What’s the Deal? | Allison Greenfield Principal of Leviathan Development | Developing MIRAI Design District

What drew you to this deal and the Design District market?

We’ve owned the property for quite some time and were inspired by how Craig Robbins from DACRA developed this beautiful and critically acclaimed neighborhood. The Design District brings together art, architecture and commerce, which are all crucial factors in making a neighborhood vibrant and dynamic. We had been following his work within the Design District to confirm the right timing to settle on the construction details for something we could do that would complement what he had created. I had already been in conversation with Kengo Kuma to work together to create something that would supplement and enhance the exceptional work that has been done by DACRA.

Can you share with us your long-term vision for this property?

The goal of architecture, building scale, and rental unit sizing is to curate an experience for shoppers and tenants while enriching Miami’s urban fabric and contributing to architectural and real estate dialogue. We always look to do well by doing good, we are very cognizant as developers. We understand our assets are within the community of other people and consider ourselves community members as well. We only do what we would do in our own backyards and make sure the result is something we would be happy with. When the design of something is done properly, it enhances the life of all those who interact with it whether that is the owners, the neighbors, or any passersby, any interaction should be positive. What you do as a developer will impact people’s lives not only initially but for as long as the building stands, and we tend to take that responsibility very seriously.

How did you go about securing financing for this deal and who are key partners or collaborators you can highlight?

We went about financing this deal in a very traditional way as it was a mixture of equity and debt. We have partners and investors who love the project and want to be a part of it. We were comfortable with taking on the debt, given the current state of the neighborhood as an indicator for the projected success of the project. Leviathan’s reputation played a part in investors’ comfortability on loaning us money for a project like this.

Our partners in the project are of course Lionheart Capital, Wellduo, Kengo Kuma and Nathan Browning’s Island Planning Corporation (IPC) .

How do you envision the MIRAI Design District influencing the culture in the Miami Design District, and what specific impacts do you foresee it having on the South Florida luxury office and retail markets?

We anticipate that MIRAI will add to the collection of the Design District’s signature, magnificent architecture. We’re here to compliment what’s already been made and to add to the already ongoing conversation of design, architecture and art in this area. This project is a standout in Miami, because despite there being many carefully designed condos and residences, office spaces are not often given the same level of design attention. It is very rare for a trophy/asset office space to be designed by a superstar architect with the same level of luxury and sophistication of highly designed residences.

What are Leviathan’s development criteria when assessing a site?

Leviathan generally looks for best in class, design led projects. We like to marry excellent design with substantial commercial viability. In MIRAI’s case it was a no brainer. The Design District is perfect from a financial standpoint, as rents are good and the competitive scene is all about architecture and design. This development was a very easy fit for our development portfolio. We typically look for opportunities that will generally add value to a neighborhood through a design led vision to highlight how design can make a project successful in both short and long term.

What are some of the biggest lessons you’ve learned from developing the MIRAI?

My main takeaway from not just this deal but any deal is that timing is everything. You must wait for the right moment and the right opportunity. When that right moment comes, jump at the opportunity and don’t hold back or hesitate to make your move. With the context of this project, we’ve owned the property for over 15 years. We designed the building on it a number of years ago but the timing of the market wasn’t right, so we waited a bit longer to see how different factors including project load, cost of construction, maturity of the Design District market, supply of labor and materials, and more could align, not perfectly, but just enough for it to work. Once those factors align enough, you need to be ready to jump and move.

How did you get started in commercial real estate and what advice would you give to young professionals starting their careers?

I got started with Commercial Real Estate in New York City in the early 90s, motivated by the need and desire to find a better living situation for myself within the city. I quickly learned that I had a better facility for buying than brokering, and therefore moved on to the development side.

To anybody getting started I would tell you to know what your very biggest picture goal is and what you like to do. First, you must define your dream, the dealbreaker, in a very broad sense. For example, say one day you want to have a family, or money, or want to live somewhere sunny. This broader principle keeps you focused during the countless decisions and forks in the road that come through life on your way there. To get to that point, you also need to figure out a way of getting there while doing something you like, as the road is long. You are never going to enjoy every single moment of every single day, but in general, I really love to build buildings and I really love to bring architecture to fruition. Ultimately, that joy in my work and feeling of accomplishment and purpose makes me happy and keeps me going.