Allapattah assemblage sells for $3.1 million
An assemblage of four parcels just sold for $3.1 million in Allapattah, as investors continue to target the gritty Miami neighborhood west of Wynwood for redevelopment. The properties include 2140 Northwest 36th Street (aerial), 2135 Northwest 35th Street, 2141 Northwest 35th Street and 2145 Northwest 35th Street. Records show the sites span 48,266 square feet of land with buildings dating back to 1935 and 1947 that house retail shops and restaurants, an auto sales center, two multifamily buildings, a duplex and a vacant lot.
Transit-oriented development in Miami Gardens awaited
With plans on the drawing board to extend Metrorail from the Dr. Martin Luther King Jr. station to the Miami-Dade/Broward County line in the median of Northwest 27th Avenue comes a renewed interest in a transit-oriented development in Miami Gardens. A Miami-Dade County request for proposals is in a cone of silence now, so transit officials won’t discuss it. But a September 2011 study hints at what eventually might take shape on the 14-acre parcel of county-owned land on the northwest corner of Northwest 215th Street…
Port of Miami Tunnel developer looks to transit deal too
The chief operating officer of a company that helped to fund, build and operate the Port of Miami Tunnel told a county committee last week how the firm’s aims might mesh with the now-unfunded plan to add six transit legs in Miami-Dade. Thilo Tecklenburg, COO for French group Meridiam, a global investor and asset manager specializing in public and community infrastructure, said his company is looking for early stage procurements and preparations in public/private partnerships (P3s) for transit that will come to a…
Bills That Property Owners And Insurers Should Watch This Legislative Session
Several proposed acts working their way through the Florida House and Senate will impact property owners and professionals working in the real estate industry. The measures fight abuse of the legal and insurance system and protect property owners. Here’s a rundown of the most important bills and where they stood one month before the legislature is scheduled to adjourn: House Bill 483 and Companion Senate Bill 398 To Cap Fees Charged By Community Associations For Estoppel Certificates; Florida…
TA Realty Sells Miami-Dade Portfolio To Brookfield For $60M
TA Realty sold a 45-asset portfolio to Brookfield Asset Management for $854.5 million, including at least five properties in Miami-Dade. Property records show the following just closed in Miami-Dade County, totaling more than 550,000 square feet of office and warehouse space. 8841 Northwest 23rd Street and 2180 Northwest 89th Place in Doral sold for $28.58 million. 10302 Northwest South River Drive in Medley (birdseye aerial) sold for $12.6 million. 6100 Northwest 74th Avenue in Miami sold for $19.58 million
Miami’s The Citadel to further transform Little Haiti
Including a food hall Little Haiti looks to continue its evolution as one of Miami’s fastest-growing neighborhoods with The Citadel expecting to open next Winter. Within the 60,000-square-foot MiMo building at 8300 Northeast 2nd Avenue will be a hub for dining, shopping, and working. A food hall will live on the first floor, with announced tenants including Stanzione (pizza), Bianco Gelato and Smashing Avo’s (specializing in avocado toast). Other components include a service-oriented…
Health officials warn Wynwood property owners and businesses to prepare for Zika
As the summer creeps closer, Wynwood landlords and tenants who want to avoid another round of the Zika virus and its impact on business got a sobering dose of reality on Wednesday. During a regular meeting of the Wynwood Business Improvement District, state health officials and city officials told the board and more than two dozen attendees that the only way to combat the spreading of the mosquito-and-sexually transmitted disease in the coming months is…
High-rise redevelopment of Hallandale golf property still pending as potential buyers emerge
The owners of the Diplomat Golf & Tennis Club in Hallandale Beach are still determining how to redevelop the 127-acre property as they turn away potential buyers. “We have been approached by people that have expressed interest in it. The property is really not for sale,” Louis Birdman, one of the owners, told The Real Deal. “We’re still working on some planning and design-related things. We’re just not ready to announce anything…
Co-Working Space Remains Popular Part Of Miami’s Office Demand
Co-working providers are still bullish on Miami’s office market. How bullish? A phone call a week, said one of the region’s top office brokers. “There’s more and more coming on a daily basis. I think our phone rings once a week with a new co-working operator,” said CBRE first vice president Grant Killingsworth, during Bisnow’s State of the Office event this month. He was part of a panel on the future of the workplace, along with Quest Workspaces CEO Laura Kozelouzek, Brightline senior vice president John Guitar, AEI founder…
Public-private partnerships for transit get rail developer’s input
Public-private partnerships (P3s) for transit should be flexible and competitive, with both parties feeling they come from a position of strength, Michael Reininger, executive director of Florida East Coast Industries, recommends. “There’s a need for motivational balance where both sides should have needs and resources for a partnership, and then you can take advantage of both sides,” he said during County Commission Chair Esteban Bovo Jr.’s Policy Council meeting April 6, explaining that his comments were mostly…
Aimco Acquires Rio Apartments in Miami
Nationwide apartment investor Aimco acquired Rio Apartments at 8855 Fontainebleau Boulevard in Miami from Brisas Del Rio, Inc. for $42 million, or about $143,000 per unit. The five-story, 366,237-square-foot Class C apartment community consists of one- and two-bedroom units in eight buildings. The complex was built in 1971 and is in the Fontainebleau East multifamily submarket. Brokers were not noted in the deal.
Coconut Grove bayfront project gets cost-shaving boost
Miami Parking Authority officials, working with architects and engineers, may have figured out how to shave millions in unexpected costs from a municipal garage planned for the Coconut Grove bayfront. The garage and its ground floor retail are a key part of a public-private partnership among the authority, the City of Miami and Grove Bay Investment Group LLC. The developer has leased about 7 acres from the city as part of an agreement to redevelop the waterfront north of City Hall into The Harbour. Authority CEO…
4 Trends That Will Affect Miami’s Office Market
From capital and tenant office demand to parking and the cool factor, there are many factors shaping the future of Miami offices. Here are the four biggest. Bisnow Cushman & Wakfield’s Brian Gale, The Allen Morris Co. CEO Allen Morris, Banyan Street Capital CEO Rudy Touzet, Crocker Partners’ Angelo Biano and IP Capital Partners’ Josh Procacci 1. Rents Could Pass $50/SF Office rents are hitting the $50/SF mark again, The Allen Morris Co. CEO Allen Morris said. “But it has gone above that in the past,” Morris said.
Developer Proposes 308 Apartments Near US 1 In Miami-Dade
The city will hold a zoning hearing on April 17 to consider the application for the Park View project proposal. A company led by Delray Beach developer Anthony V. Pugliese III wants to build an apartment complex just east of U.S. 1 in Palmetto Bay. The city will hold a zoning hearing on April 17 to consider the application for Park View on the 3.14-acre site at 9420, 9450 and 9500 Southwest 174th Street. The property currently has two single-family homes and a daycare facility separately owned by Jorge L. Morales, Pedro…
Developers And Property Managers Forced To Adjust To Growing Use Of Package Delivery
The front desk managers at Smith’s Landing Apartments at Virginia Tech handle countless packages every day. None left them as perplexed as when a carrier walked in one day dragging a full-sized kayak. Generally, kayaks are anywhere from 9 to 12 feet long, and about two and a half feet wide. Three weeks later, the plastic piece of marine equipment was still sitting in the front office at the Drucker & Falk-managed building, waiting on the student who ordered it and then left for winter break before picking it up.
Commercial Property Lending Slows As High Prices Stall Deals
Traditional lenders like banks and insurance companies have slowed their commercial real estate lending activity, and experts foresee the trend continuing well into 2017. Pexels Lending was down 3% last year from 2015 levels, and lenders closed $491B worth of mortgage loans in 2016, according to new statistics from the Mortgage Bankers Association. The slowdown in lending was spurred by fewer property transactions taking place in need of loans, and the downtrend is expected to continue this year as investors grow…
Miami hospitality market shifts focus from beach to emerging downtown areas: ULI event
Ever since Miami pioneer Julia Tuttle sent Henry Flagler a box of fresh orange blossoms to get him to extend his railroad to Miami from frost-damaged West Palm Beach back in 1896, clever marketers have been trying to get investors to buy into Miami’s hospitality market. Now, instead of orange blossoms, hospitality professionals in the Magic City are promoting hotel investments in some of the city’s newly hip neighborhoods like Wynwood, the Design District and even Little Haiti. Panelists discussing the state of Miami’s…
Pollo Tropical HQ Moving To Airport West Property
A recently updated creative office project in Coral Gables now has a little chicken. Pollo Tropical, the chain restaurant division of Texas-based Fiesta Restaurant Group, has inked a 10k SF deal to move its headquarters, test kitchen and training space to The Landing at MIA, a 50-acre complex that is a mix of office and industrial properties, right at Miami International Airport. The property at 7255 Corporate Center Drive was part of a $17M renovation of the complex. CREC’s Carol Brooks and Katie Fernandez-Espinosa…
Regency Centers Announces the Development of Pinecrest Place in Miami, Florida
Regency Centers Corporation (“Regency” or the “Company”), a national owner, operator, and developer of grocery-anchored shopping centers, has announced the start of a new ground-up development in Miami, Florida. Pinecrest Place, with estimated net development costs of $16.4 million, will be adding 70,000 square-feet of high quality retail to an existing 173,000 square foot Target, anchored by a new, 46,000 square foot flagship Whole Foods Market. Construction completion is expected in the second quarter of 2018.