Downtown Miami Gains Steam with 1400 Biscayne Boulevard to Infuse 428 Condo Units into the Omni Neighborhood
by Sep Niakan | December 20, 2012
With almost every neighborhood in Miami getting a good mix of residential high-rises and condo-hotels to cater to the taste of global citizens, it was only a matter of time before Omni got its own set of new residential projects. 1400 Biscayne Boulevard, a $412 million mixed-use development project initiated by Espacio USA, has become the first realty venture in the arts and entertainment district of Miami to be announced post the last real estate boom.
Espacio USA happens to be the American arm of Grupo Villar Mir that is based in Madrid. With almost 67% of its business taking place internationally, this real-estate company has a robust presence in 31 countries, with a special interest in Latin America and Europe. Espacio completed the acquisition of the 150,000-square-feet block at 1400 Biscayne Boulevard in the year 2010 with a price tag of $35 million. Infusing another $2 million in its capital improvement and marketing program and the real-estate firm has already been able to increase its building occupancy to 95% in two years.
In the words of Alberto Muñoz, CEO of Espacio USA “Two years ago, we began investing in Downtown Miami and attracting new office tenants, and now we are entering the next phase of our plans to help revitalize Omni by bringing a Class-A product to an underutilized area.” He further added, “With an iconic design and a healthy mix of residential and commercial uses, the development will serve as an anchor for its neighborhood, while bringing an additional economic boost to Downtown Miami.”
With the construction date set for early 2013 and a completion date of five years thereafter, here’s what will be on offer at 1400 Biscayne Boulevard:
- A 55-story, high-end condo tower offering 428 residential units along with premier street-level retail options.
- An adjacent 12-story, Class A boutique office building spanning across 103,000 sq. ft. that is being designed to seek a LEED Gold certification (Leadership in Energy and Environmental Design).
- Both towers being designed by the internationally acclaimed architecture firm Pei Cobb Freed & Partners in collaboration with local architecture firm Rodriguez and Quiroga Architects.
With the Director of Inmobiliaria Espacio, José Antonio Fernández Gallar stating that “We have invested over $80 million in the South Florida market in the past five years, and we look forward to being a long-term fixture in this community, helping to shape the city’s skyline and contributing to its economic growth”, it will be quite exciting to note how our beloved Miami’s cityscape unfolds and what other real-estate options are made available over the next couple of years.
For detailed information on 1400 Biscayne Boulevard, click here!
Intrigued by an investment/residential opportunity in Omni? Call us now at 305-725-0566
Image Credit: therealdeal.com
Quote Source: communitynewspapers.com
by Sep Niakan | December 06, 2016
It’s my favorite time of year to be in Miami! The weather has cooled off a bit. The city’s abuzz with people from every corner of the world (thanks to Art Basel). The holiday spirit is gradually taking over, and there’s a bunch of...
by Sep Niakan | November 29, 2016
This is a story of how one Miami condo dweller (that's me, Sep Niakan) gave up his car at the end of his lease and gained freedom (and $$) in its place. If you have been thinking of getting rid of your car or know someone who is, read...
by Sep Niakan | November 24, 2016
Lending, specifically FHA lending, is inching forward in favor of Miami Condos. Before President Trump pulls out any game-changers, I thought it would be the right time to reflect on a Bill passed into law by President Obama this August. The...
by Sep Niakan | November 22, 2016
It’s been almost a year since BrickellHouse’s robotic parking garage blunder, and I’ve been thinking about what this means for the automated parking business in Miami condos. In brief, Boomerang Systems (the robotic garage...