Miami Design District Office Project ‘The Ursa’ Revived with BH3 Partnership, Expanded Scope

The Ursa, a previously stalled office and retail development within Miami's luxury Design District, is being revived through a new partnership involving Dacra, L Catterton Real Estate, and Fort Lauderdale-based BH3 Management. Initially planned in 2022 as a 15-story, 180,000-square-foot project, it faced delays due to challenges in securing office tenants and construction financing. The updated plan significantly expands the development, increasing the office component by approximately 40 percent.

Located at 30 Northeast 39th Street, the 20-story Ursa will now feature 250,000 square feet of office space and 15,000 square feet of ground-floor retail. This expansion incorporates an adjacent 11,417-square-foot parcel along North Miami Avenue, which is owned by BH3 Management. Designed by Arquitectonica and the firm of artist Daniel Arsham, groundbreaking is anticipated next year, with completion projected for 2029. This revival, alongside other ongoing projects in the Design District, underscores continued investment and development activity, signaling renewed confidence in Miami's commercial real estate market.