The developers of a $424.8 million mixed-use project on the Miami River are reducing its retail footprint and adding office space.
Developer Andy Hellinger, a principal at Urban X Group, and Coralee Penabad are adding 135,000 square feet of office space to River Landing Shops and Residences. The project is under construction and set to open in early 2020 at 1400 Northwest North River Drive.
Hellinger cited the lack of new office space in the Health District. The office market in the area is at full occupancy and no new construction has been built since 2011, according to a release. The vacancy rate in the Health District reached 6 percent in 2011 when the University of Miami Life Science and Technology Park was completed. That building later sold in 2016 for a reported $220 million. Tenants included the Diabetes Research Institute, Tissue Bank, Bionucleonics and eLandia Group.
The average asking office rent in the area is more than $30 per square foot, triple net, up 24 percent since 2014, according to Colliers International South Florida.
River Landing hired Cushman & Wakefield’s Greg Maison to handle office and retail leasing. The office component will include an outdoor terrace, private elevators and a dedicated generator.
The 2-million-square-foot project includes 528 market-rate apartments and big box retail space. TJ Maxx, Ross Dress for Less, Publix Super Markets, Burlington, Chase Bank, GNC, AT&T and Hobby Lobby are all leasing space at River Landing…Click here to read more on The Real Deal.com
Article written by The Real Deal.com