Waterford Core II pulls $158M permit for 450K sf Miami office

Miami-Dade issued a $158 million building permit on July 30 for a new nine-floor, 450,000-square-foot office building at 887 NW 65th Ave inside the Waterford Business District, naming Waterford Core II Operating LP as the permit holder and Brasfield & Gorrie as contractor of record. The American Developer found permit number 2026061784 on the county’s own open-data portal before any other outlet had it.

Why it matters

A brand new, ground-up office permit of this size is unusual in 2026, when most owners are converting or writing down office rather than building it. The permit’s scope field confirms this is new construction, not an interior fit-out, so the counterintuitive read holds up. Waterford Business District’s seven existing buildings are held by a joint venture of Nuveen Real Estate and PIMCO Prime Real Estate, acting on behalf of Allianz, according to Bisnow and Commercial Observer. Neither the county permit record nor Florida’s corporate registry that we could access identifies the principals behind Waterford Core II Operating LP, so this reporting treats it as the named applicant rather than assuming it is that joint venture’s vehicle. Recent leasing momentum at the district, including ADP’s relocation and Carnival Corporation’s $26.9 million headquarters land purchase there, is the likely draw for any owner betting on new supply in this submarket.

The numbers

The $157.5 million declared value spread across 450,000 square feet works out to $350 per square foot, and the nine floors imply roughly 50,000 square feet per floor plate, a large-block layout suited to a single major tenant rather than a multi-tenant building. Brasfield & Gorrie, a national contractor with an active South Florida book of work, is listed as the contractor of record.

What’s next

Watch Miami-Dade’s building department for site plan and foundation permits that would confirm a construction timeline, and watch Florida’s corporate filings for any amendment that names Waterford Core II Operating LP’s managers. If the ownership behind the entity firms up, or if a Miami tenant is announced for the space, that would settle whether this is speculative development or a build-to-suit.