CitizenM moves ahead with Brickell hotel on Perricone’s site

CitizenM is moving forward with plans for what could be its first Miami hotel. The Dutch hotel chain is seeking a building permit for a hotel at 955 South Miami Avenue, on the site of Perricone’s Marketplace & Café in Brickell. Steven J. Perricone sold the property to citizenM last year for $16.2 million. The deal was part of a sale-leaseback agreement with the hotel company, a Perricone’s spokesperson…

Hialeah Is Getting Its First Major Mixed-Use Project In 20 Years

Miami Beach transformed from a granny paradise to a jetsetter’s playground. Coconut Grove went from bohemian to bourgeois. Could Hialeah — the wonderland of pawn shops, mechanics and Cuban bakeries — be the next to gentrify? Developers say they are planning the first major mixed-use development in the area in more than 20 years. On 9 acres at 2901 West 16th Avenue, the former site of Sunny…

Richard Branson’s Virgin Group Will Soon Have Planes, Trains And Cruise Ships Operating Out Of Miami

Sir Richard Branson might be among the world’s most famous Brits, but he can’t seem to get enough of Florida. Bisnow Archives/Julia Bunch Sir Richard Branson, photographed in Dallas riding a horse in 2016 His Virgin Airlines has been operating direct flights between Miami and London since 1986. It will soon be possible for U.K. travelers to take that flight then hop on a Virgin Voyages cruise through…

Billionaire Buzzkill? Developer Jeff Greene Offers Counterpoint To Sunny Real Estate Predictions

More than a dozen panelists spoke at Bisnow’s State of the Market event in West Palm Beach Tuesday, and their outlook for the economy ranged from “bullish” to “cautiously bullish” to “optimistic” to “cautiously optimistic.” Then there was billionaire Jeff Greene. Bisnow/Sam Markovich Arthur J. Gallagher Area Vice President Lisa Neumayer, BET Investments principal Bruce Toll, independent investor Jeff Greene…

Can the Mooch turn institutional investors on to Opportunity Zones?

Anthony Scaramucci was still joking around with his partners when the microphones went live during a Tuesday afternoon conference call meant to draw in investors for his hedge fund SkyBridge Capital’s plan to raise a $3 billion Opportunity Zone fund. Indistinct male voices cajoled one another: “Come on!” said one man. “If you can’t take it nobody can take it,” said another, as classical hold music played on.

World’s First ‘Robotic Supermarket’ Coming To Miami

It’s the quintessential problem for the modern American supermarket: how to offer the wide selection that customers expect, yet still turn a profit after having to pay for its real estate and operating costs. A Massachusetts company, Takeoff Technologies, has devised a solution and is partnering with Miami-based Sedano’s grocery stores to roll it out. Phillip Pessar via Flickr Creative Commons Sedano’s is a…

Lightstone Closes $73 Million Financing for Moxy South Beach

National real estate investor and developer Lightstone today announced the close of $73 million in financing from Canyon Partners Real Estate LLC® (“Canyon”) and CapitalSource, a division of Pacific Western Bank, to develop the 7-story, 202-key Moxy South Beach. The financing package consisted of a $55 million senior loan from CapitalSource and an $18 million preferred equity investment from Canyon.

Michelle Bernstein opening Little Havana restaurant later this month, other restaurant news

Chef and restaurateur Michelle Bernstein is back with a new restaurant, Café La Trova, a modern Cuban concept in Little Havana. Bernstein and bartender and mixologist Julio Cabrera plan to open the new bar and restaurant at 971 Southwest Eighth Street later this month in a 5,000-square-foot space. Carlos Fausto Miranda of Fausto Commercial Realty brokered the deal, along with Daniel Egipcia…

Video: Deloitte 2019 CRE Outlook; Jim Berry on Investing in Talent and Cyber Risk

Jim Berry, Partner and Vice-Chairman with Deloitte, appears in this episode of America’s Commercial Real Estate Show to talk about his firm’s 2019 Commercial Real Estate Outlook. Topics in this segment include cyber security and talent acquisition with respect to commercial real estate. Among the interesting discussions is that about chart covering appeal of the industry to the next generation…

Brickell City Centre set for OK for two more towers

The continuing evolution of Brickell City Centre is set to be considered this week by Miami city commissioners. On the commission’s agenda today (12/13) is a third amendment to a Special Area Plan (SAP) for Brickell City Centre and a second development agreement for the large mixed-use project that has already taken over several city blocks just south of the Miami River. These latest proposals request…

Coral Gables tinkers with fate of oldest downtown building

The final document to pull a demolition permit for the old LaSalle Cleaners building in downtown Coral Gables at 2341 Le Jeune Road was to be submitted Wednesday of this week, according to the lawyer for Mirella LaSalle, the owner of the building. The demolition plan, the last missing piece, was delayed because of trouble finding a civil engineer to prepare and sign off on the plan. Ms. LaSalle has said that…

Artists find few affordable gallery spaces in Wynwood

Fewer artists are finding affordable gallery and studio spaces in Wynwood, and many are forced to say goodbye to its mural-decorated streets. Some are determined to stay, but most newcomers are looking elsewhere for lower rent. Rents are on the rise as Wynwood gains popularity. Artist and co-owner of Projects Gallery Frank Hyder says the area now is much less affordable. He remembers paying $950…

Grove garage getting new terms, to play key role in Regatta Harbour

Miami’s newest parking garage is expected to be finished next spring, playing a key role in a new development on the Coconut Grove waterfront called Regatta Harbour. The City of Miami and the Miami Parking Authority are partners in the public-private partnership bringing the new garage and related development to the site, and city commissioners are today (12/13) set to consider amendments…

Expense is key obstacle in keeping North Dade rail pledge

When planners last week certified 13 miles of North Dade elevated rail as the future, it symbolized a promise kept. But was it purely symbolic, with little chance of happening soon – or ever? Planners four decades ago promised that Metrorail would run there. But it was never built, and residents are still waiting. Last week, though, they celebrated as rail was pledged to finish the job under a 2½-year-old…

Gun maker pulls the trigger on Miami Gardens building

Gun manufacturer Taurus International just sold a warehouse in Miami Gardens for $12.2 million to a company tied to the home appliance wholesaler Kalorik. Taurus International sold the 120,739-square-foot facility at 16175 Northwest 49th Avenue for about $100 per square foot, property records show. The buyer, Sunway Holdings, is managed by David Murad, who is a principal of the home appliance…

Freshwater under contract to buy Little Havana condos and apartments

Freshwater Group is under contract to pay $12.1 million for the Oleander Park apartment building and units at the Oleander House condominium in Little Havana, Freshwater partner Joseph Sayegh confirmed. The Brooklyn-based real estate investment firm would pay roughly $7.6 million for condo units at the Oleander House at 406 Northwest 22nd Avenue, giving Freshwater control of 42 out of the 52…

City of Miami sues FDOT over long-delayed Flagler project

The city of Miami is trying to pressure the Florida Department of Transportation into completing the long-delayed West Flagler Street construction project by the end of this year. FDOT was supposed to complete the $45 million project, which called for replacing an aging water main, rebuilding sidewalks, adding a bike lane and upgrading drainage to 12 blocks, in late 2017. Construction began in 2016.

Sears hires JLL to shop hundreds of stores, while weighing takeover bid

Sears Holdings hired JLL to market about 500 Sears and Kmart stores in the United States, two months after filing for bankruptcy protection. The brokerage is already drawing interest from potential buyers in major markets while Sears still considers a takeover bid from its chairman. Bids have come in from retailers, mall owners and others interested in potentially adaptive reuses of the stores…

Related files plans for affordable housing projects in Miami

Companies tied to the Related Group recently filed plans for three new affordable housing buildings in Little Havana. Related’s The Gallery at River Parc LLC submitted plans to the city of Miami’s building department for a 150-unit building at 750 Northwest 13th Avenue and its Brisas del Rio Apartments is planning a 168-unit building at 800 Northwest 13th Avenue. The property is currently…

Student housing developer buys site near University of Miami

Masoud Shojaee’s Shoma Group just sold a site in Coral Gables to Landmark Properties, a student housing developer, for $30 million. Shoma sold the site at 1515 San Remo Avenue and 1500 Venera Avenue to Standard at Coral Gables LLC, an affiliate of Athens, Georgia-based Landmark, according to property records. Shoma paid a combined $15.2 million to buy out the 47 condo unit owners…

Lightstone scores $73M loan for Moxy South Beach hotel

Lightstone just scored $73 million in financing to develop its Washington Avenue hotel in South Beach. The New York-based real estate investment company secured the financing from Canyon Partners Real Estate and CapitalSource. The funds will be used to build the first Moxy-branded hotel in Florida, a seven-story, 202-key hotel at 915 Washington Avenue. The financing package includes a $55 million…

The Miami Design District and Wynwood Are Competing for a Tri-Rail Station. Which One Will Win?

Tri-Rail is coming to Downtown Miami sometime next year. When you consider that South Florida’s commuter rail network is finally accessing South Florida’s urban core, this is big news no matter how you slice it. First, Tri-Rail will head into Downtown Miami by taking an east-west rail line at 73rd Street and then heading south on the Florida East Coast Railway (FECR) tracks, thereby connecting it with the…

Strip Club Found Liable For Shooting On Property

The recently closed King of Diamonds strip club is known around the world because countless rappers have immortalized it in song. Not far away, though, was a perhaps more notorious club. Google Maps 1430 NW 119th Street in Miami Coco’s over the years had been the site of multiple shootings and the arrest of a drug and weapons dealer named King Dread. One reviewer on Facebook warned in 2016…

Multifamily investors should keep an eye on this market

Multifamily investors looking for places to put their cash may want to consider workforce housing. The market — which is rental communities for low- to median-income workers — has outperformed the broader multifamily market, according to a new CBRE report cited by HousingWire. The segment has gotten a boost from low vacancy rates and above-average rent growth, and, because a small…

Some luxury condo developers add landing pads for flying cars

As the development of personal transportation drones advances, landing pads are emerging as the latest must-have amenity at condominiums for the wealthiest buyers. For example, three luxury condos will feature flying-car landing pads in Miami, where the 1 percent would be able to travel by air while the other 99 percent are stuck in the city’s notorious traffic congestion. “These flying-car…

Inside look: Photos from TRD’s tour of One Thousand Museum

One Thousand Museum is months away from opening and The Real Deal got an inside look. Construction on the 62-story luxury condominium building is expected to wrap up by March 2019. Housing 83 units, the building is 82 percent sold, according to the building’s sales director, Harvey Daniels of ONE Sotheby’s International Realty. The development team, which includes Louis Birdman…

Industrial development slowing slightly nationwide, after strong growth: report

The number of industrial buildings coming online nationally slowed slightly in the first nine months of 2018, after several years of strong growth. A total of 237 million square feet of new industrial space was delivered across the country from January through September, down slightly from 243 million square feet year over year, according to a new report by Avison Young. The slowdown follows a major…

EB-5 visa program extended…until Dec. 21

The federal EB-5 visa program received another extension as part of the larger federal spending bill, this time until Dec 21. EB-5 had been set to expire on Dec. 7. Congress now has two weeks to decide whether to extend again or shut down the controversial green card initiative. The program gives foreign investors the opportunity to obtain a green card if they invest at least $500,000 in a project and…

Appeals court overturns Airbnb victory against city of Miami

A new development in the ongoing fight between the city of Miami and Airbnb has both sides claiming victory.The Third District Court of Appeals ruling on Wednesday overturned a lower court injunction that prevented the city from enacting new regulations clamping down on short-term rentals in single-family neighborhoods. In a statement, Miami Mayor Francis Suarez said the city is pleased with the…

Hundreds of Sears stores could survive in “last-ditch effort” to save chain

Hundreds of Sears stores across the U.S. could be saved in what one analyst called “a last-ditch effort” by company chairman Edward Lampert to buy the company out of bankruptcy. Lampert’ ESL Investments already is Sears Holdings’ biggest shareholder and creditor. On Thursday, he outlined a $4.6 billion bid to take over the rest of the century-old retailer, according to Bloomberg…

Las Vegas billionaire buys 21-acre Casino Miami, plans hotel

Las Vegas billionaire Phil Ruffin is gambling on a new city. Ruffin, who owns the Treasure Island Hotel and Casino in Vegas and a number of other businesses, bought Casino Miami, a 21-acre casino near Miami International Airport at 3500 Northwest 37th Avenue, according to a press release. Property records show Fronton Holdings LLC, tied to Boston-based Summit Partners, sold the sprawling site. The 200,000…

Chinese investors sold $1B in US real estate in Q3

Chinese investors keep retreating from the U.S. real estate market. They offloaded more than $1 billion in U.S. properties in the third quarter, the Wall Street Journal reported. Meanwhile, insurers, conglomerates and other big investors from the country purchased $231 million of property. “This has to do more with a change in how capital is permitted to behave rather than Chinese investors saying…

Aspen Capital buys apartment complex near North Beach town center

A company tied to private equity firm Aspen Capital just bought a newly renovated apartment complex on Normandy Isle in Miami Beach for $5.25 million. Hervé Barbera’s Bar Invest Group sold the 30-unit building at 6905–6921 Rue Vendome for about $175,000 per unit. Records show Barbera bought Rue Vendome in 2012 for $2.6 million. The complex recently underwent a renovation that included…

Video: PwC Partners Mitch Roschelle and Byron Carlock on the Top Trends to Follow ~ PwC/ULI Emerging Trends in Real Estate 2019

Mitch Roschelle and Byron Carlock, partners at PwC, join America’s Commercial Realty Show in studio to discuss the PwC/ULI Emerging Trends in Real Estate 2019 Outlook. Discussions in this segment include the intensifying ongoing transformation of commercial real estate, easing into the future, and 18 hour cities.

Obligations when there is an anticipatory breach of contract

Businesses in Florida enter into contracts every day and by doing so they are agreeing to be bound by the terms of the contract. This means they must perform the obligations they agreed to perform. This could be either to perform certain services, provide certain products or perhaps simply pay for another company’s goods or services. Another aspect of many contracts is that the parties to the…

Once-contentious Sunset Harbour project scores approvals from Miami Beach

Deco Capital Group secured key approvals from two Miami Beach boards over the past week and is moving forward with its plans for a scaled-back development in the Sunset Harbour neighborhood. Bradley Colmer, managing principal of Deco Capital, said the developer has all the city approvals it needs now that it got the OK from the planning and design review boards, but it’s still facing opposition…

Benderson buys shuttered Toys “R” Us store in Doral

Benderson Development Company is creating a niche: It just bought another former Toys “R” Us store this week. Property records show an entity tied to the company paid $8.5 million for a location in Doral. The 44,542-square-foot building at 1645 Northwest 107th Avenue traded hands for $191 per square foot. The property spans 4 acres and sits just west of Miami International Mall. Records show Toys…

Video: Deloitte 2019 CRE Outlook; Jim Berry on Global Capital Flows

Jim Berry, Partner and Vice-Chairman with Deloitte, joins the host of America’s Commercial Real Estate Show via Skype to talk about his firm’s 2019 Commercial Real Estate Outlook. In this segment, topics that are discussed include capital flows and property technology (proptech). He discusses that over 97% of investors surveyed plan to increase their allocation to commercial real estate, but that most…

South Florida Year In Review: The Top CRE Stories Of 2018

The year 2018 is almost a wrap. Commercial real estate pros across the country spent much of the year marveling that the economic expansion has gone on for a decade, wondering how much longer it could possibly last, and enjoying the spoils for as long as it does. South Florida saw high rents, high land costs, continued population growth, and thankfully no hurricane. Plus, climate change hasn’t…

Century Homebuilders breaks ground on mixed-use project in Miami

Sergio Pino’s Century Homebuilders Group has begun construction of 850 Le Jeune, a new mixed-use project near Miami International Airport. The developer and its partner, Pactia USA, are building 230 multifamily units and about 200,000 square feet of office space at 850 Northwest 42nd Avenue (also known as Le Jeune Road). The project will consist of two, five-story office buildings; a six-story apartment…

Fashion brand Diesel dives into real estate development, starting in Miami

Diesel is sizing up real estate development, choosing Miami’s Wynwood as the location for its first real estate project. The Italian retail clothing’s Diesel Living line is partnering with Bel Invest Group, an international real estate investment company based in Vicenza, Italy, to build a 143-unit condominium complex in the artsy neighborhood, Women’s Wear Daily first reported. Zyscovich Architects is designing…

Thorofare Capital Provides $17 Million Loan to Refinance Historic Langrod Hotel in Downtown Miami

Thorofare Capital has provided a $17 million loan to Langford Partners LLC to help stabilize The Langford Hotel, a building at 121 SE 1st Street constructed in 1926 and added to the National Register of Historic Places in 1989. It was originally a bank and has housed several banks, an insurance company and other commercial entities over the years. Langford Partners, an affiliate of Stambul USA, purchased…

Affordable housing developers plan senior project in Overtown

Miami-Dade County filed plans for a new affordable housing development in Overtown geared toward seniors. A permit application filed with the city of Miami calls for a three-story, 60-unit apartment project at 301 Northwest 17th Street, next to Williams Park. The estimated cost of the 44,460-square-foot building is $7.8 million. The county commission approved a 99-year ground lease agreement with…

Editor’s note: Private fantasies vs. public realities ~ Considering Valuations of WeWork, Opendoor

There is so much venture capital money flowing into private real estate firms these days that you would be forgiven for turning money-colored green with envy. Take Opendoor, a tech company that allows for automated home buying and selling. The venture capitalists who’ve bet on the startup have valued it at $2 billion, based on a miniscule $10 million in annual revenue. Or WeWork, which is now…

A Leveling Office Sector in Miami

Miami’s office market has had consistently healthy demand for several years, based on strong economic growth and foreign investment. However, the development pipeline is beginning to catch up, which has resulted in an increase in the vacancy rate. More than 2.8 million square feet came online year-to-date, and another 776,000 square feet is expected to come online by year-end. New product added…

Universal Chilling Systems moves to Miami Gardens & other news in South Florida leasing

Universal Chilling Systems just moved from Hialeah into an 11,200-square-foot warehouse at 5400 Northwest 161st Street in Miami Gardens. The company provides cooling solutions for chemical processing, pharmaceutical, food and beverage and other industries. Jordan Todd of International Sales Group and Raydel Enriquez of Vivo Real Estate Group represented the tenant.

Video: PwC Partners Mitch Roschelle and Byron Carlock Discuss Commercial Property Amenities, Last Mile, and Disruptors ~ PwC/ULI Emerging Trends in Real Estate 2019

PwC Partners at PwC Mitch Roschelle and Byron Carlock appear with host Michael in the studio of America’s Commercial Real Sstate Show to talk about the PwC/ULI Emerging Trends in Real Estate 2019 Outlook. In this segment, discussions include commercial real estate amenities, last mile delivery implications for commercial property, and industry disruptors.

Ware Malcomb Completes Hialeah Mixed-Use Building

Ware Malcomb has completed construction on the office and manufacturing facility of CGI Windows and Doors, located in Hialeah, Fla. The firm provided architectural services for the project, while Miller construction served as the general contractor. Located at 3780 West 104th Street, the new asset was designed with a concrete tilt up and includes a neutral color palette of warm tones and white. CGI…

Video: PwC Partners Mitch Roschelle and Byron Carlock Discuss Top Markets to Watch; Miami #12 ~ PwC/ULI Emerging Trends in Real Estate 2019

Byron Carlock and Mitch Roschelle, both Partners at PwC that are involved with its Real Estate Practice, appear on the host of America’s Real Estate Show in studio to discuss the top markets to watch as per the PwC/ULI Emerging Trends in Real Estate 2019 Outlook. Noting Miami as in the number 12 spot of their self described “popularity contest,” they go through cities/markets that top the list one by…

White House Climate Change Report Highlights Major Implications For Commercial Real Estate

PXhere Glacier melting Several federal agencies, including the U.S. Global Change Research Program, delivered a quadrennial report on the potential effects of climate change and the country’s ability to address them over Thanksgiving Day weekend. The report’s findings were sobering, but did little to sway President Donald Trump, who publicly denounced the study upon its release.

Miami-Dade to seek development bids at transit hub

Miami-Dade will request development bids in the first quarter of 2019 for the Miami Intermodal Center near Miami International Airport to help turn it profitable, according to Alice Bravo, who said her department’s takeover of the multi-million-dollar transit hub has thus far gone “very smoothly.” “There’s 7.8 acres of vacant land that we’re going to issue a [request for proposal] for transit-oriented…

After Brightline deal, Virgin Group gets seaport terminal OK too

If all goes as planned, 2021 will prove huge for South Florida and British billionaire Richard Branson’s Virgin Group, as both a high-speed train extension connecting Miami to Orlando on Virgin Trains USA and construction of a new terminal housing Virgin Voyages vessels at PortMiami are expected to reach completion. Miami-Dade commissioners Tuesday approved 12-0 a memorandum of understanding…

Miami-Dade Expressway Authority to upgrade diverging diamond

The Miami-Dade Expressway Authority says it will enhance its first operating diverging diamond interchange at Northwest 27th Avenue and looks forward to completing its second on Northwest 57th Avenue soon. The first of two interchanges debuted in August with police present for two weeks to ensure compliant and safe driving on the traffic-heavy roadway. The two interchanges cost about $155 million…

Brickell-area school scores $19 million loan to build new campus

KLA Elementary School in Miami just scored a $18.7 million loan as the school plans to build a new campus near Brickell. The Miami-based private school secured the loan from FirstBank Florida, the Florida arm of FirstBank Puerto Rico, property records show. The new school will be built on three properties just west of I-95… planning to build the 90,480-square-foot private school at 375 Southwest 15th Road…

Cirque du Soleil co-founder lands $65 million loan for Miami warehouses, estate

Cirque du Soleil co-founder Guy Laliberté closed on a $65 million loan for properties near the Magic City Innovation District and a waterfront home in Miami’s Morningside neighborhood. Property records show Heiva Holdings USA LLC took out about $12.4 million of a larger revolving line of credit from the National Bank of Canada for three warehouses at 300 Northeast 60th Street and an estate at…

Ari Pearl sues, alleging Chetrit affiliate owes him buyout settlement

A longtime partner of the Chetrit family in South Florida is suing the company behind the Chetrit’s $1 billion planned development along the Miami River, alleging he’s owed a piece of his exit settlement. Developer Ari Pearl is suing Miami River JV LLC in Miami-Dade Circuit Court for $1.125 million, the third and final payout as part of a settlement between the two. According to a buyout agreement dated in…

Hotel developer Quadrum Global buys Wynwood site

Quadrum Global just picked up a development site in Wynwood. Remy Jacobson’s Wynwood Design Center LLC sold the 30,000-square-foot property at 2217 and 2233 Northwest Miami Court to Quadrum Pacific LLC, according to Metro 1. The $8.55 million deal closed on Thursday. Quadrum Global, an international real estate investment and development firm, owns the Nautilus South Beach, a 250-key…

Habitat Group launches second phase of Brickell condo project

Habitat Group is launching sales of the second tower at Smart Brickell, a condo-hotel complex with flexible short-term rental options. The three-building project sold out the first tower, with 50 hotel rooms and 50 condos, and is planning on breaking ground on the 25-story building in March, developer Santiago Vanegas said. The condo sellout is about $19 million for the first tower and the estimated…

SoFla’s residential construction starts rise in October, commercial plummets

Residential construction in South Florida picked up in October, year-over-year, while commercial construction dropped off significantly, according to a new report by Dodge Data & Analytics. Commercial construction starts decreased 34 percent last month to $453.7 million, while residential construction starts increased 3 percent to $686.2 million according to the report. Due to the sharp decline in…

Renderings revealed: Duos Hotel in Wynwood & more

Architecture and interior design studio MKDA just released renderings of a new boutique condo-hotel project in Wynwood. Alessandro Ferretti and Vitrium Capital are developing the 51-room condo-hotel building on a 7,250-square-foot lot at 335 Northwest 28th Street. The 37,000-square-foot project, called Duos Hotel, is expected to be completed in 2020. The facade of the building aims to model the…

Virgin Voyages unveils plans for $150 million terminal at PortMiami

Virgin Voyages unveiled its proposal for a multimillion-dollar terminal at PortMiami. Virgin Group founder Richard Branson on Wednesday announced plans for the new 100,000-square-foot cruise terminal located on the northwest side of the port. Construction would begin if and when the Miami-Dade County Commission approves the project, which would be completed by November 2021. The $150 million…

Irrational exuberance? Rising commercial real estate prices could signal warning for economy: Fed Reserve

Ever-rising commercial real estate prices nationwide could be a risk to the stability of the U.S. financial markets, as they were in the last recession. That was the assessment from the Federal Reserve in its inaugural financial stability report on Wednesday. Fed officials cited commercial real estate — in which purchase prices continue to outpace rent increases — as well as nonfinancial corporate borrowing…

MetLife scores $170 million refi for Wells Fargo Center in downtown Miami

Metropolitan Life Insurance Co. just scored a $170 million refinance for its Wells Fargo Center at 333 Southeast Second Avenue in downtown Miami, property records show. The deal comes shortly after its $74 million purchase of a retail center in Wellington. New York Life Insurance Company is the lender for the Wells Fargo office tower. The loan takes over a previous $144.4 million mortgage issued…

Here are the 8 real estate megaprojects coming to SoFla

When Triple Five Group gained approval from Miami-Dade County commissioners earlier this year to build the largest mall in America, the news brought national interest to South Florida’s real estate market. The project will bring an indoor ski-slope to Miami as well as other entertainment, and is betting big on retail at a time when the industry is seeing a surge in vacancies. Yet, American Dream Miami is only…

Active South Florida Commercial Lender Bank OZK slips 1.9% after Piper downgrades on concerns re credit, high exposure to Miami, NYC

Bank OZK (NASDAQ:OZK) dips 1.9% in premarket trading after Piper analyst Matthew Breese downgrades the stock to neutral, citing credit concerns after it charged off two large loans. Also notes balance sheet exposure, margin compression, and increasing deposit costs are likely to weigh on the stock even as it’s seen generating better-than-average profitability. Specifically points to +300% commercial…

Miami-Dade to FlipKey and HomeAway: Where’s the tax money?

Miami-Dade County is knocking hard on the doors of FlipKey and HomeAway in an attempt to collect untold millions of dollars in unpaid resort taxes. In two separate lawsuits filed in Miami-Dade Circuit Court at the end of October, Miami-Dade accuses FlipKey and HomeAway of not forcing property owners who list on the short-term rental platforms to pay their share of bed taxes. The complaints…

Developer plans $74 million mixed-use project along Grand Avenue in Coconut Grove

A Miami developer is under contract to purchase a large assemblage in the West Grove where it’s planning a $74 million, mixed-use project. Ricky Trinidad’s Metronomic announced plans for Grand Plaza, a 12-building development on Grand Avenue in Coconut Grove. Trinidad’s firm isn’t the first to try to purchase the properties. In 2016, David Martin’s Terra canceled a $35 million offer for the buildings.

Developer has plans for Coconut Grove Village West

Get ready for passenger drones, or not. There is a new plan to build 13 buildings including a hotel, offices and micro-unit apartment buildings in Village West, all low-rise – five stories are planned. A new developer to the Grove, Metronomic, Inc., bought up the land and has plans, including the passenger drones. This multi-block project is called Grand Plaza. The land has been sitting for years, waiting…

Archbishop Curley Notre-Dame sells for $60 million, Avenues to open private school

An heir to The Gap family fortune just bought the former Archbishop Curley Notre-Dame High School site in Little Haiti for $60 million, with plans to bring an exclusive private school to Miami, sources said. A Delaware company, VE FL I Operating LLC, bought the 15.5-acre former Catholic high school at 4949 Northeast 2nd Avenue for $3.8 million per acre, according to property records. The LLC’s address…

Lissette Calderon plans apartments in Allapattah

On the heels of renovating a rental tower on the Miami River, developer Lissette Calderon is now planning to build an apartment building in Allapattah, The Real Deal has learned. A permit application filed with the city of Miami shows Calderon’s TCG Allapattah 17 plans a 13-story, 192-unit building at 1569-1652 Northwest 17th Avenue. Her entity paid $1.7 million for the property, currently home…

Virgin Voyages unveils plans for $150 million terminal at PortMiami

Virgin Voyages unveiled its proposal for a multimillion-dollar terminal at PortMiami. Virgin Group founder Richard Branson on Wednesday announced plans for the new 100,000-square-foot cruise terminal located on the northwest side of the port. Construction would begin if and when the Miami-Dade County Commission approves the project, which would be completed by November 2021. The $150 million…

Irrational exuberance? Rising commercial real estate prices could signal warning for economy: Fed Reserve

Ever-rising commercial real estate prices nationwide could be a risk to the stability of the U.S. financial markets, as they were in the last recession. That was the assessment from the Federal Reserve in its inaugural financial stability report on Wednesday. Fed officials cited commercial real estate — in which purchase prices continue to outpace rent increases — as well as nonfinancial corporate borrowing…

MetLife scores $170 million refi for Wells Fargo Center in downtown Miami

Metropolitan Life Insurance Co. just scored a $170 million refinance for its Wells Fargo Center at 333 Southeast Second Avenue in downtown Miami, property records show. The deal comes shortly after its $74 million purchase of a retail center in Wellington. New York Life Insurance Company is the lender for the Wells Fargo office tower. The loan takes over a previous $144.4 million mortgage issued…

BHS names Bess Freedman as first CEO

Less than a year after being named co-president of Brown Harris Stevens, Bess Freedman has been tapped as the luxury brokerage’s first chief executive. As CEO, Freedman will oversee operations in New York City, the Hamptons, Palm Beach and Miami — consolidating leadership of those regions for the first time. The promotion was announced Tuesday in a companywide email signed by Hall Willkie…

Video: PwC Partners Mitch Roschelle and Byron Carlock Discuss Market Trends and Current Cycle ~ PwC/ULI Emerging Trends in Real Estate 2019

Mitch Roschelle and Byron Carlock join the show host in studio to discuss the PwC/ULI Emerging Trends in Real Estate 2019 Outlook. Discussions in this brief clip include the our current economic cycle and factors that are affecting commercial real estate. They discuss their Emerging Trends Barometer and its apparent reflection of optimism, as well as Black Swan risk with a concentration on the…

Miami Beach commercial market outpacing condos

The Miami Beach real estate market is holding steady from last year as 2018 nears to a close. On the one hand, condominium sales remain flat as a majority of domestic buyers enter the market and look elsewhere in Miami-Dade County for new inventory. On the other hand, commercial spaces are faring better following a stream of natural crises in previous years. Domestic buyers in Miami Beach are…

Olympia Theater: Police, white knight, screen hero don’t quell theatrical peril

What’s the longest-running theatrical drama in Miami? Hint: it’s been running for 30 years, tying the longest-running Broadway show in history, “The Phantom of the Opera,” which to date has had 12,380 performances. If you’re still puzzled, here’s another hint: the drama is not played out on the stage; it’s what’s happening to the stage itself. And this drama is not yet in its final performance. No, the top…

Fashion Brand Diesel Is Building a Luxury Wynwood Apartment Complex

Miami’s Wynwood used to be a low-income neighborhood full of warehouses and fashion-supply companies. Then it morphed into a neighborhood full of art galleries. Now developers are pricing out cool places such as the Wynwood Yard. The one arthouse movie theater is on its way out while condo towers and a micro-city called the Americas-Asia Trade Center are on the way in. And now, to complete…

Miami moves toward requiring affordable housing in projects

The City of Miami has taken a big step toward creating affordable housing with the inclusionary zoning measure sponsored by Commissioner Ken Russell. City commissioners voted unanimously Nov. 15 to approve on first reading an ordinance to require developers of certain projects to include a portion of affordable residential units. The initiative would affect the area east of Overtown and west of…

Miami Tentatively Approves Mandatory Affordable Housing in Parts of Downtown

Rent in Miami is not quite as expensive as New York, San Francisco, and other major metro areas. But the Magic City’s median income — around $46,000 — is absurdly tiny, so renters here spend some of the largest portions of their salaries on housing in America. This is not an affordable town. Back in 2016, Miami-Dade County Commissioner Barbara Jordan tried to alleviate that issue by passing what’s…

Get Real; Miami was Never a Viable Choice for Amazon

The only thing Miami / Florida can offer Amazon is that Bezos went to school in Florida and the tax advantage? Maybe he doesn’t want to go back to where he went to school? Knowing the school system in Florida, I would not be surprised. Tax advantage? Many other States offer the same or better – thus this is no real advantage. Now we try to get him because of the Latin American market? Mexico is our…

Frank Stronach, Billionaire Owner of Gulfstream and other U.S. Racetracks, In Family Feud With CEO Daughter

The billionaire who has long run Gulfstream Park and other racetracks across North America is suing his daughter over mismanagement of the family’s assets. His son is suing her, too. Paige Alonso via Flickr Creative Commons Horse racing at Gulfstream Park in Hallandale Beach, Fla. Now 86, Frank Stronach grew up in Austria during Nazi rule, then emigrated to Canada, where he started Magna International…

Miami seeks firm to run expanded Marine Stadium complex

Miami is looking for a company to manage Miami Marine Stadium, the flex park that surrounds it and a planned welcome center west of the iconic waterfront facility. On the day before Thanksgiving, the city issued a formal request for proposals for management of the city-owned property on Virginia Key. The 64-page solicitation says the city is pleased to offer “an exciting opportunity for a well-qualified…”

In Florida, Medical Marijuana Companies Battle For Dominance

Liberty Health Sciences is on track to open five new medical marijuana dispensaries — or, as the company calls them, “cannabis education centers” — in Florida by the end of the year, adding to the seven it has already established here. It is far from alone. Several players are in quick-expansion mode and competing for market share as the state has now set rules and issued 14 licenses following the legalization…

Terreno Realty Reports Sales Of Industrial Property

Terreno Realty Corporation (NYSE: TRNO) sold an industrial property located in Miami, Florida on November 21, 2018 for a sale price of approximately $4.3 million. The property consists of one light industrial building containing approximately 25,000 square feet on 1.2 acres at 7500 NW 26th Street which is 100% leased to one tenant on a short-term basis. The property was purchased by Terreno Realty…

Move over Amazon, Google’s got some news of its own

Alphabet Inc., Google’s parent company, has just scooped up a $1 billion business park near its Mountain View headquarters. The tech behemoth purchased Shoreline Technology Park, a 51.8-acre property a few blocks away from its Googleplex, Bloomberg reported. Google is already the main tenant of Shoreline’s 12 buildings. Google’s been on something of a real estate tear. The company recently…

Punch Bowl Social opening in Wynwood & other restaurant news

Time Out Market Miami unveiled new chefs opening at its Miami Beach food hall in February. Chefs Norman Van Aken, Antonio Bachour and Giorgio Rapicavoli are each taking space at the food hall, at 1601 Drexel Avenue. Veronica Menin and Diego Tosoni will open Love Life Cafe; Suzy Batlle is bringing Azucar Ice Cream; Christian and Dominica Plotczyk, the owners of Ella’s Oyster Bar, will open Salt & Brine.

Aston Martin Residences nabs $200 million construction loan

The Coto family of Argentina closed on a $200 million construction loan to build Aston Martin Residences, a luxury waterfront condo tower in downtown Miami. Riverwalk East Developments LLC, an affiliate of the Coto’s G&G Business Developments, secured the financing from Brazilian lender Itaú BBA International, property records show. G&G broke ground on the 66-story, 391-unit tower at 300 Biscayne…

Video: Here’s how Amazon’s HQ2 incentives add up

Amazon recently announced it will be splitting its second headquarters, commonly referred to as Amazon HQ2, between Queens, New York and Northern Virginia. However, the incentives given to the company have inspired a marked backlash due to a general feeling that the incentives were unfairly extracted from the winners. The gist of the complaint is that Amazon made the search process look like a…

Rockwood and Mill Creek JV buys Modern Miami rental tower

A joint venture between Rockwood Capital and Mill Creek Residential just bought the Modern Miami apartment building near the Miami River for $47.45 million. Chicago-based Waterton Associates is the seller. Property records show the 166-unit apartment building at 1444 Northwest 14th Avenue sold in addition to a vacant, 16,714-square-foot lot directly west of the property. Waterton Chairman and CEO…

Public officials push back on NDAs in wake of Amazon’s HQ2 search

Public officials across the country are questioning whether they’ll sign nondisclosure agreements in the future after facing some backlash surrounding the secrecy around Amazon’s HQ2 search. It’s not uncommon for companies looking to land tax breaks and other incentives to require local officials to sign NDAs as part of economic-development deals. But as part of its high-stakes search for a second…

Randall Hilliard files complaint against Miami Beach Historic Preservation Board members

A political consultant has filed an ethics complaint against three members of an influential Miami Beach land use board, accusing them of violating the state’s Sunshine Law because they’re also members of a non-profit. On November 19, Randall Hilliard, who also goes by the nom de plume “Prince of Darkness,” filed a complaint with the Miami-Dade Commission on Ethics against Jack Finglass, Nancy Liebman…

Doral’s Westside Office Plaza secures 27,650 sf of leases & other leasing news

The Westside Office Plaza in Doral just secured 27,650 square feet of new leases. The master-planned office park at 8200-8400 Northwest 33rd Street sits on 22 acres of land and features 363,328 square feet of office space. Avanti Way Realty leased 6,615 square feet and the Latin American healthcare business Guidewell-Sanitas inked a 21,038-square-foot lease at 8400 Northwest 33rd Street. State Street…

Amazon opens 100,000-square-foot distribution center in Sunrise

Amazon decided against putting its second headquarters in South Florida, but the online retailer opened another distribution center to ensure speedy deliveries in the tri-county area. Amazon has opened a distribution center in 100,000 square feet at the Sawgrass International Corporate Park in Sunrise, according to Lou Sandors, the city’s economic development director. The space formerly was…

Wexler family lists two Lincoln Road retail properties, each with $6.5M minimum bid

Two retail properties along Lincoln Road in Miami Beach are up for grabs. The two 8,000-square-foot retail buildings, at 222 Lincoln Road and 298 Lincoln Road are owned by the Wexler family. The properties are part of a larger 25,600-square-foot retail development, built in 1946, that is currently anchored by the Alvin’s Island beachwear shop. The properties are located between Collins Avenue and…

Mattress One faces evictions across Miami-Dade County

There won’t likely be Black Friday doorbuster deals at most Mattress One stores in Miami-Dade this weekend. Instead, the doors may be padlocked as the mattress retailer has been kicked out of its locations from Midtown Miami to Kendall, according to recent eviction complaints… 10755-10805 Southwest 72nd Street… 8200 Flagler Street… 3160 North Miami Avenue… 18355 Northwest 57th Avenue…

Contractors and subcontractors must be paid promptly

Construction projects in Florida vary in size and complexity, but many involve various different types of trades in order to complete the project. This is especially true for large projects such as office buildings and apartment buildings. These types of projects will include heavy equipment operators, steel workers, electricians, people to put up sheetrock, painters and many more professionals. Generally…

Brightline parent company sells industrial site to JPMorgan subsidiary

Florida East Coast Industries just sold a warehouse near Miami International Airport for $31.1 million to a subsidiary of JPMorgan Asset Management. Coral Gables-based FECI, the parent company of the high-speed passenger rail Brightline, sold the 9.2-acre property at 3200 Northwest 67th Avenue for $3.4 million per acre, property records show. The warehouse is part of the South Florida Logistics…

CK Privé Group’s principals allegedly took out loan without partners’ consent: lawsuit

A brewing legal war among a group of real estate development partners could have negative consequences for a slate of new commercial projects in Aventura and North Miami Beach, including the redevelopment of Dean’s Gold strip club. RH 18 Development and Carf 18 last month sued Alberto, Jacobo and Shlomo Kamhazi, as well as their company Biscayne 18 Development LLC, which owns a complex of…

South Florida’s largest office sales in October

The second largest office sale of the month was Bob Brockway’s $10.9 million purchase of a building directly across the street from his Mercedes-Benz of Coral Gables dealership. A company led by architect F. Michael Steffens and Marjorie Goldman sold the 36,600-square-foot, three-story office building at 300 Sevilla Avenue. The deal breaks down to about $300 per square foot. South Miami Medical Arts…

Simon sells site next to Miami International Mall to Lehman

Car dealer William “Bill” Lehman Jr. just bought a strip of land next to Miami International Mall for $8.2 million, property records show.
Lehman financed the deal with a $9.4 million loan from JP Morgan. It’s zoned for industrial development. Simon Property Group sold the 8.4 acres of land directly north of Lehman’s Doral Kia dealership at 10155 Northwest 12th Street. Simon declined to comment. The site…

Miami Beach agrees to taller tower at its front door

After 4½ hours of presentations and discussions, the Miami Beach City Commission agreed  to a height of 519 feet, up from 484 feet, for the tower development on 500-700 Alton Road, at the entry to the city from the MacArthur Causeway. A 3-acre park will be deeded to the city as part of the deal. Commissioners passed the package of ordinances for the development unanimously on first reading Nov. 14.

South Florida Retail Summary (Q3 2018)

Market Snapshot for South Florida Retail A summary of the highlights, trends, and current market activity of Q3 2018 for South Florida commercial real estate focusing on Miami-Dade County: Analysis derived and compiled from leasing data and transaction reports in order to better understand the overall health of the CRE market in Miami-Dade County. In…

PortMiami scrunching cargo area to add two cruise terminals

Two PortMiami projects costing a combined $100 million will result in one smaller, denser cargo yard and additional land on which to build two new cruise terminals, documents accompanying items Miami-Dade commissioners OK’d this month show. The $34.88 million cargo yard densification project by Odebrecht Construction Inc., the lowest bidding contractor, is to take 777 days and is expected to…

Miami Yacht Show gets land use OK, funds baywalk

Miami city commissioners have approved a revocable license with Yachting Promotions Inc., the operator of the Miami Yacht Show, to use city-owned submerged lands between the MacArthur and Venetian causeways. This will allow the yacht show to move from Miami Beach to this new location in Biscayne Bay, the waterfront connected to the former site of the Miami Herald. The agreement approved…

Miami Worldcenter to feature work by acclaimed German artist

The evolution of the Park West neighborhood of Miami continues with the construction of Miami Worldcenter, a sweeping mixed-use development offering a little bit of everything – including artwork from an internationally-acclaimed painter and installation artist. German artist Franz Ackermann has been selected as the initial artist for the project. His work has been featured worldwide, including at the Tate…
Atto…

Little Havana apartments sell for $5.6M

A five-building rental portfolio in Little Havana just sold for $5.6 million to New York-based Gateway Realty. Gateway Realty bought the 57 rental apartments at 2127, 2128, 2136 and 2248 Southwest Fifth Street and 2135 Southwest Sixth Street for $98,245 per unit, according to a release. The Keyes Company’s Carlos Villanueva represented the seller, the JoAnn Cappelletti Trust, in the sale. Mendel Fellig of…

Feds tie another alleged $1B money laundering scheme to Porsche Design Tower, along with NY properties

Federal authorities charged a Venezuelan TV magnate for his role in a billion-dollar money laundering and currency exchange scheme involving real estate around the world, including two dozen properties in Miami and New York. The indictment follows a separate billion-dollar money laundering scheme in July that included real estate in South Florida…

Regalia’s condo association alleges flawed design, building code violations: lawsuit

Regalia’s condo association is suing the developer, contractor, architect and a laundry list of subcontractors for alleged design and construction defects and damage to the 47-story luxury condo tower in Sunny Isles Beach. The Regalia on the Ocean Condominium Association filed a lawsuit in Miami-Dade Circuit Court earlier this month against Regalia Beach Developers LLC, general contractor…

Jorge Pérez nabs Allapattah property for artist housing

Miami’s condo king just closed on a site in Allapattah where he’s planning a mixed-use complex focused around art. The Related Group chairman and CEO Jorge Pérez said he will store and show his private collection at the warehouse, at 2270 Northwest 23rd Street. Pérez said the property, which he paid $2.7 million for last week, is near his office and home. Carlos Fausto Miranda and Diego Vicente Tejera…

Is There Room For Self-Storage Investment In SoFlo?

Any talk of commercial real estate investments is usually about retail and office spaces, industrial facilities, and multi-unit residential properties. There is, though, another niche CRE market that’s figuratively and literally full of possibilities: self-storage. A recent list of the top 10 self-storage markets to watch has South Florida at number 8, and for some very good reasons: properties that are currently…

The lowdown on loan delinquencies : Rates are lower than pre-recession levels…except for mortgages

We heard a lot about the surge in mortgage delinquencies during the past recession. In fact, many believe this was the origin of the crisis. FRED has delinquency data so let’s see how things look now. The delinquency rates in the graph show the proportion of loans from the 100 largest U.S. banks that are more than 30 days past due. Mortgage delinquency is now considerably lower than at the height of…

Southeast Food Distribution sells cold storage industrial site for $19M

A division of Southeast Food Distribution just sold a cold storage industrial site in North Miami for $18.7 million. Southeast Frozen Foods Company sold the 234,739-square-foot facility at 18770 Northeast 6th Avenue for about $80 per square foot to 18770 MIAMI LLC, property records show. 18770 MIAMI LLC is led by Michael Herman, corporate records show. Edward J. Redlich of ComReal who…

Offer affordable housing in Miami? Get density bonuses!

Miami officials are doing a test run on a measure that would force residential developers who want more density to carve out units for low-income wage earners in their projects. The Miami City Commission last week approved on first reading an an ordinance that new developments in the Arts & Entertainment District seeking density and floor lot ratio bonuses must include workforce or affordable…

South Florida’s largest multifamily investment sales in October

The top apartment deal in October was the portfolio sale of two separate rental complexes in Broward and Palm Beach counties.
American Landmark purchased the Siena Apartments, a 292-unit apartment community at 8080 Northwest 10th Court in Plantation; and the Hidden Harbor Apartments, a 200-unit community at 222 Kingfisher Way in Royal Palm Beach, for a…

Video: SoFla developers, strategists on why hotel-branded condos continue to win

At The Real Deal‘s fifth annual Miami Real Estate Showcase & Forum, South Florida’s managing editor Ina Cordle moderated a discussion among some of the region’s top players in hospitality. The wide-spanning conversation ranged in topics from competing with Airbnb to the value-add of a certain hotel’s brand. Panelists included Benjamin Sinclair of Faena Group, Louise Sunshine of The Sunshine Group…

Failed delivery: How the cities that missed out on Amazon’s HQ2 are coping

The cities that fought until the last minute to win over Amazon are now moving on — some joyfully, some begrudgingly. Before the news leaked that New York and Crystal City, Virginia, were Amazon’s top headquarters picks, five other cities also seemed poised to nab the golden ticket. Amazon representatives reportedly revisited Chicago, Miami and Newark in late October. Texas appeared a viable…

Miami may allow denser development in exchange for affordable housing

Miami city commissioners gave preliminary approval to a proposal that would require private developers to include affordable housing in new apartment buildings in a part of the city where denser development would be allowed. The “inclusionary zoning” proposal would allow denser development in an area between Northeast Second Avenue and North Miami Avenue from approximately 18th Street…

Passenger-train operator files to go public under its new name, Virgin Trains USA

The private passenger-train operator formerly known as Brightline disclosed plans to become a publicly traded company on Friday – the same day it announced a name change linked to a decision by Richard Branson’s Virgin Group to become a minority investor in the company. Virgin Trains USA, the new name of the passenger-train operator, filed an S-1 form with the Securities and Exchange…

Designers miscalculated load-bearing strength of collapsed FIU bridge

Designers miscalculated the load-bearing strength of the north end of the Florida International University pedestrian bridge that collapsed and caused six deaths, according to federal investigators. In an update on the federal investigation of the deadly March 15 collapse, experts from the Federal Highway Administration also reported Thursday that designers miscalculated the structural load on the north…

Sam Zell is reducing his exposure to real estate

He’s bearish on the real estate market, and looking to sell. Sam Zell’s firm Equity Group Investments has either sold or intends to sell stakes in at least four companies dating back to last October, according to Bloomberg. It has announced one new investment over the same time period. The firm may look to sell Ardent Health Partners as well. The company, which EGI bought in 2015, is getting ready…

Video: SoFla developers dish on how they’re financing and building through the late stages of the cycle

At The Real Deal‘s fifth annual Miami Real Estate Showcase & Forum, Editor-in-Chief Stuart Elliott moderated a panel on how South Florida developers are financing and building amid the late stages of a market cycle. Panelists included Jules Trump (The Trump Group), Moishe Mana (Mana Group), Michael Stern (JDS Development), Louis Birdman (Birdman Real Estate Development) and Kieran Bowers…

Virgin Group invests in Brightline, will rebrand as “Virgin Trains USA”

Within two weeks, Brightline will be known as “Virgin Trains USA.” Brightline announced on Friday that Richard Branson’s Virgin Group will provide a minority investment and form a strategic partnership with the high-speed passenger rail company. Under the partnership, Brightline will be renamed this month and will transition to Virgin Trains USA branding in 2019, according to a release. The company…

Carpe Real Estate Partners scores financing for mixed-use project in Wynwood

Carpe Real Estate Partners just closed on a $10 million construction and acquisition loan for Oasis at Wynwood, a mixed-use adaptive reuse project on North Miami Avenue. Iberia Bank is the lender. David Weitz and Erik Rutter of Carpe paid $14 million in March for the 1.65-acre site at 2335 North Miami Avenue from Goltens Miami, a marine engine repair company. As planned, Carpe will convert four…

Developer of American Legion project in MiMo scores $51M loan

The development group behind a new American Legion building and apartment complex in Miami’s MiMo District just scored a $51 million construction loan. The developer, ACRE GCDM Bay Investments, will use the loan to fund the construction of its contentious project in the quiet 3.5-acre residential area off of Biscayne Boulevard at 6445 Northeast Seventh Avenue. The developer is planning…

Treasury dramatically sharpens LLC disclosure rules

The Treasury Department drastically increased the number of all-cash deals that are subject to its anti-money laundering rules on Thursday. Starting Nov. 17, title insurance firms will be required to disclose the identity of LLC buyers who spend $300,000 or more on the real estate purchase. Previously, the rule applied to cash deals above $3 million in Manhattan and $1.5 million in New York City’s…

Video: Top SoFla landlords agree the retail apocalypse is “greatly over-exaggerated”

Three of South Florida’s top retail landlords agree that their sector’s so-called apocalypse is “greatly over-exaggerated.” The conclusion came out in a recent panel discussion at The Real Deal‘s annual Miami Real Estate Showcase & Forum led by associate web editor Katherine Kallergis. The panelists included Craig Robins of DACRA, Jackie Soffer of Turnberry and Jonathon Yormak of East End Capital.

Miami Beach finally OKs voter-mandated upzoning for North Beach

Miami Beach greenlit the voter-mandated upzoning of North Beach on Wednesday more than a year after residents endorsed a zoning increase for a ten-block area of the neighborhood. Property owners are now able to build twice as much as they were previously allowed to in the Town Center area, which mainly consists of retail plazas, vacant lots and apartment buildings between Indian Creek Drive…

Russell Galbut may finally get his South Beach tower

After years of trying to score approval for a taller project at the entrance to Miami Beach, developer Russell Galbut got his first approval for a tower up to 519 feet in height. Following hours of testimony from nearby residents and deliberation by elected officials on Wednesday, the Miami Beach City Commission unanimously voted in favor of the project, which will include a public park, on first…

Honey, millennials shrunk the office space: panel

In a Coral Gables office building owned by Altis Cardinal, anchor tenant American Airlines recently slashed its space by nearly half without shedding any employees, according to the real estate development firm’s founder Frank Guerra. “American went from 27,000 square feet to 15,000 square feet with the exact same headcount,” Guerra told attendees at a Crew-Miami luncheon…

When does one have a tortious interference claim?

Businesses in Florida generally enter into contracts in order obtain some benefit for their companies. There are a variety of types of contracts that they enter into, in which one business provides goods or services to another for compensation. These contracts can be very lucrative, but since many businesses offer similar goods or services, there can be competition among them to secure contracts and the…

Miami says ‘yes’ to David Beckham’s Freedom Park and Soccer Village

The proposed complex, which has been a subject of media speculation since it was first announced in 2013, will be the home of Beckham’s Major League Soccer (MLS) team, Internacional Club de Fútbol Miami. Designed by Miami-based architecture firm Arquitectonica, the development will include a 25,000-seat stadium and a 24-hectare public park, as well as extensive space for…

Here’s what’s next for Adler Group’s Miami River project

On Tuesday, Miami residents voted to approve a referendum allowing the Adler Group to lease city-owned land along the Miami River, placing the developer one step closer to breaking ground on its multi-tower project. But before that, the city has to decide where it will move its administrative offices. As part of the deal, the developer will build a public riverwalk and a 230,000-square-foot administrative…

End of boom-times: The impact of a looming slowdown in the multifamily market

A decade-long apartment boom may be coming to an end. Federal data shows that multifamily building permits have declined every month since March, suggesting that apartment construction could slow in the next two years, the Wall Street Journal reported. According to the latest Census Bureau data, permits were pulled to build 351,000 units in new properties with at least five units in September.

New Flagler Street civil courthouse meets ‘significant cost inflation’

A new Flagler Street civil courthouse that county commissioners OK’d in July has run into “significant cost inflation” due to costlier construction materials, higher interest rates and need for a taller building, Mayor Carlos Giménez said last week. In late August he predicted costs, first projected as over $280.71 million, would surpass that number for those exact reasons. The first of 30 annual…

Miami Beach Convention Center hotel to open within 5 years

Miami Beach is finally coming into its own as a full-fledged convention destination after voters approved lease components of a hotel adjoining the newly-renovated Miami Beach Convention Center. Developer David Martin says Miami Beach Mixed Use Investment LLC is moving forward with hotel design, engineering and permitting and going through a series of approvals at the city level. He said his goal…

Preserving historic districts pays off in Miami-Dade

Preserving historic districts isn’t just good for protecting Miami-Dade’s past for posterity’s sake; it’s also a smart financial investment, according to recent economic impact reports published by the county. “Together these studies indicate preservation has made a positive fiscal impact on Miami-Dade and its residents,” Miami-Dade Mayor Carlos Giménez wrote in an accompanying Oct. 31 memo. The two…

It’s official: Amazon will split headquarters between LIC, Crystal City, and open new hub in Nashville

It’s official: After more than a year of hype, Amazon has announced that it will split its two new headquarters between Long Island City and Crystal City. And in a last-minute surprise, the company also revealed it will be opening a “regional hub” in downtown Nashville. The news comes after several reports indicated that Amazon had settled on moving…

Amazon’s HQ2 was a con, not a contest

To dozens of cities across the United States, Amazon’s widely publicized search for a “second headquarters” looked like thousands of new jobs, up for grabs. To Pivot co-host Scott Galloway, it now looks like a “ruse.” “I lease office space all the time for my businesses and I always tell my real estate agent, ‘We can lease any office in the world as long as I can walk there from where I live,’” Galloway said on…

Miami To Amazon After HQ2 Snub: Call Us When You Want To Set Up A Latin American Hub

Jeff Bezos went to high school in Miami, and Florida loves to dangle its lack of state income tax in front of out-of-state businesses. But despite those factors, South Florida was unable to land Amazon’s second headquarters. Bisnow/Deirdra Funcheon Caoba, left, an apartment building that is part of Miami Worldcenter. The zigzag platform is part of Miami Central station, where Brightline rail service…

The Wynwood Yard Team Is Opening The Doral Yard At Downtown Doral

It’s just been announced that the Doral Yard at Downtown Doral will open in spring 2019. The project is a partnership between Della Heiman and Ken Lyon of Yard Hospitality, Joseph Furst of the Wynwood Business Improvement District and formerly of Goldman Properties, and Downtown Doral developers Armando Codina and Ana-Marie Codina Barlick.

Amazon to officially name New York and Crystal City as new headquarters: report

It’s about to be official: New York City and Crystal City will soon be named the lucky winners of Jeff Bezos’ golden tickets. More than one year and an innumerable amount of free publicity later, Amazon’s planned $5 billion HQ2 will be split among the two cities, the Wall Street Journal reported late Monday. The e-commerce giant is expected to make an official announcement on Tuesday. The competition…

Balans and Skorpios close and other South Florida restaurant news

Balans restaurant in the MiMo District closed in late October and a new concept is moving in next month. Miami.com first reported that Balans closed at 6789 Biscayne Boulevard. Jonathan Balan, CEO of the restaurant group, told the publication that it “just wasn’t doing as well as we’d hoped.” He’s renovating the original location on Lincoln Road and another in Brickell, and looking for a third. In its place…

Starwood Capital proposes office complex – likely HQ – in Miami Beach

Starwood Capital Group is proposing a new office and retail development in Miami Beach, likely the site of its new headquarters. Records show North Bay Owner LLC plans to go before the Miami Beach Planning Board on Nov. 27 for a 144,430-square-foot building at 2318, 2322 and 2340 Collins Avenue, across the street from 1 Hotel & Homes South Beach, which Starwood co-developed with LeFrak.

Opportunity Zones: Watch The Pitfalls

“The Opportunity Zone program is truly a game changer,” Hunt Real Estate Capital director Marc Suarez said at Bisnow’s multifamily event in Miami Wednesday, echoing a sentiment felt by many around the country. But other panelists warned that the new program — which lets people defer or eliminate taxes on capital gains if those gains are invested in certain areas for up to 10 years — could tempt people…

Global Chemical Distributor Inks 44,000 SF Lease Renewal In Miami Airport West

Transwestern’s South Florida industrial team has secured a 44,101-square-foot lease renewal with Univar USA at a 64,086-square-foot industrial building at 7120 NW 74th Avenue in Miami. Transwestern’s Senior Managing Directors Ben Eisenberg and Walter Byrd, Managing Director Thomas Kresse, and Vice President Carlos Gaviria facilitated the transaction on behalf of Terreno Realty Corp., which…

North Miami Beach property approved for hotel development sells for $11.38M

A vacant property in North Miami Beach approved for hotel development has been sold for $11.38 million. The buyer paid $2.74 million an acre for the 4.14-acre site at 17400 West Dixie Highway in North Miami Beach, near Greynolds Park. The city government approved a 10-story, 260-room hotel at the West Dixie Highway site, but the hotel project never advanced to the construction stage. The seller of…

Starwood’s Barry Sternlicht optimistic about rising interest rates: “We’re going to make a lot of money”

Starwood Property Trust’s Barry Sternlicht isn’t worried about rising interest rates. In fact, it’s the opposite. “We’re going to make a lot of money,” he told analysts during a conference call on Friday. The Miami Beach-based real estate investment trust, an affiliate of Starwood Capital, reported slightly lower third quarter earnings due to high acquisition costs, yet its results met analysts’ expectations.  The…

Baptist Health pays $11M for office project across from hospital

A company affiliated with Baptist Health South Florida just paid $11.3 million for a medical office property directly across from the hospital. Baptist Health Enterprises bought the 43,000-square-foot Plaza Galloway at 9055 Southwest 87th Avenue for $263 per square foot. Plaza Galloway sold the five-building property, which is managed by Joanne Mitchell. Plaza Galloway initially bought the property…

Video: PwC Partners Mitch Roschelle and Byron Carlock Discuss CRE Market Outlook and Economic Cycle

Byron Carlock and Mitch Roschelle, both Partners at PwC that are involved with its Real Estate Practice, appear on the host of America’s Real Estate Show in studio to talk about the PwC/ULI Emerging Trends in Real Estate 2019 Outlook. In this segment, the discussions include the current economic cycle and factors affecting real estate.  They note a cautious optimism, and discuss how market players…

Estate Investments Group scores $51M construction loan for apartments in West Miami

Estate Investments Group just scored a $51 million construction loan for its 306-unit Soleste Almeda apartment project in West Miami. The development group, led by Robert Suris, secured the loan from Arkansas-based Centennial Bank and Miami-based LV Lending for its project at 6290 and 6320 Southwest 8th Street. Estate Investments Group has been an active developer in the city of West Miami and…

King of Diamonds loses its throne

King of Diamonds has vacated its castle near Miami Gardens. The strip club — once a famous hangout for hip-hop stars, NFL athletes and undefeated boxing champ Floyd Mayweather Jr. — was evicted last week from the 60,622-square-foot converted warehouse at 17800 State Road 9 that King of Diamonds has called home since it opened a decade ago. The strip club only occupied a little more than half…

Dissent in Surfside: Developer withdraws plans for mixed-use town hall project

A joint venture between Pointe Development and Monceau Realty withdrew its bid for a public-private partnership in Surfside after facing opposition from residents. In September, the developer received the votes to move forward with the $33.5 million project that calls for a new town hall and civic center between 87th and 96th streets. But a group of residents moved to kill the bid ahead of a meeting…

What’s next for David Beckham’s MLS soccer stadium?

Voters gave David Beckham and the Mas brothers the green light to move forward with their plans to bring a Major League Soccer stadium and an ambitious mixed-use project to Miami. But what happens next? The project known as Freedom Park could include a 25,000-square-foot soccer stadium as well as more than 1 million square feet of retail and office space and about 750 hotel rooms…

Metronomic plans Little Havana office project SieteOcho

A new office development is planned for Little Havana. Metronomic just announced plans to build a five-story office project called SieteOcho at 640 Southwest Eighth Avenue. The project would mark one of the first new office developments in the area, amid a surge of new boutique multifamily construction. The company recently acquired the 2,450-square-foot development site, but it has not yet…

Miami election: Voters approve Beckham’s MLS stadium, convention center hotel

Voters in the city of Miami approved two major mixed-use projects in Tuesday’s midterm elections, paving the way for a Major League Soccer Stadium from David Beckham and his partners and a separate riverfront project from the Adler Group. In Miami Beach, voters backed a referendum approving a lease between the city and MB Mixed Use Investment LLC, an entity led by Jackie Soffer and David…

Miami Yacht Show cruising across bay from Miami Beach

Producers plan to move the Miami Yacht Show from Miami Beach to the City of Miami’s Omni area beginning in 2019. Yachting Promotions Inc. is asking the city for a revocable license to stage the annual yacht show offshore of the former Miami Herald site, between the MacArthur and Venetian causeways. The city commission may decide on the temporary license next week. Spencer Crowley, an…

Coconut Grove Business Improvement District gets new lease on life

Property owners have granted another 10 years to the Coconut Grove Business Improvement District’s lifespan. The organization has just won approval by a 61% vote from property owners within its boundaries – 140 of 229 affidavits. The votes now move to the Miami City Commission for formal ratification. Business Improvement District (BID) board members say they are elated at the election results.

Famed Miami Strip Club King of Diamonds Has Been Evicted

Miami’s King of Diamonds is, quite possibly, the most famous strip club in America. It’s a blue-neon-lit beacon on the side of I-95 where TV star Blac Chyna danced. KOD, as it’s informally known, has been referenced in countless rap songs. It regularly showed up in hip-hop videos. But as of this month, the club is basically no more: It was sued for foreclosure in August 2017, and now, according to court…

Midtown Realty Affiliate Buys Miami Shopping Center

In a $78.2 million deal, an affiliate of Midtown Realty Group has acquired Downtown Dadeland, a 126,000-square-foot retail lifestyle center in Miami, from a joint venture between Duncan Hillsley Capital and Pebb Capital. CBRE facilitated the deal on behalf of the sellers, with the firm’s Dennis Carson and Casey Rosen handling the transaction. Downtown Dadeland was 98 percent leased at the time of sale.

Four-block-long street mural coming to Wynwood

A mural spanning four blocks in Wynwood is expected to arrive next spring. The organization leading efforts to revamp Northwest Third Avenue plans to collaborate with 200-plus volunteers in either late February or March to bring the vision of two artists to life. Street Plans Collaborative is overseeing the planning of Walk Wynwood. The county first held a competition called the Miami-Dade County Quick…

Hotel on Miami River to be made of shipping containers

Investors are advancing a plan to build a boutique hotel on a vacant lot on the Miami River, with an adjacent food plaza offering dining options. On Monday, the Miami River Commission unanimously recommended city approval. The conditional approval directs the owner-developers to come back to the river commission when the project is more defined. The site is on South River Drive, between the…

Issues aplenty face a growing, successful Wynwood

In many ways, Wynwood is a victim of its own success, as leaders face issues that weren’t even on the radar years ago, when the area was a hive of factories, warehouses and body shops. The Wynwood Business Improvement District (BID) is determined to find workable solutions while preserving the area’s character, leaders say. “Being a good neighbor is a priority for the BID and we are working to build…”

Florida governor’s race: DeSantis defeats Gillum; both had strong real estate backing

Former Rep. Ron DeSantis won the race for governor of Florida on Tuesday night, defeating Tallahassee Mayor Andrew Gillum in one of the most closely-watched races across the country. Gillum conceded to DeSantis at about 11 p.m. on Tuesday and delivered an emotional speech to his supporters vowing to continue to fight for his beliefs. Both candidates secured significant donations from real estate…

Miami City Self Storage Opens New Storage in South Florida

Miami City Self Storage has added three new storage facilities to its portfolio in Miami, Doral and Ft. Lauderdale, totaling approximately 240,000 square feet. The firm appointed CubeSmart as the manager of the properties. Located at 3951 NW 77th Avenue, the Doral asset is situated near the intersection of freeways 826 and 948. The area is densely populated, with approximately 220,00 people living within…

Don Peebles, Jackie Soffer among last-minute donors to Florida candidates

In a last-minute effort to get their preferred candidates elected, a handful of South Florida developers and investors are making big contributions to political action committees. On Thursday, developer Don Peebles gave $100,000 to Forward Florida, a PAC supporting Tallahassee Mayor Andrew Gillum’s bid for governor, according to the Florida Division of Elections data from the last…

Amazon HQ 2 cities: The company will split new headquarter locations, report says

After months spent deliberating which of the 20 finalist cities will host its second headquarters, Amazon appears to have made a decision. And it’s a surprise. The e-commerce giant will split its planned $5 billion HQ2 between two cities, according to a report in the Wall Street Journal. The offices will be the same size and both will employ up to 25,000 people each, the Journal reported. The news comes just…

CIM Group pays $17 million for Wynwood Square property

CIM Group just paid $16.6 million for a 1.78-acre site in Wynwood where a 12-story mixed-use project is planned. Los Angeles-based CIM Group, which has more than $29 billion in assets, bought the property for $214 per square foot at 2201 North Miami Avenue from One Real Estate Investment, according property records. According to a press release from CIM, the site is fully-entitled and One Real Estate…

Add Lowe’s to the growing list of retailers shuttering stores nationwide

Lowe’s Companies said it will close 51 stores in the United States and Canada, the latest national retailer to shed its brick and mortar locations amid increasing e-commerce competition. On Monday, the home improvement giant announced it will shutter 20 stores in the U.S. — including two in Manhattan — and 31 stores in Canada, according to the Wall Street Journal. The closures affect 13…

Bloomberg relocates to Brickell City Centre & other news in South Florida leasing

Media company Bloomberg just expanded and relocated its Miami office to Two Brickell City Centre. Bloomberg inked a 3,642-square-foot lease at 78 Southwest Seventh Street at Swire Properties’ 4.9 million-square-foot mixed use project. It previously had a 2,600-square-foot office at 1111 Brickell Avenue in the Sabadell Financial Center. According to…

S&S Diner’s relocation doomed by Miami’s building boom: lawsuits

Two years after moving from its longtime Miami home on Northeast Second Avenue, S&S Diner has been kicked out of its current location at 2699 Biscayne Boulevard amid a three-way legal battle with its landlord and the developer of a neighboring mixed-use project, Biscayne 27. Alexis Read, the attorney for landlord Biscayne Rentals, said S&S was evicted from the premises last week. “We did try to…”

Amazon “close” to picking HQ2 location: sources

Crystal City in Northern Virginia seems to be the front-runner in the drawn-out competition to win Amazon’s $5 billion second headquarters, widely known as HQ2. Sources familiar with the company’s negotiations say Amazon is in advanced stages of discussing the location of HQ2 in Northern Virginia, according to the Washington Post. Topics such as the timing for a public announcement and…

Arrests shed light on how an ex-president of Argentina may have used bribes to buy properties in Miami and New York

Following the arrests of four people, authorities in Argentina have uncovered how a former president of the South American country may have used bribe money to buy U.S. properties, including luxury condos in New York City and South Florida. The arrests were ordered by an Argentine judge overseeing a corruption case against the former president, Cristina Fernández de Kirchner. She is accused of accepting…

Owner of South Beach hotel development site faces foreclosure suit

The owner of a mortgage loan secured by a Miami Beach hotel development site filed a foreclosure lawsuit against the developer that owns the site. The defendant in the foreclosure lawsuit, a limited liability company managed by Gianfranco Rondón of RG Group, listed the development site for sale with an asking price of $10.95 million in August. Rondón, a Venezuelan businessman, manages RG…

Co-working firms aren’t happy about CBRE launching competitor company

Some co-working companies aren’t happy about CBRE’s new flexible workspace venture. The brokerage announced on Wednesday that it will start inking property management agreements with landlords to provide flexible office space to large corporate clients. But some of CBRE’s would-be clients aren’t thrilled that the brokerage will now compete in the co-working space, Crain’s reported. “Going forward…”

Florida AG candidates draw contributions from Philip Levine, Jimmy Tate and others

In the race to replace Florida Attorney General Pam Bondi, Democrat Sean Shaw and Republican Ashley Moody have scored contributions from real estate developers, investors and brokers. Moody, who’s raised significantly more than Shaw, has drawn donations from industry executives across the state, including Walt Disney Company’s The Celebration Company, development companies tied to the Villages…

EB-5 immigrant petitions are at lowest levels in at least five years

Only 617 new EB-5 immigration petitions were filed with United States Citizenship and Immigration Services in the third quarter of 2018, the lowest quarterly figure for new applications in at least five years, according to data released by USCIS this week. Last quarter, there were 1,607 applications and 4,402 a year ago. The drop comes as Chinese investors increasingly express their dissatisfaction with long…

Miami-Dade judge faces suspension after allegedly accepting free RIU Hotel stays

The fallout continues in the case of the former Miami Beach building department director who allegedly accepted bribes. His wife, a Miami-Dade County judge, now faces a possible 30-day suspension for failing to disclose free and discounted hotel stays from RIU Hotels & Resorts. Judge Maria Ortiz of the Eleventh Judicial Circuit received the free trips after her husband, former Miami Beach Building…

Soffer family, Stephen Ross among big donors to Florida Senate candidates

Citadel founder and Palm Beach property owner Ken Griffin is the biggest donor to the New Republic PAC, giving a whopping $7.5 million since June to the committee backing Gov. Rick Scott’s bid for Senate. The PAC has spent nearly $10 million on media buys over the past week, according to Florida Politics. Scott is running against incumbent Sen. Bill Nelson in Tuesday’s midterm elections. In addition to…

LDG scores $10M construction loan for Aventura Village

Land Developers Group just scored a $10.4 million construction loan from New Wave Loans to finish building its 108-unit Aventura Village townhome project. Aventura-based LDG’s new construction loan increases its financing for the project to $13.9 million. The development will include 96 townhouses and 12 lofts at 19380 Northeast 26th Avenue. The townhomes will be built close to Aventura Mall and…

Contract disputes over revocation of offers

People and businesses in Florida generally conduct their businesses by offering certain goods and services in exchange for money or other consideration. At a very basic level this type of offer and acceptance creates a contract between the parties. These can be very complicated, though, so many times these contractual relationships are put into writing and signed by the parties to ensure the…

CBRE is launching its own co-working company

CBRE is entering the co-working business. The brokerage announced on Wednesday that it is launching Hana, a subsidiary that will enter property management agreements with landlords to provide flexible office space to large corporate clients. In getting into the co-working business, the world’s largest real estate services company is betting that landlords want co-working components in their buildings but…

Coconut Grove’s Villa Woodbine to become a private school?

There is talk about Carrollton School purchasing Villa Woodbine at 2167 South Bayshore Driveto turn it into a boys school. Their current location at 3747 Main Highway is an all girls school. This brings up the issue of added traffic to the area. This would affect S. Bayshore Drive, Kirk Street, SW 22nd Avenue and Tigertail. Currently traffic is a mess at school start and end dates due to Ransom Everglades…

Report: Amazon In Advanced Talks To Put HQ2 In Northern Virginia

Amazon appears to be closing in on Northern Virginia as the long-awaited winner of its HQ2 competition. The tech giant is in advanced discussions about selecting Arlington’s Crystal City neighborhood, the Washington Post reports, citing anonymous public and private sector officials. The discussions are reportedly more detailed than those Amazon has had with other jurisdictions. The Post reports…

The Shipyard hotel and food court proposed along Miami River

A team of investors is proposing a new hotel and food court along the Miami River. Levy Gomez, Marcos Corminas and chef John Gray presented their proposal for The Shipyard on the River to the Miami River Commission, which will take up the project at its next meeting on Monday. The project would be built on a vacant site at 5 to 27 Southwest South River Drive. Records show South River Warehouse…

Video: PwC Partners Mitch Roschelle and Byron Carlock Discuss Emerging Trends in Real Estate Report 2019

Mitch Roschelle and Byron Carlock, both Partners at PwC involved with its Real Estate Practice, join the host of America’s Real Estate Show in studio to discuss the PwC/ULI Emerging Trends in Real Estate 2019 Outlook. Discussions include the current economic cycle, REITs, and the democratization of real estate. In this segment, the CMBS market, the advent of REITs, lending sources, and assets sources are…

Two Developers Leverage Art and Placemaking in Miami

Perhaps it is no coincidence that both Craig Robins, president and chief executive officer of real estate development company Dacra, and Kieran Bowers, president of Swire Properties, were schooled in the humanities before becoming real estate developers. Bowers earned a degree in oriental studies with a concentration in Japanese from Pembroke College at Oxford University, while Robins, himself the son…