According to the South Florida Business Journal, Lombardi Properties will soon break ground on an office building in Miami’s Wynwood Arts District after obtaining a $12 million construction loan.
Coral Gables-based Amerant Bank (NYSE: AMTB) provided the mortgage to BLP 153 LLC, led by Daniel Lombardi of Lombardi Properties and Jared Brunnabend of Bayshore Investment Partners. It covers the 5,175-square-foot site at 153 N.W. 25th Street.
The developer filed plans for the eight-story Doris office building in 2023. Lombardi was one of the earliest developers in Wynwood, which has become popular for street art and restaurants. In recent years, there’s been a boom of multifamily and office construction in Wynwood.
Lombardi said he plans to start construction on the Doris within the next month and a half, and complete it in about 16 months. Miami Gardens-based By His Grace Construction will be the general contractor, he said.
The Doris will have 27,000 square feet of office space and 1,800 square feet of retail, he added. There would be no parking on site, but tenants could use the parking garages around Wynwood.
Lombardi said this would not be a traditional office project. He will build small spec suites, under 2,000 square feet. They will include kitchenettes, two private offices, a private bathroom and a terrace. The Doris would have 14 suites.
He hasn’t started leasing yet, as most smaller tenants usually make decisions six months out. The project will offer relatively short leases, around three years, he added.
“There’s a huge range of tenants that are attracted to Wynwood,” Lombardi said. “If you live on the beach and don’t want to work on the beach, we are one of the easiest neighborhoods to drive to. The food and beverage options here are among the best in the city.”
The Doris was designed by Miami-based Deforma Studio.
According to the second quarter report from Colliers, the vacancy rate in the Wynwood/Design District market was 16.4% and the average asking rent was $78.24 per square foot. It reported negative absorption of 22,085 square feet in the second quarter. There was 404,029 square feet of office under construction.