Miami Design District Owner Revives Office Project With BH3
By Julia Echikson October 6, 2026 5:25 pm
reprints
A dormant office project within the Miami Design District luxury mall is being resurrected with BH3 Management as a partner and about 40 percent more space.
The project, called the Ursa, will feature 250,000 square feet of office space and 15,000 square feet of ground-floor retail space at 30 Northeast 39th Street, facing North Miami Avenue, near the southwest corner of the open-air Design District mall. Arquitectonica and the firm of famed artist Daniel Arsham designed the 20-story development.
The owners of the 18-block retail center — a partnership between Craig Robins’s Dacra and the LVMH-backed private equity firm L Catterton Real Estate — and Fort Lauderdale-based BH3 plan to break ground next year, with completion slated for 2029. A representative for the project declined to comment on the Ursa’s pre-leasing.
The Miami Design District owners unveiled plans for the Ursa in 2022, just as a slew of new-market companies began opening offices in Miami in the wake of the pandemic. The 15-story development called for 180,000 square feet of office space.
But the partnership failed to land office tenants and construction financing. The half-acre site remained vacant.
In this new iteration, the Ursa will expand to include the neighboring 11,417-square-foot parcel along North Miami Avenue, which is owned by BH3 Management, a prominent development firm that also has a debt arm.
The Ursa is just one of the new developments in the pipeline at the Miami Design District, home to Chanel, Prada and Hermes boutiques. LLast week, another office development broke ground after securing a $125 million construction loan with signed leases from the private equity firm of billionaire Josh Harris and concierge medical service Atria Health Research.
Another project underway includes a 25-story condo tower and a 12-story hotel, branded by luxury hotel Fouquet’s and designed by Pritzker Prize-winning architect David Chipperfield, though construction has yet to begin.
Julia Echikson can be reached at jechikson@commercialobserver.com.
