Dormant office projects in the Miami Design District luxury malls are being resurrected with Management of BH3 as a partner and about 40 percent of other places.
The project, it is called Bearwill feature 250,000 square feet of office space and 15,000 square feet of retail space on the ground floor in 30. Jalan Timur 39facing North Miami Avenue, near the southwest corner of the open-online Design District mall. Arquitectonica and the company of famous artists Daniel Arsham planning a 20-story development.
The owner of the retail center 18 blocks – a partnership between Craig Robins‘s Dacre and on LVMH– backed private equity firms L Catterton Real Estate – and Fort Lauderdale-based BH3 plans to break ground next year, with completion scheduled for 2029. A representative for the project declined to comment on Ursa’s pre-leasing.
Owner of the Miami Design District plan opened for Ursa in 2022, like many new market companies that started opening offices in Miami after the pandemic. The 15-story development will require 180,000 square feet of office space.
But the partnership failed to secure office tenants and construction financing. The half-acre site remains vacant.
In this new iteration, Ursa will expand to include an 11,417-square-meter parcel along North Miami Avenue, which is owned by BH3 Management, a prominent development company that also has debt.
Ursa is just one of the new developments in the pipeline in the Miami Design District, home to Chanel, Prada and Hermes boutique. Last week, another office development broken ground after securing a $125 million construction loan with a signed lease from a billionaire private equity firm Josh Harris and concierge medical services Atria Health Research.
Other projects under way include a 25-story condo tower and a 12-story hotel, branded as a luxury hotel. Fouquet’s and designed by the Pritzker Prize-winning architect David Chipperfieldalthough construction has not yet begun.
Julia Echikson can be reached at jechikson@commercialobserver.com.