NYC Related Bets on Miami Boom With Supertall Office Project
(Bloomberg) — Related company, the developer behind Manhattan’s Hudson Yards project, is making its first foray into the Miami office market.
According to a person familiar with the matter, the real estate firm, led by billionaire chairman Stephen Ross, is working with Hong Kong-based Swire Properties to develop a supertall building in Brickell, a major commercial district in Miami.
Swire recently filed an application with the Federal Aviation Administration to gain approval for a nearly 1,040-foot (317-m) skyscraper called One Brickell City Center.
Related declined to comment on the specifics of the project. A representative for Swire declined to comment.
Miami has seen an increase in office leasing since the pandemic began as companies increasingly target Florida for new offices. Ross said in a statement that the New York-based Related plans to begin work on Florida’s “tallest and largest office tower” in Brickell in 2023, with the building looking to attract “tech and financial companies coming to Miami”. is in.
“This unprecedented project will result in a truly world-class commercial office building,” Ross said.
Other supertall towers are also being planned in the area, such as the 100-story Waldorf Astoria Miami. The new buildings would be the equivalent of Manhattan skyscrapers: a Vanderbilt, the new tower from Grand Central Terminal, stands 1,401 feet tall.
Relate has been an active developer in South Florida, particularly in West Palm Beach, where it has acquired Goldman Sachs Group Inc. and Steve Cohen’s Point72 Asset Management.
According to the Bloomberg Billionaires Index, Ross, who also owns the Miami Dolphins, is worth an estimated $8.4 billion.
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