Join us on March 5th at X Miami for People to Watch: Leaders in South Florida Real Estate, where Joe Furst will be discussing his long-term value creation play in Wynwood and other neighborhoods, how he’s managed to cultivate the right partnership structure in his deals, and why he’s selective about projects that fit his skills, a hybrid between controlled placemaking, development and operations, including hospitality.
Joe Furst is the founder and managing principal of Place Projects, a Miami-based real estate investment firm, operating partner and placemaker focused on creating value in urban neighborhoods through thoughtful development, planning and content curation. Place Projects’ current real estate portfolio includes several residential, commercial and retail developments throughout Florida, including Wynwood, Doral, West Palm Beach and St. Petersburg.
Prior to launching Place Projects, Joe spent over 10 years at Goldman Properties developing the Wynwood neighborhood of Miami and was responsible for all strategy, development, financing and leasing initiatives. Joe played an integral role in the transformation of Wynwood from a fragmented industrial district into an engaging destination and live-work-play neighborhood.
Joe also founded and served as Chair of the Wynwood Business Improvement District (“WBID”), where he championed policy initiatives that ensured Wynwood’s thoughtful growth while preserving its unique character. Ultimately, the WBID, in cooperation with the City of Miami, created the Wynwood Revitalization District (“NRD”) zoning overlay which allowed Wynwood to develop into a diverse, mixed-use neighborhood. The NRD won the 2016 American Planning Association Award for best planning and zoning policy for economic development.
His involvement and deep commitment to the area gave him the runway for his own large-scale, ground-up development project: 545 Wyn, the first Class-A office space in Wynwood, whose amenities more closely resemble a hotel than a traditional office. As of today, the building has topped off and glass casing has been installed.
Joe and his development partner, Sterling Bay, acknowledge the risk in building a spec project, especially given the new supply of office space on the market, but their strategy is unwavering. They are confident that the introverted retail plaza, side-core design of the building and lifestyle amenities will attract the right tenants. Amenities will include an activated roof deck and full service fitness facilities, including yoga, spinning and gym.
The development includes 298,000 square feet of flexible office space on large floorplates, as well as 26,000 square feet of ground-floor retail and an 18,000-square-foot tenant amenity floor featuring indoor and outdoor collaborative workspaces, ultra-modern conference rooms and a state-of-the-art wellness center. 545 Wyn will afford its tenants the option of having private open-air balconies and direct access to an adjacent paseo park. Newmark Knight Frank is leading leasing efforts and they are hoping to attract creative tenants in high-growth industries like tech and media.
Sterling Bay announced that Gensler, a leading architecture, design and planning firm, has signed a long-term lease to be the first office tenant at 545 Wyn. Gensler is also the lead designer and architect for the project and will lease 13,456 square feet in 545 Wyn, which is anticipated to open in late 2020.
Joe was born and raised in Miami, Florida. He graduated from Hamilton College and obtained a law degree from the University of Miami. After practicing law, Joe returned to graduate school to obtain a Masters in Real Estate from the Warrington College of Business at the University of Florida.
Hear from Joe on March 5th at People to Watch: Leaders in South Florida Real Estate. Get your tickets below.
Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miam
By Katya Demina