Sumaida + Khurana and Bizzi+Bilgili, two internationally renowned real estate development firms, announced closing $47.25 million in construction financing from Cain International for The Fifth Miami Beach. This new Class A+ office building at 950 5th Street is the first commercial building in Miami’s South of Fifth neighborhood in 20 years. Designed by Alberto Campo Baeza, who recently won Spain’s National Prize for Architecture, The Fifth Miami Beach is the architect’s first Miami building and first commercial office project in the U.S.
The Fifth Miami Beach will redefine the modern office experience with a striking design and emphasis on health and wellness throughout every aspect of the building. Construction for the project has already begun, with completion expected in 2025. The building is nearly 20 percent pre-leased.
“The Fifth Miami Beach was envisioned to deliver timeless design, quality of craftsmanship, and curated amenities, all meticulously considered with the objective of setting a new benchmark for quality in commercial development,” said Amit Khurana, Founding Partner, Sumaida + Khurana.
“Miami has become a major destination for some of the most influential companies looking to expand. We are bringing to market a world-class building that will reinforce the city as an important area for innovative businesses. This project is made possible through our partners and we are pleased to collaborate with Cain International, one of the strongest institutional lenders in the market, on this important development for the South of Fifth neighborhood,” said Alessandro Pallaoro, Managing Director, Bizzi & Partners.
Sumaida + Khurana is led by Founding Partners Saif Sumaida and Amit Khurana. Bizzi+Bilgili is the new joint venture between Bizzi & Partners, led by Chairman Davide Bizzi and Managing Director Alessandro Pallaoro, and Bilgili and its private equity real estate arm BLG Capital, led by Chairman Serdar Bilgili.
Global commercial real estate firm Cushman & Wakefield leads office leasing efforts, and Avenue Real Estate Partners leads retail leasing. The building is situated at the entrance to Miami Beach from the MacArthur Causeway in the South of Fifth neighborhood at the corner of Michigan and Fifth Street. SoFi has quickly become an exclusive enclave home to many popular restaurants, hotels, hot spots, and high-end condos.
“Very few Class A+ office buildings are being delivered despite the tremendous demand, so this loan closing reflects the strength of sponsorship and their proven track record of successfully executing and delivering exceptional projects,” said Brian Gale, Vice-Chairman, Cushman & Wakefield.
The Fifth Miami Beach design team includes Alberto Campo Baeza, who designs the exterior architecture; world-renowned firm Gabellini Sheppard Associates, designing the interiors; award-winning firm Cube 3, who serves as the executive architect; and Miami-based Urban Robot Associates, serving as the project’s landscape architect.
Baeza’s architectural design is a striking jewel box shape featuring five floors and a facade of precious white marble, transparent glass, and clean architectural concrete. Ceiling heights reach 14 feet and offer an abundant sense of light, air, and space throughout every level. The building incorporates numerous biophilic design elements, including massive, landscaped outdoor terraces, a majestic triple-height atrium at its core, and a crowning rooftop space offering unobstructed views of the ocean and Miami Beach. Additional amenities include a state-of-the-art fitness center and spa, on-site dining venues providing healthy dining options, and a best-in-class restaurant that will occupy the ground floor and mezzanine space. The building has also been designed to meet LEED certification standards.