Apr 20, 2017 - 0 Comments - Top Stories -

Miami Commercial Property News April 20, 2017: Genting Wins; Scarface Chainsaw Scene to Become a CVS; More…

Gambling giant Genting wins Miami-Dade joint development

Miami-Dade’s County Commission on Tuesday unanimously approved joint development at the Omni bus terminal with access to the Adrienne Arsht Center Metromover station for Resorts World Miami LLC, which is planning a 300-room hotel over the bus terminal. This will include air rights over the property for the Department of Transportation and Public Works. Attorney Albert E. Dotson Jr., representing the developer, said Tuesday this is an atypical deal. “Your staff (including the county attorney’s office, Leland Salomon…

Scarface’s Chainsaw Scene Location on Ocean Drive Is Turning Into a CVS

All the painkillers, Band-Aids, and antibiotics in the world wouldn’t have made much of a difference to Angel Fernandez, the Scarface character whose dismemberment by chainsaw was the 1983 gangster flick’s most infamous scene. But today the building where the grisly attack was set is being converted into a CVS. Renovations have already begun at 728 Ocean Drive in South Beach, with the back portion of the building now demolished. The façade and its iconic porthole windows, one of which served as a backdrop for the…

Martin Pinilla II: Realty investor give urban neighborhoods ‘some love’

Martin Pinilla II is co-founder and co-managing partner of Barlington Group, a Miami-based real estate investment and development company that he said is committed to revitalizing emerging neighborhoods in Miami’s urban core. In 2002, Mr. Pinilla began investing in small-scale residential properties in Little Havana and as a commercial real estate broker. Two years later, he met Bill Fuller, one of the owners of the Ball & Chain, a bar/lounge on Southwest Eighth Street, as each was independent…

Facing Rising Sea Levels And Greater Insurance Risk, Southern Florida Braces For Relocations, New Flood Design Standards

The moon over South Florida looked like a swollen grapefruit in November, its reflection rippling off pools of ocean water that bubbled up through storm drains, crept over seawalls, and swallowed Miami streets. It was a “supermoon,” about 17,000 miles closer to Earth than usual, according to NASA, arriving just in time to supercharge the seasonal high waters known as king tides. The water made an island out of the lifeguards’ shack on Matheson Hammock Park, swept “No Wake” signs from…

PortMiami Traffic With Asia Rises 11% In 2016

According to the port, the growth in the cargo side of the business comes as a result of $1.3 billion in capital infrastructure investments made to handle larger Post-Panamax ships.

Judge issues restraining order to stop Miami from enforcing ban on short-term rentals

A Miami judge issued a temporary restraining order late Wednesday, stopping the city of Miami from enforcing its ban on short-term rentals in residential neighborhoods. The ruling by Judge Beatrice Butchko of Florida’s Eleventh Judicial Circuit came less than a week after Airbnb and five Miami homeowners sued the city to stop Miami officials from enforcing bans on short-term rentals and for targeting Airbnb hosts who publicly identified themselves.

The Nightmare Scenario for Florida’s Coastal Homeowners

On a predictably gorgeous South Florida afternoon, Coral Gables Mayor Jim Cason sat in his office overlooking the white-linen restaurants of this affluent seaside community and wondered when climate change would bring it all to an end. He figured it would involve a boat. When Cason first started worrying about sea-level rise, he asked his staff to count not just how much coastline the city had (47 miles) or value of the property along that coast ($3.5 billion). He also told them to find out how many boats dock inland from the bridges …

Yotel condo-hotel project in downtown Miami gets approval for massive parking reductions

Miami’s Urban Design Review Board approved changes to a proposed condo-hotel in downtown that will reduce parking at the development site by 30 percent and shrink setbacks around the new building. Kuwaiti company AQARAT and Miami-based Aria Development Group are proposing Yotel Hotel, a 45-story tower at 235 Northeast Second Street, which will have some condos on the upper floors, commercial spaces for restaurants and retail and 263 “cabins,” smaller, minimalist…

Video: Development Company CEO Discusses Potential Impact of Trump Policies on the Industrial Market

Larry Callahan, the CEO of Pattillo Industrial Real Estate, joins Michael Bull on an episode of The Commercial Real Estate Show to discuss some of the potential effects the Trump administration might have on industrial real estate.  Potential changes in the tax code, tariffs, and regulation, and how they might affect commercial real estate, in particular industrial property, are discussed.  The post Video: Development Company CEO Discusses Potential Impact of Trump Policies on the Industrial…

Banks Lend Aggressively On CRE Despite Downturn Fears

Banks are aggressively lending on commercial properties even as developers and equity investors are starting to pull back amid fears of a downturn. “It’s tougher right now,” Craig Bender of ING Group’s U.S. real estate lending arm told the Wall Street Journal. “The banks are hungry. The life insurance companies are hungry.” Total U.S. commercial
The post Banks Lend Aggressively On CRE Despite Downturn Fears appeared first on SVN South Commercial Real Estate Advisors.

Four Miami-Dade Industrial Buildings Trade As Part Of $854M Portfolio Deal

The largest local part of this deal was the $28.58 million sale of two Doral buildings that last traded for $19 million in 2011.

Real estate developers set their sights, and wallets, on city of Miami candidates in March

Some of Miami’s biggest developers made donations last month to city of Miami candidates running for commissioner and mayoral seats in the November election. Companies tied to the Related Group, Manuel Grosskopf, Oleta Partners, Tate Management, the Treo Group, Shahab Karmely, Flagstone Island Gardens, Jeff Berkowitz, Adler Group, Craig Robins and Turnberry Development all made donations to the candidates, the Miami Herald reported. The candidates include Miami commissioner Francis Suarez, who’s running…

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