Abbhi Capital, a Coral Gables-based firm, has ambitious plans for a prime 2.2-acre site in Miami’s urban core, specifically at the northeast corner of Northeast First Avenue and Northeast 10th Street within the Miami Worldcenter. They have submitted a proposal for a mixed-use development designed by Arquitectonica, featuring two impressive towers.
Here’s an overview of their proposed project:
- South Tower (33 stories): This tower will primarily house office space, offering nearly 370,000 square feet, making it an attractive option for businesses looking to establish a presence in Miami’s growing urban hub. Additionally, there will be 7,000 square feet of retail space and a 795-space garage to accommodate visitors and tenants.
- North Tower (59 stories): The taller tower will be a mixed-use structure, combining residential units and a hotel. The exact number of hotel keys and whether the residences will be apartments or condominiums is not specified in the current plans.
Abbhi Capital, led by Sankesh Abbhi, assembled this development site through two acquisitions totaling $44 million in 2020 and 2021. The firm has a diverse portfolio that extends beyond real estate, encompassing investments in technology, healthcare, and life sciences industries.
The proposal is set to be reviewed by the Miami Urban Development Review Board, demonstrating Abbhi Capital’s commitment to contribute to Miami’s ongoing urban development and growth.
Miami Worldcenter, led by Art Falcone and Nitin Motwani, is the master developer behind the larger 27-acre mixed-use Miami Worldcenter project. Various components of this project, including residential buildings, hotels, and retail spaces, are either completed or under construction, contributing to the vibrant and dynamic atmosphere of downtown Miami.
Abbhi Capital’s decision to include significant office space in the development aligns with the evolving dynamics of South Florida’s real estate market. While the region has seen an influx of companies during the pandemic, it has also experienced shifts in office space utilization due to remote work policies. Nonetheless, the Miami market remains dynamic and attractive to investors and developers, with Abbhi Capital aiming to make a substantial contribution to the city’s urban landscape.
