BH3 Management, a real estate investment and development firm specializing in distinctive projects and assets, has begun demolition to make room for a new nine-story, 90,000-square-foot retail, showroom and office development at 3801 N. Miami Ave designed by renowned architectural firm Sieger Suarez in Miami’s Design District. Dubbed Design 38, the project is positioned at the southwestern entrance to the Miami Design District. Construction is slated to commence this summer.
Design 38 will feature 25-foot ceilings on ground level and 14-foot ceilings on floors 2 through 9. Tenants will enjoy open floor plans with great branding visibility, including the opportunity for naming rights with Interstate 195 exposure. Rents vary based on the floor, but average approximately $70 per square foot for typical floors on a triple-net basis. Several letters of intent from notable tenants are already in place.
“Design 38 is poised to satisfy the pent-up demand of retailers, fashion brands, showrooms, studios, and office space users that want to be in the Design District, but don’t require ground-floor locations or the higher rents associated with them,” said Gregory Freedman, Co-Founder and Co-CEO of BH3.
Just north of Miami’s Wynwood and Edgewater neighborhoods, Design District is home to more than 170 retail stores, 20 restaurants, and the Institute of Contemporary Art.
Adjacent to Design 38, a planned 15-story, 180,000-square-foot office project, The Ursa, was recently announced and will be developed by Miami Design District Associates, a partnership of Dacra, L Catteron Real Estate, and Brookfield Properties.
“Combined, Design 38 and The Ursa solidify the relevance of North Miami Avenue as the vertical core for Miami Design District,” Freedman added.
Design 38 will accept cryptocurrency as an option for lease payments.
“With Miami emerging as the cryptocurrency capital of the world, accepting it as a form of lease payment is a timely point of differentiation for potential tenants,” said Daniel Lebensohn, Co-Founder and Co-CEO of BH3.”
JLL Senior Vice President & South Florida Retail Lead Zach Winkler, Senior Associate Jonathan Rosen, and Associate Lee Koniver have been tapped to spearhead leasing for the project on behalf of BH3.
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