Greater Downtown Miami will see more rental apartments delivered than condominiums in 2017 for the first time ever, as developers focus on the multifamily market amid slumping condo sales, according to newly released report. And that influx of inventory means rental rates are dropping, the Downtown Development Authority’s study shows. The DDA’s Greater Downtown Miami Residential Market Study “Flash Report” found that 3,575 rental units will be delivered in 2017, compared…
South Florida’s Five Biggest Industrial Market Sales Of 2016
Demand was strong for warehouse properties from Miami-Dade County through Palm Beach County with the top five sales in the tri-county region priced from nearly $250 million to $50 million.
Investor buys Brickell gas station near Miami River for $8M
$8 Million was shelled out for a corner gas station across the street from the Chetrit Group’s $1 billion Miami River project, adding to his holdings in the Brickell area. Records show broker and investor Simon Karam’s City Block Properties LLC spent $378 per square foot for the 21,158-square-foot corner lot at 720 Southwest Second Avenue near Brickell City Centre. The seller is Five Group Corp., a company controlled by Eduardo Atienza, Manuel Alegria, Antonio Moreno and Basilo J. Folgueira.
Yield Curve Quarterly Snapshot – 2016 Q4
At the end of the 4th quarter of 2016, U.S. Treasury yields, on a nominal basis, were notably higher at every maturity, with increases for 5 years or longer of 50 or so basis points. On a real basis, rates we also up across the board, albeit slightly less for maturities of 5 years or more as inflation expectations have ticked up every so slightly.
Miami rents plateau in December but rise to 9th highest nationally
Despite Miami median rents for both one-bedrooms and two-bedrooms remaining unchanged from a month ago, the Magic City climbed a spot to ninth nationally in Zumper’s latest rent report. Miami was 10th last month. Median rent for one-bedroom units ($1,800) and two-bedroom units ($2,500) are both down about 1 percent year over year as supply continues to rise. Have a look at how it compares on a city-by-city scale.
Top South Florida multifamily deals of 2016
With national home ownership rates in the dumps and a slumping condo market, the one residential asset type that seemed to rule them all in South Florida this year was the rental building. Developers were launching new mixed-use projects everywhere from south Miami-Dade County to Jupiter, and institutional investors couldn’t seem to keep their hands off multifamily properties. The Real Deal put together a list detailing South Florida’s five biggest trades this year…
Silvia Coltrane has won design approval for North Beach hotel, tied to power line promise
Silvia Coltrane’s 10-story North Beach hotel project will move forward after the Miami Beach Design Review Board unanimously approved variances that included allowing the construction of two new power transmission poles as little as seven feet away from the future building. “I feel wonderful, excited. This is really exciting,” Coltrane told The Real Deal after the vote on Tuesday. “I feel very happy for North Beach, very happy for the community.”
Brickell Flatiron preps for foundation pour this weekend
Another Brickell condo on the rise Brickell Flatiron is preparing for its foundation pour this weekend, utilizing about 150 trucks and 700 construction workers to pour about 50 million pounds of cement beginning Friday evening. The luxury condo development is 60 percent sold. The pour will be led by…
Midtown Five opens after receiving Temporary Certificate of Occupancy
Midtown’s newest luxury development Chicago-based Magellan Development Group announced the opening of Midtown Five, a 400-unit luxury rental development opening in the heart of Midtown Miami, directly south of 4 Midtown. Magellan’s first Miami property, located at 3201 Northeast 1st Avenue, received…
Argentinian family pays $6.4M for site on South Dixie Highway in Coral Gables
Aerial view of the Coral Gables property and listing agent Marcos Puente. A small restaurant building at 1114 South Dixie Highway in Coral Gables sold for $6.4 million, marking another sign of increased demand for commercial real estate along the corridor. The building, occupied by Starbucks and a Moon Thai & Japanese…
Pizza Rustica, other Lincoln Road restaurants face sidewalk permit suspensions
Pizza Rustica on Lincoln Road. More than a dozen Lincoln Road restaurants’ owners and representatives are crying foul over a recent city of Miami Beach crackdown on unpermitted outdoor tables and chairs during Halloween. In early December, Miami Beach officials notified the 13 alleged violators…
South Florida’s five biggest industrial market sales of 2016
An industrial market boom swept through South Florida in 2016. Demand was strong for warehouse properties from Miami-Dade County through Palm Beach County, with buyers like Blackstone Group, Invesco Advisors, Clarion Partners and J.P.Morgan Asset Management getting into the fray. Here are the top five sales in the tri-county region, priced from nearly $250 million to $50 million, based on CoStar Group data. 1. Flagler Station I, II, III, 10801 Northwest 103rd Street…
Italian restaurateurs with spots in St. Barts and LA bringing Bianconi to Brickell
Italian restaurateurs Fabrizio and Diana Bianconi, who own dining spots in St. Barts and Los Angeles, plan to open their first restaurant in Miami on Brickell Avenue, The Real Deal has learned. Named Bianconi, the Italian eatery will launch late this year…
Take a look at a greener Biscayne Boulevard in downtown Miami
Renderings of the Biscayne Green. Beginning Friday, downtown Miami might look a little greener. The Miami Downtown Development Authority will take over 101 parking spaces and two traffic lanes of Biscayne Boulevard and turn them into active parks, a pilot project that will be in effect until January 26.
South Florida Street Designated as Foreign Trade Zone
The 79th Street Corridor of Miami has been designated as a foreign trade zone by PortMiami, positioning the area for a financial boost as the first economically disadvantaged urban area to receive this type of designation. Foreign trade zone designations create job opportunities for the people who reside…
PS Business Parks Signs 308,000 SF In Q4 At Miami International Commerce Center
A total of 38 lease transactions were closed.
Developer To Propose ‘Community’ Plan In Edgewater
The developer is planning a “whole community” that will include “a little bit of everything.”
Voda Waterfront Residences of Eastern Shores launches sales in North Miami
A new boutique condo in North Miami Voda Waterfront Residences of Eastern Shores has launched sales, with the 12-unit boutique condo bringing luxury residences to North Miami. Located on a corner lot on Dumfoundling Bay, prices range from $1.1 to $1.4 million. They range in size from 1,860 square…
Construction defect lawsuit filed over issues at ballpark
Construction projects throughout Florida often have a difference between what the property owner had in mind and what the contractor produced. Sometimes there are flaws and damage. This can lead to a disagreement that can only be settled via construction litigation. This can be problematic for both…