Miami Design District Associates and Raycliff Capital have commenced construction on a new mixed-use office and retail project in the Miami Design District after closing on a substantial construction financing package. According to reporting from the South Florida Business Journal, work began shortly after the development team secured a $125 million construction loan for the project.
Credit Agricole Corporate and Investment Bank provided the mortgage on behalf of a group of lenders, supplying the capital needed to move the project from planning into active development. The financing supports an eight-story building that is planned to combine modern office space with street-level retail in one of Miami’s best-known design and shopping districts.
The project calls for approximately 92,000 square feet of office space, aimed at users seeking a location within the Miami Design District, alongside 22,500 square feet of ground-floor retail. The retail component is positioned to benefit from the area’s established foot traffic and co-tenancy, while the office space adds a workplace dimension to a neighborhood already recognized for luxury, culture, and design-oriented uses.
Parking for the new development will be accommodated by the neighboring Museum Garage, which is expected to serve the needs of both office users and retail visitors. Utilizing an existing structured parking facility allows the project to devote its on-site space to income-producing uses while still providing access to parking in close proximity to the building.
The development is being designed by Norway-based architecture firm Snøhetta. The firm has an international portfolio that includes the Bibliotheca Alexandrina in Egypt, the Norwegian National Opera and Ballet, and the National September 11 Memorial Museum Pavilion in New York. For this Miami Design District project, Snøhetta is responsible for shaping the building’s design and integrating office and retail uses within the district’s established urban fabric.
Kast Construction is serving as the general contractor, overseeing day-to-day construction activities as the project advances. With the loan closed, ground broken, and key design and construction teams in place, the development has moved into its execution phase, backed by a syndicated mortgage arranged through Credit Agricole Corporate and Investment Bank.
