The developers of One Thousand Museum condo tower propose a 47-story office project in Miami’s Edgewater.
One Thousand Group, led by Louis Birdman, Kevin Venger, and Michael Konig, want to build the tower on a 1.6-acre site they have under contract on the northeast corner of Biscayne Boulevard and Northeast 36th Street, according to a city board meeting’s agenda. The purchase price is not disclosed.
The Miami Urban Development Review Board is expected to consider the project at its meeting on Wednesday.
Designed by Kohn Pedersen Fox, with ODP Architects as the architect of record, the tower would consist of 312,000 square feet of offices, 29,000 square feet of commercial space and a 671-space garage, the application shows.
The development site, at 3601 Biscayne Boulevard, as well as 345 and 409 Northwest 36th Street, consists of a pair of two-story apartment buildings with 10 units, combined, and a Shell gas station.
Miami-based One Thousand Group is perhaps best known for partnering on the development of the Zaha Hadid-designed One Thousand Museum condo tower at 1000 Biscayne Boulevard in downtown Miami.
The developers’ wager on office real estate comes at a questionable time for the Miami market.
While the real estate industry argues that demand was supercharged by the influx of out-of-state firms over the past three years, data shows the hype doesn’t match reality.
Brokers and developers were especially giddy over tech and financial firms’ expansion to South Florida. Yet, statistics provided by CompStak, which crowdsources its data, show that leasing by both industries has been on the decline since at least 2021.
Across South Florida, sublease availability also soared by nearly 30 percent in the second quarter, year-over-year, according to Avison Young. High borrowing costs and overall economic headwinds led some firms to put a portion of their office space back on the market.
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In a news release, One Thousand Group said “the great migration to Florida” of companies such as Citadel and Microsoft will continue, and that businesses are calling employees back to offices, fueling demand for new office projects.
Billionaire Ken Griffin moved his Citadel and Citadel Securities’ headquarters from Chicago to Miami. Redmond, Washington-based Microsoft leased at 830 Brickell in Miami.
Other firms planning Miami office projects include the Ardid family’s Key International, which proposes a 51-story office tower with 704,000 square feet of offices at 848 Brickell Avenue in Miami.