The final piece of the puzzle dropped into place this week for Deco Capital’s Eighteen Sunset, a mixed-use project that includes 32,000 sq ft of Class A office space in Miami Beach’s Sunset Harbour. City Commissioners approved an additional ten feet in height to allow the taller ceilings high-end office tenants prefer as they seek to diversify away from an economy heavily dependent on tourism and at the mercy of uncontrollable events such as hurricanes, Zika, and COVID closures. When demand for Class A office space increased as businesses sought out warmer climes with abundant outdoor space during the pandemic, Deco Capital pivoted from its earlier plans for a residential project to address the high-end office gap in Miami Beach.
Deco Capital Managing Principal Bradley Colmer said, “I think this will be a transformational project for the neighborhood” which he called a “wonderful foodie, neighborhood” and “one of the most exciting neighborhoods in Miami Beach.”
With ground-floor retail and restaurants, office space and an exclusive penthouse residence with bay views, Colmer said “I think [our project] will be a unique, one-of-a-kind type offering and something that is differentiated from anything else the city currently has.”
The five-story development includes 15,500 sq ft of street-level commercial space and two floors – 32,000 sq ft – of Class A offices. The top-floor penthouse includes 15,000 sq ft of interior space. Adding the private roof deck which includes a pool and hot tub, outdoor dining room and gardens, the total penthouse area will be 32,000 sq ft. The residence comes with a private ground floor foyer and private parking accommodations for at least six cars and direct elevator access to the top floor.
Colmer said interest in the office space started before the project had been approved or marketed. In addition to the views, walkability, and outdoor space coveted by high-end tenants, the “best-in-class” amenities that include 24/7 data connectivity and power redundancy will make it attractive to financial and tech firms, he said.
Deco Capital Group, a Miami-based real estate development and investment firm, began acquiring the assembled lots for the development between Purdy Avenue and Bay Road overlooking Biscayne Bay and Maurice Gibb Park in 2014 along with RWN Real Estate Partners. RWN is part of the family office of Marc Rowan and is the majority capital partner in Eighteen Sunset. Over the years, the developer has worked with the neighborhood to address their concerns while also involved in a legal battle with its neighboring property owner, Beach Towing. With all issues now resolved, construction is scheduled to begin in late summer with completion anticipated in late 2023.
“We’re very excited after the long journey that we’ve been on to deliver this for the city and for the neighborhood,” Colmer said.
Eighteen Sunset will be the first office building in Sunset Harbour though City Commissioners this week passed on first reading a new Overlay for the neighborhood that provides height incentives for offices in other areas. Second and final reading is scheduled for June.
Starwood Capital was the first to jump into the recent round of Class A office construction in Miami Beach – pre-pandemic – with its new headquarters at 24th and Collins Avenue nearing completion. The Related Group received final approvals in February for a planned office development on Terminal Island and the City itself is potentially getting into the game, seeking a Request for Proposals for office developments on three surface parking lots adjacent to Lincoln Road and the 17th Street garage.
The Eighteen Sunset sales and marketing team includes Stephen Rutchik of Colliers International leasing the building’s office space, Sara Wolfe of Koniver Stern marketing the retail offerings, and Oren Alexander of Douglas Elliman selling the penthouse.
Renderings: Domo Architecture + Design
Deco Capital’s Mixed-Use Project, Including Class A Office Space, for Miami Beach’s Sunset Harbour Receives Final Approval
Deco Capital’s Mixed-Use Project, Including Class A Office Space, for Miami Beach’s Sunset Harbour Receives Final Approval:
Goundbreaking anticipated late this summer
AIMCO still moving forward with request for Code changes that would allow height increase
Project to provide new opportunities for interactive experiences