Coastal Construction Tops Off Event Campus At The Concours Club Within Miami-Opa Locka Executive Airport

Coastal Construction Group, one of the largest general contractors in the Southeast, has announced the topping-out of the highly anticipated Event Campus at The Concours Club, the exclusive, members-only motorsport and luxury lifestyle resort. The Concours Club is located at One Concours Way within the Miami-Opa Locka Executive Airport, minutes from the heart of Miami.

Naranja Grand Starts First Phase of Construction In Miami-Dade County’s Leisure City

In 2022, Housing Trust Group (HTC) proposed Naranja Grand, a two-building affordable housing complex in Miami-Dade County. Now, nearly two years after the initial proposal, the general contractor has broken ground on the first phase. The 117,000-square-foot apartment complex will offer 120 residences reserved for adults 55 years and older. Residency would be reserved…

154-Unit Luxury Rental Building Planned In Wynwood Under Live Local Act

Real estate firm Clara Homes has closed on the purchase of a Wynwood property where it plans a luxury apartment building under Florida’s Live Local Act. Clara paid $7.7 million for a 17,000-square-foot site at 2601 NW 6th Avenue, or $450 per square foot. Seller financing was provided at 5%, and a sale leaseback for at least a year to a year and a half was also part of the…

Mayor To Hold Press Conference On $7B In Capital Improvements Planned At Miami International Airport

Miami-Dade County Mayor Daniella Levine Cava will hold a press conference tomorrow to discuss significant investments at Miami International Airport. The mayor will provide an update on $7 billion in capital improvements and $1.7 billion in maintenance upgrades planned at MIA. An update is also planned on the repair and reopening of the Concourse D Skytrain people mover…

Gencom Retakes Majority Ownership of Ritz-Carlton Key Biscayne Hotel in Miami, Plans $100M Overhaul

Gencom has retaken the majority ownership of Ritz-Carlton Key Biscayne, a 291-room hotel located at 455 Grand Bay Drive in Miami’s barrier island of Key Biscayne. The locally based company developed the 17-acre resort in 2000 and later sold the majority stake to a privately held REIT in a three-property portfolio deal valued at $750 million. Ritz-Carlton Key Biscayne includes…

Back to Gencom: Brookfield sells its majority stake in Ritz-Carlton Key Biscayne

Brookfield Asset Management sold its majority stake in the Ritz-Carlton Key Biscayne back to Gencom, which now has full ownership of the waterfront resort. Karim Alibhai’s Gencom, a Miami-based hotel investment firm, had previously owned about one-third of the property at 455 Grand Bay Drive in Key Biscayne. Gencom sold two-thirds of the resort to Carey Watermark…

Miami-Dade aviation lands parking lot, car rental facility near MIA for $45M

Miami-Dade County Aviation Department landed a Park ‘N Fly and car rental facility near Miami International Airport. The aviation department paid $45 million for the 198,500-square-foot, two-building facility spanning 11.5 acres at 2800 Northwest 39th Avenue in unincorporated Miami-Dade, east of the airport, according to records. An entity led by Michael and Ronald Simkins…

Seagis Lands $122M in Financing for Industrial Portfolio Including Miami-Dade, Broward Properties

The Seagis portfolio includes assets in New Jersey, New York City and South Florida. Image courtesy of JLL The Seagis portfolio includes assets in New Jersey, New York City and South Florida. Image courtesy of JLL The Seagis portfolio includes assets in New Jersey, New York City and South Florida. Image courtesy of JLL Seagis Property Group LP has landed a $122 million loan for the…

Jeffrey Soffer renews push for gambling at the Fontainebleau Miami Beach

Jeffrey Soffer is placing more political bets on scoring a casino for his oceanfront resort in Miami Beach. The Aventura-based billionaire developer, whose Fontainebleau Development owns the Fontainebleau Miami Beach, spread more than $300,000 in contributions to the Republican Party of Florida and political action committees supporting Florida legislators in recent months, according…

UNCG And Vertical Developments Propose 27-Story Condo-Hotel At 445 NE 36th Street In Miami

Urban Network Capital Group (UNCG) and Vertical Development have filed plans for a condo-hotel development to be reviewed by the city’s Urban Development Review Board on January 17. The project, strategically located between Miami Design District and Edgewater, involves a 19,292-square-foot site at 445 and 455 Northeast 36th Street and extends to 3618 and 3630 Northeast…

UNCG And Vertical Development Propose 27-Story Condo-Hotel At 445 NE 36th Street In Miami

Urban Network Capital Group (UNCG) and Vertical Development have filed plans for a condo-hotel development to be reviewed by the city’s Urban Development Review Board on January 17. The project, strategically located between Miami Design District and Edgewater, involves a 19,292-square-foot site at 445 and 455 Northeast 36th Street and extends to 3618 and 3630 Northeast.

Urban Network Capital proposes 27-story condo-hotel in Miami’s Edgewater

Urban Network Capital Group wants to build a 27-story condo-hotel at the foot of the Julia Tuttle Causeway in Miami’s Edgewater neighborhood. The Coral Gables-based firm proposes a 180-unit project with 7,300 square feet of retail on a half-acre property on the northwest corner of Northeast 36th Street and Northeast Fifth Avenue, according to an application filed to the city…

Developers Propose 21-Story Condo/Hotel for 445 NE 36th Street in Miami

Two developers have proposed a 21-story hotel/condo in Miami-Dade County. Urban Network Capital Group (UNCG) and Vertical Development hope to get approval for an unnamed high-rise that would offer 180 rooms, measuring about 400 square feet to 2,130 square feet each. Our sources indicate that floorplans include studios, junior suites, one-bedroom suites…

462-Unit Tower At Trinity Cathedral Site Will Be Rental Apartments

The developer planning a 42-story tower at the Trinity Cathedral property has revealed additional details on the development, according to the SFBJ. The report said that a 99-year lease has been agreed to by the Diocese of Southeast Florida, allowing the new tower to be built while preserving the historic church on the property. According to plans filed with Miami-Dade Planners…

$225 Million High-Rise Development to Go Up on Trinity Episcopal Cathedral Site

A 42-story multifamily tower will go up next to the historic Trinity Episcopal Cathedral. Positioned at the base of the Venetian Causeway, this ambitious project in collaboration with Key International signifies a continuing trend of redevelopment for religious sites in South Florida. The proposed tower is set to occupy the vacant section of the Trinity Episcopal Cathedral lot at 515…

Kushner Cos. Approved To Build Apartments With A Synagogue In Surfside

Kushner Cos. got the go-ahead from the Surfside Town Commission to build an 87-unit luxury apartment building at 9300 Collins Ave. north of Miami Beach. The plans from New York-based Kushner include a 1,185 SF synagogue that will allow the property to be classified as mixed-use, a designation that the developer needed in order to build a 184-space underground parking…

Kushner scores approval for luxury apartment project in Surfside

The Surfside commission gave Kushner Companies its blessing for a planned luxury apartment development that’s expected to include a synagogue. New York-based Kushner plans a nearly 90-unit residential project with a roughly 1,200-square-foot community or religious center on the 2.9-acre site at 9300 Collins Avenue. The commission voted 3 to 2 to pass a resolution approving…

Longpoint pays $30M for six industrial buildings in Doral and near Medley

Fresh off making last year’s biggest South Florida industrial purchase, Longpoint Partners picked up six more Miami-Dade County warehouses for $30 million, The Real Deal has learned. Boston-based Longpoint purchased three facilities at 8440, 8450 and 8615 Northwest 64th Street near Medley, and three industrial buildings at 1900, 2000 and 2090 Northwest 133rd Avenue in Doral…

Tri-Rail, Brightline, Metromover & Metrorail All Now Operating At MiamiCentral

MiamiCentral now has four different types of train services either within the complex or directly connected. Over the weekend, the first ever Tri-Rail trains began carrying passengers to MiamiCentral. A pedestrian bridge connecting MiamiCentral to Government Center opened on Friday. Passengers can connect to the Metromover or Metrorail (there’s also a Metrorail connection…

2023 May Have Been The Safest Year Ever Recorded In Miami

Miami recorded a significant drop in decline again last year, with numbers so low that they may have broken records, according to CBS News. There were just 31 homicides recorded during the entire year, compared to 52 in 2022. It is the lowest since records began in 1947. By comparison, Miami saw over 200 homicides in 1980 despite having a much smaller population then.

Southplace City Center in Cutler Bay fast-tracks 5- to 7-year buildout

Southplace City Center is underway to deliver residential units, updated shopping options and a hotel. The total buildout is likely to be five to seven years, though developers expect the first residential building to welcome residents in 24 to 30 months. Southland mall in Cutler Bay is to be replaced by the Southplace City Center, a project that will include housing, dining and stores.

Miami Office Tenants Search For Value While Shrinking Footprints

Miami’s office market continued to tighten in the fourth quarter, but the pandemic-era growth has given way to a more modest expansion. Total availability at the end of the year was 20.5%, down 170 basis points from last year and 130 basis points below 2019 levels, before the pandemic spurred a wave of activity in Miami, according to CBRE. Rent growth was flat in the fourth…

Bal Harbour Officials Vow To Fight Plan For Residential Towers At Luxury Shops

A battle is brewing between the owner of the Bal Harbour Shops and local officials in its namesake neighborhood over a plan to build four towers at the luxury shopping destination. Members of the Bal Harbour Village Council expressed dismay over the proposal from Whitman Family Development to add a 70-room hotel and 600 residences at the mall by leveraging the Live Local Act….

Consumer spending spurs Miami economy

For the past year, consumer spending has had more strength and momentum in South Florida’s economy, and that is expected to continue this year. Even though, the increases in interest rates last year certainly put a dent in some areas, consumer purchasing is going to continue to maintain growth, said Dr. Manuel Lasaga, a clinical professor in the Department of Finance…

Long-sought Ludlam Trail two years away

Ludlam Trail, a 5.6-mile multiuse non-motorized recreational shared-use path, is moving toward the design of its recreational portion, with construction anticipated to start in the fall of 2026. As stated on the Miami-Dade website, the Ludlam Trail corridor is to run “between 400 feet north of Northwest Seventh Street and Southwest 80th Street between 69th and 70th avenues, within the former…

The Weekly Dirt: Live Local battle heats up

The owner of Bal Harbour Shops filed plans to build 275-foot towers on the property using the state’s new affordable housing legislation.
Whitman Family Development revealed the expansion plans this week, causing an uproar among some village residents. The owner of the ultra-luxury mall has long pursued a height increase for the 18-acre property, once the only destination for high…

$38.5M Sale of Industrial Portfolio in Miami Brokered

JLL has brokered the $38.5 million sale of Milpa & Wesley Center, an industrial portfolio located at 6801-7500 N.W. 77th Ave. in Miami. The property, which was 91 percent occupied at the time of sale, comprises 182,575 square feet across six buildings. Cofe Properties LLC sold the portfolio to Miami Palmetto Property LLC, an entity co-sponsored by East Capital Partners and ABR Capital…

Clara Homes Closes On $7.7 Million Development Site At 2601 NW 6th Avenue In Wynwood

Miami-based real estate development firm Clara Homes, founded by James Curnin, has announced the closure of a $7.7 million deal for a residential development site in Miami’s Wynwood neighborhood. The site at 2601 Northwest 6th Avenue spans 17,000 square feet and is planned for a 154-residence luxury rental building dubbed Clara Wynwood. The building, designed by architect Kobi Karp…

The Restoration of La Palma in Coral Gables; The Return of a Piece of the City’s Historic Fabric

In 1924, the Cla-Reina/La Palma Hotel opened as one of the first hotels in Coral Gables. Designed by H. George Fink, a cousin of Coral Gables founder George Merrick and one of the city’s architectural stars, the building is an example of the small-scale, Mediterranean-influenced design that established the style and appearance of the Gables. Today, it is one of the last of the original…

Elev8 Fun to Replace Kohl’s at 1275 N.W. 107th Avenue in Miami

Kohl’s once dominated the department store landscape before the advent of online shopping. Now, the chain is closing dozens of stores––including its location at the Miami International Mall in Doral. The store’s website notes that the store will officially close on January 13. Our sources indicate that Elev8 Fun would occupy the 110,000-square-foot, one-story building.

Drivers License Data: Miami Growth Continued In 2023

Miami-Dade continued to grow in 2023, according to drivers license exchange data. The Miami Association of Realtors analyzed Florida Highway Safety and Motor Vehicles data for the report. Overall, the number of drivers exchanging their out-of-state or overseas license for one from Florida rose 15.9% in Miami-Dade in 2023 compared to 2022. Drivers license exchanges for those…

Signature Bridge: Demolition Of I-395 Bridges Set To Begin

Demolition of the old I-395 bridges will begin shortly as part of Miami’s Signature Bridge project, according to a presentation released yesterday (pdf). Demolition equipment will be mobilized during the week of January 15. Demolition of the first section is scheduled to begin the week of January 22. Completion date for the overall project remains late 2027, with a budget of $840 million.

Pier 5 Opens Today At Bayside With Food, Entertainment, & Miami’s Largest Bar

Pier 5 is holding a grand opening beginning today and running through the weekend at Bayside Marketplace in Downtown Miami. The venue is being opened by the creators of The Wharf, which closed for construction of a massive new complex on the property. A total of three bars are planned at Pier 5. The largest will have over 200 feet of bar space, which is said to be the biggest in Miami.

“A screeching halt”: South Florida retail construction drops off

In the fourth quarter of last year, newly completed retail construction was virtually zero in many of South Florida’s most well-known retail submarkets, according to a recent report. Downtown Fort Lauderdale, downtown West Palm Beach and Miami neighborhoods such as Wynwood, the Design District and Brickell had no new retail completions during the final three months of last…

South Florida developers tap world-renowned architects. Here’s a map of their projects

South Florida has long attracted celebrities and wealthy investors from across the globe. Now, developers are increasingly hiring the world’s preeminent architects, from Japan to Uruguay, to lend an extra dose of beauty and creativity to their projects. Though it’s not a new phenomenon, more and more international firms — and a number of major U.S. architects, including some…

GCF Development Secures $133 Million Refinance Loan for Hollywood Circle At 1776 Polk Street

GCF Development, a national real estate development firm led by Chip Abele and Peter Jago, has successfully secured a refinancing loan of $133.5 million for Hollywood Circle, a mixed-use project approximately 1 million square feet in size, designed by CFE Architects. Located at 1776 Polk Street in Hollywood, FL, the property was refinanced through Deutsche Bank USA. Jay Miller…

Chip Abele’s GCF lands $133M refi for Hollywood Circle mixed-use building

GCF Development landed a $133.5 million refinancing for a completed mixed-use project in downtown Hollywood. Deutsche Bank USA refinanced an existing $117.5 million debt it held on the Hollywood Circle development and increased the loan by $15.9 million, according to records. The deal comes amid an active South Florida real estate financing market. Construction loan and refinancing…

The Villages at Oakland Park Proposed for 2301 Northwest 26th Street in Oakland Park

Two developers are spearheading an affordable housing venture in Broward County. The Urban League of Broward County and the Harris Chapel United Methodist Church want to move ahead with the Villages at Oakland Park, a mixed-use housing development on a 19.4-acre plot. The parcel is presently under contract from Broward County Public Schools. Per the South Florida Business…

Chip Abele, partners win approval for waterfront Fort Lauderdale condo project

GCF Development and its partners won Fort Lauderdale approval to build Ocean Harbor, a 20-story, 36-unit condominium along the Intracoastal Waterway. The planned project, at 3013 and 3019 Harbor Drive, was approved by the Fort Lauderdale City Commission on Tuesday. GCF is developing Ocean Harbor together with Vertical Developments, led by Fernando de Nunez…

Broward buys Fort Lauderdale dev site for police crime lab, medical examiner’s office

Broward County bought a commercial building in Fort Lauderdale, with plans to replace it with a new police crime laboratory and medical examiner’s office. Broward dropped $18.5 million for the two-story, 133,300-square-foot office building at 2000 West Commercial Boulevard, according to records and real estate database Vizzda. An affiliate of Brooklyn-based Center for Allied Health…

Meyers Accesso buys office building at Park at Broken Sound in Boca Raton for $25M

Meyers Accesso scooped up an office building within the Park at Broken Sound mixed-use development in Boca Raton. Alchemy-ABR Investment Partners sold the three-story The Atrium at Broken Sound at 6111 Northwest Broken Sound Parkway for $25 million, according to records and real estate database Vizzda. The buyer took over the seller’s existing $15.9 million debt on the property.

Savanna proposes second West Palm Beach residential tower

Savanna began the review process this week for its second West Palm Beach residential development. The New York City-based developer is proposing a 369-unit apartment building at 1830 North Dixie Highway. Savanna met with the West Palm Beach Plans & Plats Review Committee on Thursday, and the project will next be reviewed at the city’s March Planning Board meeting. The proposed…

Fanjul family’s Florida Crystals buys 1,600 acres in Palm Beach County

The Fanjul family’s Florida Crystals bought 1,626 acres of agricultural land in western Palm Beach County. The West Palm Beach-based sugar cane giant paid $15.7 million for the swath of land that’s east of U.S. Highway 27 in unincorporated Palm Beach County, near South Bay, according to records and real estate database Vizzda. An entity tied to The King Realty Company, led by Kristopher…

Construction lending swells in South Florida, bucking the national trend. Here’s why

South Florida developers scored a surge of more than $1.2 billion in construction loans in recent weeks, in stark contrast to other top regions across the country. The financing comes even as high interest rates and soaring insurance premiums have held new developments hostage. Much of the recently secured financing is for condo towers and some mixed-use projects. Another $1 billion…

Video: MSCI Real Asset Chief Economist Jim Costello Discusses U.S. Capital Trends

MSCI Real Asset’s Chief Economist Jim Costello joins America’s Commercial Real Estate Show to discuss trends in the debt market, including upcoming maturities, transaction volume, and thoughts on interest rate increases or decreases. This covers topics discussed in his recent article 2024 Trends to Watch in Real Assets. The conversation begins with a focus on the upcoming…

2023 U.S. Apartment Market By the Numbers

Supply and demand constituted the primary storylines of 2023’s multifamily industry. The final quarter of 2023 marked a considerable rebound in apartment demand – but that still wasn’t strong enough to keep pace with massive amounts of new supply. Some 129,015 units delivered across the top 150 markets tracked by RealPage Market Analytics in 2023’s 4th quarter. That pushed…

The Fed’s Beige Book Finds Slow Growth, Steady Prices

The Southeast’s economy grew slowly from mid-November through December as most companies generally held consumer prices steady, according to the new Beige Book report from the Federal Reserve Bank of Atlanta. The holiday shopping season yielded mixed results for retailers, the Beige Book shows. Instead of an alarming pullback, contacts said consumer spending continued…

Lawmakers Mull Major Changes To Landmark Live Local Act

Proposed changes to Florida’s Live Local Act, which changed the landscape for housing development in the Sunshine State, are under consideration in the state legislature that would smooth out ambiguities in the law that have been used to push back on proposals. They would also tighten rules around project heights and the types of sites that qualify under its provisions. The amendments…

Grant Cardone sues John Legere for calling him ‘biggest bulls**t artist on the planet’ and other insults

Grant Cardone is 10X mad at his onetime pal, former T-Mobile CEO John Legere. In June of last year, Legere called Cardone “the biggest bullshit artist on the planet” and other alleged slanderous insults during an online group chat that was widely circulated on social media platforms, according to a recently filed lawsuit. Cardone, who leads Aventura-based Cardone Capital, sued Legere…

Whitman Family Development Unveils Plans for Mixed-Use Development Within Bal Harbour Shops Property

Whitman Family Development, the family-owned company behind the creation of Bal Harbour Shops, has submitted plans for a new mixed-use development in the Village of Bal Harbour, Florida. Aimed at enhancing the 18-acre property, this project proposes the addition of attainable and market-rate residences, alongside a boutique hotel, in the commercial district.

Bal Harbour Shops Files Plans To Build Multiple Residential Towers, Workforce Housing

The owners of Bal Harbour Shops have filed plans to build an expansion that includes 600 residential units. The proposal was filed under Florida’s new Live Local Act, which allows developers to bypass certain local zoning regulations in exchange for committing to build 40% of units as workforce housing. “By adding workforce and market-rate housing catering to service and hospitality…

Whitman Family Development Unveils Plans for Mixed-Use Expansion at Bal Harbour Shops

Whitman Family Development has submitted plans for a mixed-use project at its Bal Harbour Shops in Miami’s Bal Harbour village. Plans call for 600 apartment units, 40 percent of which are earmarked for workforce housing and 60 percent of which will be luxury housing. There will also be a 70-room, 20-story hotel and an additional 45,700 square feet of retail space. Bal Harbour Shops…

Whitman plans to add affordable housing to Bal Harbour Shops under new law

The owner of Bal Harbour Shops plans to move forward with a mixed-use expansion of the high-end mall, using the state’s new affordable housing legislation. Whitman Family Development filed plans with Bal Harbour to develop a 70-room hotel, 600 residential units and another 46,000 square feet of retail, according to a press release. Part of the project would be built where a Barneys…

Miami’s Unemployment Rate Remains At Record Low 1.4%

The Miami area’s unemployment rate remains at or near a record low, according to a new BLS report. Miami also had the fastest growing year-over-year increase in employment of any major metropolitan division nationwide. The report said that in November, unemployment in the Miami-Miami Beach-Kendall metropolitan division stood at 1.4 percent. Of the 38 metropolitan divisions…

Brickell’s Tallest-Ever Office Tower Nearing Completion (Photos)

830 Brickell continues to move closer to completion, new photos by Phillip Pessar show. The tower topped off in June 2022 at 55 stories and 724 feet, making it the tallest office building in Brickell. This property is located at 830 Brickell Plaza, Miami, FL 33131, which is at the southwest corner of Brickell Plaza, a street that runs just west of Brickell Avenue, and SW Eighth Street. Brickell City…

CREI Holdings Receives $41M Refinancing for Affordable Seniors Housing Community in Sweetwater

Development firm CREI Holdings has received a $41 million loan for the refinancing of Li’l Abner II apartments in Sweetwater, a South Florida city just west of Miami. Marc Suarez led the Lument team that provided the funds. The project was completed in April 2023. Designed by Burgos Lanza Architects and Planners, an architectural firm based in Coral Gables, Fla., the eight-story…

CREI Holdings Secures $41 Million Loan For Affordable/Workforce Housing In West Miami-Dade County

Miami-based development firm CREI Holdings has secured a $41 million loan from Lument for the refinancing of Li’l Abner II apartments, completed in April 2023 in the city of Sweetwater. The transaction closed on December 29, 2023, and was led by Marc Suarez, a managing director at Lument. Designed by Burgos Lanza Architects and Planners, an architectural firm based in Coral Gables…

Sale Arranged of 141,246 SF Office Building at Doral Square

CBRE has arranged the sale of The Offices at Doral Square, a 141,246-square-foot office building located at 8600 NW 36th Street in Doral, a suburb of Miami. The Class A property is the office component of Doral Square, a mixed-use development that also features 150,000 square feet of shops and restaurants. A partnership comprising “several Miami families” purchased the asset…

Terra And Grass River Property Complete ‘Grove Central’ Mixed-Use Development At 2800 SW 27th Terrace In Coconut Grove

Terra and Grass River Property, deeply established development firms in Miami’s Coconut Grove neighborhood, have completed a mixed-use multimodal complex at Grove Central. Now open to residents, the transit-oriented complex includes mixed-income apartments and neighborhood retail along the Metrorail corridor at the entrance to Coconut Grove. Located at 2800 Southwest 27th Terrace…

Transit Oriented Development At Coconut Grove Metrorail Station Reaches Completion

Grove Central, the giant transit-oriented development at the Coconut Grove Metrorail Station, is now officially complete. The development is meant to encourage Metrorail ridership, and allows residents and visitors to avoid traffic and parking by using transit. In addition to being connected with the Metrorail station, the development is also integrated with the adjacent Underline…

Ardid family’s Key International proposes 462-unit rental tower next to Trinity Episcopal Cathedral in Miami

Key International wants to build a 42-story multifamily tower next to the historic Trinity Episcopal Cathedral that’s at the foot of the Venetian Causeway in Miami. The proposal marks the latest planned redevelopment of a South Florida religious site. While some plans allow for the preservation of churches, others call for moving the congregation elsewhere. Key, led by the Ardid family…

27-Story Edgewater Tower Submitted To Urban Development Review Board

A proposal for a 27-story tower has just been revealed in a filing with Miami’s Urban Development Review Board. The tower will feature a contemporary design, a letter from the developer’s attorney said. It is planned to top off at 351 feet and include: 180 condo-hotel units (ranging from studios to 4 bedrooms) 4,768 square feet of ground floor retail 117 parking spaces on levels 1, 2…

Rentyl Resorts to Develop 44-Room Boutique Hotel in Miami Beach

Rentyl Resorts plans to develop a 44-unit boutique hotel at 2814 Collins Avenue in Miami Beach. Upon completion, the hotel will feature ground-level restaurants and entertainment venues, as well as direct beach access. The project is a partnership between Rentyl, DaVinci Hospitality Group and Ferrari Group. The construction timeline and name for the new hotel were not disclosed.

Terra, Grass River Property Complete Grove Central Mixed-Use Development in Miami

Terra and Grass River Property, two Miami-based development firms, have completed construction of Grove Central, a transit-oriented, mixed-use development in Miami’s Coconut Grove neighborhood. The property comprises a 23-story apartment tower, 1,250-space public parking garage and 170,000 square feet of retail space leased to tenants including Target and Sprouts…

Vestcor buys Naranja dev site planned for 576-unit multifamily complex

Less than a year after proposing a 576-unit apartment complex in south Miami-Dade County’s Naranja neighborhood, Vestcor scooped up the 7.7-acre site. Vestcor paid $12.5 million for the assemblage of seven lots between South Dixie Highway and the South Miami-Dade Busway, north of Southwest 280th Street in unincorporated Miami-Dade, according to records and real estate…

Tri-Rail ready to load in downtown Miami

“One more way to get people to avoid the Turnpike and I-95,” is how David Dech, director of the South Florida Regional Transportation Agency, describes this Saturday’s long-awaited arrival of Tri-Rail trains in downtown Miami. The achievement adds a fourth leaf, the one that symbolizes success and luck, to mass transit’s four-leaf downtown clover. “You’ve got Brightline, Metrorail…”

Naftali Group Chairman Miki Naftali Unveils Visionary Miami Project at The Real Deal Showcase

South Florida real estate is about to undergo a transformative shift with Naftali Group’s entry into the vibrant Miami market. In an exclusive interview with The Real Deal, Naftali Group’s Chairman and CEO Miki Naftali discussed the driving forces behind their expansion, showcased their upcoming project “Jem,” and highlighted the unique qualities that set Naftali Group apart in…

ComReal sells Doral industrial facility for $18M

ComReal sold a warehouse in Doral for $17.5 million to Aventura-based real estate investor Sebastian Guejman. An entity managed by Guejman acquired Lakes Edge Innovation Center, an 80,158-square-foot industrial facility at 9000 Northwest 15th Street, records and Vizzda show. The deal breaks down to $218 a square foot. Guejman’s entity took out a n $11 million mortgage…

Swiss developer Empira Group led by Rafael Aregger opens new North American headquarters in Miami

A real estate investment and development firm, based in Zug, Switzerland, recently relocated its North American headquarters to an office in downtown Miami. In December, Empira Group moved into a 10,000-square-foot office on the 46th floor of the Southeast Financial Center at 200 S Biscayne Boulevard. Led by Rafael Aregger, the Southeast Financial Center office will house up to 50…

Little River 12-story project seeks city waivers

A new 12-story mixed-use building is planned for the Little River area of Miami. Little River Cedar Property Owner LLC plans a 12-story building for a site at 7715-7737 NE Second Ave., between Northeast 78th and 77th streets. The site plan shows the new residential building for 191 residential units and 8,009 square feet of ground floor retail, and parking for 296 vehicles.

Ex-MLB player Mo Vaughn partners with Hyperion on 147-unit multifamily project in Little Haiti

Ex-Major League Baseball player Mo Vaughn wants to develop a multifamily building in Little Haiti, marking at least his second proposed Miami project in the past year. Vaughn, who founded affordable housing real estate firm Omni America, along with Hyperion Group and additional partners plan a 147-unit apartment building with ground-floor retail. The project would span nearly…

Cofe sells office and industrial complex near Medley for $39M

Cofe Properties sold a mixed-use complex near Medley for $38.5 million to a pair of out-of-state real estate investment firms. An affiliate of Baltimore, Maryland-based ABR Capital, and Darien, Connecticut-based East Capital Partners… The seller, an affiliate of Miami-based Cofe, paid $7.8 million for the 7.7-acre property at 6801 Northwest 77 Avenue and 7601 and 7661 Northwest 68th Street…

Whole Foods pays $21M for its commercial space at downtown Miami’s Met3

Whole Foods Market bought its commercial space at downtown Miami’s Met3 for $21 million. The national grocer, a subsidiary of billionaire Jeff Bezos’ Amazon, acquired the 97,674-square-foot ground-floor commercial unit and underground garage in the 32-story mixed-use tower at 299 Southeast Third Avenue, records and Vizzda show. The deal breaks down to about $215 psf…

UHealth on track to open in Doral

UHealth at Doral is on track to open its doors Sept. 16 as construction progresses and provider recruitment plans continue. “Construction is nearing 70% completion now,” said Vandana Pathak, assistant vice president of ambulatory service for the University of Miami Health System. “We’re well on our way for that first patient day [Sept. 16], and all major-medical equipment to support…

80,000 SF South Florida Industrial Property Sale Brokered

CBRE, in association with ComReal, has arranged the sale of an 80,158-square foot industrial property at 9000 NW 15th Street in Doral. Lakes Edge AIC, LLC purchased the property from Lakes Edge Commercial Properties, LLC for $17.5 million. David Wigoda, SIOR with CBRE Capital Markets represented the seller in the transaction. “Since purchasing the property in 2001…”

Luis de la Aguilera: Chairman links US Century Bank to small business loans

Since taking on the role as chairman of the board of directors for USCB Financial Holding and its banking subsidiary US Century Bank at the end of June 2023, Luis de la Aguilera continues to accelerate growth, drive profitability and deliver shareholder value.  Under his leadership as president and CEO, US Century Bank launched an initial public share offering in July 2021, diversifying…

690-Unit Dolphin Square Planned for 1556 NW 110th Street in Miami

In August 2023, Coastal Residential purchased a 7.8-acre build site for $38 million from Procacci 1400 LLC––about $4.82 million an acre. Google Earth shows that the parcel is currently vacant. Now, the Miami-based developer has plans for multi-family housing development that some sources have called “Dolphin Square.” Measuring 10 stories above grade, the venture will offer 690 apartments.

Tri-Rail Starting Train Service To Downtown Miami This Week (Transfer Required)

Tri-Rail has announced that it is finally launching train service into MiamiCentral later this week – but a transfer will be required to use the service. The new Downtown Miami Link is being launched as a shuttle train, with all passengers to and from MiamiCentral required to transfer at the Metrorail Transfer Station in Hialeah. Initially, there will be just six trains per day in and out of out…

Grandview sells recently built Medley warehouse for $42M

Grandview Partners sold a recently completed warehouse in Medley for $42.3 million. An affiliate of Doral-based Parker Davis HVAC International acquired Palmetto Logistics Center at 7290 Northwest 77th Court, records and Vizzda show. The deal breaks down to roughly $295 a square foot. The seller, an affiliate of Greenwich, Connecticut-based Grandview, paid $13 million…

$17.7M Sale Arranged of Days Inn Airport Hotel, Brewery in Miami

Marcus & Millichap has arranged the $17.7 million sale of a Days Inn hotel located at 7250 N.W. 11th St. in Miami. The 103-room hotel, which includes an onsite Beat Culture Brewery & Restaurant, is situated on the campus of Miami International Airport. Leo Reilly and Robert Hunter of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor, in the…

CMC Group Lands $239 Million Construction Loan For Vita at Grove Isle Condo At 5 Grove Isle Drive in Coconut Grove

Miami-based CMC Group, led by real estate developer Ugo Colombo, has obtained a $239 million construction loan from Bank OZK to develop Vita at Grove Isle. This luxury condominium project, currently under construction at 5 Grove Isle Drive on the private island of Grove Isle, near Miami’s Coconut Grove, will consist of a seven-story building with 65 waterfront residences, each boasting…

Bank OZK Lends $498M To 2 Condo Projects

Miami-based CMC Group secured a $239M construction loan for Vita at Grove Isle, a luxury 65-unit condo project on the exclusive island off Coconut Grove, according to a release. Bank OZK provided the financing for the seven-story project, boosting a $38.5M mortgage the Arkansas-based bank originally provided for the property in 2021. Vita at Grove Isle broke ground in April at 5…

Ugo Colombo scores $239M construction loan for Grove Isle condos

Ugo Colombo’s CMC Group scored a $239 million construction loan for Vita at Grove Isle, adding to more than $1 billion in construction financing that developers secured in the last days of 2023. Bank OZK provided the loan to CMC for the seven-story, 65-unit luxury waterfront condominium that is under construction on Grove Isle in Miami’s Coconut Grove. It’s more than 70 percent…

Treo scores $53M construction loan for 163-unit student housing project in South Miami

Treo Group landed a $53 million construction financing package for the second phase of its VOX student housing project near the South Miami Metrorail station. The Miami-based firm started construction of the 13-story, 163-unit building at 5949 Southwest 72nd Street last month, according to records. The financing consists of a $29 million loan from FirstBank Florida and a $24 million…

BH teams up with Kolter to redevelop White House Inn site in North Miami

BH Group landed a new partner to redevelop a waterfront North Miami site approved for a boutique condominium, The Real Deal has learned. Kolter Urban, a division of Delray Beach-based Kolter, and Aventura-based BH paid $20 million for the former White House Inn property at 2305 Northeast 123rd Street, representatives for both development firms confirmed to TRD.

South Florida’s Industrial Market Slows, But Wave Of Sales Signals Investor Confidence

South Florida’s industrial sector has retreated from roaring pandemic-era activity, but a burst of year-end transactions signal that investors continue to see opportunities in the region. Buyers spent $215M across three transactions in Miami during the last two weeks of 2023, capping off a fourth quarter that also saw the year’s largest portfolio deal. The flurry of sales came as rents continued…

Developers Secure FAA Approval For 390-Foot-Tall Structure At 401 NE 29th Street in Edgewater

The Federal Aviation Administration (FAA) has granted approval for 2900 Terrace, a 38-story mixed-use development planned at 401 Northeast 29th Street in the Edgewater neighborhood of Miami. These permits, approved on January 2 and set to expire on July 2, 2025, mark a significant step forward for the project. Designed by Arquitectonica and developed by LNDMRK…

“Leave our egos at the door”: Daniel Lebensohn on BH3’s approach, 2024 headwinds

Daniel Lebensohn is familiar with navigating complex projects and market challenges. BH3 Management, the company he leads with his partner, Greg Freedman, got its start in 2009 when it began buying non-performing loans from banks. One of their first deals was with Michael Dell’s MSD Capital in Miami Beach. Lebensohn was listening in remotely while Freedman and their…

“My predecessor was arrested on corruption charges because of that property”: Miami commissioner seeks to kill controversial deal with Centners

Miami Commissioner Miguel Gabela wants to put the kibosh on the no-bid city park deal with David and Leila Centner that led to criminal charges against his predecessor, Alex Diaz de la Portilla. Gabela placed a resolution on the agenda for Thursday’s city commission meeting that would terminate the city’s licensing agreement with Perpetual Love Trust, an entity managed by the Centners…

13th Floor Investments Proposes 30-Story Mixed-Use Tower At 500 NE 3rd Avenue In Fort Lauderdale

A 30-story mixed-use building named Flagler Village Residences at 500 Northeast 3rd Avenue in Fort Lauderdale has been proposed for development. Designed by Corwil Architects and WSP serving as the structural engineer, along with Within Hults + Partners as the landscape architect, this project is being developed by Miami-based 13th Floor Investments. The 320-foot-tall…

1000 Marina Mile Apartments Proposed for 1000 W State Road 84/Marina Mile in Fort Lauderdale

Karu, an 8,380-square-foot nightclub in Miami, could be replaced with a high-rise complex. The 1000 Marina Mile Apartments would rise 15 stories above grade, offering 283 units and requiring more than 515,000 square feet of new construction. Per the South Florida Business Journal, residences would include 165 one-bedroom units and 107 two-bedroom units. There would also…

Wurzak sues Fort Lauderdale over approval of site plan for Naftali’s 1,000-unit project

Hotel developer Jake Wurzak is suing the city of Fort Lauderdale over its approval of Naftali Group’s towers planned for the site next door to his Dalmar Hotel. Wurzak, via his 299 N. Federal Master LLC, is alleging the city commission’s Dev. 5 site plan approval of Naftali’s nearly 1,000-unit development at 201 North Federal Highway is invalid and not final. The vote allowed for two…

Fort Lauderdale Downtown Development Authority Secures $8.75 Million Construction Loan From Synovus Bank For Transformation Of Huizenga Park

The Fort Lauderdale Downtown Development Authority (DDA) has secured a $8.75 million construction loan to renovate Huizenga Park in downtown Fort Lauderdale. The DDA requested proposals seeking lenders to fund the Huizenga Park capital improvement project. After a thorough selection process, Synovus Bank was chosen as the best partner for financing the construction project…

Old Town Square II Planned for 2026 Completion at 217 NE 3rd Street in Pompano Beach

Our sources indicate that Pompano Beach-based Cavache Properties has secured approval for its second Old Town Square project in South Florida. Old Town Square II will comprise two buildings: one measuring 10 stories and offering 229 units, and another measuring six stories and offering 90 residences. The pair will be connected by a pedestrian bridge. Adache Group Architects is the architect…

Global Partners pays $28M for Dania Beach fuel depot

A national gas station owner and petroleum distributor made a high-octane real estate purchase in Dania Beach. An affiliate of Waltham, Massachusetts-based Global Partners paid $27.9 million for Motiva Enterprises South Terminal at 1200 Southeast 28th Street, records and Vizzda show. Near Port Everglades, the 51.5-acre property includes five industrial buildings and 12 fuel containers…

140-Condo Shorecrest Proposed for 1901 North Flagler Drive in West Palm Beach

The Related Companies, in partnership with Stephen M. Ross, has proposed plans for Shorecrest, a luxury high-rise venture in West Palm Beach. The community will rest on a 1.83-acre build site. Per the South Florida Business Journal, Shorecrest will measure 26 stories, offering 140 condos, ranging from one-bedroom to four-bedroom condos. They start at $1.5 million––although…

Witkoff, Access take over troubled Banyan Cay Resort, scores $75M loan

Witkoff and Len Blavatnik’s Access Real Estate have taken over ownership of the troubled Banyan Cay Resort & Golf Club project in West Palm Beach, and landed a $75 million loan from the seller. Three entities managed by New York and Miami-Beach-based Witkoff’s co-CEOs Steve and Alex Witkoff obtained the mortgage from an affiliate of Los Angeles-based Calmwater Capital…

Steve Ross’ Related plans waterfront condo tower on Temple Israel site in West Palm

Related Companies is moving forward with plans for a luxury condo tower on the site of a waterfront temple in West Palm Beach. Related is proposing a 26-story, 140-unit building on the site of Temple Israel of West Palm Beach, at 1901 North Flagler Drive. The New York-based firm, led by billionaire founder and Chairman Steve Ross, will go before the city’s plats and permits review…

Video: KPMG Partner Roger Yang Discusses Firm’s 2023 Global CEO Outlook Survey

Roger Yang, Audit partner in KPMG’s Building, Construction and Real Estate practice, joins Michael Bull, CCIM to discuss their (KPMG’s) 9th annual CEO Outlook, which surveys CEO’s from over a dozen industry sectors. Discussions include growth outlook, generative AI, ESG, and renewed optimism for return to office. He noted that business leaders overall are confident with regard…

CRE Experts Round-Up: Top Retail Trends to Expect in 2024

In another edition of our annual tradition, we reached out to several CRE experts from around the country specializing in retail real estate across the country to provide their predictions and insights regarding what they expect to see within the retail market and upcoming trends moving into 2024. The overall expertise provided by the selected retail professionals are upbeat.

Adaptive Reuse Extends to Higher Education Real Estate Amid Online Learning Shift

The term “adaptive reuse” in real estate circles typically conjures images of repurposing old, obsolete commercial buildings. Meanwhile, academic buildings, administrative offices and other properties on college campuses rarely come to mind. But NAI has noted a growing need among higher learning institutions with vacant or underused assets, particularly as a result of growing online…

Vacancy rate for industrial real estate nationally exceeds 5% mark for first time in 12 quarters

The industrial vacancy rate for commercial real estate in the fourth quarter of 2023 surpassed the 5% mark for the first time since the third quarter of 2020, thanks to muted demand and a healthy rate of speculative construction completions, according to a report from real estate firm Cushman & Wakefield. Specifically, the industrial vacancy rate ticked higher by 60 basis points (bps) to 5.2%…

Industrial Cooldown Continues: Warehouse Vacancy Nationally Rises To Highest Level Since 2020

Average warehouse vacancy rates in the U.S. rose to 5.2% in the fourth quarter of 2023 with 156M SF of new space becoming available, another sign the formerly red-hot sector has chilled from its pandemic heights. Q4 marked the second-highest quarterly construction completion on record, helping push the vacancy rate past 5% for the first time since the onset of the pandemic…

U.S. Office Vacancy Breaks All-Time Record

Office buildings across the U.S. have more empty space than ever before, breaking records set during the real estate crashes of the 1980s and ’90s. Roughly 19.6% of office space in major American metropolitan areas was vacant at the end of the year, according to new data from Moody’s Analytics. That is up from 18.8% at the end of 2022 and higher than the previous record of 19.3%…

Lawmakers propose changes to Florida’s new affordable housing law

Florida lawmakers are looking to make changes to the new affordable housing law that would clarify the state’s overriding of local zoning laws and restricting the height of new projects. Sen. Alexis Calatayud filed Senate Bill 328, and Rep. Vicki Lopez is sponsoring the sister legislation in the Florida House that would ban counties and local municipalities from restricting floor area ratio…

Mormon church’s real estate arm drops $174M for Beacon industrial park in Hialeah

The Church of Jesus Christ of Latter-day Saints’ commercial real estate arm dropped $174.3 million for the Beacon Logistics Park in Hialeah. Property Reserve, which invests the LDS church’s reserve funds, bought the majority of the 1.3 million-square-foot industrial campus on the northeast corner of Northwest 107th Avenue and Northwest 145th Place from Codina Partners…

8-Story Mixed-Use Development Is Proposed For 24735 S Dixie Highway in Miami-Dade’s Princeton Area

M&R Enterprizes 1 L.L.C, led by Rosa A Garcia and based in Homestead, Florida, has submitted an application for administrative site plan review (ASPR) for a new mixed-use development. This project is located at 24735 South Dixie Highway, at the northwest corner of Southwest 134th Avenue and Southwest 248th Street in Princeton, Miami-Dade County. Designed by Edward Silva…

Berkadia Arranges $36M Refi for Cooper City Senior Housing

A Monterra Commons balcony view of community amenities. Image courtesy of Monterra Residences Monterra MF, LLC has landed a $36 million refinancing loan for its 175-unit active adult community in Cooper City, Fla. A 10-year, fixed-rate loan with full-term interest-only and a 60 percent loan-to-value ratio was provided by an undisclosed major life company on behalf of the property.

More litigation likely over Coconut Grove Playhouse

The long and winding legal road to restore the Coconut Grove Playhouse is expected to take another turn as Miami-Dade County tries to appeal the City of Miami zoning board’s decision to deny its request for a demolition permit. After the City of Miami’s Planning, Zoning and Appeals Board granted an appeal filed by Coconut Grove residents to deny the county’s demotion…

38-story Edgewater residential tower to have a floor of offices

A new mixed-use residential development is planned for a site in the Edgewater neighborhood of Miami. The developer is 2900 Terrace Owner LLC, which plans to build the project at 401 NE 29th St. The plan calls for a 38-story tower containing 324 dwellings, 22,354 square feet of offices, 13,108 square feet of commercial use, and 515 parking spaces. The site plan also shows construction…

Tourist mecca Miami Beach weighs a hotels moratorium

Miami Beach, the county’s visitor magnate for a century, is considering a moratorium on adding hotel rooms. A discussion headed to the city commission’s Land Use and Sustainability Committee is to weigh repeal of floor area ratio incentives for hotel developments, a cap on hotel rooms based on zoning districts, and a recently enacted New York model for addressing the limits…

County floats bonds for Royal Caribbean headquarters

Some $455 million in Miami-Dade County Seaport Revenue Bonds that will help fund new county-owned facilities at PortMiami that include a new office campus for Royal Caribbean Cruise Ltd., the globe’s second-largest cruise carrier, are floating on a high bond rating. Fitch Ratings, one of a handful of firms that rate the strength of municipal bonds, has given the bonds an A…

Developer Seeks Design Approval For 5-Story Condo Project At 1940 Bay Drive In Miami Beach

1940 Apartments LLC, a Sunny Isles Beach-based entity led by Erwin Sredni, Jonatan Sredni, and Scott Albus, has submitted plans for a transformative 5-story multi-family residential project at 1940 Bay Drive in the Normandy Isle area of Miami Beach. Envisioned by Revuelta Architecture International, with Gardner + Semler taking the helm for landscape architecture, the proposed…

Dollar Tree Opens Three New Stores in South Florida

Dollar Tree has opened three new stores in South Florida. The retailer now occupies 13,500 and 14,000 square feet in Hialeah and Miami, respectively. Dollar Tree has also opened a 9,000-square-foot store in West Palm Beach. Additionally, the retailer is currently underway on the development of two stores in Sunny Isles Beach and Lauderhill, Fla. Steve Miller of The Rotella Group…

Melo Group Boosts Density For 1700 Biscayne Property In Miami’s Arts & Entertainment District

Melo Group has recently expanded the development potential of its property at 1700 Biscayne Boulevard in a significant transaction. The developer is now authorized to construct 2,471 residential units on this property, marking a substantial increase from the previously allowed 1,518 units. This enhancement in development capacity comes from acquiring rights for an additional…

Hotel sales still hot: Days Inn near Miami International Airport trades for $18M

A Massachusetts-based hotelier picked up a Days Inn by Wyndham near Miami International Airport for $17.7 million, amid a rash of year-end hotel sales. An affiliate of Global Vision Hotels, a hospitality-focused real estate investment firm in Wellesley Hills, Massachusetts, picked up the 103-room property at 7250 Northwest 11th Street, records show. The deal breaks down…

Menesse Brickell to Offer 300 Luxury Residences at 143 Southwest Ninth Street in Miami

Florida YIMBY has learned that developer Menesee Brickell LLC has refinanced Menesse Brickell, a high-rise venture in Miami. The 39-story project will measure 426 feet tall, offering 400 residences and 415 parking spots. There will also be 19,000 square feet of outdoor space. The Next Miami reports that the luxury housing development will also offer various amenities, although we’re…

Little Treasures in the Gables; The Enduring Charms of the City’s Small-Scale Historic Buildings

Coral Gables has its share of grand architectural showstoppers: The Biltmore Hotel and City Hall, certainly, but also the Colonnade Building, Coral Gables Congregational Church, Coral Gables Preparatory Academy, and others too numerous to mention here. But what of the lesser-known architectural gems, the “little treasures” that are essentially hiding in plain sight on some…

Developer Proposes AMC Park Apartments for 12501 SW 236th Street in Homestead

AMC Development Group has submitted revised plans for an apartment complex in southern Miami-Dade County. Originally, AMC Park apartments was to comprise 512 units. However, the developer is requesting fewer units after getting feedback from county officials. The new proposal calls for 248 apartments, ranging from 682 square feet to 944 square feet each. There would be…

Century Homebuilders, Treo buy 12-acre Homestead mixed-use dev site

Century Homebuilders Group and Treo Group bought an 11.6-acre development site in Homestead. The developers paid $10.5 million, or nearly $906,000 per acre, for the land between South Homestead Boulevard and South Krome Avenue, and between Southeast Fourth and Sixth streets, according to records and real estate database Vizzda. The site’s address is 503 South Krome…

1st Phase of ANF Group’s Affordable Goulds Project Tops Out

The topping out ceremony for Southpointe Vista. Image courtesy of ANF Group ANF Group has topped out a 10-story, 124-unit multifamily building at Southpointe Vista, a 332-unit, two-phase affordable housing project being developed by McDowell Housing Partners in the Goulds section of Miami. Construction on the building began in the first quarter of 2023…

Ben Mandell’s Tricera, partners buy Doral office building for $29M

ricera Capital bought The Offices at Doral Square for $28.5 million, The Real Deal has learned. Tricera, led by Ben Mandell, and its partners purchased the eight-story office building at 8600 Northwest 36th Street and adjacent three-story garage in Doral from Bridge Investment Group, according to a memo Tricera sent to its investors, obtained by TRD. Salt Lake City, Utah-based Bridge…

Ares buys self-storage facility near Aventura for $20M

An affiliate of Los Angeles-based Ares acquired a two-story building at 19301 West Dixie Highway, records and Vizzda show. The deal breaks down to $176 per square foot. Sitting on 2 acres, the 100,588-square-foot facility was completed in 2019 and is currently leased to Storage King. The seller, an affiliate of Hallandale Beach-based Snapbox Self Storage, paid $18 million…

Yair Levy’s failed heist of Miami’s jewelry district crown

After 50 years in the same spot inside the Seybold Building, the premier gemstone retail center in downtown Miami, jeweler Howard Steinlauf was ready to venture into a new space. Yair Levy, a developer banned for life from selling condos and co-ops in New York, was also looking for a fresh start. In 2018, he and his partners paid $14.5 million for Metro Mall at 1 Northeast 1st Street…

Frito-Lay sells Medley distribution facility for $17M

The Easton Group bought a Medley distribution center used by Frito-Lay, which will temporarily remain a tenant at the building. Doral-based Easton paid $16.8 million for the property at 12850 Northwest 113th Court, according to a company news release and records. Plano, Texas-based Frito-Lay, a subsidiary of PepsiCo, was the seller. Easton borrowed $9 million from Grove…

Bizzi+Bilgili, partners score $47M construction loan for office building in Miami Beach’s South of Fifth

A pair of development firms scored a $47.3 million construction loan for a five-story office building in Miami Beach’s South of Fifth neighborhood. Bizzi+Bilgili — a partnership between Bizzi & Partners and Turkish investor Serdar Bilgili — and Sumaida + Khurana are developing The Fifth Miami Beach. Former Google CEO Eric Schmidt is a partner in the project. The 60,200 sf…

Lease roundup: Mini-golf venue in Wynwood, Dollar Store seal retail deals

Puttery, a mini-golf provider backed by professional golfer Rory McIlroy, will open an outpost in Miami’s Wynwood. Puttery will offer three nine-hole golf courses across 17,800 square feet at 239 Northwest 28th Street, according to the company’s website and a news release. The outpost, which is expected to open this month, will include two bars and dining options. Records show New York…

Biggest South Florida real estate news of 2023

Soccer superstar Lionel Messi and Amazon founder Jeff Bezos moved to Miami in 2023, creating two major stories that dominated headlines around the world. The real estate market was somewhat insulated from headwinds facing other parts of the U.S. But higher interest rates, construction costs and insurance premiums kept deal volume low across sectors. Still, a number…

Faropoint drops $25M for Opa-locka industrial portfolio

Faropoint picked up an Opa-locka industrial portfolio for $24.6 million. An affiliate of Hoboken, New Jersey-based Faropoint acquired three single-story buildings spanning 142,415 square feet at 12900-13001 Northwest 38th Avenue, records and Vizzda show. The deal breaks down to $173 per square foot. The seller, an affiliate of Newport Beach, California-based The O’Donnell Group…

How South Florida Developer David Martin plans to deliver the biggest project of his career

Developer David Martin is good at a lot of things. Time management, however, is something he’s still working on. During an interview with The Real Deal, Martin took a conference call from Douglas Elliman Florida CEO Jay Parker and four others. Elliman needed to have its commissions paid before the end of the year. “Get that processed fast,” Martin urged an employee.

Miami Shores Home Rule Under Fire

Miami Shores Village is once again struggling to fend off high-density developments from entering its boundaries, although this time the will of the voters may not be enough to stop the clock. Mayor George Burch has grown increasingly concerned over higher governments preempting the village’s local zoning regulations. The state’s Live Local Act took effect in July 2023, right on the…

New York hospitality group pushes opening date for Catch Miami Beach

A fine dining restaurant that was originally slated to open in Miami Beach this fall will likely get its debut next year. New York-based Catch Hospitality Group updated its website to notify customers that the company’s seafood restaurant Catch is coming in 2024. When ready, Catch Miami Beach will open in the city’s affluent South of Fifth neighborhood at 200 South Pointe Drive.

Waterfront Food and Drink Venue Pier 5 Coming to Bayside Marketplace

Listen, we know you miss The Wharf Miami, and although the beloved spot is closed, Pier 5 is set to bring back the waterfront entertainment vibe to downtown Miami at Bayside Marketplace. The venue will host a weekend-long official grand opening starting Thursday, January 11. Pier 5, a new outdoor entertainment and food venue, is the brainchild of Breakwater Hospitality…

SEC Freezes Assets Of Developer Rishi Kapoor, Says He Defrauded Investors Of Millions

Embattled developer Rishi Kapoor, whose growing list of controversies ensnared Miami Mayor Francis Suarez, swindled investors and bankrolled a lavish lifestyle with misappropriated funds, according to a lawsuit filed by the Securities and Exchange Commission and unsealed in federal court this week. The SEC alleges that Kapoor committed seven violations of securities laws…

SEC charges: Rishi Kapoor and Location Ventures defrauded investors

Rishi Kapoor is in deeper trouble. Last week, the U.S. Securities and Exchange Commission sued Kapoor, his former firm, Location Ventures, and its subsidiaries and affiliates, for allegedly defrauding more than 50 investors who contributed $93 million for his real estate projects. The civil lawsuit, filed Dec. 26 in Miami federal court, is the culmination of a year-long SEC investigation…

Bank OZK Provides $220M Construction Loan for Phase I of FAT Village Mixed-Use Project in Fort Lauderdale

Bank OZK has provided a $220 million construction loan for Phase I of FAT Village, an 835,000-square-foot mixed-use development in Fort Lauderdale’s Flagler Village neighborhood. Plans for Phase I include 601 multifamily units, 180,000 square feet of creative office space and more than 70,000 square feet of retail space, including food-and-beverage offerings, shopping, entertainment…

Hines Lands $220 Million Construction Loan For First Phase Of FAT Village In Fort Lauderdale

In a landmark development for Fort Lauderdale’s urban fabric, a groundbreaking mixed-use project in the downtown area has recently obtained a substantial $220 million construction loan. This crucial funding, provided by Little Rock, Arkansas-based Bank OZK on December 26, is set to support FAT Village Project LLC, a Houston-based real estate development company…

Hines Lands $220M To Build Fort Lauderdale’s First New Office Since 2021

A joint venture led by Hines secured a $220M loan to build a mixed-use project that will include the only office space under development in Fort Lauderdale. The mortgage from Arkansas-based Bank OZK will finance the first phase of FAT Village, a 5.6-acre development in Flagler Village. The project from Houston-based Hines and Urban Street Development will include a 180K SF office…

Hines, Urban Street snag $220M construction loan for Fort Lauderdale mixed-use project

Hines and Urban Street Development scored a $220 million construction loan to build the first phase of a mixed-use project in downtown Fort Lauderdale. Little Rock, Arkansas-based Bank OZK provided the financing for FAT Village, a planned three-building complex on 5.6 acres at 545 North Andrews Avenue and 501 Northwest First Avenue, records show. The project is within the city’s…

Prashkovsky’s US arm sells Deerfield Beach apartment complex for $25M

Multifamily investment firm Category Five Real Estate bought a Deerfield Beach apartment complex for $24.6 million. Aventura-based Category Five, led by brothers Mike and Leon Peisach, bought the six two-story buildings at 311-601 Northwest 42nd Court from Prashkovsky USA, according to records and real estate database Vizzda. The deal breaks down to $157,692 per…

Category Five Real Estate Acquires Deerfield Beach Multifamily for $25M

Prashkovsky acquired a portfolio which included the Luna at Hollywood Condominium property in 2019. Image courtesy of Aztec Group Category Five Real Estate has expanded its multifamily presence in the Miami metro with the acquisition of a 156-unit community in Deerfield Beach, Fla. The South Florida-based firm acquired San Marco 1 from Prashkovsky USA for $24.6 million.

Related, Pebb and BH plot Boca’s Office Depot campus redevelopment

The Related Group is teaming up with Pebb Enterprises and BH Group to redevelop a slice of the Office Depot campus in Boca Raton. The joint venture this week submitted a site plan to the city of Boca Raton that shows one of three office buildings on the 29-acre site would be replaced by a nine-story, mixed-use building with 500 residential units and 42,000 square feet of retail.

Meyers Accesso Acquires Boca Raton Office Building

The Atrium at Broken Sound. Image courtesy of CommercialEdge data Meyers Accesso has acquired The Atrium at Broken Sound, an almost 100,000-square-foot, three-story Class A office property at 6111 Broken Sound Parkway N.W., in Boca Raton, Fla. The property is within The Park at Broken Sound, a 700-acre mixed-use development that offers walkable proximity to…

Meyers Accesso Acquires ‘The Atrium at Broken Sound’ Office Property In Boca Raton

Meyers Accesso, a leading developer of high-quality mixed-use and residential properties, recently announced the acquisition of The Atrium at Broken Sound, a nearly 100,000-square-foot, Class-A office property located at 6111 Broken Sound Parkway NW, within The Park at Broken Sound mixed-use development in Boca Raton, Florida. The Park at Broken Sound is a robust…

YMCA Of The Palm Beaches Breaks Ground On $45 Million Community Center In West Palm Beach

The YMCA of the Palm Beaches recently initiated the construction of a $45 million sports and community gathering facility in West Palm Beach. This flagship YMCA branch, situated in Lake Lytal Park at 3645 Gun Club Road, near Palm Beach International Airport’s south side, is set to encompass 55,000 square feet. The YMCA, a nonprofit organization, has already secured 60% of the $35 million…

Activate Hospitality buys West Palm Beach Holiday Inn and dev site for $24M

Activate Hospitality purchased a West Palm Beach Holiday Inn and an adjacent development site for $23.8 million in a bankruptcy sale. An affiliate of Miami-based Activate Hospitality acquired the 199-key hotel at 1301 Belvedere Road and a vacant 2.5-acre parcel approved for another hotel with 120 rooms, court records show. Bridgeinvest financed Activate Hospitality’s purchase with an…

Developer picks up 314-unit multifamily dev site at Palm Beach County’s Ag Reserve

A multifamily firm scooped up a development site approved for a 314-unit apartment complex in Palm Beach County’s Agricultural Reserve. An entity tied to Scottsdale, Arizona-based BB Living bought the 39.2-acre vacant site at 11275 Acme Dairy Road in unincorporated Palm Beach County for $24 million from three family trusts, according to records and real estate…

What’s on tap for property insurance in Florida’s upcoming legislative session

The Florida Legislature’s upcoming session could include a vote on bills tied to property insurance, including one that would make it less expensive for condominium associations to obtain coverage. Lawmakers aren’t expected to pass any sweeping changes, a year after Gov. Ron DeSantis signed major insurance reform into law that was meant to entice insurers to expand in the state.

For 2024, Prologis Forecasts Growing Freight Traffic

It’s that time of year again, when logistics development powerhouse Prologis takes a shot at predicting what the new year will bring for global supply chains—and reviews its own predictions from 12 months earlier. In Seven Supply Chain Predictions for 2024, the company makes some appropriately large-scale forecasts. Number one, Prologis says, “The global freight recession will reverse…”

Risks in commercial real estate financing : New insights from the Research Division

The FRED Blog has discussed the stress in the rental industry during the COVID 19-induced recession and the recent tightening in lending standards. Today, we focus on a broad change in the commercial real estate market brought about by the pandemic and its downside risks for the financial sector. The FRED graph above shows data from the Board of Governors of the Federal Reserve…

Video: KC Conway of KCnomics Discusses 2024 Economic & Real Estate Outlook

Economist K.C. Conway with KCnomics, LLC shares his outlook for various commercial real estate sectors, banks, interest rates, and the economy overall. Discussions include forecasts for office, retail, industrial, multifamily, build-to-rent, senior housing, and self-storage property. He begins by noting his concern about lending environment given repricing of commercial real estate…

Here are South Florida’s priciest industrial sales of 2023

Institutional buyers seeking massive warehouse portfolios dominated the top five largest industrial deals in South Florida in 2023. National industrial players primarily gobbled up complexes and business parks in Miami-Dade and Broward counties, which are much larger industrial submarkets than Palm Beach County. Overall, 2023’s top five industrial deals combined for $590 million.

Sumaida + Khurana And Bizzi+Bilgili Secure $47.25 Million In Construction Financing For ‘The Fifth Miami Beach’

Sumaida + Khurana and Bizzi+Bilgili, two internationally renowned real estate development firms, announced closing $47.25 million in construction financing from Cain International for The Fifth Miami Beach. This new Class A+ office building at 950 5th Street is the first commercial building in Miami’s South of Fifth neighborhood in 20 years. Designed by Alberto Campo Baeza…

Miami OKs 59-story Miami River tower on ‘a really small site’ at 99 SW 7th Street

A new skyscraper is planned for a small riverfront lot in the Brickell neighborhood of Miami. Developer Newgard Development Group plans a 59-story tower at 99 SW Seventh St., a home to 169 residential units and ground floor retail of about 1,200 square feet. The project is on the same property as the One Riverside project, which will provide the required vehicle and bike…

UrbanX aims to land electric vertical aircraft in Miami by 2027

Rolling into the new year, UrbanX is actively working together with its partners at Eve Air Mobility as well as local and state officials, infrastructure, energy and technology providers to establish the necessary framework for launching eVTOL aircraft in Miami-Dade County. UrbanX is committed to operating a social enterprise business model and public-private partnerships to ensure…

State probes 16 Miami-Dade county sites for freight truck parking lots

A freight truck parking shortage in Miami-Dade County continues to be an issue, but plans are rolling as the Florida Department of Transportation (FDOT) District 6 runs a truck parking site feasibility study. “This [truck parking site feasibility] study is a study that we’re performing to actually have a truck parking site,” said Daniel Lameck, District 6 freight and federal grants coordinator.

Miami-Dade shatters all historic jobs records

Miami-Dade’s ultra-tight employment market tightened even further in November as the county smashed employment records on three fronts. The county registered its lowest unemployment rate ever with the most people ever working in Miami-Dade despite a spurt in the civilian labor force to a record total. As Florida’s unemployment rate overall inched up to 2.9% in November…

ANF Group Tops Off Phase One Of ‘Southpointe Vista’ Affordable Housing Community In Goulds, Miami-Dade County

ANF Group, Inc. recently celebrated the topping out of the first phase of Southpointe Vista, a two-phase affordable housing development developed by McDowell Housing Partners located at Southwest 117th Court and Southwest 214th Street in Miami-Dade County’s Goulds community. This phase introduces a 10-story high-rise reserved for those earning up to 70% of the area median…

Miami-Dade warehouse could be replaced with 6-story self storage

A warehouse near Tropical Park in Miami-Dade County could be replaced with a self-storage facility. Sweet ELG Properties, managed by Gardo Gomez in Miami, filed a pre-application with county officials for the 0.95-acre site at 4300 SW 75th Avenue. It currently has a 12,042-square-foot warehouse that was built in 1965. The property is on the east side of State Road 826/Palmetto…

International Bank Provides $21 Million Loan For Doral Warehouse Project

Miami-based Banco do Brasil Americas provided the mortgage to Flightway Ten. It covers the five-acre site at 6175 N.W. 102nd Ave. The developer purchased the property for $3.9 million in 2014 and was approved for 60,941 square feet of warehouses and 10,689 square feet of retail. The post International Bank Provides $21 Million Loan For Doral Warehouse Project appeared first on…

Urban Network, Vertical land $25M construction loan for Brickell condo-hotel

Urban Network Capital Group and Vertical Developments secured a $24.5 million construction loan to build a $45 million condo-hotel in Miami’s Brickell. Aventura-based Rok Lending provided the financing for the joint venture’s Visions at Brickell Station, a planned eight-story building with 111 units at 1120, 1130 and 1136 Southwest Third Avenue, according to a press release.

Lennar pays $68M for its Miami headquarters property

Lennar purchased 5505 Waterford, an eight-story building in Miami’s Blue Lagoon business district that serves as the national homebuilder’s headquarters. A Lennar affiliate paid $68 million for the office building at 5505 Blue Lagoon Drive, records and Vizzda show. A CBRE team led by Christian Lee and Sean Kelly brokered the deal on behalf of the seller, an affiliate…

Miami Developers Close 2023 With A Flurry Of Construction Loans

Christmas came early for developers looking to break ground on new projects in Miami, with lenders gifting more than $125M in construction loans to five projects in late December. The largest deal was a $47.3M construction loan from Cain International for The Fifth Miami Beach, a 60K SF office building at 950 5th St. in South Beach. The project is a joint venture between Sumaida…

Constellation, Boschetti land $33M construction loan for Coral Gables mixed-use project

Constellation Group and the Boschetti Group snagged a $33 million construction loan for a mixed-use project in Coral Gables. Miami-based Banesco USA and Spain-based Abanca provided the financing for the joint venture’s planned development at 4225 and 4311 Ponce de Leon Boulevard, according to a press release. Miami-based Constellation and South Miami-based Boschetti…

Sentral Wynwood Announces New Retail Tenants: maman and The NOW

Brand Urban, a real estate brokerage and advisory company based in Manhattan, has announced that Sentral Wynwood, a resort-style residential community located in the heart of Miami’s arts district, has signed leases with maman and The NOW for ground-floor retail spaces at 51 Northwest 26th Street. As Sentral’s dedicated national placemaking consultant, Brand Urban…

Urban Network Capital Group & Vertical Developments Secure $24.5M Construction Loan for Visions at Brickell Station

Miami-based developer Urban Network Capital Group (UNCG), in partnership with Vertical Developments, has secured a $24.5 million construction loan from Rok Lending for the Visions at Brickell Station development. This wellness-forward condo-hotel project, designed by DTI Architects with interiors by Concepto Taller de Arquitectura, is located in Miami’s Brickell neighborhood.

Miami International Airport Records Busiest Day Ever, Again

Once again, MIA has broken its own record for passengers this week – and more records are expected shortly. On Sunday, December 17, a total of 171,371 passengers flew in and out of the airport. That is the most ever in airport history. The airport is also expected to break its annual passenger record, set just last year at 50.6 million passengers. MIA’s peak travel period begins today…

Edgewater Tower Resubmitted To FAA At 433 Feet

An application has been filed with the Federal Aviation Administration for approval to build a tower in Edgewater. The December 18 filing states the tower will rise 430 feet above ground, or 433 feet above sea level. In 2020, the FAA issued approval for a tower at the exact same height on the property. The approval was issued to Meridian TC Real Estate Group LLC, and is scheduled…

$115M Refinancing Arranged for Metro Edgewater Apartments in Miami

JLL has arranged a $115 million loan for the refinancing of Metro Edgewater, a new 32-story apartment tower in Miami’s Edgewater neighborhood. Jesse Wright, Elliott Throne, Kenny Cutler, Joshua Odessky and J.J. Hovenden of JLL arranged the financing through MF1 Capital on behalf of the borrower, a consortium between Lujeni Corp., Camino Capital Management and Building Block…

Edgewater 279-unit multifamily tower scores $115M refi

A consortium of three developers scored a $115 million refinancing for their recently completed 279-unit apartment tower in Miami’s Edgewater neighborhood. Camino Capital Management, Lujeni and Building Block Realty obtained the debt for the 32-story Metro Edgewater from MF1 Capital, according to a news release from the borrower’s brokers.

After ‘Throwaway Year’ In 2023, South Florida CRE Leaders Say 2024 Is Comeback Time

Despite an undeniable slowdown in 2023, optimism still permeates Miami’s commercial real estate sector — buoyed by the Federal Reserve’s recent signaling that rate cuts are on the horizon. “The problem is not South Florida real estate,” said Arnaud Karsenti, managing principal at 13th Floor Investments. “We’re probably way better off than our peers around the rest of the country.”

Here are the biggest South Florida retail leases of 2023

Despite slowdowns in other sectors, South Florida’s retail market held strong through 2023. Asking rents held steady, and vacancies remained low. Fitness-focused businesses dominated the region’s biggest retail leases. Gyms, sporting goods stores and sports entertainment spaces took hundreds of thousands of square feet across the tri-county area. Home goods stores…

Here are South Florida’s biggest office leases of 2023

South Florida’s office leasing party came to an end this year. Case in point: The majority of this year’s nine biggest leases were renewals, though some of the tenants also expanded their spaces, and two were new signings. The slowdown marks a turnaround from the leasing frenzy from late 2020 to last year. In the two year period, South Florida became a magnet for out-of-state…

Lease roundup: Soulfly Chicken opens at MIA Market in Miami Design District, new Oakland Park project scores five tenants

Chef Troy Tingling opened his second Soulfly Chicken in Miami. The restaurant leased at the MIA Market food hall at 140 Northeast 39th Street, according to a Soulfly news release. The opening marks the second brick-and-mortar outpost for Soulfly, a homegrown concept that Tingling started as a food truck in 2021. Records show Craig Robins’ Dacra owns the building where MIA Market…

The doctor is in: How medical amenities sell South Florida condos

As the adage goes, health is wealth. And it’s for sale at South Florida residential projects. Condo developers are in a perpetual race to offer the most cutting edge and appealing amenities to set their projects above all the rest. Movie theaters, libraries, spa facilities, pickleball courts and private restaurants are all standard fare for South Florida projects. Now, medical care on demand…

Juiciest South Florida real estate lawsuits of 2023

Some of the biggest players in South Florida’s real estate industry found themselves in court battling nasty allegations in 2023. In some cases, plaintiffs sought to expose the dark nexus between developers and Miami elected officials with an alleged penchant for skirting ethical boundaries. Among the most prominent: Rishi Kapoor, the disgraced founder of Coral Gables-based…

The Miami Area’s Office Market as 2023 Ends: Cooling, But Still Hot

Most metropolitan office markets across the nation are sagging under double-digit vacancy rates amid a slow post-pandemic decline in working from home. Yet, the Miami area continues to be a lively outlier where some of the best office space commands rents upward of $100 per square foot. Not every part of this Florida postcard is pretty, though. As it has elsewhere, the volume…

Latin American Wealth Flocking to Miami, Boosting Real Estate Investments

Latin America’s wealthiest investors are taking their fortunes to Miami at one of the fastest clips in history, with some fleeing regional turmoil and others lured by yields higher than they can find at home. For JPMorgan Chase & Co. and Brazil’s biggest banks, the exodus has generated asset and client growth. For Morgan Stanley, not so much. Wealth under management in Miami…

Edgardo Defortuna’s Fortune, Ricardo Dunin’s Oak Capital nab $259M construction loan for Ritz-Carlton Residences, Pompano Beach

Edgardo Defortuna’s Fortune International Group and Ricardo Dunin’s Oak Capital landed a $259 million construction loan for The Ritz-Carlton Residences, Pompano Beach. Fortune and Oak Capital are developing the two-building, 205-unit condo project between the Atlantic Ocean and the Intracoastal Waterway. The 4.6-acre site is at 1380 South Ocean Boulevard. Bank OZK…

Delray Beach Mixed-Use Project Lands $173M Loan

The 7-acre Sundy Village development’s total cost reaches $240 million. Rendering courtesy of Pebb Capital Pebb Capital has secured a $173 million construction loan from Monroe Capital and J.P. Morgan for its $240 million Sundy Village office and retail development in the heart of downtown Delray Beach, Fla. The mixed-use project broke ground in early 2023 at 22 W. Atlantic Ave…

Pebb Capital Secures $173M Construction Loan For ‘Sundy Village’ at 22 W. Atlantic Avenue In Downtown Delray Beach

Pebb Capital has secured a $173 million construction loan from Monroe Capital & J.P. Morgan for Sundy Village, a mixed-use development spanning approximately seven acres in the heart of Downtown Delray Beach. Following its groundbreaking in early 2023 and with delivery anticipated for summer 2024, this announcement marks another milestone for what will be the most…

Pebb Capital scores $173M construction loan for mixed-use project in Delray Beach

Pebb Capital scored a $173 million construction loan for the mixed-use Sundy Village project in Delray Beach. The firm is developing 180,000 square feet of offices and more than 28,000 square feet of retail on the southwest corner of West Atlantic and South Swinton avenues, according to a Pebb news release. Sundy Village will include the preservation and restoration of six historic…

Related Group Dealt Setback On Plan For West Palm Beach Condo Tower

West Palm Beach officials pushed back Tuesday on a plan from Related Group to build a 25-story condo tower on a waterfront parcel near a historic neighborhood. The city’s planning board voted Tuesday to recommend that the city commission reject the Miami-based developer’s proposal to build a 287-foot-tall condo tower at 4906 N. Flagler Drive. Related Group is seeking…

West Palm board recommends denial of Related Group’s rezoning for Apogee tower

A West Palm Beach board rejected Related Group’s rezoning proposal that would have allowed the Pérez family’s development firm to build a 25-story waterfront condo tower. The city’s planning board voted to recommend that the commission deny the developer’s request to rezone the property to residential planned development and deny a set of waivers the Miami-based…

West Palm Beach board approves Steve Ross, Jeff Greene projects

Developers Steve Ross and Jeff Greene passed a major hurdle for their separate projects in West Palm Beach. On Tuesday, the city planning board greenlit the site plans for Ross’ Related Companies’ East and West office towers planned at The Square mixed-use complex and Greene’s pair of condo buildings near Currie Park. The board also OK’d land-use and zoning…

Village Place MXU to Replace Defunct Mall at 101 U.S. Highway 1 in North Palm Beach

The Twin City Mall in South Florida could get redeveloped into a mixed-use project. The struggling mall opened in 1971, and since then, many plans have been discussed to replace it. Now, our sources indicate that Village Place could soon come to fruition. The 14-story project would reach completion in three phases, offering 947 multifamily units and 206 senior living residences.

Florida Adding 1000 Residents Per Day In 2023: Census

Florida’s population grew by 365,205 over a 12 month period ending in 2023, according to newly released Census estimates. The growth rate for Florida in 2023 was 1.6%. Only South Carolina grew faster on a percentage basis. On a numeric basis, Texas was the only state that added more residents, with 473,453 people added. Florida now has 3 million more residents than New York…

Video: KC Conway of KCnomics Discusses 2024 Economic & Real Estate Outlook

Economist K.C. Conway with KCnomics, LLC shares his outlook for various commercial real estate sectors, banks, interest rates, and the economy overall. Discussions include forecasts for office, retail, industrial, multifamily, build-to-rent, senior housing, and self-storage property. He begins by noting his concern about lending environment given repricing of commercial real estate…

Amancio Ortega’s Pontegadea pays $113M for Hialeah cold storage

Spanish billionaire Amancio Ortega’s real estate family office is expanding its cold storage business, acquiring its second Hialeah freezer facility in seven months. An affiliate of Ortega’s Pontegadea paid a cool $113 million for Bridge Point Cold Logistics Center, a 312,000-square-foot warehouse at 3995 West 108th Street, records and Vizzda show. The deal breaks down to just over…

Zara Billionaire Founder Buys Cold-Storage Facility in Miami-Dade

Zara’s billionaire founder Amancio Ortega is expanding his Miami portfolio to include industrial properties. Ortega’s family office, Pontegadea, paid $113 million for a cold-storage facility in Hialeah at 3995 W 108th Street, according to property records. Called Bridge Point Cold Logistics Center, the 312,103-square-foot facility, which sits on 20 acres, is leased to food logistics…

Petroleum mogul pays $29M for hotel near Miami International Airport

George Nediyakalayil, a petroleum distributor and real estate investor from Chicago, paid $29 million for a 190-room hotel near Miami International Airport. An entity managed by Nediyakalayil acquired Even Hotel Miami – Airport at 3499 Northwest 25th Street, records and Vizzda show. The deal breaks down to about $153,000 per room. Nediyakalayil financed the purchase with an…

Melo Buys More Density For Omni Project at 1700 Biscayne Where It Can Now Build 2,471 Units

Melo Group has acquired additional density rights for its property at 1700 Biscayne. Records show that Melo is now permitted to build 2,471 residential units on the property after it closed the transaction. The transaction was first reported by Traded. The developer was previously permitted to build 1,518 units. Records show it acquired rights for 955 additional units from an affiliate…

Melo picks up density for 950 units for planned multi-tower downtown Miami development, one of largest transfers in Florida

Melo Group picked up density to add nearly 1,000 more residential units in Greater Downtown Miami, The Real Deal has learned. Fort Lauderdale-based Stiles transferred density for about 950 units from its site at 1776 Biscayne Boulevard to Miami-based Melo, for its nearby property at 1700 Biscayne Boulevard, for $16.3 million. It marks one of the largest density transfers…

Photos: 645-Foot Miami River Tower With Rooftop Crown

Some of the final architectural features of the 54-story Miami River apartment tower under construction in Brickell can now be seen, photos by Phillip Pessar show. The tower stands at 645 feet – one of the tallest apartment buildings in the city, and the tallest that far west When complete, it will have 632 apartments, along with retail space and a riverfront promenade open to the public.

32-Story Metro Edgewater Gets $115M In Financing Following Completion

Metro Edgewater has reached completion and obtained refinancing. The 31-story tower broke ground in summer 2021, rising vertically a few months later. It had its first glass installed by July 2022, and topped off by fall 2022. A total of 279 apartments were built. According to the Metro Edgewater website, units are now available for immediate move in. The least expensive unit listed on…

Works paves way for Miami Beach convention center hotel groundbreaking

The Miami Beach Convention Center welcomes some of the community’s most anticipated events such as Art Basel and the Discover Boating Miami International Boat Show. Complementing the center’s impact is the Grand Hyatt Miami Beach Convention Center Hotel, expected to break ground next door in 2024 at 17th Street and Convention Center Drive. “We currently are doing…”

Miami-Dade approves Resia’s workforce housing project in Medley

Miami-Dade planning and zoning officials are on board with Resia’s plan to add 948 workforce housing units on a county-owned development site in Medley under Florida’s Live Local Act. The new state law allowed the Miami-based developer to bypass public hearings and receive administrative approval this week for its planned complex of four 12-story buildings…

Here are South Florida’s top multifamily deals of 2023

South Florida’s multifamily market wasn’t spared from elevated interest rates this year. The biggest deal was Air Communities’ purchase of a pair of apartment buildings in Miami Beach for $223.5 million, a price far below last year’s biggest sale of $440 million and runner-up of $429.4 million. The drop in prices is mainly due to the Federal Reserve’s aggressive interest rate hikes that started…

Here are South Florida’s biggest retail sales of 2023

Not a single retail sales in South Florida in 2023 surpassed the $100 million mark. Last year, three deals in the top five hit the nine-figure mark, including the top purchase: New York-based RPT Realty’s $216 million purchase of Mary Brickell Village. In fact, this year’s biggest retail trade, the $88.4 million sale of Shadowood Square in Boca Raton, barely beat last year’s fifth largest retail…

Here are South Florida’s top office sales of 2023

South Florida’s office market felt the sting of elevated interest rates, skittish lenders and remote work in 2023. Only two deals this year clocked in at more than $100 million, a drop from last year, when four deals surpassed that figure. The top sale this year was $250 million in Miami’s Brickell Financial District, marking a continuation of investment appetite for the neighborhood.

Here are South Florida’s biggest hotel sales of 2023

Nine South Florida hotels sold for a combined half-billion dollars this year. But even cobbled together, those deals fell far short of 2023’s top hotel sale, the $835 million trade of the Diplomat Beach Resort in Hollywood. That top sale was more than three times last year’s No. 1 hotel deal: the $232 million sale of the Confidante Miami Beach. It’s also proof that hospitality investors gravitated…

Here are South Florida’s largest industrial leases of 2023

Although leasing across asset classes took a hit this year, partly due to inflation and escalating interest rates that paused tenants’ plans, warehouses, distribution centers and manufacturing facilities felt none of the pain. The market “is at an all-time high for the last 35 years,” said George Pino, who has been an industrial broker for that long. Landlords responded to demand by…

The “worst is over”: Fed’s planned rate cuts boost confidence for South Florida real estate

Commercial broker Jaret Turkell is ready to rock and roll. Turkell posted a GIF of Minions dancing with the tagline: “It’s time to PARTYYYYYY!” shortly after Federal Reserve Chairman Jerome Powell announced on Wednesday that the Fed was keeping interest rates unchanged, and signaled it would make three 0.25 percentage point rate cuts next year. “We are back baby…”

Mayor vows to restore three historic Miami venues: Miami Marine Stadium; Olympia Theater; Coconut Grove Playhouse

Three historic facilities in Miami that have long languished will get a burst of his attention in the year ahead, Miami Mayor Francis Suarez vows as he looks at his aims for the final two years of his administration. In his sights for restoration are the city-owned Miami Marine Stadium and the Olympia Theater as well as the state-owned Coconut Grove Playhouse. “These three cultural…”

36-story Miami River with 345 residences wins city OK

The evolving and expanding Nexus development on a bend in the Miami River downtown is ready with the next phase. Owner-developer Lancelot Miami River LLC plans a new 36-story tower, home to 345 multi-family residential units, 393 parking spaces, a full suite of amenities including rooftop pool deck, and some ground level retail. This phase of the overall project is called Nexus…

Terreno Realty Corporation Announces Development Completion in Hialeah, FL

Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it has completed the development of Countyline Corporate Park Phase IV Building 41 in Hialeah, Florida and leased 100% of the building to an international logistics services provider. Building 41 of Terreno Realty Corporation’s…

Kaseya moving more employees into 800 Brickell

IT powerhouse Kaseya continues to expand its headquarters after occupying three floors of office at 800 Brickell Ave. earlier this year. Now that construction is completed, more personnel are to be moving into the 14th and 15th floors by the end of this year. The 42,870 square feet across the three floors in that building is expected to house more than 400 employees, according to Kaseya…

Southplace City Center replacing sleepy Southland mall

Southland mall in Cutler Bay is on track to its $1.5 billion renovation as active leases from stores in the mall are moved in order to continue demolition. In place of the mall will stand the Southplace City Center. This project will include housing, dining and medical buildings. The idea of creating a walkable community that would include jobs first began in 2005. “Back in 2005…”

Starbucks Signs Lease At Miami Worldcenter’s Jewel Box

Starbucks has signed a lease to open at Miami Worldcenter. The development’s retail space is now nearly fully leased. Starbucks will occupy 2,824 square feet of space on the ground floor Worldcenter’s ‘Jewel Box’ retail building at 150 NE 8th Street. Opening is planned in 2024. Other tenants at the Jewel Box will include Earls Kitchen + Bar, Sports & Social, Sixty Vines and Bowlero.

Latin American Wealth Moving To Miami ‘At One Of The Fastest Clips In History’

Wealth management companies have been growing rapidly in Miami this year, thanks to Latin American investors and changes in the city brought about by the pandemic, according to Bloomberg. The movement of wealth to Miami-based management is happening at “at one of the fastest clips in history,” the report said. Among the companies growing here is JPMorgan Chase, which…

Continuum Cos. Plans 267-Unit Condo for 12000 N Bayshore Drive in North Miami

Mariners Bay Condo, a 46-unit complex in North Miami, could be replaced with a 489,179-square-foot condo. The unnamed development would measure 20 stories above grade and offer 267 units total. Per the Real Deal, there would be 12 townhomes, along with one-bedroom to three-bedroom condos. Along with 422 parking spots, the community would offer a host of amenities…

$68M Sale of 5505 Waterford Office Building Brokered

CBRE has brokered the $68 million sale of 5505 Waterford, an office building located in the Waterford Business District of Miami. The property totals 213,182 square feet and recently underwent a renovation that includes a new grand lobby, tenant lounge, 5,000-square-foot fitness center and the addition of a new level to the parking structure. Christian Lee, Sean Kelly, Amy Julian…

T.D. Jakes, New Urban to Develop Two Affordable Housing Communities in South Florida Totaling 350 Units

T.D. Jakes Real Estate Ventures (TDJREV) and New Urban Development will build two affordable housing communities in South Florida. Located in Hallandale Beach, the first property will comprise 200 mixed-income multifamily units on five acres. The groundbreaking is scheduled for the first quarter of 2024. The second community will be located in Miami Gardens, adjacent…

The Diocese Of Southeast Florida And Key International To Develop 42-Story Residential Tower At Trinity Cathedral Property In Miami

A pre-application for a 42-story tower, designed by Sieger Suarez Architects, was submitted last week on December 13 for development at the Trinity Cathedral property, located at 515 Northeast 15th Street and 464 Northeast 16th Street, on the border between downtown Miami and Edgewater neighborhoods. This project, a collaboration between The Diocese of Southeast Florida…

Revealed: 42-Story Tower Planned At Trinity Episcopal Cathedral Property in Miami

A pre-application has been filed with Miami-Dade planners for a 42-story tower at the Trinity Cathedral property. According to a letter sent to planners, the highest and best use of the property “is transit-oriented mixed-use development in the downtown Miami urban core.” Miami-Dade commissioners voted in October to add the property to the Metromover Subzone of the Rapid…

Calta plans $47M in Allapattah dev site purchases for workforce housing

The Calta Group is targeting workforce-priced housing in Miami’s Allapattah neighborhood. The Coral Gables-based firm plans roughly $47.2 million in purchases for development sites in Allapattah, where it wants to build multifamily projects with workforce units in two parts of the neighborhood, company co-founder Gaetano Caltagirone told The Real Deal. For the first two phases…

Newgard Development Group Appoints G.T. McDonald Enterprises, Inc. As General Contractor For 44-Story LOFTY Brickell

Newgard Development Group has selected G.T. McDonald Enterprises, Inc. as the general contractor for LOFTY Brickell, a high-end condominium project at 99 Southwest 7th Street. This 540-foot-tall, 44-story building, designed by Arquitectonica, features interiors by INC and landscaping by Urban Robot Associates. Following Newgard’s recent procurement of a foundation work…

Lofty Brickell Announces General Contractor: Foundation Work Starts January 1

Newgard Development Group has announced the hiring of a general contractor for the 44-story Lofty Brickell and the start of foundation work. G.T. McDonald Enterprises, Inc. has been appointed as the general contractor for the project. The company has secured a permit to begin pouring the building’s foundation, and is scheduled to start on the first of the year. Newgard previously…

Pacific Star Capital Proposes 18-Story Tower for 3600 Biscayne Boulevard in Miami

A Denny’s in Miami could soon be demolished and make way for a high-rise mixed-use building. Our sources indicate that the 18-story tower would offer 175 apartments, ranging from one-bedroom to two-bedroom units. There will also be seven penthouses. The South Florida Business Journal notes that homes would measure about 680 square feet to 2,290 square feet each.

Bye, Denny’s: Pacific Star plans 18-story mixed-use project in Miami’s Edgewater

Late night runs for pancakes, omelets and other comfort food in Miami’s Edgewater could soon end. Pacific Star Capital is charging ahead with plans to redevelop a Denny’s restaurant and parking lot at 3600 Biscayne Boulevard. The Santa Monica, California-based development firm is seeking design approval this week for 3600 Biscayne, a proposed 18-story mixed-use building…

Multi-Family Tower Proposed At 3600 Biscayne Blvd With Potential Grocery Store

Plans have been filed with Miami’s Urban Development Review Board for a multi-family tower at 3600 Biscayne Boulevard called Design District Gateway. According to a letter from the developer, the important crossroad property is a perfect location for a development that promotes a 15-minute city. The project may include a grocery store, the developer said. 3600 Biscayne…

Mast Capital And Rockpoint Mark Topping Off Of 3900 Alton Road In Miami Beach

Mast Capital, in partnership with Rockpoint, has achieved a notable construction milestone by topping off 3900 Alton Road. This nine-story residential building in Miami Beach, designed by the esteemed Arquitectonica with landscape architecture by Within Hults + Partners, adds 178 new units to the city’s housing market, establishing it as a premier location for upscale…

Developer Proposes 316-Unit Complex for  Homestead at 15200 SW 272nd Street

In December 2022, Florida YIMBY learned that Miami-based developer DEI Family Holdings hoped to move forward with a residential housing development. It requested a rezoning change and proposed an unspecified number of apartments for its upcoming project. Now, that venture is one step closer to becoming a reality. The Gertrude Pointe apartments could offer 316 apartments…

A Portrait of the Artist as a Builder; Modular Contractors’ Shaun Nowrouzi

As a child, Shaun Nowrouzi was fascinated with assembling objects, and he dreamed of being an artist. That curiosity with building things took him down another path, however, leading to a successful career as a contractor specializing in niche markets with a focus on high-end buildouts and educational and healthcare facilities. The commercial clients of his local company Modular Contractors have included Mt. Sinai Hospital, St. Thomas University, Baptist Hospital, Carrollton School of the Sacred…

39-Story Menesse Brickell Lot Refinanced, Construction To Begin Q2 2024

The developer of the 39-story Menesse Brickell have refinanced the property as construction nears. LV Lending closed a $16 million refinancing for a .69-acre development site. The development is planned to include 400 luxury rental apartments with an extensive array of amenities, in a tower designed by Behar Font. The refinancing was arranged by Camilo Niño, Ricardo Uribe…

Miami To Aventura Train Service Gets Important Environmental Approval

A key environmental permit has been granted for Miami-Dade’s northeast corridor commuter rail train service. NEPA environmental permitting approval for the project was obtained by Miami-Dade in November, Brightline told investors yesterday Miami-Dade now has $294 million of the estimated $578 million project cost now committed from the County and the State.

Renovation Plans Submitted For Brickell’s 36-Story One Broadway: ‘Improving The Miami Skyline’

A developer has filed plans with Miami’s Urban Development Review Board for renovation of Brickell’s 36-story One Broadway tower. Extensive exterior and interior renovations are planned at the 13-year-old tower which will improve the Miami skyline, a letter from the developer said. The renovation will include converting the existing 371 residential units to 123 hotel suites…

How sea rise could reshape South Florida neighborhoods: Retreat here, growth there

As sea levels push ever higher, the question of when — and where — it will affect South Florida’s real estate market is a big one. Research suggests people aren’t interested in paying a lot of money for a home that floods, and the number of properties at risk of flooding is only expected to rise in the coming decades. For an economy that relies on a booming real estate market to function…

Big Switch: Miami Traffic Changes Make Way for $840 Million Highway Project

Beginning Thursday morning, December 21, commuters will notice major changes in downtown Miami’s traffic pattern as foundation construction ramps up on a $840 million highway project to redesign I-95 and I-395, according to the Florida Department of Transportation. Transportation authorities have rearranged several high-volume central Miami routes as part…

A Mountain Of Trash Could Halt Development Around Miami. The Race Is On For Solutions

The outgoing director of Miami-Dade County’s Department of Solid Waste Management had a stark warning for county officials when he resigned in July: Find a place for the county’s growing pile of garbage, or you’ll be forced to stop approving new development across a broad swath of the region. The county will run afoul next year of rules requiring it to have five years’ worth…

Lease roundup: Sriracha House opening in South Miami, Asian food hall in Pembroke Pines

Husband-and-wife duo Emilio Benzadon and Jessica Knopf will open their third Sriracha House. The restaurant leased 3,000 square feet at 5966 South Dixie Highway in South Miami, according to a Sriracha House news release. The outpost will open this month with capacity for 80 guests in indoor and outdoor seating, including in a more private corner that’s a short walk along a graffiti…

How JRM Construction Management Successfully Expanded to South Florida

Three years ago, JRM Construction Management embarked on a journey to the sunshine state—Florida. Originally home-grown in the bustling headquarters of NYC, it wasn’t until JRM’s reputation for delivering high-quality spaces on budget as well as on schedule earned them many repeat clients. According to Joseph P. Romano, President of JRM, “At JRM, our fundamental principle…”

WSJ: Florida’s Live Local Act Sparks New Wave of Housing

Less than six months after Florida enacted legislation to encourage more workforce housing, dozens of developers are rushing ahead with projects that qualify for tax breaks under the new law. The legislation, known as the Live Local Act, offers developers tax breaks and allows them to bypass local zoning rules if enough workforce housing is built. The act is meant to create more housing…

Pinnacle at La Cabana to Offer Affordable Housing for Seniors at 8911 Miramar Parkway

Construction on Pinnacle at La Cabana could start in January 2024. The affordable five-story housing complex will offer 110 units, with 65 one-bedroom units and 45 two-bedroom units. Per the South Florida Business Journal, the community is aimed at seniors. Eleven units will be for people making 28 percent of the area median income, and the remaining 99 for those making…

Pinnacle Secures $61M for Affordable Senior Housing Community in Miramar

Upon completion, Pinnacle at La Cabaña will comprise one- and two-bedroom floorplans. Image courtesy of Pinnacle Pinnacle has secured $60.6 million in financing for the development of Pinnacle at La Cabaña, a 110-unit fully affordable and age-restricted housing community in Miramar, Fla. The Pinnacle at La Cabaña project represents a years-long strategic public-private…

Pinnacle scores $41M in construction financing for Miramar senior housing project

Pinnacle landed $41 million in construction financing for a senior housing project in Miramar. Bank of America provided a $27.3 million housing tax credit to build Pinnacle at La Cabaña, a proposed 110-unit apartment complex at 8911 Miramar Parkway, according to a press release. Pinnacle, a Miami-based affordable housing developer, also obtained a $5.6 million mortgage…

Related, BH pay $22M for second Diplomat Landings dev site in Hollywood

Related Group and BH Group are in full control of two waterfront development sites in Hollywood, after paying $21.5 million for the second parcel. The joint venture acquired a 5-acre site at 3451 South Ocean Drive, adjacent to the oceanfront Diplomat Beach Resort, according to a source familiar with the deal. The purchase also includes a marina and 62,000 square feet of existing…

Blackstone sells apartment complex in Margate for $93M

Blackstone sold an apartment complex in Margate for $93 million. The New York-based firm’s real estate arm sold the 394-unit Pinebrook Pointe at 3495 Pinewalk Drive to an affiliate of Coral Gables-based Bar Invest Group, according to records and real estate database Vizzda. Bar Invest took out a $50 million loan from BankUnited for the purchase. The sale breaks down to $236,041 per…

Walmart-anchored shopping center in Coral Springs trades for $21M

Q.V.H. Corporation picked up a grocery store-anchored shopping center in Coral Springs for $21.3 million. An affiliate of Q.V.H., a Miami-based commercial real estate firm led by president Rolando Hernandez, acquired Cypress Run Marketplace at 10599-10667 West Atlantic Boulevard, records and Vizzda show. The buyer obtained an $8 million mortgage with U.S. Century Bank to partially…

Newgard Development Group Acquires 1.08-Acre Development Site At 200 W Broward Boulevard in Downtown Fort Lauderdale

Newgard Development Group recently acquired a 1.08-acre site at 200 West Broward Boulevard in downtown Fort Lauderdale from a joint venture between Aimco and Kushner Companies for $31.24 million. The site, zoned for substantial residential development, has received approvals for a 49-story building comprising 381 residential units, 8,256 square feet of commercial space…

Kushner, Aimco sell upzoned Fort Lauderdale dev site to Newgard for $31M

Kushner Companies and Aimco sold a portion of an assemblage in Fort Lauderdale to condo developer Harvey Hernandez. Hernandez’s Newgard Development Group paid $31.2 million for the 1-acre property at 200 West Broward Boulevard, near the Brightline station. The sale was finalized on Friday. Kushner acquired the site as part of a larger assemblage, and brought in Aimco…

Fort Lauderdale Approves 936 Apartments In Two Towers

A developer received approval December 5 for two Fort Lauderdale towers rising nearly 50 stories each, according to the Sun Sentinel. There development will include: West Tower (47 stories, 523 feet) East Tower (45 stories, 493 feet) Combined, the project will include 936 luxury apartments, along with ground floor commercial. Arquitectonica is the architect Naftali Group is the developer.

13th Floor Investments Proposes 340-Unit Boca Village for 680 W Yamato Road in Boca Raton

A vacant 17.24-acre site in Boca Raton could find new life as a residential housing development. 13th Floor Investments has proposed Boca Village, an eight-story building requiring 414,566 square feet of new construction. The venture could offer 340 apartments, ranging from 500 to 1,488 square feet. Layout plans include studios to three-bedroom apartments, offering modern…

Developer Seeks Planning Board Approval For Herzog & de Meuron-Designed 32-Story Condo Project In West Palm Beach

Palm Beach billionaire Jeff Greene is advancing plans for a high-end condominium project situated across from the waterfront Currie Park in West Palm Beach. The city’s Planning Board is slated to review the project, crafted by the esteemed Swiss architecture firm Herzog & de Meuron in partnership with the local Spina O’Rourke + Partners and Enea Garden Design for landscape architecture.

Billionaire Jeff Greene Proposes ‘Mansions In The Sky’ In West Palm Beach

Jeff Greene, a billionaire and fixture in West Palm Beach who ran for governor in 2018, is moving ahead on a luxury condo project in West Palm Beach. Greene is looking to build a 152-condo project with 678K SF of sellable space on land he owns in West Palm Beach across from Currie Park. Greene is planning a pair of 350-foot-tall towers on a vacant 4.5-acre lot at 2175 N. Flagler Drive…

Jeff Greene advances plan for 30-story condo project near West Palm’s Currie Park

Jeff Greene is advancing a plan for a 152-unit condo project near Currie Park, marking development progress for his vast land holdings north of downtown West Palm Beach. The developer proposes a pair of 350-foot tall buildings on 4.5 acres between North Flagler Drive and Ponce De Leon Avenue, and between Piccadilly and 23rd streets, according to city records. The site is at 2175…

BGI Companies Selects Moss Construction As The Construction Management Firm For Alba Palm Beach

Miami-based real estate development firm BGI Companies has appointed Moss Construction as the construction management firm to complete Alba Palm Beach, a 22-story, 262-foot residential… at 4714 North Flagler Dr… on the Intracoastal waterways in the emerging Northwood neighborhood of West Palm Beach. Designed by Spina O’Rourke + Partners with Schmidt Nichols…

Richman plans 23-story apartment tower in downtown West Palm

The Richman Group is planning to redevelop a downtown West Palm Beach parking lot into a 23-story tower with 231 apartments. A Richman affiliate filed plans with the city of West Palm Beach for the high-rise project at 500 Clearwater Park Road. The proposed building, called 500 Clearwater, will also have a seven-story parking garage with 261 spaces. Richman, based in Greenwich…

Video: Deloitte Real Estate Solution Leader John D’Angelo Presents 2024 CRE Outlook Survey Results

John D’Angelo, Real Estate Solution Leader at Deloitte, joins America’s Commercial Real Estate Show host Michael Bull to share highlights from their (Deloitte’s) 2024 Outlook Survey. He notes that commercial real estate players tend to be optimistic by nature, but that they were not so much this time, with revenue growth expectations the most pessimistic ever. About 40% plan to cut…

Truck parking in Florida could soon get boost

Florida Gov. Ron DeSantis has unveiled his transportation budget for the coming fiscal year. The budget includes $25 million for truck parking. Dubbed Focus on Florida’s Future budget proposal for fiscal year 2024-2025, the plan includes $15.6 billion for transportation to target critical congestion relief and safety projects. The governor’s administration says the proposal allows…

Office Occupancy Hits New Pandemic-Era High As More Employers Plan To Add Space

Office usage hit an average 51.6% during the week of Dec. 6 in the 10 metro areas tracked by Kastle Systems’ Back to Work Barometer, the highest level since the beginning of the pandemic. “For most of 2023, the five-day weekly average has hovered around 50% of pre-pandemic occupancy, but the high day each week has been closer to 60% and the low day around…”

Hedge Fund, Developers Buying Up, Shutting Down Greyhound Bus Terminals

Many of America’s urban bus terminals are disappearing as more investors buy centrally located transit hubs and sell them for redevelopment. Greyhound has shifted much of its operations to curbside pickup after its former owner, FirstGroup, began selling its bus terminals. Greyhound bus terminals across the U.S. are being shuttered, including dozens that were bought…

Lennar’s Multifamily Arm Posts Loss, Reportedly Puts Big Portfolio Up for Sale

Lennar’s multifamily segment posted a loss in the fourth quarter and the unit is projected to weaken further at a time when a media report says the national homebuilder has hired JLL to sell a portfolio of 11,000 luxury apartments in its Quarterra arm for an estimated price of $4.5 billion. The proposed sale, reported earlier by Bloomberg Law, would amount to roughly a quarter…

JP Morgan: Navigating interest rate uncertainty

The ongoing saga of interest rates continues. The Federal Open Market Committee (FOMC) held interest rates steady for the third consecutive meeting, keeping the target range for the federal-funds rate at 5.25%-5.50%. “While it will still take a while to bring inflation to its long term 2% target, the Fed now appears ready to pivot and to begin lowering the Fed funds target range…

Gindi family’s ASG sells Miami Design District retail building for $22M

The Gindi Family’s ASG Equities sold a retail building in the Miami Design District for $22 million. Alo Yoga, the property’s current tenant, acquired the nearly 5,000-square-foot single-story store at 101 Northeast 40th Street, according to records and Vizzda. The seller, an ASG affiliate, paid $10.5 million for the building in 2013. ASG is a New York-based real estate investment firm led…

Downtown Miami dev site previously listed for $125M and approved for 80-story tower hits market

A downtown Miami development site that was previously listed for $125 million five years ago is back on the market. The 2.5-acre assemblage at 251 East Flagler Street, 244 Northeast First Street and 40 Northeast Third Avenue is currently listed without an asking price, according to an emailed brochure. Virgilio Fernandez and Pablo Camposano with Colliers, which has the listing…

Developers Announce Renovation Plans For The ‘Shelborne South Beach’ Hotel In Miami Beach

Westdale Properties, King Street Capital Management, and Cedar Capital Partners announced plans for “Shelborne South Beach by Proper,” located at Collins Avenue and 18th Street in South Beach. This significant renovation and redesign of the hotel’s guestrooms, food and beverage venues, pool deck, cabanas, and meeting and event spaces have begun. Following the renovation…

Shelborne hotel owners begin $85M gut renovation

Demolition is underway at the Shelborne South Beach hotel, as the owners work on restoring its Art Deco and MiMo design as part of an $85 million renovation project. Toronto-based Westdale Properties, New York-based King Street Capital Management and Cedar Capital Partners acquired a majority of the condo-hotel at 1801 Collins Avenue three years ago for $120 million.

Ian Bruce Eichner proposes 267-unit condo project in North Miami

Developer Ian Bruce Eichner wants to redevelop an aging waterfront complex in North Miami into a 267-unit luxury condo project. Eichner, founder and CEO of Continuum Company, proposes a 20-story development on the Mariners Bay Condo site at 12000 North Bayshore Drive, according to an application filed by an Eichner affiliate to Miami-Dade County in late…

Miami-Dade To Vote On Buying Fontainebleau Office Building For $205M

Miami-Dade County could spend $269M to purchase and upgrade an office building in the Fontainebleau neighborhood south of Doral. Miami-Dade County commissioners will consider purchasing the 625K SF office building for $205M and spending $63M on capital improvements. County commissioners will vote on a resolution on Dec. 12 that would authorize the purchase…

Miami-Dade mayor backpedals on controversial plan to overpay $133M for aging offices

Miami-Dade Mayor Daniella Levine Cava’s administration will rethink a controversial proposal to pay $133 million more than market value for aging office buildings. Commissioners were slated to vote on the plan on Tuesday, but instead allowed for Levine Cava’s 11th-hour request to defer the item to a future meeting, the Miami Herald reported. The pair of proposals were postponed…

Pella buys Medley warehouse for $45M

Pella Windows & Doors paid $45 million for a warehouse in Medley, as part of the acquisition of another manufacturer. An affiliate of Pella, a national windows and doors maker based in Pella, Iowa, purchased the roughly 270,000-square-foot industrial building at 8401 and 8501 Northwest 90th Street, records and Vizzda show. It’s occupied by the seller, Lawson Industries…

Boston Market Evicted Across South Florida As Legal Troubles Mount

The rotisserie chickens have stopped spinning at South Florida’s Boston Market locations. All of the brand’s remaining locations in the region — more than a dozen restaurants — have closed since November, the South Florida Sun Sentinel reports. The closures come as the brand faces legal tumult in the region and around the country as eviction notices pile up, federal and local authorities…

Following Renovations, South Florida Office Complex Attracts New Tenants, Lease Renewals

JLL announced it has completed several office deals at Westside Plaza in the northwest Miami-Dade County suburb of Doral, Florida. All told, 40,000 square feet in deals and renewals were recently completed in the Doral office complex, consisting of three four-story office buildings totaling more than 360,000 square feet. Among the new tenants that will move into or expand…

Prospera Real Estate Collective Plans to Build Community with 40 Townhomes at 10401 NW 8th Avenue, Miami, FL

Developer Prospera Real Estate Collective is in the process of securing a two-acre parcel where it hopes to build a townhome community. Its project, dubbed “Faith Place,” will offer 40 townhomes, measuring 866 to 1,100 square feet each. The South Florida Business Journal notes that while layout plans don’t come with garages, there will be 69 parking spots. The goal is to increase…

The Mike Eidson Factor: How one person can make a difference in both historic preservation and the arts

It had been raining for several days before we met attorney Mike Eidson and his wife Margaret for a tour of St. Mary’s First Missionary Baptist Church, the 1924 house of worship that for much of the past century served the black community of Coral Gables’ MacFarlane District. The church, which Eidson purchased and restored, felt like the safe oasis he intended it become…

Treo Group Breaks Ground on 400-Bed Student Housing Community Near University of Miami

The Treo Group has broken ground on VOX Miami Phase II, a 13-story student housing development located adjacent to the South Miami Metrorail station near the University of Miami campus. The project will offer 400 beds in 163 units, alongside 10,000 square feet of ground floor retail space. Together with Phase I of the development, the community will offer 726 beds and 15,000 sf…

Apartment wars: Miami-Dade ranks as nation’s “most competitive” multifamily market this year

Miami-Dade County continued to lead the nation this year as the “most competitive” apartment market, with the highest number of prospective tenants vying for an available unit, according to a new report by RentCafe. On average, 22 renters competed for the same apartment, much more than the national average of nine renters vying for a unit. A vacant unit in Miami-Dade…

Vivian Dimond plans nearly 900-unit workforce housing project near Allapattah

Developer and investor Vivian Dimond took over a land lease near Allapattah where she plans a nearly 900-unit workforce housing project, The Real Deal has learned. Dimond, a principal at the Coconut Grove-based private equity firm Bayshore Grove Capital, said the project will cost an estimated $175 million to develop. It’s expected to include two 15-story buildings constructed…

PortMiami Breaks Cruise Passenger Record, Now World’s Busiest

PortMiami has regained the title of the world’s busiest cruise port with a record-breaking year. There were a total of 7,299,294 passengers at the port in the Fiscal Year 2023, which started October 1, 2022 and ended September 30, 2023, according to Miami-Dade. That is 7% higher than the previous record of 6,823,816 passengers in Fiscal Year 2019. The 2023 passenger count is enough…

Updated contract for a new City of Miami administration building

City officials are revisiting an agreement with the development company Adler, paving the way for a modern city administration building to rise next to the future Miami Freedom Park. Today (12/14), the Miami City Commission will vote on a resolution authorizing the city manager to execute the agreements for the development. If approved, Adler Development Manager LLC will…

Vacancies rise in Miami-Dade luxury residential rentals

Miami-Dade County’s residential rental industry remains in demand, according to local real estate experts. The one and two stars, and even three stars, which are more entry-level rentals, remain a very tight inventory, according to Carlos Villanueva, a managing broker for The Keyes Company. “Overall, we’re seeing on average vacancy rates around 5.1% across the board,” he said.

Passenger rail service on track for CSX in South Dade

The Transportation Planning Organization has chugged ahead by one station on its long journey to bring shared passenger-freight rail service to South Dade as it cemented the aim into its long-range plan. The hunt for commuter rail transit in the southern part of the county has been long and was sidetracked for years as freight railroad CSX sought a high price to sell the routes…

Pedro Garcia: Miami-Dade Property appraiser offers his agenda for legislative reforms

In 2008, Pedro Garcia became the first elected Miami-Dade County Property Appraiser in more than five decades. He was subsequently re-elected in 2014 and was unopposed in the 2016 election. Mr. Garcia has worked in the Florida real estate industry since 1970. He is a state certified General Real Estate Appraiser and a real estate broker. For more than 35 years, he owned a real estate…

Construction Permits Submitted For Mandarin Oriental, Including 826-Foot Tower

Construction permit applications have been submitted to Miami’s Building Department for two Mandarin Oriental towers on Brickell Key. The project is quickly moving to the permitting phase, even before condo sales have been launched (that is expected in early 2024). Earlier this year, a letter from the city confirmed that the development was exempt from UDRB review. There are two…

Competition Launched To Improve Miami International Airport

The Miami-Dade Innovation Authority has launched a competition to improve MIA. The goal is to improve accessibility, navigation, and sustainability at the existing airport buildings. Three companies will be selected, with each to provided $100,000 to test their ideas at MIA. The idea is to scale those concepts worldwide following testing. The Miami-Dade Innovation Authority was launched…

Longpoint Acquires 1.4 MSF Florida Portfolio

Assets in the portfolio include buildings in Davie (pictured), Deerfield Beach and Lauderhill. Image courtesy of CBRE Longpoint Partners has purchased a 25-building industrial portfolio totaling roughly 1.4 million square feet. Seagis Property Group sold the properties, located across Miami and Broward counties in South Florida. At the time of the transaction, the portfolio…

Sale Negotiated of 1.4 MSF Industrial Portfolio in South Florida

CBRE has arranged the sale of a 25-building, 1.4 million-square-foot industrial portfolio located in the Miami-Dade and Broward Counties of South Florida. Boston-based Longpoint Partners acquired the properties from Pennsylvania-based Seagis Property Group for an undisclosed price. The portfolio was 97 percent leased to 77 tenants at the time of sale. Jose Lobón, Frank Fallon…

Longpoint drops $116M for Broward industrial portfolio

Longpoint Partners paid a combined $115.6 million for a Broward County industrial portfolio that is part of a larger deal also involving warehouses in Miami-Dade. Affiliates of Boston-based Longpoint acquired nine buildings spanning nearly 605,000 square feet in Davie, Deerfield Beach, Fort Lauderdale and Lauderhill, according to records. The deeds showing the sales prices for the…

1.4M SF Industrial Portfolio Changes Hands

Pennsylvania-based Seagis Property Group sold a 25-building industrial portfolio of buildings across Broward and Miami-Dade counties to Boston-based Longpoint Partners. The 1.4M SF portfolio was 97% leased by 77 tenants at the time of sale, according to a release. The complete list of the properties wasn’t disclosed, but six transactions totaling $116M have been reflected in…

The Weekly Dirt: South Florida office distress on the horizon

Trouble is on the horizon for office landlords in South Florida, unlike the glitzy skyscrapers found on Brickell Avenue and other popular office submarkets. Owners who secured loans at historically low rates are challenged by the current lending environment. And older buildings in suburban areas are already suffering as tenants abandon those properties when their leases…

Two Roads Development Files Permit Application For Vertical Construction Of EDITION Residences, Miami Edgewater

A permit application for vertical construction has been filed for EDITION Residences, a 56-story bayfront luxury condominium building poised to rise at 2121 North Bayshore Drive in Edgewater, Miami. Designed by Arquitectonica and featuring acclaimed interiors by Studio Munge, the striking 649-foot-tall sleek glass tower will house bespoke condominium units and will boast over…

UDRB Approves Updated Design For ODP Architects’ 12-Story Mixed-Use Development At 7737 NE 2nd Avenue In Miami

Miami’s Urban Development Review Board has unanimously approved 7737 Northeast 2nd Avenue, an unnamed 12-story mixed-use development in the city’s Little River neighborhood. Designed by ODP Architecture & Design, with Kimley-Horn serving as both the landscape architect and civil engineer, and developed by Little River Cedar Property Owner, LLC, an affiliate…

$150M Penthouse Planned At Raleigh’s New Condo Tower

A penthouse planned at a new condo tower next to the Raleigh in South Beach could become the most expensive residential property in Miami history, according to Bloomberg. Developer Michael Shvo said that the 13,000 square foot penthouse was priced at over $150 million. The new building is being designed by Peter Marino. A total of 40 condos are planned in the 13-story tower…

Mast Capital’s Camilo Miguel Jr. Shares His Insights Into The Future of Miami Real Estate

At the heart of Mast Capital (mastcapital.com) lies its CEO and founder, Camilo Miguel Jr. Since creating the company, Miguel has worn every hat imaginable, immersing himself in each role to ensure his team’s success. Since its inception in 2006, Mast Capital has played a crucial role in Miami’s growth and evolution while working to transform the city as a whole. “ At the heart of…

Lease roundup: Argentine Football Association, Turkish firm Ege Yapi open Miami offices

The Argentine Football Association opened an office in Miami’s Wynwood. AFA leased 5,100 square feet on the top floor at 128 Northwest 28th Street for the association’s U.S. headquarters, according to a news release and the Miami Herald. Claudio “Chiqui” Tapia is president of AFA, or Association del Futbol Argentino. The AFA office marks Miami’s growth as a soccer town, a reputation…

T.D. Jakes Real Estate Ventures Partners with New Urban Development to Address Housing Crisis in South Florida

The strategic partnership signifies a concerted effort to provide affordable housing for in-need areas of South Florida while also helping to revitalize and stabilize the communities. This project is the continuation of Chairman T.D. Jakes’ push to create affordable, accessible housing nationwide for those who need it most. T.D. Jakes REV to Build Two Mixed-Use Housing Developments…

City Officials Approve 21 Hollywood for 2100 N. Federal Highway in Hollywood

Hollywood officials have given the green light for a residential complex across from South Broward High School in Hollywood, FL. 21 Hollywood will measure 13 stories above grade and offer 200 apartments. Per the South Florida Business Journal, those units would include 18 penthouse that would come with rooftop terraces. Communal amenities include a fifth-floor amenity…

Hudson News heir Robert B. Cohen II buys out Tequesta condos for $15M

Hudson News heir Robert B. Cohen II bought a 16-unit Tequesta condominium complex for $15 million. Records show Cohen’s Vox Real Estate Holdings LLC, a Florida entity, bought the Bella Villaggio complex at 3770 County Line Road from an entity named for the address, managed by Menachem Light and Levi Tennehaus. Cohen financed the purchase with a $12.5 million loan from…

Thrive Hospitality, Mid America Lodging scoop up Plantation La Quinta Inn for $15M

Thrive Hospitality Group and Mid America Lodging Group bought a La Quinta Inn in Plantation for $14.5 million, marking at least their third South Florida hotel investment this year. The firms, both of which are led by members of the Abdulnoor family, bought the 104-key La Quinta Inn & Suites by Wyndham Plantation at 7901 Southwest Sixth Street from an affiliate of hospitality…

TM Real Estate Delivers Plantation Luxury Community Shalimar West

The 240-unit community is part of Shalimar at Plantation. Image courtesy of ANF Group ANF Group has completed the construction of Shalimar West, a 240-unit luxury project that is part of Shalimar at Plantation, a two-building development in Plantation, Fla. The 616,164-square-foot multifamily community was developed by TM Real Estate Group and designed by MSA Architects.

ANF Group Marks Completion Of Multifamily Project ‘Shalimar West’ Within The Plantation Midtown District

ANF Group, Inc. has announced the completion of Shalimar West, a 240-unit luxury multifamily and mixed-use development located within the Plantation Midtown District at 8500 Cleary Boulevard in Plantation, Florida. This upscale living community, developed by TM Real Estate Group LLC and thoughtfully designed by MSA Architects, is housed in a five-story, mid-rise garden…

Raanan Katz’s firm bags grocery-anchored Fort Lauderdale shopping center for $38M

Raanan Katz’s RK Centers paid $38 million for a Fort Lauderdale shopping center, buying 1600 Commons for $11 million less than the previous sale price six years ago. An affiliate of Sunny Isles Beach-based RK acquired the 65,338-shopping center completed in 2016, records and Vizzda show. The deal breaks down to $589 per square foot. The seller, an affiliate of Newark…

115-Key Hotel “The Element by Westin” Proposed for Dania Beach, FL

FLL Airport Lodging LLC, an affiliate of Baywood Hotels, is seeking approval for a hotel in Dania Beach. If the City Commission approves the venture at the December 12 hearing, it will be the second Element hotel in Broward County (the second one is located in Fort Lauderdale). FLL Airport Lodging LLC has proposed a six-story hotel that will require just over 79,000 square feet…

Baywood Hotels wins approval for 115-room Element in Dania Beach

Baywood Hotels won site plan approval for a six-story, 115-room Element Hotel in Dania Beach near a Bass Pro Shops just west of I-95. The Dania Beach City Commission voted unanimously Tuesday night to also approve variances from the city’s design requirements for the hotel project and a related plat amendment. Columbia, Maryland-based Baywood Hotels, led by President Al Patel…

MHG buys Marriott-branded West Palm Beach hotel for $21M

Midwest Hospitality Group, also known as MHG Hotels, snagged a Marriott-branded hotel in West Palm Beach for $20.5 million, netting the seller a $5.2 million gain six months after purchasing the 2.5-acre property. An affiliate of Indianapolis-based MHG acquired Courtyard by Marriott – West Palm Beach Airport at 1800 Centrepark Drive East, records and Vizzda show. Midwest Hospitality…

Kenco buys 104 homesites at Avenir in Palm Beach Gardens for $18M

Kenco Communities purchased 104 homesites at the Avenir mixed-use development in Palm Beach Gardens for $17.9 million. The West Palm Beach-based homebuilder bought the Pod 18 development site that spans nearly 51 acres from an affiliate of Avenir master developer Landstar Development Group, according to records and real estate deals database Vizzda.

Mattamy acquires Lake Worth Beach golf course approved for resi project

Mattamy Homes acquired a Lake Worth Beach golf course that the company intends to redevelop into a 450-unit residential community. Canada’s largest homebuilder is proposing Forest Oaks, a development consisting of 100 single-family houses and 350 townhomes within the Lucerne Lakes master-planned community in Lake Worth Beach. Last year, the Palm Beach…

How Lifestyle Offices Are Redefining Work-Life Balance

In the dynamic landscape of modern workplaces, the concept of lifestyle offices has emerged as a transformative approach, tailored to meet the evolving needs of today’s workforce. These properties represent a unique evolution in commercial real estate, blurring the lines between work and lifestyle by mixing workspaces with leisure, amenities and community elements.

Video: PwC’s Tim Bodner & Andrew Alperstein Discuss PwC’s Emerging Trends in Real Estate 2024

Highlights from the 45th edition of PwC and ULI’s Real Estate Outlook Survey of industry participants on investments, capital markets, development, property sectors, top markets, and the economic factors impacting the real estate market are discussed by Real Estate Deals Leader, PwC US Tim Bodner and Andrew Alperstein, as a partner in PwC’s Financial Markets & Real Estate Group.

Contrarian View: InterFace Lending Panel Explains Why Multifamily Borrowers Should Refinance Today

Depending on the era in which you came of age and the general experiences you’ve had in life, the notion that “things can always get worse” can be easy to endorse. As it pertains to commercial lending and borrowing, the consensus narratives that have prevailed ever since the Federal Reserve began jacking up interest rates in early 2022 has largely followed the same script…

Ghost Kitchens Begin To Fail As ‘Pandemic Buzz’ Wears Off

Ghost kitchens, the commercial kitchens with no dine-in option that became pandemic-era darlings, are beginning to fail, raising questions about whether the industry’s projected boom was a collective CRE hallucination. Kitchen United, a startup that ran delivery-only restaurants and raised $175M in funding, announced last week it would sell or close all of its locations…

Cap Rates on the Rise at Dollar Stores

What might seem to an outsider to be odd times in the dollar store industry is actually what an insider would expect, according to a new B+E report. Even as the Federal Reserve had kept the benchmark federal funds rate through the third quarter, the average cap rate for dollar stores grew from 6.34% to 6.51%. The increase is well-aligned with market norms, as sellers recalibrate…

MSCI: 2024 Trends to Watch in Real Assets

The year 2023 was an especially tough one for real estate. Declines in asset valuations, which had begun in the second half of 2022 in many markets, proliferated across a broader range of markets through the rest of 2023. Transaction volume also continued to fall through the year, with dealmaking often paralyzed by the standoff between potential buyers and sellers on pricing.

JP Morgan: 2024 commercial real estate outlook

“Overall, the outlook for commercial real estate next year is muted in terms of capital and space market performance, with a continued recalibration of sorts across all sectors,” Ermengarde Jabir, Senior Economist at Moody’s Analytics. Commercial real estate trends across asset classes: While uncertainty around interest rates and office remain top of mind, performance varies…

Blackstone, Starwood Among Real Estate Giants Lobbying Against Florida’s Foreign Investment Law

Some of the largest U.S. real estate investors are pushing back against the recently enacted law in Florida banning most Chinese investors, as well as investors of other nationalities, from acquiring real estate in almost all cases. A group that includes Blackstone, Starwood Capital and Related Cos. wants the state to roll back the law, Bloomberg reports, as does major home builder Lennar Corp…

Tourmaline’s CEO on investing in offices amid remote work, debt woes

Many real estate players steered clear of the office market during the past three years. Remote work and a difficult lending climate led to leasing and debt woes across the U.S., cooling investment appetite. Yet, in 2021, amid abounding uncertainty over the future of workspace, Tourmaline Capital Partners formed, aiming to target an unlikely asset class: offices.

New Renderings Reveal Changes To Facade For HUB Miami At 525 NW 2nd Avenue In Downtown Miami

Updated renderings have been revealed for HUB Miami, a 41-story mixed-use building at 525 Northwest 2nd Avenue in Downtown Miami. Designed by ODP Architecture & Design with interiors by One Line Design Studio, and developed by a joint venture between The John Buck Company, Florida Value Partners, BH Group, and PEBB Enterprises, the 523-foot-tall structure will span…

4241 Aurora Planned for 2024 Groundbreaking at 4241 Aurora Street in Coral Gables

Two developers have secured approval for a 16-story tower in Coral Gables. Tentatively known as “4241 Aurora,” the high-rise would offer 60 to 80 condos, along with 15,000 square feet of office space and 10,000 square feet of retail. The Constellation Group, one of the co-developers, told the South Florida Business Journal that the final plans hinged on the housing market in Miami…

Edgewater Apartment Towers Submitted To FAA

Height have been filed with the Federal Aviation Administration for two apartment buildings planned in Edgewater. The filings were submitted on November 14, and are for the properties where the 36-story Residence 23 and 20-story Residence 27 buildings are planned. The tower on the Residence 23 property is planned to rise 370 feet above ground, or 383 feet above sea level…

Edgewater Luxury Apartment Tower Submitted To FAA At 399 Feet

A filing for height approval was submitted to the Federal Aviation Administration on December 1 for a tower in Edgewater. The proposed structure is planned to have a permanent height of 390 feet above ground, or 399 feet above sea level. In November, developers filed plans for the 2900 Terrace luxury apartment tower on the site with Miami’s Urban Development Review Board.

Another: Transit-Oriented Development Breaks Ground At Metrorail Station

A transit-oriented development broke ground yesterday on its second phase next to a Metrorail station. Vox Miami Phase 2 is planned to rise 13 stories, and include: 163 student housing units 13,284 square feet ground floor retail rooftop pool and other amenities Phase 1 of the project was completed in 2021 with 99 student housing units and 326 beds. Parking required by zoning…

FDOT To Begin Downtown Miami Biscayne Boulevard Roadway Construction In October 2024

Roadway construction on Biscayne Boulevard through parts of downtown Miami is set to begin in October 2024, according to FDOT’s website. Work will take place between Bayside Marketplace and the entrance to Museum Park and the Signature Bridge. The project is expected to cost $5 million, with construction to take 8 months. The job is to include: Improving existing stormwater…

Apartment Building With 237 Units Tops Off Two Blocks From Allapattah Metrorail

Neology Development Group has topped off Fourteen Allapattah Residences, just two blocks from a Metrorail station. A top off ceremony took place on November 10. The building will include 237 apartments, with completion expected in summer of 2024. Fourteen Allapattah Residences is a two building project. It includes a 14-story building with 180 apartments, and an adjacent five-story…

Massive Sunset Place redevelopment moving forward

Midtown Miami developer Alex Vadia is moving forward with plans to redevelop the Shops at Sunset Place, a shopping center in South Miami. British design and architecture firm Heatherwick Studio and ODP Architecture & Design will be working on the master plan and timeline for the 10-plus-acre property at 5701 Southwest 72nd Street. Vadia’s Midtown Opportunities paid $65.5 million…

Eight Retailers Join 2.2 MSF River Landing Shops & Residences Development in Miami

Eight new retail tenants have signed leases totaling 15,000 square feet at River Landing Shops & Residences, a mixed-use development spanning 2.2 million square feet in Miami. Located at 1400 N.W. North River Drive, River Landing comprises approximately 360,000 square feet of retail/commercial space, 135,000 square feet of Class A offices, 528 market-rate apartments, more than…

Constellation Group And Boschetti Group Receive Approval From the City Of Coral Gables for New Mixed-Use Residential Project At 4241 Aurora Street

Following a recent City Commission meeting, Miami-based real estate development firms Constellation Group and The Boschetti Group have announced the approval of their latest landmark project, 4241 Aurora. This Mediterranean-style mixed-use development, designed by the world-renowned Arquitectonica, is located at 4241 Aurora Street within the Design and Innovation District…

Even In South Florida’s Booming Market, CRE Investors Smell ‘Blood in The Water’

A wave of new arrivals helped insulate South Florida from much of the pressures facing the commercial real estate sector, but an influx of wealth and people to the region hasn’t been enough to overcome the weight of interest rates. Citrin Cooperman’s Brian Torres, Capital One Commercial Real Estate’s Maggie Burke, Slate Asset Management’s Anthony Candela and Forman Capital’s Ben Jacobson…

New Rendering Shows Glass Façade Planned At 41-Story HUB Miami

A new rendering of the 41-story HUB Miami tower has been released by the developer. The rendering shows a partial glass façade is planned to extend down towards ground level at the northwest corner of the tower. The developer has said they plan to begin demolition before the end of 2023 to allow for construction to begin. As of this morning, a demolition permit to clear…

Construction Update Released On One Of Biggest Hotels In Miami Beach History

Miami Beach has released on update on the Grand Hyatt convention center hotel, which will become one of the biggest ever built in city history. According to a November 17 letter to city commissioners, developer MB Mixed Use Investment, LLC notified the city that it was extending the date of possession of the property. The developer has already spent $20 million in the project.

Amazon: No Comment On Plans To Increase Miami Employee Count

Amazon recently confirmed that it is planning to directly lease office space in Miami for the first time, but will it be adding new employees here? According to the Seattle Times, an Amazon spokesperson would not comment on its future plans to increase its employee count in Miami. The spokesperson told the paper that the search for office space in Miami began prior to Jeff Bezos announced…

BNP Paribas, Europe’s largest bank, returns to Miami

Europe’s largest bank, BNP Paribas, returns to Miami this week after a two-decade absence. French banks BNP and Paribas merged in 2000. Both had offices in Miami before the merger and had an office together here for a short time before leaving the city in the early 2000s as numbers of international banks here declined from their peak. BNP Paribas’ new Miami office was…

Tri-Rail tweaks schedules for new downtown Miami service

As Tri-Rail use continues to rebound from its pandemic plunge, the long-awaited plan to send trains to downtown Miami has rolled a few feet closer to its end-of-the-year launch target. “Starting Monday,” explains Victor Garcia, public information officer for the South Florida Regional Transportation Authority (SFRTA), “we will operate as if downtown service were in place, without the actual…

Developer Jorge Pérez Reveals His Predictions For Miami’s Residential Market

Related Group founder Jorge Pérez has revealed how he feels about the future of Miami’s apartment and condo markets, in an interview with the FT. According to Pérez, Miami is no longer a seasonal city. It is also not subject to the booms and busts of the past. He cited an influx of new residents and major businesses during the pandemic. “We’ve become a center of culture, a center of business…”

Robert Finvarb Companies Plans 116-Key Hotel At 160 NW 28th Street In Wynwood

Robert Finvarb Companies, a renowned name in the hospitality industry, in partnership with New York-based Hidrock Realty, is gearing up to introduce an exciting new hotel venture in Miami’s bustling Wynwood Arts District. The Wynwood Design Review Committee is poised to review the project plans on December 5 for the 11,250-square-foot site at 160 Northwest 28th Street.

Turkish real estate firm opens U.S. headquarters in Miami

A Turkish real estate investment, development and construction firm has opened a regional headquarters office in the Miami Design District. Egeyapi Global, an affiliate of Istanbul-based Egeyapi, leased a 2,000-square-foot space at 4141 N.E. Second Ave. The office will serve as Egeyapi’s headquarters in the U.S. and employ up to eight real estate professionals in development…

Map: Nearly 5K resi units in the pipeline along US 1 in Miami-Dade

Developers have rushed to build new residential towers along Miami-Dade Metrorail stations on U.S. 1, in many cases taking advantage of the density and height that the transit-oriented sites provide. Nearly 5,000 units, mostly apartments, are in the development pipeline, according to The Real Deal’s analysis of recently completed, under construction and proposed projects from…

Continuum Company Unveils Continuum 2.0 – Continuum Club & Residences in North Bay Village

National real estate development firm Continuum Company, in partnership with Aksoy Holdings, the Turkish developer behind The Ritz-Carlton Residences, Bodrum, has unveiled the Continuum Club & Residences. This new luxury bayfront condominium is in Miami’s North Bay Village and is set to rise at 1755 79th Street Causeway. The project marks the introduction of Continuum 2.0…

Fourteen Allapattah Residences Tops Off at 1470 NW 36th Street

After topping off Fourteen Allapattah Residences in Miami, Neology Development Group is one step closer to completing its latest project. The $70 million venture started construction in November 2022, with JAXI Builders, Behar Font Architects, and designBAR on the development team. Upon completion, the community will offer two buildings: one tower measuring 14 stories…

Major Food Group to open new restaurant concept at historic Brickell château

Major Food Group plans to open a new Mexican restaurant and private club at a historic Brickell château in Miami that developer Yamal Yidios’ Ytech acquired last year. Chateau ZZ’s is expected to open later this month. Major Food Group, led by co-founders Jeff Zalaznick, Mario Carbone and Rich Torrisi, tapped Ken Fulk to restore and design the 6,400-sf space at 1500 Brickell Avenue…

Swerdlow sues Arquitectonica for $16M in alleged design errors

Developer Michael Swerdlow insists he has no beef with Arquitectonica, but he was forced to sue the award-winning Miami-based architecture firm for eight figures in damages. In a civil lawsuit filed last week, the development entity for Swerdlow’s Block 55 mixed-use project in Miami’s Overtown alleges Arquitectonica is responsible for design errors that led to 170 change orders…

Lionheart Capital, Leviathan and Well Duo to Develop 56,500 SF Mixed-Use Project in Miami

Lionheart Capital, Leviathan Development and Well Duo will develop a new mixed-use project in Miami. Dubbed MIRAI Design District, the development is designed by Kengo Kuma and Associates (KKAA), marking the first mixed-use project in the country for the architectural firm. Upon completion, the property will comprise 15,500 square feet of ground-floor retail space…

MIRAI Design District Set To Break Ground In The Summer Of 2024 At 4200 NE Second Avenue In Miami

A consortium of three visionary developers, Lionheart Capital, Leviathan Development, and Well Duo, is set to further transform the Miami Design District by introducing MIRAI Design District at 4200 NE 2nd Avenue. This groundbreaking mixed-use development, designed by super-star Architect Kengo Kuma and called the ‘inimitable Japanese architect” by Architectural Digest, promises…

Brand Urban Secures Fourth South Florida Location For ‘maman’ With 2,590-Square-Foot Storefront Coming To 55-Story ‘830 Brickell’ Office Tower

Brand Urban, a Manhattan-based retail real estate brokerage and advisory firm, has announced that maman, the acclaimed French-inspired café and bakery from co-founders Elisa Marshall and Benjamin Sormonte, will open a new 2,590-square-foot location at 830 Brickell. This 55-story, 640,000-square-foot Class A+ office tower in Downtown Miami’s Brickell Financial District…

Lease roundup: Montauk Lobster House opens in Coral Gables, Citigroup Center scores eight tenant deals

Montauk Lobster House opened its first restaurant outside of New York in Coral Gables. The Flores family’s Montauk Lobster House leased 3,500 square feet of dining and kitchen space, and a 1,500-square-foot outdoor patio at 1549 Sunset Road, according to a news release from the tenant’s broker. The Flores family opened the first Montauk Lobster House in 2018 in Montauk. Two other…

Kushner Companies Propose Luxury Housing Complex for 9300 Collins Avenue in Surfside

Kushner Companies hopes to get the green light for a luxury housing complex in Surfside. The New York-based firm secured the 2.23-acre build site for $40 million back in September. Plans call for a 140,637-square-foot apartment building that would measure three stories above grade and offer 87 units. The South Florida Business Journal reports that homes will measure 1,128 square feet…

Multiple High-Profile Soccer Players Buy At Aria Reserve; Completion 2024

The developer of the twin 62-story tower Aria Reserve project says multiple high-profile soccer players have purchased units there. Alexis Mac Allister, Juan Pablo Angel, Paul Pogba and James Rodríguez are among the players said to have purchased premium units. “This trend is part of the growing excitement around soccer in Miami, which has been fueled by Messi’s move to the city,” said…

Miami-Based Firms Raise Over $500M For 2 Multifamily Investment Funds

Two Miami-based firms are planning more than $500M in combined investment in U.S. residential properties. Eagle Property Capital Investments announced it had closed a $309M fund aimed at acquiring value-add multifamily properties across the Sun Belt, while BEO Investments announced a $200M capital allocation to invest in condo development across the country.

Miami-Mexico City joint venture raises $309M for multifamily acquisitions

Eagle Property Capital Investments and Promecap have completed raising $309 million for an investment fund targeting multifamily properties in Sun Belt states. Miami-based Eagle Property and Mexico City-based Promecap will use the fund to provide equity for the acquisition of about $883 million in apartment complexes, buildings and communities, according to a press release.

“Tough decisions”: South Florida to feel sting as office debt matures

In a suburb west of Miami International Airport, far from the glitz and bustle of the urban core, sits a collection of nine brick-red, beige and off-white office buildings from the 1980s. In October, the Florida Department of Revenue vacated its 41,000-square-foot space at the low-rise campus, called the Office Park at MICC. The debt on the property was soon placed on a watchlist…

South Florida developer Alberto Vadia dies at 76

Alberto Francisco Vadia, who was involved in the development of the village of Wellington, Midtown Miami and more recently South Miami, died at the age of 76. The under-the-radar developer worked closely with his younger son Alex Vadia of Midtown Opportunities, including on the planned Shops at Sunset Place redevelopment. The elder Cuban-born developer apprenticed…

BAM Property Development Files Plans For 14-Story Mixed-Used Project At 650 N Andrews Avenue in Fort Lauderdale

New York-based BAM Property Development has submitted plans to Fort Lauderdale’s Development Review Committee for a 14-story mixed-use building in the city’s Flagler Village neighborhood. Situated at 650 North Andrews Avenue and bordered by North Flagler Drive to the northwest, Northeast 7th Avenue to the north, and Northeast 1st Avenue to the east, the proposed 175-foot…

Investors pay $21M for Fort Lauderdale boat facility and dev site

A trio of investors, including a parking executive entangled in a 2018 Miami fraud case, paid a combined $21 million for a waterfront boat sales and repair facility and a development site near the beach in Fort Lauderdale. An entity managed by Andrew Beachler, president of Miami-based Beachler Capital Corp., acquired the Marina Mar Building at 3100 East Oakland Park Boulevard and…

Galleria Fort Lauderdale mall hits market, brokers expect it sell “above $100M”

Galleria Fort Lauderdale is hitting the market as a redevelopment opportunity, and the team listing the former luxury shopping mall is targeting a sale price north of $100 million. A CBRE team led by Robert Given and Brad Capas is marketing the 800,000-square-foot indoor shopping center at 2442 East Sunrise Boulevard in Fort Lauderdale. There is no asking price, but Capas said…

Naftali wins approval for 936-unit apartment project in Fort Lauderdale

New York-based Naftali Group won site plan approval for a two-tower, 47-story and 45-story apartment development with 936 units near downtown Fort Lauderdale, despite objections from the owner of an adjacent hotel. The Fort Lauderdale City Commission on Tuesday voted 4-1 for the site plan proposed by Naftali, after the owner of the Dalmar hotel complained the apartment…

Benderson buys Linton Commons retail complex in Delray Beach for $28M

Benderson Development bought a shopping center in Delray Beach for $28 million, marking the firm’s continued investment in South Florida retail properties. Sarasota-based Benderson purchased Linton Commons at 500, 510 and 520 West Linton Boulevard from Menin Development, according to records and real estate database Vizzda. The 85,000-square-foot Linton consists of three…

State considers easing Florida Keys development regulations

The state of Florida is reconsidering development regulations in the 113-mile Florida Keys archipelago. Population growth and updated analysis on hurricane evacuation needs are paving the way for a possible increase in building permits granted across Monroe County, the Miami Herald reported. Owners of the many undeveloped properties in the Keys are expected to support easing…

Investment-Grade CRE Assets Nationally Hit Biggest YoY Price Decline Since March 2010

October was another bad months for CRE sales. November’s CoStar Value-Weighted U.S. Composite Index — big property sales in large metro areas — with data through October, was down 1.4% over September. The number was also down 8.7% year over year. “Meanwhile, the Equal-Weighted U.S. Composite Index, which shows the more numerous, lower-priced property deals more…

Investors Are Underweight in Retail. Here’s Why That’s a Mistake

The retail asset class is gaining more attention because of its strong fundamentals — low vacancies, limited new development, and rising rents — not to mention higher going-in cap rates, according to a new report from Colliers. Retail drove 18% of all sales volume in Q3, the highest share since 2018, Colliers said. But perhaps that share should have been higher. “Investors are likely ‘underweight’ to…

FDIC Increasingly Concerned About CRE Loans Nationally That are Falling Behind

The third quarter saw a significant increase in the number of noncurrent bank loans, according to the Federal Deposit Insurance Corporation’s Quarterly Banking Profile for Q3 2023. “Looking more closely at commercial real estate portfolios, we are beginning to see concerning trends in non–owner–occupied property loans,” said FDIC Chairman Martin Gruenberg in prepared remarks.

Industrial Sector Maintains Momentum Despite Uptick in Vacancy Rates

Despite challenges in the macroeconomic environment, industrial properties remained one of the most sought-after commercial real estate asset classes nationwide. According to our latest industrial market report, investors closed $44.4 billion in industrial deals year-to-date through October, compared to the $27.9 billion recorded in office sales over the same period. And while heavy…

Amazon Cites Warehouse Changes in Tripling Profit, Slashing Shipping Costs

E-commerce giant Amazon said streamlining its distribution network with changes in its warehouses and delivery centers over the past year fueled higher third-quarter profit and led to increased sales. The move to a regional shipping network from a national hub-and-spoke model allowed Amazon to cut its national warehouse footprint as well as delivery times and shipping costs…

Yellow’s Trucking Terminals Sell To Multiple Buyers For $1.9B At Bankruptcy Auction

As the saga of Yellow’s bankruptcy nears a close, its auction of assets has netted $1.9B in commitments for 130 owned properties so far, according to FreightWaves. The largest bid was XPO’s $870M offer for 28 properties, including two that are leased. Estes, the stalking horse bidder, scored 24 truck terminals for $250M, and Knight-Swift Transportation drove away with 13 terminals…

Top 20 Warehouses Nationally 2023: Demand soars, mergers slow

The U.S. economy may have taken a breather in 2023, but demand for warehouse and industrial space remained high throughout the year. This had a positive impact on North American third-party logistics (3PL) companies that offer storage, logistics, fulfillment and/or transportation solutions to a range of different organizations. Cold chain 3PL providers that…

USA Apartment Rents Remain Flat, and Could Be for a While

Apartment rent growth has been rapidly cooling off since peaking in March 2022. But that trend could be leveling off – at least for now. Effective asking rents inched up 0.16% year-over-year nationally as of November 2023, compared to 0.08% in October, with change measured on a same-store basis. That marked the first time in 20 months that the pace of rent change did not…

What’s driving neighborhood retail’s success

Retail is evolving. And not just because of e-commerce. Hybrid work is driving the evolution of brick-and-mortar retail—especially urban retail properties and neighborhood shopping centers. While many retailers in central business districts are adjusting to hybrid work schedules, consumers are still making purchases seven days a week. They’re just shopping in different places…