In June 2026, a development consortium secured an $85 million construction loan to break ground on MIRAI Design District, a three-story boutique commercial project at 4218 Northeast Second Avenue. The development marks the first U.S. mixed-use project designed by Japanese architect Kengo Kuma.
Financing and Construction Timelines
The development team consists of Leviathan Development led by Allison Greenfield, Lionheart Capital led by Ophir Sternberg, Well Duo, and The Lane Organization. Chicago-based Monroe Capital LLC provided the construction financing. Emile Schachter of WD Capital Group co-brokered the debt with Berkadia representatives Scott Wadler and Patrick Johnson.
The project enters the construction phase following a two-year delay. The developers initially planned a summer 2024 groundbreaking and a late 2025 completion. Greenfield cited design revisions, a complex municipal entitlement process, and negotiations with prospective tenants as reasons for the delay. The partnership now targets completion for 2028.
Lenders have focused on high-barrier urban corridors despite tight credit markets. The co-brokers secured the debt by emphasizing the architectural profile and the low-density footprint of the project in the Miami Design District. The developers plan to hold the finished property for at least a decade.
Architectural Specifications of MIRAI
The 65,000-square-foot building uses natural timber and open space to provide a quiet alternative to the glass office towers common in South Florida. Kengo Kuma and Associates designed the structure around the concept of a floating lantern. It features a transparent ground floor, a timber screen lattice facade to filter sunlight, and a central public garden.
The layout splits the interior to accommodate both retail and office tenants. The upper levels hold 41,000 square feet of Class A office space, divided into four customizable units. The ground floor contains 16,000 square feet of retail, restaurant, and hospitality space divided into 17 modular bays. A 2,000-square-foot standalone building serves as a sculptural centerpiece.
The development consortium hired specialized partners to execute the design. Island Planning Corporation, led by Nathan Browning, oversees the outdoor gardens. Browning utilizes native Florida flora to minimize irrigation requirements. Italian lighting manufacturer Viabizzuno manages the lightscapes and facade lighting. Boston-based architectural firm CUBE 3 serves as the project's design advisor.
Sant Ambroeus Anchors Ground Floor
In June 2026, the developers announced that Milanese hospitality brand Sant Ambroeus signed a 5,000-square-foot lease to anchor the ground floor of MIRAI. The space will feature a full-service restaurant, coffee bar, and outdoor dining area. Milanese interior designer Fabrizio Casiraghi will design the interior, mirroring the Northern Italian aesthetic of the brand's European locations. The venue will debut when the building opens in 2028.
The lease represents the second committed Miami location for the brand, which operates its only active Florida venue in Palm Beach. Sant Ambroeus previously committed to a 7,000-square-foot space at the base of The Fifth Miami Beach at 950 Fifth Street. Construction delays pushed the opening of that South Beach location, originally planned for late 2025, to a new target window between late 2026 and 2027.
Kuma's Residential Venture in Miami Beach
The MIRAI project is one of two local developments designed by Kuma. The architect is also designing the 18-story Aman Residences Miami Beach in the Faena District at 3425 Collins Avenue. OKO Group and Access Industries are developing the residential tower, which features 22 luxury oceanfront condominiums and a 56-key restoration of the historic Versailles Hotel.
Vertical construction on the Aman Residences started on August 13, 2025, following subterranean stabilization work. General contractor Suffolk Construction is building approximately one floor every two weeks. Developers OKO Group and Access Industries secured $85 million in mezzanine debt from GoldenTree Asset Management in August 2025 to fund the vertical construction phase. The developers target completion of the Aman Residences for 2027.
While the Aman project caters to high-end residential buyers, MIRAI focuses on boutique corporate and retail tenants. Both projects use organic materials to diverge from local concrete architectural norms.
Design District Land Assembly
The developers assembled three parcels at 4200, 4218, and 4240 Northeast Second Avenue for a total land acquisition cost of $25.5 million. In September 2023, the partnership purchased 4200 and 4240 Northeast Second Avenue from Miami Design District Associates for $20 million. The seller is a partnership between Craig Robins' Dacra, L Catterton Real Estate, and Brookfield Properties.
In October 2023, Lionheart Capital bought the remaining interest in the property at 4218 Northeast Second Avenue for $5.5 million. The existing building on that site currently serves as the headquarters for Lionheart Capital.
The development consortium intends the project to act as a catalyst for growth along the Northeast Second Avenue corridor. Cushman & Wakefield is directing office leasing for the project. Avenue Real Estate Partners handles retail leasing.
Disclosure: This article was drafted with AI assistance by The Sundaze Gazette editorial team and reviewed before publication.
Source: This article was compiled using reporting from The Real Deal. — https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGgeY5bGIlAoZbD1PMtI3TFtJF9M7oGaVXPSHj0-M5j-ocu2_w1P9B3mg74CzydrUamG3mHA2uhIkwtTiYYmYn-10Ck5Gws0dxfelY4-qbZxB9tpDJLpquYzMOSaaO56mZoMhHmCXlUQnYtVoOY07o7zNf0tj_vQSTrKC13BK8506xQNi2aqMpJdehsZb3Ld8SnBKLnaw==
