Aldi-anchored shops in Miami Gardens listed for $32 million
Westport, Connecticut-based Rand Real Estate Services listed Palmetto Plaza (aerial view), an Aldi-anchored shopping center in Miami Gardens, for $31.75 million, a nearly 48 percent increase from its last sale about four years ago. The 176,000-square-foot center, at 16301 Northwest 57th Avenue, is 93.3 percent occupied by Aldi, Sherwin Williams, Dunkin’ Donuts, a Regions Bank and others. Rents average about $20 per square foot, which broker Drew Kristol said is “much lower than in the…”
Island Gardens under consideration for Watson Island multimodal transit hub
Instead of a mega resort for the rich called Island Gardens, Ken Russell sees Watson Island as home to a multimodal transit hub with plenty of wide open green space offering “the most amazing views of our downtown skyline.” The City of Miami commissioner shared his vision for the city-owned island at the tail end of the commission’s May 11 meeting. Mr. Russell vowed to bring a motion at the May 25 meeting to find developer Flagstone Property Group LLC in default of a…
Strategic Miami Area Rapid Transit stops identified
While many details about the six corridors of the Strategic Miami Area Rapid Transit plan remain to be worked out, the county’s Transportation & Public Works Department has identified tentative stops along all of the routes. Speaking before the Transportation Planning Organization’s Fiscal Priorities Committee, Albert Hernandez, department assistant director, said many of the stops dovetail with existing transit. On the 9.7-mile Miami to Miami Beach corridor, an extension of…
Miami and Fort Lauderdale rank as top “buy” markets for retail property assets: report
As the nation’s retail market struggles amid store closings and mounting pressure from online shopping, South Florida stands out as a top market for retail assets, according to a newly released report. Ten-X’s Retail Market Outlook ranked Miami as the top long-term “buy” market, based on demand, followed by Fort Lauderdale, Houston, Austin and Tampa. In Miami, retail vacancies dropped by 0.05 percent to 5.7 percent at the end of last year. Rents averaged $23.37, and are projected to rise…
See the winning and controversial design of the I-395 signature bridge
The Florida Department of Transportation voted for the winning design of Miami’s I-395 reconstruction and new signature bridge – sans public input – and on a tight margin. A state panel endorsed a proposal by a joint venture team led by Archer Western and The de Moya Group for the $800 million project on Friday, the Miami Herald reported. The proposal, which beat the Fluor-Astaldi-MCM team by half a point, was not scored by the FDOT committee on aesthetics. In fact, a panel…
Miami Beach convention center hotel plan has been delayed
Miami Beach won’t be told how to develop a headquarters convention hotel until June or later, more than a year after commissioners appointed a seven-member study team that was expected to wrap up Monday. The Blue Ribbon Steering Committee did outline nine action points, including the site, a straw ballot to gauge perception and the aim that the hotel’s architect be renowned, but in the end it decided to review the action points one last time and reconvene after Memorial Day for a twelfth…
Future of Mana Wynwood snags on power lines
A development agreement that would allow Moishe Mana to build up to 9.72 million square feet on more than 23 acres in Miami’s Wynwood neighborhood may go back to the drawing board over the issue of power lines. The Wynwood Business Improvement District’s board of directors on Wednesday approved a resolution asking that the Miami City Commission either require Mana remove and place underground all power lines along Northwest 25th Street between I-95 and North…
J. Milton’s apartment development in East Little Havana won Miami board approval
A 12-story apartment building in East Little Havana proposed by J. Milton & Associates is moving forward. Miami’s Urban Design Review Board voted 4-0 on Wednesday in favor of the proposal by the Coral Gables developer for a vacant property at 1000 Northwest Seventh Street near Marlins Park and the Miami River. “Not everybody takes the risk to go into this area,” said board member Fidel Perez. “There is a stigma that it is a low income area. We should not give it that image.”
Field of Broken Dreams Extends to Garages as Mayor Braces for Final Insult
As the Miami Marlins owner considers offers to buy the team, the public that funded the bulk of the $600 million stadium and garage complex is bracing for one final insult: a delay in any sale beyond March of next year. After that date, local governments would receive no share of net profits. at was part of the deal owner Jeffrey Loria cut with Miami-Dade County and the City of Miami, in exchange for the governments taking on a debt load of more than $2.6 billion – including all the interest that…
American Dream Miami mega-mall expects October approval
The backers of the American Dream Miami mega-mall in Northwest Miami-Dade County predict that the County Commission will approve their concept in October, said Robert Gorlow, an attorney for the complex. He and Edgar Jones, a development consultant for the entertainment and shopping mall, spoke at Friday’s meeting of the Realtors Commercial Alliance, part of the Miami Association of Realtors. “The county thinks we’re going too fast, but they’re okay with it,” Mr. Gorlow said.
The single secret ingredient to unsnarl downtown Miami traffic
The simplest, least-costly solutions to problems often are the best, but also the most overlooked. Take the gelatinous slow-moving traffic on the main streets in Brickell and downtown. Driving is rapidly deteriorating. On the other hand, the most-discussed solutions are the least promising – at least, in the next few years. For Brickell, the hot topic is to tunnel under the Miami River near the Brickell Avenue Bridge starting from far to the south to dump out cars somewhere…
Ronit Neuman: Ties Sagamore Hotel into city’s fast-growing arts scene
Roughly a year ago, Ronit Neuman walked into the Sagamore Hotel, which her dad had just purchased (owner info) on somewhat of a whim, to find white walls and a proverbial blank canvas. Though she’s a fashion school graduate with some experience in the real estate and medical industries, Ms. Neuman felt ready for the job of taking the Sagamore, historically known as Miami’s art hotel, to the next level by elevating its presence and making it a major art destination for people other than…
PriceSmart Opens 325,000-Square-Foot Distribution Center
U.S. Rep. Mario Diaz-Balart of Miami joined PriceSmart President and CEO Jose Luis Laparte for a ribbon-cutting ceremony Tuesday for PriceSmart’s new distribution center in Miami-Dade County. PriceSmart is the largest operator of membership warehouse clubs in Central America, the Caribbean and Colombia. The 325,000-square-foot Class A facility, at 11441 NW 107th St. in Flagler Station in Medley, will serve 75 warehouse clubs across its retail network in Latin America.
Little Havana’s first museum targets winter opening
El Museo de Little Havana Little Havana’s first museum, El Museo de Little Havana, is expected to open on Calle Ocho this winter, according to the Miami New Times.
Located at 1637 SW 8th Street, the space will “aim to showcase the social, cultural, and political importance that the area brings to South Florida.” The project was announced yesterday onsite by Barlington Group and HistoryMiami Museum. The latter will provide resources for the exhibits in the form of photos and artifacts…
Bal Harbour Shops’ $400M renovation receives final approval
Adding over 340,000 square feet of retail A $400 million enhancement of the Bal Harbour Shops (birdseye view) received final approval last night, paving the way for a multi-year renovation of one of Miami-Dade County’s most high-end malls. The renovation plans, designed by Zyscovich Architects, will add 340,387 square feet of new retail space, which nearly doubles the open-air shopping center’s current retail portion. The project also will create over $100 million in public benefits…
Future of Mana Wynwood hits snag over power lines
A development agreement that would allow Moishe Mana to build up to 9.72 million square feet on more than 23 acres in Miami’s Wynwood neighborhood may go back to the drawing board over the issue of power lines. The Wynwood Business Improvement District’s board of directors on Wednesday approved a resolution asking that the Miami City Commission either require Mana remove and place underground all power lines along Northwest 25th Street between I-95…
J. Milton’s apartment development in East Little Havana wins Miami board approval
Rendering of Reflections Apartments. Inset: CEO Joseph Milton. A 12-story apartment building in East Little Havana proposed by J. Milton & Associates is moving forward. Miami’s Urban Design Review Board voted 4-0 on Wednesday in favor of the proposal by the Coral Gables developer for a vacant property at 1000 Northwest Seventh Street near Marlins Park and the Miami River. “Not everybody takes the risk to go into this area,” said board member Fidel Perez. “There is a stigma that it…
In this video, REIS Chief Economist and Senior Vice President Victor Calanog provides a quick update on the market fundamentals in the retail propery sector for the first quarter of 2017. Highlights include: Retail fundamentals were mostly flat in 2017; Vacancy rate for neighborhood and community shopping centers remained flat at 9.9%; Also flat on a year over year basis at 9.9%; Asking rents rose by 0.5%, with effective rents rising 0.4%, 2% for the year; Regional mall vacancy rose by 10…
Despite 9,000 new units, Miami rental apartments demand soars
Demand for rental apartments is increasing in South Florida despite the opening of more than 9,000 new units in 2016, according to a first quarter market update from Cushman & Wakefield’s Multifamily Investment South Florida Team – a dynamic that continues to draw investor interest. Record apartment sales in the region were recorded for the second consecutive year in 2016, the report shows, with the sale of 278 properties valued at an estimated $3.6 billion…
Anheuser-Busch to Open Boutique Brewery in Wynwood
Anheuser-Busch InBev is adding another brand to its craft-and-import-focused, “high-end” portfolio with the launch of Veza Sur Brewing Co. this summer in Miami. The beverage megacompany has tapped Colombia’s Bogota Beer Company and Oregon’s 10 Barrel Brewing for the collaboration. Veza Sur is set to open at 55 NW 25th Street early this summer. The 10,000-square-foot space will include a 15-barrel DME brewhouse and a 5,000-square-foot taproom with a terrace. The brewery gets…
Little Havana Institution Morro Castle Sells Property, Looks to Move West
Morro Castle, one of Little Havana’s oldest, best, and most beloved frita spots, will close its doors sometime in the coming months, says owner Alberto Villalobos, who sold the property last month. But don’t fret. Villalobos says he’s looking to relocate the beloved cafeteria at 2500 NW Seventh Street farther west to a larger, more comfortable space that will better accommodate customers who’ve been coming to the place since it opened in 1962. “There’s no air conditioning,” Villalobos…
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 Avenue, 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…
Miami-Dade accepting proposals from developers to rebuild historic courthouse
Miami-Dade County commissioners approved several developmental sites that could replace its downtown civil courthouse at a meeting on Tuesday. The county is also accepting proposals from builders interested in generating revenue for a courthouse replacement, the Miami Herald reported. Already, Crescent Heights developer Russell Galbut made an unsolicited offer to build a new $300 million courthouse in exchange for a 99-year lease that would collect $18 million a year in rent from…
Recent College Grads Can Afford Only 2 Percent of Miami’s Rental Market
There comes a point in life when you grow tired of living in six-person apartments, swatting flies from the leftover pastelitos your roommate left congealing on the table, and cleaning up after the feral cats your other housemate insists on bringing into your tiny space. For a huge number of people, that desire comes right after college ends. But according to data that real-estate site Trulia released last week, a scant 2.2 percent of Miami’s rental market is affordable to recent college graduates.
Filing a lawsuit after a construction defect
A building’s infrastructure is something we all take for granted. Unfortunately, some buildings and houses in Florida are not built according to contract or regulations. These defects in the structure can result in a great deal of construction litigation. Oftentimes, the builder or developer will find themselves in disagreement with a homebuyer. There are also a number of cases where contractors are in dispute with subcontractors who have worked on the home. In these cases…