The One Thousand Group, led by Louis Birdman, Kevin Venger, and Michael Konig, is embarking on an ambitious project to construct a towering structure on a 1.6-acre site located at the northeastern junction of Biscayne Boulevard and Northeast 36th Street. This undertaking is set to be scrutinized by the Miami Urban Development Review Board during its forthcoming meeting this Wednesday. The specific purchase price for this property has not been disclosed.
The proposed edifice, envisioned by the architectural prowess of Kohn Pedersen Fox, with ODP Architects taking on the role of the architect of record, is set to encompass a total of 312,000 square feet dedicated to office spaces, an additional 29,000 square feet reserved for commercial usage, and the convenience of a 671-space parking facility, all in accordance with the submitted application.
The development parcel, which can be located at 3601 Biscayne Boulevard, as well as 345 and 409 Northwest 36th Street, comprises a pair of two-story apartment buildings housing ten units in total, alongside a Shell gas station.
The Miami-based One Thousand Group has already left its mark on the local landscape through its involvement in the development of the esteemed Zaha Hadid-designed One Thousand Museum condominium tower, located at 1000 Biscayne Boulevard in downtown Miami.
However, the developers’ decision to invest in the realm of office real estate does raise pertinent questions, particularly in light of the prevailing market conditions.
While the real estate sector has contended that demand surged, largely driven by an influx of out-of-state companies over the past three years, available data casts doubt on this exuberance.
The optimism among brokers and developers regarding the expansion of technology and financial firms into South Florida is seemingly at odds with reality, as statistics from CompStak, a crowd-sourced data provider, suggest that leasing activities in both sectors have been on a decline since at least 2021.
Moreover, across South Florida, there has been a nearly 30 percent increase in sublease availability during the second quarter year-over-year, as reported by Avison Young. This surge is attributed to high borrowing costs and broader economic headwinds that have led some firms to reintroduce a portion of their office space to the market.
According to a recent news release by One Thousand Group, they assert that the notable influx of companies like Citadel and Microsoft to Florida will persist. Additionally, businesses are actively summoning their employees back to physical office spaces, thus generating a heightened demand for new office developments.
Billionaire Ken Griffin made waves by relocating both Citadel and Citadel Securities’ headquarters from Chicago to Miami. Meanwhile, technology giant Microsoft, headquartered in Redmond, Washington, secured a lease at 830 Brickell in Miami.
In parallel, other companies are also in the pipeline for their own Miami-based office ventures. Notably, the Ardid family’s Key International has proposed a substantial undertaking: a 51-story office tower spanning 704,000 square feet of office space at 848 Brickell Avenue in Miami.
