By: Ismael Rodriguez
One of the final pieces to the puzzle that is the Miami Worldcenter project has been revealed.
Hines, a Houston-based investment firm with a presence in 189 cities in 20 countries, plans to build a 45-story tower with 600,000 square feet of Class A office space at 110 NE 10th St., marking the first time since 2010 that an office tower is constructed in downtown Miami.
The tower, dubbed 110 10th, will occupy one of the last remaining portions of vacant land at Miami Worldcenter, the 27-acre, $2 billion mixed-use development stretching across 10 blocks in the downtown area.
“There hasn’t been significant stand-alone signature office space construction in Miami since the recession,” Michael Harrison, the senior managing director at Hines, told the press. “Vacancy rates have been tightening and that has put upward pressure on rental pricing.”
Harrison added that the tower’s location was a major factor considering traffic and access in Miami, citing the project’s proximity to Brightline’s new MiamiCentral station, which is set to open this summer, as well as Biscayne Boulevard and other major highways.
“Hines focuses very heavily on providing superior access and transit to our occupants. The combination of being located a block and a half south from the on-ramp to 395, which gives you access to 836 and I-95, is key,” Harrison told the press. “The downtown transit hub of Metrorail, the Brightline and the Tri-Rail is going to be a game changer for the area. The buildings that are closest to that hub are going to be the ones that benefit disproportionately.”
Hines also hired Pickard Chilton Associates, a Connecticut-based firm, to design the office tower, which will include three indoor and outdoor terraces as well as high-street retail space.
The developer told the press it plans, upon Hines closing on the land purchase, to break ground during the second quarter of next year, delivering the office tower between the end of 2020 or beginning of 2021