Any lingering uncertainty about the survival of retail has waned, and, today, we seem to be in one of the stronger landlord markets in recent memory. What drove this radical shift from fear and hesitation to boundless market optimism?
The supertall tower is planned to rise exactly 1,049 feet – the maximum permitted by Miami’s zoning rules.
The deal covers 35,639 square feet of commercial properties and a 1,120-square-foot single-family home.
This volatility has led some contractors to order and pre-pay for materials earlier than they usually would, tying more money into projects up front.
The project would have three 57-story towers connected by a podium at the base, comprised of 2,195 residential units, 540,000 square feet of offices, 49,999 square feet of retail and 2,457 parking spaces.
If selected, construction would begin in 2023 and take 59 months to complete.
Values are expected to increase 11%, while yields will average 6%.
MAJOR. will be the firm’s fifth supertall skyscraper and third project in the Brickell neighborhood.
The concept, dubbed SkateBird, will serve as a skating arena, shopping hub, event center and food hall.
The scarcity of space has had an effect in Miami-Dade, where the asking leasing rates increased 12.5% to $38.98 per square foot this third quarter, from $35.54 a square foot year-over-year.