Mar 16, 2017 - 0 Comments - Top Stories -

Miami Commercial Property News March 17, 2017: Airbnb Scrutiny; Beckham Under Pressure; Little Havana’s Future; More…

Miami Commercial Real Estate Panel: Hotels seek level playing field with Airbnb

A panel of commercial real estate developers on Tuesday touched on Airbnb, Zika virus hysteria and financing challenges builders in the commercial sector are currently facing. Diego Lowenstein, CEO of Lionstone Development, addressed the escalating conflict Airbnb is facing in Miami-Dade County. “We want a level playing field,” Lowenstein said. “They should be under the same guidelines we are supposed to work under from a code enforcement and taxing standpoint.” The Internet-based short-term rental service…

The future of Little Havana is under a microscope

Over 100 people gave their opinions last week on what they like about Little Havana and how they want it to develop moving forward. A number of stakeholders came to Miami Senior High School on Saturday for the first of three community meetings dedicated to Little Havana. Plusurbia – in partnership with the National Trust for Historic Preservation, Dade Heritage Trust and Live Healthy Little Havana – invited anyone with interest in the neighborhood to share thoughts on a long-term plan for the community’s healthy…

Miami officials put pressure on David Beckham’s stalled MLS stadium plans

While Miami remains “slated” to debut as Major League Soccer’s 24th team in the 2019 season, it appears city commissioners are getting antsy with the recent lack of progress towards finalizing funding to build a 25,000-seat stadium on county-owned land in Overtown. Xavier Suarez, a former Mayor of Miami and current city commissioner, voiced his concerns during a city meeting yesterday, via the Miami Herald: “How long are we going to negotiate for the use of that [county-owned land] before we decide that maybe…

North Miami Beach board gives nod to 5 Park, with apartments, offices, retail

The North Miami Beach Planning and Zoning Board backed the construction of a 19-story twin tower apartment building and a 7-story office facility on the east side of West Dixie Highway between Northeast 170th and 171st streets. Monday night’s 5-to-1 vote was a recommendation for the North Miami Beach City Council to approve a site plan and development agreement to replace a one-story, 43-year-old office building with rooftop parking and a string of retail buildings with a 838,712-square-foot complex designed…

Edgewater growth surging ahead

Despite turbulence at the top of the luxury residential market, growth in Edgewater is surging ahead, observers say. “We got into the market 10 to 15 years ago, at the start of the cycle,” said Taylor Collins, partner in Two Roads Development. “Edgewater was very new on the radar for condo development, and we’ve had tremendous success there.” The company’s first building, the 399-unit Biscayne Beach, is near completion, and a second, Elysee Miami, is in preconstruction site work. “Biscayne Beach sold out in record time…

Five Hot Spots for ADA Lawsuits And How To Prevent Them

Do all of your building’s public spaces comply with ADA requirements? You might be certain that people with disabilities can navigate your facility with ease, but total compliance with the Americans with Disabilities Act is surprisingly rare. You’re likely losing out on people who otherwise want…

Mayor broaches new taxes for Strategic Miami Area Rapid Tran

Mayor Carlos Gimenez has asked Miami-Dade commissioners if they might consider raising countywide millage or assessing another half-percent sales tax to help fund the Strategic Miami Area Rapid Transit (SMART) plan. In November, commissioners directed the mayor to analyze using tax increment financing (TIF) to help fund the plan and infrastructure near the planned American Dream Miami Mall, the mayor wrote in a March 7 memo. “TIF financing is one of many possible alternatives that can be used to fund future capital…

Bridge Development Sells Off Second Industrial Property in Hialeah Gardens

The second half of Bridge Development Partners’ big industrial transaction with TA Realty closed with a $31.65 million sale of Bridge Point Crossroads West in Hialeah Gardens.

Fort Lauderdale’s soon-to-be tallest building breaks ground next week

100 Las Olas Poised to become Fort Lauderdale’s tallest building when it tops off at 499 feet, 100 Las Olas is set to break ground next Thursday at 100 East Las Olas Boulevard. The 45-story mixed-use development will overtake Las Olas River House (452 feet) as the tallest in the city and entails…

Step inside Monad Terrace’s sales gallery in Miami Beach

One of Miami’s hottest pre-construction projects One of Miami Beach’s most anticipated projects has yet to break ground in Monad Terrace—they’ve been experiencing some delays with the steel delivery—but their sales gallery has been in full swing. Located on the corner of Alton Road and…

Sneak peek: One River Point launches $3.5M sales gallery

Clockwise from left: Rendering of One River Point, model kitchen, site along Miami River and Shahab Karmely. One River Point launches its new sales gallery Wednesday evening, and plans to break ground on the 60-story luxury condominium development by the end of the year. The twin-tower project at the…

Fed votes to lift rates by quarter of a percentage point

From the New York website: In an unsurprising move, the Federal Reserve increased its benchmark interest rate to a range between 0.75 and 1 percent on Wednesday.
It’s the third time the Fed has raised interest rates since the 2009 financial crisis. Officials…

MMG Equity Partners Acquires Kendall Corners

MMG Equity Partners acquired the Kendall Corners shopping center at 12755-13091 SW 88th St. in Miami, FL for $38.58 million, or about $400 per square foot, from Orion Real Estate Group. The shopping center totals 96,515 square feet and was built in 1974 on 8.3 acres in the Kendall submarket of Miami…

Video: Dr. Victor Calanog, Chief Economist & SVP at Reis, On 2016 Q4 Industrial Market Trends

Reis Chief Economist and Senior Vice President Victor Canalog, PhD, provides an analysis of market fundamentals in the industrial property sector for the fourth quarter and year of 2016.  Some highlights from this video include: Industrial properties continued improvement trends in 2016; In the war…

Miami-Dade County upgrading Miami International Airport cargo space

Miami-Dade Aviation Department officials are moving forward with a multi-phased project that aims to optimize Miami International Airport’s usable cargo space and have already completed one of the first phases. The Aviation Department has completed the planning phase of its Cargo Optimization, Redevelopment and Expansion Program. The project is a comprehensive, long-term concept to modernize the airport’s cargo operations and double its current capacity. The multi-phased program will maximize the use…

The Upside Of Rising Rates For Commercial Real Estate Investors And Owners

After a year of strong economic performance, the Federal Open Market Committee (FOMC) voted at its year-end meeting to hike interest rates by 25 basis points and also released projections revealing it intends to increase rates three more times in 2017. Although this most recent hike was long anticipated…

$1 billion project focused on development of Miami strip

Many commercial developers in Miami have an eye for finding the perfect area to execute their vision. Wealthy businessman Alan Faena, along with billionaire Len Blavatnik, were no different when they began a $1 billion project in 2013 to develop a once-forgotten piece of the Miami strip. The area is…

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