Foundry Commercial Begins Expansion Project at Miami Central Commons
Posted on November 7, 2018
DORAL, Fla. (October 26, 2018) – Foundry Commercial, the multi-city commercial real estate firm with offices across the Southeast Unites States and Texas, broke ground on Miami Central Commons, a 47-acre site in Miami’s Airport West submarket. The site will accommodate two Class A industrial buildings totaling 317,000 square feet. These two buildings are being constructed on 18 acres of undeveloped land on the west side at the highly trafficked intersection of NW 107th Avenue and NW 25th Street, providing tenants of the new buildings direct access to the Miami International Airport, located approximately three miles away. This new construction is adjacent to three existing buildings on the site, which comprise an additional 650,000 square feet.
Miami Central Commons' proximity to the airport makes it a highly coveted site for distribution users, affording an opportunity for Foundry to redevelop the site with modern warehouse space. The development is also focused on taking advantage of the exposure on 107th Avenue through the construction of a showroom/retail building fronting the western boundary of the site. A more typical warehouse/distribution building will be constructed behind the showroom space and will cater to tenants looking for Class A development in a market that has had very little new development in recent years.
“This site is one of the most sought-after due to its proximity to varying distribution channels as well as for the great visibility it benefits from being on the corner of ‘main and main’ in Doral,” said David Blount, Vice President, Development & Investment for Foundry Commercial in South Florida. “We’ve worked very hard with the project team and existing tenants to design a site plan that fits the demands of a market we feel is underserved.”
The groundbreaking ceremony for Miami Central Commons occurred on Thursday, October 25, and was attended by representatives from Foundry Commercial as well as other members of the project team and partners. Construction is already underway to improve the site around the existing buildings and subsequently, the new buildings will begin vertical construction in the coming months.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with 300 employees and more than 50 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than one billion in advantaged investment opportunities with their JV partners. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management-led buyout. For more information, visit www.foundrycommercial.com.
Lauren Leetun, APR