L&L Holding, Oak Row Break Ground on 1 MSF Miami Project – What is a Ground Lease?

, L&L Holding, Oak Row Break Ground on 1 MSF Miami Project – What is a Ground Lease?, Robert Khodadadian

(Left to right) David Levinson, Robert Lapidus, Erik Rutter, Marcelo Claure. Image courtesy of Gabrielle Wilde Photography

L&L Holding Co. and Oak Row Equities have commenced construction on The Wynwood Plaza, a 1 million-square-foot mixed-use development in Miami. The companies have teamed up with co-investor Claure Group and project partner Shorenstein Properties to develop the campus, which is expected to be completed in 2025.

The groundbreaking comes shortly after the team, assisted by Newmark, received a $215 million construction loan from Bank OZK. Designed by Gensler, The Wynwood Plaza will include a residential building, an office tower and multiple indoor and outdoor retail and dining spaces.

READ ALSO: How Walkability Impacts CRE Markets

The residential component will feature 509 luxury units with floor-to-ceiling windows, flexible layouts and high-end appliances. The residents’ amenity package will comprise two outdoor swimming pools with showers, co-working spaces, a fitness center with dedicated areas for yoga and other exercise classes, a sauna, as well as four activated rooftops with a sports court.

Additionally, there will be an outdoor public plaza, situated on a half-acre lot, that will be the largest in the Wynwood Arts District and one of the largest in the city. James Corner Field Operations is the landscape designer in charge of the plaza, that will feature local vegetation, palm trees and a pedestrian paseo.

Raising the bar, attracting tenants

The 266,000-square-foot Class A office tower will feature private terraces on each floor, indoor and outdoor common-area amenities, a café and bar lounge, conference rooms, a fitness center and 688 parking spots. The 12-story office building has two of its floors already preleased. Claure Group will establish its headquarters on the eighth floor, where it will occupy 25,400 square feet. Renowned law firm Weitz & Luxenberg will open its first Miami office in the building, having committed to 18,000 square feet of space on the second floor. Cushman & Wakefield‘s team led by Vice Chairman Brian Gale, Executive Directors Ryan Holtzman and Andrew Trench, together with Senior Director Edward Quinon are the appointed leasing brokers in charge of the project’s office component, according to CommercialEdge data.

The project will include 6,600 square feet of outdoor dining space and 32,000 square feet of retail space. This component will be situated on a main pedestrian pathway, with spaces featuring full glass windows. The developers will include a curated collection of artworks and installations throughout the development, to be provided in collaboration with the local art community.

Earlier in February, another high-profile mixed-use project was announced in Miami: THE WELL Bay Harbor Islands, a mixed-use development that will include 54 luxury residential units, 98,420 square feet of Class A office space, 11,000 square feet of retail and 6,500 square feet of beverage space, as announced by Terra Group. The developer received $141.8 million in construction financing.

The post L&L Holding, Oak Row Break Ground on 1 MSF Miami Project appeared first on Commercial Property Executive.

 Development, Miami, Mixed Use, News, Office, South, Bank OZK, Cushman & Wakefield, L&L Holding Company, Newmark, Shorenstein Properties 

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