John Buck JV Acquires Miami Site for TOD Project

Miami Station. Image courtesy of Berkadia The John Buck Co., in a joint venture with Florida Value Partners, BH Group and PEBB Enterprises, has acquired a 1-acre site in downtown Miami for $39.5 million. The Chicago-based developer intends to build a mixed-use tower, dubbed Miami Station. Berkadia represented the seller, a partnership between BH Group and…

Brookfield Resort In South Florida Changes Hands In Record-Breaking Joint Venture Deal

A South Florida resort is expected to be sold to a pair of investors for $835M, marking one of the largest hotel acquisitions in the U.S. since August 2021. Real estate funds managed by Credit Suisse Asset Management and Trinity Fund Advisors have formed a joint venture to buy The Diplomat Beach Resort in Hollywood, Florida, from Brookfield Asset Management, according…

FAA Approves Height Of Mixed-Use Project At 3333 Biscayne

The FAA has just issued approval for the height of a project proposed at 3333 Biscayne. The approval letter was sent to Miami Edgewater JV LLC with a Denver Colorado address on February 6. A structure height of 481 feet above ground was approved, with a total height above sea level of 491 feet. The 3-tower mixed-use project had a hearing before Miami’s Urban…

Remains Of 7,000-Year-Old Civilization Found At Related Group Site Along Miami River

A groundbreaking archaeological discovery at a massive project site on the Miami River from one of Miami’s most prominent developers has kicked off a debate about how to properly preserve the city’s history amid a historic economic boom. Archaeologists have uncovered remains of a civilization that dates back 7,000 years on the south bank of the Miami River and west…

Site Work Underway At 308-Unit Wynhouse After Permit Issued

Construction activity has now begun at the site of yet another major Wynwood project. The Wynhouse is planned to include 308 residential units, 24,114 square feet of ground floor commercial space, and 107 parking spaces, along with a public paseo. Photos from the site last week by Ryan RC Rea shows site work activity now underway. Records show that a site work…

Bentley Residences To Begin Construction In Spring: New Renderings

Bentley Residences is now just months away from starting construction, according to CNN. Groundbreaking on the 63-story tower will take place in spring of this year, the report said. Completion is expected in 2026. Bentley Residences will become the tallest tallest US oceanfront building at 749 feet tall, CNN said, citing a spokesperson (at least one other tower is planned…

Berkadia Arranges $39.5M Land Sale in Miami, Buyer Plans Mixed-Use Tower

Berkadia has arranged the $39.5 million sale of a one-acre, opportunity zone-designated site at 533 N.W. 2nd Ave in Miami, across from the Miami Central Brightline station. The buyer, Chicago-based The John Buck Co., is making its entry into the South Florida market with this land acquisition. The company is leading a joint venture partnership with Florida Value Partners…

John Buck JV Buys Site for Miami Tower

Miami Station. Rendering courtesy of Berkadia The John Buck Co., Florida Value Partners, BH Group and PEBB Enterprises have jointly acquired the 1-acre development site of Miami Station, a mixed-use project to rise in downtown Miami. Berkadia arranged the $39.5 million transaction on behalf of the previous owner, a joint venture… investor Rainer Viete…

Archeologists at Related’s Baccarat project site uncover artifacts dating back thousands of years

Archaeologists discovered thousands of tools, artifacts, and human and animal remains dating back 7,000 years at the Related Group’s Miami River construction site, where the development firm plans a three-tower project. The 16-month excavation and preservation of the items could be the most archaeologically significant findings near the mouth of the river in the past 25 years…

2 More Business Service Firms Expanding To Miami

The number of companies looking to participate in the Miami business boom is growing again, as two more service firms announced new offices in the Magic City this week. Omni Bridgeway, an Australian litigation financing firm, said on Tuesday that it is expanding into the Miami market, hiring Lauren Alexander from Weil Gotshal & Manges LLP as an investment manager…

Philippe Chow returns to South Beach after decade-long hiatus

Philippe by Philippe Chow is making a South Beach comeback after agreeing to rent a commercial unit at One Ocean condominium. The celebrity restaurant brand’s owner, Merchants Hospitality, led by Abraham Merchant and Richard Cohn, signed a 15-year lease for the ground-floor space in the boutique condo building at 1 Collins Avenue, according to a press release.

Venetian Causeway replacements of 11 bridges advance

Replacement of 11 of the 12 historic Venetian Causeway bridges linking Miami and Miami Beach has won federal and state go-ahead for the next phase of plans to be finished well after the causeway turns 100 years old. A Florida Department of Transportation memo last week said the state and the Federal Highway Administration had accepted the location and design concept…

Edgewater’s 60-Story Hamilton House Quickly Moves To Permitting Phase

In Edgewater, the 60-story Hamilton House is now rapidly advancing, with multiple construction and demolition permits recently filed. The main construction permit for the tower was applied for on December 22, with the full plans submitted on January 23 and now in active review. The permit states the apartment building will rise 60 stories or 649 feet, with 241 residential…

Developers Buy Miami Station Site ‘Shovel Ready’ With Approvals For 42-Story Tower

The Miami Station development site has just been purchased by a partnership of developers. Chicago-based developer The John Buck Company – Florida Value Partners, and BH Group with PEBB Enterprises paid $39.5 million for the 1.03-acre site, or $800 per square foot, according to a press release. This is the first Miami property for The John Buck Company, which has…

USPS Data Shows Miami Was #1 For Growth From 2019 To 2022

There is yet another new data point showing Miami’s rapid growth since the pandemic, this time from the United States Postal Service. The National Association of Realtors analyzed USPS 2022 change-of-address data last month for the study. According to the analysis, the Miami-Fort Lauderdale-Pompano Beach, FL MSA has seen a 56.2% increase in inbound moves from 2019 to 2022.

Demolition Underway At Brickell’s Starlite Motel, Where Chicago Company Plans 300 Apartments

Demolition began this morning at Brickell’s Starlite Motel, new photos by Phillip Pessar show. In November 2022, Chicago-based Focus paid $28 million for the property. A demolition permit was issued the same month. Focus is planning 300 apartments on the property. It isn’t clear if plans have been filed yet with planners. The Starlite Motel had 60 units, according to…

MCR Acquires Hilton Miami Airport Blue Lagoon Hotel for $118M

New York-based hotel owner-operator MCR has acquired the Hilton Miami Airport Blue Lagoon, a 508-room hotel in Miami. The seller and sales price were not disclosed, but the South Florida Business Journal reports that Park Hotels & Resorts sold the 14-story hotel to MCR for $118 million. Set within the Blue Lagoon business park, the waterfront hotel is located south…

This Week’s South Florida Deal Sheet

It was a big week for hotel deals in South Florida as nearly $1B changed hands in hospitality trades. Hospitality giant MCR has acquired the Hilton Miami Airport Blue Lagoon from Virginia-based hotel REIT Park Hotels & Resorts, it announced last week. MCR spent $118.3M for the 508-room property at 5101 Blue Lagoon Drive, which works out to roughly $233K per key…

South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects

Market Snapshot for South Florida Retail Real Estate Here’s our quarterly summary South Florida commercial real estate focusing on Miami retail real estate. The report includes statistical highlights (cap rates, vacancy rates, absorption, etc), the latest retail transactions, signed leases, retail trends, and current market activity. The retail real estate report…

Rilea plans more Mohawk at Wynwood loft apartments after expanding site

Rilea Group plans more loft apartments at its Mohawk at Wynwood mixed-use project after expanding its site, The Real Deal has learned The Miami-based developer paid $5.7 million for two warehouses at 31 and 37 Northeast 28th Street, said Rilea President Diego Ojeda. Both lots span 12,750 square feet, enlarging the overall development site at 56 Northeast 29th Street from…

‘Improved’ Tri-Rail gains 30% in ridership

Tri-Rail ridership in January increased 30% over January 2022, the South Florida Regional Transportation Authority (SFRTA) reported last week. Miami-Dade Tri-Rail trains averaged over 12,000 weekday riders last month, close to 3,000 (30%) more riders than January 2022. Weekend ridership also rose 30%, averaging more than 6,000 riders. “Between passengers that…”

Jungle Island hotel, garage plans march ahead

Plans for a hotel and new parking garage at Jungle Island are moving ahead, reports the developer, despite a city review board’s denial in December. In an email response to Miami Today, ESJ Capital Partners’ chief of staff Micha Dubernard said Tuesday that ESJ has submitted plans for the garage to the city, and the team is working on the design of what is to be a 300-room hotel.

Affordable housing advances for Miami Beach school’s grounds

An affordable housing development by Jewish Community Services on the grounds of a middle school in Miami Beach’s Washington Avenue has gained support from the City of Miami Beach and needs to continue negotiating with the Miami-Dade County Public Schools system to have the land conveyed to the county for a lease. Jewish Community Service, a social services…

County puts Baylink on track for 2029 Miami Beach runs

A 30-year, $1 billion Baylink plan to connect downtown Miami to Miami Beach by extending Metromover has replaced a $1.3 billion monorail. Now county officials are seeking Miami Beach support to move forward in a funding vote. The plan would extend Metromover to the Beach with “a seamless connection with a one-seat ride” from Government Center station…

Construction cost elevator reaches top, starts downward

Construction cost in South Florida is starting to stabilize, according to local construction developing experts. In mid-2020 construction material costs skyrocketed to a 25% increase but in the past 12 months it has decreased to around 8%, said Peter Dyga, president and CEO of Associated Builders and Contractors Florida East Coast Chapter. Those materials included…

Dedicated pickleball complex eyed – without axes or arrows

With some good-natured chatter and at least two “but-what-abouts,” Miami-Dade commissioners Tuesday unanimously approved Commissioner Danielle Cohen Higgins’ resolution that the county mayor “examine the feasibility of creating a dedicate pickleball court complex.” Pickleball is the country’s fastest-growing sport. More than 36.5 million people played…

Plans Submitted To FAA For 587-Foot Downtown 6th

Plans have just been filed with the Federal Aviation Administration for a new tower called Downtown 6th. The filing was received by the FAA on January 26. Downtown 6th is planned to rise 574 feet above ground, or 587 feet above sea level, the filing states. The work schedule for the building is estimated to run from July 1, 2023 through December 30, 2024. Last June…

78-Story Tower At Burger King Property Across From Brickell City Centre Resubmitted To FAA

Plans for a tower to replace the Burger King-anchored strip mall across from Brickell City Centre have just been filed with the Federal Aviation Administration, again. The Federal Aviation Administration already granted approval for a tower on the property in both 2016 and 2019, but those approvals expired. According to the new filing, a tower height of 95…

22-Story 72nd & Park Around Halfway Up In North Beach

In North Beach, the shell of the under-construction 72nd & Park tower is now nearly half complete. 72nd & Park is planned to include 270 residential units, of which 121 will be micro-units, according to a school concurrency agreement recorded in September 2022. Around 12,000 square feet of retail is also planned, along with a 326-space parking garage, according…

New Filing: Edgewater ‘Condo-Style’ Luxury Multifamily Building Will Have 324 Units

An Arquitectonica-designed luxury apartment building in Edgewater is now moving through the pre-development phases, with platting documents just filed with the county. The new plat will be known as “Oak Row 2900,” according to the February 2 filing with Miami-Dade planners. Oak Row 2900 will be developed with 324 residential apartment units and 18,814 square…

Coral Rock to Build Miami Community

Card Sound Key Apartments. All renderings courtesy of Coral Rock Development Group Card Sound Key Apartments clubhouseCard Sound Key Apartments playgroundCard Sound Key Apartments workout stationCard Sound Key Apartments parkCard Sound Key Apartments dog park Coral Rock Development Group has unveiled plans for Card Sound Key Apartments…

Coral Rock to Develop 342-Unit Card Sound Key Apartments in Metro Miami

Coral Rock Development Group has unveiled plans for Card Sound Key Apartments, a 342-unit multifamily community to be developed at 35800 S. Dixie Highway in Florida City, roughly 35 miles southwest of Miami. Upon completion, the development will comprise six four-story buildings, with units in one-, two- and three-bedroom layouts. Twenty percent of the units will be…

John Buck JV buys downtown Miami dev site for $40M

Chicago developer The John Buck Company is leading a joint venture that acquired a downtown Miami development site for $39.5 million, with plans for a mixed-use project, The Real Deal has learned. The deal marks John Buck’s official entry into the South Florida market, where a slew of out-of-state developers including New York-based firms like Naftali Group and Kushne…

MCR drops $118M for Hilton Miami Airport Blue Lagoon

MCR’s Tyler Morse, Park Hotels & Resorts’ Thomas Baltimore and the Hilton Miami Airport Blue Lagoon at 5101 Blue Lagoon Drive (MCR, Park Hotels, Hilton) MCR dropped $118.3 million for a Hilton-branded hotel near Miami International Airport, marking the firm’s continued appetite for South Florida hospitality properties. MCR bought the Hilton Miami Airport…

Lease roundup: CP, Allen Morris, Agave score tenants

Related Fund Management, RRE Ventures, more I Two Town Center I Boca Raton CP Group signed five new tenants for spec office suites at Two Town Center in Boca Raton. Related Fund Management, a third-party investment management affiliate of Stephen Ross’ Related Companies; New York-based venture capital firm RRE Ventures; Chicago-based BMO Harris Bank…

Movers & Shakers: South Florida Real estate law practices bulk up

The past month has been busy for South Florida real estate hiring, with no slowdown in sight. Among the latest moves, two real estate legal practices in Miami added partners to their ranks, Forman Capital relaunched and Brown Harris Stevens brought in more agents. Boutique real estate legal firm Bercow Radell Fernandez Larkin & Tapanes promoted Maritza Haro Salgado….

Saltbox Opens 31,000 SF Co-Warehousing Facility in Metro Miami

Saltbox Inc., a co-warehousing and small business logistics company, has opened a new location at 1701 84th Ave. in Doral, roughly 15 miles northwest of downtown Miami. Comprising 31,000 square feet, the space features 68 flexible warehouse suites, conference rooms, flex storage, access to loading docks and a photo studio. The Doral facility is the first Saltbox in metro Miami…

Saltbox Opens Miami Co-Warehousing Facility

Saltbox Doral. Image courtesy of Saltbox Saltbox has expanded its footprint with a new co-warehousing facility in Doral, Fla. The 31,000-square-foot space marks the company’s 11th location and its entrance in the Miami market, providing flexibility for small businesses in the community. The Saltbox facility is within a 423,022-square-foot building, constructed in 1992…

Florida board proposes changes to condo reform legislation

Aerial view of South Florida along with the new report by the Florida Building Commission (Getty, Florida Building Commission) A Florida commission is proposing changes to the state law that legislators passed last year in response to the deadly Surfside condo collapse. The Florida Building Commission was asked to review inspection requirements and make recommendations…

Hialeah Gardens industrial site trades at $1M/acre, as market softens

A Hialeah Gardens industrial outdoor storage site fetched $1.2 million per acre, marking a price drop from similar properties a year ago — and a harbinger that the market is softening. Triarch Capital Group bought the property at 12601 West Okeechobee Road from Princeton, New Jersey-based Essential Properties Realty Trust, according to broker Jose Sasson. Triarch paid…

Clear vision: Ophthalmologist buys Pompano Beach office building

An eye doctor purchased a Broward County medical office building for $8.9 million. An entity managed by Dr. Shailesh Gupta, a Coral Springs-based ophthalmologist, acquired Sample Executive Center at 2001 West Sample Road in Pompano Beach, according to records and Vizzda. Gupta’s entity obtained a $6.2 million mortgage from First Citizens Bank and Trust.

Strong Demand For Apartments At Newly Opened 58-Story Downtown Miami Tower

There is strong demand for apartments at a new 58-story tower that just opened called Downtown 1st. The building has 560 new rental apartments, and opened in January at 70% pre-leased, according to a January 25 press release. By January 31, Downtown 1st was said to be 85% leased, according to Ryan RC Rea, who made a site visit. One-bedroom apartments started…

Vertical Construction Underway At 36-Story Modera Riverside

In downtown Miami, the 36-story Modera Riverside is now going vertical, according to photos by Ryan RC Rea. The project was formerly known as Nexus Riverside. It will include 428 rental apartments, 4,266 square feet of ground floor retail, and an eight story parking garage. First move-ins are planned in August 2024, according to the developer’s website. The Modera Riverside…

Signs Of Activity At One Bayfront Plaza Planned Supertall Site

There is new activity possibly related to demolition at One Bayfront Plaza, where a supertall tower is planned. On February 1, a process number was created with Miami’s Building Department for demolition work, records show. However, the application intake was still showing as incomplete as of this morning, so the exact scope of what is planned could not be ascertained.

Developer In Contract At Midtown Miami

A Miami developer appears to have a contract to purchase a piece of Midtown Miami. Midtown One Investments LLC has entered into an Agreement of Purchase and Sale as the buyer, according to a memo recorded in Miami-Dade County records on January 4. The Purchase and Sale and sale agreement was entered into on May 19, 2021, the memo says. The buying LLC…

Kroger Opens 60,000 SF Last-Mile Distribution Facility in Opa-Locka

The Kroger Co. has opened a 60,000-square-foot industrial facility in the South Florida city of Opa-Locka. Ocado Group, an e-commerce grocery delivery firm based in the United Kingdom, operates the automated facility. Situated on the north side of Miami-Dade County, the facility serves as a last-mile “spoke” facility that works in conjunction with Kroger’s 375,000-square-foot…

Xebec nabs $44M construction loan for industrial development near Miami Gardens

Xebec scored a $44 million construction loan for an industrial development near Miami Gardens. The Dallas-based firm secured financing tied to 15.7 acres of land on the northeast corner of Northwest 67th Avenue and Northwest 167th Street in unincorporated Miami-Dade County, according to records. Fifth Third Bank is the lender. The land, east of New Testament Baptist…

Here are South Florida’s top construction loans of the past year

Despite construction financing becoming tougher and more expensive to secure in major markets nationwide, South Florida developers are managing to close monster deals. The top 10 construction loans issued between January 2022 and January of this year in South Florida totaled $2 billion, according to The Real Deal’s analysis of such financing…

Trinity and Credit Suisse to buy Hollywood’s Diplomat for $850M

Trinity Investments is teaming up with Credit Suisse to acquire Hollywood’s Diplomat Beach Resort and adjacent properties for $850 million, The Real Deal has learned. The joint venture also tapped Miami-based Related Group and Aventura-based BH Group to co-develop two towers on the development sites. The deal, which would be among …

Ambrose scores $27M construction loan for warehouse project in Jupiter

Ambrose Property Group nabbed a $27 million construction loan to build a spec warehouse in Jupiter. Cincinnati-based Fifth Third National Bank provided the financing for the planned 246,000-square-foot distribution facility at 158110 Walgreens Drive, records show. Ambrose, an Indianapolis-based industrial developer led by CEO Aasif Bade, acquired the 17-acre development…

Edgewater project more than doubles units to 1,300 in 42-story towers

A major mixed-use residential project already in progress has expanded and will bring another 800-plus residential units to Miami’s Edgewater neighborhood. Developer-owner 1900 Biscayne Property Owner LLC and 2000 Biscayne Fee Owner LLC recently presented their latest project to the city’s Urban Development Review Board. It includes two 42-story towers…

FAA Approval Now In Process For 750-Foot Tower Crane At E11even

Contractors building the the 65-story E11even Hotel & Residences have applied for Federal Aviation Administration approval to install a tower crane at construction site. Separately, the FAA just issued approval for the permanent height of a second tower known as E11ven Residences Beyond. The construction crane at the first tower is planned to rise 750 feet above ground…

Zoning Waiver Decision Issued At Empire Brickell, Demolition Permit Pending

Empire Brickell continues to move closer to groundbreaking. According to Miami Planning Department records, a final decision on Miami 21 zoning waivers needed for the project was issued on January 30. Building Department records show that a permit for total demolition at the site was applied for in August 2022, and was actively being worked as of last month.

Tri-Rail To Downtown Miami Now Estimated For Fall 2023

The head of the agency that runs Tri-Rail has released a new start date for train service to downtown Miami, according to Miami Today. Tri-Rail train service to MiamiCentral is now expected to begin in Fall 2023. The prediction was made at a presentation to the board of the Citizens Independent Transportation Trust. The agency is now said to be in good communication…

Coral Rock plans mixed-income rental complex in Florida City

Coral Rock Development Group’s Stephen Blumenthal, David Brown, Victor Brown and Michael Wohl with rendering of Card Sound Key Apartments (Coral Rock Development Group, Getty) Coral Rock Development Group plans a mixed-income apartment complex in Florida City, marking the firm’s continued bet on south Miami-Dade County. The 342-unit Card Sound Key…

Miami Has Become The Coworking Capital Of The World

Miami has emerged as the top coworking and flexible office market in the country, soaking up waves of corporate transplants looking for a quick foothold in buzzy South Florida. “You have companies that are calling us that are saying, ‘Hey, I’m not there now, but I know I want to expand in Miami, can I get an office?'” said Melissa Bessler, Industrious’ regional director of the Southeast…

East End sues ex-Australian investors in Miami office tower for $2M

East End Capital’s David Peretz and Jonathon Yormak with 100 Biscayne Boulevard (Google Maps, East End) East End Capital claims it’s being stiffed of more than $1.8 million by its Australian investor in a downtown Miami office tower that they once jointly owned. It’s the latest chapter in the acrimony between the former partners in the building. Litigation started…

Doral Industrial Property Sells For $1.9M

CBRE represented the buyer, HMR 8081, LLC, and the seller, 8083 LLC, in the the sale of a free-standing ±7,128-square-foot small bay warehouse located at 8081-8085 NW 66th Street in Miami, which closed January 17. HMR 8081, LLC purchased the asset for $1,900,000, equating to $267 per square foot. CBRE Executive Vice Presidents Larry Genet and Tom O’Loughlin…

Developer Of Citadel HQ Tower: ‘We’re Moving As Fast As We Can’

The developer working on the Brickell headquarters tower for Ken Griffin’s Citadel has revealed new details about the project in an interview with Commercial Observer. Andy Gloor is the CEO of developer Sterling Bay, which is working with Citadel on the potential supertower. Gloor told the website that his company was moving “as fast as we can,” on the project.

Demolition Permit Approved At Casa Bella Site To Make Way For 57-Story Tower

Miami’s Building Department has just approved a permit to demolish a 3-story office building at 1400 Biscayne Boulevard. The approval was granted on January 30 (permit fees are still awaiting payment). At least some tenants have already moved out. According to the demolition permit filing, a total of 249,978 square feet will be demolished, at an estimated cost…

Huge Flight Of Talent & Capital To Miami Continues, Investor Says

Miami is continuing to attract a major amount of investment and capital, a prominent investor said. Jack Abraham, who is the CEO of Atomic Labs, made the comments in an interview yesterday with CNBC. According to Abraham, Miami is “somewhat insulated from the larger economy.” Abraham said that real estate was still going up in Miami, while it is going down…

44-Story Lofty Brickell Becomes Fifth Major Miami Project To Break Ground This Month

A groundbreaking ceremony was held this morning for the 44-story Lofty Brickell, becoming one of five major projects that got underway in Miami this month. Lofty Brickell is planned as a $300M project with 362 condo units (it is said to be 88% sold by the developer). Other projects that have broken ground this month include: On January 9, a groundbreaking ceremony…

South Florida by the numbers: A look back at 2022

(Illustration by The Real Deal with Getty) “South Florida By The Numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. It’s the most wonderful time of the year…for local real estate nerds who love to analyze how their market performed over the previous 12 months. It seems like every association, company, analyst, think tank…

Tri-Rail Downtown was due last fall, now targeted for this fall

A fall start is predicted for Tri-Rail trains to roll into Miami Central Station. David Dech, executive director of the South Florida Regional Transportation Authority (SFRTA), made the projection last week during a presentation to the Citizens’ Independent Transportation Trust (CITT) board. The long-awaited $70 million tax-funded project, which was to be completed in 2017…

Miami-Dade real estate vacancies reach new low as South Florida rent rockets to record highs

Rents rose across all asset classes in South Florida in the fourth quarter of 2022 as vacancies sank further amid a development rush to fill demand. That bodes well for builders and Realtors and shouldn’t too adversely impact the businesses and residents — prospective or already in the area — with enough cash to cover costs. For those struggling to get by, it may portend…

Banesco USA gets new headquarters in Doral, gears to hire 140

With a plan to hire 140 locals in a three-year period, Banesco USA grows its footprint in South Florida, opening a brand new headquarters in Doral. Independent Florida state-chartered bank Banesco USA, with $2.9 billion in assets as of December, has moved its headquarters to Doral to a fully renovated location at 3155 NW 77th Ave. The property, previously Kingsway…

Public-private deal to build workforce housing downtown

The Miami Parking Authority (MPA) has joined another public-private partnership (P3) designed to improve one of its downtown garages and bring much needed workforce housing units to the City of Miami. The MPA is announcing what it calls an innovative mixed-use redevelopment project set to transform the corner of NE Second Avenue and NE Third Street.

First military housing in 30 years due at SouthCom

A military housing complex project in Doral’s U.S. Southern Command land will offer more than 50 acres of affordable housing to military members and their families who serve at the command’s headquarters. Construction is set to begin in the fall. This project will be the first military housing compound constructed in South Florida after the closure of the military housing…

Aimco Maximizing Development Rights At 1001 Brickell Bay Drive

Aimco is working to maximize future development rights on property it owns in Brickell by limiting leases in an office building on the site, according to a quarterly report. The company is the sole owner of the 1001 Brickell Bay Drive office building and the adjacent Yacht Club Apartments, according to a November company presentation. The assemblage size is 4.25 acres, the…

Partial Demo Permit At Omni Is For Former JC Penney Space, Notes Say

Plans have now been filed and are in review for partial demolition at the former Omni, and notes on the permit provide small clarification on what is being demolished. The partial demolition permit was applied for on November 2, with a plan acceptance date of December 20. “This permit is for PARTIAL DEMOLITION – DEMOLITION OF THE JC PENNY IN THE OMNI…

Photos & Video Of Newly Opened CitizenM Miami Worldcenter

The 351-room CitizenM hotel at Miami Worldcenter is now open. A video by Ryan RC Rea shows the lobby of the newly opened hotel:   Made my first *ever* narrated IG reel to highlight the @citizenM at @MIAWorldcenter. Everytime I hear my own voice recorded… I’m like “Who is this person” 😂#Miami pic.twitter.com/Q6PJUvnU3M — Ryan RC Rea…

How real estate’s rich live: Alex Sapir’s wife seeks $175K/month in divorce

Photo Illustration of Alex Sapir and Yanina Sapir (Getty, Google Maps, Facebook) Ever wonder how the wealthy spend their money? In the case of developer Alex Sapir’s wife, Yanina, she doled out $400,000 to attend Burning Man, and spends $6,000 a month on clothing, $5,000 on monthly boating expenses, and more than $15,000 each month for the house manager…

Carillon Miami Beach condo owners win suit over Z Capital’s “dictatorship”

Z Capital’s James Zenni Jr. with Carillon Miami Wellness Resort at 6801 Collins Avenue (LinkedIn, Google Maps, Eleventh Circuit Court) Z Capital Group is poised to lose significant power at the Carillon Miami Wellness Resort. Miami-Dade Circuit Judge Michael Hanzman on Monday ordered that the portion of the Carillon master declaration that vests authority in Z Capital…

Blackstone ramps up tenant evictions

A photo illustration of Blackstone’s Jon Gray (Getty, Blackstone) One of the country’s biggest landlords is ramping up evictions after a long period of pandemic-related forbearance. Blackstone filed eviction lawsuits against hundreds of tenants across the nation, the Financial Times reported. Court records focus on Georgia and Florida, but consultants from the company…

Big-box retail growth has Bed Bath & Beyond landlords thinking

(Photo Illustration by The Real Deal with Getty) Bed Bath & Beyond isn’t gone yet, but news of its potential bankruptcy has landlords already looking beyond the retailer. The real estate rebound of big-box retailers like Burlington and Barnes & Noble are fueling the hopeful fire among landlords of spaces with the potential to be vacated by the home goods…

Lease roundup: Simon’s Dadeland Mall reaps leasing bonanza

From left: Simon Property Group’s David Simon and Cohen Brothers Realty’s Charles Cohen with the Dadeland Mall and the Design Center of the Americas (Getty, Scott Francis, Simon) Dr. Martens, Abercrombie & Fitch I Dadeland Mall Simon Property Group is fresh off a leasing spree at Dadeland Mall in Kendall. Seven new tenants set up shop and six more are slated to…

Florida bill turns to developers to tackle affordable housing

Florida Senate President Kathleen Passidomo (R-Naples) introduced on Thursday an $800 million affordable-housing bill designed to tackle soaring rents by providing incentives to the private sector, the Orlando Sentinel reported. The sweeping, 93-page bill — called the Live Local Act of 2023 — would ease local regulatory laws by requiring municipalities and counties…

Crunch Fitness founder plans adaptive reuse project in Little Haiti

Crunch Fitness and Big Move Properties’ Douglas Levine with aerial of 400 Northeast 67th Street (Big Move Properties, Google Maps, Getty) Crunch Fitness founder Douglas Levine is embarking on his latest adaptive reuse project in Miami. Levine wants to convert roughly 50,000 square feet of warehouses at 400 Northeast 67th Street, and an adjacent lot, into retail and…

Cooper City approves downsized mosque at growing Islamic prep school

A rendering of Nur-ul-Islam Academy An Islamic prep school in Cooper City won approval to develop a new building and a downsized mosque with a 50-foot minaret — half the height originally proposed. The Cooper City Commission approved an amended site plan for the project during a marathon meeting Tuesday, amid complaints from residents about the traffic the…

Another: 450-Unit The Crosby Breaks Ground At Miami Worldcenter, 100% Sold

Developers Related Group and Merrimac Ventures broke ground this morning on the 33-story Crosby Residences tower at Miami Worldcenter. The 450-unit project is 100% sold. Units will be delivered furnished and ready-to-rent, designed for easy listing on all homesharing platforms. There will also be over 22,000 square feet of amenity space, including saunas…

Demolition Permit Filed At 1428 Brickell Where 861-Foot Tower Planned

A demolition permit has just been applied for at 1428 Brickell. According to the January 20 demolition permit filing, total demolition of 100,762 square feet is planned, at an estimated cost of $550,000. In its place, a 71-story, 861-foot luxury residential tower is planned, with 189 condos. The building will have a “solar backbone,” with photovoltaic panels integrated…

44-Story Lofty Brickell Groundbreaking Could Be Coming In Days

A groundbreaking ceremony for the 44-story Lofty Brickell tower could be just days away, according to a filing yesterday with the city. The Special Events permit was filed on January 25, records show. The permit lists Lofty Groundbreaking, with a date of January 31. Earlier this month, the developers told the Herald that construction would get underway in February.

Nearly $750m Sales Reservations In Under 6 Months At St. Regis Residences Sunny Isles

There appears to be huge demand for the new St. Regis Residences planned in Sunny Isles Beach. According to a representative of the developer, the building has taken in nearly $750 million in reservations in less than six months. Two towers are planned, with 175 residences in the south tower, which will be the first to be completed. Each of the 62-story towers…

L&L Holding JV Lands $215M for 1 MSF Miami Project

The Wynwood Plaza. Rendering courtesy of ImerzaThe Wynwood Plaza exterior. Rendering courtesy of ImerzaThe Wynwood Plaza pedestrian paseo. Rendering courtesy of GenslerThe Wynwood Plaza office tower. Rendering courtesy of Gensler A joint venture between L&L Holding Co. and Oak Row Equities has closed on a $215 million construction loan for the…

Ken Griffin kicks in $3M to Miami-Dade fund for housing, other initiatives

Miami-Dade County mayor Daniella Levine Cava and Citadel’s Ken Griffin (Getty, Citadel, Miami-Dade County) Billionaire hedge fund manager Ken Griffin is kicking in $3 million to a new fund that will grant money to companies that can solve issues in housing and other sectors. Miami-Dade County Mayor Daniella Levine Cava announced the commitment at her State…

B’nai B’rith wins approval to expand rental complex for low-income seniors in Deerfield Beach

B’nai B’rith’s Daniel Mariaschin with aerial of new development site (B’nai B’rith, City of Deerfeild Beach) Jewish service organization B’nai B’rith won approval to add a fourth apartment building to its rental complex for low-income senior citizens in Deerfield Beach. The Deerfield Beach City Commission on Tuesday approved a site development plan to add 62 apartments.

Landmark scores $33M in construction financing for Dania Beach project

Landmark President Robert Saland and rendering of The City Place Apartments in Dania Beach (Landmark Companies) Landmark Development Corporation nabbed $32.9 million in construction financing for an affordable housing project in Dania Beach. The Miami-based developer recently broke ground on The City Place Apartments, a 99-unit complex at…

Riviera Beach CRA approves deal for Marina Village apartment building

A photo illustration of BH Group’s Isaac Toledano, Related Group’s Jorge Perez, and Marina Village in Riviera Beach (Getty, BH Group, Related Group) Riviera Beach’s community redevelopment agency is moving forward on a 99-year ground lease with a joint venture to build a 20-story multifamily project in Marina Village. The Riviera Beach City Commission, acting …

L&L Holding, Oak Row Equities Obtain $215M Construction Financing for Mixed-Use Development in Miami

L&L Holding Co. and Oak Row Equities, with project partner Shorenstein Properties and co-investor Claure Group, have obtained $215 million in financing for the construction of The Wynwood Plaza, a mixed-use project in Miami. Construction will begin on the 1 million-square-feet development immediately, with completion scheduled for 2025. Designed by architecture…

One Million-Square-Foot Wynwood Plaza Financed, Will Begin Construction Immediately

The developers of The Wynwood Plaza have obtained $215 million in construction financing. They have also announced that two full floors of office space have been pre-leased. With full project financing now in place, major construction will commence immediately with full completion anticipated in 2025, the developers said in a press release. Gensler is designing the project…

Wynwood Plaza project scores $215M construction loan

In yet another sign that lenders are still confident in the South Florida market, a mixed-use office development in Wynwood secured a $215 million construction loan. Little Rock, Arkansas-based Bank OZK provided the loan to L&L Holding Company, Oak Row Equities, San Francisco-based Shorenstein Properties and Marcelo Claure’s Miami-based Claure Group for…

Downtown Miami’s $185M Riverside Wharf Enters Construction Permitting

The $185M Riverside Wharf complex has moved into the construction permitting phase. Records shows a construction permit was applied for on December 22, with plans submitted on January 4 and now in review. A private provider is being used for plan review and inspections, according to Building Department records. There is no contractor attached to the permit…

Miami-Dade real estate vacancies reach new low as South Florida rent rockets to record highs; up for all asset classes

Rents rose across all asset classes in South Florida in the fourth quarter of 2022 as vacancies sank further amid a development rush to fill demand. That bodes well for builders and Realtors and shouldn’t too adversely impact the businesses and residents — prospective or already in the area — with enough cash to cover costs. For those struggling to get by, it may portend…

MPA Approves ‘Innovative’ Mixed-Use Redevelopment Of College Station Garage

An “innovative” mixed-use redevelopment of the College Station Garage has been given approval by the Miami Parking Authority, according to a press release issued today. Oscar Rodriguez, Principal of developer College Station Partners, LLC, said they were excited to now begin the pre-development process, with groundbreaking “in the very near future.” Under the terms…

JP Morgan’s 2023 commercial real estate outlook

The 2023 commercial real estate outlook indicates there may be challenges ahead. Retail is at a crossroads, and the future of office space is unclear. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. But there are a few bright spots in the commercial real estate forecast. Multifamily properties continue to perform…

Developer plans 7-story self-storage project in Little Haiti

A site in the Little Haiti neighborhood of Miami could be redeveloped as self-storage. The city’s Urban Design Review Board will consider plans for the 24,513-square-foot site at 7140 N.E. Miami Court on Jan. 18. It currently has a 4-unit apartment complex. The property was acquired for $1 million in 2021 by 7200 NE Miami Court LLC, managed by Federico A. Albornoz Sanchez.

Population Growth Metric: Miami-Dade Ranks #1 For Drivers Licenses Exchanged From Other States

Miami-Dade sits atop the list of Florida counties where drivers exchanged their out-of-state licenses in 2022, according to data from Florida’s Department of Highway Safety and Motor Vehicles (via Florida Realtors). Overall Miami-Dade gained 59,113 people last year, the drivers license data shows. Broward ranked second with 40,212, followed by Hillsborough (38,330)…

Fort Partners pays $42M for Surfside condo development site

Fort Partners paid $41.5 million for a Surfside development site where the firm has approval to build a 14-unit condominium. The Miami-based company bought the almost 1-acre property at 9163-9165 Collins Avenue from Wexford Capital, according to records and real estate data provider Vizzda. The buyer also scored a $50 million mortgage for the site…

One Brickell City Centre Supertall Advances With Demolition Filing

A demolition permit has just been applied for at the One Brickell City Centre supertall site. The demolition permit is for a building at 700 Brickell Avenue and was applied for on January 20, according to Miami Building Department records. Review of the permit isn’t yet underway, since the full plans have yet to be filed. There also does not yet appear to be a demolition permit,,,

Mixed-Use Project Proposed To Replace Surface Parking Lot In South Beach

The owner of the Washington Park Hotel in South Beach is proposing a 7-story mixed-use project on an adjacent municipal surface parking lot. WPH Properties, LLC submitted the proposal for a 99-year lease of the city property. The proposal include: 135 structured parking spaces in three levels, including a single subterranean level utilizing mechanical lifts…

Video Shows Model Of 950-Foot Cipriani Residences Planned In Brickell

There’s a scale model of the 80-story Cipriani Residences planned in Brickell in the project’s sales center, according to a video posted by John Pompliano. The Cipriani Residences tower is approved at a height of 940 feet above ground, or 950 feet feet above sea level. Two additional towers with rental apartments are also approved at the same property, rising 50 and 60 stories…

Metromover To Miami Beach Expected To Open In 2028 or 2029

Completion of Metromover to Miami Beach is expected in 2028 or 2029, according to a presentation yesterday by a Miami-Dade commissioner (photos of the presentation were tweeted by Mark R. Brown.) That timeframe is similar to an announcement made by Miami-Dade County a few months ago. In November, the county said that it expected to begin…

NBA Legend Alonzo Mourning Is Expanding His Affordable Housing Reach

The former NBA star, a Hall of Fame center who spent the bulk of his career with the Miami Heat, has stayed in South Florida after his playing days, working as a vice president for his former team. But he has also launched and grown a nonprofit developer, AM Affordable Housing, that has delivered hundreds of new affordable apartments in the Sunshine State.

South Florida industrial market softens, rents rise again in fourth quarter

South Florida’s industrial market slowed down slightly in the final quarter of last year, as vacancies inched up while asking rents rose again. The tri-county region posted a 4 percent vacancy rate compared to 3.4 percent during the same period of the previous year, according to a recent Newmark report. And leasing activity across Miami-Dade, Broward…

Prestige JV scores $21M construction loan for Hialeah apartments

Prestige Companies and its partner scored a $20.5 million construction loan for a multifamily project on a former Salvation Army site in Hialeah, marking the firm’s continued wager on the city. Prestige and Florida Value Partners have started building the project, consisting of 100 townhouses for rent and a three-story building with 12 apartments atop 5,000 square feet…

Seven Brickell Avenue buildings to fall for 400-foot-long residences

New condos are coming to the Brickell neighborhood in the form of a new low-rise multi-family residential project planned for Brickell Avenue. The project, 2200 Brickell, will be a five-story structure, home to 104 dwellings, with interior parking for up to 197 vehicles. The City of Miami’s Urban Development Review Board unanimously voted to recommend approval of the…

Deadline electric bus deal fuels new South Dade rapid transit

New 60-foot battery electric buses are now geared to roll in two years on the South Corridor Rapid Transit Project, which was delayed during the pandemic as a global supply pinch stalled progress. Before that, service had been planned to start this month. Under the gun to order the buses by month’s end to retain the bidder’s price guarantee in the face of inflation…

Miami tourism glows as international arrivals soar

With a planned increased in seat capacity for international passengers coming to Miami and higher hotel occupancy and daily rate recorded in just the first two weeks of this year, the county’s tourism outlook glows brightly. For the first two weeks of the 2023 combined, occupancy in county hotels has risen 8.1% over the last year. Similarly, average daily rate rose 4.6%…

Shore Club Condos Launch, Designed By Robert A.M. Stern Architects

In South Beach, plans for the Shoreclub Private Collection have just been unveiled. It is the first ever oceanfront project designed by the legendary Robert A.M. Stern Architects. It is also the firm’s first-ever residential project in Miami Beach (RAMSA is designing the St. Regis Residences in Brickell, and completed the Miami Beach Library in 2005). The new condos will be built…

Related, Two Roads Launch Bal Harbour Condo Tower With $65M Penthouse

Related Group is charging ahead with another uber-luxury waterfront condominium development in Miami. Related, along with development partners Two Roads Development and Rockpoint Group, launched sales Wednesday on Rivage in Bal Harbour, a 24-story, 61-unit condo building, the developers announced. The project will stand 270 feet with asking prices starting…

Renderings Show What Brickell Key Supertall Tower Could Look Like

What would a supertall tower look like on Brickell Key? Architect Varabyeu Partners has just released a series of renderings showing a potential tower. The architect is based in based in Miami, Minsk and Brest, according to its website. The renderings release comes a few weeks after a Federal Aviation Administration filing requesting approval for two possible new towers…

Piling Equipment Arrives At Brickell Site Where 506-Unit Apartment Building About To Begin

Foundation construction appears about to begin at 444 Brickell Tower II, after equipment was delivered to the site late last week. The 44-story tower is planned to include 506 apartments. Developer Related Group has said it plans to break ground on the project this month, after it obtained a $164 million construction loan recently. Construction permits have already been…

Raanan Katz’s shopping center allegedly tells neighbor: No parking for you!

Raanan Katz is allegedly getting territorial about sharing parking with a neighbor of one of his South Florida shopping centers, according to a recent lawsuit. Upper Deck Ale and Sports Grille is seeking a court order to stop Katz from restricting the adjacent restaurant’s customers access to the parking lot at his RK Sage Plaza at 800 East Hallandale Boulevard in…

Lease roundup: Citigroup Center in downtown Miami nabs tenants

In South Florida’s office leasing spree, Brickell has emerged as a most coveted location. Yet, four firms shunned the neighborhood, instead opting for downtown Miami and specifically for the Citigroup Center tower at 201 South Biscayne Boulevard. In the biggest lease, Andorran private bank Andbanc moved from 1221 Brickell Avenue to 6,700 square feet at Citigroup Center.

How pickleball is invading the real estate world

Pickleball is everywhere. A cross between tennis and ping pong, the racket sport is played in quick games of 11 points. It is played on a smaller court with a shorter net, and people love it. Between August 2021 and August 2022, 14 percent of Americans played pickleball at least once, amounting to 36.5 million picklers playing last year, according to the 2023 APP Pickleball…

Regal Cinemas to close 39 U.S. theaters following bankruptcy

The silver screens at dozens of Regal Cinemas across the nation will go dark soon. The Tennessee-based movie chain, the second largest in the U.S., will close 39 theaters from Los Angeles to New York to Miami after its parent company in the U.K. declared bankruptcy, Variety reported, citing legal filings. Cineworld Group, based in London, will reject the Regal Cinemas leases…

“Existential urgency”: Housing crisis clouds South Florida, expert says

South Florida has benefited from a surge in companies and employees moving to the tri-county region during the pandemic. But for the area to continue to thrive, housing must become more affordable, experts said during a real estate event on Friday. University of Miami professor Andrea Heuson and independent consultant Saif Ishoof provided their economic forecast…

Tishman Speyer exec had $3M portfolio when she disappeared

The husband of missing Tishman Speyer executive Ana Walshe isn’t talking, but one potential motive in her disappearance is emerging. Walshe’s husband, Brian, searched “how long for someone to be missing to inherit,” prosecutors revealed this week at his arraignment on a murder charge. As for what nearby assets could be worth inheriting, Ana had amassed a $2.8 million…

South Florida office rents rise in the fourth quarter

Miami’s Brickell and downtown West Palm Beach continued setting the pace for South Florida’s office market’s momentum in the final quarter of last year, according to a recently released report. Average rents rose across the tri-county region in the fourth quarter, Avison Young’s report shows. Miami-Dade and Palm Beach counties’ vacancy…

Brightline Completes Final Installation Of Rail Track On Orlando Segment

The final section of track on Brightline’s new corridor to Orlando has now been installed, according to a video by The Roaming Railfan. To mark the occasion, ceremonial golden clips were installed, tying the final section of rail together. Installation of the last 1600 foot section of tracks is a major milestone in connecting Miami to Orlando by train. The rail forms a brand new segment…

Miami Has The Nation’s Highest Inflation Rate of 23 major Metropolitan Statistical Areas

Miami-Fort Lauderdale-West Palm Beach’s inflation rate between December 2021 and December 2022 was 9.9%, according to the Consumer Price Index released by the U.S. Bureau of Labor Statistics last week, That makes the Miami area number 1 for inflation out of 23 major Metropolitan Statistical Areas, according to a Wallethub analysis. High housing costs in the…

Citadel Brickell Demolition Permit Approved

A demolition permit has been approved at a Brickell property reportedly owned by hedge fund giant Citadel. According to the demolition permit, total demolition of a 6,000 square feet building at 1250 Brickell Bay Drive is planned. A 12-unit apartment building on the site. Citadel is also said to own the office building next door, and is planning an iconic headquarters…

The Crosby Miami Worldcenter Submitted To FAA At 390 Feet

The Crosby – a tower planned to be built at Miami Worldcenter, has been submitted for height approval to the Federal Aviation Administration. According to a January 12 filing with the agency, the tower is planned to rise to a height of 377 feet above ground, or 390 feet above sea level. The Crosby is planned to include 450 condo units and 3,370 square feet of retail…

Chart: Commercial Real Estate Quarterly Price Index Moves, Calculated Standard Deviation, Empirical Rule Observations Using FRED Data

Board of Governors of the Federal Reserve System (US), Interest Rates and Price Indexes; Commercial Real Estate Price Index, Level, index levels retrieved from FRED, Federal Reserve Bank of St. Louis; Series BOGZ1FL075035503Q, January 16, 2023.The chart herein shows the quarterly change of the Commercial Real Estate Price Index from the Board of Governors of the US Federal Reserve…

Rigged Rent? Residents Allege Massive Price-Fixing Scheme in Miami Apartment Market

Miami ranks as one of the worst cities in the country for housing affordability, if not dead last. The crisis deteriorated last year as the Miami metro area experienced an unparalleled annual spike in housing costs, pushing countless residents to work long hours only to fall short on their bills. A slew of economic factors have been blamed for skyrocketing Miami…

Russian ex-police general buys Pembroke Pines strip mall for $23M

A Russian ex-police general — allegedly tied to a public corruption scandal in his motherland — dropped $23 million for a Pembroke Pines strip mall. An entity managed by Anatoly Petukhov bought the two-building retail property at 304 Southwest 145th Avenue… $689 per square foot for the 33,400-square-foot mall… tenant roster includes Xfinity, the Habit Burger Grill, Pieology…

Boyd Watterson drops $38M for veterans clinic in Sunrise

Healthcare Realty Trust sold a Veterans Affairs clinic in Sunrise for $38.2 million, 23.3 percent less than its purchase price six years ago. Boyd Watterson Asset Management bought the William “Bill” Kling Department of Veterans Affairs Outpatient Clinic at 9800 West Commercial Boulevard, according to…

Brokers’ entity pays $22M for Fort Lauderdale dev site

Cushman & Wakefield’s Denny St. Germain and Robert Given with 1151 Southwest Ninth Avenue in Fort Lauderdale (Cushman & Wakefield, Google Maps) Denny St. Romain and Robert Given are usually brokering land sales for someone else. But in a recent $22 million deal for 11 nearly vacant acres in Fort Lauderdale, the Cushman & Wakefield brokers are the…

Randall Realty pays $15M for Palm Beach office-retail building

Randall Realty Group bought a Palm Beach office and retail building, with plans to open its East Coast headquarters at the property. The Los Angeles-based firm purchased the two-story building at 2875 South Ocean Boulevard for $15 million from The Silverman Group, according to the buyer’s news release. Cushman & Wakefield’s Scott…

Brookfield wants to sell Mizner Park in Boca Raton

Brookfield Properties is looking to sell Boca Raton’s Mizner Park. The massive mixed-use project is on the market unpriced, according to an offering obtained by The Real Deal. Completed in the 1990s, Mizner Park consists of a 272-unit apartment building, 270,000 square feet of retail buildings, a 268,000-square-foot office tower and 2,389 parking spaces. The entire project…

Landstar pays $57M to add 857 acres to Avenir in Palm Beach Gardens

Avenir’s master developer paid $56.7 million for 857 acres in the Palm Beach Gardens planned community. Records show that Avenir Holdings LLC sold the acreage to Avenir Development LLC. Both entities are managed by partners of Landstar Development Group, a Coral Gables-based family-owned real estate development…

Fed’s Beige Book Brings Some Positive Signs on Inflation

From mid-November through December last year, the gap between labor supply and demand appeared to narrow, and nonlabor cost increases slowed, according to the Federal Reserve Bank of Atlanta’s new Beige Book report of economic conditions in the Southeast. Broadly, economic activity grew gradually as retailers reported solid holiday sales, auto sales rose…

February Groundbreaking Announced For 44-Story Brickell Tower, 88% Sold

A February groundbreaking date has been announced for the 44-story Lofty Brickell, according to the Herald. Construction permitting is already underway, Miami Building Department records show. Demolition at the site has been completed. The developer is also planning to build additional housing towers on land it owns adjacent to the Lofty site, the report said. Lofty will…

South Florida Office Market Keeps Ascending To New Heights

The epicenter of the activity remains Brickell, Miami’s financial hub, where asking rents hit $88.83 per SF in the fourth quarter, a 33% increase year-over-year, according to Blanca Commercial Real Estate data provided to Bisnow. Miami saw 1M SF of leasing activity in the quarter and a record-breaking 4.3M SF in 2022, of which 811K SF consisted of new-to-market tenants.

Chart: Miami-Dade Commercial Real Estate Sales vs. Average, then vs. 5-Year Treasury, Five Years Ending December 2022

In the chart above, the number of closed sales as a percentage of the five year average is plotted by month, grouped by year; the dataset is displayed just below. The most striking element is the year end surge of 2021, with closed sales exceeded 250% of the average. The next most striking thing is perhaps the surge in the first half of 2022, which is of course really a continuance of late 2021.

Namdar Towers Utilities Deal Signed – 1,400 New Apartments Coming To Downtown Miami

A giant new utilities agreement has just been recorded that will bring nearly 1,400 new apartments to downtown Miami. The deal will allow for Namdar Towers to move forward with construction. Permitting is already underway for the project with Miami’s Building Department. According to the utilities agreement recorded on January 13, Namdar Towers will include…

Naftali Group Towers At Miami Worldcenter Approved By FAA To Rise 691 Feet

Naftali Group has obtained height approval from the Federal Aviation Administration for a twin-tower project planned at Miami Worldcenter. According to a letter issued by the agency on January 13, the developer is permitted to build to a height of 684 feet above ground, or 691 feet above sea level. Naftali Group purchased the property in March for for $40.5 million.

Terra, Turnberry Select Balfour Beatty to Construct 800-Room Hotel in Miami Beach

Locally based co-developers Terra and Turnberry have selected Balfour Beatty to construct the new Grand Hyatt Miami Beach Convention Center Hotel. Located at the intersection of 17th Street and Convention Center Drive, the 17-story, 800-room hotel will serve as the central anchor of the Miami Beach Convention Center District. The design-build team also includes…

Stockbridge Buys $20M Warehouse in Miami Airport West Sale-Leaseback Deal

CA-based real estate investment management firm Stockbridge has completed its $20-million purchase of 4343 NW 77th Avenue, a 28,000-square-foot single tenant warehouse/service facility sitting on 5.6-acres of land in the Airport West submarket of Miami, FL. Wayne Ramoski of Cushman & Wakefield and Kemp Conrad of Cushman & Wakefield represented the seller…

13th Floor, Adler Deliver 37-Story Cascade Apartment Tower in Miami

A joint venture between locally based 13th Floor Investments and Adler Development, in partnership with global investment manager Barings, has delivered Cascade, a 37-story apartment tower located at 3050 SW 37th Ave. in Miami. The 421-unit community is the second residential high-rise to be delivered within the Link at Douglas, a seven-acre master-planned…

RFR, Tricap file dueling lawsuits for control of W South Beach

New York developers Aby Rosen and David Edelstein are in a high-noon standoff over a proposed buyout deal for the W South Beach — with a maturing loan raising the stakes. Entities controlled by Edelstein, principal of Tricap (formerly Tristar Capital), and Rosen, co-founder and principal of RFR Realty, recently filed dueling lawsuits against each other in Miami-Dade…

Related, partners launch sales of Bal Harbour condos, with PH asking over $65M

The Related Group, Two Roads Development and Rockpoint are launching sales of Rivage, a planned oceanfront condo project in Bal Harbour. The developers are betting on continued demand for large, ultra-luxury units on the water, and they’re looking to fill a gap in supply in Bal Harbour, where Oceana, built in 2016, ranks as the most recently completed…

“Of grave concern”: Neighboring condo owners oppose Aimco’s Edgewater project

Just as Aimco’s apartment project in Edgewater makes headway, opposition from a pair of neighboring condominiums could throw a wrench in plans. The Bay Park Towers and Charter Club condo associations are asking Miami to rescind its approval of eight waivers granted to the project that allow deviations from development code requirements related…

Map: Here’s where South Florida is getting new apartments this year

A record number of new apartments are on tap in South Florida this year. South Florida multifamily developers are expected to complete 22,541 units in 2023, which would surpass annual deliveries for at least the past decade, according to a Berkadia report. The volume of new units is almost double the 12,179 apartments completed last year and more than the roughly…

Corporate Relocations And A Strong Housing Market Continue To Draw Top Developers To Miami

Miami real estate continues to post records. According to the Miami-Dade Beacon Council, the county’s public-private economics development partnership, 57 companies relocated to Miami last year. In addition, another 150 indicated they were likely to move their operations to South Florida. Competition for available office space is intense and rents are rising.

Chetrit, Facing Loan Default, Looking To Offload Over 8,000 Units

While an expected wave of distressed property sales hasn’t yet hit, ripples are starting to emerge. New York landlord Chetrit Group is looking to sell more than 8,000 residential units it acquired across 10 states in 2019 as it faces default on a $481M loan it used to finance the acquisition, The Real Deal reports, citing a report by Trepp. The CMBS loan, originated by JPMorgan…

‘Topgolf for Pickleball’ and Other Emerging Retail Concepts To Watch in 2023

Retail has never been more active. At least by one measure. Many national retailers are still expanding despite recession fears heading into 2023. And many of them are trying out new, unorthodox concepts. This comes as monthly retail sales (excluding auto, gasoline, and online retailers, a measure that best encapsulates brick-and-mortar retail sales), pushed to a new record high…

Moving Miami-Dade’s Urban Development Boundary Could Jeopardize Work To Restore Water Flow To Biscayne Bay

Late last year, just before Miami-Dade County Commissioners made the controversial decision to move the urban boundary that protects wetlands and farms to make way for a warehouse complex in South Dade, former chairman Jose ‘Pepe’ Diaz lectured opponents at the crowded commission chambers. “It is not environmentally sensitive land,” he said. “What is important is that […]…

40-Story 2600 Biscayne Advances With Utilities Agreement Signed

The partnership of developers planning a 40-story tower at 2600 Biscayne are moving forward with a newly signed agreement with Miami-Dade’s Water & Sewer Department. According to the deal recorded on January 12, the county will provide utilities to the new development. The utilities agreement states that 2600 Biscayne will include: 399 apartments 174,524 sf…

FAA Approves One River Pointe To Rise 797 Feet

Downtown Miami’s One River Point towers have been granted approval by the Federal Aviation Administration – again. The project includes two 60-story towers connected at the top. According to a letter issued by the FAA on January 16, the towers are permitted to rise to a height of 788 feet above ground, or 797 feet above sea level. In 2014, the FAA approved…

Appeal Filed Over City Approval Of 60-Story Edgewater Tower

Approval of a 650-foot apartment tower in Edgewater is being appealed. Aimco is planning a 60-story tower with 241 residential units at 560-640 NE 34th Street. The appeal was filed by Bay Park Towers Condominium Association Inc., which neighbors the property to the south. The 13-story, 254-unit Bay Park was built in 1961, and multiple developers have been trying…

Shojaees sue Miami agent who called wife Stephanie a “gold digger”

In a nasty comment online, a Miami realtor claims Masoud Shojaee “stole money from his daughters’ trust fund to buy elaborate gifts for this gold digger” — referring to Masoud’s wife, Stephanie. That’s just a taste of the mean things Joanne Silva, an agent with Cervera Real Estate, said about the Shojaees in a recent Instagram post. Now, the Shoma Group power couple…

Jesta wins approval for apartment, hotel project on North Bay Village Shuckers site

Jesta Group scored approval for its multifamily and hotel project on the site of popular Shuckers Waterfront Grill in North Bay Village. The green light marks progress for plans that have been in the works for more than two years, as well as a continuation of North Bay Village’s redevelopment that aims to morph the municipality into a mecca of high-rises. Jesta will build…

Landlords target home design tenants for empty MiMo retail spaces

In the past year, an organic mattress shop, a floral and plant store and a high-end flooring company have moved into a single-story building at 6665 Biscayne Boulevard — a sign that retail leasing in Miami’s Upper Eastside is picking up. But the neighborhood’s commercial landlords may not be able to count on them for the long haul, experts say. Known for its…

Fixing Florida property insurance mess a slow process

After the two bills aimed at fixing the property insurance crisis in Florida, experts are hopeful the new measures are a step in the right direction, but the effects will still take time. Gov. Ron DeSantis signed senate bill 4-A and senate bill 2-A from the special session in December. The first bill provides $750 million for disaster relief to Floridians affected by…

Miami OKs LED signs, bayfront parks billboards advance

Vibrant hues have illuminated Miami for decades, and now the addition of large LED billboards on government-owned property will intensify the city’s colorful neon backdrop. The Miami City Commission on Jan. 12 gave final approval to amend the sign ordinance to allow larger digital advertising signs on numerous city properties. An ordinance allowing advertising…

Concerns mount over boat ramp at Miami Marine Stadium

City of Miami officials continue to forge ahead with a plan to develop and construct a boat ramp next to Marine Stadium on Virginia Key, over the concerns and objections of the city’s own Virginia Key Advisory Board and other organizations. Members of the advisory board tangled and argued several times throughout 2022 with city staff who were actively promoting…

Notable Retail Leases Signed in South Florida Q4 2022

South Florida Retail Real Estate Leases 2021 – 2022 We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during 2022 and throughout 2021. This past quarter was busy overall, and there were several big box leases signed and sealed. Despite the sentiment that the traditional retail market…

U.S. shopping center vacancy hits 15-year low

Shopping centers haven’t been this well occupied since prior to the Great Recession, but the reason for that may be cause for concern. The vacancy rate in the fourth quarter for shopping centers — typically defined as a sizable area with a large amount of individual stores, as opposed to a mall where many stores are in the same building — was 5.7 percent, according to a…

Miami board to vote on Kushner’s Edgewater rental project, Aria’s Brickell condo building

Kushner Companies, Aria Development Group and a self-storage developer all have projects going before the city of Miami this week. The Miami Urban Development Review Board will review plans for New York-based Kushner and PTM Partners’ massive multifamily mixed-use development in Edgewater, as the proposal moves through the site plan review process. The phased…

eBay car stereo retailer buys Hialeah warehouse

eBay car electronics retailer Techronics is turning up its distribution volume in Hialeah. An entity managed by Techtronics President Sharome Yerushalmi and company CEO Yoel Gidanian paid $10 million for a roughly 37,000-square-foot warehouse at 3130 West 15th Avenue, records show. Popular Bank provided the buyer with a $5.5 million mortgage. The deal breaks…

Banesco Expands Construction Lending, MasTec Expects Rebound

Building costs may be out of control, but that did not stop Miami-based Banesco USA from announcing a construction loan of $22.3 million for a mixed-use development on Miami Beach. The hyper-modern designed building at 1685 Washington Ave. is just off of Lincoln Road, the popular shopping, dining, and nightlife destination, and includes a luxury hotel, restaurant…

Lease roundup: Nuveen scores European bank, Rosen’s RFR nabs coworking firm

BNP Paribas Securities I Brickell I Miami A subsidiary of European bank BNP Paribas will open an office in Miami’s Brickell, marking continued migration of financial firms to the neighborhood. BNP Paribas Securities Corporation signed a seven and a half year lease for 7,700 square feet at 801 Brickell Avenue, according to…

The Webster wants to sell Miami Beach HQ on Collins Avenue

The Webster, a fashion house that sells designer clothing and home furnishings, is looking to sell an even larger piece of merchandise. The Miami Beach-based company is listing its headquarters for sale, asking $15.5 million to free up cash for an expansion… But the retailer will only sell if it can stay as a long-term tenant… of the historic building at 1220 Collins Avenue, said Jared…

Plans Filed With UDRB For Edgewater Collective, With 1,300 Residential Units

Plans have been submitted to the Urban Development Review Board for a three-tower project called Edgewater Collective. One of the towers is already rising at 2000 Biscayne, with 420 units under construction in a 36-story building. Demolition to clear the way for two additional towers at 1900 Biscayne began in May 2022. Construction permitting for the second…

Pink Street Furniture, Rock Salt Sidewalks Planned For 41st Street In Miami Beach

A design team has presented an updated vision for a project to revitalize 41st Street in Miami Beach. The new proposal calls for “oases” at several points along the street, paved with bright Miami Beach Red Concrete with a salt rock finish. Benches, bike racks, trash receptacles, and street lamps at the oases would be painted a pinkish color to match the concrete.

First Paint At 648-Foot Chetrit Miami River Tower, Second Tower Breaking Ground Soon

Chetrit Group’s 54-story rental apartment tower on the Miami River continues its rapid construction with painting now underway, new photos show. The tower is being built as a “premier rental building,” the developer said recently. Two retail buildings are also now under construction, according to the developer. Groundbreaking on a luxury condo tower is planned…

58-Story Downtown 1st Shown Near Completion With ‘Modern Tropical’ Interior

Downtown 1st, a 58-story tower, now has a “modern tropical” interior, with leasing underway, according to the project’s Instagram page. It is the tallest apartment building ever by developer Melo Group. The tower broke ground with test piling in March 2021, with top off taking place in April 2022. The project includes 560 market-rate rental apartments, 10,000 sf…

Mindspace Signs for 32 KSF Miami Coworking Space

Mindspace, an international boutique flex space provider, has unveiled plans for a new, 31,192-square-foot coworking space in downtown Miami. The company has signed a 10-year lease at 100 N. Biscayne Blvd., planning to occupy three floors at the 30-story tower. RFR Realty owns the 310,000-square-foot Class A office property, after an $81.1 million acquisition in January…

Harbert Management drops $66M for Broward warehouse complexes

Harbert Management Corporation paid $65.8 million for a Broward County industrial park. An affiliate of the Birmingham, Ala.-based investment management firm acquired Lauderdale Lakes Industrial Flex Park, a collection of 11 small-bay warehouses spanning nearly 360,000 square feet completed in 1973, records and Vizzda show. The…

Related Group joins $1B-plus Bahia Mar project in Fort Lauderdale

Jorge Pérez’s Related Group joined the development team of the planned Bahia Mar project in Fort Lauderdale, as the Miami-based firm continues expanding throughout South Florida. Related entered into a joint venture with Jimmy Tate’s Tate Capital and Sergio Rok’s Rok Enterprises to redevelop the major mixed-use project at a site that is home to the Fort Lauderdale…

JV drops $40M for portfolio of aging Palm Beach County rentals

A partnership between New York and Toronto-based companies is betting on aging apartment complexes in Palm Beach County. North Point Management and Medallion Corporation bought five garden-style communities consisting of a total of 433 units in unincorporated parts of the county for $40.1 million, according to records…

Metronomic loses Coconut Grove project in foreclosure sale

Developer Metronomic lost its completed Coconut Grove apartment project in a foreclosure sale, adding to its financial woes of recent years. Wilmington Trust, the largest creditor on GroveHaus, sold the 10-unit building at 3265 Bird Avenue for $8.1 million in a foreclosure sale to Bolonki LLC, an entity led by Norberto Roman and Julia Roman, according to…

EdgeConneX buys dev site for data center in Doral

EdgeConneX is betting on the data center real estate market. The firm wants to build a nearly 173,000-square-foot facility on land it purchased at the Beacon Station industrial park in west Miami-Dade County, according to records. An entity led by Juan Fayen and Juan Ramos sold the 6.3-acre site for $13.7 million. The data center…

Centennial plans 190 affordable rentals in Florida City

As South Florida’s ever-rising rents continue to price out apartment dwellers, Centennial Management is betting on affordable housing in Florida City. The Miami Lakes-based firm plans the 190-unit Cordova Estates townhouse rental complex south… The seven-building community is planned for a 12.2-acre site that includes properties at 321 and 329 East Davis Parkway.

506-Unit Brickell Apartment Tower Set To Break Ground This Month

Related Group has obtained a $164 million construction loan for 444 Brickell Tower II and will begin construction this month, the developer told Commercial Observer. Construction financing for the adjacent 75-story Baccarat tower is also imminent, the developer said. 444 Brickell Tower II will include 506 apartments in a 44-story tower. Construction permits have already…

Commissioners Move Forward With Expedited Metrorail To Hard Rock Stadium

Miami-Dade commissioners voted yesterday to expedite design of the North Corridor heavy rail system to Hard Rock Stadium. At its January 9 meeting, the county’s Transportation, Mobility and Planning Committee voted 9-0 to increase funding to infrastructure design firm HNTB by $44 million, to a total of $49.5 million for the project. The North Corridor of the SMART Program…

Residential Building With 427 Units Planned Near Metromover Station

A utilities deal has just been signed that will allow a residential building to be built a few blocks north of the Signature Bridge at 1550 NE Miami Place. The agreement between Miami-Dade’s Water & Sewer Department and CL RE 15 MIA LLC was recorded on December 28, 2022. A total of 427 apartments are planned, the agreement states. Jennifer Bernell signed on behalf…

Crypto Firm FTX’s Miami Office Lease Deals Axed in Bankruptcy Court

Sam Bankman-Fried’s cryptocurrency exchange FTX was gearing up to move its headquarters to Miami less than two weeks before the company’s collapse late last year. On October 26, West Realm Shires, operator of FTX’s U.S. exchange, executed a lease for office space in a Brickell Avenue commercial skyscraper with sprawling views of Biscayne Bay — a deal that would’ve made the…

Wall Of Glass Now Rising At Miami World Tower 1

If you like glass, you’ll love the new 53-story Miami World Tower 1 now rising at Miami Worldcenter. Miami World Tower 1 is planned to rise 579 feet, which would make it the second tallest rental building in the city. The first Miami World Tower is planned to include 565 apartments, 3,000 square feet of full service restaurant, and 401 parking spaces. NBWW the architect…

New Year, Same Story: Another Big Law Firm Opening First Miami Office

Another of the 100 largest U.S. law firms is following its peers to Miami. Boston-based law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo is opening a new office in Miami, it announced Tuesday. The outpost will be its first in South Florida and seventh in the U.S. The firm, with specialties in energy and sustainability, private equity, life sciences, technology, financial…

Atlantic | Pacific Breaks Ground on 616-Unit Miami Community

Atlantic Station. Image courtesy of Atlantic | Pacific Cos. Atlantic | Pacific Cos. has broken ground on Atlantic Station, a 616-unit, mixed-income community in Miami that will include 360 workforce housing apartments. Previously known as Block 45, the project is considered the largest single-phase transit-oriented development to ever get underway in Miami-Dade County.

Atlantic Pacific Cos. Breaks Ground on 616-Unit Mixed-Income Residential Development in Miami

Atlantic Pacific Cos. (A|P) has broken ground on Atlantic Station, a 616-unit mixed-income rental community located at 151 NW 7th St. in Miami. The Boca Raton, Fla.-based developer says the project is the largest, single-phase, transit-oriented mixed-income community in Miami-Dade County. Atlantic Station will comprise 256 market-rate apartments and 360 workforce housing…

Will High Inflation Persist?

Monetary policy efforts to curb inflation have been a major component of economic news this past year. And for good reason: At its peak in June 2022, the headline consumer price index (CPI) was almost 9% higher than it was a year before. The consumer price index excluding food and energy—often known as core CPI—peaked in September, at about 6.7%. By either measure…

Swire plans two-tower project with supertall on Brickell Key

Swire Properties wants to add one more supertall to its pipeline of projects in Miami. The real estate arm of the Hong Kong-based firm is proposing a two-tower development on Brickell Key, a man-made island that connects to Brickell, according to filings with the Federal Aviation Association. The buildings would rise on the waterfront site of the existing…

Aimco spinoff Air pays $251M for South Beach Southgate Towers

Air Communities beefed up its portfolio with the $250.5 million purchase of Southgate Towers in Miami Beach. Air, or Apartment Income Real Estate Investment Trust, paid $223.5 million for the pair of 14-story multifamily buildings at 910 West Avenue, and $26.9 million for the garage with ground-floor retail at 959 West Avenue, according to records. The Gumenick…

Vlad Doronin, Len Blavatnik score $242M construction loan for Aman Miami Beach

Billionaires Vlad Doronin and Len Blavatnik secured a $242.4 million construction loan from Bank OZK for the oceanfront Aman Miami Beach development, bringing the total financing to more than $277 million. Affiliates of Doronin’s OKO Group and Blavatnik’s Access Industries are partnering on the two-building luxury hotel and condo project, under…

What are Community Development Districts? Inside a key financing mechanism for big developers

In the mid-2010s, Miami Worldcenter master developers Art Falcone and Nitin Motwani faced a dilemma planning the $4 billion mixed-use community in downtown Miami’s Park West section. How would they pay for the sewer pipes, roads and sidewalks needed to support new high-rise buildings on more than 25 acres of primarily industrial properties and vacant parking…

$1 million aid would put Olympia Theater restoration $16 million shy

The Miami City Commission is to decide today (1/12) whether to appropriate $1 million to fund the ongoing restoration of the historic Olympia Theater and Tower. The commission is to consider a resolution to accept $500,000 from the Florida Department of State Division of Historical Resources to repair the Olympia Theater. The city is required to match the grant funds…

Coral Gables Developer Allen Morris Lets It All Out in His Book “All In”

The audience of some 100 people included a who’s who of prominent citizens, especially those in real estate, investing, and banking. Ad- dressing them in a dark blue suit and pin-striped shirt, W. Allen Morris was a portrait of affability, in contrast to some of the darker moments described in his book. He was at Books & Books to talk about “All In,” his autobiography of…

First Ever Supertall Tower Proposed On Brickell Key

Brickell Key could be getting its first ever supertall tower, according to new filings with the Federal Aviation Administration. The FAA filings were received by the agency on December 20, 2022. Two towers would be built on the south end of Brickell Key. Tower 1 is proposed to rise 1,049 feet, while tower 2 is proposed to rise 700 feet. No developer is listed in the filing.

36-Story Atlantic Station Breaks Ground in Overtown, Miami’s Largest Mixed Income TOD

A formal groundbreaking ceremony was held this morning for the 36-story Atlantic Station (formerly Block 45) tower in Overtown. Site work has been underway since at least November. According to the developers, it is the largest single phase mixed-income Transit-Oriented Development to ever get underway in Miami-Dade County. In a July 11 water and sewer utilities…

Demolition Underway At 710 Edge Property

Demolition is now underway at the 710 Edge property in Edgewater, according to One Thousand Group. Sales will be launching soon for a new project, developer Louis Birdman wrote on Instagram. It will be an ultra-luxury tower, developer Kevin Venger wrote. Plans were filed with Miami planners in 2021 for a 55 story, 649-foot tower on the site with: 70 residential units…

Florida Was The Fastest Growing State In 2022, Census Says

Florida’s population increased 1.9% between 2021 and 2022 – faster than any other state in the nation, according to the Census Bureau. It is the first time since 1957 that Florida has ranked #1 for growth on a percentage basis, the agency said. As of July 1, 2022, Florida’s population was 22,244,823, up 416,754 compared to the same time in 2021. Only Texas added more on a…

Up for vote this week: Aman Miami Beach, medical marijuana zoning in Miami

This week, the Miami City Commission is set to vote on a number of zoning ordinances, including one tied to medical marijuana dispensaries. And a Miami Beach board will review changes to the redevelopment of the historic Versailles property into the Aman Miami Beach. At Tuesday’s Miami Beach Historic Preservation Board meeting, developer Vlad Doronin’s…

Commercial Borrowing Cost: Rate Watch for December 30, 2022

The interest rate environment has changed fairly dramatically over the past 18 months. At the end of 2022, five year treasury rates, most closely tracked for commercial property borrowing cost, closed at 3.99%, up from the 0.2% to 0.4% range it was bouncing around within during the months preceding February 2021. If one considers this essentially 4% versus 0.5%, then this would represent…

A Turkish Tower in Downtown Miami

A rare tulip is budding in Downtown Miami. When fully grown by early 2026, Okan Tower – a glass, concrete, and steel structure designed to resemble a tulip – will be a luxury, mixed-use residential, hotel, and commercial complex costing about $400 million and adding a stunning new figure to Downtown Miami’s skyline. The 70-floor skyscraper will be 902-feet tall and the tallest…

The Great Tsunami: How Miami has become the new global city

On a rainy evening in early November, a sell-out crowd of more than 250 people crowded a second-floor auditorium in the downtown campus of Miami-Dade College. Students, professors, government officials, entrepreneurs, business executives – all were gathered at the event hosted by the Economic Club of Miami to listen to a conversation between Miami Mayor Francis Suarez…

$14.4M Sale-Leaseback Brokered of Single-Tenant Retail Property in Miami Leased to Walgreens

SRS Real Estate Partners’ National Net Lease Group (NNLG) has facilitated the $14.4 million sale of a single-tenant retail property located 3595 Coral Way in Miami. Comprising 16,285 square feet, the property is occupied by the seller, Walgreens, which has signed a new 15-year, corporate guaranteed, triple-net lease. Sean Lutz, Dan Elliot, Matthew Mousavi and…

Investors sue Rishi Kapoor over Urbin Coconut Grove project

Rishi Kapoor is facing a hostile takeover bid. A minority group of investors wants to oust the Coral Gables-based developer as manager for his Urbin Coconut Grove… In 2018, Kapoor, CEO of development firm Location Ventures, teamed up with Coconut Grove-based Terra and Brickell-based Banyan Street Capital to buy a four-story office building with an open courtyard at 3138 Commodore Plaza.

Miami-Dade ranks as ‘most competitive’ apartment market in 2022

By now, it has become clear Miami-Dade County residents have a hard time finding a rental. Amid the population influx, apartment hunters face stiff competition. Turns out, the county is not just a tough place to find a unit, but the toughest market in the U.S. A new RentCafe report found Miami-Dade was the “most competitive” apartment market of 2022.

Berkowitz makes first industrial play in Homestead

Berkowitz Development Group plans a self-storage and distribution center in Homestead, marking the firm’s debut in industrial real estate in the city. The Coconut Grove-based company wants to build a nearly 400,000-square-foot speculative project on land west of the Homestead-Miami Speedway, Michael Berkowitz, company president, told The Real Deal. Berkowitz…

Carlyle and Crow Buy Miami Industrial Site for $24M

A joint venture between private equity giant Carlyle Group and developer Crow Holdings bought land west of Coral Gables, a wealthy suburb of Miami, likely for industrial development. The duo paid $24 million for an 8.6-acre parcel at 2811 SW 70th Avenue, just south of Coral Way and adjacent to the Palmetto Expressway, and simultaneously secured a $72.1M…

The Lion King: Can Robert Rivani conquer Miami’s restaurant jungle?

After dropping $19 million on the ground-floor retail space at the Miami Beach boutique condominium Marea at the end of 2021, Robert Rivani wasn’t finished. The Black Lion Investment Group founder immediately began eyeing another prime retail space down the street owned by the same sellers, A&D Group Realty’s Domenico Albano and Americo D’Agostini.

Fortune, KAR score financing for One River Point condo tower

Developers Edgardo Defortuna and Shahab Karmely secured financing for their planned waterfront condo project along the Miami River. Defortuna’s Fortune International Group bought into the One River Point site late last year, joining Karmely’s KAR Properties. Karmely’s plans for the 60-story, connecting two-to…

Industrial Real Estate Rents Take Flight Near Airports

Industrial real estate near airports in the nation’s most densely populated areas could be attractive investments for 2023. With transportation accounting for up to 70% of overall supply chain costs, businesses are increasingly locating their distribution centers closer to airports, according to CBRE Supply Chain Advisory. Many companies also have brought manufacturing…

10 of 2022’s Biggest Commercial Real Estate Trends

While commercial real estate is typically viewed as a long-term investment — both for property owners and the businesses that lease space in their buildings — it’s certainly not immune to the influence of trends. And 2022 was perhaps more trend-oriented than most years in the industry. As the world finally began to fully emerge from the COVID-19 pandemic…

Jonathan Landau On Launching His New Firm Landau Properties And Why He Left Fortis

The former CEO of Fortis Property Group started a new chapter in his career last month, and he is bringing his family along with the launch of Landau Properties. Landau will be working side by side with his daughter and son-in-law, Yaeli and DC Lowinger, and looking at developments in South Florida, New York and Boston. The family firm plans to start construction on its…

Ares pays $111M for warehouse dev site in Hialeah

From left: Ares Management’s co-founders Antony Ressler and Michael Arougheti along with an aerial view of Ares’ newly-acquired 52 acres of land on the northwest corner of Northwest 154th Street and West 40th Avenue in Hialeah: Ares Management paid $111.1 million for a Countyline Corporate Park development site in Hialeah, with plans for a three-building industrial complex.

BNP Paribas To Open New Office in Miami

BNP Paribas Securities Corp, a unit of Europe’s leading bank BNP Paribas, today announced its plans to open a new office in the metro-Miami area. The Miami office will support the continued growth of its Global Markets business in the US, amongst others, and the increasing number of clients with a foothold in South Florida. The hub will provide an additional gateway…

This Week’s South Florida Deal Sheet

Harbor Group International has acquired an apartment community in Miami Gardens for $113M. The Virginia-based investor bought the 420-unit development known as Oak Enclave Miami on Dec. 29 from Resia, a firm owned by Brazilian-based developer MRV, the South Florida Business Journal reports. Cushman & Wakefield brokered the deal. The 14-acre parcel includes five…

Top 10 Commercial Real Estate Trends for 2023

In 2022, spiking interest rates, inflation and a war in the Ukraine brought considerable change to commercial real estate and the U.S. economy overall. With interest rates and values expected to stabilize, and all stakeholders rethinking the highest and best use of their property and capital, this year promises to be an interesting one, too. Here are 10 trends likely to shape…

U-Haul Growth States of 2022: Texas, Florida Top List Again

Texas, Florida and the Carolinas were the preferred destinations of one-way U-Haul® truck customers during 2022, ranking as the top growth states on the annual U-Haul Growth Index. U-Haul transactional data confirms that migration to the Southeast and Southwest U.S. – trends that were amplified and accelerated during the pandemic – continued through last year, although…

Brightline Gets Big Boost In Traffic From Aventura & Boca, New Trains Added

Brightline told investors today that it is seeing strong traffic at its two new stations in Aventura & Boca Raton. The Boca station opened December 21, with Aventura opening December 24. In the final days of December, the two new stations accounted for 24% of Brightline ridership, with 17,682 rides. The company said it moved two Orlando trainsets to the south segment…

Photo: Spider-Like Arch Of Signature Bridge Now Rising

A new photo by Phillip Pessar shows one of the Signature Bridge arches rising out of the ground. Each segment will be a precast installation, except for the final segment (seen in purple) poured in place. Temporary towers will support the structure during the work… Pictures show current construction, plans, and rendering of completed bridge…

CareRite pays $36M for pair of Broward nursing, rehab centers

CareRite Centers paid $35.6 million for two Broward County nursing and rehabilitation facilities, marking the firm’s continued investment in South Florida’s health care market. The firm bought Manor Pines at 1701 Northeast 26th Street in Wilton Manors, and Manor Oaks at 2121 East Commercial Boulevard in Fort Lauderdale, according to records and real estate data provider…

Capital Square Purchases Parkland Multifamily Asset

Parkland Apartments. Image courtesy of Bell Partners Capital Square has added a nearly fully occupied community in Parkland, Fla. to its portfolio of Section 1031 communities. The firm acquired the 396-unit Parkland Apartments on behalf of CS1031 Parkland Apartments, DST from Bell Partners. The firm is looking to raise $105.7 million in equity from investors, with a minimum…

Steve Ross scores approval for 515 Fern in downtown West Palm

Stephen Ross’ plan to develop the biggest office tower in downtown West Palm Beach passed a major hurdle on Wednesday. The West Palm Beach Downtown Action Committee greenlit the site plan and four variances, or exemptions from the city code, for the planned 25-story 515 Fern. City approval of several other aspects of the project are still pending. Ross’ Related Companies…

B Group bids $102M for 20 acres in Miami’s Upper Eastside

B Group Capital Management submitted a $102 million stalking horse bid for nearly 20 acres in Miami’s Upper Eastside and El Portal that are tied to a lawsuit alleging EB-5 fraud. The Miami-based… seeks to acquire the former U.S. immigration building site spanning 3.5 acres at 7880 Biscayne Boulevard, and a 15.9-acre former trailer park at 8500 Biscayne Boulevard, court…

Here’s how South Florida real estate bigwigs rang in the new year

South Florida real estate’s biggest players rang in the new year in fabulous style. Brokers and developers went far and wide to celebrate the holiday, hitting the slopes in Aspen, partying in Uruguay, Dubai and Greece, lounging in St. Barts and Thailand, and hobnobbing at high-society soirees in Palm Beach…

Related scores $164M construction loan for Brickell apartment tower

The Related Group secured a $164 million construction loan for a waterfront apartment tower on the site of its planned Baccarat Residences development near downtown Miami. Truist Bank provided the financing to an affiliate of Coconut Grove-based Related. The loan can be increased to up to $340 million, records show. The financing is for 444 Brickell Tower II…

Last Sears In Miami Eyed For 800-Unit Residential Redevelopment

Miami real estate magnate Raanan Katz is looking to tear down the last Sears in Miami city limits and replace it with housing and a park. Katz, who leads retail real estate firm RK Centers and co-owns the Miami Heat, is having discussions with local community groups about a plan to replace the 68-year-old property at 3655 Southwest 22nd St. with two 400-unit apartment buildings…

Miami’s Last Sears Store Eyed for Dense Residential Development

Wary residents of the historic Coral Gate community are in talks with a large-scale developer who wants to tear down a nearby 68-year-old Sears and build a modern residential and retail complex in its place. Raanan Katz of RK Centers, which holds more than ten million square feet of commercial real estate across the country, has owned the Sears property since 1987.

Coral Gables investor Maria Menzel adds another dev site to Edgewater portfolio

Maria Menzel continued her land banking spree in Miami’s Edgewater by acquiring another development site, three months after her last assemblage purchase. A Delaware entity with the same address as a Coral Gables condominium owned by Menzel paid $12.5 million for six vacant parcels at 410, 420 and 432 Northeast 27th Street and 415, 425 and 435 Northeast 26th Terrace…

Check out South Florida’s biggest office leases of 2022

7850 Southwest Sixth Court in Plantation with Jazwares’ Judd Zebersky and RMR Group’s Adam Portnoy, Rendering of the 830 Brickell office tower with OKO Group’s Vlad Doronin and Cain International’s Jonathan Goldstein: In most U.S. markets, 2022 was far from a boon for offices. Subleases piled up in California, as tech companies looked to downsize. Facebook parent Meta is…

Forbes Neighborhood To Watch: Miami’s Little River

Long an economically distressed neighborhood with shuttered buildings, Little River, Miami has been methodically taking shape as a champion of local talent, culture and small business, with the city’s top creators and innovators clamoring to set up shop in the area. In effect, the area is undergoing a transformation similar…

Limestone, Orion Purchase Colonial Palms Plaza Shopping Center in Pinecrest for $70.5M

Limestone Asset Management and Orion Real Estate Group have purchased Colonial Palms Plaza, a 188,389-square-foot retail center located in Pinecrest, roughly 20 miles southwest of Miami. The joint venture, doing business as Orion Colonial Plaza LLC, acquired the property for $70.5 million. The property comprises seven buildings and 29 tenants, including Marshalls…

NY firm ARC PE sells Miami Beach mixed-use building at 40% loss

Distressed real estate investor ARC PE scooped up a mixed-use building on the previously popular retail strip of Collins Avenue in Miami Beach, paying 41 percent less than the property’s purchase price a decade ago. Shire Realty sold the three-story building at 826 Collins Avenue for $5 million, according to a news release from the buyer’s broker.

Stephanie Shojaee talks marriage to Masoud, rejection and sexism

Scroll through Stephanie Shojaee’s Instagram and you’ll come across photos and videos of her and her husband Masoud around the world, in Qatar, France, Greece and Miami. She frequently documents her lavish lifestyle with her spouse, co-founder of Shoma Group, and their dog, Pebbles. But she’s shared little about the backlash they faced from Masoud’s adult daughters…

Harbor pays $113M for Miami Gardens rental complex

Harbor Group International paid $113 million for a Miami Gardens apartment complex. Resia sold Oak Enclave Miami at 2301 Northwest 167th Street before year-end, after completing the 420-unit community in June, according to a Harbor Group news release. Robert Given and Troy Ballard of Cushman & Wakefield…

Easton, LBA score $61M construction loan for Hialeah warehouses

Easton Group and LBA Logistics are ready to break ground on their Hialeah industrial project after securing a $61 million construction loan. Principal Life Insurance provided the financing for the joint venture’s two-warehouse development at 4220 West Place, records show. Easton Group and LBA paid $29.4 million for the 26-acre vacant property, currently a truck yard…

Miami board votes to deny hotel plans for Jungle Island

A redesigned 300-room themed hotel and parking garage for Jungle Island met with opposition from the City of Miami’s Urban Development Review Board (UDRB). The board voted 3 to 0 to deny the project as presented. The board makes recommendations to the city’s planning director. Board members expressed several concerns with the new designs, in particular…

City reviews application to raze Coconut Grove Playhouse

The saga surrounding the restoration of the Coconut Grove Playhouse is entering its next act as the county has applied for a special exception to demolish the building. Miami-Dade County filed an application with the City of Miami on Oct. 26 requesting a waiver to permit minor deviations from the Miami 21 Code to allow for demolition within the neighborhood…

Health District plan switches from offices to residences

The developer of a planned high-rise along highway 836 in Miami’s Health District has decided to change the use from office space to residential. The city’s Urban Development Review Board recommended approval of the modified project, with two conditions: hire a dock master for the loading area, and study adding glass into the building’s southeast corner. The applicant is…

Coconut Grove offices nearly full, demand strong

With very limited office space available in Coconut Grove, one of the most desired areas in Miami-Dade County, occupancy is at one of the highest levels there. With a total inventory of 1,245,600 square feet of offices and a vacancy of 8.4%, Coconut Grove currently has no office space under construction, according to CBRE’s Miami Office third quarter report.

Improvement district to celebrate Coconut Grove aviation heritage

Entering the new year, the Coconut Grove Business Improvement District is shifting gears to celebrating the neighborhood’s 150th anniversary, with an ongoing series of events. Themed “Grove Heritage,” the Coconut Grove BID is set to produce monthly events to add magic and memories to all residents and visitors of the Grove, said Cynthia Seymour, the BID’s executive…

Chart – Inflation Watch New Year’s Day 2023: TIPS Spread Indicating 2.33% Expected Inflation for Next 5 Years

The chart above is of the 5-Year breakeven inflation rate, commonly referred to as the TIPS spread, for the five year period ending on December 30, 2022, the last trading day of 2022. This illustrates the difference in the yields, i.e. the spread, between United States Treasury bonds and Treasury Inflation-Protected Securities (TIPS) of the same maturity. This is a useful and oft-quoted…

CRE Experts Round-Up: Top Retail Trends to Expect in 2023

Continuing our annual tradition, we contacted several commercial real estate experts specializing in retail across the country to provide their expertise and predictions regarding what they expect for the retail market with upcoming retail trends moving towards 2023. The overall insights provided by the selected retail professionals are upbeat. Interestingly enough more…

Harbor Group International Acquires Miami Community

Oak Enclave. Image courtesy of Resia Harbor Group International LLC has made its eighth acquisition in the Miami-Dade area with the purchase of Oak Enclave Miami. The Virginia-based company acquired the 420-unit community from Resia for an undisclosed sales price. Cushman & Wakefield’s Robert Given and Troy Ballard brokered the sale, representing both the buyer…

LBA pays $198M for Sweetwater industrial business park

LBA Realty is closing out the year with a mega-priced industrial purchase in Sweetwater. The Irvine, California-based commercial real estate firm paid $198 million for Dolphin Commerce Center at 11200 Northwest 21st Street, 11250 Northwest 25 Street and 11350 Northwest 25 Street, records show. LBA assumed a $50 million mortgage from Northwestern Mutual Life…

Check out the biggest retail leases in South Florida of 2022

O’Reilly Auto Parts took the biggest lease this year at 43,000 square feet. The auto parts retailer inked the 10-year deal at 500 West 49th Street within the Palm Springs Mile mall in Hialeah. The shopping center is part of Great Neck, New York.-based Philips International’s portfolio. O’Reilly Auto Parts, based in Springfield, Missouri, is a publicly traded retailer founded in 1957…

How was the South Florida commercial real estate market in 2022, and what is coming in 2023?

South Florida’s commercial real estate market – in sectors such as retail, multi-family and industrial – is ending the year strongly. Thanks to the influx of companies moving to the area, especially Brickell, office rentals have been very strong. Tenants include hedge fund giant Citadel, Microsoft, WeWork and Blackstone, among others. Confidence in the office sector is most evident…

Miami Airport reaches high for cargo capacity

Miami International Airport (MIA) is adopting a vertical approach to meeting air cargo capacity demand as it contends with limited space. The airport’s “Vertically Integrated Cargo Community” project envisions a five-story storage warehouse which is expected to more than double its current cargo capacity. Expected to break ground next year, the estimated five-year project…

$10M Refinancing Arranged for Carolina Springs Plaza Shopping Center in Margate

MMCC has arranged a $10 million loan for the refinancing of Carolina Springs Plaza, a grocery-anchored, 125,500-square-foot shopping center located at 7804-8092 W. Sample Road in Margate. El Bodegon Supermarket has anchored the 13.4-acre property since 2011. Robert Bhat of MMCC’s Miami office arranged the 10-year, fixed-rate loan, which features a 25-year…

Related nabs $56M loan to build FATVillage affordable rentals

Related Group scored a $55.7 million construction loan for an affordable housing project in Fort Lauderdale’s FATVillage district. The Pérez family’s development firm wants to build a 16-story building with 263 units on land at 600 North Andrews Avenue that’s owned by Broward County, according to records. Plans also call for commercial space. The financing marks progress…

IDI Logistics sells Pompano Beach warehouse for $26M

Warehouse developer IDI Logistics cashed out of a newly built Pompano Beach distribution center for $25.5 million. The Atlanta-based real estate investment trust sold the 134,000-square-foot building at 3001 West Copans Road to an affiliate of Morgan Stanley’s real estate investing arm, according to records and deal data provider Vizzda.

Integra plans townhouse rental community near FAU in Boca Raton

Integra Investments wants to build a luxury townhouse community near Florida Atlantic University, the firm’s second real estate play in the Boca Raton market. Integra principal Nelson Stabile said the firm envisions 100 to 120 rental townhouses on 8 acres at 2600 Northwest Fifth Avenue. The Miami-based developer bought the…

Banyan Cay Resort & Golf Club is headed toward foreclosure sale

A lender seeking to recoup $6.3 million in mortgage debt has initiated a UCC foreclosure sale for the distressed Banyan Cay Resort & Golf Club. Banyan Cay Resort Fund has set a Feb. 17 auction for the West Palm Beach hotel and adjacent development sites, according to a notice of sale. Brock Cannon with Newmark is the broker. Moecker Auctions in conjunction with Mannion…

MetLife sells Pinecrest shopping center to Miami JV for $71M

After keeping it on its books for nearly 30 years, Metropolitan Life Insurance has sold a Pinecrest shopping center to a Miami-based joint venture for $70.5 million. An affiliate of Ibrahim Al-Rashid’s Limestone Asset Management and Joseph Sanz’ Orion Real Estate Group picked up the Colonial Palms Plaza at 13605 S Dixie Hwy, a retail outlet with four outparcels spanning…

Video: Financing Today with Tom Walsh of Grandbridge Real Estate Capital

Tom Walsh, Senior Vice President at Grandbridge Real Estate Capital, one of the nation’s largest full-service commercial real estate finance firms, appears on America’s Commercial Real Estate Show to share an inside look at the current state of commercial real estate financing. Topics discussed include interest rates, LTV (loan to value) rations, DSCR (debt service coverage ratio)…

Grant Cardone is back on the hook in a class action suit

Grant Cardone has said, “Most opportunities are disguised as problems.” If that’s true, he has had his share of opportunities in 2022. In May, unknown robbers allegedly stole his expensive designer watch in a VIP area at Hardrock Stadium during the Miami Grand Prix. A recent Palm Beach Post investigation uncovered Cardone Capital has overcharged tenants living in…

Here are South Florida’s biggest industrial sales of 2022

Medley Commerce Center in Medley, 15998 Walgreens Dr in Jupiter, 4281 & 4341 W 108th St in Hialeah, 3701 Flamingo Rd, 2601 & 2701 SW 145th Ave in Broward and 11801 NW 102nd Ave in Medley: South Florida’s Industrial market continued its hot streak in 2022 — even topping 2021. The top five sales for this year beat last year’s top five by square footage, sale price and average price…

Miami-Dade Mayor Pulls About-Face On Recommending Stephen Ross, Jeffrey Soffer Group For Airport Hotel Bid

The delivery time for a new hotel slated to open at Miami International Airport is once again pushed back, as Miami-Dade County Mayor Daniella Levine Cava is looking for developers to propose new bids. In a statement released on Wednesday, Levine Cava said she intends to redesign the developer bid requirements for the anticipated airport hotel development launched in 2020 by her…

Rental Asset Management pays $31M for Little Havana apartments

Rental Asset Management scooped up a Little Havana apartment building with affordable and workforce housing units for $31.1 million. Rental Asset Management, or RAM, purchased the property at 590 West Flagler Street from the developer, Eastern Atlantic, records show. Construction of the 14-story building is almost complete and pre-leasing is underway, according to a…

Lease roundup: Glovina Shipping Leases in Hialeah, more…

International freight forwarder Gloval Shipping leased industrial space at Codina Partners’ Beacon Logistics Park in Hialeah. Gloval took 43,400 square feet at the business park’s Building B, at 9210 West 43rd Avenue, according to a news release from the tenant’s broker. Wayne Ramoski and Gianluca Billau of Cushman & Wakefield represented Gloval. Sebastian…

Brightline gets back on track at Aventura station

At Brightline’s new Aventura stop, the train has left the station – though despite fanfare hailing a first day of trips at the $76.7 million county-funded station last Wednesday, the first train didn’t leave until 10:04 Saturday morning. The privately operated line, built to offer express rail linking Miami to Orlando with stops only in Fort Lauderdale and Palm Beach, last week trumpeted…

University of Miami to fight to save Virginia Key fisheries center

Speculation over whether the Southeast Fisheries Science Center on Virginia Key will be replaced or relocated continues to spiral amid plans by the University of Miami to request that the center stay where it is. “The University of Miami hopes to submit a proposal to the federal government to ensure that that lab stays on Virginia Key,” said Benjamin Kirtman, director…

Here are South Florida’s top office sales of 2022

From left: 5200 Town Center Circle, Rockpoint Group’s Bill Walton and Keith Gelb, 1221 Brickell Avenue, 100 Southeast Second Street: Despite a strong start to the year and a steady march of corporate relocations to South Florida, the biggest office sales dramatically dropped in price in 2022, compared to last year. The rules tend to be different for South Florida, where…

Kirkland & Ellis Signs 115,000 SF Office Lease at 830 Brickell in Miami

Law firm Kirkland & Ellis has signed a lease at 830 Brickell, a 55-story office building located in downtown Miami’s Brickell district. The firm will occupy a six-floor, 115,000-square-foot space at the property, which was developed by OKO Group and Cain International. Brian Gale, Ryan Holtzman and Andrew Trench of Cushman & Wakefield represented the landlord in the lease negotiations.

Galbut family and Matis Cohen score $98M loan for North Beach project

The Galbut family and Matis Cohen nabbed a $97.5 million construction loan for a Miami Beach mixed-use project featuring co-living apartments. Miami-based Ocean Bank, representing a group of lenders, provided the financing for 72nd and Park, a planned 22-story building with 270 apartments, including 121 co-living units, and roughly 12,500 square feet of retail, records…

Craig Robins, Fort Partners and Qatari hotelier buy Apollo site in Design District

A powerhouse team plans a mixed-use development on a Miami Design District assemblage purchased from Apollo Commercial Real Estate Finance, sources told The Real Deal. The buyers and seller declined to confirm the price, but sources said it is about $170 million. The purchasing partnership includes the Qatari firm Constellation Hotels Holding…

North Miami office building hits market for $45M

A North Miami office building hit the market asking $45 million. Biscayne Centre, an eight-story building at 11900 Biscayne Boulevard, totals roughly 156,500 square feet and has an attached parking garage. The asking price equates to about $288 per square foot. The seller is longtime Miami resident Ami Shashoua. CBRE has the listing. Ben Silver, senior vice president…

Renderings Revealed For $1B Master-Planned, Walkable, Transit-Oriented Neighborhood Near Dolphin Mall

Renderings have been released for Upland Park, a $1b transit-oriented development planned near the Dolphin Mall. The development will be “the first truly viable alternative to automobile commuting,” according to the project website. Upland Park is being purpose-built for integration with the upcoming east-west transit corridor, according to the developer. The community will have…

790-Foot Tower Cranes Approved At Former Miami Arena Site

The Federal Aviation Administration has just approved a requested to install two tower construction cranes at the former Miami Arena site. The applications for approval to install the cranes was filed with the FAA on August 4, and approved December 18. According to the approval notice, the cranes are permitted rise 779 feet above ground. One will reach 793 feet above sea level…

Worldwide Survey Ranks Miami As The Best U.S. City For Expats To Live

A survey of expats living abroad has ranked Miami the best U.S. city for those moving overseas. Internations surveyed over 12,000 people living overseas. Only Miami and New York made the list in the U.S., since a minimum of 50 respondents were required for a city to be ranked. On a worldwide basis, Miami ranked 12th out of 50 cities. New York ranked 16th. Overall, 85% of expats…

A trio of Walgreens stores in South Florida sold for a combined $34M

From top: Walgreens stores at 1800 West Indiantown Road in Jupiter, 3595 Southwest 22nd Street in Miami, and 9921 Okeechobee Boulevard in Boca Raton: In a one week span, a trio of South Florida Walgreens stores traded for a combined $33.7 million, with a seller flipping one of the properties for a nearly $2 million gain. Walgreens will continue to operate the stores…

Terra nabs $35M loan to start Dolphin Station mixed-use project

David Martin’s Terra scored a $35.3 million pre-construction loan for its Upland Park mixed-use project on Miami-Dade County-owned land near Dolphin Mall. The financing for site preparation work sets the stage for the start of the transit-oriented development at the Dolphin Station Park & Ride at 11897 Northwest 12th Street in Sweetwater. The property is at the intersection…

“Gotta go up”: Mapping the supertalls on tap in Miami

Developer Jeff Berkowitz launched his plan for a 1,000-foot tower in Miami in 2013 in typical fashion: with a lot of fanfare over the city’s first supertall. His plan for SkyRise Miami downtown ended seven years later, also in a typical way: scrapped. Developers in Miami for years have proposed supertalls, only to have their vision fizzle out for various reasons. In the SkyRise case…

Here are South Florida’s biggest retail deals of 2022

Investors paying top dollar for South Florida retail properties had to dig deeper into their pockets this year than they did in 2021. Still, some sellers lost money unloading 2022’s most expensive retail buildings and complexes. This year’s top two deals surpassed last year’s biggest transaction, the $108 million sale of the Shops at Beacon Lakes…

Video: Casa Tua founder Miky Grenden on hospitality-branded developments, barefoot luxury, and more

Miami is loud, and Miami is proud of being loud. But Miky Grendene envisions a different kind of city. Grendene is the co-founder of Casa Tua, a hospitality company with a restaurant and private club in Miami Beach that’s become a favorite haunt of the real estate crowd. The spot’s understated aesthetic, a throwback to his native Italy’s “la dolce vita” days, is something Grendene…

Ronnie Strasser Purchases the Pro Padel League’s Miami Franchise

North America’s first professional Padel league – is excited to announce that Ronnie Strasser, President and Chief Investment Officer of Strasser Asset Management, has purchased the league’s Miami franchise. A graduate of the Harvard Business School (OPM), Strasser is a Principal of Phantom Developments (a fifty-year-old real estate company that owns and manages millions…

Getting Creative With Vacant Office Space: Storage, Gym, Film Set

After two years of overhyped return-to-work prognostications, many desks around the nation still sit vacant. But on some empty floors of Midtown Manhattan office buildings, unused space has lately been playing a new role: film set. The transformation from a real-life office into a facsimile on the small screen is part of the business strategy of Backlot, a location service for film…

Kolter nabs $240M construction loan for Fort Lauderdale condo towers

Kolter Urban started building Selene Oceanfront Residences, after scoring a $240 million construction loan for the pair of condominium towers that will be the tallest along Fort Lauderdale’s oceanfront. The firm is developing the 26-story buildings, with 194 units combined, at 3000 Alhambra Street. Wells Fargo, as an administrative agent for several lenders, boosted…

Topgolf advances plans for first Broward location with $15M land deal

Topgolf bought a Pompano Beach development site for $14.7 million, marking a step forward for the driving range chain’s first venue in Broward County. The Dallas-based company purchased nearly 11 acres of land on the southeast corner of Southwest Third Street and Southwest 23rd Avenue, where it plans a three-story facility with 102 hitting bays, according…

Bainbridge buys Coconut Creek apartment complex for $69M

Bainbridge Companies bought a Coconut Creek apartment complex for $69 million, marking the firm’s continued bet on South Florida’s suburban multifamily market. Bainbridge bought Solaire at Coconut Creek at 5401 Wiles Road from an affiliate of Clarion Partners, according to records. The buyer took out a $50.7 million loan on the…

JV buys Palm Beach Gardens office complex for $38M

ABS’ Earle Altman, Gregg Schenker, Peter Burack and Steven Hornstock along with the office complex at 4200-4400 Northcorp Parkway in Palm Beach Gardens: ABS National Business Parks paid $38 million for a Palm Beach Gardens office complex. The joint venture acquired Corporate Center at the Gardens at 4200-4400 Northcorp Parkway, according to Vizzda and records.

CS Ventures pays $36M for West Palm office building

CS Ventures scooped up Clearlake Plaza in West Palm Beach for $35.9 million, marking the investment firm’s first wager on the city’s office market. CS Ventures, a partnership between Spencer Schlager and Charles Rosenberg, bought the 10-story building at 500 South Australian Avenue from a pair of entities led by Herbert Kahlert, according to records. CS Venture…