Office And Retail Condo Project Planned Near Dolphin Mall
A developer wants to build an 85,000-square-foot office and retail condo building near the Dolphin Mall in Sweetwater.
J. Brett Houston wants to build the Dolphin Commerce Centre at the southeast corner of Northwest 110th Avenue and Northwest 17th Street. He previously developed the Dolphin Park of Commerce I and II in the same area.
His company, Dolphin Professional Centre LLC, paid $4.43 million in December to acquire the 3.9-acre site, which was previously foreclosed upon.
Houston said he will launch pre-sales of units in February and aims to break ground in late summer this year. He must also obtain city approval for building permits. He hasn’t determined the pricing yet, but said he will require 50 percent deposits to reserve units.
The three-story Dolphin Professional Centre will have 10 retail units totaling 26,540 square feet. They will range from 1,890 square feet to 4,230 square feet and two spaces will be suitable for restaurants.
“There are almost no retail condos in Miami so they should do well,” Houston said. “Also, Dolphin Mall rents are so high and there is no vacancy so we should get some spillover from retailers. Since IKEA opened, traffic is much higher all around.”
There will be 54,940 square feet of office condo space on the second and third floors. He can sell units as small as 680 square feet.
“Office fundamentals are very strong in the Airport West/Doral submarket with very little supply coming on line so investors will like these small office condos,” Houston said.
Dolphin Professional Centre will have 359 parking spaces, or 4.5 space per 1,000 square feet.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
CLICK HERE TO SUBSCRIBE TODAY!
And we promise…no more than one email each morning.
Leave a ReplyWant to join the discussion?
Feel free to contribute!