Design District Owners Add Office Development in Miami District
By Julia Echikson March 7, 2022 5:10 pm
reprints
As high-flying companies flock to Miami, The Miami Design District is getting into the office game.
The firms behind the luxury outdoor retail center unveiled plans for a 15-story office building called The Ursa. Located at the eastern edge of The Design District at 30 NE 39th Street, the project will house 180,000 square feet of offices as well as 6,730 square feet for retail on the ground floor.
A joint venture between Dacra, led by Craig Robins, LVMH-backed L Catterton Real Estate and Brookfield (BN) Properties owns the site. The Ursa will mark the joint venture’s first standalone office project in The Design District, which has become the ultimate destination for luxury shopping in Miami, home to Chanel, Dior, Balenciaga stores and soon a Kith and Major Food Group outpost.
“Bringing a dynamic office building offering to The Miami Design District is an important next step in the neighborhood’s evolution,” Mathieu Le Bozec, managing partner of L Catterton Real Estate, said in a statement.
The groundbreaking is slated for the fourth quarter of this year with the completion set for 2024. The owners are negotiating for construction financing, and are in lease negotiations with tech companies, private equity and hedge firms, corporate startups and family offices, though a spokesperson declined to comment on specifics.
The plans come as wealthy companies have relocated to Miami since the pandemic hit. Most seek Class A offices. Last month, Goldman Properties announced plans for a similar development in nearby Wynwood.
Besides the luxury fashion, the Design District is also known for its focus on architecture and modern art. All buildings are intricately designed and art displays fill the streets. The Ursa will be no exception thanks to designs from Arquitectonica. The facade will also feature Ancient Greek and Roman-inspired artworks by New York City artist Daniel Arsham that will soar as high as 36 feet.
“The Ursa as a structure itself adds to the beauty of the Miami Design District. Arquitectonica has created an iconic, elegant and functional building that highlights both art and natural beauty,” Robins said in a statement.
Julia Echikson can be reached at Jechikson@commercialobserver.com.
