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Office Developers Flock to Miami Beach, Creating a New Skyline by the Ocean

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An influx of executives, investors and businesses has moved homes and businesses to Miami Beach shortly before or during a lifestyle and low tax pandemic. Newcomers looking for and building office space include former Google CEO Eric Schhmidt, Starwood Capital Group CEO Barry Sternlicht, and Boich Cos. Includes Wayne Boich, CEO of Family Office.

The relocation of so many companies to Miami Beach is creating demand for new office buildings. Walking distance Of their executives Waterfront houseProvides a more comfortable commute than fighting rush hour traffic to reach Miami’s financial district.

At least eight office buildings over one million square feet are in various stages of development. According to Lyle Stern, president of the Lincoln Road Business Improvement District, which includes Miami Beach real estate owners and businesses, this is the construction of the most exclusive office property in 20 years.

One of the projects is Starwood’s new headquarters based in Greenwich, Connecticut. The 145,000-square-foot glass-covered building features a wraparound outdoor terrace and cascading green vegetation.

Boych is about to complete his company’s new office building in the Sunset Harbor district of Miami Beach, a five-minute drive from the waterfront mansion. When he saw the soaring prices of land in the area, he also bought adjacent land.

Starwood Capital Group has relocated its headquarters from Connecticut to Miami Beach.


The Wall Street Journal Brian Seleiho

Boichi predicted that strong office demand would continue given the growing popularity of Miami Beach as a place to live and work. “If people keep moving like them, I think they can all succeed,” he said.

Miami Beach had about 850,000 square feet of luxury office buildings before the current building boom, but in Miami it was about 10 million square feet. Most office buildings in Miami Beach are 6 stories or less due to urban zoning regulations.

According to a report released this month by a commercial real estate company, Miami Beach’s top-quality office space rents are $ 81 per square foot, compared to $ 86 in Miami’s Brickell financial district.


“We now need to take advantage of the interest that is coming to our city,” said Dan Gelber, Mayor of Miami Beach. “If you want to be a live, work and play community, you have to play a job role. Now we are playing, playing and playing a little more.”

Miami Beach is providing tenants with financial incentives in the form of $ 60,000 annually in subsidies for the next four years to attract office projects. Other incentives include a rapid permitting process for office projects and the provision of additional parking, according to Ricky Arriola, one of the five members of the Miami Beach Commission.

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These incentives help attract investors such as former Google CEO and his wife Wendy Schmidt, who have a majority interest in the Miami Beach office project planned by New York City developer Sumida + Clana. I am. Meanwhile, the affiliate group and its CEO Jorge Perez are planning a 160,000-square-foot building with its own yacht marina.

However, some are concerned that the development of offices will change the characteristics of the city, which is primarily known for its hotels and beaches. Another committee member, Kristen Rosen Gonzalez, said he was opposed to Ariola-sponsored plans to allow office development in three city-owned parking lots.

“Before building an island, we need traffic research and transportation solutions. Once built, it’s irreversible,” Gonzales said.

The plan will go before the committee next week. If approved, it will appear on the city’s voter ballot in November.

Write to Deborah Acosta [email protected]

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