Jun 08, 2017 - 0 Comments - Top Stories -

Miami Commercial Property News June 8, 2017: Two-Tower Complex Planned for A&E District; Beckham Deal Approved; New Courthouse Renderings; More…

ASRR plans massive two-tower complex at Arts & Entertainment District site in Miami

ASRR Capital and two Asian investors are planning a 1.7 million-square-foot residential, retail, and office complex at the Miami Arts & Entertainment District site they put under contract last year, according to documents filed with the Tel Aviv Stock Exchange. Plans for the block-long site at 18th Street and Northeast Second Avenue include two towers, one rising 60 stories and a second rising 40 stories, with up to 1,200 rental units, 20,000 square feet of retail space, and 350,000…

Miami-Dade approves $9M land sale to Miami Beckham United

David Beckham can jump into the next phase of his soccer franchise dream now that he has the land to build a stadium in Miami’s urban core. On Tuesday, the Miami-Dade County Commission voted 9-4 to sell nearly 3 acres in Overtown to Miami Beckham United to complete an assemblage that also includes 6 privately owned acres the group paid $19 million for last year. “Now is the time for MLS to move forward in helping us deliver the soccer club that Miami has been waiting for,” Miami…

David Beckham taking big victory to Miami city hall contest

The Miami-Dade County Commission on Tuesday approved David Beckham and his investors buying county-owned land to build a stadium for a Major League Soccer franchise near Marlins Park, but the group still needs rezoning approval and permits from the City of Miami to build the privately-financed 25,000-seat venue. The 9-4 vote came after a discussion that Chair Esteban Bovo Jr. said took longer than a soccer game. Now, Miami Properties LLC is to pay $9 million for the 2.79-acre…

Miami’s Courthouse Tower renovation gets new renderings

Wynwood-based architecture and interior design studio MKDA has been appointed to lead the $5 million-plus renovation of Courthouse Tower in downtown Miami. Located at 44 West Flagler Street, the building was acquired by New York-based real estate firm Brickman for $27.5 million in March 2016. The mixed-use tower is 162,500 square feet, comprised of 25 floors of office space and ground-level retail (birdseye view). MDKA was also selected to lead a minimal renovation…

Miami Beach convention center headquarters hotel backed

The long-anticipated recommendation has been made: the City of Miami Beach should build a convention center headquarters hotel. The Miami Beach City Commission has waited a year for its Blue Ribbon Committee to recommend whether to proceed with building a headquarters hotel for the city-owned Miami Beach Convention Center, which is in the process of being revamped and upgraded. On June 1, the seven-member panel finally reached consensus that the city needs…

10 questions for the team that will review county’s charter

A 15-member team is nearing the starting line to propose changes to the rulebook under which Miami-Dade County’s government operates. It’s a vital job. Though the task sounds soporific, changes to the county’s charter – its version of a constitution – could affect every voter and every taxpayer, because the rules determine how government serves the governed. That means we all need to heed what the charter task force recommends be put on the ballot for voters to act on – and then…

Investment Sales Market for Multifamily Begins to Recover after a Pause

The year isn’t turning out quite the way apartment experts expected it to just a few months ago. In January, it seemed like interest rates would begin an upward climb, which would push cap rates higher for investments in apartment properties. Instead, interest rates have sagged from their highs at the end of 2016, and cap rates are falling once again. “Apartment cap rates, and cap rate spreads, are declining,” says Jim Costello, senior vice president with Real Capital Analytics (RCA), a New…

Muse Sunny Isles unveils new renderings

Showing the pool, gym, and sauna Muse Residences in Sunny Isles Beach unveiled some new renderings of its common areas, including the fitness center, sauna, and beach-level pool and cabana area. Developed by Property Markets Group and S2 Development, the 68-unit condo overlooks the ocean and topped off in January. It was designed by Carlos Ott, with Sieger Suarez the architect of record, and Antrobus & Ramirez commissioned to design the common areas. Other amenities include…

Wolfsonian-FIU takes first step to build expansion

The Wolfsonian-FIU has issued an Invitation to Negotiate, or ITN, for the ground lease of two Miami Beach properties – The Annex, 1538 Lenox Ave., and a nearby surface parking lot at 1500 Lenox Ave. The posting represents the first step in long-awaited plans to expand the museum and research facility’s exhibition space, said Director Tim Rodgers. The county granted the Wolfsonian $10 million in bond money in 2004 to increase public access to the collection as part of a $2.9 billion…

Who Are the Most Likely Tenants to Backfill Empty Retail Big Boxes?

The next occupiers of the vacated spaces run the gamut, sources say, from specialty retailers to service providers to entertainment concepts to industrial and office tenants. As the retail industry continues with its metamorphosis, talk has turned to what will happen with all that extra big-box and mall anchor space that’s coming on the market? From 36 to 37 million sq. ft. of retail space could be returned to the market by next year, according to a recent report by JLL Research, based on store…

Midtown Doral announces retail tenants to open between July and December

Midtown Doral has announced a list of retail tenants set to open between July and December during phase two of the four-phase, mixed-use development project.
Seventeen boutiques, restaurants and offices will accompany the 1,500 rental units and hotel component of the project, whose amenities include a club and fitness center. Sergio Pino’s Century Homebuilders Group is developing the $230 million Midtown Doral project on Northwest 107th Avenue and Northwest 74th Street…

Shuttered TiramesU subleases its South-of-Fifth space, new chef-driven restaurant to open

TiramesU, the Italian restaurant in Miami Beach’s South-of-Fifth that opened in late 2015 and quietly shut down last month, has subleased its space to restaurateurs who plans a new chef-driven concept, The Real Deal has learned. Grove Bay Hospitality Group has subleased the 2,000-square-foot space at 101 Washington Avenue, Koniver Stern Group’s Noah Fox told TRD, but he declined to disclose lease…

Denver firm picks up new West Miami apartments for record $61M

A Denver, Colorado-based multifamily real estate firm just paid $61 million for a newly completed apartment complex in West Miami. Estate Investment Group, Mattoni Group and Fortune Capital Partners sold Soleste Club Prado at 950 Red Road to Grand Peaks. The eight-story, 196-unit complex sold for $311,000 per apartment and $360 per square foot for the 168,872-square-foot building. The deal marks a new record for the small city just northwest of Coral Gables, and follows…

CoStar Market Insights: Miami-Dade Apartment Sales Remain Hot in 1Q17

Introducing CoStar Market Insights: a new feature providing a snapshot of recent real estate trends in your market. The CoStar Market Analytics team monitors commercial and multifamily real estate across 206 metro areas, with a granular understanding of the projects, players and economic trends that move these markets. Q1 Miami-Dade Multifamily Remain Hot: Over the past few years, investment in Miami-Dade County’s multifamily market has steadily…

Colony Starwood Agrees to Buy GI Partners’ 3,106 Rental Homes in Miami, Elsewhere for $815 Million

Colony Starwood Homes (NYSE:SFR) agreed to acquire a portfolio of 3,106 single-family rental homes from Waypoint/GI Venture LLC for $815 million. Colony Starwood currently manages the portfolio for the sellers, which is located in southern and northern California, Chicago, Atlanta, Tampa, Phoenix, Miami and Orlando. As of March 31, 2017, the GI portfolio was 95.8% occupied with an average monthly rent per unit of $1,703, which the company said…

Could Big Data Help CRE Investors and Developers?

Smarter decisions are a click away. For better or for worse, we live in a data-driven world. Everything we do, eat, wear, or Google leaves a digital footprint to be placed in an algorithm for further crunching, analysis, interpretation, and distribution. The easiest example is to do an Internet search for anything – a new mattress or a future vacation destination – and see how quickly related information and ads appear in your Facebook newsfeed. From Netflix preferences to complex medical…

Public-Private Partnership Including Miami-Dade County Wins City Commission OK

A large mixed-use public-private partnership that includes Miami-Dade County as a player has won preliminary Miami City Commission approval. Platform 3750 LLC proposes to build on 2.1-acres at 3750 S Dixie Highway (US 1). The county is a co-applicant for land use and zoning changes, which city commissioners approved on first reading May 25. A final…

Hyatt maintenance dispute with city of Miami settled for $4 million

The City of Miami has agreed to pay Hyatt Equities close to $4 million in a settlement resolving a maintenance disagreement. The business dispute between the city and Hyatt has been going on for years and was stopping the two parties from moving forward with their plans to redevelop the area. The dispute involved Hyatt’s Miami River hotel and the costly maintenance that was done on the aging property. Hyatt was unhappy with the fact that police and firefighters have been forced to work…

Office Sale Negotiated For Palmetto West Park

NAI Miami, a member of the world’s premier managed network of commercial real estate firms, announced today the team of Lucia Custer and Gabriel Garcia-Menocal, SIOR, negotiated an office sale for their client, Palmetto West Park, LC, at 7791 Northwest 46 Street in Doral, Florida. The buyer is PJV Engineering. The sale was valued at $380,000.