ZOM Living, Moinian Group Purchase Land to Develop 43-Story Apartment Tower in Miami Worldcenter

ZOM Living and The Moinian Group have partnered to purchase the land necessary to develop Luma, a 43-story, 434-unit apartment community within downtown Miami’s Miami Worldcenter project. The joint venture plans to break ground in the coming weeks. Luma will offer floor plans ranging from 566 to 1,808 square feet and amenities such as a wellness center, speakeasy, sundry shop, dog salon…

Miami Developer Robert Zangrillo among parents facing new charges in college admissions scandal

Miami developer Robert Zangrillo is among the 16 parents now facing additional charges in the Justice Department’s largest-ever college admissions investigation. Zangrillo was among the 33 parents indicted in March for paying to get their children into schools that included the University of Southern California, Stanford, Georgetown and Yale. In addition to being charged with conspiracy to commit mail fraud…

Miami Developer Robert Zangrillo Hit With More Charges in College Bribery Scandal

Robert Zangrillo, one of the main investors behind a controversial luxury development in Little Haiti, was hit today with new charges in the college admissions cheating scandal. In addition to being charged with conspiracy to commit mail fraud and honest-services mail fraud, he has now been indicted for conspiracy to commit fraud and money laundering. The CEO of Dragon Global is among 16 parents…

New York Based Just Salad Is Bringing Its Avocado Toast in a Box to Miami

Just Salad, a New York-based fast-casual restaurant all about eating healthy on the go, is coming to Florida. The chain is more than just salads, however. The menu also offers customizable, made-to-order wraps, bowls, and smoothies as well as salads. One of its most popular menu items is the “toast box”: avocado toast served in — you guessed it — a box. …Miami at 1050 NW 14th Street…

Why Publix is stocking up on real estate

As Amazon’s acquisition of Whole Foods threatens to upend the entire grocery sector, those currently sitting atop the retail food chain are working hard to solidify their standing. Publix Super Markets, the dominant chain throughout Florida with 227 locations in the tri-county South Florida region alone, is doing just that. The company is making moves to ensure that it can weather any market challenge…

Former Parmenter exec launches Miami investment firm

Areya Keshvari, a former vice president at Parmenter, launched his own investment firm in Miami. Keshvari created Biscayne Capital Advisors to provide real estate investment for private capital, he said. The firm is backed by a prominent real estate family from the Southeast, whom he declined to identify. Biscayne Capital will focus on buying value-add office buildings and multifamily properties in…

Miami ready to move ahead on Miami Beach transit connector

Miami city commissioners are ready to move ahead on a long-awaited beach corridor transit plan connecting with Miami Beach. A proposal to establish a partnership among the city, Miami-Dade County and the City of Miami Beach to improve regional mobility between the city’s urban core and Miami Beach via the MacArthur Causeway is on today’s (4/11) commission agenda. On July 20, 2016…

Parbel Renews Miami HQ Lease

Parbel has signed a lease renewal at 6100 Waterford, located at 6100 Blue Lagoon Drive and one of the three buildings comprising Waterford Atrium, a Class A office campus in Miami that is part of the Waterford at Blue Lagoon business park. The 43,624-square-foot space serves as the headquarters for the cosmetics, perfumes and beauty products distributor formerly known as Helena Rubinstein…

Health District apartment project allowed to shrink

The developer who intends to bring new apartments to the edge of the Health District in Miami adjacent to the Dolphin Expressway has revised plans for a shorter building. In February, Spring Garden Apartments LLC received the Urban Development Review Board’s conditional approval for an 11-story mixed-use building at 1005 Spring Garden Road. Attorney Iris Escarra, representing the developer…

Brickell Avenue Bridge hours change may be permanent

The Florida Department of Transportation (FDOT) is conducting a traffic study that includes a temporary change in the schedule of openings of the Brickell Avenue Bridge. Depending on what the data reveal, the change could become permanent. Stakeholders downtown and in Brickell have complained for years that excessive bridge openings paralyze the two areas. The project was approved…

Chairman vows to bar Ferré Park, FEC Slip commerce

Miami City Commission Chair Ken Russell is ready to move on his vow to protect the city’s Maurice A. Ferré Park and adjoining FEC Slip from commercial development. A proposed resolution from Mr. Russell to limit uses there to only park and other green space is on today’s (4/11) commission agenda. The topic of city park land being impacted by commercial uses arose two weeks ago when…

Learn from New York: congestion pricing can build transit

As New York takes the nation’s first step to charge drivers to enter congested areas, other cities will examine doing the same. Congestion-weary Miami should take the lead. Manhattan aims to reduce traffic in densest areas and peak times, lessening gridlock, speeding travel and funneling fees to subways. When the charges begin in 2021, air pollution will dip. Those aims fit Miami’s needs too. Manhattan has…

Related breaks ground on second phase of CityPlace project

Related Companies is making progress on its redevelopment of CityPlace in West Palm Beach. The New York developer announced it is officially changing the property’s name to “Rosemary Square” and is breaking ground on phase two of its plans for the mixed-use property. The project calls for a redesigned plaza, public spaces, green areas, outdoor dining venues, new stores and interactive art…

Downtown Miami condo board sues unit owner for violating short-term rental ban

Front desk personnel at the Marquis Miami luxury tower near American Airlines Arena began logging the number of guests entering a unit on the 18th floor on March 13. Over the next 10 days, more than two dozen visitors were granted access to the two-bedroom condo owned by DDW Property Holdings, LLC, a recently dissolved Florida corporation managed by Larry Zuckerman in Cleveland, Ohio.

Pricing revealed at Sapir’s Arte by Antonio Citterio in Surfside

Developer Alex Sapir has unveiled prices at his boutique luxury condo project in Surfside. Units start at $10.2 million and go up to $40 million at Arte by Antonio Citterio, a 12-story, 16-unit building at 8955 Collins Avenue. Sapir’s Sapir Corp. said it is officially launching sales of Arte now, about four months after launching during Art Basel Miami Beach, according to a spokesperson. Corcoran Sunshine…

CC Homes seeks NY registration to sell Canarias at Downtown Doral

Capitalizing on the surge of Northeasterners fleeing high-tax states, CC Homes is seeking registration to sell Canarias at Downtown Doral in New York and New Jersey, The Real Deal has learned. Jim Carr, who is developing the luxury home and townhome community with partner Armando Codina, said the developers have already seen an influx of buyers from those states, as well as from the Washington…

The Thames, The Seine, And … The Miami River?

Lissette Calderon was thinking of London and Paris after she graduated from Wharton, finished an investment banking stint in New York and came back to her hometown of Miami in the late 1990s. “All big cities were started around a river,” Calderon said. “Having traveled the world — New York, Chicago — they all have this amazing artery in the urban core. All good metropolises have this riverfront.”

Another Coconut Grove Playhouse meeting; and protest, planned

The City Commission is meeting Thursday, April 25 and on the agenda is the Playhouse issue, yes, again. They will decide whether to go ahead with the County’s plans, which seem to not be liked by anyone except the county. At the last HEP Board meeting, the board voted against the County’s current plans, by a vote of 6 to 4, that the Certificate of Appropriateness and demolition permit were denied, yet…

This developer is joining Russell Galbut’s South Beach tower project

Developer David Martin joined Russell Galbut’s Crescent Heights project in South Beach as a partner. Martin, president and co-founder of Terra, announced his involvement in the Park on Fifth, Galbut’s mixed-use tower and park project at 500 to 700 Alton Road, during a recent community meeting, according to RE Miami Beach. Crescent Heights will perform an implosion of the 10-story South Shore…

LA firm Hawkins Way Capital lists two South Beach hotels for sale with expansion plans

A Los Angeles real estate investment firm is looking to sell two boutique hotels in South Beach that could trade for more than $300,000 a key, according to a commercial broker. Hawkins Way Capital is listing the 35-room Clifton Hotel at 1343 Collins Avenue and the 22-room Loft Hotel at 952 Collins Avenue for sale with CBRE’s Natalie Castillo and Joshua Beene. At that price per room, the properties could sell…

Anti-development activists warn locals against selling to prospectors in Little River

The Miami City Commission is expected to vote on the proposed 8.2 million-square-foot Magic City Innovation District project at the end of March. It isn’t every day that a food hall with 15 restaurants opens just a few blocks away from the bedroom municipalities of Miami Shores, El Portal and Biscayne Park. So when Nick Hamann celebrated the grand opening of the Citadel at 8300 Northeast Second…

State agency approves bond issue to finance Virgin Trains expansion to Orlando

Virgin Trains USA won state approval for a bond issue to finance an extension of its South Florida passenger train service to Orlando. The rail service, formerly known as Brightline, will be able to issue as much as $950 million private activity bonds approved Friday by the Florida Development Finance Corp. Virgin Trains expects to launch service to Orlando in 2023. Approval of the bond issue will allow…

Coral Rock Development principals sell Wawa site in Cutler Bay

Two principals of Coral Rock Development Group and a partner sold a property in Cutler Bay where a Wawa is under construction for $5.7 million. David Brown and Victor Brown of Coral Gables-based Coral Rock Development and Joe Weiselberg of Miami sold the 90,526-square-foot lot at 11101 Southwest 184th Street in Cutler Bay for $62 per square foot, records show. Joel Horowitz of Boca Raton…

Key International sells Little Havana apartments

Key International sold a group of apartments in Little Havana for $10.1 million. The Miami-based company, led by co-presidents Inigo and Diego Ardid, sold Havana Palms II, a 79-unit multifamily complex at 931 Southwest Third Street in Miami, to an undisclosed foreign buyer, according to Marcus & Millichap. The 2-acre property includes 10 buildings built in 1947. The property was 97 percent occupied at…

Institutional investors are factoring climate change into real estate deals in coastal cities: panel

The impacts of climate change are spurring institutional investors to consult imaging maps, computer models and big data to help make decisions about whether or not to buy real estate in Miami, New York and other major coastal cities around the world, according to real estate experts. At a a sea level rise conference Thursday hosted by the law firm Hinshaw and Culbertson…

Investors underpricing impact of climate-related risks, says BlackRock

Asset manager behemoth BlackRock warns that investors are underpricing the impact of climate-related risks and need to rethink their assessment of asset vulnerabilities. The group, in a major piece of on-going analysis, asserts that while the physical manifestations of climate change are clear, including rising sea levels, and more intense hurricanes, wildfires and droughts, how investors incorporate…

Climate change will crush real estate values for investors who don’t prepare, new report says

For any investor, measuring opportunity against risk is critical. And for real estate investors in particular, risk is rising exponentially in the age of climate change. To that end, big real estate firms are pouring significant resources into calculating climate risk and its likely effect on property portfolios — everything from increasingly extreme weather to a rise in sea levels. “This process will be painful for investors…”

YotelPad Miami scores construction loan from Bank OZK

The development group building YotelPad Miami closed on a construction loan from Bank OZK for the downtown Miami project. Aria Development Group and AQARAT received a $76.25 million loan from the bank, previously known as Bank of the Ozarks, property records show. The project, at 227 Northeast Second Street, will be a 31-story tower with 231 condos and 222 Yotel “cabins,” or small hotel rooms.

Double play: A-Rod’s real estate firm closes multifamily fund and opens $50M fund

Retired Yankees slugger Alex Rodriguez’s real estate company just closed its first multifamily fund and is trying to score again with the opening of its fourth fund. Miami-based Monument Capital Management said it closed its first multifamily fund with $21 million in equity. It’s now launching a $50 million fund focused on workforce Class B and C housing. The new investment fund will look at buying up…

Miami Beach to legalize renting out guest apartments

Does your Miami Beach home have a guest apartment with its own bathroom and kitchen? If so, you may soon be able to legally rent it out. In an attempt to create more affordable housing and provide homeowners with extra income, the Miami Beach Land Use and Development Committee unanimously backed a proposed ordinance that seeks to legalize the leasing of accessory dwelling units in…

Baskir Capital buys a TD Bank branch in North Miami Beach

Baskir Capital Management bought a TD Bank branch in North Miami Beach for $6.6 million amid increasing investor interest in the area. The New York-based real estate firm bought the 4,676-square-foot property at 1190 Northeast 163rd Street for $1,411 per square foot, records show. A company tied to Aventura-based Elion Partners sold the property. The bank sits on a nearly 1-acre lot…

Richard Branson, Brightline unveil Virgin Trains at MiamiCentral

Sir Richard Branson promised to “sprinkle some Virgin magic” on Brightline at the official unveiling of the renamed Virgin MiamiCentral on Thursday. The Virgin Group founder was joined by Virgin Trains USA President Patrick Goddard, Miami Mayor Francis Suarez and other city and county officials at the mixed-use train station previously called MiamiCentral. The rebranding was revealed as the high-speed…

Video: Hines Leasing Direct Nick Garzia Presents Retail Forecast & Review

Nick Garzia, Director of Leasing at Houston based developer – and owner of Doral Corporate Center at 3750 NW 87th Avenue – Hines – appears on this commercial real estate related show to discuss the final quarter of 2018, which retailers excelled and which rather flopped and what these scores and fails mean for the future (of retail) to come. He discusses Amazon versus Walmart, who will win, and mixed…

Factors used to determine tortious interference with contracts

One of the basic principles of the economy in Florida is that there is competition. Therefore, there are many businesses who offer the same or similar services and products. This gives consumers choices to pick the product that best fits their needs and budgets. It also creates competition between companies to produce better products or services at competitive prices. However, this competition can…

What Real Interest Rates Tell about the Recession to Follow

Can economists say anything about the severity of a recession before it starts? This blog post argues that long-term real interest rate levels before recessions exhibit a correlation with the severity of the recession, measured in terms of its duration or its impact on macroeconomic variables such as the unemployment rate. This topic is especially pertinent as one yield curve briefly inverted and…

Todd Glaser kills plan for 15-acre mixed-use development in South Beach

Developer Todd Michael Glaser killed his plans to build a 15-acre mixed-use district in western South Beach, saying he won’t pursue it unless there’s an outcry from area residents and property owners demanding it. Glaser said he withdrew his West of West overlay district proposal a day before Wednesday’s Miami Beach Land Use and Development Committee meeting after city planners criticized aspects…

Video: Bainbridge EVP & COO Discusses Multifamily Development Opportunities

Kevin Keane, Executive Vice President and COO with the multifamily developer Bainbridge Companies, joins Michael on America’s Commercial Real Estate Show via Skype to discuss opportunities in multifamily development, construction costs, and lender sentiment.  Bainbridge develops “basically along I-95,” from Miami to New Jersey. He discusses how construction costs, particularly materials and…

Miami Beach may encourage taller hotel development on Lincoln Road

Real estate investor Sam Herzberg’s desire to turn the 91-year-old Sterling Building into a 130-room hotel has sparked interest in Miami Beach to encourage more hotels and smaller rooms on Lincoln Road. Miami Beach commissioners Ricky Arriola, Joy Malakoff, and John Elizabeth Aleman on Wednesday largely backed a proposed law that would waive parking requirements for hotel additions attached…

Miami is the most rent-burdened city in the country: report

More than a third of Americans are considered rent-burdened, meaning they spend at least 30 percent or more of their monthly income to pay for rent. A new report from Freddie Mac shows the most expensive cities aren’t always at the top of the list. Miami ranked as the most rent-burdened of the top 50 metro areas in Freddie Mac’s report. It was followed by San Diego, Los Angeles, New York and…

Miami’s Blue Lagoon Has 888 Apartments, 294 Hotel Rooms Coming

The turquoise Blue Lagoon swimming hole in Jamaica is stunningly picturesque. Miami’s Blue Lagoon, just south of the international airport, is, uh, slightly less so, surrounded by boxy office buildings and efficient business hotels. That’s changing, though, as Miami last week approved a plan for 888 mixed-income apartments, plus another 294 hotel rooms.

Major mixed-use project in Allapattah scores first commission approval

A major mixed-use project with thousands of co-living apartments in Miami is one step away from fully moving forward. The Miami City Commission voted on Thursday to approve Robert Wennett’s Miami Produce Center special area plan on first reading. The proposed 1.4 million-square-foot development would be built in Allapattah, a neighborhood east of Miami International Airport and west of Wynwood.

Joint Venture Delivers 294-Unit Apartment Community in Miami

A joint venture between Adler Group, 13th Floor Investments and Barings LLC has delivered Motion at Dadeland, a 25-story, 294-unit apartment community in Miami’s Dadeland submarket. The joint venture also teamed with Miami-Dade County Department of Transportation and Public Works to deliver the asset. Motion at Dadeland offers studio, one-, two- and three-bedroom floor plans and…

Miami is the most rent-burdened city in the country: report

More than a third of Americans are considered rent-burdened, meaning they spend at least 30 percent or more of their monthly income to pay for rent. A new report from Freddie Mac shows the most expensive cities aren’t always at the top of the list. Miami ranked as the most rent-burdened of the top 50 metro areas in Freddie Mac’s report. It was followed by San Diego, Los Angeles, New York and…

365K SF Lease Renewed in Miami’s Airport North Submarket

CEVA Logistics has signed a long-term lease renewal with Clarion Partners for the entire 364,608-square-foot industrial building in Miami’s Airport North submarket. A Transwestern team comprising Executive Managing Directors Ben Eisenberg and Walter Byrd, Managing Director Thomas Kresse and Vice President Carlos Gaviria negotiated the lease on behalf of the landlord, while CBRE Senior Vice…

South Dade Transitway developer may be on board this year

Miami-Dade could pick a firm to develop “gold standard” bus rapid transit on the South Dade Transitway by year’s end, Transportation Director Alice Bravo says. “That’s our goal,” she told commissioners Daniella Levine Cava, Dennis Moss and Xavier Suarez at a transportation fiscal priorities meeting Monday. The 20-mile transitway last year became the first of six corridors targeted for upgrades…

Miami seeks expert to negotiate with David Beckham team

Miami commissioners have agreed to hire a third party to assist city administrators in their negotiations with the David Beckham group for a long-term lease of city-owned property adjacent to Miami International Airport. The deal, if approved, would turn the Melreese Golf Course into a sweeping commercial development anchored by a Major League Soccer stadium. The controversial matter has led some…

Miami OKs its first legislation to protect from sea level rise

The Miami City Commission made history March 28 by approving the city’s first piece of legislation related to protections from sea level rise. The move to add resilience methods into the Miami 21 zoning code was met with support from environmental organizations, community leaders and from residents who say the City of Miami is Ground Zero for sea level rise and climate change concerns.

No Ferris wheel for Maurice A. Ferre Park

There will not be a Ferris wheel erected at Maurice A. Ferré Park on the City of Miami waterfront. That was the clear message from city commissioners March 28. Will city rules be changed to allow a Ferris wheel at Bayside Marketplace, a large open air mall of stores and restaurants on leased city-owned land? Maybe. Commissioners directed the city Planning Department to go back to square one in…

Melo Group nabs $63M loan for Miami Plaza apartments

Melo Group closed on a construction loan for Miami Plaza, a 36-story tower in Miami’s Arts & Entertainment District, property records show. BB&T Bank is the lender on the $62.7 million loan for the property at 1502 Northeast Miami Place. The project, planned to have 437 apartments and 7,000 square feet of ground floor commercial space, broke ground in March, Carlos Melo previously said. Miami Plaza…

CIM Group scores $71M loan to build Wynwood Square

CIM Group scored a $71.2 million construction loan to start building its 12-story Wynwood Square mixed-use project. The Los Angeles-based company secured the loan from Sumitomo Mitsui Banking Corp., one of the largest Japanese banks, records show. Wynwood Square will include 241 apartments, 60,290 square feet of office space, 27,212 square feet of retail and 481 parking spaces. The project…

Home sale prices in Opportunity Zone jump 25%

With government officials projecting that more than $10 billion in private capital will pour into federal Opportunity Zones, real estate values in those areas are expected to jump. According to one study, so far they’re right. Home sale prices of residential properties in designated Opportunity Zones rose by more than 25 percent over the past year, according to the new Zillow report. Created as part…

Brazilian developer, contractors facing wrongful death lawsuit over Miami Beach building collapse

The family of a project manager who was killed after a Miami Beach building unexpectedly collapsed last year is suing the developer and construction team behind the demolition, citing a wrongful death. Judith Anne Landis filed a lawsuit Monday against AlliedBean Demolition, Alan Wackes, Miami Beach Associates LLC, AA Demolition Management, Safety & Risk Solutions, and MREAM LLC, the latter…

Keller Williams franchise owners buy Doral office building

The local owners of a Keller Williams Realty franchise paid $5 million for an office building in Doral, with plans to add agents and create a training facility. KW Doral Property LLC, led by Louis Erice, bought the 19,166-square-foot building at 10900 Northwest 25th Street for $261 per square foot. Jeffrey Roa, co-owner and managing director of commercial sales for the franchise, Keller Williams Realty…

Metronomic expands to Miami’s Upper East Side

Developer Ricky Trinidad is tapping into Miami’s Upper East Side neighborhood with three boutique apartment projects in the works and more planned. Trinidad’s Metronomic recently closed on three development sites in the area, where the company plans to build Shorecrest Place, Bayshore Point and Metronomic Place Dos, with a combined 49 units. The sites are near North Bay Village, where…

Miami’s busiest builders

For more than a year, nearly 850 construction workers have been furiously transforming 27 acres of once-abandoned lots in downtown Miami into one of the biggest developments in city history. Within the sprawling $4 billion Miami Worldcenter project, work crews have completed a 444-unit rental apartment tower called Caoba while putting the finishing touches on the 60-floor luxury condominium…

CA Ventures pays $21M for site of student housing project near University of Miami

Chicago investment firm CA Ventures paid $21 million for an assemblage of properties near Coral Gables, where it’s planning to build a student housing development. Property records show 5830 SW 57th Ave LLC paid $15 million in a bulk purchase for the Cloisters at the Gables, a 79-unit condo complex at 5810, 5830 and 5840 Southwest 57th Avenue. The CA Ventures affiliate also paid $6 million for the…

New investor values to-open-hotel-in-Miami CitizenM at $2.6B

Singapore’s sovereign wealth fund has acquired a 25 percent equity stake in CitizenM, a chain of 15 boutique hotels based in the Netherlands. CitizenM said the undisclosed investment gives the hotel company an enterprise value of €2 billion, according to the Financial Times. Founded in 2008, CitizenM targets business travelers seeking short stays and was the first hotel company to list…

Miami city commissioners approve rezoning for mixed-use Blue Lagoon development

Miami city commissioners approved a rezoning that would permit a mixed-use development in the Blue Lagoon area just south of Miami International Airport. The rezoning proposed by the Weiss Group of Companies raised the development site’s maximum building height from eight to 12 stories… to develop 888 apartments and 294 hotel rooms in the area of 4865, 4875 and 4885 Northwest 7th Street.

FIU plans to build hotel as part of $66M project

FIU will build a hotel, alumni center and conference center on its main campus as part of public-private partnership. The $66 million project in Sweetwater will include a 13,700 square-foot alumni center, 33,000 square feet of meeting space and a 150-bed hotel. It will be privately funded, and is expected to open by the fall of 2021, according to a release. The meeting space will host academic, research…

Project manager sues China-based developer over abandoned Brickell tower project

The project manager of a planned major mixed-use tower in Brickell has sued the developer, claiming breach of contract on a property that has remained vacant more than four years after it was acquired. The project manager, American Da Tang and its CEO, Shanjie Li, are suing CCCC International USA, a subsidiary of Beijing-based China City Construction Holding…

Former Collection Residences site in Coral Gables will become luxury senior living

The former site of the planned high-end luxury condo development, The Collection Residences in Coral Gables, will soon become senior housing. Baptist Health South Florida and Belmont Village Senior Living are partnering to build a luxury senior living facility at the 2.8-acre site at 250 Bird Road, according to a press release from HFF. Baptist Health recently closed on the site in January for $37 million.

Robert Zangrillo is no longer involved in Magic City Innovation District

In the hours before a Miami commission meeting Thursday to decide the fate of the Magic City Innovation District in Little Haiti, confusion reigned as to whether the $1 billion project’s primary investor Robert Zangrillo — who was charged in the recent college admissions scandal — was still playing a leading role. MCD Miami LLC, the partnership developing the project, notified city commissioners on…

Former Ecuadorian official accused in bribery scandal has ties to SoFla properties

As South Florida real estate has long…  an investigation reveals the family of a disgraced former Ecuadorian official, Carlos Polit, has ties to three Miami area properties. They include: 1830 Coral Way: A small office building, bought for $1.8 million in 2013; 1902 Southwest 22nd Street: An office building near downtown Miami, purchased for $2.67 million in June 2016.

South Florida construction starts plummet in February

South Florida construction starts plummeted for the second straight month. Total construction starts declined 63 percent on a year-over-year basis in February to $589 million, according to a new report by Dodge Data & Analytics. Commercial real estate saw the biggest drop, falling 78 percent to $190.1 million, while residential starts declined 43 percent to $399 million. While monthly housing starts reports…

Coral Gables changes direction on Allen Morris and Related’s mixed-use project

The Coral Gables City Commission has a new plan for one of its city-owned garages near Miracle Mile. The commission voted on first reading on Tuesday to build a replacement for the Garage 1 at 245 Andalusia Avenue, giving itself three years to build a 750-space garage. If, after three years, the city doesn’t develop the garage, the city would move forward with the previous proposal from Coral…

Baywood scores $17M construction loan for Hilton near MIA

An entity affiliated with Baywood Hotels closed on a $16.6 million construction loan to build a 134-room hotel near Miami International Airport. Baywood Hotels is planning to build a Home2 Suites by Hilton on a 83,200-square-foot lot at 8852 Northwest 26 Street in Miami. The developer secured the loan from Ocean Bank, a Miami-based community bank that is one of South Florida’s most active…

South Florida’s top 5 office sales for February

Bridge Investment Group paid $74.3 million for Sawgrass Technology Park in Sunrise. A joint venture between funds managed by Oaktree Capital Management L.P. and Fifteen Group sold the 11-building office park at 1601 Northwest 136th Avenue. Chris Lee, José Lobón and Marcos Minaya of CBRE represented the seller. SR Technology is one of the major tenants at the office park. The software company…

AirbnBuzz kill: An intensified crackdown on short-term stays is hurting Miami Beach home sales, local brokers say

Two years ago, Natalie Nichols was getting unsolicited cash offers north of $1.7 million to buy her waterfront home in Miami Beach’s Sunset Islands neighborhood. She stood to make at least $500,000 on any potential deal. However, the Miami Beach resident and real estate investor wasn’t interested in selling the two-story residence, which features four bedrooms, three bathrooms, a pool with a bay…

Tommy Hilfiger to close stores in NY, Miami Beach

Another Fifth Avenue fashion titan has announced it will shutter its flagship on the famed shopping strip, serving a reminder of the decline of brick-and-mortar retail. Tommy Hilfiger will close its 22,000-square-foot store at 681 Fifth Avenue, according to Women’s Wear Daily. The company will also reportedly close its store on Collins Avenue in Miami at the end of April. In a statement to WWD…

Miami seeks proposals for major bayfront development

Maurice A. Ferré, a long-time City of Miami mayor, is not happy that the city that just renamed a waterfront park in his honor plans major redevelopment of adjacent city-owned property, including what’s known as the FEC Slip downtown. In a March 25 letter to the mayor and city commission, Mr. Ferré voices objections to a plan to put a Ferris wheel at Bayside Marketplace, and to an active request for…

American Airlines club deal nets county $80 million

A deal to expand American Airlines’ VIP club space at Miami International Airport (MIA) by more than 52% and yield Miami-Dade County more than $80 million over a decade is one vote from approval. County lawmakers in a tourism committee last week forwarded a 10-year lease agreement with the air carrier to a final April 9 vote. If given the OK, the new deal, sponsored by Commission Vice Chairwoman…

Ready Capital Provides $8M Acquisition Loan for Vacant Retail Property in Miami

Ready Capital has provided an $8 million acquisition, renovation and lease-up loan for an 8,000-square-foot, vacant building in the Miami neighborhood of Wynwood. Ready Capital provided the nonrecourse, interest-only, floating-rate loan that features a 36-month term with two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant…

Alton Gateway changes marching forward

The Alton Gateway developers have proposed changes in their original plans for the condominium tower, park and retail off the MacArthur Causeway entrance to Miami Beach. The amendments passed a first reading this month and are due a final vote in April. The Alton Gateway Development is to bring a luxury condo, three-acre park and retail behind Bentley Bay Condominiums and the Floridian.

University of Miami dorms learning sites

When the University of Miami administration decided to replace its 50-year-old dorms with two sleek new clusters of mixed-use buildings, the focus changed. “This isn’t just housing; it’s an extension of the learning environment,” said Jim Smart, UM’s executive director of Housing and Residential Life. Buildings in each cluster feature housing on the upper floors and classroom, office, recreational, study…

Logistics Company Renews 364,608 SF Industrial Lease in Miami

Ceva Logistics, a global logistics supply chain company, has renewed its long-term, 364,608-square-foot lease to fully occupy 5601 NW 72nd Avenue in Miami. The industrial property is situated about seven miles west of Miami International Airport. Thomas Kresse, Ben Eisenberg Walter Byrd and Carlos Gaviria of Transwestern Commercial Services represented the landlord, Clarion Partners, in the lease…

Ex-Mayor Maurice Ferré pleads to bar bayfront Ferris wheel

One of Miami’s most revered and celebrated former mayors, Maurice A. Ferré, this week delivered a strong message to current leaders at City Hall: Save the waterfront. In a detailed, four-page March 25 letter sent to Mayor Francis Suarez and all five commissioners, the long-time mayor and community leader pleaded with them to protect public open spaces and parks. Mr. Ferré specifically opposes a…

Insurance premiums could rise as more extreme storms hit coastal markets

It’s no secret that coastal homes are becoming more vulnerable to extreme weather and other effects of climate change. But the cost of living on the coast has remained relatively stable in waterfront areas of Miami Beach and the Northeast. That’s partly due to an influx of capital in the insurance industry that has increased competition and kept premiums artificially low, Bloomberg reported. At the…

Brickell House condo owners reach $32M settlement over failed robotic parking

When Brickell House opened in 2014, condo owners thought they were buying into an ultra-modern luxury tower with panoramic views of Biscayne Bay and a new state-of-the-art robotic car elevator that would bring them their cars within 10 minutes. Shortly after closing on their units, however, buyers realized the dream of hassle-free smart parking wasn’t to be: The technology flopped, the elevator’s…

Baywood buys Red Roof Inn near MIA

Baywood Hotels paid $13.1 million to buy a Red Roof Inn near Miami International Airport, amid a growing hotel market. The Maryland-based company bought the 200-room hotel at 3401 Northwest 42nd Avenue for $65,500 per room from Ontario, Canada-based Westmont Hospitality Group. Westmont Hospitality Group previously paid $7.35 million for the 83,765-square-foot building in 1996…

“We’re losing money every day”: Moishe Mana urges patience on downtown Miami plans

Moishe Mana wants you to be patient. Mana, downtown Miami’s biggest landlord with roughly 45 properties on and near Flagler Street, said he’s finally ready to move forward with his plans for the area. Over the past several years, he’s spent at least $350 million acquiring real estate in downtown Miami, in addition to the land he owns in Wynwood. But he has made little progress on launching an art and…

Downtown Miami’s Hotel Sector Shines On

Downtown Miami has recorded a 37 percent increase in overnight stays over the past five years, according to a recent tourism report released by the Miami Downtown Development Authority. This is due to the region’s growing appeal as a leisure destination, growth of passenger volume at Miami International Airport and PortMiami, as well as the area’s enhanced business activity. More than six million…

David Beckham’s Soccer Club Tries To Win Over Miami While Flirting With Fort Lauderdale

David Beckham’s new Major League Soccer team, Inter Miami, has gone through a lot — multiple proposed-then-nixed stadium sites, a key public vote, legal challenges and scads of political battles — to get where it is now: negotiating to build a 25,000-seat stadium and $1B mixed-use project on a city-owned golf course. In the meantime, because the team is scheduled to start playing in 10 months, it…

New apartments near Coral Gables hit the market with rents starting at nearly $2,000

New York City-based Greystone Development started leasing The Aura, a new 100-unit apartment building near Coral Gables with monthly rents starting just under $2,000. Greystone is offering one-bedroom, one-bathroom units for $1,995 to $2,280 per month. Two-bedroom units with two or two-and-a-half bathrooms are available for $2,700 to $3,190 per month. The company currently…

Judge upholds Miami referendum on land lease negotiations for soccer stadium project

A judge upheld the result of a Miami referendum authorizing the city to negotiate a lease for a stadium where David Beckham’s Major League Soccer team would play. The ruling by Miami-Dade Circuit Judge Mavel Ruiz preserved the outcome of the referendum in November, when 60 percent of Miami voters authorized the negotiation of a 99-year lease for the development of a stadium and…

Video: Discussion of Multifamily and Housing from Expectations and Market Realities Outlook Report of NAR, Deloitte, & Situs RERC

Observations and expectations related to multifamily and housing as discussed in the report, Market Expectations and Realities, a combined effort of NAR, Deloitte, and Situs RERC, are discussed, The discussion is held by George Ratiu, Director of Quantitative & Commercial Research with the National Association of Realtors® (NAR). He talks about the continued strength in the multifamily…

Mo Vaughn’s firm sells Miami River affordable housing building

A company led by former Major League Baseball All-Star Mo Vaughn sold an affordable housing building in the Miami River District for $6.8 million. An affiliate of Vaughn’s Omni New York sold the 61-unit Temple Court Apartments at 431 Northwest Third Street for $111,475 per unit. The buyer is an affiliate of the Atlantic Housing Foundation, a Dallas-based affordable housing…

Miami’s Next Generation: 5 30-Somethings Doing Big Real Estate Deals

Not all millennials are crying into their avocado toast over their crushing student loan debt — some of them are already out developing real estate. Of course, it helps to have been born into the business, like Related Group Vice President Jon Paul Perez or hotel scion Dev Motwani of Merrimac Ventures, two of six men who made up a lively panel discussion during last week’s Bisnow Fort Lauderdale State…

Arbor Coconut Grove nabs construction loan

The developers of the Arbor Coconut Grove, a boutique luxury condo project, closed a nearly $21 million loan to complete construction. Property records show 3034 Oak Park LLC closed on the $20.7 million in financing, which adds to a $2.3 million bridge loan from 2017. trez Forman Capital is the lender. Trez Forman President and CEO Brett Forman arranged the financing, according to a press…

Miami to see oversupply, high vacancies in CRE and multifamily by 2020: report

Between now and the end of next year, urban neighborhoods from Brickell to Midtown Miami will see the completion of several signature mixed-use projects. Yet, as a result, Miami’s urban core is going to experience an oversupply and high vacancy rates in the retail, multifamily and office markets, according to a recent CoStar report. The report, prepared for the Commercial Industrial Association…

Save Thousands With an ADA Inspection

As the owner of a commercial building, making sure that your investment is ADA compliant is your responsibility. But ADA compliance is about more than ramps and parking spots. There is a long list of standards that your building must meet in order to be ADA compliant. And the only way to make sure that you’re adhering to those standards is to get a professional ADA inspection. Can You Afford…

Zom partnership plans mixed-use project on Ludlam Trail

Zom Living, Scout Capital and Mattoni Group paid $36 million for a portion of the Ludlam Trail in Miami, where they plan to build a mixed-use project. Florida East Coast Industries sold roughly 13 acres of land to the joint venture, which includes 6 miles of unused rail tracks and a 100-foot right of way where the tracks previously were, according to a release. Zom and its partners plan to build 950…

Downtown Miami’s hotel pipeline could more than double existing supply: report

Developers are banking on rising demand for hotels in Greater Downtown Miami, where the pipeline of new development includes more than 12,000 hotel rooms spread across 43 projects. A new report from the Miami Downtown Development Authority found that the number of rooms planned – nearly 4,000 – and the number of rooms proposed – roughly 8,200 – would lead to more than doubling…

Miami investor buys industrial site next to Florida Turnpike

Investor Peter Greither sold an industrial property next to the Florida Turnpike in Miami to an affiliate of Rodan Property Management for $12.25 million. Greither’s Greither Holdings LC sold the 5.8-acre property at 14121 to 14267 Southwest 119th Avenue. The buyer is Rodan X LLC, which is tied to Alireza Shadravan of Coconut Grove, according to Central Commercial Real Estate. Enrique Jordan of Central…

Here are South Florida’s top 5 retail sales from February

Commercial real estate firm KLNB paid $18.3 million to buy a CVS-anchored building on Washington Avenue in Miami Beach, two years after it hit the market. KLNB bought the two-story,12,443-square-foot building at 983 Washington Avenue for $1,470 per square foot, records show. Club Invest Group LLC, which is managed by Eugenio Marrapodi, sold the property to the Washington, D.C.-based…

Fed Reserve holds rates steady amid weakening housing market

The Federal Reserve said it will hold rates steady and signaled it would likely not raise rates for the rest of the year amid worries over economic growth. In a statement, the Fed stressed again that it will remain patient in making future rate changes. The decision marked a change from the past few years. The Fed increased rates four times in 2018 and and nine times overall since December 2015. It said in…

Late Real Estate Exec Andrea Greenberg’s sister, friends speak out over ex-boyfriend’s death

New alleged details surrounding the death of Andrea Greenberg and the recent apparent suicide of her ex-boyfriend are being unveiled by Greenberg’s sister and former friends of the couple. Alejandro Aparicio died earlier this month in an apparent suicide after he rammed his motorcycle head-on into an 18-wheel truck in the Everglades. He was facing charges of grand theft, organized fraud and forgery for…

Real Estate Exec Andrea Greenberg’s ex-boyfriend dies in apparent suicide

Alejandro Aparicio, the ex-boyfriend of the real estate marketing executive Andrea Greenberg who was charged with stealing from her estate, died on Sunday in an apparent suicide. Aparicio rammed his motorcycle head-on into an 18-wheel truck in the Everglades, sources told The Real Deal. The Miami-Dade Medical Examiner confirmed Aparicio’s death, but spokesperson Martha Diaz said the case is…

Linkpoint sells Chase-occupied building in booming Miami River District

Linkpoint Properties sold a Miami River District building that could be ripe for redevelopment, as investors continue to target the area for new projects. Investment firm Inversiones Sion LL paid $7.9 million for the 11,577 square-foot building with a parking lot. The property is on 1.67 acres, and is located at 1400-1404 Northwest 17th Avenue in Miami. Built in 1975, the building is occupied by a JPMorgan…

Miami Developer Charged in Bribery Case Wants to Funnel Magic City Money to His Kids Too

This past Tuesday, Miami developer Robert Zangrillo was charged with crimes as part of a national FBI investigation into rich Americans who bribe colleges into admitting their spoiled, underperforming kids. Zangrillo allegedly paid an intermediary to make it appear as if his daughter, who had failed an art history class among other lackluster achievements, deserved to get into the University of Southern…

Miami Industrial Sale Arranged

Cushman & Wakefield has assisted DFJ East Properties LLC in the sale of Miami 25 @ MIC, a 77,820-square-foot small-bay flex industrial property. The asset traded for nearly $8.6 million. Located between 3901-3977 NW 25th and 3900-3960 NW 26th streets in Miami, the property is located near Miami Intermodal Center and just 1.7 miles east of Miami International Airport. MIC is a multi-modal ground…

Wawa to Open Its First Three Miami-Dade Stores This Spring

Wawa has announced it plans to hire 150 workers as it prepares to open its first stores in Miami-Dade this spring. The popular Pennsylvania-based chain of convenience stores has a loyal following of fans who flock to the well-lit shops for their fast-casual menu of freshly prepared foods, made-to-order hoagies, specialty beverages, and breakfast items, along with fuel services and surcharge-free…

Ram Tool Signs Long-Term Lease Deal At Doral’s International Corporate Park

Ram Tool Construction Supply Company, a specialty construction supply distributor, inked a long-term, 30,465-square-foot lease at 1600 NW 102nd Avenue in Doral, within International Corporate Park. The 30,465 square foot facility includes ±8,674 square feet of existing office and is situated on a ±4.02 acre site. The new location, which was needed due to the…

Fed Reserve holds rates steady amid weakening housing market

The Federal Reserve said it will hold rates steady and signaled it would likely not raise rates for the rest of the year amid worries over economic growth. In a statement, the Fed stressed again that it will remain patient in making future rate changes. The decision marked a change from the past few years. The Fed increased rates four times in 2018 and and nine times overall since December 2015. It said in…

Real Estate Marketing Exec Andrea Greenberg’s ex-boyfriend dies in apparent suicide

Alejandro Aparicio, the ex-boyfriend of the real estate marketing executive Andrea Greenberg who was charged with stealing from her estate, died on Sunday in an apparent suicide. Aparicio rammed his motorcycle head-on into an 18-wheel truck in the Everglades, sources told The Real Deal. The Miami-Dade Medical Examiner confirmed Aparicio’s death, but spokesperson Martha Diaz said the case is under…

Linkpoint sells Chase-occupied building in booming Miami River District

Linkpoint Properties sold a Miami River District building that could be ripe for redevelopment, as investors continue to target the area for new projects. Investment firm Inversiones Sion LL paid $7.9 million for the 11,577 square-foot building with a parking lot. The property is on 1.67 acres, and is located at 1400-1404 Northwest 17th Avenue in Miami. Built in 1975, the building is occupied by a JPMorgan Chase…

Experts Round-Up: Uses for Filling Vacant Retail Space

The retail landscape is constantly changing, and retail companies as well as landlords have to stay on top of current trends in order to stay competitive with their retail spaces. This is especially due to shifts in shopping trends, particularly with e-commerce impacting the industry. To put things into perspective, retail sales in the U.S…

‘Fantastic deal’ with Federal Express at Miami International Airport ~ land lease, development

In what Miami-Dade Aviation Director Lester Sola described as “a fantastic deal,” county lawmakers have approved a 32-year, $111 million land lease and development agreement with Federal Express and landlord Aero Miami FX at Miami International Airport. Commissioners unanimously and without discussion OK’d the deal March 19, just six days after it cleared the county’s Transportation and the Ports…

Public marinas in City of Miami in murky waters

The fate of the public marinas in the City of Miami remains unclear as city officials debate the best practices that would bring in the most revenue to a city facing growing financial challenges. Beginning in 2018 and spilling over into this spring, commissioners are discussing the operations at city-owned and operated marinas, and those on city-owned land but managed by a private company. The venues…

Miami Beach OKs bonds for 38 projects

Miami Beach has approved the first tranche of $153 million of a $439 million general obligation bond issuance. The city plans to undertake 38 of the 57 projects the entire bond program is to fund. The tranche is to fund 38 projects across the city. The budget from the bonds for the next two to three years includes $87.7 million towards parks, recreational and cultural facilities; $36.9 million for police…

Juggernaut mall touted to replace Miami golf course

Miami Commissioner Joe Carollo is convinced a mall built beside Miami International Airport on city-owned land that today is a golf course would become one of the nation’s most successful commercial ventures and a huge financial boon to the city for decades. Mr. Carollo’s determination that Melreese Golf Course be redeveloped was apparent after he commented on legislation to push the…

Surprise move unsnarls Miami-Dade transit surtax

After a decade of subsidizing existing services, the surtax known as the “half-penny” this October will return to its original purpose: paying for additions, improvements and expansion of transportation, transit and infrastructure across Miami-Dade. In a surprise move Tuesday, Commissioner Rebeca Sosa withdrew an item she’d sponsored that would have postponed unwinding half-penny dollars from the…

Waterfront apartment building in Edgewater hits market for $5M

A 10-unit waterfront apartment building in Miami’s Edgewater neighborhood is listed for sale for $4.9 million, marketed as a development site for a condo tower. Miami-based Sky Beach Realty is listing the apartments at 530 Northeast 29th Street. The seller, King Me 29 Street LLC, is led by Rommey Bahhur. Bahhur bought the small apartment complex on the 6,300-square-foot lot in 2016 for $2.7 million…

Video: NAR’s George Ratiu Discusses Office, Industrial, & Retail Properties from the Deloitte/NAR/Situs RERC Expectations and Market Realities Report

George Ratiu, Director of Quantitative & Commercial Research with the National Association of Realtors® (NAR), appears on this commercial real estate related talk show to talk about the annually issued report, Market Expectations and Realities, a combined effort of NAR, Deloitte, and Situs RERC. In this episode office, industrial, and retail properties are discussed, as well as the economy overall and…

New 2018 Report Outlines Doral’s Flood Protection Efforts

In an effort to improve public safety and protect Doral’s buildings, properties, and residents, the City of Doral recently conducted a Community Rating System (CRS) 510 Progress Report for Fiscal Year 2018. The objective of the CRS Activity 510, Floodplain Management Planning, is to credit the production of an overall strategy of programs, projects, and measures which will reduce the adverse impact of…

Sons of “love hotels” magnate set to redevelop part of Miami real estate portfolio

The heirs to a popular chain of couples’ hotels are planning to redevelop one of their Miami properties at 4601 Southwest 8th Street into a 96-unit apartment building, signaling the continuing attraction of multifamily investments in the city’s outer neighborhoods. Applicants Julio del Rey, Jr. and Jorge del Rey filed plans with the city of Miami last week to build an eight-story multifamily…

Miami taps Urban Land Institute to evaluate sea-rise plan, infrastructure investment

Taking a cue from Miami Beach, the city of Miami is hiring the Urban Land Institute to study its master plan and infrastructure projects designed to address the impacts of sea level rise, especially in waterfront neighborhoods from Coconut Grove to Edgewater. The Miami City Commission last week approved a $135,000 contract that calls for a ULI panel to recommend ways that the city and the private…

As developers descend on Little Haiti, nonprofit plans affordable housing

A Haitian American nonprofit plans to construct a 96-unit mixed-use apartment building in Little Haiti. The Haitian-American Community Development Corp. filed the plans with the city of Miami for a new eight-story building at 181 Northeast 82nd Street, the site of the organization’s current headquarters. The local nonprofit, which focuses on building affordable housing in the area, also included 8,000…

North Miami gives nod to $50M mixed-use senior apartment project

The North Miami City Council gave the green light to Residences at NoMi, a planned $50 million mixed-use senior apartment complex. The 175-unit project, developed by Trise Development, has been in the works for three years. It has been delayed due to neighborhood objections to the original plan which many residents considered too… Residences at NoMi, at 950 Northeast 124th Street…

What is the Miami Sea Level Rise Plan?

The question arises in connection with the calls made about sea level rise and the alarms that ignite every time a hurricane passes near its shores. The floods and devastation that climate change is causing worldwide, are not so far from Miami. The effects of climate change are beginning to worry investors and Miami authorities because of the city’s location. Despite being surrounded by water, Miami has been…

Baptist Health enters joint venture to develop senior living center in Coral Gables

Baptist Health South Florida and Belmont Village Senior Living formed a joint venture to develop senior living centers in Coral Gables and elsewhere in South Florida. Baptist and Houston-based Belmont plan to develop their first South Florida senior living project at 250 Bird Road in Coral Gables. Construction is expected to start in mid-2020 and conclude within two years of the groundbreaking. Belmont…

Islamorada Property of Former Girlfriend-Turned-Business-Associate of Victor Posner hits market in bankruptcy sale

Brenda Nestor’s Islamorada property is hitting the market in a bankruptcy sale. The 8.4-acre stretch of oceanfront land on Windley Key is zoned for residential development. Avison Young’s John K. Crotty, Michael T. Fay, Jay Ziv, David Duckworth and Brian C. de la Fé are handling the sale of the vacant Islamorada property on behalf of the U.S. Bankruptcy Court. Qualifying bids of at least $1.835 million…

Ken Griffin considered moving Citadel to NYC, until backlash against Amazon

Ken Griffin, the billionaire CEO of Citadel, considered uprooting the Chicago-based hedge fund and moving to New York — until the backlash against Amazon’s plans for a new campus in Long Island City. The political backlash against Amazon in New York “has dramatically reduced our interest in moving our headquarters here,” Griffin told Bloomberg. He called the e-commerce empire’s…

Fifield Companies plans 500-plus unit apartment tower at Miami Worldcenter

Another developer is joining the action at Miami Worldcenter. Chicago-based Fifield Companies filed plans for a 533-unit rental tower at the mixed-use project in downtown Miami. Fifield is proposing a 47-story, 738,000-square-foot building with about 15,000 square feet of retail space on the northeast corner of 10th Street and First Avenue. The developer will go before the city’s Urban Development Review…

Matheson family sells industrial property near Coral Gables

of the Matheson family sold an industrial property near Coral Gables for $13 million. Brooks and Joan Matheson, whose family was once one of the largest property owners in Key Biscayne, sold the 43,785-square-foot property with a small building at 3898 Shipping Avenue for $296 per square foot for the land. The buyer, 3898 Shipping Ave LLC, is tied to Maira and Hector Castellon. The lot totals about 1…

Congress re-examines bill that would expose beneficial owners of LLCs

A bill that would require anonymous LLCs to disclose their beneficial owners is back on the table. Congresswoman Carolyn Maloney, of New York’s 12th congressional district, presented a draft of the Corporate Transparency Act of 2019 during a congressional hearing on Wednesday. Under the bill, corporations and LLCs would be required to disclose their beneficial owners to the Financial Crimes…

Boardwalk Properties seeks sale of South Beach apartment portfolio

A portfolio of more than 100 apartment units in South Beach is hitting the market and is expected to sell for $27 million according to Cushman & Wakefield, The Real Deal has learned. Boardwalk Properties owns the six renovated properties at 1501 Michigan Avenue, 1100 10th Street, 942 Lenox Avenue, 1606 West Avenue, 1135 Eighth Street and 1521 Michigan Avenue, property records show. Cushman…

Miami-Dade ethics commission dismisses complaint against Beckham group

The Miami-Dade Commission on Ethics and Public Trust dismissed an ethics complaint tied to Miami Freedom Park and Miami Beckham United’s plan to build a multimillion-dollar mixed-use complex with a Major League Soccer stadium. Attorney David Winker filed the complaint days before Miami residents were set to vote on a referendum that would allow the David Beckham-led group to begin…

Video: Highlights of Deloitte, NAR, and Situs RERC Produced Report, Expectations and Market Realities Outlook Report 2019 ~ Uncharted Territory, are Discussed by NAR’s George Ratiu

George Ratiu, Director of Quantitative & Commercial Research with the National Association of REALTORS (NAR), joins the host of America’s Commercial Real Estate Show to discuss in some depth the annual Market Expectations and Realities Outlook Report for 2019 ~ Uncharted Territory, just published by NAR, Deloitte, and Situs RERC. They’ve elected to add “Uncharted Territory” to the title of this…

Kushner Launching First Miami Project: A $550M Apartment Complex

The Kushner Cos. is launching a major apartment project in Miami, Bisnow has learned, the first in Florida for the third-generation real estate business. Courtesy of Dorsky + Yue International Rendering of 2000 Biscayne Boulevard, an upcoming project in Miami from Kushner Cos. Kushner Cos., the business now led by the brain trust of Charles Kushner, Nicole Kushner Meyer and Laurent Morali…

A main investor in Magic City Innovation District is among those indicted in major college admissions fraud scheme

Three real estate developers and investors were among the 33 parents indicted in the Justice Department’s largest-ever college admissions investigation, which federal prosecutors revealed Tuesday. Miami developer Robert Zangrillo and Los Angeles developers Bruce Isackson of WP Investments and Robert Flaxman of Crown Realty were charged in the scandal, which involved parents allegedly…

South Florida’s Dominant Grocer Trying To Outmaneuver Whole Foods, Trader Joe’s

Like a lion who dominates the savannah with no predators in sight, Publix for decades enjoyed a comfortable spot atop the South Florida grocery hierarchy. Winn-Dixie shriveled and died in the shadow of the clean and friendly Publix, and specialty or Latin-focused grocers never came close to matching Publix’s numbers. But little by little over the past 10 years, competitors have set up shop, and now…

Foot bridges, tunnels to link to Hard Rock Stadium

Construction linking pedestrians to Hard Rock Stadium is a go, as Miami-Dade lawmakers have granted an aerial easement allowing one of two planned foot bridges to be built over a county-owned roadway in Miami Gardens. By September – just in time for the onset of the NFL regular season and five months before the stadium hosts Super Bowl LIV – the bridges over an adjacent Florida Turnpike exit and…

Florida Bill Would Create Commissions For Opportunity Zones

Every year, Florida’s state legislature meets for a single, 60-day session. This year’s session began March 5, and among the bills being considered is House Bill 481, which would create development agencies for each opportunity zone in the state. The bill — a revival of the Florida Enterprise Act, which applied to enterprise zones — was introduced by Democratic state Rep. Anika Omphroy from western…

Commissioner probes details of David Beckham group deal

Miami Commissioner Manolo Reyes wants a status report from administrators on their negotiations with the David Beckham group for a long-term lease of a city-owned golf course adjacent to Miami International Airport. Mr. Reyes also wants to be able to vote on the lease before the November election, in which he will be running to keep his position. These desires are woven into a proposed resolution on…

Little Haiti development back on Miami’s agenda

A controversial development planned for Little Haiti that has deepened the divide on the Miami City Commission is back before commissioners today (3/14). Three planning and zoning items for the planned Magic City Innovation District are again on the commission’s agenda, after a tumultuous marathon meeting Feb. 28 ended with infighting and use of two rare procedural rules that…

Biggest cruise terminals deal ever a public-private win-win

PortMiami, which is already setting cruise and freight records, is poised to multiply the bounty with the world’s largest contractual guarantee between a cruise line and any seaport. A resolution in county committee this week would see the county-owned port and the world’s largest privately-owned cruise line, MSC Cruises, move toward a contract that would have the line at its own expense create…

Cocowalk’s transformation rolling forward

Visionaries behind CocoWalk’s transformation say they are on track to debut the outdoor mall in the spring of 2020 as construction continues and tenant leases prove to be fruitful. The development team – the Comras Co., Grass River Property and Federal Realty Investment Trust – are adapting the 29-year-old center for the uses of residents and visitors. They are swapping the Mediterranean…

Wave of redevelopment engulfs North Miami Beach

A wave of redevelopment spurred by zoning changes enacted by the City of North Miami Beach has ushered in new market-rate housing, expanded commercial development, and even the prospect of a Brightline station. “It’s our time,” said Mayor Anthony F. DeFillipo. “We’re extremely excited and expect phenomenal things to take place in the next three to five years.” Founded as Fulford-by-the-Sea in 1926…

Ben Carson says HUD will give preference to developers who build affordable housing in Opportunity Zones

Housing and Urban Development Secretary Ben Carson said the agency will give preference to developers and investors who build affordable housing in federal Opportunity Zones when it comes to certain grants. In an interview with The Real Deal on Tuesday, Carson said HUD will give added weight to proposed affordable developments in the Opportunity Zones, looking to make that construction…

Developer battles with troubled partners on North Bay Village condo project: lawsuit

Miami developer Javier Lluch, known chiefly for his planned Glasshaus boutique condominium development in Coconut Grove, is continuing to fight a five-year battle against investment partners he recruited for a new project that stalled in North Bay Village. Lluch filed his second lawsuit in Miami-Dade Circuit Court last month over the planned luxury condo project, known only as 7940 West Drive…

Hunt Real Estate Provides $52M Refinancing Loan for Manufactured Housing Property in Metro Miami

Hunt Real Estate Capital has provided a $52 million Fannie Mae refinancing loan for Lil’ Abner, a manufactured housing property in Sweetwater. The 30-year fixed-rate loan features a 15-year period of interest-only payments and a 30-year amortization schedule. Consolidated Real Estate Investments has owned and operated Lil’ Abner since 1981. Of the asset’s 908 pads, 64 percent are intended…

45 KSF Coworking Lease Facilitated in Miami

CBRE has represented Industrious, a flexible workspace provider, in the 45,000-square-foot lease at Sabadell Financial Center, a 539,000-square-foot office building in Miami. Senior Vice President Zach Wendelin and Senior Associate Will Portfolio facilitated the deal. The new location will be known as Industrious Miami – Brickell and will offer both coworking and private office spaces, with a slated completion…

Major Miami Investor Charged for Paying Bribe to Get His Daughter Into USC as Part of National Scandal

Robert Zangrillo, a prominent Miami investor and real-estate developer currently proposing a massive, controversial luxury project in Little Haiti, was charged today as part of a sweeping national college bribery case that has ensnared major college coaches and at least two Hollywood actresses. Prosecutors alleged Zangrillo illegally paid what amounted to a $50,000 bribe to get his daughter into the…

South FL Amazon-Leased Warehouse Changes Hands

Dalfen Industrial has acquired Golden Glades Fulfillment Center, a 201,491-square-foot multi-tenant industrial building in Miami Gardens, Fla. According to Miami-Dade County records, owner Bristol Group Inc. sold the South Florida property for $24 million. Located at 15600 N.W. 15th Ave. in the North Central Miami-Dade submarket, Golden Glades Fulfillment Center is within 2 miles of the Florida Turnpike…

Real Estate And Construction: A Dynamic Force In Doral

The cranes are everywhere in Doral. The city is experiencing an unbelievable construction boom never seen before in its 16-year history. commercial spaces, new hotels, industrial warehouses, residential communities, and more. Demand from businesses and residents is at an all time high, and as a result, Doral is the fastest growing city in Florida and one of the fastest in the nation. Growth is in the DNA of the…

Investors launch leasing for Allapattah micro offices

A Miami investment group is beginning leasing of a micro office development in Allapattah as the area heats up with new projects. Central Commercial Real Estate launched leasing at the Allapattah Building, a renovated 14,520-square-foot building at 804 Northwest 21st Terrace in Miami, just west of Wynwood. Monthly rents, which are double net, start from $621 and go up to $1,190…

Playing Sim City taught a generation of planners how to design cities

When the city-building game “Sim City” was released in 1989, video games were largely considered a leisure activity at best. But the groundbreaking city-planning simulator has influenced scores of players to become city planners, transit advocates and to run for office over the years. These professionals told the Los Angeles Times they found their calling through the game franchise, which puts the…

WeWork investor SoftBank launches $5 billion Latin America fund led by former Sprint CEO

SoftBank is launching a $5 billion fund to invest in technology startups across Latin America. Marcelo Claure, the former CEO of Sprint and a partner in the David Beckham-led venture to build a Major League Soccer complex in Miami, will run the fund. The new fund will focus on investments in e-commerce, health care, digital financial services and others industries throughout Latin America, according to…

Law firm will be the largest tenant of office building above Brightline train station

Law firm Carlton Fields leased 50,000 square feet in an office building under construction on top of MiamiCentral, the Brightline train station in downtown Miami. Carlton Fields will be the largest tenant and sole law firm at 2 MiamiCentral, which is 86 percent leased and scheduled for completion within the next six months. The law firm, which has about 150 lawyers and staff members based in downtown…

Downtown Miami WeWork building expected to sell as part of massive cryptocurrency auction

A downtown Miami office building leased to WeWork is expected to sell for $65.5 million in a deal that will be financed through one of the largest known cryptocurrency real estate auctions of its kind. Andrew Joblon, founder and managing principal of Turnbridge Equities, and his partners…  are selling the nearly 93,000-square-foot building at 117 Northeast First Avenue. The buyer is…

Kushner Cos. plans 1,100-unit rental project in Miami Opportunity Zone

Kushner Companies is planning to develop an 1,100-unit apartment project in Miami’s Edgewater neighborhood, marking its first in South Florida. The company, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali, is under contract to buy a site at 2000 Biscayne Boulevard from investor Enrique Manhard, according to Bisnow. Manhard paid $13.1 million to buy the…

Miami Design District building allegedly lost $5M in value due to billboard ban: lawsuit

The owner of a commercial building in the Miami Design District is suing the city for approving a billboard ban that allegedly sunk the value of the property by nearly $5 million. Karenza Apartments LLP, which owns the building at 100 Northeast 38th Street, alleges it also lost a lucrative contract with a billboard advertiser after city commissioners passed the measure that prohibits billboards north of I-95…

Miami board votes against Coconut Grove Playhouse redevelopment plan

Miami-Dade County’s plan to revitalize the Coconut Grove Playhouse has fallen through after years in the making. Miami’s historic preservation board voted 6-4 against the plan that would have demolished the playhouse’s auditorium, according to the Miami Herald. The move comes just two years after the city approved a $20 million master plan that would have replaced the playhouse’s…

Video: An Updated on Multifamily Finance from Grandbridge Real Estate Capital SVP Tom Walsh

Tom Walsh, SVP of Grandbridge Real Estate Capital LLC, joins this commercial real estate video cast to talk about how multifamily properties are performing ,lender sentiment for financing such properties, and expectations for the multifamily financing environment, including interest rates, in 2019. He notes that multifamily financing remains “very much of a Fannie and Freddie world, referring to the…

Video: Highlights of Deloitte, NAR, and Situs RERC Produced Report, Expectations and Market Realities Outlook Report 2019 ~ Uncharted Territory, are Discussed by NAR’s George Ratiu

George Ratiu, Director of Quantitative & Commercial Research with the National Association of REALTORS (NAR), joins the host of America’s Commercial Real Estate Show to discuss in some depth the annual Market Expectations and Realities Outlook Report for 2019 ~ Uncharted Territory, just published by NAR, Deloitte, and Situs RERC. They’ve elected to add “Uncharted Territory” to the title of this…

Almost 600 Family Dollar stores will disappear this year

Dollar Tree is going to shut down or rebrand almost 600 Family Dollar stores this year. The company has booked an impairment charge of $2.73 billion during the fourth quarter to lower Family Dollar’s value, according to the Wall Street Journal. It had purchased the chain in 2015 for almost $9 billion after a bidding war. Dollar stores overall have enjoyed a decade of strength as consumers focused on buying…

Focus On Miami Disappearing And Cities Overwhelmed By Mass Migration Due to Climate Change, Not Trump, Former UN Secretary General Tells Real Estate

Former UN Secretary General Ban Ki-moon urged the real estate industry to reject the thinking of the developer who became president and show leadership in combating climate change. In a keynote address to open the Mipim property conference in Cannes, France, Ban said the real estate industry will be hit particularly hard by the financial impact of climate change and had a key role to play in reducing…

TV dinner scion buys Little River site in Opportunity Zone

An entity tied to an heir of the Swanson food fortune just picked up three parcels in a designated Opportunity Zone site in Miami’s Little River… for $5.6 million, with plans for a 7-Eleven. SP Miami, which is connected to W. Clarke Swanson Jr. bought the 35,489-square foot vacant site at 2 Northwest 79th Street, 22 Northwest 79th Street, and 38 Northwest 79th Street for $156 per square foot…

Dalfen Industrial Acquires 201,491 SF Warehouse in Metro Miami

Dalfen Industrial has bought Golden Glades Fulfillment Center, a 201,491-square-foot, multi-tenant industrial building in Miami Gardens. The property was 100 percent leased at the time of the sale to tenants including Amazon and Packaging Corp. of America. The asset sits on 10.2 acres about 15 miles north of downtown Miami and within 10 miles of 1.6 million people. The seller and sales price were not…

Miami-Dade waffles on proper use of transit tax funds

Miami-Dade commissioners Tuesday punted on whether to stop using “half-penny” tax funds to pay for transit services that existed before 2002, the year voters approved the tax to expand transportation throughout the county. They are now to vote March 19 on an item that would disentangle the tax from the county’s general fund in fiscal 2020-21, one year later than recommended by the half-penny’s…

University of Miami Health System OKs North Miami center

The University of Miami Health System plans to debut a medical center in a $4 billion mixed-use development in North Miami called SoLé, with a target opening date in early 2023. The medical center is nestled in the 184 acres developed by Miami’s Soffer family and New York’s LeFrak family. Developers envision 12 residential towers and 500,000 square feet of retail and commercial space surrounding a 7-acre…

PortMiami dredging hinges on Army Engineers test simulation

The decision on whether to proceed with another round of dredging at PortMiami will depend on results of a harbor simulation at an Army Corps of Engineers testing facility, part of  $3 million study of the port, Corps personnel said last week. Miami-Dade commissioners in July authorized the county in fully funding the three-year study, which commenced in September when the Corps executed the …

Strong Miami employment numbers track state and nation

Mixed signals from external events may complicate a coherent economic outlook for Miami, but one thing is sure: employment is booming today. In interpreting where we’re heading locally, how much heed should we pay to the tragedy of Venezuela or the potential fallout of Michael Cohen’s testimony, to the failure of talks with North Korea or the Brexit debacle? Which of these or other externalities…

Sabadell Financial Center, Telemundo Lead Miami’s Top Office Sales Of 2018

Miami was so close to breaking the quarter-billion-dollar mark with an office tower sale last year, but hey, $248.5M is nothing to sneeze at. Courtesy of Swire Properties Brickell City Centre is in the foreground of the dense Brickell skyline. That was just one of two deals over $200M, according to CommercialCafé in its roundup of the city’s biggest office deals of 2018. In that top spot, Sabadell Financial Center…

Michaels building on Alton Road hits the market for $47.5M

The newly built retail building on Alton Road in Miami Beach home to Michaels just hit the market for $47.5 million, The Real Deal has learned. Saber Real Estate Advisors developed the 110,000-square-foot building, called 1800 Alton, last year on the former site of a Chevron gas station. Marcus & Millichap’s Brett Chetek, Alex Perez and Chris Garavaglia of the Chetek Group have the listing. The five…

FBI opens Miami task force to shut door on foreign corruption, money laundering

The FBI is looking to clamp down on foreign corruption with a new task force in Miami, a city that has long served as a gateway for illicit money laundering. The squad will concentrate on Miami and on international corruption in South America, according to the Associated Press. The FBI said it often finds people hiding their money in luxury South Florida real estate and and luxury boats. And in recent…

Beach Towing scores a victory over Deco Capital Group

In a blow to Deco Capital Group’s ongoing battle with Beach Towing, the Miami Beach Board of Adjustment denied the developer’s appeal challenging the tow company’s operations as a legal zoning use in the Sunset Harbour neighborhood. In its appeal, Deco Capital sought to overturn a determination by Miami Beach Planning Director Thomas Mooney that Beach Towing is allowed to…

Miami OKs deal for lighted park under I-395

Miami city commissioners have approved the first step of a deal with the Florida Department of Transportation (FDOT) to help design and manage several blocks of land under a rebuilt I-395 freeway downtown. Last fall, FDOT’s James Wolfe met with commissioners and announced the start of construction on the long-awaited I-395/SR 836/I-95 project, including a “signature bridge” near the Adrienne…

Is the U.S. Economic Expansion Due to End?

In her Dec. 16, 2015, press conference, then-Federal Reserve Chair Janet Yellen famously stated “I think it’s a myth that expansions die of old age. I do not think that they die of old age. So the fact that this has been quite a long expansion doesn’t lead me to believe that…its days are numbered.” Nevertheless, there remains an idea in the public forum that the longer the expansion, the more likely that it will…

The Story of Storage’s Success? : A look at the rise of the warehousing and storage industry

Some industries change for understandable reasons, at least in hindsight. For example, the horse buggy sector collapsed when the automobile became widespread, and the electronics industry has grown tremendously in recent decades because of innovation and high demand for its products. For some sectors, though, expansion is a little more puzzling. The graph shows some statistics about the…

Industrious co-working firm inks first South Florida lease on Brickell

Industrious is heading to Brickell. The co-working provider signed a lease for 45,000 square feet at 1111 Brickell, and expects to open by the end of this year. A joint venture between KKR and Parkway Properties paid $248.5 million for the 30-story, 539,000-square-foot Class A office tower in June. It plans to spend up to $10 million on renovations and upgrades. New York City-based Industrious was…

Turnberry partners and siblings Jackie and Jeffrey Soffer split

After 25 years of joint ownership of the family real estate development company, Turnberry Associates, siblings, co-CEOs and co-chairmen Jackie and Jeffrey Soffer have split up to pursue individual projects. Jackie Soffer will retain the Turnberry Associates brand as CEO and chairman, and will be the principal owner of Aventura Mall and Town Center Aventura. She will also continue to develop the 800-key…

ArtCenter/South Florida buys Little River property for new HQ

A Miami visual arts organization is planning to build a $30 million headquarters in Little River. The ArtCenter/South Florida, which is changing its name to Oolite Arts, bought two parcels at 75 and 77 Northwest 72nd Street for about $6 million to build its new home, a 50,000-square-foot facility that’s projected to open in 2022. The organization hired Jones|Kroloff to conduct an architect search for…

White House allows Americans to sue for seized Cuban properties

Americans are now able to sue about 200 Cuban companies that control real estate previously confiscated by the Cuban government. The White House plans to announce the decision Monday, as part of a partial implementation of Title III of the Helms-Burton Act of 1996. Congress has suspended Title III six months at a time since it was passed. The move will allow Americans to file lawsuits in U.S. courts…

Del Frisco’s steakhouse inks lease at Met Square; other restaurant news…

Del Frisco’s Double Eagle Steakhouse signed a 15,000-square-foot lease in downtown Miami, the company confirmed. The steakhouse chain will be on two floors at Met Square, the final phase of MDM Group’s Metropolitan Miami project that includes Met 1, 2 and 3. Whole Foods anchors the Met 3 building, a luxury apartment tower by Zom. In Florida, Del Frisco’s has one location in Orlando…

Homebuilder picks up 22 parcels in Coconut Grove for $25M

A South Florida homebuilder acquired 22 parcels in Coconut Grove for $25 million. Send Enterprises LLC acquired the parcels and got a $25 million mortgage loan from Fuse Funding in connection with the acquisition. The managers of Send Enterprises are Douglas Cox and Nicole Pearl in Coral Gables. Cox has developed many of the newer houses in Coconut Grove. The sellers of the 22 parcels are three…

Company that oversaw construction of collapsed FIU bridge files for bankruptcy

The contractor behind a pedestrian bridge at Florida International University that collapsed last year said it filed for bankruptcy to reorganize with protection from creditors. In a press release issued Friday, Munilla Construction Management (MCM) said it filed for Chapter 11 bankruptcy but provided no financial details. Court papers from the bankruptcy case were unavailable Friday night.

Amazon is launching a new supermarket brand

Amazon is planning to launch a new line of grocery stores in several major U.S. cities. The first store is set to open in Los Angeles as early as the end of the year, as the e-commerce giant grows its footprint in the food business, the Wall Street Journal reported, citing people familiar with the matter. The company has reportedly already signed leases for at least two other locations slated to open early next…

Miami commissioner delays approval of Little Haiti mega-project

Miami commissioner Ken Russell, whose proposal to curb overdevelopment in Coconut Grove stalled Thursday night, single-handedly derailed the first vote on Magic City at a marathon meeting that stretched into Friday morning. Citing a pair of city ordinances, Russell, chairman of the Miami City Commission who resides in and represents the Coconut Grove area, stopped a vote on first reading of the…

South Florida’s biggest office sales in January

Baptist Health South Florida’s purchase of the site of the planned Collection Residences in Coral Gables marked the biggest sale of January. Baptist Health bought the 2.8-acre property, home to office and retail space, that was at the center of a contentious lawsuit between developers Masoud Shojaee and Ugo Colombo for $37 million. Shojaee, a homebuilder, and Colombo, a developer and owner…

Gap to close half of their locations & split Old Navy into separate company

Old Navy will have to go it alone from now on. Owners Gap Inc are closing 230 of their branded stores, roughly half of all their locations, and splitting Old Navy into a separate publicly traded company. Most of the closures will be in the U.S. “Following a comprehensive review by the Gap Inc. board of directors, it’s clear that Old Navy’s business model and customers have increasingly diverged from our…

Michael Stern targeting Opportunity Zones in New York and Florida

Michael Stern is jumping on the Opportunity Zone bandwagon. His company JDS Development Group has invested at least $139 million in property purchases in Opportunity Zone sites in Brooklyn, Queens and Allapattah and Opa-Locka in Miami-Dade County, Florida. “Opportunity Zone money is starting to flow,” Stern told Bloomberg,“There are still some out there that are cautious. But I think…

Two Hialeah construction execs convicted of low-income housing tax fraud

The president and vice president of a Hialeah construction company were convicted Wednesday of defrauding a federal low-income housing program. Aaron Construction Group President Javier Estepa, of Davie, and Vice President Diego Alejandro Estepa Vasquez of Boca Raton, were each found guilty of one count of conspiracy to commit wire fraud and three counts of wire fraud, as well as charges of…

Soho Beach House scores $117M refi

Soho House closed on a $117 million refinance of its Soho Beach House in Miami Beach. Citigroup is providing a $55 million senior loan and Rexmark is providing the $62 million mezzanine loan, according to the Commercial Observer. Mission Capital Advisors arranged the financing. Billionaire Ron Burkle’s The Yucaipa Companies owns a majority interest in Soho House, in addition to founder Nick Jones.

SoFla construction starts plummet in January

South Florida construction starts in January plummeted year-over-year, with steep declines in both residential and commercial sectors, a recently released report shows. Total construction starts fell 45 percent to $640.8 million in January. Residential construction dropped by 55 percent to $333.2 million, while non-residential construction dipped by 28 percent to $307.6 million, according to Dodge Data…

When it comes to Opportunity Zone sites, investors say buy now, plan later

The rush to buy Opportunity Zones sites has already begun, but then what? Investors have started buying up properties and vacant land in designated Opportunity Zones sites around the country, even though some have no set plan about what they will build, according to the Wall Street Journal. In one example, McDougal Cos. bought an 8,000-square-foot former movie theater in an Opportunity Zone in…

Parque Towers developer J. Milton faces mounting lawsuits over construction delays

Developer J. Milton & Associates is facing four lawsuits from buyers seeking to get out of their contracts at Parque Towers, an unfinished luxury condominium project in Sunny Isles Beach. Three separate suits were filed in Miami-Dade County Circuit Court during the past two months against Parque Towers Developers, an affiliate of Coral Gables-based J. Milton & Associates, over construction delays at the…

Opportunity Zone program has loads of potential but is not a cure-all: panel

The burgeoning Opportunity Zone program could be one of the best development initiatives the country has ever seen, but investors and developers still shouldn’t expect it to turn every deal into a winner, top real estate executives said Wednesday morning. “While the Opportunity Zone program certainly offers benefits that should over time reduce the cost of capital and therefore…

Miami’s antiquated permitting system gets a reboot, but developers remain wary

Being a developer can take a good amount of patience, but in Miami that virtue has long been put to the test. Initial approval for a commercial or residential project can take between six months to a year. Physical plans are carried from one city department to the next, and any changes in an application can lead to more submissions and more delay. Once the initial step is secure, a developer usually…

Deco Capital’s crusade to shut down Beach Towing in Sunset Harbour heats up

Deco Capital Group’ s two-year battle to shut down Beach Towing next to its planned Sunset Park mixed-use residential and retail project in Sunset Harbour is taking a new turn. The developer is appealing an administrative determination by Miami Beach Planning Director Thomas Mooney that concluded towing services are allowed on Beach Towing’s property at 1349 Dade Boulevard. The issue is going…

Joint Venture Purchases Historic Raleigh Hotel on Miami Beach for $103 Million

A joint venture between SHVO, Bilgili Holding and Deutsche Finance America has purchased the Raleigh Hotel in Miami for $103 million. The 83-room hotel is situated in South Beach, about 10 miles east of downtown Miami, and is known for its beachside swimming pool that Life Magazine called “the most beautiful pool in America” in 1947. Designer Tommy Hilfiger and Dogus Group, a Turkish…

Historic Miami Hotel Sells for $103 Million

A joint venture of Deutsche Finance America, Bilgili Holding and SHVO has acquired the historic Raleigh Hotel in Miami for $103 million in an all-cash transaction. A partnership between Tommy Hilfiger and Dogus Group, a Turkish conglomerate, sold the 83-key asset. Situated at 1775 Collins Avenue in Miami Beach, the hotel was built in 1940 and is an icon of classic South Beach Art Deco design. Raleigh is…

Starwood Capital, LeFrak Sell Miami Hotel for $610 Million

Starwood Capital Group and LeFrak have sold 1 Hotel South Beach, a 429-key luxury hotel property at 2341 Collins Avenue in Miami Beach, Fla., to Host Hotels & Resorts in a transaction valued at $610 million, or approximately $1.4 million per key. 1 Hotel South Beach last changed hands in 2012, when Starwood, LeFrak and Invesco Ltd. acquired the oceanfront property, then known as the Gansevoort…

Host Hotels Buys Miami Beach Hotel For Over $600 Million

A Miami Beach hotel has just traded hands for more than $1M per room. Bethesda, Maryland-based Host Hotels & Resorts acquired the 1 Hotel South Beach for $610M from a JV of Starwood Capital Group and LeFrak. The deal, brokered by Hodges Ward Elliot, pencils out to $1.42M per room. The 429-room hotel at 2341 Collins Ave. was the first of Starwood’s 1 Hotels brand, which now features properties…

South Florida by the numbers: Spotlight on Coral Gables

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Time waits for no town, even one bold enough to call itself “The City Beautiful.” Coral Gables is in the midst of a dramatic overhaul; transforming it from an old-fashioned neighborhood into a fresh, modern, walkable village, while maintaining its historic splendor. Obvious signs include the…

Tower begun in 2006 has 32-story completion plan

A downtown tower project at 530 NW First Court that stalled after the foundation was built in 2006 and remained undone for years has a new owner-developer with big plans for completion. The new project is called Krystal II and was applied for by Charlesville Dev. Corp. representing BH 18 Investments LLC, as applicant, and Krystal Invest Solution LLC as owner. The city’s Urban Development Review…

Miami, state to partner on 30-acre park under I-395

The City of Miami is preparing to partner with the Florida Department of Transportation (FDOT) in the development of the space under I-395 in Downtown Miami. Legislation to approve the first agreement is scheduled for today’s (2/28) city commission meeting. Last fall, FDOT’s James Wolfe met with commissioners and announced the start of construction on the long-awaited I-395/SR 836/I-95 project…

Brickell Avenue Bridge standoff over traffic goes on

There’s an apparent cease-fire in the battle between Miami’s Downtown Development Authority and the US Coast Guard and the Florida Department of Transportation to enforce (and possibly expand) lock-down times for the Brickell Avenue Bridge. Authority directors and downtown stakeholders alike can attest to the paralyzing effect excessive bridge openings exert on traffic in the central business district…

Brickell City Centre to produce fire station, riverwalk

As Brickell City Centre prepares to grow again in the next couple of years, the next phase of construction will include a fire station and a public riverwalk. The fire-rescue station and the riverwalk are promised by developer Swire Properties Inc. and its affiliates, and are detailed in a new development agreement approved Jan. 24 by the Miami City Commission. Those additions are listed in the new…

250 apartments planned at edge of Health District in Miami

A developer plans to build up to 250 apartments at the edge of the Health District in Miami, just south of the Dolphin Expressway. Spring Garden Apartments LLC submitted plans for an 11-story mixed-use building at 1005 Spring Garden Road. The city’s Urban Development Review Board granted conditional approval of the project Feb. 20. To be called Soleste Uptown, the project is to include…

Full-court press on AmericanAirlines Arena naming rights

Talks are ongoing for naming rights to what is now American-Airlines Arena, says Dan Wall, Miami-Dade’s chief liaison to county sponsorship agent The Superlative Group. “They are actively discussing the matter with multiple corporations,” he said Monday, adding that the county is “going to exhaust all options” to get a deal before the current contract expires Dec. 31. “The plan was to reach out to…

Turkish developer Okan set to start Florida’s tallest tower

The Okan Tower team is awaiting a final state OK on condominium documents, expected in the spring, and plans to break ground this year on a 70-story downtown mixed-use tower. The project is to rise at 555 N Miami Avenue, where it will promise buyers a slice of what the developers say will become the tallest building in Florida, with a cap at 890 feet – taller even than Brickell’s new Panorama Tower…

KLNB picks up CVS building on Miami Beach’s Washington Ave

Commercial real estate firm KLNB paid $18.3 million to buy a CVS-anchored building on Washington Avenue in Miami Beach, two years after it hit the market. KLNB bought the two-story,12,443-square-foot building at 983 Washington Avenue for $1,470 per square foot, records show. Club Invest Group LLC, which is managed by Eugenio Marrapodi, sold the property to the Washington, D.C.-based…

Fed Blog: Predicting Recessions: Which Signals Are More Accurate?

As the yield spread between longer-term Treasuries and shorter-term Treasuries dips closer toward zero, the popular press is voicing more concerns about it possibly going negative. This is referred to as a yield curve “inversion,” which is thought to signal a recession in the near future. In deciding how concerned to be, however, it is useful to think about what a yield curve inversion really means and also consider…

Inflation Forecasted to Remain under 2 Percent in 2019

In January 2012, the Federal Open Market Committee (FOMC) adopted an inflation targeting approach as part of its Longer-Run Goals and Monetary Policy Strategy. Under this approach, the FOMC judged that an inflation rate of 2 percent, as measured by the price index for personal consumption expenditures (PCEPI). The FOMC judged this rate to be the longer-run rate most consistent with the Federal…

HUD expands low-income housing tax credit program to encourage Opportunity Zones investment

The federal Opportunity Zones program has been wildly popular with investors and developers, but critics say the tax incentive program has so far not gone to areas most in need. Now, the Department of Housing and Urban Development has announced an initiative to encourage affordable housing investment within the thousands of designated Opportunity Zones nationwide. The Federal Housing…

Developer completes Edgewater assemblage for Urbanica Hotel

Urbanica Management completed an assemblage in Edgewater where the company is planning to build a 220-room hotel. Urbanica Management, led by Charlie Porchetto, paid $7.3 million for the adjacent lots at 3023 Biscayne Boulevard and 3030 Northeast Fourth Avenue, adding to the land it acquired in October at 3200 Biscayne Boulevard $7.95 million. Coldwell Banker’s Rosy Cancela represented…

Roca Tile expands at Dolphin Commerce Center and other major leasing news

Dolphin Commerce Center hits 90 percent occupancy. Avison Young negotiated 184,000 square feet of new industrial leases at Dolphin Commerce Center, a five-building industrial park totaling 750,000 square feet of Class-A space in Miami-Dade’s Airport West submarket. Roca Tile USA, which makes and distributes ceramic tiles, renewed its lease and expanded for a total of 134,383 square feet.

A Closer Look at South Florida’s Flexible Office Market

As people continue to revolutionize the way office work is defined, coworking is gaining more ground across the U.S. Miami has been spearheading the growth of flexible workspaces in Florida. According to a recent Yardi Matrix survey, the metro comes third after Manhattan and Portland regarding coworking space as a percentage of total office stock with 2.4 percent. Timothy Locke, director of…

AJP Ventures, Mas Group Set to Break Ground on $40M Healthcare Facility Near Baptist Hospital in Miami

AJP Ventures and Mas Group will break ground on MedSquare Health, a 116,000-square-foot, three-story medical facility in the Baptist Hospital of Miami submarket in Miami. The $40 million building will be situated at 9408 SW 87th Avenue, about two miles from Baptist Hospital of Miami. Amenities will feature valet parking, an adjoined two-story parking garage, conference room space and an on-site…

Bizzi & Partners pays $10.27 million for site on Northeast 163 Street in North Miami Beach

New York-based Bizzi & Partners Development bought a 1.1-acre site in North Miami Beach for $10.27 million. An affiliate of Bizzi & Partners, 2101 Aventura Property Owner LLC, acquired a storage building at 2101 Northeast 163 Street and an adjacent vacant lot. The seller was 2101 NE 163 LLC, which is managed by Matias Larsen in Miami. Bizzi & Partners also got an $8.5 million mortgage loan from…

Blue Water Shipping Leases 69,500 SF At Miami Logistics Center

The South Florida office of Duke Realty announced that Miami Industrial Logistics Center, its three-building, 676,835-square-foot industrial hub, is 93 percent leased, just 18 months after it acquired the newly constructed, completely vacant industrial development. Blue Water Shipping is the latest tenant to choose MILC, which is located in the Hialeah Gardens submarket of Miami on the east side…

UHealth to open medical center in North Miami

The University of Miami Health System is proud to announce that it will open a world-class medical center at SoLé Mia, the 184-acre, $4 billion mixed-use development in North Miami developed by the Soffer and LeFrak families. The medical center will offer the communities of North Miami, Aventura, and the surrounding areas academic medicine in specialties dealing with cancer treatments from Sylvester…

Planners unveil a greener and more pedestrian-friendly Wynwood

Wynwood’s future streetscape could look completely different, with a bicycle and wellness loop, pocket parks, lush landscaping, and more woonerfs, a Dutch-inspired shared street design aimed at slowing down traffic. At a Wynwood Business Improvement District meeting this week, urban planners revealed their proposals for the streets of Miami’s most popular neighborhood, nearly a year after the Miami City…

Safra family sells Minotti building in Miami Design District

The Safra family sold the Minotti building in the Miami Design District to Nader Hakakian, owner of the Domus Design Centers in New York. Property records show 3817 NE 2nd Owner LLC, an affiliate of New York-based J. Safra Real Estate, sold the 9,770-square-foot building at 3817 Northeast Second Avenue to JJ 3801 Realty LLC, which is controlled by Hakakian, for $15.5 million. The price equates…

Video: Atlanta Federal Reserve Commercial Real Estate Expert Brian Bailey Discusses Cycle Timing

Brian Bailey, Subject Matter Expert, Commercial Real Estate at the Atlanta Federal Reserve,  joins Michael Bull on America’s Commercial Real Estate Show to discuss his perspective on the commercial real estate market, including our current economic cycle and timing thereof. He talks about different commercial property sectors, increased construction of luxury multifamily in the face of softening…

Developer wins approval for apartment project near Miami’s Health District

Just two weeks after completing an assemblage in Miami’s Spring Garden neighborhood, Estate Investments Group won a key approval to build a 251-unit apartment building on the land. On Wednesday, the Miami Urban Development Review Board granted the developer’s request to increase the proposed project’s lot area from 40,000 square feet to 63,250 square feet, as well as a 30 percent parking…

Trophy Deals Galore: Downtown Office Towers Trade in Slowing Market

Trophy office towers have been trading across South Florida in spite of the regional market slowing down after five years of robust growth. Four downtown office towers traded in 2018 even with some vacancy rates climbing. In the fourth quarter, the rate reached 17.7 percent in downtown Miami, the highest in Miami-Dade County, and 12.4 percent in downtown Fort Lauderdale, the second highest in…

Video: RealCapital Analytics SVP Jim Costello Provide Office Property Sector Update

Jim Costello with RC Analytics appears on this commercial property related show to discuss office property market performance and how changing demographics seem to be driving office growth in suburban markets. He begins by talking about the new offering of the 90-years young Chrysler building in New York, how unusual it is for a building like that to come up for sale, and noting the complexity of its…

Two Leases Totaling 184,718 SF in Miami Industrial Park Arranged

A broker has arranged two leases totaling 184,718 square feet. within Dolphin Commerce Center in Miami. Roca Tile USA signed a 134,383-square-foot lease renewal and expansion, adding 25,745 square feet to its footprint within the business park. FastKit Corp., a custom packing and printing company, renewed its 50,335-square-foot lease. Dolphin Commerce Center spans 750,000 square feet…

88,011 SF Industrial Lease Negotiated in Miami

A broker has negotiated an 88,011-square-foot industrial lease on behalf of Senator International Freight Forwarding LLC at 10505 NW 112th Avenue in Miami. The facility is situated about 20 miles west of downtown Miami. Devin White of CBRE represented the landlord, FS Building 30 LLC, in the lease transaction. Senator International Freight Forwarding specializes in international shipping and logistics with…

Diesel Condo Launching in Wynwood – A Twist to the Luxury Brand Name Trend

Last November, popular Italian denim brand Diesel announced plans for its first-ever condo project in Miami, called Diesel Living. The luxury condo tower, being developed by the Bel Invest Group, will feature 143 loft-style condos and 24,000 sq. ft. of retail on the ground floor. This is not the first time a global brand name has chosen Miami for its debut in the residential real estate space. Over the past few…

Retail In South Florida: Experiential All The Way

Owners of shopping centers have a choice: They can lease space to whomever shows up with a check in hand, putting a dollar store here and a fancy salon there. Or, they can think like Edens Vice President of Investments Nicole Shiman, who orchestrates an entire plaza as one harmonious whole. “Tenants are increasingly focused on being part of a ‘place’ versus simply leasing space at a center,” Shiman said.