Treo Group plans to build an eight-story office building on a site it acquired in May near the South Miami Metrorail Station.
SoMi Station would be at the corner of U.S. 1 and Sunset Drive with a direct connection to the Metrorail station. The developer recently hired Fairchild Partners as its exclusive broker.
Fairchild Partners Principal Jose I. Juncadella said SoMi Station would total 195,850 square feet, with 16,020 square feet of retail and restaurant space on the ground floor and the rest dedicated to office space. The building would have exclusive access to a 650-space parking garage next door. Its office floor plates would range from 23,000 to 27,000 square feet.
“This is an area where there is hardly any available office space,” Juncadella said. “It’s not in downtown Coral Gables, but it is close to the major neighborhoods such as Pinecrest and Palmetto [Bay] and it has the Kendall connection with the Metrorail.”
Asking rent in SoMi Station averages $33 per square foot, which is less than an older office on Brickell, Juncadella said. The developer plans to break ground once it pre-leases 25 to 30 percent of the office space. He hopes to complete the building in fall 2018.
With traffic getting worse in Miami-Dade County, Juncadella said many tenants want to be located near public transit stations, especially now that the Metrorail connects to Miami International Airport.
SoMi Station was designed by Perkins+Will.
The developer acquired the ground lease on the 6.2-acre site for $13 million in July. A previous project there had stalled during the recession. In May, the lease with Miami-Dade County was amended with a 90-year extension.
SoMi Station adds to a list of proposed or under construction at Metrorail stations, including the Motion at Dadeland apartments near the Dadeland North station, the Modera Douglas Station apartments, Grove Station Tower with apartments, retail and a hotel near the Coconut Grove station, the Link at Douglas Station with apartments, retail, and a hotel, and another proposed apartment building by Rilea Group at Dadeland North.
South Florida Business Journal