Feb 14, 2017 - 0 Comments - Top Stories -

Miami Commercial Real Estate News February 14, 2017: Multiple Developments in Coconut Grove; More…

As Coconut Grove surges, developer plans first new office building in decades

As Coconut Grove surges with new condos, restaurants and shops, developer David Martin is planning what he sees as the missing link in the Grove’s revitalization: its first new office building since 1989. The project will adapt an existing city of Miami parking garage at 2850 Oak Ave. into a five-story mid-rise with 75,000 square feet of Class A office space and renovated ground-level retail. The architects of the makeover are Carlos Prio-Touzet and Jackie Gonzalez Touzet…

Video: CoStar’s Director of Office Property Research Provides an Update ~ Features Miami

Walter Page, Director of Office Property Research for CoStar, provides and update on the Office Market in this video from The Commercial Real Estate Show. This update on the office property market includes performance, construction, and supply. Walter presents and discusses a chart of new office properties…

Coconut Grove waterfront about to add another major project

Along the Coconut Grove waterfront, the only constant is change. Significant changes continue to evolve where the mainland meets Biscayne Bay, anchored centrally by historic Miami City Hall. For the last three years, cranes and cement trucks have been major players in the transformation of the waterfront. In the last 12 months alone, the area has seen construction of a waterfront plaza, two expansive new parking lots to serve multiple areas and uses, and additional accents to the new Regatta Park. Exactly one year ago…

Moishe Mana three-way deal could bring new downtown Miami tower

A three-way settlement reached by developer Moishe Mana, a second developer and the Miami Parking Authority could bring major high-rise residential construction to the heart of downtown one block from the new MiamiCentral transit hub. A key to the accord is a sublease of air rights, or the space above a planned parking garage. The settlement requires court approval. The three parties in this legal tangle are the parking authority – operated by the city’s Off-Street Parking Board – Grand Station Partners LLC…

Redevelopment in store for Cocowalk, Sunset Place, Link at Douglas and Liberty Square

Cocowalk, once a popular hub in Coconut Grove, will be redesigned as a mixed-use center with an open plaza, adding office space while removing the center retail portion. With boutique fitness centers and blow dry bars, the aim is to make Cocowalk “essentially the living room of Coconut Grove, and bring back some charm,” Michael Comras, president and CEO of Comras Company told attendees at the University of Miami’s Real Estate Impact Conference on Friday afternoon. Comras outlined plans for Cocowalk as well as Shops…

Terra, partner to turn Coconut Grove garage into mixed-use office building

Terra Group and Mayfair Real Estate Advisors just announced plans to convert an older parking garage in Coconut Grove into a mixed-use office building. Terra and Mayfair will begin construction in the early part of this year, according to a press release…

Commercial Real Estate Indicators Signal Robust 2017 Across South Florida

Commercial real estate experts are saying that the year-end surges in the office, industrial and retail sectors foreshadow future economic growth.

CenterPoint Pays $108M For the Medley FedEx Distribution Center

With the lowest industrial rate in Miami-Dade at 2.5 percent, the Medley submarket is booming despite the amount of new construction.

PortMiami sets a global passenger record

PortMiami had another strong year in 2016, coming close to hitting the 5 million multi-day passenger mark. The port’s latest cruise season set a world record in cruise passenger traffic with 4.98 million multi-day passengers, a 1.5% increase from the previous year. The numbers follow the port’s tradition of annual increases in passenger numbers. In 2015, PortMiami processed 4.91 million multi-day passengers – also more than any other port in the world at the time. The year before, the port saw 4.77 million multi-day…

Miami’s Cutler Bay is the country’s 7th fastest growing suburb, per report

Miami-Dade County’s Cutler Bay neighborhood is among America’s 10 Hottest Suburban Neighborhoods, per Realtor, coming in at No. 7 and among three Florida suburbs to make the list. Cutler Bay’s median home price of $290,000 is well under Miami’s median home price of $470,500, representing a savings of about 38 percent. Orlando’s Vista East (6th) and Tampa’s Palm River-Clair Mel (5th) were the two other Sunshine State neighborhoods to make the feature, trailing No. 1 ranked Northeast of Denver, Colorado. Cutler Bay…