May 23, 2017 - 0 Comments - Top Stories -

Miami Commercial Real Estate News May 23, 2017: New Office Tower Coming to Downtown; Property Near Beckham’s Listed; More…

Downtown Miami is getting its first new office tower in six years

Another piece in the ambitious Miami Worldcenter project has clicked into place. Hines, the privately-owned real-estate investment firm with a presence in 189 cities in 20 countries, will build a 45-story tower with 600,000 square feet of Class A office space at 110 NE 10th St. in downtown Miami. The tower, to be called 110 10th, will fill one of the last remaining parcels of vacant land at Miami Worldcenter, the $2 billion, 27-acre mixed-use development covering 10 blocks in downtown.

Miami’s CocoWalk unveils new renderings of a transformed center

Following a slew of new retail projects sprouting across Miami, CocoWalk has unveiled details and renderings of a multiphase renovation, which is expected to begin this summer and modernize the heart of Coconut Grove. Led by new ownership, the redesigned Cocowalk will be comprised of a contemporary open-air plaza at its core with café seating, water features, foliage, and a new façade. It’s designed by Beame Architectural Partnership and Foreseer. Renovations to the existing retail…

Miami Transit Director: Uber And Lyft May Not Be The Answer

They are helpful, but unless they become financially stable, Uber and Lyft may not be Miami’s answer to last-mile transit. Or so says the head of Miami-Dade County’s transit planning organization.Aileen Bouclé, the executive director of the Miami-Dade Transportation Planning Organization, said ride-sharing app services do help the county’s transit system with those connections between station and destination, but their financial instability makes them something the county may not be able…

Business Rent Tax in Florida Budget

It may not sound like a lot to cut Florida’s business rent tax from 6 percent to 5.8 percent, but after years of calling for the elimination of the levy, lawmakers home from legislative session say that education shouldn’t be ignored. “It’s a lot in the sense that we finally got something started,” says state Rep. Jim Boyd, R-Bradenton. “My goal next year is for us to continue whittling away at that.” Florida today stands as the only state in the union to charge a tax on commercial leases, something…

Brokers From Three Companies Combine On 164K SF Industrial Deal

A Miami warehouse known as the Econocaribe Building traded with the help of three brokers who formed a unique partnership to seal the deal. The South Florida trio marketed the property at 2401 NW 69th Street (birdseye aerial) on behalf of an ownership group that included Econo 1 LLC, Joseph Luchese Jr. and Michelle Gersten. The 164,432-square-foot distribution facility named for its lone tenant houses the headquarters of ECU Worldwide, a global freight company formerly…

Micro Apartments Are Coming To Miami

Miami’s rental apartment market is about to get smaller — literally. Micro-units — compact, affordable apartments aimed at young, single professionals who want to live in popular neighborhoods without paying exorbitant rents — are sprouting up in Wynwood… Groundbreaking is scheduled to begin in July on Wynwood 25, a $100 million mixed-use project by Miami’s Related Group… Vice, a 464-apartment rental tower at 230 NE Fourth Street, is part of a national rollout of micro-units…

Crocker Inks 80K+ SF In Deals In Revitalized Citigroup Center

Crocker Partners’ $20M renovation bet on Miami’s second-tallest office tower seems to be paying off in big leases. Those deals at Citigroup Center (aerial view) in Downtown Miami include the expansion by its anchor tenant, Citigroup, by nearly 10K SF to more than 136K SF. The biggest, so far, is the 23,500 SF deal inked by Harvard Maintenance, which is relocating from One Biscayne Tower, said Tower Commercial Real Estate founder Jon Blunk, who, along with Cristina Glaria…

Multifamily Investor Angst: Miami neighborhood map shows dipping rents

Compared to last year, rents in many popular neighborhoods have fallen While renting in Miami remains relatively high on a national scale (median rents ranked ninth in the U.S. last month), it would appear the asking rents in many core neighborhoods have dipped with the rising supply over the last year. According to Zumper’s latest neighborhood rent map (it’s not to be taken literally as far as the neighborhood outlines are concerned), rents have decreased throughout most…

Coming to Miami Worldcenter: 45-story Class A office building

Comprised of 600,000 square feet Plans have been unveiled for a 45-story office building at Miami Worldcenter in downtown Miami. Developed by Hines and named “110 10th Street,” the mixed-use tower will be comprised of 600,000 square feet of Class A office space and high-street retail. It will include three indoor/outdoor terraces and is expected to open by late 2020 or early 2021. It’s the first building of its kind in Miami’s Central Business District in eight years and will rise between…

Miami River site near Beckham’s stadium hits the market for $11.8 million

A development site along the Miami River was just listed for $11.8 million, near David Beckham’s planned MLS stadium, broker Jonathan Molano told TRD. The owner, Blue Road Properties planned to develop the 1.1-acre site at 600 Northwest Seventh Avenue, but because of the stadium decided to list it for sale. The firm is not in a rush to sell and if it doesn’t sell, Blue Road will develop it, Molano, of Blue B Properties, said. Miami Beckham United plans to build an over $300 million…

Video: REIS Chief Economist & SVP Victor Calanog Delivers an Update on Industrial Property Market Trends for 2017 REIS Q1

In this video, REIS Chief Economist and Senior Vice President Victor Calanog provides a quick update on the market fundamentals in the industrial sector for Q1 2017. Highlights include: In contrast to most other sectors, lots of movement in industrial property fundamentals; Vacancy ended quarter at 10.1% down 10 basis points for the quarter and 40 basis points over the past year; Flex/R&D property vacacny ended at 10.9% down 20 bp for the quarter and 80 basis points for the year…

Market Report – 2017 Q1 South Florida Pre-Construction Condo Market Update

Ladies & Gentlemen, we have already arrived at the second week of May, which can only mean two things: 1. The Miami Marlins are almost out of the playoff hunt (already); and 2. First Quarter market reports are out for real estate markets around the world. These reports are certainly useful to industry insiders and real estate brokers/agents, particularly because it helps them get a quick picture of the current health of any given market. However, the information in these reports can also…