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International real estate firm Hines has announced plans to develop a 45-storey office and high-street retail tower within the confines of the burgeoning Miami Worldcenter project. The 600,000-square-foot office-led 110 10th Street will become the first Class A office building of scale constructed in Miami's central business district in eight years.
The project will be just one small piece of the much larger puzzle that comprises the Miami Worldcenter development, which marked construction last year on a high-street retail promenade, 60-storey Paramount luxury condominium and a Class A rental apartment building. The ten-block mixed-use development occupies 27 acres of Downtown Miami real estate and fuses retail, residential, commercial and hospitality uses to become one of the largest private real estate developments currently underway in the United States.
"We are very excited about introducing this new icon to the Miami skyline. It has been nearly a decade since Miami has received an office tower of this size and scale," said Hines Senior Managing Director Michael Harrison. "We strongly believe that the quality, location and accessibility of this building will be appealing to a wide range of tenants and ultimately, once finished, we feel this will be the premier office and mixed-use tower in the City of Miami."
Bounded by northeast 1st and 2nd Avenues, and northeast 9th and 10th streets, the building boasts a design by Pickard Chilton Associates, who came away the winner in an international competition conducted by Hines. The building will possess a diagrid facade, with amenities including three indoor/outdoor terraces. Hines hopes to begin construction on 110 10th Street in the second quarter of 2018 with initial occupancy in late 2020 or early 2021.
"Traffic, access and amenities have become a critical issue for office users and decision makers," said Harrison. "The extensive new development that has occurred in the downtown core and throughout the Brickell submarket, together with the congestion caused by the Brickell Avenue Bridge, has increased commute times dramatically. Law firms, financial institutions, technology companies, and accounting and professional service firms are all focused on recruiting and retaining millennials, and accessibility and proximity to transit will drive decisions for tenants. 110 10th will provide our tenants with superior 'first-on' and 'first-off' access to the interstate and Biscayne Boulevard in all directions, and we're within walking distance of Miami's new mass-transit hub."
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