In its first major U.S. development, Spanish developer Espacio USA has received approval from the city of Miami for a $412 million project to build a 12-story office building, a condominium building and ground-level retail in downtown Miami’s Omni area.
It's the first major development in the Omni area since the last real estate boom, receiving approval from Miami’s planning, zoning and appeals board last week. Architecture firm Pei Cobb Freed & Partners designed the mixed-use project, its first in Miami since the iconic, color-changing Miami Tower.
The development at 1400 Biscayne Blvd. by Espacio USA, the American division of Spain-based real estate firm Inmobiliaria Espacio, will break ground in early 2013 and take five years to complete.
In addition to the 12-story, 103,000-square-foot office building designed to achieve LEED (Leadership in Energy and Environmental Design) Gold certification, the project will include a 55-story condo tower with prime street-level retail.
Demand for residential and commercial property is rebounding in downtown Miami. The area’s inventory of new, unsold condo units has dropped below 2,900 units as of June 30, 2012, a decrease of 30% from a year ago, according to the Miami Downtown Development Authority (DDA).
More than 200 new businesses have opened since 2005 and the office market is experiencing net positive absorption as new-to-market tenants arrive and existing companies expand.