The deal for constructing One Brickell City Centre, near a supertall, is undergoing restructuring, according to the WSJ.
A demolition ceremony occurred at the site in May 2023, with plans for the 59-story, 977-foot tower submitted to Miami’s Urban Development Review Board in June.
Miami Building Department records indicate a demolition permit was issued for one older building on the site (demolition had briefly paused after an incident), while another building's demolition permit requires correction. The master construction permit submitted in June for the new tower is listed as inactive.
The project is a joint venture between Brickell City Centre developer Swire Properties and Related Companies, controlled by Miami Dolphins owner Stephen Ross.
Reportedly, developers have faced challenges securing an anchor tenant, prompting Swire to consider selling the property.
A Swire spokesperson stated the land isn't currently for sale, while Related mentioned ongoing collaboration with Swire.
Miami's office market, while slightly eased, remains one of the strongest nationwide, with office space in high demand and at elevated prices compared to pre-pandemic levels.
Miami topped office rent growth in 2023, ranked third for net office absorption, and maintains one of the lowest office vacancy rates in the US.
Feel free to contact David Freed, a Miami Real Estate Agent, for any of your real estate needs in Brickell and Miami.
