Location Ventures buys $20 million site for Miami project

George Sell George Sell Uploaded 07 May 2021

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US: Location ventures is planning a coliving and coworking development with a GDV of $56 million on a Miami site it has acquired for $20 million.

The developer purchased the at Washington Avenuesite site, which houses two buildings totalling 33,488 square feet, from 1234 Partners Ltd.

The company's plans include renovating the site’s three-storey office building, adding a 5,000-square-foot wellness centre on the ground floor, and 21,000 square feet of flexible office space on the other floors. The fully furnished offices will range from 50 square feet to between 1,000 and 5,000 square feet, with short and long-term leases available.

An adjacent retail building will be demolished and replaced with a six-storey building that will house a food market, 60 residential units with 120 bedrooms, and a roof deck with a pool and bar. The residential units will include coliving units with two to four bedrooms — with residents sharing a living room, kitchen and laundry machines in the fully furnished units — and 256-square-foot micro-units.

The rental units will be a mix of short- and long-term rentals — ranging from 15 days to six months or a year.

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