METROPICA UNVEILS OFFICE BUILDING DESIGN, STARTS LEASING
The 65-acre Metropica project in Sunrise has unveiled the design of its first office buildings and tapped CBRE to launch its leasing efforts. The $1.5 billion project is bringing multifamily, shopping, dining, a hotel and entertainment to a site near the Sawgrass Mills mall and BB&T Center. With 650,000 square feet of offices in the approved development plan, the developer has decided to move forward with a 170,000-square-foot Class A office building designed by Cooper Carry. It would be located at 1700 Metropica Way, which is on the corner of Northwest 136th Avenue and Sunrise Boulevard, one of the busiest intersections in Sunrise. CBRE’s Carol Elis-Cutler and Chris Gallagher are the leasing agents for the building. The 6.5 percent vacancy rate in the Sawgrass/Sunrise office market is near a historic low for the area, Gallagher said. The other office buildings in the area are in traditional business parks with surface parking, so the selling point of the Metropica office building is that it’ll be part of a project with retail, restaurants, residential units, a fitness center, an iPic theater and a hotel – all within walking distance, he said. “Tenants today are looking for newer amenity-rich products like Metropica will offer,” Gallagher said. “It’s not really suburban anymore. It’s an urban environment that just happens to not be in the CBD [central business district]. ”The seven-story office building would have retail on the ground floor. A 225-room hotel would be next door. The asking office rent at Metropica is $32 a square foot, triple net. That’s less than in many urban office markets that have amenities within walking distance. “Metropica is a city within a city, and employees are looking for that,” Elis-Cutler said. “There will be a higher-end grocer at the complex so they can go shopping after work, or meet friends for happy hour. ”Bernard Werner, president and COO of Metropica Development, said they decided to move forward with the office building because market conditions were right and they want it to open with other phases of the development. The 263-unit YOO at Metropica condominium should be completed near the end of 2018, and residents should start moving in during early 2019, Werner said. By the first quarter of 2019, a 280,000-square-foot retail center and 349apartments should break ground, with completion anticipated near the end of 2020. Previously announced tenants include Urban Outfitters, Anthropologie, Fogo de Chao, City Works Eatery & Pour House, Genuine Pizza, Sugarboo &Co., Cru Wine Bar, Kendra Scott Jewelry and iPic Theaters. Werner said the office building and hotel, which has yet to name a brand, should break ground around the second quarter of 2019 and take 18 to 20 months to build. “We expect to be able to sign a few tenants out of the gate,” he said. Metropica was approved for over 4 million square feet, including 2,250 residential units, a hotel, 485,000 square feet of retail, 650,000 square feet of office, a park and a beach club.