L
andau Properties and Taubco secured a $74 million construction loan to develop an office project in Bay Harbor Islands. The financing comes as South Florida's office market continues to attract investment, despite concerns about its long-term viability. Landau and Taubco will break ground on the seven-story One Kane Concourse at 9551 East Bay Harbor Drive this month, with completion expected by late 2026.

    The 125,000-square-foot building will feature 75,000 square feet of office space and a waterfront restaurant on the ground floor. Miami-based 3650 Capital is providing the financing. The project's proximity to luxury Bal Harbour Shops and its unique amenity – boat slips for employees – are expected to attract tenants.

    Brian Gale, a Cushman & Wakefield agent leasing the office space, notes that pent-up demand remains in Bay Harbor Islands for offices. Asking rents at One Kane Concourse start at $150 per square foot, triple net. The ground-floor restaurant will also operate on the rooftop and offer boat slips for employees.

    Landau Properties is also developing Indian Creek Residences & Yacht Club, an eight-story boutique condo project with nine units in Bay Harbor Islands. Taubco has a long history of commercial real estate development in South Florida, including shopping plazas and apartment projects. This year's financing activity in the region has been robust, with several high-profile deals closing despite concerns about interest rates and lender skittishness.