Another new office building planned for Coconut Grove
Coconut Grove’s office market has a number of new projects in the works, including the latest called 27@Lincoln.
LointerHome, led by Amanda De Seta and Marco de Souza, revealed plans for the five-story, 68,000-square-foot Class A office building. The developer closed on the site at 3151 Southwest 27th Avenue in late April for $4.67 million, and plans to break ground on the site early next year, De Seta said.
It joins at least two other new office buildings planned for the Grove, which hasn’t seen new office product in nearly 30 years. The owners of CocoWalk revealed plans earlier this year to raze a portion of the mall and build a similarly sized office building. Before that, Terra Group and Mayfair Real Estate Advisors announced they are converting an older parking garage on Oak Avenue into a 75,000-square-foot office building with public parking.
“We saw there was a definite lack of office space in the Grove, and when we looked at the other uses of that piece of land, it didn’t pencil to do any of the other available uses,” De Seta said. Baywood Hotels sold the 21,000-square-foot development site, but the deal has yet to be recorded online. It previously traded for $833,000 in 2014.
Office rents in the Grove average about $38 per square foot, and the vacancy rate is 3.4 percent, JLL said in February. Rents at 27@Lincoln will range from $40 per square foot to $42 per square foot, De Seta said. She’s in talks with potential tenants like law firms and creative companies.
The building, designed by William Hamilton Arthur IV, will also have landscaped wraparound balconies, 5,000 square feet of ground floor retail space, and about 200 parking spaces in an automated underground garage. It’s slated to open in early 2019.
The Miami-based developer is working with Banif Finance Corp USA and Leste Capital on the project. Otto Travieso of Real Capital Partners and Alfred Xiques of Xiques + Garcia arranged the purchase last month. LointerHome is also working on its Glass House project, a group of six single-family homes, and is in the permitting stage for a project at 2915 Center Street, both in the Grove.