Miami Beach is searching for developers for a public-private partnership on a new Class A office space project near Lincoln Road. The new office mixed-use buildings would be built in the place where today are three parking lots that belong to the city. The idea is to create a commercial and business district to diversify the local economy, which nowadays is based mainly on tourism and hospitality.
With the growing flow of new residents coming from northern states, many of them wealthy business people and executives from large companies, a demand for office spaces in the city has emerged. This flow grew during the pandemic, making it an opportune moment to think about projects aimed at this profile.
Some of the big names in the business world who have already made the decision to move their companies from North to South Florida are: Barry Sternlicht, of Starwood Capital Group and Carl Icahn, of Icahn Enterprises. The first transferred its business from Connecticut to Miami Beach and Icahn moved Icahn Enterprises from NY to Sunny Isles Beach.
Miami Beach has always been focused on tourism and its economy is now dependent on it. During the pandemic, the tourism sector was one of the most affected. The negative impact for the city of Miami Beach was considerable. Municipal authorities understand that diversifying local activities is essential and now might be a good time to put the plan into practice.
Miami Beach offers few office spaces and, in the near future, it looks that the demand for office space will increase even more.
The sale of luxury condos in Miami Beach has also increased in recent months. Most buyers are wealthy northerners who have moved to Florida.
The parking lots are located north of Lincoln Road, between Alton Road and Meridian Avenue. Together, the three lots add up to an area of 3.35 acres, with the potential to build mixed-use office spaces of approximately 380,000 square feet.
The deadline for sending the letter of intent by interested developers is January 11.