Foyer Wynwood and Jonathon Yormak East End Capital secured approval for a co-living development in Wynwood. The Miami Urban Development Review Board this week approved Foyer Wynwood, a 12-story, 236-unit project on North Miami Avenue, between 24th and 25th streets, according to a press release. Rents at Foyer Wynwood are expected to start at about…

Millions At Stake In Trial Over Profits, Workplace Hostility At Dezer Development

More than $10M is at stake as one of the East Coast’s most prominent developer families faces a civil trial this week. Andrew Chesnick, the former chief operating officer of Dezer Development, is suing founder Michael Dezer; his wife, Neomi, in her capacity as trustee of a family trust; their son, Gil, CEO of the company; and several corporate entities that the family…

Restaurants, bars in a “scary situation” as restrictions ramp up

Faced with heightened restrictions due to a surge in Covid-19 cases, coupled with a desire to keep employees safe, some Miami restaurants are calling it quits. Other eateries are mulling closing their dining rooms, temporarily shutting down, or changing their business models entirely. If the state or local governments order another shutdown, it could mark the “nai…

Bid to slow soccer stadium on Melreese golf course stymied

A billion-dollar development to replace the golf course in city-owned Melreese Park keeps chugging ahead, but a zoning application for it met opposition from a commissioner who said Miami is getting ahead of itself and not following the process. Manolo Reyes, an established foe of the development, named Miami Freedom Park, presented an item last week…

Miami construction jobs hit record high

As unemployment in Miami-Dade fell slightly in May to 11.3% from 11.8% in April at the peak of the virus-induced shutdown, sunshine bathed one industry: construction jobs hit an all-time high here. Construction rose to 54,800 jobs in the county in May, the most for any month in US Bureau of Labor Statistics records, up 3,800 from April and 1,600 more workers than…

Miami-Dade advised to sue over forever chemicals

Miami-Dade has sufficient legal standing to sue – and should sue – the makers of so-called “forever chemicals,” a class of some 4,000 substances prevalent in the water supply linked to cancer and birth defects, County Attorney Abigail Price-Williams has confirmed. A recommendation from Ms. Price-Williams’ office for the county to join an existing class action…

My New Normal: Coral Gables Based Location Ventures Founder Rishi Kapoor

Location Ventures CEO Rishi Kapoor leads a multifaceted real estate company that handles investment, development, management, and sales and marketing for residential and mixed-use properties, mostly in South Florida. The company has a development portfolio worth more than $500M, which includes a boutique condominium, a new coworking concept…

Westchester Cultural Arts Center on the way

West Miami-Dade residents will soon have a cultural arts center that will offer educational, recreational and community activities. At a groundbreaking June 26, the Westchester Cultural Arts Center continued a long journey that began 16 years ago. Located at the main entrance of Tropical Park, it is to provide cultural programming focusing on Hispanic…

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour

A ban on chain retail stores and restaurants in South Beach’s Sunset Harbour is moving forward with the backing of three Miami Beach city commissioners. The Miami Beach Land Use and Sustainability Committee — made up of commissioners Mark Samuelian, Michael Gongora, and Ricky Arriola — unanimously backed a proposed ordinance banning “formula…”

DeSantis again extends foreclosure and eviction ban

Hours before the expiration of a state-ordered freeze on residential evictions and foreclosures, Gov. Ron DeSantis again extended the moratorium to Aug. 1. Though it’s called the “Limited extension of mortgage foreclosure and eviction relief” order, it does not provide financial relief to homeowners and renters. The order gives homeowners and renters more…

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park

A company tied to Brookfield Properties alleges the Diane Von Furstenberg store owes over $200,000 in unpaid rent at Shops at Merrick Park, and is seeking to evict the retailer. Merrick Park LLC, tied to Brookfield Properties, is suing the retailer for breach of its lease agreement, alleging the company owes $206,000 in unpaid rent as of June. In the suit filed last week…

Video: Iron Hound Principal Robert Verrone discusses fixing loans broken by Covid-19

Iron Hound Management’s Robert Verrone talks about distressed loans amid the economic slowdown in this virtual interview by TRD. He talks about deals that didn’t close in the middle of COVID-19, then moves on to the process of dealing with existing loans that are distressed due to effects on the commerce in the respective properties. This is a pretty candid…

For Sam Zell, it’s all about “foreclosures and opportunities”

Sam Zell’s Equity Commonwealth real estate investment trust has $3.4 billion in cash ready to deploy in these times of distressed assets, but the self-described Grave Dancer isn’t ready to tango in one sector: Retail. Zell, who is also chairman of Equity Residential and Equity Lifestyle Properties, said his companies “don’t buy markets, we buy deals.” And with retail…

Affordable housing experts talk systemic change

Advocates have long sought solutions to housing affordability, but recent social unrest has prompted a closer examination of the injustices baked into the system. Barika Williams, for one, is “cautiously hopeful” that momentum is building to address structural inequality in housing. “At the fundamental base, housing is rooted in racism,” said Williams, the…

“Alligator Ron” Bergeron sells properties near Miami airport to Prologis

“Alligator Ron” Bergeron, a Gladesman and former state wildlife commissioner, sold an assemblage near Miami International Airport to industrial giant Prologis. Bergeron Dade Airport LLC sold the properties at 3310, 3325 and 3377 Northwest 24th Street for $24.6 million. The land totals more than 9 acres and sold for $61 per square foot. Prologis, led CEO…

“It’s a need, not a want” for many residents: Investors eye long-term gains in senior housing

The Orbach Group — a real estate firm better known for flipping rent-stabilized apartments before Albany’s rent law overhaul last summer — recently nabbed a portfolio of 700 age-restricted senior housing units in New York and Pennsylvania. In a sign of the times, the $75 million deal closed via Zoom in May, according to the buyer. Meyer Orbach…

Freddie Mac extends multifamily loan forbearance relief to landlords

Freddie Mac is expanding the mortgage relief options it offers multifamily property owners, but there are strings attached. The agency, which is under government conservatorship, today announced that landlords with federally-backed mortgages can further extend the repayment period. Putting off those payments does come with a price. Landlords who…

South Florida by the numbers: Focus on fair housing

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Over the past few weeks, our nation has struggled mightily with complex and serious issues concerning race and policing. For Realtors and other real estate professionals, a Code of Ethics and Fair Housing laws clearly spell out…

Nearly 140,000 businesses on Yelp remain closed since coronavirus hit

New numbers from Yelp show that 140,000 businesses that closed since March 1 remain closed and that 40 percent of them permanently closed. (Getty) Nearly 140,000 U.S. businesses that closed since March 1 remain shuttered, and just over 40 percent of them have closed for good. Yelp’s latest report on businesses listed on the platform show that more…

Some 2.2 million of the world’s restaurants could close

Restaurants are struggling to get by Some 2.2 million restaurants worldwide could close in the near future, and that’s a low estimate. Restaurants across the price spectrum are watching bills pile up and sales flounder in the months since the coronavirus pandemic brought the industry to a near standstill, according to Bloomberg. Consulting firm Aaron Allen…

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?

Remote-first work could lead to greater employee wellbeing, lower housing costs and a fairer company, according to the CEO of Quora When it comes to the future of remote work, everyone and their landlord has weighed in. Owners of prime office buildings have dismissed remote work as “serviceable at best” (SL Green Realty’s Marc Holliday), having a…

Searching for land: Bruce Eichner, Two Roads vie to buy out aging Bal Harbour condo for over $100M

Taylor Collins, Bruce Eichner, Phil Gutman and Louis Birdman (Google Maps) Amid a scarcity of oceanfront development sites, prominent developers are vying to buy out unit owners of an aging condo building in Bal Harbour to build a luxury tower, The Real Deal has learned. Continuum South Beach developer Bruce Eichner and Two Roads Development are…

Rebuilding the construction industry in the age of the coronavirus

Construction sites began to reopen earlier this month. But construction companies are still trying to find ways to adapt to a troubled market in the short- and long-term (iStock, Pixabay) When engineering giant AECOM started developing a virtual consultation tool in late 2019, its aim was to allow members of the public to weigh in on projects remotely. The idea…

DeSantis announces $250M rental, mortgage assistance fund

Florida Gov. Ron DeSantis announced the state will tap $250 million in CARES Act funding for rental and mortgage assistance due to Covid-19. The announcement comes about a week before the state’s moratorium on evictions and foreclosures is expected to end. The executive order gives homeowners and renters time in their homes if they can’t make their…

Blackstone nears $1.4B deal with HPP to build out production studios

Blackstone Group and Hudson Pacific Properties are deep in talks to form a partnership to develop production studios in Los Angeles. Valued at $1.4 billion, the deal would build out HPP’s extensive studio and sound stage portfolio, according to the Wall Street Journal. A deal could be struck in days. HPP owns three studio lots and 36 soundstages totaling 1.2 million…

South Florida construction starts plummet again in May

Developers are still holding off on starting new construction projects South Florida developers are still holding off on starting new construction projects in the wake of the coronavirus pandemic, according to a new report. New construction starts in South Florida declined 25 percent in May to $558.8 million, down from $749.4 million in May 2019, according to…

Macy’s cuts nearly 4K jobs as it reopens hundreds of stores

Macy’s eliminated thousands of jobs this week in another sign of the retail sector’s struggles, as companies work to emerge from the coronavirus lockdowns. The department store chain cut about 3,900 corporate and management jobs, which is expected to save $365 million this year and $630 million a year going forward, according to Bloomberg. The move came as…

Privé at Island Estates developer sues Suffolk Construction over defects

Two years after winning a protracted legal battle with neighboring property owners, the developer of Privé at Island Estates in Aventura has a new adversary in its sights. Privé Developers LLC sued Suffolk Construction in Miami-Dade Circuit Court earlier this month for alleged construction defects and delays at the 160-unit luxury condominium project at 5000…

Miami-Dade searching for more hotels to isolate Covid-19 patients as cases surge

As the number of confirmed cases of Covid-19 surges in Florida, Miami-Dade County is on the hunt for empty hotels it can lease to isolate patients. The county has already secured two hotels to house those who need to self-isolate but don’t have anywhere else to go, said Maurice Kemp, deputy mayor of Miami-Dade. It’s looking for additional properties near Covid-19…

RK Centers alleges restaurant refused Covid relief, vacated Collins Avenue property

A Sunny Isles Beach landlord said a restaurant refused relief and vacated the property. Many tenants are seeking relief from landlords due to the pandemic, but a Sunny Isles Beach landlord said a restaurant refused relief and instead vacated the property. In a lawsuit filed Tuesday, RK Centers alleges La Barra Restaurant “willfully disregarded relief programs as…

Chuck E. Cheese parent, GNC file for bankruptcy

Retailer GNC Holdings and the parent company of Chuck E. Cheese have become the latest in a string of high-profile companies to seek bankruptcy protection. According to the Wall Street Journal, CEC Entertainment filed for Chapter 11 bankruptcy this week after widespread closures of Chuck E. Cheese venues because of the pandemic. The company, which is owned…

Simon v. Taubman could be ready for trial in November: Judge

The debate over whether Simon Property Group should honor its $3.6 billion deal to buy Taubman Centers might be among real estate’s Thanksgiving dinner table discussions this year. That’s because the lawsuit pitting the mall giants against each other could be ready for trial by mid-November, according to the Michigan judge overseeing the case.

In this two part video series, CCIM Chief Economist K.C. Conway, CCIM, MAI, CRE, joins the host of America’s Commercial Real Estate Show to discuss what to expect move forward. Among the discussions expectations for jobs, property values, and economic recovery timing. He notes he is particularly concerned about leisure and travel, which he notes is 10% of global GDP…

The Developer Behind Some Of Manhattan’s Biggest Projects Plans First Miami Project In Wynwood

Two New York developers have formed a joint venture to redevelop a 3-acre assemblage in Miami’s Wynwood Arts District, they announced Wednesday. L&L Holding Co. and Carpe Real Estate Partners envision a mixed-use development with a Class-A office tower, indoor-outdoor retail space, a luxury residential apartment building and large public and private outdoor open spaces. The assemblage, at the northeast corner of NW…

$1 Billion Miami Soccer Stadium Project Takes Step Forward, But More Challenges Lie Ahead

Seven years into their quest to establish Major League Soccer in Miami, David Beckham and his business partners finally launched their team, Inter Miami CF, this year. But because of holdups building a stadium in Miami, the team was ready to begin play in Fort Lauderdale, 34 miles north. It was about to host its first game against the LA Galaxy in March when the…

164,432 SF Lease Renewal in Miami Negotiated for Logistics Company

Colliers International has negotiated ECU Worldwide’s 164,432-square-foot industrial lease renewal in Miami. The space at 2401 NW 69th Street has been ECU’s long-term home. The new lease is for a period of a little more than eight years and is valued at more than $10 million. ECU specializes in global multi-modal transport and warehousing services. The property is…

$4.9 Million Medley Storage Asset Sale Arranged

CBRE has completed the $4.9 million sale of A Storage Place, a 56,000-square-foot property at 7450 NW 74th Avenue in Medley, Florida. Senior Vice Presidents Tom O’Loughlin and Larry Genet and Senior Associate Jake Zebede represented both the seller and buyer, two private investors. The new owner financed the purchase with a $3.9 million acquisition loan…

164K SF Lease Signals Resiliency Of Miami Industrial Market

ECU Worldwide’s lease renewal with landlord Realterm and institutional investors advised by J.P. Morgan Asset Management at 2401 NW 69th Street in Miami signals the resiliency of the South Florida industrial market. Colliers International Florida’s Executive Managing Director Jonathan Kingsley and Director of Industrial leasing Ryan Goggins…

Industrial Real Estate Sees Promising Future As Sector Benefits from E-Commerce During Pandemic

COVID-19 pandemic? Oil price crash? During this unprecedented time with unprecedented events, DFW industrial real estate—if you can believe it—is cruising into a promising future with even more upside potential. Coming into March, our market was as strong as ever, highlighted by “peak” rental rates, building values, occupancy, absorption, and 30 million square feet…

Blackstone’s Stephen Schwarzman forecasts “big V” recovery

Will the economy’s recovery from the pandemic resemble a U, V or W-shape? Blackstone Group CEO Stephen Schwarzman is firmly in the V camp, according to his statements at Bloomberg Invest Global’s virtual event. “You’ll see a big V in terms of the economy going up for the next few months because it’s been closed,” he said, though he noted that the…

For future pandemics, Miami Worldcenter plans $60M health center

Dan Kodsi and Legacy Hotel & Residences To attract guests, hotels have long bragged about pools, spas and banquet space. But in the age of the coronavirus pandemic, one Miami developer is including a medical center with ventilators as part of its marketing pitch. Dan Kodsi’s Royal Palm Companies announced plans to develop a 100,000-square-foot health…

Luxury office, resi project planned for former Rubell museum in Wynwood

L&L Holding Company is expanding outside of Manhattan for the first time, partnering with Carpe Real Estate Partners in Miami to build a mixed-use project in Wynwood. The two firms are under contract to buy a 3-acre assemblage anchored by the former Rubell Family Collection property on Northwest 29th Street and First Avenue, according to Erik Rutter and…

Simon Property Group, Brookfield might bid on J.C. Penney

Two of J.C. Penney’s landlords are trying to buy their way out of trouble. Mall owners Simon Property Group and Brookfield Property Partners are said to be considering a joint bid to buy the beleaguered department store chain, the Wall Street Journal reported. Talks were first reported last week, and at the time, brand management company Authentic Brands Group…

Here’s how much tenants pay for space at Blackstone’s massive industrial portfolio

Blackstone’s Jonathan Gray When Blackstone Group shelled out $18.7 billion last year for 179 million square feet of industrial space, it was one of the largest real estate deals in history. So it’s not surprising that when Blackstone tapped the securitized debt market to finance a large chunk of that portfolio it acquired from Singapore’s GLP, it ended up being one…

Near-zero fed interest rate offers opportunities

The near-zero fed rate can present a special opportunity to some, but it comes at a time of uncertainty, according to one local banker.  Bert Lopez, chief financial officer at US Century Bank, said the federal reserve rate is extremely important to how the bank, as well as the rest of the world, does business. The fed rate cut  is especially impactful on short-term rates…

Florida Grand Opera shares home with aviation company

Florida Grand Opera’s search for a new headquarters has been temporary stalled due to the coronavirus pandemic shutdown. The opera sold its 35,000-square-foot Doral Center building at 8390 NW 25th Street for $7 million back in October 2019, according to Cushman & Wakefield real estate services, which represented the opera company in the sale. The opera…

Three-judge panel weighs Coconut Grove Playhouse future

A panel of three judges from the Appellate Division of the 11th Circuit Court will determine the fate of the Coconut Grove Playhouse, which is considered one of the Miami-Dade’s historic landmarks. At a June 16 hearing held through Zoom, the three-judge panel consisting of Lisa Walsh, Daryl Trawick and Angelica Zayas heard oral arguments about…

Property values, Covid-19 cut vast hole in Miami Beach budget

The City of Miami Beach has held its first budget meeting for the next fiscal year and the financial outlook is dismal – and not just because of Covid-19. Nearly all commissioners and the mayor participated in the meeting last week, in which Chief Financial Officer John Woodruff walked the elected officials through the outlook for the 2021 fiscal year. While the impact…

Main Street Lending Program downsizes targets

Recent changes to the Main Street Lending Program will make the Federal Reserve-backed loans more appealing to small and mid-sized businesses that were relatively stable before the pandemic took its toll, local experts say. The Fed announced June 8 that the Main Street Lending Program would cover loans as low as $250,000 (down from $500,000) and extend the…

Presidential election may turn spotlight back to Opportunity Zones

November’s presidential election may turn the spotlight back on the Opportunity Zone program, which has faded from view after the initial rush to invest capital into properties and projects ahead of a key deadline late last year. And Steve Glickman, the former Obama administration adviser who helped map out the federal tax break program, thinks…

Alex Karakhanian sells Wynwood property for $17M

Developer Alex Karakhanian sold a Wynwood building leased to Revlon and Scripps Network for $17 million. Karakhanian’s 3704 NE 2nd Ave LLC, a 90.1 percent owner, and Chaim Cahane’s FCM 48 NW 25 LLC, a 9.9 percent owner, sold the 20,730-square-foot office and retail building at 48 Northwest 25th Street in Miami. Property records show the buyer is 3 CI…

Rent Control in Florida? Exploring the Issue

Rent control is one mechanism proposed to address affordable housing issues. Here are some pros, cons, and compromises Long before COVID-19, countries around the world were facing a common crisis: affordable housing. The post Rent Control in Florida? Exploring the Issue appeared first on Commercial Real Estate South Florida….

Church near Flagler Village to be redeveloped into mixed-use project

A Miami developer bought the Fourth Avenue Church of God near Fort Lauderdale’s Flagler Village, with plans for a mixed-use project that will have a food hall. Eduardo Pelaez’s Wellmeaning Investments acquired the 1.2-acre site at 1219 and 1239 Northeast Fourth Avenue for $2.4 million. The property includes a 6,721-square-foot building and a 12,508-square-foot…

Foundry Commercial scores construction loan on Hialeah Gardens industrial complex

Foundry Commercial scored a $26.3 million construction loan to build two industrial warehouses in Hialeah Gardens. Wells Fargo provided the debt for the development at Northwest 146th Street and Northwest 107th Avenue. Orlando-based Foundry recently secured approval from Miami-Dade County for the project. The warehouses will be 164,567 square feet…

By the numbers: Viral and volatile times for business

Businesses and individuals are taking stock of their losses stemming from the coronavirus pandemic, as reopenings begin in major cities across the country. The full impact has yet to be seen, as office buildings, stores and hotels open back up at reduced capacities and people slowly adjust to new routines. But for the first time since the pandemic hit, the U.S reported…

Care Resource buys Little Havana office building

Miranda Health care nonprofit Care Resource paid $5.4 million for an office building in Little Havana, as the neighborhood continues to attract medical providers. Mohammad Siddiq Khan and Ghazala Bilqees sold the 32,408-square-foot building at 1800 Southwest First Street to Care Resource Community Health Centers, property records show. The four-story…

Unemployment filings stabilize — but at record highs

Another 1.5 million Americans filed for unemployment benefits last week, about one-third fewer than the week prior. The number suggests that the rate of job loss in America has stabilized, even though businesses continue to hemorrhage employees at unprecedented levels. The Department of Labor’s unemployment report for the week ending June 13 showed 20.5…

The breakdown: Inside Virgin Hotels’ $330M vision for South Beach and how it vanished

Virgin Hotels had been looking for the right redevelopment opportunity in South Beach for years, and appeared to have found it a few months ago in HFZ Capital Group’s Shore Club. An offshoot of Richard Branson’s Virgin Group, Virgin Hotels created a proposal to purchase the 309-key beachfront hotel for $235 million, The Real Deal has learned. It put together a…

Half of deadbeat chains start paying rent again

As retailers reopen for business, their landlords can take a breath of fresh air. Their tenants are starting to pay rent. At this time last month, 18 major retail chains had not paid May rent in any of their locations. This month, only nine out of the 127 retailers in a mid-month Datex report were total deadbeats. H&M made one of the largest…

Miami Developer Harvey Hernandez’s firm alleges RealPage stole trade secrets, poached employees

Fresh off of a settlement with Airbnb, Miami real estate developer Harvey Hernandez’s NGD Homesharing is suing RealPage, alleging the popular property management software company stole trade secrets and employees from Hernandez’s firm. NGD Homesharing is suing RealPage, an affiliate and three of Hernandez’s employees for allegedly misappropriating…

Taubman claims Simon scuttled $3.6 billion merger due to buyer’s remorse

Simon Property Group called off its $3.6 billion merger with Taubman Centers due to a classic case of buyer’s remorse, the spurned seller claims. Taubman submitted a new legal filing in the mall landlords’ court battle that claims the larger rival Simon tried to renegotiate the terms of their deal once the coronavirus pandemic hit, Bloomberg reported. Simon had…

Brian Kingston on Brookfield’s long game

It’s been an especially busy few months for Canadian investment giant Brookfield, which is upping its bets on everything from struggling chain stores to distressed real estate. Brian Kingston, CEO of Brookfield Property Partners, spoke to The Real Deal in June about the company’s rent negotiations with mall tenants, its plans to launch a $5 billion retail…

US hotel occupancy surpasses 40%. And prices are rising

National hotel occupancy crept back up above the 40 percent mark last week as leisure travelers continued to head to tourism spots in states that are reopening. Occupancy hit 41.7 percent for the week ending June 13, according to STR. With more people staying in hotels in these tourist destinations, operators are beginning to feel confident they can start…

Crescent Heights hits a snag with plan to develop high-rise Edgewater project

A city of Miami board narrowly rejected Crescent Heights’ application to close 10-foot-wide alleyways for a future 3-acre development site in Edgewater. Though rejected by the city’s Planning Zoning & Appeals Board during a virtual meeting held Wednesday evening, the decision to close the alleyways will ultimately be up to the Miami City Commission. The…

HTG scores financing for Hollywood affordable housing project

Housing Trust Group secured the financing for an affordable housing development in Hollywood. HTG also broke ground on Hudson Village, an eight-story, 96-unit project planned for 901 South Federal Highway. It will have both affordable and workforce housing apartments. HTG expects to complete the building by August 2021. The Miami-based developer…

Triple Five Group is still planning to move forward with its American Dream mega mall in Miami-Dade, even as the Canadian development group is staring down billions of dollars of debt payments for its other malls. Triple Five, led by the Ghermezian family, completed a land swap with the Graham Companies for 40 acres near the site of the American Dream Mall…

Wells Fargo says mismanagement by Southland Mall owner contributed to downfall

As it moves ahead with its foreclosure lawsuit against the owner of Southland Mall, Wells Fargo is now alleging the company had for years been mismanaging the struggling retail center in Cutler Bay. In a recent filing related to the foreclosure suit, the bank says the owner owes over $160,000 in code violations and citations to Cutler Bay and Miami-Dade…

Miami Herald To Move Out Of Doral Location

The Miami Herald has decided to move out of their Doral offices in August. In a letter to their readers, they state that the current pandemic has accelerated the organization’s ability to work remotely. The paper went on to say that they are investing in people over place to ensure their coverage remains the same. Employees will remain working from home through…

Baywood scores $31M loan to build hotel near Miami International Airport

Baywood Hotels scored a $31.3 million construction loan for the site of a building shell that has sat empty near Miami International Airport for years. Two companies tied to Columbia, Maryland-based Baywood secured the loan from Banesco USA to build a 218-room hotel at 1101 Northwest 57th Avenue, records show. Baywood secured a notice of commencement…

Pandemic transportation changes could become permanent

Miami-Dade’s transportation picture has been in flux since the onset of the coronavirus pandemic, and many changes – including new safety strictures, increased telecommuting and a rise in non-motorized mobility – could prove permanent, experts say. “This is a lifetime event that’s really going to change a lot of things, including transportation, how people work and…

Swire Properties to Welcome Five Retailers to Brickell City Centre in Miami

Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has announced that five retailers are joining the tenant lineup at Brickell City Centre in Miami. Marabu, which recently opened its doors, is a Cuban-inspired restaurant headed by Cuban-American chef Alberto Cabrera. Opening in July are…

PortMiami, cruise lines huddle as new sailings near

All eyes at the “Cruise Capital of the World” are on July 24, when cruise lines could again begin operations following a 100-day no-sail order from the Centers for Disease Control and Prevention (CDC). In the meantime, PortMiami Director Juan Kuryla said Tuesday, the port is continuing talks with its industry partners to ensure that once that date – or any new one…

As freight demand grows, truck parking shortage serious

Around this time last year, when Amazon outpaced Walmart as the world’s largest retailer on Forbes’ annual Global 2000 list, it marked a sea change in commerce. For the first time in human history, a retail company that – aside from its Whole Foods supermarket chains – only sells its products online topped every brick-and-mortar seller on the planet. Now in the wake of…

Inside the “legacy” hotel assets Colony Capital is pivoting away from

Thomas Barrack and (from top) Sheraton San Jose Hotel in Milpitas, CA; The Westin Governor Morris in Morristown, NJ; Four Points by Sheraton Destin in Fort Walton Beach, FL (Barrack by Jared Siskin/Patrick McMullan via Getty, Google Maps, Westin, Marriott) Tom Barrack’s Colony Capital has spent the last several years pivoting away from “legacy” real estate assets…

Berkadia Arranges $97M Construction Loan for Apartment Complex in Sunny Isles Beach

Berkadia has arranged a $97 million construction loan for Las Marinas Apartments, a planned two-building, 256-unit complex in Sunny Isles Beach. An undisclosed life insurance company provided the 15-year, fixed-rate loan with five years of interest-only payments. Each building will stand 17 stories and offer 128 units. The borrower and developer, The Brunetti…

New York Life Provides $97M Construction Loan on Miami Resi Towers

New York Life has provided $97 million in construction financing to The Brunetti Organization to help facilitate the firm’s development of a planned, two-building multifamily project outside of Miami called Las Marinas Apartments, according to information from real estate firm Berkadia, which arranged the financing. The 15-year, permanent construction loan…

Developer Lissette Calderon Makes Moves In Allapattah

Just two weeks ago, Miami developer Lissette Calderon was topping off a building in Allapattah. This week, she’s announcing a new one. On the heels of topping off a 192-unit project called No. 17 Residences, and being in the permitting process for a 323-unit project called Allapattah 16, Calderon has acquired a development site at 1470 Northwest 36th Street, where she…

The Fed on the Impact of its Response to COVID-19 So Far

As part of the measures undertaken to alleviate the economic impact of the COVID-19 pandemic, the Federal Reserve lowered its policy rate back to zero and opened a series of credit facilities designed to support the functioning of financial markets.1 In addition, the Fed announced actions aimed at relieving cash-flow stress for small and medium-sized businesses…

Quest for an airport convention hotel should go on standby

Miami-Dade commissioners who rushed to quickly cut a deal for a new Miami International Airport convention center hotel should have listened to Mayor Carlos Giménez, who assessed today’s world and counseled a go-slow approach. After seven commissioners had urged a highly expedited selection of a hotel developer on airport land, the mayor said this isn’t…

Alternative Lenders On Bank Slowdown: ‘This Is Our Super Bowl’

Bank lending to commercial real estate is still moving at a snail’s pace, so, it will fall to private lenders to come up with creative financing solutions as the coronavirus continues to wreak havoc on the economy. “Banks are not known to innovate, that’s not what they do,” Dan Palmier, the founder and CEO of Boston-based alternative lender UC Funds, said on a Bisnow…

Buyer’s Remorse or Force Majeure? Contract Amended Mid-Pandemic Leads to Lawsuit in Miami-Dade

Can a party to a contract invoke force majeure forgiveness if the COVID-19 outbreak had already started when they signed on the dotted line? A Miami-Dade lawsuit seeks to find out. David B. Rosemberg of Rosemberg Law in Aventura represents real estate holdings company Trumpeter International LLC, which sued after its deal with Spanish citizen Anastasio…

Beckham soccer stadium complex developers propose major rezoning

The developers of Miami Freedom Park, a proposed $1 billion mixed-use project anchored by a soccer complex, submitted a Special Area Plan for the Melreese site. Miami Freedom Park, a group that’s led by managing owner Jorge Mas and includes soccer superstar David Beckham, submitted the SAP along with the city of Miami, which owns the Melreese Country Club…

How One South Florida Real Estate Company Has Been Helping Tenants Through the Shutdown

Philip Leitman, General Manager of Suchman Retail Group (SRG), realized at the beginning of March that COVID-19 was a significant risk to health, the community, and business. Meeting with staff, he said, “This is coming, we need to be prepared. We need to be proactive to help our tenants and all staff need to be safe. Personal health comes first.” Suchman Group began…

Brunetti scores $97M loan for apartment towers in Sunny Isles

Las Marinas Apartments A company tied to the Brunetti Organization scored a $97 million construction-to-permanent loan for two new apartment towers in Sunny Isles Beach. Brunetti Organization, led by John Brunetti Jr., secured the loan from the New York Life Insurance Company to build Las Marinas Apartments, two 17-story, 128-unit towers, according…

Knotel lost $223M before the pandemic struck

Flexible-office provider Knotel lost $223 million last year — even before coronavirus flipped the office market on its head. Company financials, obtained by Business Insider, reveal the startup lost $49 million during the first quarter, ending the period with $36 million in cash on hand. At the time, it reported total assets of $110 million, less than half its total…

The pandemic has brought a silver lining for Lennar

Stuart Miller Lennar Corp., seen as a bellwether for the U.S. housing market, is actually seeing some benefits from the pandemic. The Miami-based homebuilder’s executive chairman Stuart Miller said on its earnings call on Tuesday some buyers from the urban core are seeking out Lennar’s suburban homes. During a conversation with Lennar’s Southeast Florida…

U.S. retail sales follow largest drop on record with largest increase

A month after recording the worst single-month drop on record in April, retail sales in the U.S. rose by a record 17.7 percent in May. (iStock) A month after recording the worst single-month drop on record in April, retail sales in the U.S. rose by a record 17.7 percent in May, according to statistics released Tuesday by the Department of Commerce. The total value of…

The pandemic killed the sale of Rail 71. It’s back on the market for $32M

Rail 71, Tony Arellano and Devlin Marinoff After a deal to sell the Rail 71 property in Miami’s Little River fell through due to the pandemic, owner Morgan Reed Group is looking for a new buyer. Brokers Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors are relisting the office and retail development at 7205 Northeast Fourth Avenue for $32 million…

Simon, Brookfield and Authentic Brands in talks to buy J.C. Penney

Authentic Brands Group CEO Jamie Salter, Simon Property Group CEO David Simon, J.C. Penney CEO Jill Soltau and Brookfield Property Partners CEO Brian Kingston (Getty) J.C. Penney could be the next bankrupt retailer to get scooped up by Authentic Brands Group and the country’s largest mall owners. The brand management company, along with Simon Property…

Does COVID-19 Provide an Excuse for Non-Performance of a Contract?

The question of almost every party to a contract that remains to be fully performed is whether Covid-19 is an act of God that will excuse performance by the party who has yet to complete performance.  The starting point in any such inquiry is the written agreement between the parties—assuming there is a written agreement.  If there is no written…

Legal Marijuana Poses Policy Questions for States

In recent years, more states have legalized marijuana for medical or recreational use. This raises economic questions for policymakers as they decide how to regulate cannabis, according to a recent article in the Regional Economist. Regional Economist Charles S. Gascon examined how states treat legal marijuana differently and whether states’ policies are…

Another one bites the dust: 24 Hour Fitness files for bankruptcy

The national gym chain 24 Hour Fitness has become the latest company to file for bankruptcy in the wake of the coronavirus pandemic. The firm said in its filing that it has landed $250 million to help reopen some of its locations and expects most to be open by the end of June, according to CNN. However, it will reopen as a smaller chain after permanently closing 100…

Miami Beach parking lot mogul Mirmelli sells retail center in Lauderhill for $13M

Miami Beach parking lot owner Andrew Mirmelli sold a retail center in Lauderhill for $12.75 million, a year after buying it. Mirmelli and Miami Beach attorney Mark Alhadeff sold the 143,430-square-foot Promenade at Inverrary at 4402-4678 North University Drive for $88 per square foot, records show. A company tied to Hollywood, Florida-based Current…

Hotels are reopening. Will anyone come?

Hotels across the country are starting to reopen for business, but guests who show up will face a very different environment. General managers need to persuade guests that they will be safe staying at their hotels thanks to measures like social-distancing guidelines, checking employees’ temperatures and more intense cleanings, according to the Wall Street…

Books & Books closes its chapter on Lincoln Road

Books & Books, Miami’s most well-known independent bookstore, closed its Lincoln Road store for good after more than 30 years on the iconic Miami Beach street. Books & Books owner Mitchell Kaplan confirmed to The Real Deal that the store at 927 Lincoln Road is not reopening. “It’s been really a wonderful 30 years of being there, having this kind of front row seat there…

Coral Gables apartment building sells for $11 million

A Coral Gables apartment building that is still under construction sold for $11.1 million. Adar Galiano 1091 LLC, tied to Jonatan Sredni of Aventura, bought the property at 1091 Galiano Street for $11.1 million, according to a press release. 1091 Galiano Investments LLC, led by Daniela Carozzi, sold it. The property totals 18,710 square feet…

Is Brooks Brothers the next retail bankruptcy?

Brooks Brothers might be the next major retailer to go through bankruptcy. Authentic Brands Group and Simon Property Group are in talks to buy the chain if it files for Chapter 11, according to Bloomberg. Simon, the biggest mall landlord in the country, has a strong interest in keeping its major tenants alive, while Authentic has a history of buying established brands…

Apeiron at the Jockey Club developer wins key ruling from appeals court

The Apeiron at the Jockey Club developer appears to have snuffed out a long-running fight with two property owners’ associations that sought to stop the 120-unit tower in North Miami-Dade from being built. The Third District Court of Appeals earlier this month dismissed a petition by the Jockey Club I and Jockey Club II associations, which represents unit…

The Prospects For CRE In a COVID-19 World

How will recovery look, and when will it happen? It’s interesting to look back at the early predictions on how COVID-19 would impact the CRE industry. Many analysts, either hopeful or looking at something unprecedented, only offered confident short-term calculations. The post The Prospects For CRE In a COVID-19 World appeared first on…

Starbucks puts the lid on 400 stores

Starbucks will shutter 400 stores across the country as it transitions to to-go orders while adjusting to the coronavirus pandemic. The closures were disclosed in a Securities and Exchange Commission filing. It was not clear which of the java giant’s locations will close, but Commercial Observer reported that some New York City locations are being considered. In April…

Lender files to foreclose on new South Beach Variety hotel

A lender filed a foreclosure lawsuit on a hotel in South Beach, in a possible sign of things to come. A company tied to BridgeInvest sued the owner of the 70-key Variety Hotel, which is yet to open at 1700 Alton Road in Miami Beach. The suit alleges the hotel owner failed to make payments on a $25 million loan since April. BridgeInvest alleges the loan is in default and is…

Diesel USA and Original Penguin Lincoln Road stores skipped April and May rent payments: lawsuit

Miami Beach real estate investor Sam Herzberg wants to kick out two national retailers from the Sterling Building on Lincoln Road. The historic property’s owner recently filed eviction lawsuits in Miami-Dade Circuit Court against Diesel USA and Perry Ellis for failing to pay rent in April and May. Herzberg joins developer Jeff Berkowitz as the latest South Florida…

Bank OZK still making condo construction loans despite pandemic

Bank OZK CEO George Gleason had some things to get off his chest. First, one of the most active condo construction lenders in Miami, New York and Los Angeles is still writing loans despite the pandemic, he said. Second, Gleason maintains the bank only originates low leverage loans to the best sponsors, and to borrowers whose projects are in growing markets.

ICSC’s layoffs paint dark picture for retailers it represents

Retailers were already suffering in the hands of the coronavirus pandemic. Now, even their trade association is struggling. The International Council of Shopping Centers is laying off 65 employees today, according to a filing with the New York Department of Labor. The group checked the “unforeseeable business circumstances prompted by Covid-19” box that so many…

Czech billionaire cashes Macy’s shares after less than a month

Daniel Kretinsky was in it for a good time not a long time. After the Czech billionaire’s firm purchased a 5 percent stake in Macy’s last month, the company said this week that its stake was down to 0.7 percent. The exit was lucrative, according to Bloomberg, which reports that Kretinsky made some $36 million. Vesa Equity Investment’s bet on Macy’s aligned with a 65…

Simon and Taubman gear up for legal throwdown

Nearly two decades ago, the Taubman family ferociously fended off a hostile takeover of their mall company from Simon Property Group. Now the roles are reversed: The Taubmans are gearing up to force Simon to complete the $3.6 billion acquisition it abandoned. Hours after Simon announced it had scuttled the deal Wednesday, Michigan-based Taubman…

These 25,000 retail dinosaurs will meet the meteor this year

As many as 25,000 retail stores may close this year due to the coronavirus pandemic, with a majority closing in shopping malls, further hastening the industry’s decline. That number would dwarf the prior record of 9,800 retail closures set in 2019, according to a new report from the retail data firm Coresight Research. First issued in March, the report estimated that…

Brookfield Property Partners is increasing its presence in South Florida’s booming industrial market. The real estate arm of the Toronto-based asset manager purchased two industrial warehouses at 10800 Northwest 92nd Terrace in Medley for $26.9 million, records show. Oviedo, Florida-based A. Duda & Sons sold the warehouses. The property includes three separate…

Marginal gain in hotel occupancy as unrest hit some cities

Demand for hotel rooms continued to rise in many markets across the country last week. The civil unrest of the last two weeks may have dampened demand in some cities. (iStock) U.S. hotels last week continued their slow recovery from the depths of the coronavirus pandemic. National occupancy crept up to 36.4 percent from 35.3 percent the week prior….

Urbanica scores approval for new hotel in North Beach

Urbanica Management has the green light to build a new hotel on one of the last vacant oceanfront parcels in Miami Beach. The Miami Beach Historic Preservation Board on Tuesday unanimously approved Urbanica Management’s plans to construct an 11-story, 209-room hotel with a 104-seat restaurant and a 91-space garage at 6747 Collins Avenue. The future…

Macy’s CEO says sales down 50%, less than expected, as stores reopen

As Macy’s reopens its stores, sales are down 50 percent — better than the retailer’s grim expectations of an 85 percent decline. So CEO Jeff Gennette is calling it a win. Gennette said during a virtual conference Tuesday that Macy’s sales since beginning to open stores indicate that the steep decline in retail sales is only temporary, the Wall Street Journal reported. “The lure…”

AMC may close some theaters in an effort to stay in business

AMC is pressed to get eyes back in front of their screens starting in July — but not without some cuts ahead. (Getty) AMC is pressed to get eyes back in front of their screens — but not without some cuts ahead. The world’s largest movie theater chain recently announced that it was facing billions of dollars in losses and was concerned about the company’s ability to…

CC Residential scores $30M loan for “active adult” rentals in Cooper City

CC Residential scored a $30.8 million construction loan to begin construction of an “active adult” rental community in Cooper City. CC Residential, led by longtime South Florida developers Armando Codina and James Carr, is planning to build the 175-unit development on Monterra Boulevard in central Broward County. The group secured the loan from…

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Vladislav Doronin assembled and closed on three blocks of land in Fort Lauderdale for nearly $63 million, marking his first plan to develop in Broward County. Doronin’s OKO Group, through a land trust, closed on 6.7 acres south of the New River and Las Olas Boulevard, an area that has attracted a group of developers, property records show.

Simon Property Group axes $3.6 billion Taubman Centers acquisition

In the latest mega deal to fall apart due to the coronavirus, mall operator Simon Property Group is axing its $3.6 billion deal to buy Taubman Centers. Simon executives on Wednesday said Taubman breached the contract by failing to take measures to mitigate the impact of the pandemic. “The merger agreement specifically gave Simon the right to terminate the…”

Altman scores $55M construction loan for Ludlam Trail project

The Altman Companies closed on a $55.4 million construction loan for a Ludlam Trail apartment project. Altman Companies secured the loan from Comerica Bank and IberiaBank to build the 312-unit apartment complex at 7004 Bird Road near the Ludlam Trail Corridor District, according to a press release. The six-story building will be on about 2.74 acres of land.

Bids final step to raise Tamiami Trail, flow water to Everglades

Contractors have until the beginning of next month to bid on a project to raise a 6.5-mile segment of the Tamiami Trail, the final step in infrastructure to increase the flow of fresh water to the Everglades and Florida Bay. “The deadline for bids is early July,” said Alecia Collins, deputy communications director for the Florida Department of Transportation…

Enterprise Florida grants spur trade shows, business matchmaking

Enterprise Florida Inc., the state’s economic development arm, has continued to support Florida’s small and mid-sized businesses throughout the pandemic by introducing two new grant programs and maintaining existing initiatives such as offering certificates of free trade and website customization services. Manny Mencia, the senior vice president of the…

Downtown Miami filled with cautious optimism as recovery begins

Downtown Miami has not been Teflon during Covid-19. Still, there is cautious optimism the urban core could be seeing a return to normal, and some economic development opportunities could emerge from the pandemic. The City of Miami has begun its reopening, and by extension, downtown Miami is starting to liven up again. Shopping hubs like…

Christina Crespi: Leading Downtown Development Authority into recovery

Since she came back home from college, Christina Crespi has been involved in government. A Miami Beach native, her fondness for Miami Beach’s parks and recreation led her to her hometown city’s government, where she worked as a case worker in homeless services. Her boss at the time then recommended she apply for a former county management training…

Landlords sue Big Retail as missed rent payments pile up

A growing number of retail landlords are suing to get unpaid rent from “credit tenants” like H&M, Urban Outfitters, and Gap that have been battered by the coronavirus. (Getty) Before the coronavirus, retailers like H&M and Urban Outfitters were the kinds of companies that landlords targeted. Owners laid out pricey incentive packages and heavily courted…

Retailers take stock of insurance coverage after looting

Looting and vandalism in cities across the country, which arose alongside peaceful protests for racial justice, have posed another setback for retailers already struggling with the fallout of the coronavirus pandemic. But damages from civil unrest may prove more manageable than the unprecedented public health crisis in one respect: insurance coverage.

Chart: Miami-Dade MLS Commercial Property Sales Nearly 3 Months into the COVID-19 Pandemic ~ Down but Not Out

The chart above shows the number of commercial property sales in Miami-Dade county, frequently considered as the general Miami, Florida metro area, for both improved and vacant land that were recorded in the Miami Realtors MLS from January 2018 to May 2020. Though MLS only picks up a portion of commercial property sales, and thus is not fully representative…

Chart: Miami Commercial Real Estate Sales to List Price Ratio Continues to Hold Up in May ~ MLS

Miami Association of Realtors January 2015 to May 2020 Property Types Land-Commercial/Business/Agricultural/Industrial, Commercial/Industrial Miami-Dade County Calculated from 8,338 commercial proeprty listings Last month we noted that though one month does not say much it was worth noting that commercial properties traded at a somewhat normal…

Dezer’s plans to remake Intracoastal Mall face opposition

Dezer Development’s plans to transform Intracoastal Mall in North Miami Beach into a high-rise, mixed-use project are facing opposition. The North Miami Beach Planning & Zoning Board on Monday delayed its review of the developer’s plans to turn Intracoastal Mall into a 2.8 million-square-foot project with retail, office, residential and hotel until at least July 13.

Trends That Will Redefine Industrial Architecture, Design

Distribution centers are among the fastest-growing class in the industrial sector, particularly due to e-commerce irreversibly impacting the way people shop. The coronavirus crisis, coupled with consumer preference and demand for high-speed shipping service, has boosted demand for last-mile delivery. As a result, design flexibility has become of paramount…

Easton Group to Develop 266,000 SF Warehouse in Hialeah Gardens

Easton Group will develop a 266,000-square-foot warehouse in Hialeah Gardens near Miami. An affiliate of Easton acquired an 8.5-acre site for $8.2 million. In September, a different Easton affiliate bought an adjacent 8.5-acre site for $5.6 million. Easton will develop the 266,000-square-foot property across the entire 17-acre site, which is located on NW 107th…

Nearly 80% of renters have made payments in June: report

One survey of 11.5 million apartments shows that 80 percent of renters paid at least some rent in June. (iStock) Rent collections continue to appear stronger than initially expected despite financial stress brought on by the coronavirus. Roughly 80 percent of residential tenants paid at least some rent during the first week of June. That’s a slight increase from rent…

Wells Fargo seeks to foreclose on Southland Mall in Cutler Bay

Even as malls reopened in South Florida, those that are struggling could wind up under new ownership in coming months. Wells Fargo, representing a trust of commercial mortgage backed securities investors, filed a foreclosure lawsuit against the owner of Southland Mall in Cutler Bay at 20505 S Dixie Highway, claiming the borrower is in default on…

Amazon to open store on Lincoln Road

Amazon will open a store on Lincoln Road, as brick-and-mortar retailers nationwide struggle to pay rent during the pandemic. Amazon is leasing 5,000 square feet at 700 Lincoln Road in Miami Beach for a 4-Star location, which means it will sell products rated four stars and above by Amazon customers, as well as new and trending products, according to a…

Small investors swarm crowdfunding real estate deals

While the amount of crowdfunded real estate deals on offer has declined substantially in recent months, demand is strong for those investment opportunities that remain, such as the Renaissance Harborplace Hotel in Baltimore (iStock, Google Maps) It’s not just large investment funds that are seeking out buying opportunities during the coronavirus crisis.

Men’s Wearhouse parent company considering bankruptcy

Men’s Wearhouse and Jos. A. Bank may soon join the growing list of retailers that have declared bankruptcy in recent months. Tailored Brands, the retailers’ Houston-based parent company, has been reaching out to interested parties in an effort to restructure more than $1 billion in debt, according to Bloomberg. The plans are still in the early stages and the…

South Florida Retail Summary: Leases, Sales & Construction Projects

Market Snapshot for South Florida Retail A summary of the highlights, trends, and current market activity for South Florida commercial real estate focusing on Miami-Dade County: Analysis derived and compiled from leasing data and transaction reports in order to better understand the overall health of the CRE market in Miami-Dade County.

Mall Of America Owner, Developer of American Dream Miami, Staring Down Billions In Debt

Triple Five Group, the developer of the Mall of America outside Minneapolis and the American Dream mall in New Jersey, with another one planned for Miami, is facing acute financial troubles because of the coronavirus. Wikimedia Commons/Brad Miller The American Dream mall, when it was under construction, at the Meadowlands in New Jersey…

“This is a tsunami”: These big retailers stiffed their landlords in May

About 40 percent of national retail chains once again skimped on their rent in May, according to the latest monthly report on collection rates. Among those are 24 Hour Fitness, AMC Theaters and Pier One, all of which have either announced potential bankruptcy or plans to liquidate assets. Overall, national retailers paid 60.1 percent of rent, a small increase from April’s…

Domestic travel gives Airbnb a boost

The travel industry is beginning to show signs of life again, with city residents heading to nearby vacation rentals in droves. Airbnb saw more nights booked for its U.S. listings between May 17 and June 3 than it did during the same period a year ago, according to Bloomberg. Similarly, Germany, Portugal, South Korea and New Zealand are also seeing a surge…

Steve Madden vacates Lincoln Road lease

Miami Beach’s Lincoln Road could be in for a rough time as coronavirus hits the retail industry particularly hard. Steve Madden vacated its lease at 663 Lincoln Road, according to the data provider Trepp. The shoe retailer notified the property owner, Thor Equities, that it would not be renewing its 2,269-square-foot lease on April 30. The space accounted for 45…

Miami After 90 Days Of Coronavirus: ‘The Distress Is Definitely Coming’

Three months ago Friday, Miami-Dade Mayor Carlos Giménez issued an executive order declaring a state of emergency due to the coronavirus. Shutdowns of restaurants, hotels, beaches, trains and parks all followed. David Beckham’s brand-new soccer team, InterMiami, stopped playing after just its second match. Richard Branson’s Virgin Cruises, which was about…

Long-Dreamed Train To Miami Beach Could Be A Monorail

For decades, Miami officials have tangled over whether and how to connect downtown Miami, which is on the mainland, with Miami Beach, which is on a barrier island on the other side of Biscayne Bay, via mass transit. Courtesy of Meridiam A monorail is proposed to connect Downtown Miami and Miami Beach. In recent years, officials have decided that the route should…

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects

Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering Three years after turning over Le Parc at Brickell to its condo association, the developer still hasn’t fixed a litany of design and construction defects at the mid-rise luxury tower, according to a recently filed lawsuit. The condo association sued Parc Brickell One, a joint venture between Alta…

State opens applications for hemp industry

State regulators on April 27 opened the door for applications to cultivate hemp in Florida. Hemp cultivation was enabled by federal legislation in 2018 and a state bill authorized pilot projects in 2017. The Florida Department of Agriculture and Consumer Services has been creating rules and regulations for growers. The University of Florida and Florida…

Coral Gables approves Belmont, Baptist Health senior living project

Belmont Village Senior Living and Baptist Health South Florida have received unanimous approval from the Coral Gables City Commission to build Belmont Village Coral Gables, a premier mixed-use senior living community. Belmont Village Coral Gables will offer residents luxury senior living, wellness, and first-class elder care within an urban, amenity…

Assignment for benefit of creditors provides bankruptcy alternative

The COVID-19 pandemic has not only taken its toll on human lives, but also on our local and national economies. Thousands of businesses are facing a severe cash crunch and doing what they can to keep their doors open by applying for relief loans, tapping into credit lines or borrowing from friends to stay afloat, reducing staff and cutting expenses. The unpleasant…

Opportunity Zones investors get a Covid-19 lifeline

Opportunity Zone investors received an extension from federal government because of Covid-19 The federal government has extended the deadline for Opportunity Zone investors and developers to deploy capital and begin construction on projects, citing the pandemic as the reason. The rules had required that twice a year the government check to ensure Opportunity…

Seritage terminates leases on most of its Sears, Kmart locations

The real estate company that Sears spun off five years ago to shore up cash is cutting ties with most of the struggling retailer’s remaining stores. Seritage Growth Properties is terminating the master lease covering 12 of the remaining Sears and Kmart stores in its portfolio, the company announced Thursday. The real estate investment trust will collect a $5.3 million termination fee from Sears’ parent company, Transformco, as…

The Fed: How fast can the U.S. economy recover? V-shape vs. “swoosh”

How fast can the economy recover from a recession? A faster recovery would look like a V-shaped bounce. A slower recovery would look like a “swoosh.” The path depends on the economic sectors and time series data you look at. Here are some FRED Blog examples that study past episodes. Slow recoveries: Mortgage, credit card, and commercial real estate…

The Future Of Office Space ‘Will Be Different On The Other Side’ Of The Coronavirus Pandemic

Are you working from home during the coronavirus pandemic? Pretty soon, “working from home” could become simply “working”. That’s because the future of the traditional office space is evolving as many companies begin to rethink what their offices will look like upon reopening. The ‘new normal’ for companies may be downsizing office size and office…

Remy Jacobson allegedly in default on Design District loan: lawsuit

Cryptocurrency enthusiasts Remy Jacobson and his brother Jean-Marc Jacobson turned to an Arkansas community bank last year to finance the redevelopment of a historic building in the Miami Design District. But now, the Jacobsons are facing a lawsuit from Conway, Arkansas-based Centennial Bank, alleging that Remy Jacobson, Vanessa Jacobson and Jean-Marc…

Short-term rentals, gyms, fitness studios can operate again in Miami-Dade

First came hotels reopening. Now, short-term rentals can again operate in Miami-Dade County, effective immediately, and in Broward County. In Miami-Dade, gyms, fitness studios, and summer camps can also reopen beginning June 8, according to Mayor Carlos Gimenez. Florida’s Department of Business & Professional Regulation approved Miami-Dade and…

Simon Property Group sues Gap for $66M in unpaid rent

David Simon with the Roosevelt Field Mall in New York, and the University Park Mall in Indiana, The gloves are off between the biggest mall operator in the country and one of its most important tenants. Simon Property Group is suing Gap Inc. for its alleged “failure to pay more than $65.9 million in rent and other charges due,” according to a lawsuit filed Tuesday that…

The Marriage Between CRE & Infrastructure

A rocky road means a rocky relationship It’s time to take a break from COVID-19—somewhat of a break, that is. When the lockdowns started in March, area roadways were mostly absent of traffic. The post The Marriage Between CRE & Infrastructure appeared first on Commercial Real Estate South Florida….

Construction starts in SoFla continue to plummet

Construction in South Florida is feeling the brunt of coronavirus. South Florida’s total construction starts fell significantly for the second straight month, dropping 33 percent in April to $684.4 million, down from $1.03 billion in April 2019, according to a report by Dodge Data & Analytics. Residential construction fell 35 percent to $390.4 million, a…

Design experts: These office solutions will slow Covid’s spread

With businesses beginning to reopen following a decline in Covid-19 cases, restrictions on the use of shared spaces will remain necessary to limit spread of the coronavirus. But they will also have to evolve as our knowledge of the virus does, design experts say. Common-sense practices and good design can help restore activity to public spaces, whether…

Developer of nixed Sunny Isles Beach project seeks return of $5M advance: lawsuit

A proposal to build Infinity, a 15-story mixed-use project on the west side of Sunny Isles Beach is dead. As a result, developer GPI Real Estate Group wants to kill a $20 million deal that has been pending since 2015 to buy the land. The developer’s affiliate, GPI Sunny Isles LLC, is suing TNG Holdings and its owner Robert Cornfeld in Miami-Dade Circuit Court to force the…

Easton Group will develop a 266,000-square-foot warehouse in Hialeah Gardens near Miami. An affiliate of Easton acquired an 8.5-acre site for $8.2 million. In September, a different Easton affiliate bought an adjacent 8.5-acre site for $5.6 million. Easton will develop the 266,000-square-foot property across the entire 17-acre site, which is located on NW 107th…

Video: Federal Reserve’s Brian Bailey Discusses Commercial Real Estate in Times of Coronavirus

In this timely video, Brian Bailey, Real Estate Subject Matter Expert at the United States Federal Reserve Bank in Atlanta, discusses his views on commercial real estate in these COVID-19 affected times. As we continue our coverage on what’s next for the real estate industry, this show is certainly enlightening. He discusses what is going on in the banking…

Is it The End for AMC Theaters?

As moviegoers continue to Netflix and chill during the pandemic, movie theaters have been dark. Now, AMC Theaters has disclosed it may have trouble staying in business, according to the New York Times, citing a recent Securities and Exchange Commission filing. AMC is the largest theater company in the world, with over 600 locations in the U.S. and 1,000 total.

Developers Gil Dezer, Jon Paul Perez: Problems Everywhere Else Will Benefit South Florida

Billionaire investor Carl Icahn just moved his office to Sunny Isles. Starwood Capital is building a new headquarters on Miami Beach. Over the past year or so, there has been something of an exodus of financial pros and hedge funders moving to South Florida. Even Barstool Sports founder and burgeoning day trader Dave Portnoy has been operating out of Fort…

WeWork rethinking one in five leases

WeWork may exit or rethink one in five of its leases as the troubled co-working firm slashes expenses and chases profitability. In a call with Citigroup analysts last month, CEO Sandeep Mathrani detailed the steps WeWork is taking to review its global portfolio, which had 828 locations as of March. According to the Financial Times, the troubled co-working firm…

US hotel occupancy climbs for the seventh-straight week

U.S. hotel fundamentals climbed for the seventh week in a row as the country comes out of the depths of the coronavirus pandemic. National occupancy for the last week of May was 36.6 percent, up from 35.4 percent the week prior, according to the latest figures from hotel data firm STR. Occupancy rates were below 30 percent for all of April. Revenue per…

A-Rod Faces Punitive Damages Over Real Estate Venture With Ex-In-Law

New York Yankees great Alex ”A-Rod” Rodriguez is facing punitive damage claims stemming from a six-year legal battle with his ex-brother-in-law over a national multifamily partnership that went awry. Constantine Scurtis claimed Rodriguez—who was married to Scurtis’ sister, Cynthia Scurtis, from 2002 to 2008—pushed him out of their real estate venture, denying…

Retail sales are bleak, unless you’re selling pot

Though many retailers saw sales nosedive through the pandemic, marijuana product sales remained steady — and even saw gains in some states. As a result, landlords of cannabis production facilities and dispensaries are outperforming the market, in spite of legislative hurdles at the federal level, the Wall Street Journal reported. Innovative Industrial…

Sapir Corp goes private as shareholders approve buyout

Sapir Corp.’s Israeli shareholders have approved Alex Sapir’s proposal to take his real estate investment firm private — at a somewhat higher price than originally planned. The deal is a victory for the company’s namesake, after his attempt three years ago failed. Holders of a little less than 10 percent of the company’s outstanding shares accepted…

5 Ways Industrial Real Estate Changed From 2010 to 2020

The start of a new decade is an excellent time to look back and reflect on how real estate markets, industries, and returns have changed over the past 10 years. Seeing what new technologies, businesses, and policies altered the market can help investors gain insight into changes that could come in 2020 and beyond. As of late, industrial real estate has been one of the top…

Construction starts in SoFla continue to plummet

Construction in South Florida is feeling the brunt of coronavirus. South Florida’s total construction starts fell significantly for the second straight month, dropping 33 percent in April to $684.4 million, down from $1.03 billion in April 2019, according to a report by Dodge Data & Analytics. Residential construction fell 35 percent to $390.4 million, a year-over…

New Miami International Airport hotel on the runway

Miami-Dade has launched a process that by November could see a deal for the first new hotel at Miami International Airport (MIA) in 60-plus years take flight, but without the mayor’s endorsement. Commissioners directed staff to start a three-month bid request process, followed by a 30-day review to conclude in September. The expedited timeline would leave the county…

Property insurance prices soaring, pandemic gets some blame

Experts say South Florida residents can expect to see an increase in prices as the market for property insurance “hardens” nationwide. A hard market, said David Josefsberg, partner with Century Risk Advisors, occurs when some insurance companies drop out of the market due to unprofitability while others increase their premiums to remain competitive. For the…

Despite virus challenge, Miami advances Allapattah project

The City of Miami’s planning and zoning department staff has adjusted to Covid-19 and not been prevented in needed reviews for the many development projects in the pipeline. A good example is the proposed mixed-use residential building planned for Allapattah to be called 2323 Apartments. The project is moving forward despite the challenges…

County urges state funding of Miami River Commission

The Miami River Commission, the clearinghouse of the 5½-mile river that winds through the City of Miami to Biscayne Bay, hasn’t received funding from the state in recent years. Because of that, Miami-Dade County commissioners passed a resolution Tuesday urging the Florida Legislature to appropriate funding for the commission. Eileen Higgins sponsored…

Ethics report should derail tainted Baylink bid negotiations

Just when our column on a Baylink railway deal went to press last week, ethics officials released a formal report that goes back two years into highly questionable ties between county officials and the rail bidders. The probe behind the scenes by the Miami-Dade Commission on Ethics and Public Trust added a new dimension that shows why the rail proposal…

All aboard? Miami-Dade to start discussions with Virgin Trains over major expansion

Miami-Dade moved forward with a proposal that could allow for a major expansion of Virgin Trains — but the funding is not yet on track. The Miami-Dade County Commission passed an amended resolution on Tuesday that gives Miami-Dade County Mayor Carlos Gimenez the authority to negotiate a proposal for the expansion and report back in 90 days. But…

Related switches gears on Terminal Island project, now plans low-rise offices

Miami’s condo king is backing away from a proposal to build a luxury condo tower on Miami Beach’s Terminal Island. Jorge Pérez’s Related Group is now proposing a 160,000-square-foot Class A office project for a site it owns on Terminal Island. The change comes a year after the Coast Guard warned that Related’s condo proposal could compromise the Coast Guard…

Florida extends freeze on evictions and foreclosures to July

Florida Gov. Ron DeSantis extended the state’s freeze on residential evictions and foreclosures until July 1. The executive order, which was set to expire June 2, was renewed Monday night by the governor. It gives homeowners and renters more time in their homes if they can’t make their mortgage or rent payments due to the pandemic, but it does not provide…

Data Security for Owners – Protecting Your Construction Investment From Catastrophic Loss

Even before the COVID-19 global pandemic, the construction industry has been “going global” using available technology and Cloud-based data storage and file sharing on all phases of projects. For example, an owner might hire a London-based architect to design a transportation hub in the United States. The London architect might delegate its Building…

Get your electrostatic disinfectant sprayers ready: Hotels begin reopening in South Florida

Ronny Finvarb, Sheldon Suga, and Phil Goldfarb Guests staying at the Fontainebleau Miami Beach will now be greeted with a new reality: Plexiglas at check-in, a temperature check, 24/7 access to a doctor, and a kit with masks, hand sanitizer and Clorox wipes. The beachfront resort, Miami-Dade’s largest, is among hotels reopening on Monday, more than two…

The Fed on What Can We Learn from the Spanish Flu Pandemic of 1918-19 for COVID-19

The COVID-19 pandemic has spurred intense efforts among researchers to estimate the likely course of the pandemic and its economic effects. Several studies have sought insights from global pandemics of the past, including the Spanish flu pandemic of 1918-19, which is thought to have infected some 500 million persons, or about one-third of the world’s population…

The Fed on Changes in Retail Sales Patterns

The FRED Blog has previously discussed the impact of social distancing on retail sales for food and beverages. In today’s post, the pie graphs break down retail sales for items other than food and beverages. The first graph shows consumer shopping habits in February 2020, before social distancing was mandated or encouraged across the U.S. At that time, the largest…

24 Hour Fitness prepares for potential bankruptcy

24 Hour Fitness is preparing for a possible bankruptcy filing even as it begins reopening locations. (Getty) Gym operator 24 Hour Fitness Worldwide planning for a potential bankruptcy even has it begins reopening its locations. The fitness company, which has more than 430 mid-tier gyms, has been talking with investors about the terms of a loan…

Retailers consider store closures as protests sweep the country

Some U.S. retailers are closing stores in anticipation of potential property damage resulting from the George Floyd protests (Getty) Some retailers, hit hard by the coronavirus pandemic, are now contending with looting and vandalism in the wake of protests sparked by the death of George Floyd. Major companies like Target, Walmart and Nike, along with small family…

The Fed on How to Achieve a V-Shaped Recovery amid the COVID-19 Pandemic

The COVID-19 pandemic could result in an economic decline that rivals the Great Depression. The Federal Reserve has already set the federal funds rate to close to zero and commenced purchasing massive amounts of securities, and the U.S. government has sent out stimulus checks and implemented emergency lending programs totaling over $2 trillion…

TPG RE Finance gets $325M infusion from Starwood

Facing a cash crunch, TPG Real Estate Finance Trust has secured a major infusion a little over two weeks after it sold off nearly $1 billion of its commercial real estate debt. The real estate investment trust announced that Starwood Capital is taking a stake in the company, providing it with up to $325 million in new capital. Greta Guggenheim, TPG RE Finance CEO…

Inside South Florida’s mall, retail and restaurant reopenings

Masks, one-way signs, spread-out open-air dining. Malls, stores and restaurants are reopening in South Florida, and changes are evident amid the pandemic. The Real Deal’s South Florida Managing Editor Ina Cordle toured the Miami Design District with Craig Robins, Bal Harbour Shops with Carolyn Travis and Aventura Mall with Jackie Soffer on Saturday, May 23.

Elvis Dumervil’s company fined in death of construction worker in North Miami

Elvis Dumervil’s real estate firm was fined by the U.S. Department of Labor’s Occupational Safety and Health Administration for failing to protect employees at a construction site in North Miami. The fines come six months after a worker fell from an aerial lift 20 feet above the ground that led to the employee’s death at 12501 Northeast 13th Avenue in November.

Le Pain Quotidien freed from 59 leases in bankruptcy

Upscale bakery chain Le Pain Quotidien will be allowed to break 59 of its leases, in a decision the judge acknowledged is “unusual.” The company filed for Chapter 11 bankruptcy protection, which allowed it to pare down debt and complete a $3 million sale to Aurify Brands pending court approval, Bloomberg reported. “The relief requested is unusual, but…”

CDC recommendations would drastically alter offices

The Centers for Disease Control released new guidelines for offices as they reopen amid the coronavirus. (Getty) Sweeping new recommendations from the nation’s health protection agency would drastically alter how people work in offices. The Centers for Disease Control and Prevention guidelines range from technical — increasing air circulation and…

Robert Finvarb, Aria Mehrabi seek approval of mixed-use projects in North Beach

Two Miami Beach developers are seeking design review approval for mixed-use projects in North Beach. Robert Finvarb will go before the Miami Beach Design Review Board at a later date for a two-phased residential and retail project on 71st and 72nd streets, Abbott Avenue and Byron Avenue. Tuesday’s meeting was canceled. The developer is seeking waivers and…

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

Hypergrowth has been the mantra of flex-office-space players for years. WeWork became the largest private tenant in New York City by signing leases at an astonishing rate, and venture-backed rivals from Knotel to Industrious were similarly ravenous. But when you’re a flex-space player bankrolled by the world’s largest commercial real estate services firm…

Berkowitz sues to evict PetSmart from Dadeland Station and Aventura Commons

Jeff Berkowitz, developer of Dadeland Station and Aventura Commons PetSmart could get the heave-ho from two Miami-Dade shopping centers for allegedly owing $62,269 in rent. Berkowitz Development Group, through two related entities, filed a pair of eviction lawsuits against the national pet retailer in Miami-Dade Circuit Court last week. The Coconut Grove…

Wynwood business group supports commuter rail proposal

The Wynwood Business Improvement District is throwing its weight behind a proposal for Brightline/Virgin Trains USA to build five commuter rail stations along the Florida East Coast Railway tracks near Biscayne Boulevard. Because the Metrorail tracks curve to the northwest after leaving downtown Miami, the neighborhood has long lacked rail…

Pandemic takes a Toll: Builder’s profits drop 42%

As coronavirus battered the residential market, Toll Brothers said its second-quarter profits dropped nearly 42 percent from a year ago, to $75.7 million. The luxury home builder reported that signed contracts dipped 22 percent as buyers complied with stay-home orders. Home sale revenue was $1.52 billion, down 11 percent from $1.71 billion in the second quarter…

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Edgardo Defortuna and a rendering of La Playa de Varadero Developer Edgardo Defortuna could launch sales of an oceanfront project in Sunny Isles Beach by the end of 2020, despite the pandemic. Defortuna, president and CEO of Fortune International Group, is partnering with Château Group on the La Playa de Varadero condo development at 18801 Collins Avenue…

Industrious adds first female board member and eyes IPO

Flexible-office startup Industrious is moving closer to an initial public offering despite the perils of the coronavirus, which led the company to slash 20 percent of its workforce in early April. The Brooklyn-based firm has added real estate veteran Mary Hogan Preusse to its board of directors and has been interviewing investment banks ahead of a potential spring…

Prism Multifamily Group buys apartments in Tamarac, Plantation for $54M

Prism Multifamily Group, a Toronto-based firm that invests in apartment communities in the U.S., closed on two multifamily complexes in Broward County. Prism paid $53.5 million for the Hamlet Plantation apartments at 4401 Northwest 10th Court in Plantation and The Continental Apartments at 1861 Northwest 46th Avenue in Lauderhill, according to a press release.

Hotel occupancy hovers around 35% after Memorial Day boost

Hotels are slowly clawing their way back from pandemic purgatory. National occupancy rates climbed to 35.4 percent between May 17 and 23, according to weekly data released by STR. That’s up from 32.4 percent the week prior, and it marks the sixth consecutive week that rates have improved. Occupancy hit a low of roughly 21 percent in early April…

“Large pools of talent”: Mark Zuckerberg touts remote-work plan, less office space

After announcing that Facebook will move toward more working from home, Mark Zuckerberg has detailed why the plan will work in his company’s favor. “The biggest advantages I think are access to large pools of talent who don’t live around the big cities and aren’t willing to move there,” the CEO told Andrew Ross Sorkin during a segment of CNBC’s…

Barrington Brothers plans mid-rise apartment project in El Portal

Rendering of The Kavista El Portal, a village composed of mostly single-family homes north of Miami’s Upper Eastside, is opening the door to commercial development after approving a mid-rise apartment project with ground-floor workspaces near Biscayne Boulevard and Northeast 83rd Street. The village council voted last month for a development…

Charts: Commercial Property Inquiries Rebounding from COVID-19 Decline

Almost to the minute I posted about how commercial property inquiries had gone over a cliff, noting it as worthy of duh-chuckle categorization, inquiries began to rebound. This one could go in the category of “Whuuut?” As I mentioned in that prior post, if you know me, you know I’m a data hound. I collect and manipulate data, including various types…

Chart: April 1 Miami-Dade Unemployment Level Displays COVID-19 Effect

Miami-Dade County, Florida Unemployment Levels January 1, 1990 to April 1, 2020 The effects of coronavirus are clearly evident in the April unemployment rate spike in Miami-Dade as of April 1, 2020. At 11.95, the level of unemployment has yet to reach the 12.4% level reached in August 2009. Given the effects of coronavirus on commerce, however, the…

Largest Co-Living Project In The U.S. Debuts In Fort Lauderdale

Last week, move-ins began at Society Las Olas, a 34-story, 639-unit development on the Fort Lauderdale Riverfront that has taken the title of the largest co-living development in the country. Property Markets Group Brand and Marketing Director Brian Koles said 20% of its units are rent-by-the-bedroom. Koles downplayed the buzz around the word “co-living…”