{"id":1004741748,"date":"2024-12-23T05:57:21","date_gmt":"2024-12-23T13:57:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004741748"},"modified":"2024-12-23T05:58:16","modified_gmt":"2024-12-23T13:58:16","slug":"jv-secures-74m-loan-for-metro-miami-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-secures-74m-loan-for-metro-miami-building\/","title":{"rendered":"JV Secures $74M Loan for Metro Miami Building"},"content":{"rendered":"\n<p>A joint venture of Taubco and Landau Properties has received a $74 million construction loan to develop One Kane Concourse, a 125,000-square-foot office building on Miami\u2019s Bay Harbor Islands.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/One-Kane-Concourse-featured.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004741752\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jv-secures-74m-loan-for-metro-miami-building\/one-kane-concourse-featured\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/One-Kane-Concourse-featured.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"One Kane Concourse featured\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Rendering of the One Kane Concourse office building on Miami\u2019s Bay Harbor Islands. Image courtesy of One Kane Concourse&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/One-Kane-Concourse-featured.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/One-Kane-Concourse-featured.jpg?w=800\" alt=\"Rendering of the One Kane Concourse office building on Miami\u2019s Bay Harbor Islands\" class=\"wp-image-1004741752\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/One-Kane-Concourse-featured.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/One-Kane-Concourse-featured.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/One-Kane-Concourse-featured.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">Rendering of the One Kane Concourse office building on Miami\u2019s Bay Harbor Islands. Image courtesy of One Kane Concourse<\/figcaption><\/figure><\/div>\n\n\n<p>The seven-story waterfront project at 9551 E. Bay Harbor Drive reportedly will be both the only trophy office building on Bay Harbor Islands and Miami\u2019s only Class A office building offering private boat access. It will feature 75,000 square feet of \u201cultra-luxury office space\u201d and a ground-floor waterfront restaurant, in a location across from the Bal Harbor Shops.<\/p>\n\n\n\n<p>3650 Capital provided the financing. Construction will start at the end of this month and is scheduled for completion in late 2026. Leasing will be handled by Cushman &amp; Wakefield.<\/p>\n\n\n\n<p>The developers could not be reached for further information.<\/p>\n\n\n\n<p>The project is driven by an influx of high-net-worth residents to Bay Harbor Islands and the resulting need for luxury office space for companies supporting this migration, Irwin Tauber, co-founder &amp; CEO of Taubco, said in a company statement.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/when-office-meets-hospitality-a-love-story-from-presidio-bay\/\">When Office Meets Hospitality<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The ground-floor restaurant reportedly will offer in-suite dining service for building tenants, while the building will feature private boat slip access and dockage, along with a rooftop venue.<\/p>\n\n\n\n<p>The building has been designed by Miami-based architect Luis Revuelta, known for multiple luxury buildings in Miami.<\/p>\n\n\n\n<p>Cushman &amp; Wakefield Vice Chair Brian Gale, with Executive Managing Directors Andrew Trench and Ryan Holtzman, and Senior Director Edward Quinon, will oversee office leasing efforts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-scanty-preleasing\">Scanty preleasing<\/h2>\n\n\n\n<p>Overall vacancy in the Miami-Dade office market has risen by 80 basis points year-over-year, driven by the recent delivery of 830 Brickell, according to a third-quarter report from Cushman &amp; Wakefield. The 556,000-square-foot building was 93 percent preleased, but the new tenants are still building out their respective spaces.<\/p>\n\n\n\n<p>Adjusted for that blip, the overall vacancy would be about 15.1 percent, although a total of seven office projects with a combined 837,000 square feet are underway, with only 14 percent preleased. Net absorption nonetheless remains positive, Cushman &amp; Wakefield reported.<\/p>\n\n\n\n<p>In July, CMC Group <a href=\"https:\/\/www.commercialsearch.com\/news\/cmc-group-lands-70m-refi-for-miami-office-building\/\">nailed down a $69.9 million refinance<\/a> for its 4000 Ponce, a 190,000-square-foot office building in the Miami suburb of Coral Gables, Fla. The floating-rate, five-year loan was provided by City National Bank of Florida and arranged by a JLL team.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Situated on Bay Harbor Islands, this will be the city\u2019s only Class A office property with private boat access.<\/p>\n","protected":false},"author":882,"featured_media":1004741752,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,1492,21742,21747,32781],"tags":[44420,32799],"class_list":["post-1004741748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-miami","category-latest","category-office","category-southeast","tag-3650-reit","tag-cushman-wakefield"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JV Secures $74M Loan for Metro Miami Building - 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