Let's focus on a different kind of building this time around instead of Miami Beach condos; a building that's much more than just its intended purpose as a massive mixed use parking garage. The unique 11 11 Lincoln Road building has beat the odds and managed to close on a $76 million refinancing loan, you've probably already seen initial signs of the eventual result if you've passed by the corner of Alton Road and Lincoln Road.
Besides the high end parking garage, the seven story 11 11 Lincoln Road (the name is also its address) will feature more than 35,000 square feet of retail on the ground floor which will include names like Juicy Couture and it will also have a whopping 100,000 square feet of office space available. Interestingly, while the building doesn't fall under the category of Miami Beach condos, it will have one penthouse apartment which will be the home of the building's developer Robert Wennett.
The fact that 11 11 Lincoln Road managed to secure such a deal when existing circumstances are considered, plus the reluctance of banks to underwrite commercial Miami Beach real estate loans is being interpreted by some as an indication that the market is going forward. Whether or not that's true, 11 11 Lincoln Road is definitely one of the more ambitious projects. Will you be visiting once it's complete?