CBRE, Blanca Tapped to Lease Office, Retail at New 3 MSF TOD in Miami

By Gail Kalinoski, Contributing Editor

CBRE and Blanca Commercial Real Estate have been tapped to lease the retail and office portions of MiamiCentral, a 3 million-square-foot mixed-use, transit-oriented development that will feature 200,000 square feet of retail and 800,000 square feet of Class A office space.

The project is being developed by All Aboard Florida and Florida East Coast Industries Inc., who are bringing an express passenger rail service to South and Central Florida. MiamiCentral will span nine acres just east of Miami-Dade County Hall and an adjacent two-acre site on the corner of NW 2nd Avenue and NW 6^th Street in Miami’s Historic Overtown neighborhood. The rail service, which will have stations in Miami, Fort Lauderdale, West Palm Beach and Orlando, is scheduled to begin service in late 2016.

“The importance of downtown Miami is evidenced by the significant investment made not only by All Aboard Florida, but other key developments, and will be a hugely sought after iconic destination, in a newly urbanized neighborhood,” Michael Reininger, All Aboard Florida’s president and chief development officer, said in a news release.

The $1 billion passenger rail project was proposed in March 2012 and designed to serve the approximately 50 million people who travel the congested highways annually between South Florida and Central Florida. The line expects to attract tourists as well as business travelers.

In Miami-Dade County, the project is expected to have a total economic impact of $1.3 billion between 2014 and 2021, including more than 2,500 construction and full-time jobs. The Miami station, being designed by Skidmore, Owings & Merrill L.L.P., will be a true “live-work-play-commute” urban environment, according to the developers.

The terminal itself will have about 2 million square feet of office and other commercial development and approximately 1 million square feet of residential, including more than 1,100 luxury residential units.

CBRE will be marketing MiamiCentral’s retail offerings, which will include about 200,000 square feet of retail on the street level and in the main concourse and feature a market, boutique retail and dining.

Paco Diaz

“MiamiCentral is a major contributor to the burgeoning downtown area, pushing to create a more walkable, urban neighborhood for both visitors and residents,” Paco Diaz, CBRE senior vice president, said in a statement. “Featuring unique eateries and entertainment, the development will serve as a highly trafficked commuter pass through as well as a highly desirable destination in and of itself. This is the most exciting combination of developments to hit downtown Miami in decades.”

Blanca Commercial Real Estate of Miami will be leasing the office space, which totals nearly 800,000 square feet of Class A space. The first two towers, which will have about 215,000 square feet, will be ready for occupancy by late 2016.

“As the first new Class A office development planned for downtown Miami in years, MiamiCentral will meet growing demand for space among global and local companies,” Tere Blanca, president & CEO of Blanca Commercial Real Estate, said in the release. “MiamiCentral will appeal to users that value a dynamic urban location offering direct access to high-speed rail service, varied mass transit options and a host of amenities including on-site retail and dining.”