BH3 and DACRA revive Ursa tower in Miami Design District, 40% bigger
The stalled Ursa returns at about 20 stories and 250,000 sf of Class A office, with BH3 joining the DACRA-led partnership. Construction is set for 2027.
BH3 Management has joined Miami Design District Associates, the DACRA-led partnership, to revive The Ursa, an office tower in the Miami Design District that stalled after its 2022 filing. The building now comes back at about 20 stories, according to CRE Sources, which published the project details on Oct. 6.
Why it matters
The 2022 plan, as filed with the Urban Development Review Board, was 15 stories at 30 NE 39th St. Reports now describe roughly 250,000 sf of Class A office and about 15,000 sf of ground-floor retail and dining, with 18,000 to 20,000 sf floorplates. Arquitectonica and Arsham Studio are the design team.
The move is a new capital and development partner on a site that sat idle, plus a bigger building. For developers eyeing South Florida office, it signals that top-tier space in a core submarket still pencils, even after the stall. BH3 is better known for converting and repositioning assets, which makes the pairing notable.
The numbers
The appraiser record shows how much land is in play. Miami-Dade Property Appraiser data lists Sun King LLC as owner of the parcel at 3825 N Miami Ave (folio 01-3124-029-0170). It is a 26,086 sf vacant commercial lot carrying a 2026 land value of $19,564,500, and an assessed value of $17,124,522. The adjoining parcel at 30 NE 39th St (folio 01-3124-029-0160) is also Sun King LLC’s, at 6,756 sf.
Together those two folios total 32,842 sf. In 2022, FloridaYIMBY reported a three-parcel assemblage of 24,934 sf for the original 15-story design, so the land under the project appears to have grown. We have not confirmed which parcels the partnership has now combined.
Reports put construction at 2027 and completion at 2029. The plan covers 14-foot ceilings, landscaped balconies and an amenity deck. Daniel Arsham is expected to direct the art program.
What’s next
Watch for a revised submission to the Urban Development Review Board or the City of Miami planning office, since a taller, larger building than the 2022 approval would likely need new review. Financing terms and the size of BH3’s stake were not disclosed in the reports we reviewed.
Leasing is the open question. A 2029 delivery means pre-leasing conversations should start as construction does.
On the record
What we checked ourselves, and where you can check it too.
- Public recordMiami-Dade Property Appraiser lists Sun King LLC as owner of folio 01-3124-029-0170 (3825 N Miami Ave), a 26,086 sf vacant commercial parcel with a 2026 land value of $19,564,500, and of adjoining folio 01-3124-029-0160 (30 NE 39th St), 6,756 sf.View the record on miamidade.gov
Sources
- CRE SourcesNew 250,000 SF Class A office building coming to Miami's Design District
- The Real DealBH3, Miami Design District Associates revive office project
- FloridaYIMBYDACRA's 15-story Class A office building The Ursa submitted to Miami's UDRB (2022)
- Miami-Dade Property AppraiserFolio 01-3124-029-0170, 3825 N Miami Ave