Lombardi Properties is set to begin construction on a new eight-story office building in the vibrant Wynwood Arts District of Miami. With a $12 million construction loan secured from Amerant Bank, the project, named “The Doris,” will soon break ground.
Construction is expected to commence within the next month and a half and be completed in approximately 16 months. The general contractor for this project will be By His Grace Construction.
Spanning over 27,000 square feet of office space and an additional 1,800 square feet for retail use, The Doris will not have any on-site parking available.
According to reports from S. Florida Business Journal, The Doris will feature small spec suites under 2,000 square feet each with kitchenettes included. These suites are designed with two private offices as well as a private bathroom and terrace area. In total there will be fourteen such suites available at The Doris.
The design for this innovative new building was created by Miami-based Deforma Studio.
Recent data released by Colliers shows that vacancy rates in the Wynwood/Design District market were at around 16.4%, while average asking rent was reported at $78 per square foot during Q2 of this year alone.The same report also noted negative absorption totaling over twenty-two thousand square feet during that period along with ongoing construction projects adding up to four hundred thousand plus sq ft currently underway.
