Deco Capital’s Miami Beach Mixed-Use Project Greenlighted
A Miami developer plans to break ground this summer on a five-story building in Miami Beach’s Sunset Harbour neighborhood.
Deco Capital Group on Wednesday won approval from the Miami Beach City Commission for the mixed-use project known as Eighteen Sunset, located along Purdy Avenue and Bay Road near the Venetian Causeway. Plans call for 15,500 square feet of retail and restaurant space, 32,000 square feet of Class A office space and a 15,000-square-foot residential penthouse with a pool deck.
Construction is expected to begin in late summer, with completion anticipated in 2023.
Bradley Colmer, founder of Deco Capital Group, began assembling land in 2014. His initial plan was to build condos, but Colmer decided to change course to address what he sees as a shortage of high-end office space in Miami Beach.
Financial firms are moving into South Florida, and little new office space has been built in Miami Beach over the past two decades.
“We saw the market shifting,” Colmer told Commercial Observer. “We’re seeing plenty of demand from family offices and hedge funds.”
Stephen Rutchik of Colliers International will market the office space. Sara Wolfe of Koniver Stern is handling leasing of the ground-floor retail space. Oren Alexander of Douglas Elliman will market the penthouse.
Eighteen Sunset has not disclosed rental rates for the commercial space or an asking price for the residential unit. One floor of the building will be devoted to parking.
The property will be built on the inland side of Purdy Avenue. Maurice Gibb Memorial Park is on the waterfront just west of the site, which gives Eighteen Sunset unobstructed views of Biscayne Bay and the Miami skyline.
Deco Capital Group and its principals have been involved in developments totaling more than 2 million square feet.