Genting wants over $1B for waterfront Miami site

Malaysian gambling operator Genting Group is looking to cash in on its bet on Miami — while holding onto some of its chips. Genting is seeking more than $1 billion for its 15.5-acre waterfront assemblage, Bloomberg reported and sources confirmed to The Real Deal. The land at 1431 North Bayshore Drive in downtown Miami’s Arts & Entertainment District represents…

Genting Seeking $1B or More for Some Miami Property Holdings

Malaysian conglomerate Genting Berhad is reportedly marketing some of its Miami property holdings at north of $1 billion. That’s as the company focuses on other casino gaming ventures in the US.Genting is looking to sell 16.5 acres of prime, undeveloped real estate along Biscayne Bay if it’s able to command $1 billion or more. It will have more than quadrupled its investment after…

Bazbaz buys Wynwood development site for mixed-use project

Bazbaz Development can finally scratch a seven-year itch and move forward on a mixed-use project that’s been in the works in Wynwood. An affiliate of the New York-based developer paid $12 million for 1.5 acres at 2134 North Miami Avenue, records show. The seller is an entity managed by Brett Lang, a commercial real estate…

Treo sells Hialeah warehouses, doubles its investment

Interest rates are rising, recession fears abound and some property types are experiencing a decline in investment sales. None of this concerns South Florida’s industrial market. Case in point: Treo Group sold an industrial property in Hialeah at 1100 East 41st Street, as well as at 4005, 3965 and 3925 East 10th Court, for $19 million, or more than double what the Miami-based firm…

Hyatt Plans to Acquire Dream Hotel Group for $125M

Chicago-based Hyatt Hotel Corp. (NYSE: H) has agreed to acquire Dream Hotel Group’s lifestyle hotel brand and management platform, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. Upon closing, Hyatt will pay a base purchase price of $125 million, plus up to an additional $175 million over the next six years as new developments open.

South Florida by the numbers: Art Basel at 20

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. The incomparable Art Basel (and Miami Art Week) return this week, marking the true start of “the season” with a fantastic cornucopia of festivals, exhibitions, conferences, dinners, and parties. Celebrating its 20th anniversary…

Lawsuit targets Miami Beach deal with Bulgari hotel developers

Miami Beach’s deal to hand over a public right-of-way to the Bulgari hotel developers violated the city charter, a recent lawsuit alleges. The lawsuit, filed against the city of Miami Beach in Miami-Dade Circuit Court two weeks ago, claims government officials unlawfully sold the public right-of-way for $7.4 million so the developer could increase the footprint of the proposed…

Three-tower project OK’d for Biscayne Boulevard

A new set of mixed-use residential towers and a companion office building are proposed for Biscayne Boulevard, to be known as 3333 Biscayne. Owner-developer 3333 Biscayne Boulevard LLC plans to build the structures at 3333 Biscayne Boulevard and 300 NE 34th St. in Edgewater. The city’s Urban Development Review Board recommended approval. The residential towers…

Tri-Rail tearing down nine barriers to enter downtown Miami

Nine hurdles stalling the $70 million project to bring Tri-Rail trains into Miami Central Station are being cleared, says David Dech, executive director of the South Florida Regional Transport Authority, long after the original completion date of 2017. Several factors have delayed completion of a link to the Brightline station. The tax-funded project is to add more…

Mega Signature Bridge project now targets delayed 2026 finish

Construction has begun on massive and distinctive arches that will support the new “Signature Bridge” coming to life on I-395 in the heart of Downtown Miami. The Florida Department of Transportation (FDOT) reports continued progress on the sprawling I-395/SR 836/I-95 Design-Build Project, a partnership between FDOT and the Miami-Dade Expressway Authority and…

Shake-a-Leg gets 25 more years to serve handicapped on bayfront

Shake-A-Leg Miami, a non-profit striving to give disabled and disadvantaged communities access to adaptable water sports, renewed its license with the City of Miami and will stay afloat at its prime bayfront location in Coconut Grove. Shake-A-Leg’s license agreement for use of city-owned waterfront at 2620 S Bayshore Drive was to expire 30 years after the non-profit found a…

Developers, brokers pursue wealthy art buyers during Miami Art Week

It’s that time of year: Developers and brokers throughout the Miami area are once again tapping into the art world in the hopes that wealthy buyers will open up their wallets to purchase real estate. The Related Group, Dezer Development, Douglas Elliman, One Sotheby’s International Realty, and projects like Miami Worldcenter and Standard Residences are hosting…

$4B Miami Worldcenter Debuts Public Art Program Ahead Of Art Basel

The developers of the $4B Miami Worldcenter project launched a 27-acre outdoor museum as Art Basel and Miami Art Week festivities take over Magic City for the next month. The $5M outdoor museum stretches along Northeast Second Avenue in Downtown Miami. Curated by international art dealer and curator Jeffrey Deitch and Miami art curatorial collective Primary…

South Florida Self-Storage Performance Signals Continued Robust Growth

Self-storage properties in Florida throughout the third quarter maintained a good velocity in sales, as sellers rushed to close deals before interest rates were raised further. And though economic headwinds impacted rent, sale price and occupancy, seller sentiment with regards to cash flow or profits was positive. Properties maintained high occupancy rates, coming in at 93 percent…

Alta kicks off plans for second rental building near Dadeland Mall

Alta Developers is diving into the final portion of its multifamily project near Dadeland Mall. Raimundo Onetto’s firm filed plans for a second 18-story building directly south of its first that’s under construction at 9600 South Dixie Highway, according to the application submitted to Miami-Dade County last week. The 2-acre development site is in an unincorporated…

Video: CCIM Economist KC Conway Discusses What Lies Ahead

KC Conway, aka The Red Shoe Economist, joins Americas Commercial Real Estate Show to discuss expectations for interest rates, pricing discovery, and opportunities in the current commercial property market. The discussion begins with frustration expressed about the Fed’s actions to date. He notes that the Fed is essentially, by its actions, telling lenders to quit lending because…

The Fed’s Beige Book: Tepid Growth, Tough Times for Low-Income Households

Economic activity in the Southeast grew tepidly during October and the first half of November, according to the Federal Reserve Bank of Atlanta’s new Beige Book collection of anecdotal reports from business contacts. Labor market conditions remained tight, though pressures eased somewhat, contacts reported. Nevertheless, many executives said attracting and retaining…

Miami’s next big art hub? Dilapidated, industrial district Little River attracts new galleries and art spaces

Two of Miami’s longest-running art non-profits have revealed plans to relocate to the city’s Little River neighbourhood over the next two years. Their moves to the district, situated just north of Little Haiti, bring new momentum to the area, which has been primed for an art-centric transformation by the local community and outside forces. Locust Projects, an alternative art…

$10.5M Sale of Seven-Building Multifamily Portfolio in Miami Brokered

Colliers has facilitated the sale of a multifamily portfolio comprising 42 units and seven buildings located at 10710, 10742 and 10752 S.W. 5th St. in Miami. An entity doing business as San Miguel Investments Ltd. sold the properties for $10.5 million to an undisclosed buyer. Mitash Kripalani of Colliers represented the seller in the transaction, and Virgilio…

Aria Dev and Merrimac Buy Last Miami Worldcenter Site for Condo Project

Miami Worldcenter, the 27-acre megadevelopment in Downtown Miami, is officially all booked. Aria Development Group and Merrimac Ventures paid $17 million for the last available parcel, a 24,000-square-foot site between 33 and 55 NW Sixth Street, one block east of the Miami Central station, the joint venture announced.

TA Realty Pays $241M for Miami Industrial Park

Medley Commerce Center. Image courtesy of CBRE TA Realty has acquired Medley Commerce Center, a 1 million-square-foot industrial park in Medley, Fla. According to CommercialEdge information, LACERA sold the asset for $241 million or $227 per square foot, marking one of South Florida’s largest warehouse transactions this year. The property had previously changed…

The Fed: How Supply Chain Disruptions Contributed to Inflation in 2021

Producer price index (PPI) inflation increased rapidly during the COVID-19 pandemic, with an uneven impact across industries. PPI inflation is the change in input costs to producers. How much did disruptions to supply chains contribute to this increase in inflation? Research Officer Ana Maria Santacreu and Research Associate Jesse LaBelle examined this question in…

Cañero proposes rental complex in south Miami-Dade

The Cañero Group is the latest developer to target south Miami-Dade County, with plans for a multifamily project. The Coral Gables-based firm wants to build a 247-unit complex at 24735 South Dixie Highway in the Princeton neighborhood in an unincorporated area of Miami-Dade, according to an application filed to the county in late September. Cañero Group has the….

Boich, Beal and Mathias score approval for Sunset Harbour project

A group led by Wayne Boich secured approval from the city of Miami Beach for a commercial project in Sunset Harbour. The Miami Beach Planning Board unanimously approved conditional use permits with some conditions for the planned five-story, 50,000-square-foot-plus office and restaurant project at 1920 Alton Road in Miami Beach…

This Week’s South Florida Deal Sheet

Boston-based TA Realty has closed on one of the biggest industrial deals to date in South Florida, acquiring a 12-building industrial park in Medley in Miami-Dade County for $241M. The 1M SF complex, located at 9701-9793 Northwest 91st Court, was sold by DWS, an Illinois-based global asset management company, according to CBRE, which represented DWS…

Miami Sued For $76M Over Allegedly Overcharging For Building Permit Fees

A property owner has sued the city of Miami, alleging it has been overcharging commercial real estate owners for building permit fees and illegally hoarding $76M that should be refunded. In a lawsuit filed this month in Miami-Dade County Circuit Court, the owner of a small retail property in Little Havana sued the city, claiming it has been charging owners unwarranted…

Married to the Job: Craig Robins and Jackie Soffer On Love, Art and Miami

Every industry has its power couples. The music industry has Beyonce and Jay Z. Among business titans, billionaire Barry Diller and fashion designer Diane von Furstenberg come to mind. For the real estate industry, at least in South Florida, it’s Craig Robins and Jackie Soffer. The two — each in their own right — are giants of Miami’s booming retail landscape…

13th Floor JV nab $102M construction loan for Delray project

13th Floor Investments’ Arnaud Karsenti and Key International’s Inigo Ardid and Diego Ardid with rendering of southwest corner of South Congress Avenue and Old Germantown Road: Arnaud Karsenti’s 13th Floor Investments and its partners scored a $102 million construction loan for their master-planned, mixed-use multifamily complex in Delray Beach. 13th Floor…

Two Roads’ suit spells trouble for Frisbie’s West Palm condo project

Two Roads Development’s Reid Boren and Taylor Collins with Frisbie Group’s Dave, Rick and Robert Frisbie Sr. and renderings of South Flaglar House: When Frisbie Group launched its high-end West Palm Beach condominium project this year, the hype was near deafening. Unit asking prices reached $75 million, promising a new level of luxury living in the city. The project marks…

MG3 drops $78M for Walgreens distribution facility near Jupiter

MG3 Group is upping the stakes on its industrial real estate wager. The firm’s real estate investment trust, or MG3 REIT, dropped $78 million for the Walgreens Distribution Center, an industrial facility that spans 98 acres in west Palm Beach County, according to the buyer’s news release. The property at 15998 Walgreens Drive is west of Jupiter, near…

TA Realty drops $241M for Medley industrial park

In one of the largest South Florida industrial deals of the year, TA Realty picked up 12 warehouses in Medley for $241 million. An affiliate of the Boston-based real estate investment firm paid $241 million for a 1-million-square-foot industrial park at 9701-9793 Northwest 91st Court, according to the real estate database Vizzda and property records. TA Realty, led by…

Fries with that? Developers propose rental towers at Shorty’s BBQ site

Developers are proposing a high-rise complex on the site of Kendall’s beloved Shorty’s BBQ. But not to worry, the restaurant serving slow-smoked meats for decades will remain in place for at least a couple of more years. Almost a year after purchasing the site, Atlantic I Pacific Companies and Florida Value Partners filed plans… at 9200 and 9180 South Dixie Highway, according…

Map: Here are 655K sf of offices on tap in Miami Beach

Miami Beach voters shot down a November ballot measure for office buildings on city-owned sites near Lincoln Road. But the city still is poised to get 10 projects with more than 655,000 square feet of offices on sites other than those proposed in the referendum. The failed referendum was for two proposed projects: A Don Peebles-led team, which included ex-Miami Beach…

Damaghi family buys resi tower dev sites next to MiamiCentral

The Damaghi family of New York dropped $50.8 million for a pair of development sites approved for two residential towers directly south of MiamiCentral in downtown Miami, The Real Deal has learned. The clan is better known for its Great Neck-based household goods manufacturing firm…bought the vacant sites spanning 2.7 acres on the southwest corner of Northwest…

FECI Sells Downtown Miami Sites for $51M

Florida East Coast Industries (FECI), owner of the Brightline high-speed train line, sold parcels near the Miami Central station for $50.8 million, property records show. The sites — at 200 NW First Avenue and 195 NW Second Street, across the street from the station, just east of the Miami-Dade County government office — total 2.6 acres.

Record-Breaking 57 Companies Relocated Or Expanded Into Miami-Dade This Year

Miami-Dade has had its best-ever year for recruiting companies to open offices in the county — and many more are on the way. Fifty-seven companies either relocated or expanded in the county in 2022, and 150 companies are in the pipeline, the Miami-Dade Beacon Council said in its annual report released Thursday, the Miami Herald reports.

60-story apartment hotel to rise across from downtown Miami nightclub

A new 63-story, mixed-use residential, commercial and apartment hotel building is coming to Miami Worldcenter. PMG 11th Street Developers Group LLC plan the condo hotel with 427 units, and about 42,000 square feet of commercial space, at 20 NE 11th Street. The project, E11EVEN Hotel & Residences, was recommended for approval by the city’s Urban…

Sale of $13.3 million development site in Uptown Miami’s Little River

Gridline Properties and DWNTWN Realty Advisors recently closed on another significant transaction within the Little River neighborhood of Miami. The sale included 2.2 acres on NE Second Ave. in the northern section of Little River. The property, located at 8038 NE Second Ave., Miami, FL 33138, closed on Oct. 27 for $13.3 million. Gridline Properties’ broker and principal…

70-story tower headed for Brickell financial district

Ytech is ready to bring a new residential skyscraper to Brickell in the City of Miami. Ytech 1428 Brickell LLC is the owner-developer of property at that address where a 70-story tower is planned. The Residences at 1428 Brickell will be comprised of a limited collection of 189 fully-finished luxury condominiums. It will offer about 80,000 square feet of amenities dedicated…

Art Basel brings record 282 galleries

Marking its 20th anniversary in Miami Beach, Art Basel reveals a line-up of 282 leading galleries, the fair’s largest edition to date. Running from Dec. 1-3, along with 38 countries and territories exhibiting this year, Art Basel is promising to reinforce its position as the premier global fair in the Americas at the Miami Beach Convention Center at 1901 Convention Center…

PMG, Greybrook Open 49-Story Elser Hotel & Residences in Downtown Miami

PMG and private equity firm Greybrook have opened the Elser Hotel & Residences, a 49-story hospitality tower in downtown Miami. Highgate is managing the property, which features 646 hotel rooms and short-term residences ranging from studios to three-bedroom suites. The tower features a 10,200-square-foot fitness center and a 19,000-square-foot sun deck, which…

Sale of 1.1 MSF Industrial Park in Medley Arranged

CBRE has arranged the sale of a 12-building industrial park in the Miami suburb of Medley totaling nearly 1.1 million square feet. Boston-based TA Realty purchased the portfolio from an unnamed global investment advisor for an undisclosed price. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Devin White of CBRE represented the seller in the transaction. Situated…

The Fed: Will Inflation Play the Grinch This Holiday Season?

The U.S. economy has experienced another year of high inflation; consumer prices in October were 7.8% higher than they were a year earlier. And high inflation has more than offset income growth: Real (inflation-adjusted) per capita disposable personal income was 3.2% lower than it was a year ago. Despite high inflation, retail industry experts are predicting healthy…

Investor home purchases plummet 30%

Investors took a hard pivot away from home purchases in the third quarter, as rising borrowing costs appeared to reverse the sector’s record activity in a matter of months. Investor home purchases dropped 30.2 percent year-over-year last quarter, according to Redfin data. Outside of the onset of the pandemic, it was the biggest decline in investor home purchases…

Dezer scores $40M loan tied to planned Bentley Residences

Dezer Development landed a $40 million loan tied to its planned Bentley Residences condominium project in Sunny Isles Beach. City National Bank of Florida provided the mortgage, according to records. The financing is for pre-development costs associated with the proposed 749-foot luxury tower with 216 units at 18401 Collins Avenue, according to…

Arte Hospitality completes buyout of Ocean Drive condo-hotel, scores loan

Investor Shadi Shomar and his partners completed the bulk purchase of a South Beach condo-hotel and secured a $36 million loan for the property. Shomar-led entities had paid $28 million in 2019 for the majority of the units — 39 residential and four commercial condos — that make up the Bentley Hotel South Beach at 510 Ocean Drive. Companies tied to Russell Galbut…

Video: Tim Bodner and Byron Carlock of PwC Discuss PwC/ULI 2023 Emerging Trends in Real Estate Report

Tim Bodner, Real Estate Deals Leader at PwC, and Byron Carlock, Real Estate Practice Leader with PwC, appear on America’s Commercial Real Estate Show to discuss highlights and takeaways from the PwC/ULI 44th edition of Emerging Trends. This 125 page report, a joint effort of PwC and ULI (Urban Land Institute) is a must read for anyone involved in commercial real estate.

Lease roundup: Catch Miami Beach to Open at Rivani Property; Levi’s, Blue Nile, Café Americano, Jo Malone London, Calzedonia, and Luca Faloni coming to Brickell City Centre

Catch Hospitality Group will open a restaurant at one of Robert Rivani’s South Beach properties. Seafood eatery Catch Miami Beach will open next fall at 200 South Pointe Drive in a 22,000-square-foot space, including indoor and outdoor dining, according to a news release from the hospitality firm. This will be the seventh location of the Catch concept, with…

Wayne Boich, Related’s Bruce Beal and SL Green president plan Miami Beach project

A company owned by Related Companies’ Bruce Beal, SL Green’s Andrew Mathias and Boich Investment Group’s Wayne Boich is seeking approval of a mixed-use office project in Miami Beach’s Sunset Harbour. On Tuesday, the Miami Beach Planning Board will vote on the partnership’s plans for a five-story, 50,000-plus-square-foot commercial building at 1920 Alton Road. Beal, president…

Aria Development JV Lands $81M for Miami Luxury Condo Project

Image by Michael Gaida via Pixabay A joint venture between Aria Development Group and AQARAT has received a $80.9 million in financing for the development of 501 First Residences, a 448-unit luxury condominium project at 501 NE First Avenue in Miami. Berkadia secured the 42-month, full-term interest-only construction loan on behalf of the borrowers.

Aria JV scores $81M construction loan for downtown Miami condo project

Aria’s David Arditi with rendering of 501 Residences (Aria Development Group, Getty) An Aria Development Group joint venture landed an $80.9 million construction loan for a downtown Miami condominium project. Bank OZK provided the financing for 501 Residences, a planned 40-story tower with 448 condos that potential owners can lease as short-term rentals, according…

Focus pays $28M for Brickell apartments development site

Focus is the latest real estate firm to catch Brickell fever. The Chicago-based company now owns a piece of the booming Miami neighborhood, paying $28 million for the development site at 128 Southwest Seventh Street, according to records. An entity managed by Matthew Barry sold the shuttered two-story, 60-key Starlite Motel East. It had paid…

Mapping out Steve Ross’ South Florida empire

Stephen Ross thrives in tumultuous times. The billionaire’s Related Companies has shown a propensity for pushing forward with investments and projects amid turbulent economic times, when others are inclined to pull back. After the 9/11 terrorist attack, when buyers nixed contracts, and construction and lending froze, Related kept building New York’s AOL…

Barry Sternlicht calls Fed’s actions “suicide”

Barry Sternlicht unleashed his contempt for the actions of the Federal Reserve during an interview Thursday. On CNBC’s “Squawk Box,” the Starwood Capital Group CEO said the Fed’s actions were “clearly suicide” for the economy.  The Fed has been raising interest rates quickly in an effort to clamp down on inflation, a decision proving to be critical throughout real estate. Sternlicht…

‘Alarming’ Housing Crisis In South Florida Spurs Search For Solutions

A scarcity of developable land and an influx of wealthy migrants has spiraled South Florida’s affordable housing crisis out of control so fast that it has surprised even the most experienced local developers. “There’s a whole a population of people out there who none of us typically think of as being cost burdened, or, you know, stressed to be able to afford an apartment…”

Capital Markets Weathering Rapid Inflation In South Florida, Thanks To Influx Of Capital, Experts Say

Dark clouds are forming over the global economy, and while South Florida isn’t immune to the effects of rapid inflation and interest rate hikes, the capital that continues to pour into the region is providing it protection from the storm. “I think everybody here understands and recognizes we are in a recession,” Franklin Street Senior Director Javier Herrera said at Bisnow’s Money…

Residential Rent Growth Slows Nationwide, Resumes Regular Seasonal Shifts

The median asking rent for U.S. apartments rose 7.8% year-over-year in October to $1,983, the smallest annual increase since August 2021, Redfin reports. Rents declined 0.9% nationwide month-over-month. October was also the fifth consecutive month in which annual rent growth decelerated, with rents rising at about half the pace they were six months earlier…

Industrial Sales Not Immune from Impact of Higher Interest Rates

All through the pandemic, industrial properties have been among the most desired by commercial real estate investors. But in the current market environment, are industrial assets holding up just as well? In fact, demand for industrial properties is down considerably from the first quarter of this year, says Chris Riley, president of U.S. industrial & logistics capital markets with…

Merit Hill Capital pays $18M for Davie self-storage facility

Merit Hill Capital scooped up a self-storage facility in Broward County for $17.5 million. An affiliate of Merit Hill, a Brooklyn-based real estate firm focused on self-storage properties, acquired the 72,401-square-foot building at 5370 South University Drive in Davie, according to records. The seller, an affiliate of Pasadena, Calif.-based real estate…

Cedar Health scoops up Fort Lauderdale assisted living facility for $39M

Cedar Health Group beefed up its portfolio of assisted living facilities in South Florida. Cedar Health paid $39 million for the assisted living facility at 2855 West Commercial Boulevard in Fort Lauderdale. The seller is Brentwood, Tennessee-based Wickshire Senior Living, according to records. The buyer took out a $38.1 million loan from Ocean Bank. Wickshire sold…

Highgate cashes out of another South Florida La Quinta, this time in Palm Beach County

Highgate Capital Management shed another La Quinta Inn by Wyndham property in South Florida, as hotel sales heat up in the tri-county region. The Irving, Texas-based hospitality real estate firm sold the 114-room hotel at 5981 Okeechobee Boulevard in unincorporated Palm Beach County for $13 million, records show. The buyer is an entity managed by…

Master Mind Behind 156K SF Addition To West Palm Beach’s Office Pipeline

alm Beach County is getting more office space as Master Mind expands its portfolio in the Miami area. Developer Centrepark Master Mind LLC, which is managed by New York-based Master Mind’s Babak Ebrahimzadeh, filed documents with the city of West Palm Beach to build a 13-story office tower at 1545 Centrepark Drive. The 1.27-acre site was purchased for $5.5M in June…

Miami Beach seeks development partner for Art Deco apartment building

Miami Beach officials are contemplating partnering with a developer to renovate a city-owned Art Deco apartment building. The Miami Beach City Commission on Wednesday authorized staff to move forward with crafting a request for proposals to partner with a developer that can fix up the Barclay Plaza Apartments at 1940 Park Avenue. Bidders can also include possible additions…

Estate Cos. Completes Multifamily Conversion of Former Ramada Inn Hotel in Metro Miami

The Estate Cos. has completed the conversion of a former Ramada Inn hotel located at 1950 W. 49th Street in Hialeah, a suburb of Miami. The redevelopment, known as Alture Westland, is a four-story garden-style community housing 251 apartments and 5,522 square feet of retail space. The Estate Cos. acquired the shuttered hotel and the five-acre site for $15.3 million in August 2020…

South Florida’s biggest HOA’s leaders charged in massive fraud

Five people were charged with running a massive fraud that allegedly looted more than $1 million from the coffers of South Florida’s biggest homeowners association. The Miami-Dade State Attorneys’ Office on Tuesday arrested former and current board members of the Hammocks HOA for their alleged roles in the scheme. The arrests are a continuation of an investigation…

Tri-Rail service to downtown Miami clears a barrier

Plans for Tri-Rail’s long-delayed arrival to serve downtown Miami have advanced with a three-way agreement for Tri-Rail’s team to start training and testing to get service rolling. The South Florida Regional Transportation Authority (SFRTA), which controls Tri-Rail, has “received a signed Tri-Party Agreement, with Florida East Coast (FEC) Railway and Brightline, that gives…

Miami trolley system may get five more years of life

City commissioners are to act on two resolutions today (11/17) that would provide Miami’s trolley system with additional funding and extend the contract terms with a 20% increase to hourly service rates. The first resolution would authorize the city manager to execute a public transportation grant agreement between the city and the Florida Department of Transportation…

Hyatt Regency riverfront developers negotiate with Miami

Gencom, a real estate and development firm, will now negotiate with the City of Miami to build a reimagined riverfront downtown following voters’ approval of a Nov. 8 referendum to amend the lease of city-owned waterfront where the Hyatt Hotel sitsYatt Hogtl sits. “We’re thrilled with the overwhelming support we’ve earned. Our plans for a privately funded world-class…

Roundup from the Fed: Inflation, Financial Markets and COVID-19 Disparities

In the event you missed it, today we are highlighting some research recently produced by the St. Louis Fed. The following articles were published in the Review and Economic Synopses. Review. Financial Market Reactions to the Russian Invasion of Ukraine. This article analyzes financial market reactions to the Russia-Ukraine war with a focus on the conflict’s opening weeks.

Miami-Dade commissioners override mayor’s vote on industrial megaproject outside UDB

A controversial industrial megaproject survived a last-ditch effort by Miami-Dade Mayor Daniella Levine Cava to kill the proposal. County commissioners on Tuesday voted to quash the mayor’s veto of their approval of South Dade Logistics and Technology District, a development that would sprawl 378 acres outside the Urban Development Boundary in south Miami-Dade.

Evacuated Port Royale Miami Beach residents can return

Residents of a Miami Beach condominium evacuated more than two weeks ago over concerns of the property’s structural integrity were allowed to return home on Monday. A contractor deemed the 164-unit Port Royale at 6969 Collins Avenue safe for occupancy after the shoring, or reinforcement, of beams in the building was completed, the Miami Herald reported. Brian Calderone…

Pantzer pays $175M for newly built apartments in Miami’s MiMo

Pantzer Properties continues to bet big on South Florida’s multifamily market. Pantzer bought The Boulevard, a newly built apartment building at 5700 Biscayne Boulevard in Miami’s MiMo Biscayne Boulevard Historic District, for $175 million, according to sources. No deed was recorded, meaning the deal may have closed through a transfer of the property’s ownership entity.

Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants

Miami River Landing Shops and Residences, the mixed-use development along the Miami River, scored a hair salon as a tenant. ManCave for Men, a luxury barber shop, will open in a 1,200-square-foot space along the riverfront next summer, according to a River Landing news release. Coral Gables-based Urban-X Group, led by Andrew Hellinger and…

South Florida real estate players gear up for recession, but remain optimistic

Top brokers, landlords and developers doing business in South Florida’s real estate market are gearing up for an economic recession, although they believe deal flow and new construction will hold steady in the coming year. That was the consensus among panelists and attendees at The Real Deal’s South Florida Showcase + Forum on Thursday. The all-day event…

“We’re at the teenage years of Miami”: Next gen developers see opportunity

Despite coming from distinct real estate legacies, developers Rishi Kapoor and Alex Witkoff see eye-to-eye on the future of real estate in Miami. “We’re at the teenage years of Miami,” said Witkoff, executive vice president of development at Witkoff. “Miami used to be a boom-and-bust market. Now it’s much more stable.” Location Ventures founder and CEO Kapoor and…

“Miami is the last man standing”: Marc Roberts weighs in with Robert Rivani on hospitality

With his exuberant fashion sense and style, imagine Robert Rivani as a Gen Z Mr. Monopoly, the titular character of the popular real estate board game. His commercial condo buying spree in Miami and Miami Beach this past year is akin to picking up Monopoly properties that can generate the highest income, Rivani told a standing room only crowd at The Real Deal’s…

Lithia Motors pays $29M for Doral industrial building

A national automotive company picked up a Doral industrial building near car dealerships that it acquired over the summer. An entity led by executives with Lithia Motors, including the Medford, Oregon-based firm’s CEO Bryan DeBoer, paid $28.5 million for the 145,000-square-foot facility at 9300 Northwest 13th Street, records show. The seller, an entity with the same address as New York-based…

Two Roads’ Taylor Collins on slowdown, rising interest rates

Taylor Collins, a managing partner at Two Roads Development, is aware of the paradox a lot of developers and brokers are seeing in the market, especially in Miami. He agrees that the slowdown is here, and hesitates to compare anything to the boom in prices of last year. Yet, he is still finding that demand is high. Last year, he said, was “a very strange year” with an…

Michael Shvo and Jeff Greene talk distress, opportunities in office

The office building, once the pinnacle of commercial real estate, now feels more like a liability. Inflation, rising interest rates and remote work have left the asset class uniquely exposed to declines in valuation. Vultures are starting to circle for distress. But Michael Shvo still sees opportunities. The developer bought the Transamerica Pyramid in San Francisco and, according…

“Winter doesn’t really come to South Florida”: Developers on economic climate

Top developers didn’t deny that it’s a tough economic environment right now, but South Florida, they said, has the wind at its back. “Given the macro-economics, I would like to refer to my friend Jon Snow to say, ‘Winter is coming,’” Arnaud Karsenti said in reference to the “Game of Thrones” character. “But fortunately, winter doesn’t really come…”

Health care moguls buy Hialeah Gardens nursing home for $43M

A pair of nursing home investors scooped up a Hialeah Gardens facility for $43.2 million. Bent Philipson and Andrew Bronfeld bought Signature HealthCare Center of Waterford at 8333 West Okeechobee Road from an affiliate of Los Angeles-based Arba Group, records show. The deal for the 214-unit facility breaks down to roughly $202,000 per unit. Philipson has invested…

Video: CoStar’s National Director of Office Analytics Phil Mobley Discusses Office Market Dynamics

CoStar’s National Director of Office Analytics Phil Mobley joins Michael on America’s Commercial Real Estate Show to talk about the U.S. office property market. Discussions include current and forecasted occupancy rates, office rental rates, loan interest rates, cap rates and demand for space. He notes that we are post pandemic in the way we live and work. Vacancy in Q3 2022…

North Beach’s Biggest Development Rejected? What’s Next for the Site of the Deauville Hotel?

After years of sitting in disrepair due to a fire, the beloved and historic oceanfront Deauville Hotel site in North Beach has been waiting for its fate. Bought by Miami Dolphins owner and billionaire Stephen Ross, earlier this year he revealed plans for the site with a 373-feet, “six-star luxury,” two-tower vision designed by stararchitect Frank Gehry. With one a 175-key Equinox-branded…

A Newly Public Company – Miami Based – Wants To Shake Up The Hotel Industry. Customers Say It’s A Scam

A small, relatively unknown company has been quietly taking over struggling hotels across the country in recent months, hoping to build an empire from the rubble of the pandemic. LuxUrban Hotels Inc. has snapped up more than 1,000 rooms this year alone, signing long-term leases with hotel owners grateful for a reliable stream of income in trying times. But the…

CRE Leaders Cheer DeSantis’ Win, Push For More Action On Affordable Housing

Florida Gov. Ron DeSantis won a resounding re-election victory last week, which commercial real estate leaders hailed as a sign that the state will continue with its business-friendly ways. In interviews with Bisnow, industry insiders said that DeSantis’ policies have been good for business, but they hope he focuses more on affordable housing in his second term than his first amid…

FTX Turmoil Undermines Miami’s Crypto Strategy

In a turnabout that illustrates the risk underlying Miami’s attempts to fashion itself as a center of the crypto economy, values of cryptocurrencies are plunging, and one of Miami’s most prominent crypto names is on the brink of collapse. Cryptocurrency exchange FTX this week was caught in a liquidity crisis that roiled crypto market. The global company, headquartered…

Higher Borrowing Costs Cool South Florida’s Sizzling Multifamily Market

South Florida has been one of the hottest rental housing markets in the nation. But even in sunny Miami-Dade, Broward and Palm Beach counties, higher interest rates have cast a shadow on debt-funded acquisitions of apartment buildings and multifamily development. Despite the fundamental strengths of South Florida, including low unemployment and a growing…

Prime buys Fort Lauderdale self-storage facility for $35M

Prime Group Holdings’ Robert Moser and the self-storage site at 2401 West Broward Boulevard in Fort Lauderdale Prime Group Holdings bought a self-storage facility in Fort Lauderdale for $35 million. A Prime affiliate acquired Riverbend Self-Storage, a four-story building with 886 self-storage units at 2401 West Broward Boulevard, according to records. Led by CEO Bob Moser…

Pompano Beach advances 128-unit mixed-income rental project

A key city approval advanced the development of Gateway Luxury Apartments, a 128-unit, mixed-income multifamily complex planned for Pompano Beach. The Pompano Beach City Commission last week approved an allocation of 19 “flexibility units” for moderate-income tenants that will allow development of the apartment complex on a commercially zoned site. The 4.2-acre…

Steve Ross’ Related adds Broward affordable rentals to portfolio

Stephen Ross’ hefty wager on South Florida real estate is no longer limited to prime markets such as Miami’s Brickell and downtown West Palm Beach. The billionaire founder of Related Companies and owner of the Miami Dolphins scooped up the Monterra affordable apartment complex at 2601 Solano Avenue in Cooper City for $55.5 million, according to records. Sellers ZOM…

West Palm approves Immocorp’s mixed-use project in Northwood

For years, West Palm Beach leaders have pushed for redevelopment of the Northwood district, but it’s been to no avail — until now. On Tuesday, the city’s planning board greenlit the first project: A plan by Gilbert Benhamou’s Immocorp Capital for 382 apartments, 63,200 square feet of commercial uses and roughly 13,000 square feet of public space on 4.7 acres at the west end…

Palm Beach County voters approve $200M affordable housing bond

Palm Beach County voters said yes to more housing, approving a $200 million bond for affordable units on Tuesday. The bond, which will be paid for by property tax increases, is designed to subsidize the construction of 20,000 workforce housing units. The subsidy averages about $10,000 per unit. Approval of the housing bond is a win for developers, many of which donated…

Robert Rivani fattens his South of Fifth restaurant portfolio

Robert Rivani is done hunting for commercial condos in Miami Beach’s South of Fifth neighborhood after picking up a restaurant space near Joe’s Stone Crab. Rivani, a mohawked retail investor who leads Los Angeles-based Black Lion Investment Group, paid $12.2 million for a 13,500-square-foot commercial unit at One Ocean Condominium at 1 Collins Avenue…

Miami voters approve James L. Knight Center redevelopment

For the second time this year, Miami voters overwhelmingly backed a redevelopment project on city-owned land. On Tuesday, Hyatt and Gencom handily won a referendum for the joint venture’s proposal to replace the James L. Knight Center and adjacent 615-room hotel in downtown Miami with a mixed-use project that the developers claim could generate $1.5 billion in new…

Sternlicht, with $1.3B in dry powder, touts caution in “financial hurricane”

Barry Sternlicht assured investors that Starwood Property Trust is being extra careful as it seeks opportunities amid economic turmoil. “It’s something of a financial hurricane,” he said during the REIT’s third quarter earnings call on Wednesday. “You really can’t cure this inflation, which has been driven by excess stimulus and lack of goods on the shelves.” Sternlicht, the billionaire…

Voters defeat Peebles, Sternlicht office projects in Miami Beach

Voters on Tuesday defeated developers’ plans for a pair of office projects off Miami Beach’s Lincoln Road. A development group led by Don Peebles and another team led by Integra Investments — with Barry Sternlicht among the members — wanted to build on separate sites in South Beach. The controversial bids to develop city-owned parking lots under 99-year leases,,,

Billionaire Ross’ proposal to upzone Deauville site in Miami Beach fails

Miami Beach voters rejected a ballot measure that would have given New York developer and Miami Dolphins owner Stephen Ross the ability to build a larger project on the oceanfront site of the historic Deauville resort. The Related Companies owner’s pending purchase of the Deauville, rumored to be for roughly $500 million, was contingent on referendum 1 passing.

Investor sells fully leased Doral shopping center

An investor from north Florida sold the fully leased Shoppes at Doral for $15.1 million. Gerig Holdings, led by Craig Wagener of Middleburg, Fla., sold the 16,500-square-foot property at 10425 Northwest 41st Street, according to a news release from the seller’s broker. Sources said the buyer is Doral Shops LLC, which state corporate records show is led by Tomas Maliar Smolarz…

Nakash family hit with $17M judgment tied to South Beach hotel

In an allegedly illegal quest to oust a restaurant operator from one of its South Beach hotels, the Nakash family enterprise hired a private investigator to pose as a guest who concocted bogus noise complaints about the tenant. The tactic failed spectacularly… Miami-Dade Circuit Court Judge Valerie Manno Schurr to hammer the Nakashes, owners of the Hotel Breakwater at 940 Ocean Drive…

Billionaire Ken Griffin on politics, all things Florida and building a trading room in 5 days

Miami Mayor Francis Suarez lept into economic booster mode when he met with Ken Griffin at Citadel in Chicago, before the billionaire hedge funder decided to move his companies here. Griffin suggested that he was considering the move. “Ten minutes later, the mayor has Google Maps out and he’s talking about various places that we can build an office tower,” Griffin…

South Florida office sales nosedive

The decline in office investment sales gripping major U.S. markets has reached South Florida. Over the past two years, the tri-county region emerged not only unscathed but as a winner, hosting sizzling hot leasing activity. It attracted major out-of-state firms, while much of the rest of the U.S. was faced with a decline in occupancy and, in…

Speaker Spotlight: Get to know billionaire developer Jeff Greene

Developer Jeff Greene is no stranger to the South Florida market or the TRD stage. But at this TRD Showcase + Forum, he’s got more to talk about than ever. The Palm Beach resident, well-known for his One West Palm mixed-use project, recently announced two residential towers on part of the roughly 26 acres of West Palm Beach he acquired in 2015. The billionaire has said he’ll develop waterfront…

1,374-residence, 42-story towers planned for downtown Miami

A large double tower mixed-use residential development is planned for Northeast First Avenue, in the heart of Downtown Miami. Namdar Group proposes one structure made up of two 42-story towers at 222/234 NE First Avenue and 50/60 NE Third Street A project simply known as 222, the towers are to be home to 1,374 residential units. The project includes…

Countywide zone pushed to spark foreign trade

Every inch of Miami-Dade may soon be covered by a foreign trade zone, enabling participating businesses to become more price-competitive in international goods trade, a key element of the county’s economy. Today the northern half of the county is in a single such zone overseen by PortMiami that was started in 2012, putting many businesses in the southern half in over…

Lincoln Road poised for retail revival

With 16 new-to-market retail and restaurant tenants, 12 under-development stores, and a greater foot traffic than other Miami-Dade County destinations, Lincoln Road continues to be successful and is poised to have its retail revival going. The Lincoln Road District’s storefront occupancy rate is 85%, reflecting currently occupied and leased stores, according to the…

Miami Wilds waterpark near Zoo Miami still up in air

Beetles, bats and butterflies have crept, flown and fluttered into plans to open Miami Wilds, a water park, hotel, shops and restaurants project at the front door of Zoo Miami. Miami Today reported a 2024 opening back in September. Paul Lambert, principal manager for Lambert Advisory, said the opening has been pushed to mid-2025, “principally because the lease was…

Miami-Dade seeks new ways to retain vital beach sand

As sand renourishment continues in an 830,000-cubic yard project in Miami Beach, the county has acquired consultation for alternative ways to retain sand along county-managed beaches. Miami-Dade County’s Division of Environmental Resources Management has hired coastal engineering firm GHD Services Inc. to consider alternative ways to retain sand along county-managed…

Michael Lewis: Metromover to Miami Beach is truly the Smart Program

The smart dumping of two years of failed negotiations to build a monorail across Biscayne Bay will serve us well. First, the county returns to the starting line with the proper aim: extend existing transit to Miami Beach by linking to the downtown Metromover so riders don’t have to change stations or cars. Second, the county dumps a tainted Baylink contract based on…

South Florida retail rents climb

South Florida retail landlords joined their industrial and office counterparts in jacking up asking rents during the third quarter. In Miami-Dade, Broward and Palm Beach counties, rents rose by $3 or more per square foot, year-over-year, according to a recently released report. Sustained tenant demand kept vacancies low across the tri-county region. And investors seeking inflation…

Leonard Abess seeks rezoning for 85-home development in Redland

Leonard Abess is joining the housing development frenzy gripping south Miami-Dade County. Abess, a real estate investor who formerly owned City National Bank of Florida, is asking the county to rezone 27.3 acres of agricultural land he owns on the northeast corner of Krome Avenue and Southwest 286th Street to allow for 85 single-family homes, according to…

Lease roundup: Knotel and Becker take space in Coral Gables

Knotel I Ofizzina I Coral Gables New York-based flexible office provider Knotel will open its fourth location in South Florida. Knotel leased 23,700 square feet on three full floors at the Ofizzina office building at 1200 Ponce de Leon Boulevard in Coral Gables, according to a news release from the landlord’s broker. Knotel is expected to open in the…

Karmely, Defortuna revive plans for stalled One River Point condo tower

Developer Shahab Karmely sold a waterfront site on the Miami River for nearly $59 million to a joint venture between his KAR Properties and Edgardo Defortuna’s Fortune International Group. The sale of the property at 24 Southwest Fourth Street to One River Point Partners marks progress for the long-stalled One River Point project. The…

Air paying $471M for South Florida apartments

Air Communities is spending big bucks on South Florida multifamily projects. The Denver-based real estate investment trust is paying $471 million for two apartment properties in Miami Beach and in Fort Lauderdale’s booming Flagler Village neighborhood. Air bought The District at Flagler Village building at 555 Northeast Eighth Street in Fort Lauderdale for $173 million…

Laurent Groll picks up two Doral warehouses for $18M

Laurent Groll bought a pair of adjacent industrial buildings in Doral for $18.1 million. An entity managed by the Miami Beach-based real estate investor acquired two warehouses spanning nearly 93,000 square feet at 8280 Northwest 64th Street and 6350 Northwest 82nd Avenue, records show. Groll’s affiliate obtained a $10.8 million loan from Bank of America. The deal breaks…

Self-proclaimed “King of Miami Real Estate” sells Opa-locka apartments

An influencer who calls himself the “King of Miami Real Estate” sold a chunk of his apartment portfolio in Opa-locka. Jalal Abuimweis, who has more than 50,000 followers… sold the 26-unit, three-story and the 12-unit, two-story apartment buildings at 2605 and 2561 Northwest 135th Street, respectively, for about $4.8 million, and the 24-unit building at 13240 Port Said Road for about $3.5 million.

Video: Sam Zell says Flooding markets with capital brings “consequences”

For every action, there is an equal and opposite reaction. And for Sam Zell, the move to “flood the world with money” has set us up for a liquidity crisis. Speaking on CNBC Wednesday, the billionaire real estate mogul and chairman of Equity Group Investments said that dating back to World War II, there’s never been a recession without a liquidity crisis, and predicted that…

Billionaire Dan Loeb selling Wynwood site to Brooklyn developer for $20M

Billionaire hedge fund manager Daniel Loeb is in contract to sell a Wynwood site to Brooklyn developer LIVWRK for about $20 million, The Real Deal has learned. It will mark the second acquisition in Wynwood for LIVWRK, led by founder and CEO Asher Abehsera. The company paid about $25 million last year for a 2.5-acre assemblage at 2400 and 2500 North Miami Avenue…

Video: “Tomorrow’s Build” from B1M takes a closer look at Miami

Popular YouTube series “Tomorrow’s Build”, from The B1M, looked into a phenomenon that will be familiar to any TRD reader. As the video explains, Miami is in the midst of a skyscraper boom, with surging population and an increase in white collar jobs and corporate HQs relocating to “Wall Street South.” That’s happening despite increased risk from climate change events.

Argentinian investors score approval for North Beach townhomes

A pair of Argentinian investors are launching their second townhome project in Miami Beach. The Miami Beach Design Review Board on Tuesday approved the proposed development at 7637 Carlyle Avenue, along with the demolition of a three-bedroom house completed in 1939 that is on the site. An entity managed by Hector Ricardo Andrelo and Stella Andrelo in Bueno Aires…

Why real estate shoppers are bagging grocery-anchored plazas

The checkout line for grocery store-anchored shopping centers in South Florida and the U.S. is crowded. Landlords such as Pebb Enterprises’ Ian Weiner are in the midst of a bountiful seller’s market due to significant investor demand for retail plazas featuring an Aldi, Publix, Winn-Dixie or other grocer as the main tenant.  Weiner’s Boca Raton-based development firm…

Interest Rate Hikes Have Dragged CRE Prices Down 13% Nationally So Far This Year

Commercial property prices have dropped nearly 13% so far from their most recent peak earlier this year, according to the Green Street Commercial Property Price Index in October, with prices down 7.3% during October alone. The index peaked in May 2022 after climbing out of a pandemic-related crash in 2020, and has been dropping ever since. Shopping mall prices…

Cold Storage And E-Commerce, But Not Amazon, Sustaining South Florida’s Industrial Boom

For most of the last few years, Amazon has been the dominant force in South Florida’s industrial market, but the e-commerce giant’s recent pullback hasn’t had a negative impact on the region’s warehouse market, industry insiders said at Bisnow’s South Florida Industrial Outlook event last week. “The last few years it has all been Amazon, right? They were making 90% of…

$3.45M Sale of Miami River Industrial Land Negotiated

The industrial land site at 3440 NW North River Drive was acquired by Riverbanks LLC whose principal is Babba Joshua Yesharim. Mr. Yesharim is an active owner in Miami’s Riverside district and urban core. “This industrial land site is a premier piece of commercial real estate that sits on the Miami River and has great potential for numerous marine, commercial, and industrial…”

Conway Commercial Real Estate Collects $13M for Parcel in Miami’s Little River Neighborhood

Conway Commercial Real Estate has sold 2.2 acres in the Little River neighborhood of Miami, FL for $13.2 million. “Developers are recognizing the growth and the emergence of strong fundamentals, finding opportunities to appeal to the creatives and curators in Miami that are in search of the unique neighborhoods and experiences that Little River offers,” said…

Blackstone sells Tamarac Hampton Inn for $18M

Blackstone sold a 113-room hotel in Tamarac for $17.8 million to a pair of hotel investors based in central Florida. Entities managed by Ramzan and Amin Gulamali acquired The Hampton Inn & Suites at 5701 Madison Avenue, records show. The Gulamalis, principals of Altamonte Springs-based hotel development and investment firm F + F, obtained a $14.3 million…

D.R. Horton plans to build 86 homes on Davie nursery site

Homebuilder D.R. Horton plans to redevelop a shuttered fruit tree nursery in Davie as an 86-home community with a mix of houses and townhouses. The Davie Town Council on Wednesday approved a site plan for the development, a related plat proposal, and a “flex” application to increase the development’s allowable density…

New York hotelier joins West Palm Beach megaproject

Place Projects and NDT Development’s 2-million-square-foot project in West Palm Beach’s burgeoning Nora District will include a prominent New York hotelier. Richard Born, known in New York as the man behind BD Hotels, is among the principal investors, the Wall Street Journal reported. Born will design the project’s 175-key hotel to mimic the aesthetics…

Here are the resi projects planned for West Palm Beach

Like everywhere else in South Florida, developers are betting big on West Palm Beach, and there’s plenty of construction financing for projects, too. Developers have dropped at least $186.2 million on land purchases for development since 2015, according to an analysis by The Real Deal. During the same timeframe, big-name financiers like J.P. Morgan Chase put up $422.4 million…

Jeff Greene plans waterfront West Palm Beach condo towers

Prolific West Palm Beach developer and investor Jeff Greene isn’t done betting on the city. Billionaire Greene wants to build a pair of 30-story condominium towers on land he owns just west of waterfront Currie Park. His preliminary plans are for 182 units sized from three to six bedrooms, and averaging 3,700 square feet, he told The Real Deal. The plan marks Greene’s…

Miami & Other Sun Belt Markets Dominate Top 10 ‘Markets to Watch’ in 2023, According to Emerging Trends Report

A variety of Sun Belt markets once again lead the “top markets to watch” in 2023 for overall real estate prospects, with Nashville ranking No. 1 for the second consecutive year in the annual Emerging Trends report issued by the Urban Land Institute (ULI) and PwC US. Using proprietary data and insights from more than 2,000 real estate industry experts across 80 tracked markets in the United States…

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

Market Snapshot for South Florida Retail Real Estate A summary of the statistical highlights, latest retail transactions, vacancy / lease trends, and current market activity for South Florida commercial real estate focusing on Miami-Dade County. The retail real estate report is updated every quarter by our CRE experts. The analysis is derived and compiled…

Fed hikes interest rates to 14-year high

Thursday brought more bad news for borrowers, as another rate hike will cause the cost of credit-fueled deals to rise further, but there may be a little light at the end of the tunnel. The Federal Reserve approved a fourth straight 75-basis-point hike to a target range of 3.75 to 4 percent on Wednesday, raising short-term borrowing rates to their highest levels since 2008, CNBC reported. However, the…

Richman scores $44M construction loan for south Miami-Dade rentals

The Richman Group scored a $44.5 million construction loan for a multifamily complex in Miami-Dade County’s Naranja neighborhood. The deal marks a step forward for the project that has been in the works since last year. It also underscores developers’ insatiable appetite to build apartments in the county’s southernmost areas. The financing is for development on 4.7 acres of land in unincorporated…

What it takes to develop a Miami supertall

The developer of Miami’s first supertall broke ground on the project, kicking off one of the most challenging developments in the city’s history. PMG and its partners, Greybrook, Mohari Hospitality, S2 Development and Hilton began construction of the 1,049-foot-tower at 300 Biscayne Boulevard in downtown Miami. The developers are building the Waldorf Astoria Hotel & Residences…

Breaking down the Related-backed Miami Beach Deauville referendum

Billionaire Stephen Ross’ Related Companies pumped nearly $1.3 million into the political action committee backing his plan to develop the oceanfront Deauville site in Miami Beach. And that PAC is securing endorsements from elected officials across the county. Referendum 1 doesn’t mention Ross, Related or the Deauville, but the ballot question…

Chart – Inflation Watch Halloween 2022: TIPS Indicating 2.67% Expected Inflation for Next 5 Years, Down from 3.59% March Peak

Posted above is the chart for the 5-Year breakeven inflation rate, commonly referred to as the TIPS spread, for the five years ending on Halloween, October 31, 2022. A calculation of 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 spread is a useful and oft-quoted measure…

What Recession? Miami CRE Leaders On The City’s Economic ‘Halo’

Winter is coming, and with it, a potential recession looms that already has the commercial real estate sector on edge — unless you’re in South Florida. Suffolk Southeast’s George Adornato, Two Roads Development’s Brad Meltzer, Stantec’s Robin Anezin, Butters’ Malcolm Butters and Weiss Serota Helfman Cole & Bierman’s Joe Hernandez speak at Bisnow’s Miami State of…

The Closing: Bjarke Ingels

Bjarke Ingels shakes hands and comments on his clammy palms. Perhaps they will be dry after a few encounters with others, he jokes. He brings his hands together and makes a sound that imitates flatulence and grins, though it is not clear whether the two expressions are related. Within half an hour, he will quote Kierkegaard.  This playful but intense energy is reflected in his architecture firm’s…

Thomas Conway sells Miami Little River multifamily dev site

Investor Thomas Conway parted ways with an Opportunity Zone development site in Miami’s Little River where he had planned a mixed-income apartment project. Conway, through one of his Qualcon Real Estate Fund affiliates, sold the 2.2-acre former Bellsouth telecommunications facility at 8038 Northeast Second Avenue and 165 Northeast 80th Terrace, records show. Three years ago…

“Incredible land grab”: Miami-Dade OKs project outside UDB

It took developers Stephen Blumenthal and Jose Hevia five tries, but in the end they won approval for their controversial proposal to build outside Miami-Dade County’s Urban Development Boundary. Commissioners on Tuesday voted 8-4 to allow the South Dade Logistics & Technology District to be built…

Multifamily sales in “virtual standstill”

Multifamily investment, buoyed through the first half of the year by rising rents, has sunk under the weight of relentless rate hikes. Apartment building sales came to a “virtual standstill” in October, according to the National Multifamily Housing Council’s Chief Economist Mark Obrinsky, as buyers facing higher borrowing costs and slowing rent growth offered lower prices…

Miami Lakes Shopping Center Lands $40M Refi

In the latest example of the appeal of neighborhood shopping centers, Miami Beach landlord Terranova Corp. said Thursday that it closed on a $40 million refinancing of Palm Plaza near Miami Lakes. The 90,621-square-foot property at 16867 Northwest 67th Avenue is 95 percent leased, Terranova Chairman Stephen Bittel said. Navarro Discount Pharmacy, a unit of CVS, is the…

Polish American Club seeks rezoning for Miami River mixed-use project

The Polish American Club wants to build an eight-story, mixed-use project on the organization’s former banquet hall site on the Miami River. The Miami River Commission is set to vote next week on recommending approval for zoning changes to the property at 1250 Northwest 22nd Avenue sought by the club. The requests, which would allow the club to build a high-density project, would a…

Wynwood Norte moves toward increased residential density

The City of Miami commission has passed on first reading an ordinance to increase the residential density in the Wynwood Norte area. Known as Little San Juan from the 1950s through the ’70s, the zone was designated a Neighborhood Revitalization District, or NRD-2, by the commission in March 2021. It’s bordered by I-95 to the west and North Miami Avenue to the east, and Northwest 29th Street…

Tech, finance and dining fuel Wynwood realty

Wynwood commercial real estate continues to flourish as several large tech companies, financial institutions and top food and beverage concepts continue to choose this desired neighborhood as their headquarters. Over the past three to four years, Wynwood has been transformed thanks to vertical development, said Randy Carballo, senior vice president of CBRE Miami Office. With the extended…

Wynwood streetscape plan under city’s microscope

The Wynwood Streetscape Master Plan project is currently under a call cost evaluation by the City of Miami. The streetscape plan was initiated in 2018 by the Wynwood Business Improvement District, which has partnered with the City of Miami, Miami-Dade County and the neighborhood’s private-public property owners. “This is a very ambitious project,” said Manny Gonzalez, the BID’s…

Short-term rentals with speakeasy to rise in Wynwood

A rustic-style 131-unit short-term rental with a speakeasy concept rooftop bar is coming to where Wynwood starts, next to the train tracks, developed by Rilea Group and Ann Arbor, MI-based real estate investors group Promanas, and hoping to break ground late next year. The project, called The Rider, would be at Northwest 29th Street and the Florida East Coast Railway line, expanding on…

Wynwood Works would create eight-story mixed-use site

Construction is expected to begin early next year on a mixed-use residential project in the Wynwood Arts District. Architect Jennifer McConney-Gayoso… would put its completion date at mid-2024. The owner-developer, 26-60 NE 27th Street LLC of Hoboken, NJ, proposes a project called Wynwood Works at 26–60 NE 27th Street, 25 NE 26th Street and 61 NE 26th Street…

Video: RealPage Senior Manager Market Analytics Carl Whitaker Updates on Multifamily Performance, Forecast

Carl Whitaker, Senior Manager Market Analytics with RealPage, joins America’s Commercial Real Estate Show host Michael Bull to share recent performance variances as well as projections for (multifamily) performance and cap rates going forward. This is the latest in an ongoing series of discussions over time by Carl on multifamily properties. All the disruption over the past couple of years makes…

Industrial rents keep climbing as vacancies fall in South Florida

It’s a familiar refrain for South Florida industrial landlords. During the third quarter, asking rents continued on an upward trajectory, as premium warehouse space in the tri-county region remains hard to find, according to a JLL report. New developments in Miami-Dade, Broward and Palm Beach counties are experiencing strong pre-leasing activity,…

Suffolk again sues Estates at Acqualina developer in alleged “Halloween ambush”

Suffolk Construction and Trump Group are both back on the offensive in their battle tied to the developer’s Estates at Acqualina condo project in Sunny Isles Beach. Suffolk reopened its lawsuit against the affiliates of Trump Group, seeking $15 million in damages for allegedly unpaid work at the oceanfront two-tower luxury condo development, where buyers i…

Lease roundup: Rihanna’s Savage X Fenty signs at Miami Worldcenter

The retail and the financial sector have been front and center of Miami’s leasing action as of late. Here’s a rundown of some of the most notable newly signed contracts: Savage X Fenty, Lululemon, Ray-Ban, Posman Books I Miami Worldcenter Rihanna’s lingerie brand Savage X Fenty is among the recently signed tenants at the Miami Worldcenter mixed-use development in downtown.

Cutler Bay approves $100M senior living mixed-use project

An AJP Ventures-led development team can move forward with a $100 million mixed-use complex featuring senior living apartments in Cutler Bay. Last week, the Cutler Bay Town Council unanimously approved The Contemporary & MedSquare, a project with 42,000 square feet of medical office, 19,000 square feet of retail and 196 apartments…

Eyal Peretz’s Fuse gets final OK for multifamily near Flagler Village

Eyal Peretz is adding 480 apartments to an area just west of Fort Lauderdale’s Flagler Village. His Fuse Group submitted plans for an eight-story building that will rise at 640 Northwest Seventh Avenue, or the northeast corner of Sistrunk Boulevard and Northwest Seventh Avenue. The Arcadian project will also include 48 apartments with affordable rents; 15,000 square feet…

Ugo Colombo, Craig Robins reach settlement in feud over private jet

A decade-long dispute over a private jet once shared by two high-flying Miami developers appears to be coming in for a soft landing. Ugo Colombo and Craig Robins have reached a private settlement, court records show, after just two days of trial that would have determined which one of them was on the hook for missed loan payments on a $22 million jet the pair purchased…

Miami Beach Port Royale Condominium evacuated over structural concerns

Port Royale Condominium in Miami Beach at 6969 Collins Avenue (Google Maps, Getty) Residents of a 164-unit Miami Beach condominium were evacuated Thursday after engineers raised concerns about a deteriorated garage beam that they suspect supports the entire building. City officials and the condo board ordered the 14-story Port Royale Condominium at 6969 Collins Avenue…

Metro Miami Affordable Community Gets $25M Refi

Mary Alice Brown Apartments M&T Realty Capital Corp. has provided $25 million in refinancing for Mary Alice Brown Apartments, a 216-unit fully affordable multifamily community in Opa-Locka, Fla. The three-year, fixed-rate bridge loan has a 30-year amortization period. Opa-locka Community Development Corp. is the owner of the property, previously known as Aswan Village Apartments.

Richman scores $44M construction loan for south Miami-Dade rentals

The Richman Group scored a $44.5 million construction loan for a multifamily complex in Miami-Dade County’s Naranja neighborhood. The deal marks a step forward for the project that has been in the works since last year. It also underscores developers’ insatiable appetite to build apartments in the county’s southernmost areas. The financing is for development…

Chart: The Fed, real returns on major asset classes since the start of the pandemic

In the beginning of 2020, as the COVID-19 pandemic seemed likely to spread in advanced economies, financial markets entered a period of turmoil. Some even thought the world was headed for a financial crisis. But after the deployment of major fiscal and monetary policy interventions around the world, among other factors, such a crisis never materialized. In fact, financial…

Peebles affiliate must pay $1M in sanctions over Bath Club dispute

An entity tied to developer Don Peebles is once again on the hook for $1 million after a court denied its latest attempt to fight off sanctions over a dispute at the Bath Club in Miami Beach. Peebles’ Bath Club Entertainment owns the historic and private membership club, which dates to 1926, as well as most of the common areas on the 5-acre property at 5937 Collins Avenue…

NY’s Kalimian family buys South Beach Walgreens for $35M

A member of New York’s Kalimian family made a retail investment at the entrance of South Beach. Debra Kalimian of A&R Kalimian Realty, through an affiliate, bought the 24,000-square-foot Walgreens building at 509 Collins Avenue from New York-based Allied Partners, according to records. The two-story building was constructed in 1995 on 0.3 acres. It’s unclear if the…

Farsighted: Andrew Zobler talks hotel market, surviving the dip and more

Andrew Zobler is back in Miami. The Sydell Group founder and CEO bought singer and songwriter Billy Joel’s Miami Beach home last year and is branding the NoMad Residences project in Wynwood. But despite buying the home, he didn’t relocate to Florida because Zobler says that he “always wants to spend a significant amount of time in New York.” After developing the high-end…

Industrial Wave Triggers Tight Market Conditions in South Florida in Q3

The South Florida industrial leasing market saw another seven-figure performance in the third quarter of 2022, with approximately 1.4 million square feet (msf) of positive net absorption at its close — keeping the region on track for another dynamic annual occurrence. Year-to-date more than 6 msf of industrial space was absorbed throughout the region.

Homeowners drop lawsuit over Ugo Colombo Grove Isle project approvals

A neighborhood association and a group of Coconut Grove homeowners are backing off their lawsuit alleging city of Miami officials improperly approved construction of a proposed waterfront condominium in Grove Isle — at least for now. Last week, Tigertail Association, led by more than a half-dozen individuals, voluntarily dismissed their complaint. The plaintiffs…

The Impact of Flood Risk on Property Values – A Case Study in Miami

Hurricane Ian landed in Florida on Thursday evening, September 29, 2022. According to CoreLogic, estimated losses from wind and flooding damages to residential and commercial properties in Florida, South Carolina and other impacted states are between $41 billion and $70 billion1. It marked the sixth consecutive year that the U.S. has been impacted by a slow-moving tropical…

Corporate Relocations and an Evolving Office Market in Miami

The first topic of the morning was 2020 and the pandemic. Overnight, these industry professionals were faced with the obstacles of price surges, lack of materials, remote barriers, and a decline in revenue. This forced them to focus on efficiency and adaptability. It was pointed out that only the strong businesses survived. Following the pandemic, many people are anticipating a recession…

Henry Pino’s Alta bets on Brickell resi market

Alta Development’s Henry Pino along with 160 and 180 Southwest Ninth Street :Henry Pino has placed an eight-figure wager on the Brickell residential market. His Alta Development bought a half-acre site along Southwest Ninth Street for $15 million, with plans to build a 38-story tower with 320 apartments, according to a news release. Progesti, led by Jose Nunez, is the seller.

Lincoln scores $103M construction loan for Doral apartments

With interest rates poised to continue rising, Lincoln Property Company pulled the trigger on a major construction loan for its planned multifamily project in Doral. The Dallas-based firm secured a $102.9 million loan to build apartments on 3.4 acres at 3450 Northwest 85th Court, the last vacant site at the Park Square at Doral mixed-use development. Santa…

Pembroke Pines approves 410 affordable apartments for seniors

Miami Jewish Health Systems and a partner won site plan approval for 410 apartments in Pembroke Pines with below-market rents for tenants 62 and older who have low or moderate income. Not-for-profit Miami Jewish Health and San Francisco-based McDowell Housing Partners won approval for Douglas Gardens IV a…

Giddyap! Altman plans 286 apartments next to rodeo arena in Davie

The Altman Companies won site plan approval for Altis Davie, a 286-unit, mid-rise apartment complex near the rodeo arena in downtown Davie. Altman plans to build Altis Davie as a four-story, mixed-use development with 1,450 square feet of commercial space, according to a report by the Davie Planning & Zoning Division. The mix of residential units would include 24 studio apartments, 117 one-bedroom…

Quarterly Apartment Prices Nationally Drop for First Time Since Start of Pandemic

U.S. apartment prices tracked by CoStar sank for the first time since the start of the pandemic during the third quarter, setting up a test for the once-hot property type through the rest of the year. Meanwhile, price gains slowed sharply in other property sectors across all regions, according to the latest CoStar Commercial Repeat Sale Indices, which monitor price differences in repeat sales…

Developers plan 300-plus rentals on Fort Lauderdale church site

Buyers and developers Tal Levinson and Eric Malinasky and the First Eben Ezer Missionary Christian Churchat 312 Northwest Seventh Street in Fort Lauderdale: Developers want to build an apartment project on a church site in Progresso Village, which is quickly becoming Fort Lauderdale’s next hot spot. Tal Levinson and Eric Malinasky plan a six-story building on almost a full block on the…

Axonic scoops up Lauderdale Lakes multifamily in $64M deal

Axonic Properties’ Jonathan Shechtman and Clayton DeGiacinto; Integra Investments’ Nelson Stabile; the Bella Vista apartment complex at 3541 Northwest 30th Place in Lauderdale Lakes: Axonic Properties has set its sights on Broward County. The New York-based residential real estate investment firm scooped up the Bella Vista apartment complex in Lauderdale Lakes for $63.6 million…

Prime Acreage In Boca Raton Hits Market For $43M. The Catch? It’s Largely Underwater

A 4-acre piece of waterfront land in Boca Raton is hitting the market for $43M, a development opportunity buyers will have to “sea” to believe. Delray Beach resident, investor and local developer William Swaim has put a 4-acre plot up for sale that is largely submerged under Boca Raton’s Intracoastal Waterway, The Palm Beach Post reports. He told the paper that he is willing…

Related in Talks to Develop South Florida HQ

360 Rosemary NewDay USA has just celebrated taking occupancy at its second headquarters with the unveiling of a new company sign at 360 Rosemary, the Related Cos.’ recently completed office tower in West Palm Beach, Fla. NewDay’s move into a 53,300-square-foot space at 360 Rosemary is just the beginning of a planned expansion in the bustling West Palm Beach office market, as the fintech…

Ohio firm pays $29M for oceanfront co-op in Palm Beach County

Waterfront property in the Sunshine State is still red hot. An Ohio real estate firm paid $29 million for a co-op property in Ocean Ridge that was terminated, paving the way for redevelopment. Edwards Companies of Columbus, Ohio, acquired the 22-unit co-op at 6855 North Ocean Boulevard, property records show. The nearly 2.2-acre property is the latest bulk residential building…

PGIM buys Publix-anchored Miramar shopping center for $62M

Monarch Town Center at 12503-12681 Miramar Parkway in Miramar with PGIM Real Estate’s Eric Adler and Stile’s Kenneth Stiles (Google Maps, PGIM, Stiles, Getty) PGIM Real Estate bought a Publix-anchored shopping center in Miramar for $61.5 million. PGIM, the real estate investment and financing arm of Prudential Financial, bought Monarch Town Center at 12503-12681 Miramar Parkway from…

Electra, BH purchase former Cutler Bay Sears store for $34M

Seritage Growth Properties’ Andrea Olshan and Electra America’s Joe Lubeck with former Sears store at Southland Mall, 20505 South Dixie Highway:  Electra America and BH Group added a former Sears store to the joint venture’s Southland Mall assemblage slated for a $1 billion overhaul. The joint venture acquired the 130,000-square-foot big box building for $34 million from Seritage…

Ugo Colombo and Craig Robins’ trial begins over $19M plane loan

CMC Group’s Ugo Colombo and Dacra’s Craig Robins with a Bombardier Challenger jet (Ugo Colombo, Dacra, Bombardier, Getty) A pair of prominent Miami developers are duking it out again in Miami-Dade Circuit Court in what could be the closing chapter to an epic 12-year-old legal war over a private plane they jointly owned in the late 2000s. Dressed in natty suits, Ugo Colombo…

Pérez’s Related scoops up multifamily dev site in North Miami

Jorge Pérez’s Related Group bought a multifamily development site at the closed Johnson & Wales University campus in North Miami. The Coconut Grove-based firm plans Manor Biscayne, an eight-story building with 382 apartments and 9,000 square feet of retail on a parking lot at 1650 Northeast 124th Street. Yoram Izhak’s IMC Equity Group sold the 3-acre site for $13.6 million…

The Fed’s Beige Book: Worker Shortage Improving, Home Sales Falling

Economic activity in the Southeast expanded “slightly” from the middle of August through September, as a shortage of available workers eased somewhat, according to the Federal Reserve Bank of Atlanta’s Beige Book compilation of reports from business contacts. Most employers said pressure to increase wages remained but had lessened in recent months. Although most…

Ganja time: Miami to vote on medical marijuana dispensary rules

Developer Michael Comras isn’t ready for his medical marijuana dispensary plan to go up in smoke. Comras, of Miami Beach-based Comras Company, is asking the Miami commission to overturn a city board’s decision that shot down his bid to open a store in the MiMo Biscayne Boulevard Historic District. It’s the latest in the drawn-out controversy over dispensaries in the city that…

Mount Sinai cancer center clears Miami Beach hurdle

Mount Sinai Medical Center’s Irma and Norman Braman Cancer Center in Miami Beach is on schedule and projected to open in September 2025. This month, Mount Sinai Medical Center received approval from the City of Miami Beach Design Review Board, which is one of the principal components of getting the cancer center approved from a design standpoint, Gino Santorio…

Coral Gables project adds two parks, swaps historic rights

A 16-story mixed-use development known as 1505 Ponce got the green light to proceed with plans after obtaining a transfer of development rights from seven historic properties and offering to create two permanent parks. On Tuesday, Coral Gables commissioners gave the OK for Location Acquisitions LLC, the contract purchaser of 1505 Ponce de Leon Boulevard, to proceed…

In Coconut Grove, Tigertail building’s strange geometry

A new mixed-use residential project is coming to Coconut Grove, at 2835 Tigertail Ave. Residences in the Grove will offer 174 dwellings, ground floor commercial, and basement parking. The site is north of Tigertail, on the corner of Mary Street. The city’s Urban Development Review Board unanimously recommended approval. Iris Escarra, an attorney representing the developer, explained…

Buyer’s Due Diligence; What Can A Level II Thermographer Do?

Miami-Dade County has made significant changes to the 40-year recertification requirement for commercial buildings since the Surfside condo collapse in 2021. One change includes lowering the age of a building to 25 or 30 years rather than 40, and another significant change is the introduction of an infrared electrical inspection performed by a certified Level II thermographer.

Lease roundup: Link Logistics, Gatsby, Lincoln score tenants

Challenge Warehousing I Port Everglades Distribution Center I Dania Beach Challenge Warehousing moved to Port Everglades Distribution Center in Dania Beach. The firm leased 82,000 square feet of industrial space at 1900 Northeast Seventh Avenue from Blackstone’s subsidiary Link Logistics, according to a news release from the tenant’s broker. JC Conte and Brian Ahearn of Butters…

Video: Federal Reserve Real Estate Subject Matter Expert Brian Bailey Discusses the Fed’s View on Commercial Real Estate 2022

In this video, Brian Bailey, Federal Reserve Real Estate Subject Matter Expert, joins America’s Commercial Real Estate Show to shares view on the commercial real estate market. He discusses expectations for the fed funds rate, then goes on to discuss balance sheet health of banks and the implications for lending. This is a varied discussion that goes from remote working trends…

Growing Wynwood Investment

During the past two years, large tech and venture companies relocated to South Florida, fleeing high-tax locations. The Wynwood BID has been positioning the neighborhood to grow in stature to become a 24/7 mixed-use community. A short list of companies already committing to office space in Wynwood includes Founders Fund, Spotify, Technology SA, Blockchain.com…

Ranaan Katz’s RK Centers buys Aldi-anchored plaza near North Miami

RK Centers’ Ranaan Katz, Seritage Growth Properties’ Andrea Olshan, an aerial of 10790 Biscayne Boulevard and 1290 Northeast 108th Street in Miami-Dade County: Seritage Growth Properties is continuing to retreat from its South Florida retail real estate assets. After the firm’s board recommended this summer that it liquidate its properties, Seritage sold the shopping plaza with…

Canceled: Related, 13th Floor’s $500M Miami Beach condo buyout falls apart

13th Floor Investments’ Arnaud Karsenti and Related’s Jorge Pérez with 5445 Collins Avenue: One major South Florida condo buyout has fallen apart, after a group of unit owners blocked the half-a-billion-dollar deal, The Real Deal has learned. The Related Group and 13th Floor Investments confirmed they pulled out of their proposed purchase of the Castle Beach Club condo in Miami Beach.

Russell Galbut scores approval for Art Deco hotel renovation

Russell Galbut’s Crescent Heights can move ahead with plans to build two additional floors at the Regent Hotel… The Miami Beach Preservation Board on Monday approved a Galbut affiliate’s request to demolish the rooftop pool and deck of the two-story Regent that is adjacent to the three-story Gale Hotel at 1690 Collins Avenue. The two new floor…

Mexican restaurateur sells Edgewater development site for $21M

Mexican restaurateur Juan Carlos Cachoua sold an assemblage in Miami’s Edgewater for $21 million, adding to the buyer’s adjacent portfolio. An entity managed by Maria Menzel in Coral Gables purchased the six contiguous properties totaling 0.8 acres, according to the brokers… The properties include: an 11,000-square-foot retail building at 2699 Biscayne Boulevard…

Video: Senior Economist with Moody’s Analytics Thomas LaSalvia Discusses Retail Real Estate Outlook and Strategies

Thomas LaSalvia, Senior Economist with Moody’s Analytics, joins this commercial real estate show to discuss the latest performance and cap rates for retail commercial properties. Discussions include a forecast for current markets as well as some strategies for retail property investors.The post Video: Senior Economist with Moody’s Analytics Thomas LaSalvia Discusses Retail Real Estate…

Video: John D’Angelo, U.S. Real Estate Solutions Leader at Deloitte, Discusses his Firm’s 2023 Commercial Real Estate Outlook

In this awesome video covered are highlights and takeaways from Deloitte’s annual outlook survey of Real Estate Chief Financial Officers. John D’Angelo, U.S. Real Estate Solutions Leader, joins this commercial real estate related show to discuss this report and planning for 2023 in general.The post Video: John D’Angelo, U.S. Real Estate Solutions Leader at Deloitte, Discusses his…

Rock Soffer, partners bet on Little River multifamily

Turnberry’s Rock Soffer, Native Construction’s Gaudi Castro and Cade Capital’s Jose Vizcarrondo with 123 and 137 Northeast 79th Street: Most developers in Miami’s Little River bet on retrofitting aging buildings into trendy dining and retail spots. But they stop short of ground-up residential construction. Rock Soffer, Gaudi Castro and Jose Vizcarrondo aren’t most developers.

Amid Unyielding Labor Shortage, Construction Leaders Call For Immigration Reform

With billions in federal funding set to flow to infrastructure projects across the country in the coming years, the labor shortage that has long plagued the construction industry could get even direr. In order to build the projects spurred on by the passage of the Infrastructure Investment and Jobs Act, CHIPS Act and the Inflation Reduction Act over the last two years, construction…

Fort Lauderdale developer launches condo project planned as rentals

Ocean Land Investments plans to launch condo sales of Sixth & Rio, a boutique residential building that was planned as rentals. Fort Lauderdale-based Ocean Land, led by founder and CEO Jean Francois Roy, said that construction costs for the 94-unit building were 40 percent higher than originally priced. That prompted the switch to condos for the project planned for 501…

AMAC, ROVR score $41M construction loan for Hollywood project

AMAC founders Maurice and Ivan Kaufman and ROVR Development principals Oscar Rodriguez and Ricardo Vadia with a rendering of Griffin 441: AMAC and ROVR Development broke ground on a 180-unit multifamily project in Hollywood having secured $41 million in construction financing. Ocean Bank provided the loan to the joint venture, according to a press release.

BTI wins key approvals for major downtown Hollywood development

BTI Partners won site plan approval and a rezoning for Block 57, a two-tower, mixed-use development in downtown Hollywood with 856 planned apartments. The Hollywood City Commission granted the approvals Wednesday amid concern about future traffic patterns around the 3.2-acre development site on Young Circle. Along with 856 apartments, Block 57 will have about…

Cymbal DLT lands $31M construction loan for Fort Lauderdale apartment towers

Cymbal DLT Companies nabbed a $31 million construction loan for a pair of Fort Lauderdale towers, but the firm doesn’t expect to break ground until next year. The Miami-based developer and general contractor won financing from 3650 REIT, which also recently funded construction of another Cymbal DLT multifamily project in South Florida, according to a press release. The funding…

Grupo Eco plans 12-story office building in Hallandale Beach

Grupo Eco won a rezoning for its planned 12-story office building in Hallandale Beach, the fourth phase of the mixed-use Atlantic Village development on Federal Highway. The building will have 97,735 square feet of office space on the top five floors, 7,745 square feet of ground-floor retail and restaurant space, and a parking garage with 298 spaces from the ground floor to the seventh…

Developer advances affordable housing project in downtown Hollywood

Hollywood gave conditional approval to a design and site plan for University Station, an eight-story, affordable rental development by Housing Trust Group. The Hollywood City Commission conditioned its approval on a pledge by Coconut Grove-based HTG to restore the curvy architectural style that the developer originally proposed for University Station. The commission also…

Foundry Commercial Breaks Ground on Coral Springs Industrial Park

Osprey Logistics Park groundbreaking event. Image courtesy of Foundry Commercial Foundry Commercial has broken ground on Osprey Logistics Park, a two-building industrial development in Coral Springs, Fla. Slated to rise on 22 acres, the project will bring a total of 427,000 square feet to the South Florida industrial market. Located at the intersection of Northwest 39th street…

Doronin, partner buy aging waterfront Palm Beach co-ops for $147M

OKO’s Vlad Doronin and Cain International’s Jonathan Goldstein with 2730 South Ocean Boulevard and 2720 South Ocean Boulevard: Vlad Doronin’s OKO Group and partner Cain International bought a pair of co-op buildings in Palm Beach for a combined $146.6 million. The purchase comes as real estate investors have targeted aging waterfront structures for redevelopment, following…

Oak Row and Lndmrk pay $23M for Edgewater dev site

Oak Row’s David Weitz and Erik Rutter, Lndmrk’s Alex Karakhanian with 2927 Northeast Fourth Avenue: Oak Row Equities and Lndmrk Development are embarking on another Edgewater joint venture, snapping up a 1.5-acre site for $22.5 million in the booming Miami neighborhood. The joint venture is proposing to build a luxury apartment tower with ground-floor retail, but the partnership is…

Housing Trust Group, AM Affordable Housing Break Ground on $44M Seniors Housing Project in Miami

Housing Trust Group (HTG) and AM Affordable Housing have broken ground on Tucker Tower, a $44 million affordable housing community in Miami for seniors aged 62 and older. Located at 9940 W. Hibiscus St. in the city’s Perrine neighborhood, the eight-story property’s apartments will be reserved for income-qualifying residents who earn at or below 25, 30 and 60 percent of area median…

Renderings Revealed: Miami’s First Supertall, The Waldorf Astoria Hotel & Residences

The Miami skyline is about to change forever with the groundbreaking of the city’s first supertall tower. Developer PMG, along with partners Greybrook, Mohari Hospitality, S2 Development and Hilton, are set to start construction this month on the Waldorf Astoria Hotel & Residences at 300 Brickell Ave. in Downtown Miami, soaring 100 stories and 1,049 feet over Biscayne Bay. The design…

Warehouse Demand Shows Signs of Cooling for First Time Since Pandemic’s Onset

The softening economy is finally catching up with the nation’s industrial real estate as a pandemic-fueled boom in warehouse demand shows signs of slowing. The U.S. industrial vacancy rate ticked up slightly in the third quarter to 3.2% from 3% at midyear as leasing slowed and developers completed a record 148 million square feet of projects, with more than two-thirds of the new space built…

Corporate Migrants Drive Miami Office Rents To New Record As Demand Outpaces Supply

Competition for office space in the most desirable neighborhoods in Miami has pushed rents to levels that experts say would have been unbelievable nearly two years ago. Miami’s Brickell neighborhood has been the epicenter of office activity in South Florida. Direct asking rates for Class-A office space in Miami-Dade County rose 13% year-over-year in the third quarter, increasing more than $7 per SF…

“Embarrassment” to Miami-Dade: Vote on project outside UDB deferred again

From left: Coral Rock Development’s Stephen Blumenthal and Aligned Real Estate Holdings’ Jose Hevia with a rendering of the planned industrial complex outside UDB (Coral Rock, Aligned Real Estate Development) In a push to get their controversial industrial complex approved, developers Stephen Blumenthal and Jose Hevia offered a series of last-minute concessions for their proposal. It wasn’t…

After Ian: South Florida’s construction costs, insurance to rise

(Photo Illustration by The Real Deal with Getty Images) Amid South Florida’s development boom, shell construction contractor L & R Structural has had plenty of work. The firm is slated to start an Edgewater condominium tower and a pair of apartment buildings in downtown Miami early next year. But L & R’s Richard Marquez’s mind isn’t at ease. The company has secured some, but not all…

South Florida office rents climb again

The Fifth Miami Beach at 944 Fifth Street, 830 Brickell at 830 Brickell Plaza in Miami and One Flagler at 154 Lakeview Avenue in West Palm Beach: South Florida’s office rents continued climbing in the third quarter, as landlords remained confident tenant demand justified the hikes, according to a recent report. A booming state economy coupled with continued migration and expansions by out-of-state…

Miami International Airport sees a 50-million-passenger load

With now 93 international non-stop routes at Miami International Airport, international passenger levels recorded high volumes, setting the pace to hit an all-time-high record of 50 million passengers for 2022. Since May, six routes have been added to the international list at MIA, including Fortaleza, Brazil, with LATAM Airlines; San Salvador Island, Bahamas, with Bahamasair; Amsterdam, Netherlands, with…

Brightline bridges the gap in Aventura

Brightline has officially completed its Aventura station structure with the installation of a 68-ton pedestrian skybridge. The 131-foot-long bridge stretches on two 41-foot-high towers and is the final piece of the station’s structuring. Brightline is expected to launch service to the Aventura station at 19796 W Dixie Hwy, before the end of the year. “This topping off is a testament of our team’s dedication to…”

Port Miami sees 3% rise in rail cargo

Rail cargo volume at PortMiami has decreased slightly during the 2022 fiscal year, although it’s still the second largest ever recorded, trailing only last year. For the 2022 fiscal year, beginning October 2021 and ending in September, Florida East Coast Railway cargo volumes at PortMiami have slightly decreased by 1.2% from last year. Despite the decrease, this year’s volumes were the second…

Miami targets even larger billboards throughout urban core

While a city board has caused a major delay to the Miami City Commission’s plan to allow outdoor advertising signs in some of the city’s premier waterfront parks, the commission followed with a vote advancing an even more aggressive measure allowing large digital ad signs on city property. Before the commission Oct. 13 were two related items: The final reading of an amendment to the sign…

Expressways sell land to speed Miami International Airport growth

The Miami-Dade Expressway Authority has authorized the sale of 5.3 acres to the county’s Aviation Department for a $10.1 million tag price. The terrain is to be used as a construction staging area for the Capital Improvement Program of Miami International Airport. The operation is yet to be approved by county commissioners, likely in early 2023, Greg Chin, communications director for the…

Reservations for Full-Service Dining Show Signs of Rebounding From Pandemic

The time-honored tradition of making a restaurant reservation nearly became extinct early in the pandemic, with people hunkering down at home to prepare meals as restaurant dining rooms essentially shut and many eateries turned to carry-out and deliveries. Now the industry appears to have recovered by one measure. More than two years later, dining out as reflected in demand for seated…

Karim Alibhai: Aims to develop notable project at riverfront Hyatt Regency

Karim Alibhai started his career in the hospitality industry over 35 years ago. In 1987 he became the founder and principal of Gencom, one of the leading real estate investment and development firms with a focus on the acquisition, development and management of luxury mixed-use hotels and resorts with some residential components.  Over his career, Mr. Alibhai has led the company through more…

September Jobs Report Sends Positive Signals for Commercial Real Estate

September’s addition of 263,000 payroll jobs underscores the continuing strength of the economic recovery and commercial real estate markets despite the Federal Reserve’s moves to normalize borrowing costs and control inflation. No other numbers are as important as the employment report in assessing overall economic conditions. Job growth has none of the “good news/bad news” ambiguity of…

Downsizing plans: Related, Integra shrink St. Regis Brickell

Related Group’s Jon Paul Pérez, Integra’s Nelson Stabile, and Related Group’s Jorge Pérez with St. Regis Residences: The developers of the waterfront St. Regis Residences Miami are downsizing their plans and increasing condo prices, The Real Deal has learned. Instead of two 46-story towers, Related Group and Integra Investments will build one 46-story tower. And instead of about 330 units, the two…

Suburban Miami Condo Project Moves Forward

Tal Aventura. Image courtesy of Tal Aventura 2151 Development Group and 2020 Acquisitions have received conditional use approval for Tal Aventura, an upcoming 86-unit luxury condo tower in Aventura, Fla. IDEA Architects is behind the design of the 26-story, family-oriented project. Units are set to range between 2,500 and 3,500 square feet, offering roofed porches and views of the nearby…

Integra Investments to Build 338-Unit Mixed-Use Project in North Miami

Integra Investments has received final approval from the City of North Miami to build a 338-unit mixed-use multifamily community located at 13855 N.W. 17th Ave. Called NoMi Square, the project will sit on 7.6 acres and take the form of a seven-story building comprising apartment homes in one-, two- and three-bedroom layouts, as well as four live/work units with commercial space.

Bilzin Sumberg Renews 84,000 SF Office Lease at 1450 Brickell Tower in Miami

Law firm Bilzin Sumberg has renewed its office lease at 1450 Brickell office tower in Miami’s Brickell district. Barbara Black, Matthew Goodman and Jeff Gordon of JLL represented Bilzin Sumberg. The firm occupies 84,000 square feet of space at the 625,000-square-foot tower. Tere Blanca and Danet Linares of Blanca Commercial Real Estate represented the building owner, an entity doing business as…

Law Firm Extends 84 KSF Lease at Miami Tower

1450 Brickell. Image courtesy of Bilzin Sumberg Bilzin Sumberg has renewed its lease of 84,000 square feet at Miami’s 1450 Brickell. The law firm’s initial commitment dates back to 2009, when the 650,000-square-foot office building was nearing completion. The renewal marks one of the largest law firm leases completed in Miami this year. JLL represented the tenant, while Blanca Commercial…

Anchor Health JV Grows Miami Footprint

4675 Linton Blvd. Image courtesy of Anchor Health Properties Anchor Health Properties, in a joint venture with Harrison Street, has acquired a 31,886-square-foot medical office building in Delray Beach, Fla. According to Palm Beach County records, the property sold for $14.9 million and the buyer received an acquisition loan of $15.1 million from Capital One. CommercialEdge data shows that the…

Inflation Is Still High and Widespread

Inflation has remained elevated since early 2021. Annual inflation, measured by the 12-month change in the personal consumption expenditures (PCE) price index, surpassed 2% in March 2021 and has remained above 6% since December 2021. It reached a peak of 7% in June 2022; the latest report, from August 2022, was 6.2%.1 The figure below shows annual inflation rates since 2012 to put the…

Lynd unveils $30M Dadeland self-storage project

Lynd’s David Lynd with project rendering of development site at 9300 South Dixie Highway (Lynd Development Group) Lynd Development Group is jumping into the self-storage sector with a $30 million facility near Dadeland Mall. The San Antonio-based firm, led by CEO David Lynd, acquired a 99-year ground lease to redevelop a 14,500-square-foot office and retail building at 9300 South Dixie Highway…

Industrial project outside Miami UDB hinges on one vote

Coral Rock Development’s Stephen Blumenthal and Aligned Real Estate Holdings’ Jose Hevia along with a rendering of the planned industrial complex outside the Urban Development Boundary (Coral Rock Development, Aligned Real Estate Holdings) Stephen Blumenthal and Jose Hevia are about to find out if a fourth time’s a charm. The Miami-Dade County Commission is expected to vote…

Jeffrey Soffer-led JV plans oceanfront condos in Tequesta

Fontainebleau Development’s Jeffrey Soffer and a rendering of the planned Savoy condominium in Tequesta: Jeffrey Soffer’s Fontainebleau Development advanced plans for Savoy, a 10-story oceanfront condominium in Tequesta that will replace an older building on the site. The project is part of a broader trend of developers targeting aging South Florida condominiums, where increased safety…

Lease roundup: Pubbelly opening in West Palm, Bilzin renews in Brickell

Renderings of Banyan & Olive in downtown West Palm Beach with Banyan & Olive developers Andrew Dance and Adam Demark of Brand Atlantic Real Estate Partners and Chef José Mendín: Pubbelly Sushi I Banyan & Olive I Downtown West Palm Beach Chef José Mendín’s popular Miami Beach restaurant Pubbelly Sushi is expanding north. Pubbelly will open in a 3,200-square-foot space in the third…

Movers & Shakers: Medina, Brandao and Tiné launch Side-backed brokerages

Lauren Pace, Jose Medina, Dexter Brandao and David Moghavem: It’s been a busy week for hiring news in South Florida real estate. Side, the venture-backed startup based in San Francisco, which calls itself a back office for top brokers, scored two new partnerships in Miami. Jose Medina and Dexter Brandao left OnePath Realty to launch their own Chez Realty. The pair said they have closed more than $150…

T-ROC Opens New Logistics Warehouse Facility In Doral To Meet Customer Demand

The Revenue Optimization Companies (T-ROC), the leading provider of people and technology solutions for the global retail market, announces it opened a new logistics warehouse facility in Doral near its headquarters of Coral Gables. The facility features enhanced inventory and shipping tools to further expand its suite of services to T-ROC clients including high demand services like product…

Notable Retail Leases Signed in South Florida Q3 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 so far and throughout 2021. This quarter was busy overall, especially considering the current pandemic, and saw several big box leases signed and sealed. Despite the sentiment… Read more » The post Notable Retail Leases Signed in…

Jeffrey Soffer’s Fontainebleau Miami Beach getting new event center

Jeffrey Soffer with 4360 and 4370 Collins Avenue (Getty) In an effort to boost business conference bookings at Fontainebleau Miami Beach, Jeffrey Soffer’s firm has begun construction on a new five-story event center on a former surface parking lot adjacent to his iconic oceanfront resort. The 50,000-square-foot building at 4360 and 4370 Collins Avenue will connect to the historic hotel’s Tresor Tower…

Lurra Capital drops $43M for apartment complex near Coral Gables

Greystone’s Stephen Rosenberg with 1501 Southwest 37th Avenue: Lurra Capital paid $42.5 million for a 100-unit apartment complex near Coral Gables, as the Swiss firm continues to dive into South Florida’s multifamily market. Lurra, a Zurich-based private equity firm led by founder and CEO Tyron Birkmeir, acquired Blume Coral Gables at 1501 Southwest 37th Avenue in Miami, according to a press release.

Midtown, Prospect plan second Flagler Village apartment project

From left: Prospect Real Estate Group’s Michele Zahn and Richard Zahn Sr., Midtown Capital Partners’ Alejandro Velez, and a rendering of the planned Flagler Village apartment project (Baker Barrios Architects, Prospect Real Estate Group, Midtown Capital Partners) Midtown Capital Partners and Prospect Real Estate Group are making their second bet on Flagler Village’s multifamily market. The developers…

In Grove playhouse drama, lawsuit is latest act

Miami-Dade County Mayor Daniella Levine Cava with 3500 Main Highway: The drama over the Coconut Grove Playhouse project hasn’t reached its final act. The controversial plan to demolish part of the property — but preserve the historic theater — was in the clear this summer when a major legal pushback led by Miami Mayor Francis Suarez ended. But a new lawsuit has rekindled opposition to the…

Lawsuit Once Again Snares Plan To Redevelop Historic Coconut Grove Playhouse

The debate over the historical Coconut Grove Playhouse project has taken center stage once again. The disputed proposal to knock down a majority of the building but preserve the historic theater had cleared legal challenges from Miami Mayor Francis Suarez but is now back in court, facing a new lawsuit filed by 14 neighbors, Miami Today reports. The residents sued Miami-Dade County, claiming the…

Victory in North Bay Village for billionaire Ansin family’s Sunbeam Properties

The billionaire Ansin family’s Sunbeam Properties secured the final vote needed to build a taller 7.3 million-square-foot development on 13 acres it owns in North Bay Village. Despite residents’ opposition to the height increases, North Bay Village commissioners voted in favor of three ordinances, on second reading after midnight Tuesday. The ordinances allow the developer to build up to 650 feet high…

Harvey Hernandez’s firm picks up three more lots for Brickell megaproject

Newgard’s Harvey Hernandez with aerial of 66 SW 6th Street, 625 SW 1st Avenue and 69 SW 7th Street: Newgard Development Group fattened up its assemblage for a Miami River megaproject by picking up three more redevelopment properties near Brickell City Centre. Miami-based Newgard, led by founder and CEO Harvey Hernandez, paid a combined $7 million for a trio of small commercial buildings…

Downtown Hollywood project with 856 rentals up for approval

BTI Partners’ Noah Breakstone with rendering of Block 57 (BTI Partners) Downtown Hollywood may be poised for more development with a proposed major mixed-use project. Fort Lauderdale-based BTI Partners’ plan for an 856-unit apartment development, called Block 57, will go before the city commission on Wednesday. BTI Partners proposes a site plan for the two-tower development on the east…

Mesirow bets on Coconut Creek apartments with $132M deal

Broadstone Cypress Hammocks apartment complex at 5201-5381 West Hillsboro Boulevard in Coconut Creek with Mesirow Financial’s Natalie Brown and PGIM Real Estate’s Eric Adler (Google Maps, Mesirow, PGIM) Mesirow Financial continues to bet on Broward County’s multifamily market. The firm paid $132 million for the Broadstone Cypress Hammocks complex at 5201-5381 West Hillsboro Boulevard…

Estate scores approval for pair of Hollywood rental projects

With its first Hollywood apartment building under construction, The Estate Companies is embarking on two more projects in the city. Estate will develop a 12-story building at 2001 Van Buren Street and an eight-story building at 2000 Van Buren Street, according to the developer’s news release. The projects, which will be part of Estate’s Soleste brand, are dubbed Soleste Hollywood Village North…

Stockbridge JV pays $59M for Deerfield industrial site

Industrial Outdoor Ventures’ Thomas Barbera and Stockbridge Capital Group’s Terry Fancher and Sol Raso with 2501 Wiles Road: Stockbridge Capital Group and Industrial Outdoor Ventures dropped $59 million for a Deerfield Beach industrial development site. The pair bought the 22.7-acre property at 2501 Wiles Road from an affiliate of West Palm Beach-based construction firm Vecellio…