Key International Proposes 51-Story Office Building in Brickell
By Julia Echikson August 9, 2023 7:13 pm
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Miami’s Brickell district could soon welcome its third stand-alone office tower since the construction of 830 Brickell.
Key International filed plans to build a 51-story office tower at 848 Brickell Avenue, a block south of Tamiami Trail, according to a filing with Miami-Dade County last month. The project would house 704,000 square feet for offices, 7,500 square feet for retail and 1,065 parking spots.
The 1.24-acre site is now home to a 13-story office building, which was completed in 1981.
The proposal, which did not include renderings, remains in the early stages of development. Just last month, Miami-Dade County commissioners extended the Rapid Transit Zone (RTZ) to an area that includes the parcel, which permits greater density and could make Key’s proposal feasible.
A spokesperson for the developer confirmed that it had filed a pre-application meeting request with Miami-Dade County, but did not provide additional details.
The Miami-based developer’s portfolio has mostly included residential and hospitality properties. Just two blocks north, Key, led by the Ardid family, is under contract to buy a historic Presbyterian Church with 13th Floor Investments, where they plan to build an 80-story condo building.
The office bid comes after the success of 830 Brickell, the first stand-alone office tower built in Miami over the past decade. During the pandemic, when many high-profile companies relocated to Miami, the 57-story skyscraper emerged as a trophy tower, attracting Microsoft, Citadel and law firms Kirkland & Ellis and Sidley Austin as tenants, among others.
Earlier this month, 830 Brickell’s developers, Oko Group and Cain International, boosted their construction loan for the property to $357 million. The property is slated for delivery later this year.
Other office developments underway in Brickell are Related Companies and Swire Properties’ supertall One Brickell City Centre, and the global headquarters of Citadel, a hedge fund led by billionaire Ken Griffin on Brickell Bay Drive. Construction for both projects has yet to start.
Julia Echikson can be reached at jechikson@commercialobserver.com.
