SHVO Gets Approval to Renovate Landmark Miami Beach Office

Rendering of 407 Lincoln Road redevelopment. Image courtesy of SHVO

SHVO has secured the unanimous approval of the Miami Beach Historic Preservation Board for the revitalization of 407 Lincoln Road in Miami Beach, Fla., into a Class A luxury office property, the development and investment firm announced on Wednesday, Dec 14.

SHVO’s plans to revamp the 13-story building include a renovation of its clock tower, recladding of the building envelope, the addition of double-height loggias, as well as the addition of a rooftop with ocean views and wellness-focused amenities.

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The redevelopment is being led by Foster + Partners, in collaboration with Kobi Karp Architects.

In a prepared statement, Norman Foster, founder & executive chairman of Foster + Partners, highlighted the environmental benefit of significantly lowering the project’s embodied carbon by retaining the building’s existing structure.

Only three months ago, SHVO released its plans for a 52,500-square-foot office, One Soundscape Park, which will be barely a block east of 407 Lincoln Road. The project’s architect is Peter Marino.

Luxury rents

The Miami Beach submarket had the second-highest increase in asking rents in metro Miami, and has the third-highest asking rates (behind Wynwood and Brickell), at an average of nearly $70 per square foot, according to a third-quarter report from JLL. Further, Miami Beach has the metro’s third-lowest overall vacancy, at 12.7 percent.

The JLL report noted that numbers like these are driving development, including 1177 Kane Concourse, a 101,000-square-foot building in North Miami Beach, and Terminal Island Office Project, a 161,000-square-foot office building.