One Thousand Group Buys Miami Site for Mixed-Use Tower
By Julia Echikson December 10, 2024 12:55 pm
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One Thousand Group paid about $53 million for a 1.6-acre site in Miami’s Edgewater neighborhood and plans to build a 47-story, mixed-use tower, the buyer announced.
The three-parcel assemblage at 3601 Biscayne Boulevard faces Interstate 195, which leads into Miami Beach, and is near the Miami Design District open-air luxury mall. Part of the site is currently home to a Shell gas station.
Plans for the KPF Architects-designed skyscraper, called Tower 36, call for a branded condo and office components, which together will total 312,058 square feet, in addition to 29,109 square feet of commercial space and 671 parking spots. A representative for the developer declined to further comment on the different components.
One Thousand Group, led by Kevin Venger, Michael Konig and Louis Birdman, initially envisioned building a stand-alone office tower, which the Miami Urban Development Board approved last year.
Cirrus Real Estate Partners provided a $30 million loan, according to property records. Apex Capital Realty brokered the acquisition.
Doral-based Sunshine Gasoline Distributors owned a 0.8-acre portion of the site, having bought it for $15 million in 2013, according to property records. Two separate investors, who could not be reached for comment, owned the remaining portions. A representative for Sunshine Gasoline Distributors did not immediately respond to a request for comment.
Tower 36 will mark One Thousand Group’s fifth project. Villa Miami, a Major Food Group-branded condo tower in partnership with Terra, broke ground last week about a mile south from Tower 36. The Miami-based firm is best known for having developed One Thousand Museum, a condo tower in Downtown Miami, which was designed by the late, world-renowned architect Zaha Hadid.
Update: The story was updated to include the loan amount.
Julia Echikson can be reached at jechikson@commercialobserver.com.
