MIAMI – Hines has announced plans to develop a 45-story, 600,000-SF mixed-use tower in downtown Miami – the first office tower in the city’s CBD in eight years..
The building, called 110 10th Street, will be located within the 27-acre Miami Worldcenter, one of the largest private real estate developments underway in the U.S.
110 10th tower will include Class A office space and high-street retail. The tower will be situated between northeast 1st and 2nd Avenues, and northeast 9th and 10th Streets.
The 10-block mixed-use development will include world-class retail, hospitality, residential and commercial uses. Construction of Miami Worldcenter’s first phase, which includes high-street retail, the 50-story Paramount luxury condominium and a Class A rental apartment building, began in 2016.
Downtown Miami’s office market has pent-up demand for Class A space. Rental rates in the city’s Central Business District have steadily risen over the past three years and vacancy rates are falling as office users expand their presence in the market and the amount of available space remains relatively flat.
Hines expects to commence construction on the building, designed by Pickard Chilton Associated, in the second quarter of 2018 with initial occupancy occurring in late 2020 or early 2021.
May 30, 2017 Realty News Report Copyright 2017