More than 3.5 million square feet of office space was under construction in the Miami metro as of May, according to CommercialEdge data. Development activity was concentrated in the Miami North submarket, where nearly one million square feet of office space was underway. Some of the largest buildings include new headquarters or corporate expansions, signaling heightened interest from companies taking advantage of Florida’s business-friendly climate and warm weather.
More than 1.4 million square feet is expected to come online by the end of the year—including two of the properties mentioned on the list below—while other massive projects have been delayed. Based on CommercialEdge data, here are the largest office projects rising in the Miami metro.
|Rank||Project Name||SQ FT||Owner||Expected Completion|
|1||830 Brickell Plaza||637,046||OKO Group||12/31/2022|
|2||Royal Caribbean Headquarters||350,000||Royal Caribbean||1/31/2024|
|3||The Plaza Coral Gables – Building 2||222,541||Agave Holdings||8/31/2022|
|4||The Gateway at Wynwood||220,900||Rose & Berg Realty Group||9/30/2021|
|5||2340 Collins Avenue||144,430||Starwood Capital Group||12/31/2021|
5. 2340 Collins Ave.
Starwood Capital Group broke ground on 2340 Collins Ave. in September 2019. The asset will serve as the company’s future headquarters and will house 300 employees and feature a generous first-floor retail and restaurant space. Completion of the six-story, 144,430-square-foot building is scheduled for the end of 2021.
The development team includes a Coastal/Brodson joint venture as general contractor, Integra as developer and Gensler as architect. Construction financing included a $76 million loan funded by Citizens Financial Group. Additionally, the building will be the first Class A asset in Miami Beach, as well as the city’s first new corporate office building in more than 20 years.
4. The Gateway at Wynwood
Despite pandemic-induced woes, Rose & Berg Realty Group went ahead with the development of The Gateway at Wynwood, a 12-story premier asset in Miami’s Wynwood district. The 220,900-square-foot asset broke ground in early 2020 and is scheduled for completion in September 2021. Kobi Karp serves as the architect and Plaza Construction as general contractor.
The Gateway at Wynwood will feature street-level retail, a private rooftop terrace and a garage. It rises at 2916 N. Miami Ave., on the site of a former industrial building, offering easy access to both Fort Lauderdale and West Palm Beach, as well as transportation nodes such as Miami International Airport and PortMiami.
3. The Plaza Coral Gables – Building 2
The largest mixed-use development taking shape in Coral Gables, Fla., is The Plaza Coral Gables. The largest office building within the 2.1 million-square-foot, $500 million complex is being developed by Agave Holdings and consists of the 222,541-square-foot The Plaza Coral Gables – Building 2, emerging at 3011 Ponce de Leon Blvd. and expected to come online in the summer of 2022.
The complex will also include a 242-key hotel and a shared parking podium. PNC Bank provided a $100 million loan that included Building 1 of the development, a 392,568-square-foot asset completed in November 2020. The facility will house the new BAC Florida Bank headquarters.
2. Royal Caribbean Headquarters
Taking shape in downtown Miami, the 350,000-square-foot Royal Caribbean Headquarters will spread on 96 acres at the junction of NEC North American Way and Caribbean Way.
The $300 million HOK-designed project was initially scheduled for completion in December 2020, but construction came to a halt due to the pandemic, pushing an anticipated delivery to 2024.
1. 830 Brickell Plaza
The largest property under construction in the Miami metro is OKO Group and Cain International’s 830 Brickell Plaza, constructed in the city’s Brickell submarket. The 505,031-square-foot project broke ground in February 2019, with delivery anticipated at the end of 2021. In August last year, MSD Capital provided a $300 million construction loan for the project.
At 734 feet, the premier building will be the second-tallest office building in Miami. Designed by Adrian Smith + Gordon Gill Architecture, the tower will include an eight-story parking garage that will serve as the building’s podium. WeWork will anchor the building, having signed a 147,000-square-foot lease last year.