May 25, 2017 - 0 Comments - Top Stories -

Miami Commercial Property News May 25, 2017: Bal Harbour Shops Founder Dies; Fed May Raise Rates Again; More…

Bal Harbour Shops founder Stanley Whitman dies at 98

Bal Harbour Shops’ founder Stanley Whitman, largely viewed as a visionary for creating a high-end retail center that has endured more than 50 years, passed away on Wednesday. Exactly a week earlier, his longtime plans to expand the center gained final village approval. He was 98 and died of natural causes at his Miami Shores home, according to Whitman Family Development. He remained active until recently, and often enjoyed having lunch at Bal Harbour Shops (info, aerial)…

Fed may raise interest rates again in June

The Federal Reserve may raise interest rates as soon as next month, the minutes from a recent policy meeting show. In the minutes, released Wednesday, officials at the U.S. central bank said it would “soon be appropriate” to raise short-term interest rates again, the Wall Street Journal reported. That means the Fed may lift its benchmark rate at the scheduled gathering in June, according to the newspaper. Officials also moved toward a…

Coconut Grove: Building the new Starbucks; changes at CocoWalk

This new rendering of the new CocoWalk was released today. This is the future. While this is being constructed, there will be changes in the interim. Starbucks is moving across the street. They started renovating the 3400 Main Highway building for Starbucks today. This empty space is 3400 Main Highway, the center of Coconut Grove. It will soon be Starbucks! This is the location where Coldwell Banker was and before that, for maybe 50 years, the Coconut Grove Bank.

The Plaza Coral Gables – formerly Mediterranean Village – is shorter but trimmer

Shorter but trimmer, the former Mediterranean Village is now The Plaza Coral Gables, and Ramon Trias, city planning director, says it’s better for the changes.
The mixed-use project is to rise at 2801, 2901 and 3001 Ponce de Leon Boulevard, just south of downtown Coral Gables (aerial view). The maximum habitable height was to be 218 feet; that has been shortened to 190 feet. Retail has been reduced from two levels to one, and the hotel component is moving to the rear of the complex…

Hines to Develop Office, Mixed-Use Tower at Miami Worldcenter

International real estate firm Hines plans to develop a new office-led, mixed-use tower at 110 10th St. in the heart of downtown Miami, FL. Hines expects to commence construction in the second quarter of 2018, with an anticipated initial occupancy date in the late 2020 or early 2021. Set to rise within the 27-acre Miami Worldcenter, which ranks along with Manhattan’s Hudson Yards as one of the largest private real estate developments underway…

Video: Jim Sullivan of Greenstreet Advisors Discusses Retail

Jim Sullivan of Greenstreet Advisors opines on the headwinds in the retail sector, notably the onslaught of e-commerce market share gains and recent department store closings.  He sheds light on the tailwinds that tend to be overlooked. He says that half of the time they are spending today is with retail property customers, indicating that this is an area undergoing rapid change. On the positive side, he notes that construction is very low compared with history, and that occupancy rates…

Downtown offers wish list for Miami general obligation bonds

Directors of Miami’s Downtown Development Authority say they are generally in favor of the City of Miami’s plan to seek a $275 million general obligation bond issue. But several added that there also must be changes in the city’s Capital Improvements Program (CIP) before any potential bond-funded projects get started. The authority produced a wish list at its meeting Friday. Among priorities are Baywalk and Riverwalk, waterfront open spaces for pedestrian and cyclists ($25 million)…

Florida Is the Only State to Tax Commercial Leases

Politicians, business owners, realtors, and lobbyists are all baffled. While this notoriety can be blamed on ease of access to police blotters thanks to the state’s open records law, there’s another item that is uniquely Florida: We are the only state that imposes a sales tax on commercial leases. The monetary benefit of the Business Rent Tax: Written into the state’s tax code in the late ‘60s, the Business Rent Tax (BRT) means businesses must pay a 6% state sales tax on their rent and…

Internet cafes making Florida comeback

Four years after they were shut down by the government and a scandal led to the arrest of dozens of people and the resignation of a lieutenant governor, Internet cafes are cropping up again across Florida — including one in Volusia County. The Hot Spot has been open since February at 1230 Hand Ave. and business is so good there is already talk of expansion. Each day for more than 14 hours, nearly every parking spot in front of the business is filled and most of the 80-plus seats inside are…

Affiliate Of The Easton Group Buys Newly Constructed Warehouse For $21.8 Million

An affiliate of The Easton Group, an established commercial real estate firm based in Doral, has acquired a new, 182, 000-square-foot warehouse/distribution facility in west Miami-Dade County. EWE Airport North Logistics Center, LLC paid $21.846 million in cash to the seller, Ridge Development, the industrial property arm of Transwestern Development Co., which recently built the Class A facility. The Easton Group, which is handling leasing and management, is currently talking with…

Arbor Coconut Grove unveils new renderings

Showing off the bright and open interiors Arbor Coconut Grove, a 52-unit boutique condo that launched sales in March, has unveiled a batch of renderings showcasing its open and contemporary interiors. These new visuals include a shot of the northeast corner of the building; a chef-style kitchen that’s equipped with Bosch appliances and cerused oak cabinetry; and a glimpse inside a master bathroom. There are natural wood finishes and wide-plank porcelain wood-grain flooring…

Trader Joe’s breaks ground in Miami Beach

The popular grocery store is expected to open in late 2018 Miami Beach’s grocery store game is inching closer to a shake-up with the Trader Joe’s-anchored West 17 breaking ground off 17th Street and West Avenue. The Real Deal reports construction has commenced on the the mixed-use project, which entails 28,000 square feet of retail space, loft apartments, townhomes, and around 200 parking spaces. The five-story property is being developed by Turnberry Associates and Elion Partners…

Port Everglades Receives Approval To Begin $437M Expansion Project

Port Everglades this week received unanimous approval from the Broward County Board of County Commissioners to begin the most expensive capital improvement in the port’s history. The $437.5 million Southport Turning Notch Expansion (STNE) project will add new berths for larger cargo ships and install rail infrastructure for new Super Post-Panamax cranes. It will lengthen…

Air rights play role in bringing passenger rail service to Miami

Land swaps, road realignment, right-of-way access and even air rights have come to play a role in bringing passenger rail service – and more – back to downtown Miami. Another major piece to the MiamiCentral transportation hub, now under construction paralleling Northwest First Avenue, is a proposed airspace easement from the City of Miami. City commissioners have the item under consideration for a vote today (5/25). The resolution would authorize the city manager to execute…