Landau, Taubco land $74M building mortgage for Bay Harbor workplace challenge, as South Florida financing retains flowing

Landau Properties and Taubco scored a $74 million building mortgage for an workplace challenge in Bay Harbor Islands. 

The deal comes as financing continues to move for South Florida developments, together with workplaces, regardless of normal considerations concerning the asset class’s long-term viability. 

New York-based Landau and North Miami-based Taubco will begin building this month on the seven-story One Kane Concourse at 9551 East Bay Harbor Drive, in keeping with the builders’ information launch. The 125,000-square-foot constructing will include 75,000 sq. ft of workplaces and a ground-floor waterfront restaurant. It will likely be close to the luxurious Bal Harbour Shops. 

Miami-based 3650 Capital is the lender, in keeping with the discharge. 

Development is predicted to be accomplished in late 2026, the discharge says. 

One Kane Concourse will likely be close to the 113,000-square-foot, five-story The Well workplace and retail constructing that’s below building at 1177 Kane Concourse in Bay Harbor Islands. Coconut Grove-based Terra, led by David Martin, is growing the health-focused challenge, the place former quarterback Tom Brady’s family office and lender Dwight Capital have preleased headquarters house. 

At One Kane Concourse, no workplace preleases have been introduced. The restaurant house is preleased, accounting for about 20 p.c of the constructing, in keeping with the builders’ spokesperson. The builders are in talks with potential tenants. 

Brian Gale, a part of the Cushman & Wakefield staff leasing the workplace house, mentioned pent-up demand stays for Bay Harbor workplaces. Asking rents on the constructing begin at $150 per sq. foot, triple web, he mentioned. 

“The Nicely is doing properly, pun supposed,” Gale mentioned. “What makes this improvement [One Kane Concourse] totally different than any improvement in Miami is you may actually take your boat to work.” 

The challenge consists of an as-yet undetermined variety of boat slips, which can rely on boat sizes, he added. 

The bottom-floor restaurant may even function a venue on a portion of the rooftop. 

Additionally in Bay Harbor, Landau is growing the eight-story, nine-unit Indian Creek Residences & Yacht Club boutique condominium challenge on the waterfront at 9110 West Bay Harbor Drive.  

Jonathan Landau, his daughter, Yaeli Lowinger, and his son-in-law, David “DC” Lowinger, began his eponymous agency in 2022. Landau had departed Fortis Property Group that yr. 

Taubco, based and led by husband-and-wife Irwin and Laura Tauber, has been a industrial actual property investor in South Florida since its founding within the late Nineties. In 2002, it paid $900,000 for the One Kane Concourse improvement website, which now homes a one-story, 6,300-square-foot constructing, in keeping with information. 

Taubco additionally has developed buying plazas in South Florida, finishing the four-story, 287,000-square-foot Causeway Sq. with workplaces and a storage at 1801 Northeast 123rd Avenue in North Miami in 2009. 

This yr, Laura Tauber was revealed as the event associate with Spanish developer Pablo Castro of a deliberate 3,222-unit Live Local Act apartment project in Miami-Dade County’s West Little River neighborhood. The event, which is the largest identified deliberate Stay Native challenge in South Florida, would rise at 8400 Northwest twenty fifth Avenue.

South Florida financings flowed this yr, defying expectations of a slowdown as a consequence of skittish lenders and better rates of interest. This month, Whitman Household Growth landed a $740 million refinancing and building mortgage for Bal Harbour Outlets’ enlargement, and Terra scored a $170 million building mortgage for a 578-unit condominium complicated close to Dolphin Mall in Sweetwater.