Sears at Aventura Mall to shutter, be redeveloped into mixed-use project
The Sears at Aventura Mall will close this summer and the site will be developed into a mixed-use project. Sears, at 19505 Biscayne Boulevard, will begin its liquidation sale at the end of April and close by mid-July, the South Florida Business Journal reported. The landlord, Seritage Growth Properties, will break ground on Esplanade at Aventura, with 215,000 square feet of retail, restaurant and entertainment space, later this year. Aventura approved the site plan in December. Seritage purchased 235 Sears and Kmart…
Auberge Miami canceled amid cooling condo market
Previously delayed until 2018 Auberge Miami, originally planned as a 1,400-unit condo development in downtown Miami, has been canceled as deposits have already been returned to buyers, according to multiple reports. Groundbreaking was pegged for early 2017 for a 60-story luxury tower at 1400 Biscayne Boulevard (just north of the Adrienne Arsht Center) but a new timeline emerged last August, pegging construction for the end of 2018 amid stalling sales in an oversaturated market. Miami Condo…
Sign of the times: Related cancels Auberge Miami as condo market fizzles
The Related Group has shut down its Auberge Residences & Spa Miami project and returned buyers’ deposits amid a sluggish condo market, sources told The Real Deal. Related launched the development in February 2016, just as sales were slowing in Miami’s preconstruction condo market. In August, TRD reported that construction of the 290-unit, 60-story tower was on hold until at least year-end 2018. The sales center, at 1440 Biscayne Boulevard, has been closed since December, sources said. The phone number…
South Florida condo developers chopping prices, shifting strategies to close deals
South Florida’s preconstruction condo market is adjusting after a challenging year for developers and brokers. While the slowdown is sticking around, especially in Miami, agents and sellers have shifted their pricing and strategies to close deals. Generally speaking, condos spent more time on the market and sold for reduced prices last year, according to a fourth-quarter Douglas Elliman report. Sellers also had to temper their expectations more than in the past: In the Miami Beach luxury condo market, the difference between…
Triple Five expects to finish N.J. mall while developing American Dream Miami
A lawyer representing Triple Five, the developer of American Dream Miami, said the mega-mall project is advancing while Triple Five tries to resume construction of a New Jersey mall with the same name. Triple Five last year stopped construction of the American Dream Meadowlands in northeastern New Jersey, which could derail plans to open the mall in 2018. But Miguel Diaz de la Portilla, a land use lawyer who represents Triple Five, told the Miami Herald the development of American Dream Miami is moving forward…
Miami to Orlando in 26 minutes: A Hyperloop One finalist
Could planes be a thing of the past? The Hyperloop One could eventually come to Miami, creating a 26-minute route to Orlando, which would be a fraction of the four hours it would take to drive and less than half the hour it’d take to fly. Of the 2,600 submissions in a global challenge from earlier in the year, among the 11 U.S. finalists is the Miami-to-Orlando route, notes The Verge. The process works by using a linear electric motor to move an electromagnetically levitated pod through a tube…
Historic preservation board defers hotel conversion for Miami Beach’s South-of-Fifth
If developers want their projects approved in Miami Beach, they apparently had best not put off meeting with neighbors for nine years. The Miami Beach Historic Preservation Board on Monday deferred what could otherwise have been a routine request to change a building’s use (250 Collins Avenue) from multi-family residential to suites hotel after it learned the building’s owner had not met with the South-of-Fifth Neighborhood Association to address concerns about how the building…
Lennar restates Q1 earnings to account for potential $140M hit from litigation
Lennar Corp. on Monday restated its first quarter earnings to account for a possible $140 million hit related to litigation. The Miami-based homebuilder said that rather than the $130.8 million, or 56 cents per share first quarter earnings it previously reported, it is now reporting $38.1 million or 16 cents per share. Lennar said that since it released earnings on March 21, the United States Court of Appeals for the…
Chad Curry, Managing Director at the Center for Realtor® Technology, joins The Commercial Real Estate Show to discuss aquaponics, the use of plants and fish to enhance a work environment, and responsive workspaces. This is a great video for innovative commercial real estate investors looking for an edge. as it has tips for saving money and enhancing a buildings environment relatively inexpensively, likely leading to more rent and net income. How fish and plants are used together (aquaponics)…
How the JOBS Act Is Affecting Commercial Real Estate Investment
Crowdfunding is the name of the game. Once upon a time, anyone with a commercial real estate (CRE) investment opportunity could only offer it, courtesy of a 1933 law, to a select group of people – only those with whom they had a substantial business relationship. That usually meant friends, family, and business associates. All that changed in 2012, when President Obama signed the Jumpstart Our Business Startups (JOBS) Act. One of the key components of the law was opening up that 1933…