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1234 Washington

Cashflow In Miami
September 17, 2021

$56 million coworking, co-living development coming SOBE!

1234-1260 Washington Ave, South Beach

The Miami-based developer, led by CEO Rishi Kapoor, purchased the 33,488-square-foot property at 1234 and 1260 Washington Ave. from 1234 Partners, owned by the families of David Resnick and Jonathan Fryd. It currently has a retail building and an office building. The purchase price was $20 million.

When it’s completed in 16 to 18 months, it will have a 5,000-square-foot wellness center on the ground floor and 21,000 square feet of flexible office space on the upper floors.

The office space would be a mix of coworking with flexible space as small as 50 square feet and long-term leases for suites of 1,000 to 5,000 square feet, Kapoor added. The offices will be fully furnished, turnkey spaces. The mix of short- and long-term office space will depend on what tenants demand, he added.

There would also be a green roof.

By the fall, Urbin expects to start demolishing the old retail building and start constructing a 6-story building. It would have a food market, cafe and bar with organic and locally sourced products on the ground floor, 60 residential units with a combined 120 bedrooms, and a roof deck with a pool, yoga lawn and bar.

The residential units would be a mix of 275-square-foot micro units and co-living units with two to four bedrooms. Each bedroom, along with a private bathroom, could be rented individually and the residents would share the living room, kitchen and laundry machines. All the units will be fully furnished, Kapoor said.

Kapoor said the project would have flexibility between short- and long-term rentals. Bedrooms could be rented for as little as 15 days, or tenants could sign a long-term lease from six months to a year. He anticipates rent to start at $1,950 a month for a micro unit to the low $1,000s for a bedroom in a co-living unit.

He expects tenants will include seasonal residents, tourists and business travelers who want to stay for a few weeks, and local workers. In Urbin’s existing co-living projects in Coconut Grove and Coral Gables, the mix between short- and long-term leases is about 50/50, he added.

Touzet Studio is the architect of Urbin Miami Beach. Meyer Davis was hired for the interior design and Cadence was tapped for landscape architecture.

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