River Landing changes course: adds office, reduces retail

$425M mixed-use project set to open in 2020

Dec.December 21, 2018 01:30 PM

Rendering of River Landing (Credit: iStock)

The developers of a $424.8 million mixed-use project on the Miami River are reducing its retail footprint and adding office space.

Developer Andy Hellinger, a principal at Urban X Group, and Coralee Penabad are adding 135,000 square feet of office space to River Landing Shops and Residences. The project is under construction and set to open in early 2020 at 1400 Northwest North River Drive.

Hellinger cited the lack of new office space in the Health District. The office market in the area is at full occupancy and no new construction has been built since 2011, according to a release. The vacancy rate in the Health District reached 6 percent in 2011 when the University of Miami Life Science and Technology Park was completed. That building later sold in 2016 for a reported $220 million. Tenants included the Diabetes Research Institute, Tissue Bank, Bionucleonics and eLandia Group.

The average asking office rent in the area is more than $30 per square foot, triple net, up 24 percent since 2014, according to Colliers International South Florida.

River Landing hired Cushman & Wakefield’s Greg Maison to handle office and retail leasing. The office component will include an outdoor terrace, private elevators and a dedicated generator.

The 2-million-square-foot project includes 528 market-rate apartments and big box retail space. TJ Maxx, Ross Dress for Less, Publix Super Markets, Burlington, Chase Bank, GNC, AT&T and Hobby Lobby are all leasing space at River Landing.

Last year, Balfour Beatty PLC won a $260 million construction contract to complete the 8-acre project.  – Katherine Kallergis

Related Articles

999 Ponce and Benjamin H. Silver  

Downtown Coral Gables office building asks $40M

One Financial Plaza with Clay Hamlin III and Jay Shidler of Alliance HSP (Credit: Google Maps)

Alliance buys One Financial Plaza in downtown Fort Lauderdale

Boynton Commons and InvenTrust Properties Corp CEO Tom McGuinness (Credit: Google Maps and InvenTrust)

Carlyle Management pays $50M for Boynton shopping center

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

The Gallery on the River and Jorge Perez of Related Group (Credit: Wikipedia)

Related Group moves forward with Gallery on the River project

Clockwise from left: Jason Hochman, Dominic Montazemi, Miguel Alcivar, Michael Ciadella, and Scott O’Donnell with 2601 Building

Netz USA sells Fort Lauderdale office building to NAI/Merin fund

Brickell office skyline (Credit: iStock)

Office construction in Miami hits a new record

1160 Northwest North River Drive and Yolymiler Diaz (Credit: Google Maps and LinkedIn)

Miami River apartments sell amid development boom