“There definitely a likelihood that markets in New York will relocate, speeding up a lot of the migration to Florida and we would benefit from that. “We’re monitoring office trends, but it’s too early to say how this plays out,” Boudet-Murias says. The pandemic has disrupted the office market with some companies looking at having more employees working from home and also looking at dispersal of space into more suburban locations, which South Miami represents. The second phase envisions a 180,000-square-foot office building with 10,000 square feet of ground-floor retail. It connects directly to the station, and amenities will include a rooftop terrace, a swimming pool, fitness center and study lounge. The $125 million project is being built on top of the parking garage by the station under a 99-year land lease with the county. The eight-story Vox Miami broke ground in November, and its 326 beds will be in 99 units ranging from one-bedroom/one-bathroom to four beds/one bath. The project is walkable from the resurging downtown area of Coconut Grove and the condos along South Bayshore Boulevard. Boaters like to pull up for dinner as well. “People who go there to eat there like to see all he boaters and nautical life,” Boudet-Marias says.
VOX APARTMENTS TALLAHASSEE PLUS
Treo is working with Grove Bay Hospitality Group on the open-air Hangar 42 casual restaurant and the upscale waterfront Afishonado with Top Chef season 13 winner Jeremy Ford.Ī big plus for Regatta Harbour in the COVID-19 era will be the abundance of outdoor dining spaces and plenty of room for walking around while enjoying the scenery on and along Biscayne Bay. The marina is fully functional, and one of the historic Pan Am hangars on the site is being renovated so all the boats will be indoors, Boudet-Marias says.Ĭonstruction will begin shortly on the casual dining space, which is now expected to open in the first quarter of 2021. I think that’s the type of retail that will continue to succeed,” says Treo principal Eddie Garcia. “It’s a destination for people to walk around and spend the day. The tenants will be a mix of lifestyle, retail and entertainment tenants. Treo is nearly finished leasing up 34,000 square feet on the ground floor of a new parking garage being built by the Metropolitan Parking Authority. The $50 million Regatta Harbour renovation of 9.5 waterfront acres was featured in an October 2019 SFBW article about the revitalization of Coconut Grove. It recently has had more than $200 million in projects in the pipeline. Treo Group has four principals who have participated in more than $500 million of real estate development and investments across all major asset types. Of course, more precautions and separation of workers has been needed. With construction regarded as an essential business, the pandemic hasn’t had a great impact, says Otto Boudet-Murias, the principal responsible for managing the day-to-day operations. It’s also constructing Vox Miami, a 361-unit student housing project at the South Miami Metro station. The Coconut Grove company is finishing up Regatta Harbour, the waterfront redevelopment project in Coconut Grove, and Vox Tallahassee, a 891-bed student housing project.
Treo Group offers an example of how developers keep moving ahead despite the COVID-19 pandemic.
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