A mixed-use development backed by the family office of Marc Rowan, the billionaire co-founder of Apollo Global Management, is moving forward in Miami Beach’s Sunset Harbour neighborhood.
Deco Capital Group secured Miami Beach commission approval on Wednesday for its latest iteration of the project, now called Eighteen Sunset. The five-story building, between Purdy Avenue and Bay Road, will include 15,000 square feet of ground-floor retail and restaurant space, two stories and 32,000 square feet of Class A office, plus a residential penthouse that will be listed for sale.
Deco Capital’s longtime partner is New York-based RWN Real Estate Partners, part of Rowan’s family office.
The project has been in the works for nearly a decade, since the developer began assembling the land. Bradley Colmer, Deco Capital’s founder, said it has been “quite a process to get neighborhood buy-in” and get city approvals. Deco was also involved in yearslong litigation with a Sunset Harbour neighbor, Beach Towing, that has been resolved.
At this week’s meeting, commissioners also voted on first reading to pass an ordinance that would encourage more office development in Sunset Harbour.
Previous versions of Deco Capital’s project called for nearly a dozen condos with more retail space. Colmer said the current design has more outdoor space for ground-floor retailers, in addition to luxury office space. The developer is targeting finance and investment firms, family offices, tech firms and other companies for the office space. Colliers’ Stephen Rutchik is handling office leasing, and Sara Wolfe of Koniver Stern is leading retail leasing.
The penthouse will have more than 15,000 square feet of interior space and about 17,000 square feet of outdoor space, including a rooftop deck with a pool and hot tub, gardens and outdoor dining area. The penthouse owner would also have a private garage with space for at least six cars. Douglas Elliman agent Oren Alexander was tapped to sell the penthouse.
Construction could begin in September, with an expected completion in 2023.
The city is pushing for more office development as more tech and finance firms expand to South Florida.
More than a dozen developers, including Deco Capital, responded to a Miami Beach request for letters of interest for a public-private partnership to redevelop three parking lots next to Lincoln Road between Alton Road and Meridian Avenue.
Starwood Capital Group’s Barry Sternlicht, one of the developers who responded to the city’s request, is building a Class A office building where Starwood will be based near the company’s 1 Hotel & Homes South Beach.