A groundbreaking mixed-use development known as HUB Miami has been unveiled by a consortium of four development firms. The 41-story tower will be located at 533 N.W. Second Ave., a 1.03-acre site in downtown Miami. Situated near the Brightline passenger rail station and close to the entrance of Interstate 95, the property was secured for $39.5 million earlier this year. The partners in this venture include Aventura's BH Group, Boca Raton's Pebb Enterprises, Miami's Florida Value Partners, and Chicago's John Buck Co.
HUB Miami will offer 306 residential condos, 245,000 square feet of office area, and 7,000 square feet of retail space. The development also includes provisions for 484 parking spots. John Buck Co. is making its first foray into Miami's real estate market with this project. Ryan Lovell, the company's managing director, expressed enthusiasm about the city's growing appeal among affluent individuals and corporate leaders.
The residential segment of the tower will occupy its upper levels, offering condos ranging from 394 to 1,046 square feet with starting prices in the mid-$400,000s. The sales are being managed by OneWorld Properties. Prospective buyers should note that short-term rentals will be permitted and a 50% deposit, paid in stages, will be required, with the first 10% due upon contract signing. The residential amenities are slated to feature a lounge, coworking spaces, a fitness center, and a spa, among others, exclusively for condo residents.
The office segment has been designed with a dedicated lobby and flexible floorplans ranging from 18,000 to 26,000 square feet. These spaces will feature floor-to-ceiling windows and offer a variety of amenities like a conference room, a lounge, and a sizeable outdoor terrace. The leasing activities for the office space will be handled by CBRE, although the asking rates have not been disclosed.
Ryan Lovell mentioned that the office spaces will be managed with a "hotel operating mindset," highlighting the development's strategic proximity to transportation hubs like the Brightline station and Interstate 95. He also noted that the project is well-positioned within Miami's rapidly transforming downtown and neighboring Miami Worldcenter, making it an ideal live-work-play locale.
The consortium plans to initiate construction in the first quarter of 2024, with a timeline of approximately 30 to 31 months to completion. The architectural design for HUB Miami has been developed by Hollywood-based ODP Architects. Gus Alfonso, the managing partner and CEO of Florida Value Partners, emphasized the collaborative nature of the project, stating that the blend of diverse expertise from the four companies will contribute to a development that redefines Miami's skyline.
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