A previously shelved office project within the luxurious Miami Design District is being reactivated. BH3 Management is joining as a partner, which will allow the endeavour to be realised with approximately 40 per cent more space.
The project, named "Ursa", envisages 250,000 square feet of office space and 15,000 square feet of ground-floor retail space. The development is located at 30 Northeast 39th Street, overlooking North Miami Avenue, near the south-west corner of the open-air Design District Malls. The design of the 20-storey building was undertaken by Arquitectonica and the office of renowned artist Daniel Arsham.
Background and Expansion of the Project
The owners of the 18-block retail centre – a partnership between Craig Robins’s Dacra and LVMH-backed private equity firm L Catterton Real Estate – plan to begin construction next year, together with Fort Lauderdale-based BH3. Completion is scheduled for 2029. A project representative declined to comment on the pre-letting of the "Ursa" spaces.
The original plans for the "Ursa" were unveiled by the owners of the Miami Design District as early as 2022, when many new companies began opening offices in Miami in the wake of the pandemic. The initial concept envisioned a 15-storey development with 180,000 square feet of office space. At the time, however, the partnership failed to secure sufficient office tenants and the necessary construction financing. The half-acre plot remained unused.
In its new configuration, the "Ursa" will be expanded to include the adjacent 11,417-square-foot plot along North Miami Avenue, which is owned by BH3 Management. BH3 Management is a renowned development company with a strong focus on real estate projects and also has a debt division.
Further Developments in the Miami Design District
The "Ursa" project is just one of several new developments planned or already under construction in the Miami Design District, home to boutiques such as Chanel, Prada and Hermès. Only last week, the groundbreaking ceremony for another office project took place, following the securing of a 125 million US dollar construction loan and the conclusion of lease agreements with billionaire Josh Harris's private equity firm and the medical concierge service Atria Health Research. Another project in progress includes a 25-storey residential tower and a 12-storey hotel, which will operate under the luxury hotel brand Fouquet's and was designed by Pritzker Prize winner David Chipperfield. However, construction work for these ventures has yet to commence.
