Miami Board OKs One Thousand Group’s Edgewater Office High-Rise
By Julia Echikson October 30, 2023 5:55 pm
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The mostly residential Edgewater neighborhood in Miami could get its first stand-alone office tower.
The Miami Urban Development Board approved One Thousand Group’s plans for a 47-story high-rise at 3601 Biscayne Boulevard earlier this month.
Called Tower 36, the KPF-designed development is set to rise 635 feet, featuring 312,058 square feet of office space, 29,109 square feet of commercial space and 671 parking spots
The 1.5-acre site — just west of an Interstate 195 off-ramp in Edgewater, near the Miami Design District — is now home to a gas station and two-story multifamily building.
“In the past decade, Miami has grown to become one of these global cities and needs office product that keeps up with the latest market trends in order to be competitive in attracting companies to headquarters in Miami,” Kevin Venger, a co-founder of Miami-based One Thousand Group, said in a statement.
If completed as planned, Tower 36 would be the only stand-alone office high-rise in Edgewater, where the development of condo and rental towers is rampant — including another project from One Thousand Group. The firm, co-led by Louis Birdman and Michael Konig, is developing a 57-story condo tower in partnership with hospitality powerhouse Major Food Group and Terra, another Miami-based developer.
While Miami attracted a slew of new-to-market tenants during the height of the pandemic, its office market has cooled in recent months. Over the third quarter of 2023, the office absorption rate across Miami remained in the red, dropping by about 2,400 square feet to negative 52,049 square feet, according to data from JLL.
Other notable office projects in Miami include Related Companies and Swire Properties’ 80-story skyscraper in Brickell. Construction on that high-rise has not yet commenced, and the developers have made no announcements about tenants.
It was not immediately clear when construction on Tower 36 would begin. A representative for the Miami-based One Thousand Group did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
