May 04, 2017 - 0 Comments - Top Stories -

Miami Commercial Property News May 4, 2017: The Standard to Get a Facelift; One Thousand Museum to be in Documentary; More…

Knight Convention Center deal could upgrade downtown waterfront

Redevelopment of the city-owned James L. Knight Convention Center and attached neighboring hotel at 400 SE Second Ave. could see a rebirth of a prime waterfront site in the heart of downtown Miami. That’s the feeling of city commissioners who voiced approval of administrative staff’s continuing negotiations for a new long-term lease of the high-profile property, adjacent to a city park and city dockage on the Miami River. Commissioner Ken Russell called the area…

South Florida Investors Seeking Opportunities Farther Outside Miami Proper

An investor from the Dominican Republic buying a mélange of properties in the Allapattah neighborhood is just the latest deal in a trend of investors looking outside of prime Miami markets. The unidentified investor purchased four lots: 2140 NW 36th St. and 2135, 2141 and 2145 NW 35th St. They include 50K SF of commercial properties, such as an auto dealership, small multifamily properties and vacant lots for the sum total of $3.1M, said Ralph Reguiero with Southeast Management…

Miami may kick-start sports park on Virginia Key landfill

Miami Commissioner Ken Russell is ready to kick-start a sports park on an old Virginia Key landfill. He made his pitch to the Virginia Key Advisory Board. He’d asked to discuss potential development of a sports and recreational facility on the city-owned key. It’s not a new idea: it’s part of the 2010 Virginia Key Master Plan, which includes information on the landfill, the scope of a park on top of it, and a site plan of sporting fields, parking and more. It’s even referred to as Landfill Park.

Miami’s One Thousand Museum by Zaha Hadid to be featured in Impossible Builds documentary

As downtown Miami’s One Thousand Museum continues its 62-story climb, the Zaha Hadid-designed luxury development has been tapped to appear in an upcoming documentary that will air on Discovery and PBS titled “Impossible Builds.” The show will focus on the creation of complex structures across the globe and will also feature four other projects, including a resort villa in Dubai and a super-thin skyscraper in New York City. One Thousand Museum’s most unique feature has to be…

How smart is SMART plan when transit use is falling?

As road traffic congeals, Miami-Dade County is busy setting mass transit use records – but they’re not records to be proud of. The transit system just lost riders monthly year over year for the 23rd consecutive month, dropping to its lowest monthly ridership since at least 2006 and maybe longer. These February figures, the transit system’s most recent public tally, show just over 7.5 million boardings on all county mass transit, including buses, Metrorail and Metromover.

Adornus Cabinetry To Occupy 23,000 SF At Beacon Lakes Industrial Park

The lease brings Beacon Lakes Industrial Business Park Building 23 to 100% occupied.

The Standard Miami Beach is getting a facelift

The structure formerly housing the Lido Spa Hotel is getting leveled The Standard Miami Beach is on the cusp of a dynamic renovation that will include the demolishing of its east wing, reports The Real Deal, which used to be the Lido Spa Hotel and is currently comprised of hotel rooms and the outdoor Lido Bayside Grill.
The existing spa, which is connected the building, will remain intact and the proposed renovation will not affect spa operations, according to a hotel…

On Israeli bond market, US real estate players are now mishpacha

From TRD New York: In 2015 and early 2016, the Israeli bond market had become the Promised Land for U.S. developers. Players here had raised hundreds of millions of dollars in cheap debt from Israeli investors, and the nascent financing model was expected to become a long-term source of funding for U.S. projects, particularly as EB-5 was going through legislative challenges. Then came Urbancorp. The Canadian…

Retail will be “smaller but healthier” in 5 years: Sternlicht

From TRD New York: Retailers are closing stores across the city and the country, and in the end the industry will be better off for it, Starwood Capital Group’s Barry Sternlicht said. “A lot of retailers don’t know how to behave in this environment, and they’re panicking,” Sternlicht told Bloomberg. “I see the tenants in my malls that get it, and the ones that are as confused as…

FedEx’s downtown Miami site for sale, could fetch $40M

FedEx’s downtown Miami distribution facility is up for grabs, and could fetch close to $40 million, The Real Deal has learned. The property, at 200 South Miami Avenue, is leased to FedEx until 2029, with a five-year renewal option. The company leases the entire nearly 110,000-square-foot building, using it as its “last-mile delivery” facility serving downtown, said Cushman & Wakefield Vice Chairman Robert Given, who has the listing. Starting…

Blackstone Sells 1221 Brickell Office Tower in Miami

The Blackstone Group LP has sold the 1221 Brickell office tower at 1221 Brickell Ave. in Miami, FL for $155 million, or about $380 per square foot, to a joint-venture between Rockpoint Group LLC and LaSalle Investment Management, Inc. Blackstone took control of the asset in its $39.2 billion leveraged buyout in 2007 of Equity Office Properties, which paid $111.6 million ($273 pSF) for the property back in October 2006.

Video: REIS Chief Economist & SVP Victor Calanog Provides an Update on Q1 2017 Office Market Trends

In this video, REIS Chief Economist and Senior Vice President Victor Calanog provides a quick update on first quarter 2017 Office property market fundamentals and trends.  Highlights include: It was a relatively uneventful quarter for the office property market; National office vacancy rates ended the quarter at 15.8%, unchanged versus the prior quarter; Office property vacancy is down 20 basis points from 16.0% a year prior; Asking rents increased by 0.5% in the quarter, while effective…

Miami-Dade Says Airbnb Hosts Should Make Sure Tenants Aren’t Sex Offenders

Renting out your house on Airbnb is a good way to make some extra money, but it can also be a real pain in the ass. Your tenants might be deranged meth heads, but even if they aren’t, your neighbors will probably still complain that the guests’ rolling suitcases are too noisy. And in certain parts of Miami, you could be fined up to $20,000 just for listing your place. Now there’s one more thing you have to worry about: sex offenders. Under new regulations proposed by Miami-Dade…