Landau Properties and Taubco scored a $74 million construction loan for an office project in Bay Harbor Islands.
The deal comes as financing continues to flow for South Florida developments, including offices, despite general concerns about the asset class’s long-term viability.
New York-based Landau and North Miami-based Taubco will start construction this month on the seven-story One Kane Concourse at 9551 East Bay Harbor Drive, according to the developers’ news release. The 125,000-square-foot building will consist of 75,000 square feet of offices and a ground-floor waterfront restaurant. It will be near the luxury Bal Harbour Shops.
Miami-based 3650 Capital is the lender, according to the release.
Construction is expected to be completed in late 2026, the release says.
One Kane Concourse will be near the 113,000-square-foot, five-story The Well office and retail building that’s under construction at 1177 Kane Concourse in Bay Harbor Islands. Coconut Grove-based Terra, led by David Martin, is developing the health-focused project, where former quarterback Tom Brady’s family office and lender Dwight Capital have preleased headquarters space.
At One Kane Concourse, no office preleases have been announced. The restaurant space is preleased, accounting for about 20 percent of the building, according to the developers’ spokesperson. The developers are in talks with potential tenants.
Brian Gale, part of the Cushman & Wakefield team leasing the office space, said pent-up demand remains for Bay Harbor offices. Asking rents at the building start at $150 per square foot, triple net, he said.
“The Well is doing well, pun intended,” Gale said. “What makes this development [One Kane Concourse] different than any development in Miami is you can literally take your boat to work.”
The project includes an as-yet undetermined number of boat slips, which will depend on boat sizes, he added.
The ground-floor restaurant will also operate a venue on a portion of the rooftop.
Also in Bay Harbor, Landau is developing the eight-story, nine-unit Indian Creek Residences & Yacht Club boutique condo project on the waterfront at 9110 West Bay Harbor Drive.
Jonathan Landau, his daughter, Yaeli Lowinger, and his son-in-law, David “DC” Lowinger, started his eponymous firm in 2022. Landau had departed Fortis Property Group that year.
Taubco, founded and led by husband-and-wife Irwin and Laura Tauber, has been a commercial real estate investor in South Florida since its founding in the late 1990s. In 2002, it paid $900,000 for the One Kane Concourse development site, which now houses a one-story, 6,300-square-foot building, according to records.
Taubco also has developed shopping plazas in South Florida, completing the four-story, 287,000-square-foot Causeway Square with offices and a garage at 1801 Northeast 123rd Street in North Miami in 2009.
This year, Laura Tauber was revealed as the development partner with Spanish developer Pablo Castro of a planned 3,222-unit Live Local Act apartment project in Miami-Dade County’s West Little River neighborhood. The development, which is the biggest known planned Live Local project in South Florida, would rise at 8400 Northwest 25th Avenue.
South Florida financings flowed this year, defying expectations of a slowdown due to skittish lenders and higher interest rates. This month, Whitman Family Development landed a $740 million refinancing and construction loan for Bal Harbour Shops’ expansion, and Terra scored a $170 million construction loan for a 578-unit apartment complex near Dolphin Mall in Sweetwater.