Place to bring needed offices, parking to Miami Beach
has just begun on Lincoln Place, a mixed-use project that will add
needed office space and parking to Miami Beach's bursting business
eight-story building, designed by Loews Hotel architect Nichols Brosch
Sandoval, will have 110,000 square feet of class A office space and
30,000 square feet of retail, he said, as well as 600 parking spaces.
project came about in response to a request for proposals issued by
the City of Miami Beach for development on city-owned parking lots
that would address the area's critical parking shortage.
two public-private partnerships that resulted from that request
Lincoln Place and The Lincoln, under development by Scott Robins Cos.
on 17th Street at Michigan and Jefferson both combine office,
retail and parking.
to a mid-year market report from Grubb & Ellis, overall office vacancy
in Miami Beach is at 6.6%.
City Manager Cristina Cuervo said the site is strategically located
in the middle of a redevelopment district.
looking forward to seeing it come online," she said. "It
will help sustain the area's retail business and cement 16th Street
as a prime pedestrian corridor."
is ground zero, the heart of the city," developer Michael Comras
said Tuesday. "The City of Miami Beach has worked to get it redeveloped.
Loews provided the hotel component. The concept of adding class-A
office space as well as parking was to my mind a very urban solution."
Comras said he assembled two other parcels adjacent to the city-owned
parking lot for the project a labor that took about three years.
The official groundbreaking for the project will be tonight (10/12)
at the site at 1601 Washington Ave., just across from the Loews Miami
very difficult to assemble a site of this size in a historic district,"
he said. "The barriers are great. But if you can endure, you
have the chance to do something spectacular."
lease rates at Lincoln Place are quoted at $29-$33 a square foot for
office space and $38-$42 for retail.
H. Holly, managing director of Insignia-ESG and leasing agent for
the office component, said lead tenant LNR, the commercial division
of Lennar Homes, will occupy 62,500 square feet.
are in final negotiations for a full floor of 10,000 square feet,"
he said, "which will put us at 65% pre-leased. That's very nice
considering we're just breaking ground and there are three or four
other new projects in the area."
project's built-in parking garage, giving tenants access to more parking
than any existing office building in South Beach, is "a huge
advantage" in attracting tenants, Mr. Holly said.
500 companies as well as entertainment and financial service firms
industries that have shown an affinity for Miami Beach offices
in recent years are being courted as tenants, he said.
Comras, who is handling leasing of the retail space, said he hopes
to attract a restaurant to the corner spot that will cater to the
said he's looking for retail tenants who will service both the building's
tenant base and Lincoln Road's tourists.
(305) 715-2828, office, or 532-0433, retail.