Developer Russell Galbut made an unsolicited offer to build Miami-Dade a new, $300 million courthouse in exchange for a 99-year lease and the right to redevelop the existing courthouse. Under Galbut’s proposal, his firm Crescent Heights would collect at least $18 million a year in rent from the county on the new 35-story courthouse, which would be built on a lot across the street at 54 West Flagler Street. At $18 million, it would amount to nearly $1.8 billion over 99 years. Galbut would get to convert the historic courthouse, which…
Restaurants Key To Retail Developers In South Florida
Miami residents’ stomachs are becoming key to the future of the retail experience in South Florida. Bisnow Franklin Street senior vice president of investment sales Greg Matus, Comras Co. CEO Michael Comras, Kimco Realty president Paul Puma, Terranova Corp. development director Joshua Gelfman, CBRE senior associate Danny Diaz and Plaza Construction president Brad Meltzer “Food is the future,” Terranova Corp. development director Joshua Gelfman said. “Human beings are social animals, and we want…
Chris Marlin: Targets realty buyers abroad, EB-5 investors for Lennar
Before becoming president of Lennar International, the global engagement arm of one of the nation’s leading homebuilders, Chris Marlin was an Arkansas native working as a labor and employment lawyer in Orlando. Today, Mr. Marlin is still an Arkansas native – the only American on his team at Lennar International
County in bed with casino giant Genting, sells out cheap
County commissioners sold out the area around the Adrienne Arsht Center for the Performing Arts to one of the globe’s biggest casino operators last week and knew exactly what they were doing. To fund a small sliver of a vast mass transit upgrade, they took from Malaysian giant Genting a free bus station and $10 million up front plus long-term rent in return for partnering with Genting, which has touted what was going to be the world’s largest casino on our bayfront. And you think native Americans…
Jorge Perez of Related Group named Lifetime Achiever
Internationally recognized as a visionary developer, Jorge M. Pérez, chairman, CEO & co-founder of The Related Group, is the force behind many of the iconic residential evelopments that comprise Miami’s skyline. He’s also a longtime patron of the arts, perhaps most visibly through generous donations to the coffers and collections of The Jorge M. Pérez Art Museum of Miami-Dade County, often referred to as PAMM. For these contributions to the Greater Miami community, Mr. Pérez is Miami Today’s 2017 Lifetime…
Five Things You Need To Know About Industrial Real Estate
Investors and commercial real estate players should be aware of these five key trends within the red-hot industry. The first three months of the year boded well for the industrial sector, which remains red-hot, hitting record low vacancies nationally and record net occupancy gains. There are five key trends investors and commercial real estate players should be aware of within the industry. 1. Lowest Vacancies Levels In Three Decades: National industrial vacancy levels hit 30-year lows this quarter. Vacancies continued to decline…
Brickell Bridge traffic controversy just won’t quit
What started as an attempt to make bicyclists and pedestrians safer has mushroomed into a controversy that seems to have no resolution, observers say. Several years ago, the Florida Department of Transportation floated four alternatives to calm traffic on and near the Brickell Avenue Bridge for the sake of those on bike or on foot, and also to protect buildings from errant vehicles. Alternative 1 would have left all lanes on the Brickell Bridge as they were (three northbound and three southbound) and would have erected…
LLCs, rejoice! Cohn and Mnuchin debut tax plan that would be amazing for landlords
From TRD New York: The Trump administration unveiled its long-awaited tax reform plan on Wednesday, proposing massive cuts to individual, corporate and other business taxes in what would be the largest change to the tax code since at least 1986. Treasury Secretary Steven Mnuchin and National Economic Director Gary Cohn briefed reporters on the plan at the White House. Cohn spoke first, detailing the changes the plan would bring to individual…
ESJ Capital Partners Pays $60M for Jungle Island in Miami
ESJ Capital Partners LLC, an investment management company, acquired the Jungle Island zoological park at 1111 Parrot Jungle Trl. in Miami, FL for $60 million, or about $373 per square foot, from PJG Watson Island. The 182,799-square-foot entertainment building has been the home of the park since 2003. The 18-acre site is encumbered by a ground lease with the City, which gave its approval on the sale. Both parties handled the direct deal…
How an Uptick in Collaborative Workspaces Could Affect the Demand for Commercial Real Estate
Workspace evolution contributes to the CRE revolution: The world of work – or at least the world of the workspace – is undergoing a major evolution as a result of a changing workforce, technology, and the twists and turns of the modern economy. As a result, the commercial real estate market is also seeing a shift in demand due to how that space is utilized. CRE and the mobile generation: Advances in technology have allowed workers, particularly those in Generation Y and Z (who are most comfortable…
Multi-Tenant Infill Industrial: Unicorn Of CRE Investment?
Getting caught up in the thrill of the chase can sink an investor in the long run, when what seemed like the golden ticket ends up revealing hidden surprises. A savvy investor will counteract that urge by relying on careful study, specific market knowledge and proven relationships. Multi-tenant industrial real estate is hot, especially in…