Lincoln Road Property Owner L.P., a joint venture led by an affiliate of Starwood Capital Group, Integra Investments and The Comras Company, has responded to a Request for Proposals (RFP) from the City of Miami Beach with plans to lease a pair of surface parking lots and develop The Gardens at Lincoln Lane, a low-rise mixed-use development that will comprise just under 130,000 square feet of Class A office space, 25,000 square feet of street-level retail, and more than 425 easily accessible parking spaces. The project is designed by Brandon Haw Architecture, along with West 8 Urban Design & Landscape Architecture, and will occupy a 1.1-acre lot at 1080 Lincoln Lane North and a 0.9-acre lot at 1680 Lennox Avenue in the Lincoln Road District.
The RFP, launched in 2021, is intended to diversify the Miami Beach economy by activating existing City-owned parking lots with newly built office space that satisfies pent-up demand among existing and new-to-market office tenants, bringing greater diversity to the Lincoln Road District. With average office rents in the City consistently among the highest of any South Florida submarket, according to JLL Research, Miami Beach has an opportunity to elevate Lincoln Road as an attractive location for local residents and businesses, rather than relying solely on tourists to drive economic activity.
Nearly 20 teams initially expressed interest in the development opportunity, and the City Manager ultimately selected Lincoln Road Property Owners as one of two entities to proceed in ground lease negotiations. Miami Beach Commissioners approved the City Manager’s recommendation earlier this year, and lease negotiations are now underway. Pending Commission approval this summer, Miami Beach voters will need to approve the plans in a November 2022 referendum.
“Miami Beach is rapidly becoming a sought-after destination for global businesses, and we are incredibly pleased to put forward a proposed development that will represent the best this region has to offer,” said Andrew Coren, a Managing Director with Starwood Capital. “Our proposal will not only offer first-class accommodations and amenities that today’s leading businesses demand, but it will be constructed in an environmentally friendly manner focused on preserving energy, water consumption and natural light. We look forward to refining our proposal with city officials and presenting the public with our vision in the months to come.”
“As Miami Beach takes steps to diversify its economy and highlight its position as a world-class destination for business and residents, the City is leveraging the expertise of private developers capable of delivering Class A office space within the Lincoln Road District,” said Victor Ballestas of Integra Investments. “The Gardens at Lincoln Lane will position Miami Beach to attract new businesses, create sought-after jobs, spur additional private sector investment, and create new revenue that will enable the City to continue investing in infrastructure and quality of life initiatives.”
Plans for the development include multiple floors of premium, Class-A office space will offer tenants access to open-air terraces, panoramic views of the surrounding streetscape, and maximum natural light. Sustainability and technology features will include energy and water conservation systems, a ‘green roof’ that promotes natural cooling and enhances storm water retention, and touchless security features. The development will include more than 425 parking spaces, 192 of which will be reserved for the public and fully available during construction of the project.
The first floor of each building will enliven the streetscape with new retail uses, public seating areas, and a pocket park featuring a signature waterfall. This street-level experience will improve walkability in the neighborhood by creating greater connectivity with the newly remodeled Miami Beach Convention Center and forthcoming Grand Hyatt Hotel, the thriving Lincoln Road District, and cultural anchors such as New World Center and The Fillmore Miami Beach.
“Lincoln Road has long been one of the world’s most beloved destinations for shopping, dining, art and entertainment,” says team member Michael Comras of The Comras Company. “The addition of new Class A office and retail space in the Lincoln Road District will bring greater connectivity and grow the neighborhood’s appeal in the eyes of locals. Surface parking lots diminish the pedestrian experience, which is why cities around the world – including Miami Beach – often use them for infill redevelopment.”