Kengo Kuma-Designed Miami Project Lands $85M Construction Loan

The first mixed-use development in the U.S. designed by famed Japanese architect Kengo Kuma is getting off the ground near the Miami Design District. 

The development team — which includes Leviathan Development, Lionheart Capital, Well Duo and the Lane Organization — secured an $85 million construction loan from Monroe Capital for the three-story development, called Mirai Design District. 

The project will include 41,000 square feet of Class A boutique office space and 16,000 square feet of retail space at 4218 Northeast Second Avenue. The site is just north of the Miami Design District, an open-air, 18-city-block luxury mall. Construction is expected to be completed in 2028.

Property records suggest the development has been assembling the 25,000-square-foot site since 2007.

“Mirai was conceived as something far more experiential than a traditional mixed-use project,” Allison Greenfield, founder and managing partner of Leviathan Development, said in a statement. “The goal  was to create an environment where architecture, hospitality, retail, and workplace culture feel fully integrated, reflecting how people increasingly want to work, gather and spend time in Miami.”

The development comes as the Miami Design District has emerged as one of the best-performing luxury malls in the country since the pandemic, with boutiques from the likes of Chanel, Hermes, Gucci and Prada. 

Kuma is known for striking, modern designs that often utilize natural materials. His marquee projects include the V&A Dundee museum and Japan National Stadium, built for the most recent Summer Olympics in Tokyo. 

In Miami Beach, the architect has also designed the 18-story, oceanfront Aman-branded condo development, which remains under construction with developer OKO Group and Len Blavatnik’s Access Industries as investors. 

Julia Echikson can be reached at jechikson@commercialobserver.com.