Beach office space due in April as first of new wave
By Sherri C. Ranta
Class A office space at 555 Washington Ave. and 560 Lincoln Road will open on Miami Beach this year, brokers say, while work continues on Lincoln Place and The Lincoln, two large class A office projects in various stages of development.
Minette Montesinos with Alliance Commercial said the four-story, 34,000-square-foot Denison Corp. development at 560 Lincoln will be ready April 18.
About 20,000 square feet will be available for offices, she said, while about 14,000 will be for retail.
Originally called the Millennium building, Ms. Montesinos said naming rights to the structure will be offered to the largest tenant.
To date, Cafeteria of New York has signed a lease for a ground-floor restaurant space, she said.
Maggie Kurtz of Cushman & Wakefield said 555 Washington, a Scott Robins Co. development, is to open in August. The four-story building will offer about 70,000 square feet 48,000 office and 20,000 retail. Ms. Kurtz said a tenant has signed a letter of intent to lease one floor.
Groundbreaking for The Lincoln, another Scott Robins Co. development, is expected in June, she said. The project will have 160,000 square feet 120,000 for offices and 40,000 retail. At least one tenant, a bank, has signed a letter of agreement for space, Ms. Kurtz said.
"By the time The Lincoln hits the market" in 12 to 14 months, Ms. Kurtz said, "existing product of class A should have been absorbed."
Developer Michael Comras said workers are pouring slabs for the fourth floor of Lincoln Place, an eight-story, 140,000-square-foot class A office building at Washington Avenue and 16th Street. Completion is on track for early 2002, he said.
LNR Property Corp., part owner in the project, has agreed to lease 60,000 of the 115,000 square feet of available office space, possibly for use as LNR's corporate headquarters. However that decision has not been made, LNR officials said.
Developers are also in the process of deciding how to best lease about 30,000 square feet of retail in the building. An upscale restaurant is planned and other stores, such as home furnishings and a variety of service outlets, are under consideration, Mr. Comras said.
A 535-space garage is also part of the project.
Mr. Comras said Lincoln Place will be one of the newest class A office buildings in the Lincoln Road area. Many of the existing office buildings are old, outdated and in disrepair, he said.
"We'll have elevators that run when they are suppose to run, excellent HVAC, abundant parking all these things that a lot of buildings on Miami Beach don't have."