a food concept quite as extensive as what our food hall partners are introducing at Brickell City Centre,” said Debora Overholt, vice president at Swire Properties, in a statement.

Other restaurants Brickell City Centre has confirmed to open in its shopping center include Pubbelly Sushi, Haagen Dazs, Pasion del Cielo, Taco Chic, American Harvest and others. More food options are available at Brickell City Centre on Sundays, when its weekly, year-round farmers market takes place along the landscaped pathway that runs between Seventh Street and Eighth Street, directly underneath the Metromover track. Its first event was last weekend.

Brickell City Centre encompasses 5.4 million square feet of commercial, residential, office and hotel space, slated to open later this year. In addition to its 500,000-square-foot shopping center, the project includes two condo towers, the 352-room East, Miami hotel and several office buildings.

 

Source: SFBJ

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Homestead Market Surges As Miami-Dade Property Prices Rise

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As South Florida condo and townhouse prices rise during this current residential real estate cycle, value-oriented buyers who are being priced out of the coastal Miami-Dade County market are increasingly searching for alternative areas in which to purchase.

Much like Fort Lauderdale to the north, the city of Homestead in the southern part of Miami-Dade County is benefiting from rapidly appreciating prices in places like Greater Downtown Miami, Coconut Grove and Miami Beach where developers are putting up thousands of new luxury condo units.

Record-high rents are also contributing to the need for cash-crunched residents to find cheaper alternative locations. In the first three months of this year, Homestead enjoyed double-digit percentage increases in both the number of unit resales and the average deal prices transacted between January and March.

In Homestead, sellers of condo and townhouse units are currently seeking about an 18 percent premium of $109 per square foot compared to the average resale transaction price of $92 per square achieved in the first quarter of this year, according to data from the Southeast Florida MLXchange.

By comparison in Miami-Dade County, the number of resales and the average transaction price both decreased in the first quarter of the year as the gap between the average asking price of $505 per square foot and the average transaction price of $269 per square foot for a condo or townhouse unit grew to nearly 90 percent, according to the data.

The bigger the difference in the asking price compared to the transaction price, the longer the units are likely to sit on the resale market available for purchase as buyers and sellers struggle to reach an agreement. To this point, the Homestead condo and townhouse market currently has about a four-month supply of units available for purchase compared to more than 12 months of unit supply for all of Miami-Dade County.

A balanced market is typically considered to have about six months of units available for purchase. More months of units available for purchase suggests a buyer’s advantage and less months of properties indicates a seller’s advantage.

In Homestead, buyers purchased about 175 condo and townhouse units in the first quarter of this year at an average price of $92 per square foot. A year earlier, less than 160 condo and townhouse units transacted at an average price of $75 per square foot, according to the data.

This year’s average resale transaction price in Homestead is at its highest level since 2008 when condos and townhouses traded for $100 per square foot. At the peak of the last cycle in 2006, the average transaction price for a Homestead condo or townhouse unit was $163 per square foot. In simple terms, this year’s condo and townhouse resale prices in Homestead are still nearly 44 percent below the levels reached a decade ago.

In Miami-Dade County, buyers purchased fewer than 3,415 condo and townhouse units at an average price of $269 per square foot in the first quarter. A year earlier in 2015, buyers acquired more than 4,090 units at an average price of $275 per square foot, according to the data.

Back in the first quarter of 2006, the average transaction price for a condo or townhouse unit in Miami-Dade County was $300 per square foot, according to the data. This year’s condo and townhouse resale prices in Miami-Dade County are down about 10 percent from the highs of a decade ago.

Another aspect of the rising real estate prices of this current cycle is the recent impact on the county’s demographics and travel patterns. Consider that the population of Homestead jumped by 8.3 percent to more than 65,500 in 2014 from about 60,500 in 2010. By comparison, Miami-Dade County’s population increased by 6.6 percent to 2.66 million from 2.50 million during that same period, according to U.S. Census Bureau data.

As part of this, the median household income stands at $40,250 in Homestead compared to nearly $43,100 in Miami-Dade County.

As for the impact on traffic, the “mean travel time to work” is now more than 32 minutes for residents of Homestead versus an average of 29 minutes in Miami-Dade County, according to the data.

The unanswered question going forward is whether the current South Florida real estate cycle will continue long enough to create permanent demographic change — or temporary moves for price relief — in alternative markets such as Homestead.

Homestead Condo-Townhouse Market Surges In 2016

The resale activity for condo and townhouse units in Homestead is on the rise as prices in coastal Miami-Dade prompt value-oriented buyers to search for alternative locations.

Year (Jan.-March) Condo-townhouse unit resale transactions Yr.-over-yr. chge. Avg. resale transaction price per sq. ft. Yr.-over-yr. chge.
2016 175 11% $92 23%
2015 158 -2% $75 9%
2014 162 -8% $69 19%
2013 176 -11% $58 26%
2012 197 -27% $46 18%
2011 269 74% $39 -3%
2010 155 -12% $40 -9%
2009 176 577% $44 -56%
2008 26 -66% $100 -35%
2007 76 0% $154 -6%
2006 76 $163

Source: CraneSpotters.com compiled this chart using data from the Southeast Florida MLXchange.

Miami-Dade Condo-Townhouse Market Slows In 2016

The resale activity for condo and townhouse units in Miami-Dade is slowing as property prices rise

Year (Jan.-March) Condo-townhouse unit resale transactions Yr.-over-yr. chge. Avg. resale transaction price per sq. ft. Yr.-over-yr. chge.
2016 3,414 -17% $269 -2%
2015 4,091 -3% $275 5%
2014 4,200 0% $261 14%
2013 4,213 1% $229 24%
2012 4,187 -14% $184 24%
2011 4,856 55% $148 -11%
2010 3,126 39% $167 -5%
2009 2,250 69% $175 -42%
2008 1,333 -47% $304 0%
2007 2,503 28% $305 2%
2006 1,954 $300

Source: CraneSpotters.com compiled this chart using data from the Southeast Florida MLXchange

 

Source: Miami Herald

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Experts: Miami Beach Property Values May Fall As Sea Levels Rise

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Rising Sea Levels

Parts of Miami Beach could be inundated with flood waters in as little as 15 years, and property values may slide amid the rising tide, according to nearly two dozen university heads and climate change experts who were on hand to answer questions on the effects of sea-level rise on South Florida during a Miami Beach Chamber of Commerce event at the W Hotel.

Flooding in Miami Beach

Flooding in Miami Beach

The purpose of the recent event, organized by land use and environmental attorney Wayne Pathman, was to warn business owners, developers, and contractors that the effects of sea-level rise will be impacting the property values fairly soon. Already, media around the globe are publicizing the fact that South Florida is “ground zero” for the adverse economic impact of sea-level rise, Pathman argued. Unfortunately, the region is still behind in preparing its infrastructure for the future.

“All eyes are upon us and South Florida isn’t ready,” said Pathman, co-founder of the Downtown Miami-based law firm of Pathman Lewis LLP and future chairman of the Miami Beach Chamber of Commerce.

Thanks to a slowing gulfstream, warming oceans, and ice flows submerging beneath the ocean from Greenland and Antarctica, the oceans are rising faster than ever, said Keren Bolter, research coordinator for Florida Atlantic University Center for the Environmental Studies. This has caused an increase in flooding events in recent years and it will only get worse. By 2100, the oceans are projected to increase by seven feet, Bolter added. At that level, The Keys, along with large chunks of Miami-Dade and Broward counties, will be inundated with sea water at high tide, destroying fresh water reserves, compromising underground sewage lines and septic tanks, and creating a host of other problems.

But you don’t have to wait 84-years to see the adverse effects of sea-level rise. Bolter said that in as little as 15 years, flooding in Belle Isle will grow much worse, especially at Island Terrace, a 16-story condo built in 1967. “It’s coming up not just at the sides,” she said while showing Lidar maps depicting future sea-level rise at Island Terrace and Belle Isle.

“It comes up from underground. That’s partly because the limestone that South Florida land is predominately made of us is extremely porous. Because of this, not even sea walls will stop the flow of water,” Bolter said.  “By 2060 the oceans are projected to rise by two feet. At that level, “the western half of Miami Beach is under water.”

“As the oceans rise, the cost of insurance will skyrocket,” Pathman said.  “Meanwhile, in an attempt to cope with the new reality, community leaders will raise taxes while property taxes are declining. As for the infrastructure of future residential and commercial projects, Miami Mayor Tomas Regalado recently declared on a radio show that the financial burden will fall on developers. However, at least some of the negative impacts of sea level rise can be mitigated if the business community takes a leadership role now. Many places around the world have already started adapting.”

Among the invited guests at the chamber event were Florida International University President Mark Rosenberg, Florida Atlantic University President John Kelly, and University of Miami’s Rosenstiel School of Marine and Atmospheric Science Dean Roni Avissar. They argued that their respective colleges are already training scientists and engineers who are not only studying the future effects of climate change, but also figuring out solutions on how communities like South Florida can adapt.

“We are very fortunate that we have a strong university system and a strong system of public education,” argued Matthew Welker, principal of MAST Academy at Florida International University’s Biscayne Bay campus. “That’s a very valuable resource.”

Josh Sawislak, global director of resilience for the Los Angeles-based engineering firm AECOM, said Miami could even replace Amsterdam as the true innovator of anti-flooding solutions.

“The brand can be, ‘This is a resilient city… Don’t go to Amsterdam to see how to prevent from being cut off by the sea, although they’ve got tasty cheeses. Come to Miami and see how to live with water,’” Sawislak declared.

One innovative idea has already been hatched in Miami. Rather than fight sea level rise, Bolter of FAU pointed out that “one student from the University of Miami” came up with the idea of simply making western Miami Beach “floodable” with the creation of new bays and living shorelines along with new boardwalks and flood-adapted buildings. (The UM student in question who developed that plan is Isaac Stein, who now works for the urban planning and landscape firm West 8.)

Besides speeches from experts, the event included an hour-long breakout session where business leaders sat at tables and asked questions to the assembled experts, some of whom flew in from other parts of the country to be there. The media, however, was ushered away from the session. Upon hearing that reporters were even present at the event, Donald Kipnis, founder and CEO of Brickell-based Development Service Solutions, walked out. Dozens of other chamber members left before the session even ended.

Harold Wanless, chair of the Department of Geological Sciences at the University of Miami, didn’t think the breakout session was long enough. Experts barely had 10 minutes to answer business leaders’ questions or lay out what needs to be done.

“We need to be planning, that is the bottom line,” said Wanless, who has long studied past sea-level rise events in Florida.

Following the breakout session, Jessica Goldman Srebnick, CEO of Goldman Properties, applauded the panel’s efforts. She also urged some restraint. Showing slides that show Miami Beach being submerged is what “gets picked up by the news.”

“We have to be very… strategic about how we discuss the reality of sea level rise,” Goldman said.

Pathman said the purpose of the event was just to “whet everyone’s appetite.” On September 14, the chamber plans to hold a roundtable discussion with “leading political and civic leaders about current and future strategies for sea level rise in South Florida” at a location to be announced.

 

Source: The Real Deal

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Developer Pays $44M For Paseo de la Riviera Redevelopment Site

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Paseo-de-la-Riviera-Site

The site of the Paseo de la Riviera, a mixed-use redevelopment project in Coral Gables, was acquired for $44 million.

Coral Park Inn LLC, an affiliate of InterAmerican Hotels Corp., sold what’s currently a 54-year-old Holiday Inn across from the University of Miami to 1350 S Dixie LLC, a subsidiary of NP International, led by President Brent Reynolds. TotalBank funded the deal with a $21.5 million loan.

Paseo de la Riviera will have a hotel and an apartment building.

Paseo de la Riviera will have a hotel and an apartment building.

NP International plans to build Paseo de la Riviera with 252 hotel rooms, 224 apartments, 4,380 square feet of restaurants, 14,094 square feet of retail, and a parking deck. The project would include a pathway, called a paseo, between the two buildings from U.S. 1 to the public park behind the structure.

Many members of the Riviera Neighborhood behind the project voiced their opposition to it. When the city commission approved it in late 2015, they told the developer to reduce its height to no more than 126 feet. However, two residents of the city filed a lawsuit in March against the city and NP International seeking to declare that the project should not have been approved because it violates the city’s comprehensive plan.

 

Source: SFBJ

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Sixty-Nine-Story Condo Proposed On Miami Site That Sold For $125M

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The Argentine investor who made international headlines in 2014 when he paid $125 million for 1.25 acres along the Miami River has filed plans to build a 69-story condo tower there.

This 69-story condo is proposed at 300 Biscayne Boulevard Way in Miami

This 69-story condo is proposed at 300 Biscayne Boulevard Way in Miami

Riverwalk East Developments, led by German Coto and Gloria Coto from a family that owns a supermarket chain in Argentina, wants to build the project at 300 Biscayne Boulevard Way. Tentatively named Epic 2, it would have 384 condos in 1.09 million square feet and 561 parking spaces. When combining the condos with the parking and other amenities, the tower would total 1.64 million square feet.

The sail-shaped tower would be topped with a lighthouse feature. It would have an open-air pool deck on the 55th floor, plus a gym and sky lobby.

The Miami River Commission’s Urban Infill Committee recently approved the Epic 2 project with conditions, namely that its new public riverwalk be widened to 15 feet from 12 feet. The riverwalk would allow people to walk from Bayfront Park to Brickell along the mouth of the Miami River.

“This is probably the most desirable location for the public to enjoy the river and the bay at the same time,” MRC Chairman Horacio Stuart Aguirre said. “That river walk will be one of the most desired locations for early morning and later afternoon strolls to take in the fresh air and enjoy the view.”

The condo at 300 Biscayne Boulevard Way in Miami would have 384 units,

The condo at 300 Biscayne Boulevard Way in Miami would have 384 units,

Aguirre said the building’s design is architecturally appealing, although it would need extra-strong structural support to handle hurricane winds because it appears narrow. He expects the project to receive the recommendation of the full MRC board in about three weeks. The project would also require city approval for its design. The density falls within the property’s current zoning.

The bigger question is whether the Miami condo market can handle another project where unit prices are expected to average more than $1.5 million. Sales to the foreign buyers that fuel the market have slowed down in recent months, and several experienced developers have decided not to launch sales for new projects until the market picks up. On the Miami River, Kar Properties’ One River Point and a project by the Chetrit Group are already competing for high-end buyers. However, the Epic 2 site is further east along Biscayne Bay, while those two are upriver.

 

Source: SFBJ

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Tibor Hollo Asks FAA Permission To Go Taller At Panorama

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Panorama_Tower
Panorama Tower rendering

Panorama Tower rendering

Tibor Hollo’s 83-story Panorama Tower is already under construction, but the developer is now requesting permission to build even taller than what is approved.

The developer just filed a request with the FAA to increase the height of Panorama to 868 feet above ground, or 876 feet above sea level. It is currently approved at 822 feet above ground.

Hollo has always wanted to build tall at Panorama. In 2011 Hollo asked for permission to build the tower at 843 feet above ground, but the agency cut it down to the 822-foot height.

After Panorama was cut down, Hollo suggested that MIA’s runways might need to be moved to allow for greater height downtown. Since then, the FAA has eased height restrictions and approved much taller high-rises nearby.

 

Source: The Next Miami

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Five Lessons From Greater Miami Chamber Of Commerce’s Real Estate Summit

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LessonsLearned
Beth Azor, principal, Azor Advisory Services; Aly-khan Merali, CFO and chief investment officer, Turnberry Associates; Jack Lowell, executive VP, Colliers International South Florida; Avra Jain, principal, Vagabond Group; and Chris Weilminster, executive VP, Federal Realty at the Greater Miami Chamber of Commerce real estate summit

Beth Azor, principal, Azor Advisory Services; Aly-khan Merali, CFO and chief investment officer, Turnberry Associates; Jack Lowell, executive VP, Colliers International South Florida; Avra Jain, principal, Vagabond Group; and Chris Weilminster, executive VP, Federal Realty at the Greater Miami Chamber of Commerce real estate summit

The experts gathered for the Greater Miami Chamber of Commerce’s South Florida Real Estate Summit stressed that the market is not headed for a downturn, even though growth has slowed.

About 450 people gathered at Miami’s Jungle Island on Thursday for the event, which featured two panels and various speakers. Miami Commissioner Francis Suarez told attendees that 2015 saw the highest volume ever for the city’s building department, with 174 permits issued and $2.4 billion in ongoing construction. “That is why you are waiting so long in the building department,” he said.

Here are five highlights from the panels:

Retail Carries Great Potential, At A Moderate Pace

South Florida has about 6 million square feet of retail proposed or under construction, with a handful of new malls planned and four malls set to expand, said Beth Azor, principal of Azor Advisory Services.

“That is a little crazy,” Beth Azor said. “I am not sure how much will be built. SoLe Mia and American Dream Miami will probably happen, but four or five other projects we hope are not built because limited supply keeps our market healthier.”

Azor is looking to sign tenants at a new retail center at Northwest 79th Street and Northwest 32nd Avenue.

“Retail leasing is going well at SoLe Mia in North Miami, and rents there are better than on nearby Biscayne Boulevard,” said Aly-khan Merali, CFO and chief investment officer of Turnberry Associates, the co-developer of the project. “It’s focused on signing tenants that will be relevant in three or five years,” he said.

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New York Buyers Pick Up Downtown Miami Office Tower

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courthouse tower

CourthouseTower2Mika Miami of Sterling Equity Realty announces the sale of Downtown Miami’s landmark Courthouse Tower to New York real estate private equity firm Brickman for $27.5 million.

Mika Mattingly of the Mika Miami team represented the seller, Courthouse Towers LLC, which is owned and operated by The Donovan Family. RFK Senior Directors Benjamin Mandell and John Ellis represented the buyer. The sale closed yesterday.

Mika Mattingly

Mika Mattingly

Located at 44 West Flagler Street in the heart of Downtown Miami, Courthouse Towers was not listed or on the market prior to the sale. The Mika Miami team, which specializes in properties within Miami’s urban core, arranged the off-market deal.

Standing at 26 stories, the 176,292 square-foot mixed-used office and commercial retail space was constructed in 1974. The building is located across the street from the Miami-Dade County Courthouse and other government buildings and is situated between South Miami and SW 1st Avenues on the south side of Flagler Street.

This marks the second property purchased by Brickman in Downtown Miami, having also acquired a 141,687 square-foot building at 200 S.E. 1st Street just two weeks ago for $33,850,000. Israeli-born New Yorker Moishe Mana has also been an active investor in Downtown Miami, having acquired $198 million in properties.

“The West Flagler area, which has underperformed for some time, is a diamond in the rough and has become one of the few remaining add-value sectors left in Miami,” says Mattingly of Mika Miami. “Downtown’s urban core has been evolving under the radar and Brickman’s purchase only validates its progression.”

“Brickman’s acquisition of the Courthouse Tower in Miami marks an important milestone and makes a big statement for the future of Downtown, as it highlights the market’s future potential and Brickman’s desire to play an important role in revitalizing the area,” said Mandell. “There are plans to renovate the existing office unit and upgrade the building’s common areas, including the lobby, to better suit their new vision for Downtown Miami.”

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