Vizcaya Capital Lands $25M to Build Boutique Office in Miami’s Coconut Grove
By Julia Echikson January 14, 2025 1:11 pm
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Vizcaya Capital secured a $25.2 million construction loan from the City National Bank of Florida for a boutique office building in Miami’s Coconut Grove neighborhood, property records show.
The five-story development will house 34,856 square feet of office space at 2871 Oak Avenue, across the street from architecture firm Arquitectonica’s headquarters. The firm also drew up the plans for the office building.
Vizcaya Capital, which manages funds on behalf of high-net‐worth families based in South America, will occupy a portion of the office space. The firm bought the 12,000-square-foot lot in 2021 for $5 million, according to property records. (A representative for Vizcaya Capital did not immediately respond to a request for comment.)
Office developments have become hot commodities in Coconut Grove, a wealthy, leafy neighborhood where many executives reside. The neighborhood at the end of 2024 boasted one of the lowest office vacancy rates in the city at 3.8 percent and one of the highest average asking rents at $71.15 a square foot, according to CBRE.
In 2021, Related Group, Miami’s largest condo developer, completed a 10-story office building a block east, which serves as its headquarters. The building is also home to developer 13th Floor Investments and the Knight Foundation. In recent years, Michael Comras has added office components to CocoWalk and The Canopy, which helped revitalize the aging retail properties.
But not all office properties have fared so well. The seven-story 3480 Main Highway office building is scheduled to be auctioned this month, after owner CGI Merchant Group defaulted on the mortgage even though the property is fully occupied, the South Florida Business Journal reported.
Following interest rate hikes, a number of CGI Merchant Group’s properties have gone into foreclosure, including The Gabriel hotel in Downtown Miami and the former Trump Hotel in D.C.
Julia Echikson can be reached at jechikson@commercialobserver.com.
