CBRE and Blanca Commercial Real Estate have nabbed the coveted assignment of leasing retail and office space for All Aboard Florida’s MiamiCentral project.
The project being developed by All Aboard Florida will comprise 3 million square feet of space spanning nine acres east of Miami-Dade County Hall. It includes two acres at the corner of Northwest Second Avenue and Northwest 6th Street in Overtown.
MiamiCentral is envisioned as a cutting-edge, mixed-use development integrated with a major transit station that will connect Miami-to-Orlando passenger rail service to local public transit options.
CBRE is in charge of marketing the retail portions of the MiamiCentral project. That is expected to include nearly 200,000 square feet of leasable retail space at the street level. The project will include a fresh urban market, boutique retail shops and restaurants and connect to more than 1,100 luxury residential units.
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Blanca was tapped to oversee marketing for what is expected to be almost 800,000 square feet of Class A office space. The first two towers, totaling 215,000 square feet, are scheduled for occupancy at the end of 2016, according to All Aboard Florida, a Florida East Coast Industries’ project.
“It’s a transformative project, not only for us in Miami, but for the state of Florida and the region,’’ Tere Blanca, president and CEO of Blanca Commercial, said. The office space should be appealing to employers in tune with the work-live-play lifestyle emerging in the downtown area and to those businesses drawn to the special connectivity of the transit station, Blanca said.
She said the current high vacancy rate in the downtown area isn’t a concern, because the project’s initial two towers of office space will be delivered more than two years from now — plenty of time for absorption. “This space should be well accepted and received with good [leasing] activity,’’ Blanca said.