Biscayne 12000 is a 140,000 square-foot, 8-story office building located on Biscayne Boulevard, a coveted address in North Miami, Florida. The building was purchased out of foreclosure at a substantial discount and recapitalized.
A program then began to renovate the entire office building and rezone the property to allow for retail use on the ground floor. During the rezoning process, an architect was retained to design an avant-garde retail storefront that would distinguish the planned ground floor retail from the office building above it, yet would create harmony and compatibility for both office and retail uses.
The retail plan pushed the footprint of the building out and back, and created appealing storefronts for the retail use. A drive-through at the end of the building was built to accommodate Starbucks, and bays created in the balance of the retail spaces to accommodate food service, which included outdoor seating and service uses. All of the retail space was pre-leased by completion of the construction, all of the retail spaces had been preleased at rental rates approximately three times higher than the rental rates for the office space in the building. Presently, we are in the process of condominiumizing the retail space for a sale separate from the office portion of the building.