R&B Realty Readies for Miami Office Groundbreaking
The developer plans to break ground on The Gateway at Wynwood in the next 90 days, and has retained Colliers’ Stephen Rutchik to spearhead leasing efforts at the property.
By Timea Papp
R&B Realty has commenced initial site preparations and leasing for The Gateway at Wynwood, a planned, 420,000-square-foot office building in Miami’s Wynwood/Midtown submarket. Groundbreaking is expected to take place in the next 90 days and completion is estimated for late 2019. The developer tapped Colliers International to oversee leasing of the property.
Located at 2916 N. Miami Ave., the building will rise at the ‘Main & Main’ intersection of North Miami and NW 29th Street. The site is bordered by the Wynwood Arts District, Midtown Miami, Edgewater and the Miami Design District. Designed by Kobi Karp Architecture, the project will feature floor-to-ceiling glass windows, floor plates ranging from 24,700 to 28,900 square feet, and five floors of on-site covered parking. Further amenities will include a private rooftop terrace, 24-hour security, and 25,000 square feet of street-level retail space.
Demand on the rise
Colliers Executive Vice President Stephen Rutchik is spearheading leasing efforts on behalf of the owner. The Gateway at Wynwood development project comes amidst growing demand for office space in the Wynwood submarket. According to Colliers, the area has seen average office rents rise from $22.70 to more than $40.00 per square foot, as vacancy rates have fallen to 6.7 percent over the past five years.
“As Miami becomes more urban and new commercial districts emerge, office users of all sizes are seeking out space in well-located neighborhoods with a strong quality of life offerings, like Wynwood and Midtown,” Rutchik explained in a prepared statement.
“Our team is confident in the Miami market and we’ve encountered significant preleasing demand among tenants eyeing a move into Wynwood, who view our building as the only option for true Class A users, leading us to begin development ‘on spec’,” added Aron Rosenberg, chairman of R&B Realty.
In addition to providing commuters easy access to South Florida’s major north-south highways, The Gateway at Wynwood is situated minutes from Miami International Airport and Brightline’s Miami Central rail terminal. The rail service began commuting passengers between West Palm Beach and Fort Lauderdale on January 13.
Rendering courtesy of R&B Realty