Regarded as one of the world’s top tourism destinations, Miami Beach has long been lauded for miles of white-sand beaches dotted by world-class hotels, extravagant nightlife, chef-driven restaurants, and revered cultural institutions.
Now, in an effort to diversify the City’s economy and stimulate continued business growth, Miami Beach is seeking proposals from local, regional, and national real estate developers interested in building commercial office space within the Lincoln Road District — one of the country’s premier mixed-use neighborhoods combining arts and entertainment venues, outdoor cafes, boutique hotels, art galleries, and stylish retailers.
Future office development will solidify the Lincoln Road District’s appeal as one of the country’s premier mixed-use neighborhoods combining arts and entertainment venues, outdoor cafes, boutique hotels, art galleries, stylish retailers, and – soon – Class A office space.
The just-released RFP invites developers to propose projects involving three existing city-owned surface parking lots and one city-owned parking garage in the Lincoln Road district, bringing about 400,000 square feet of office space, and ultimately connecting the nearby Convention Center complex with Lincoln Road.
The open call for developers comes as more than 1,000 people migrate to Florida each day, with Miami and South Florida capturing the majority of that growth. Companies are relocating and expanding to the region in search of lower taxes, diverse talent, improved quality of life, year-round warm weather, and a high potential for business growth.
A steady stream of financial firms and hedge funds have relocated or expanded their businesses into the South Florida market since 2013, including Appaloosa Management, which opened their offices on Miami Beach in 2016, and most recently, Starwood Capital Group, which took out a $67 million construction loan to build a new headquarters on 23rd and Collins Avenue on Miami Beach. Most recently, the southbound trend has accelerated, with major organizations like Icahn Enterprises and Blackstone announcing moves to the region in the last year, signaling hundreds of new, high-paying jobs in the community, and a workforce ready to invest in the City’s residential real estate.