JV Secures $74M Loan for Metro Miami Building
A joint venture of Taubco and Landau Properties has received a $74 million construction loan to develop One Kane Concourse, a 125,000-square-foot office building on Miami’s Bay Harbor Islands.
The seven-story waterfront project at 9551 E. Bay Harbor Drive reportedly will be both the only trophy office building on Bay Harbor Islands and Miami’s only Class A office building offering private boat access. It will feature 75,000 square feet of “ultra-luxury office space” and a ground-floor waterfront restaurant, in a location across from the Bal Harbor Shops.
3650 Capital provided the financing. Construction will start at the end of this month and is scheduled for completion in late 2026. Leasing will be handled by Cushman & Wakefield.
The developers could not be reached for further information.
The project is driven by an influx of high-net-worth residents to Bay Harbor Islands and the resulting need for luxury office space for companies supporting this migration, Irwin Tauber, co-founder & CEO of Taubco, said in a company statement.
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The ground-floor restaurant reportedly will offer in-suite dining service for building tenants, while the building will feature private boat slip access and dockage, along with a rooftop venue.
The building has been designed by Miami-based architect Luis Revuelta, known for multiple luxury buildings in Miami.
Cushman & Wakefield Vice Chair Brian Gale, with Executive Managing Directors Andrew Trench and Ryan Holtzman, and Senior Director Edward Quinon, will oversee office leasing efforts.
Scanty preleasing
Overall vacancy in the Miami-Dade office market has risen by 80 basis points year-over-year, driven by the recent delivery of 830 Brickell, according to a third-quarter report from Cushman & Wakefield. The 556,000-square-foot building was 93 percent preleased, but the new tenants are still building out their respective spaces.
Adjusted for that blip, the overall vacancy would be about 15.1 percent, although a total of seven office projects with a combined 837,000 square feet are underway, with only 14 percent preleased. Net absorption nonetheless remains positive, Cushman & Wakefield reported.
In July, CMC Group nailed down a $69.9 million refinance for its 4000 Ponce, a 190,000-square-foot office building in the Miami suburb of Coral Gables, Fla. The floating-rate, five-year loan was provided by City National Bank of Florida and arranged by a JLL team.
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