Five 800+ Foot Towers Now Under Construction In Miami

There are now five 800-foot tower under active construction in Miami, for the first time ever. There are also now two completed towers taller than 800 feet, making it seven Miami towers either completed or under construction at that height. Miami’s first 800-foot tower was completed in 2017, when the 868-foot Panorama Tower opened in Brickell. Another reached completion…

Rooftop Club & Restaurant Coming To New 830 Brickell Tower In 2025

Plans have been announced for a rooftop club and restaurant at the new 830 Brickell tower. Developer OKO Group and hospitality operator Tao Group are partnering on a new venture called Miami Members Hospitality. The space at 830 Brickell will be their first venue. The rooftop at 830 Brickell will include a Mediterranean restaurant and club which features a private…

51-story 848 Brickell office tower adds to county donation, wins

Zoning approval for a 51-story tower that would add 14% to the Brickell area’s pricy Class A office space, twice deferred as county commissioners sought more from the applicant, sailed through as developers raised their cash contribution to $2 million. “I really do appreciate all the work that’s happened,” said Commissioner Eileen Higgins, who in two earlier meetings…

Bell Partners drops $79M for Kendall West apartment complex, its second South Florida multifamily deal this month

Bell Partners scooped up a 228-unit apartment complex in Kendall West for $78.5 million, marking its second investment this month in South Florida’s multifamily market. The Greensboro, North Carolina-based firm bought the community at 8485 Hammocks Boulevard in unincorporated Miami-Dade County from the Los Angeles County Employees Retirement Association, or Lacera…

I-395 Signature Bridge project rises higher

As the year winds to a close, the Florida Department of Transportation (FDOT) can boast of significant progress in 2024 on all three project corridors in the vast and impactful I-395/SR 836/I-95 Design-Build Project in Miami. The $818 million undertaking is the product of a partnership between FDOT and the Greater Miami Expressway Agency and its contractor…

Two Wynwood towers to add 1,300 residences

A dual tower mixed-use residential development with more than 20,000 square feet of commercial uses is proposed for a site at 520 NW 26th St., near the heart of the Wynwood Arts District and in the shadow of I-95. Owner-developer Ultimate Equity Inc. plans to build Ultimate Wynwood, a pair of 36-story towers, home to 1,300 residential units, 21,601 square feet…

Art Basel has most galleries in 16 years

As artists, art vendors, and art lovers prepare to turn out to another year at Art Basel Miami Beach, the Miami Beach Convention Center is preparing itself for its largest festival yet. This year, the acclaimed arts festival is boasting 286 galleries, the largest selection of artists and galleries present at Art Basel since 2008. This year also marks one of the more diverse lineups present…

Miami #2 in List of Top 10 REIT-Dominated Self Storage Markets

The U.S. self storage sector has grown exponentially over the past few decades, as the demand upswing has also drawn the attention of institutional investors. As of October, the industry totaled more than 1.9 billion rentable square feet of space according to Yardi Matrix data. Among the players influencing this booming commercial real estate sector are the five self storage REITs…

70-Story Brickell Tower ‘Calle 8’ Submitted For Final Site Plan Approval

Brickell planned 70-story Calle 8 tower has moved to the Administrative Site Plan Review phase. The December 2 site plan filing with Miami-Dade revealed new and refined details planned at the development. The building is moving through an approval process with Miami-Dade, under their Rapid Transit zoning plan, rather then being reviewed by the City of Miami…

142 Residential Units Planned At Culmer Metrorail Station

A residential development is in planning at Metrorail’s Culmer Station. A special exception application for the property was submitted to Miami-Dade on November 26. The property is within Miami-Dade’s Rapid Transit Zoning area. A variance is being requested to allow for development of the building without a habitable liner, including the ground floor and parking garage.

Developer Files Pre-Application for 81-Story Tower at 1421 South Miami Avenue

A developer has proposed a supertall skyscraper in Miami-Dade County. Walter Defortuna, the brother of Fortune International Group’s CEO, wants to move forward with an 81-story building. The South Florida Business Journal reports that the 1,010-foot-tall tower would host 560 residences, with the homes spanning 533 to 1,907 square feet each. The studio to three-bedroom…

Negotiations With One Brickell City Centre Anchor Tenants ‘Ongoing’

There are new details on plans to build a near supertall office tower at Brickell City Centre. Previously filed plans showed the tower would reach a height of 68 stories, or 977 feet, putting it just below supertall height. Developers Swire Properties and Related Companies are partnering on the development, which will have around 1.5 million leasable square feet of office.

Hearing Scheduled On Brickell Avenue Supertall Church Site

Miami’s Historic and Environmental Preservation Board has scheduled a hearing on the Brickell Avenue’s First Presbyterian Church property, where a supertall tower could be built. The First Presbyterian Church and partner developer 13th Floor Key Church, LLC are requesting an amendment to the historic designation. An iconic, 80-story tower is being planned…

Cranes, Construction Permit Submitted In Little River Where 454 Units Planned

A Live Local apartment building in Little River is advancing with multiple new filings. Filings with the FAA on November 27 show that two construction cranes are planned to be installed at the property, reaching heights of 390 and 430 feet above ground. A master construction permit application was also filed with Miami’s Building Department on November 18…

New Renderings Of 400-Foot Deauville Towers

The developers planning to rebuild the Deauville in North Beach have revealed new details and renderings in a presentation to a city board last week. The Deauville hotel was demolished in 2022, and there are plans add two new condo towers in addition to rebuilding the original tower. The design team for the new development will include Foster + Partners, ODP, and Shulman…

Thor Equities Secures Loan for Wynwood Walk Neighborhood Retail Center

Thor Equities Group has secured a $37 million construction loan from ACRES Capital for the 63,000-square-foot Wynwood Walk neighborhood retail center in Miami. Wynwood Walk is at 230 N.W. 29th St. in Miami. Image courtesy of CommercialEdge The funding reportedly will enable the ongoing leasing of the property, whose tenants already include Puttery, Velvet Taco…

Industrial Rent Growth Rises Nationwide As Miami Takes The Lead

National in-place rents for industrial space increased 6.8% year over year in October to $8.22 per square foot, which was a six-cent increase from September, according to CommercialEdge’s US industrial market report. October was one of the few months in which a Southern California market did not lead in rent growth. Industrial rents grew fastest in Miami – up 11% year-over-year – with more t…

ASPR Filed for 50-Story Mixed-Use Tower at 1315 NE Miami Court in Miami’s Omni/Arts and Entertainment District

An Administrative Site Plan Review (ASPR) has been filed with Miami-Dade County for a 50-story mixed-use tower proposed at 1315 NE Miami Court in the Omni/Arts and Entertainment District. Submitted by 1315 Partners LLC, the project is designed by Behar Font & Associates, Inc. and aims to leverage its location in the Metromover Subzone of the Rapid Transit Zone…

Developer Files Pre-Application for ‘Jardon’s Tower’ at 4350 SW 8th Street in Coral Gables

Wellness Stay LLC has proposed a mixed-use project featuring medical space, homes, and a hotel in Miami-Dade County. Jardon’s Tower would comprise 134,350 square feet of new construction. Conceptual renderings show an eight-story building connected to a four-story parking garage via a pedestrian bridge. The smaller structure would feature 78 parking spots and three…

New EV Charging Station To Be Unveiled In Doral

On Monday, December 2nd, Miami-Dade Solid Waste Management Department (DSWM) will unveil the newly completed construction charging station with five dual port chargers capable of charging 10 light EV units simultaneously from its operations building. The state-of-the-art charging station can replenish an EV within six to eight hours, depending on battery level…

Wynhouse Rebranded as Joule House, Opening Spring 2025 at 2200 NW First Avenue in Wynwood

Fisher Brothers has rebranded the Wynhouse Miami project as Joule House. Located at 2200 NW First Avenue in Wynwood, the eight-story development is slated to open in Spring 2025. Bozzuto will serve as the exclusive leasing and marketing agent. Joule House will featuring 308 rental residences, 26,000 square feet of ground-floor retail and paseo space, and over 23k sf…

Two Multifamily Projects Add (or Will Add) Homes to Miami-Dade County

Florida YIMBY has learned of two Miami-based projects: one that has finished construction and another that could break ground next year. Here’s what we know. Atlanta-based ACRE (formerly Asia Capital Real Estate) is moving forward with the second phase of Adela at MiMo Bay. The multi-family housing development, which currently comprises 236 apartments, opened in 2020.

Developer Announces Plans for Mixed-Use Development at 3101 Grand Avenue in Coconut Grove

The Allen Morris Company has announced plans for a mixed-use development at 3101 Grand Avenue, located at the intersection of Grand Avenue, Matilda Street, and Florida Avenue in Coconut Grove. Covering approximately 1.7 acres, the project will include office, residential, and retail spaces designed to blend seamlessly with the neighborhood’s natural and cultural fabric.

Related Group, Rockpoint Deliver Mixed-Use Highley House in Miami’s Wynwood District

A partnership between development firm Related Group and Boston-based private equity firm Rockpoint has delivered The Highley House, a mixed-use project in Miami. Situated at 2150 N. Miami Ave. in the city’s Wynwood district, the development features two towers comprising 304 rental apartments, approximately 72,000 square feet of Class A offices and 18,000 sf…

Wynwood’s ‘Condo Quality’ Highley House Reaches Completion

A mixed-use complex in Wynwood called The Highley House has just opened, with robust demand for its luxury residential units being reported. The Highley House includes two towers with 304 “condo quality” residences being offered for rent, 72,000 square feet of Class A office space, and 18,000 square feet of retail. With apartment leasing now underway, developers say they…

The Tallest Tower In Miami Beach Is Now Complete

Miami Beach has a new building that has taken the title of the city’s tallest. Five Park, a 48-story, 519-foot tall luxury condo tower, received its TCO, its developers said. It is now the tallest tower in the city of Miami Beach (although there are much taller buildings across the causeway in the City of Miami). Condos range from 1 to 4 bedrooms, with prices from $1.5M…

Demolition Permit Issued For Brickell Site Where 90-Story Dolce&Gabbana Tower Planned

Miami-Dade has issued a total demolition permit for the Brickell Avenue site where the 1,049-foot Dolce&Gabbana Tower is planned. A 7-story office building dating to 1972 with 53,000 square feet and one basement parking level is currently on the site. Alpha Wrecking Group is listed as the contractor. The new 90-story Dolce&Gabbana tower planned on the site recently…

Ceremonial Tree At Newly Topped Off Downtown Miami Tower Being Built by Namdar

A 43-story Downtown Miami tower that topped off construction appears to have a ceremonial tree on the rooftop, recent photos show. A top-off ceremony for the 680-unit apartment tower took place on November 15. The photos below were taken on November 22. The tower is being built by developer Namdar. Namdar is also now in permitting to build a second tower on the property…

Five Park, Miami Beach’s Tallest Tower, Is Now Complete at 500 Alton Road

Five Park, a 48-story residential tower located at 500 Alton Road at the entrance to South Beach, is now complete, standing as the tallest building in Miami Beach. Developed by Terra and GFO Investments, the project combines modern design, green spaces, and residential amenities at one of Miami Beach’s most prominent locations. The tower, which rises alongside the newly…

Miami’s New Billionaires Jeff Bezos, Ken Griffin Are Making Local Donations

Amazon founder Jeff Bezos and Citadel founder Ken Griffin have announced new charitable donations in Miami. Bezos announced he was moving to Miami a year ago. Griffin announced he was moving his company headquarters to Miami in 2022. The Miami-Dade County Homeless Trust announced last week it had received a $5 million donation from Jeff Bezos and Lauren Sánchez…

Brickell’s 645-Foot Miami River Tower Moving Closer To Completion

The 54-story Miami River apartment tower under construction in Brickell is moving closer to completion, new photos by Phillip Pessar show. The photos show that a decorative element is now being installed on the building’s parking garage. The building will include 632 rental apartments. Also now under construction is retail space, and a riverfront promenade open to the public.

North Miami Developer Files Application for 50-Story Tower at 1315 NE Miami Court

Optimum Property Management hopes to get approval for a high-rise tower in Miami-Dade County. Plans call for the demolition of a low-rise apartment complex built in 1960. In its place would rise a 50-story building comprising close to 560,000 square feet of new construction. There would be 378 studio to two-bedroom residences, with square footage ranging…

Terreno Sells Doral Industrial Property For $20.6 Million

Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, sold an industrial property located at 1401 NW 78th Avenue in Doral on November 21 for a sale price of approximately $20.6 million. The property consists of one industrial distribution building totaling 75,000 square feet on 2.8 acres, which is 100% leased to one…

Developers Announce The Standard Residences, Brickell, a 45-Story Tower at 690 SW 1st Avenue

Newgard Development Group and Two Roads Development, in collaboration with The Standard team, have officially announced The Standard Residences, Brickell, a new residential tower in Miami’s Financial District. Located at 690 Southwest 1st Avenue, this project is part of the One Brickell Riverfront mixed-use development featuring three high-rise towers. The Standard Residences…

Developers Secure Construction Loan for ‘Rivage Residences’ at 10245 Collins Avenue in Bal Harbour

The acquisition of a $424 million construction loan will make completing Rivage Residences in Miami-Dade County possible. Florida YIMBY first reported on this luxury high-rise in early 2023. The venture will comprise 56 condos (also called “sky villas”, according to the South Florida Business Journal) and measure 24 stories above grade. The homes will span about…

The St. Regis Residences, Miami, Now Under Construction at 1809 Brickell Avenue

The St. Regis Residences, Miami, a 50-story residential tower at 1809 Brickell Avenue on the Biscayne Bay waterfront in South Brickell, is now under construction. A groundbreaking ceremony for the development was held on the morning of November 21, featuring 152 bespoke residences—including penthouses, sky villas, and two stand-alone garden villas. The project offers…

Simon, Brookfield face tough road ahead for their South Florida zombie malls

The outlook for owners of two South Florida zombie malls to refinance maturing nine-figure loans next year is pretty grim. Even with recent interest rate cuts, Simon Property Group and Brookfield Asset Management face a tough road convincing commercial mortgage-backed security lenders that Miami International Mall in Doral and Pembroke Lakes Mall in Pembroke Pines…

Brickell condo board president ousted after passing $21M assessment

Unit owners at a two-tower condo on Brickell Avenue in Miami voted out their board president following a series of events that included the allegedly illegal passage of a $21 million special assessment. Some condo owners at 1060 Brickell flew in from out of the country to vote in person, after their board president, Jacob Kassell, eliminated electronic voting. On Saturday they…

Miami board shoots down Oak Row’s and Asi Cymbal’s projects

A Miami review board approved four projects, but shot down two others at its meeting this week. The Miami Urban Development Review Board didn’t take kindly to the designs of Oak Row Equities’ proposed downtown Miami apartment tower and to Asi Cymbal’s Live Local Act project in the Wynwood Norte neighborhood. The board approved CMC Group and Fort Partners…

Allen Morris Co. plans condo, office development in Coconut Grove

The Allen Morris Company is shifting its attention to Coconut Grove, where the development firm is planning a mixed-use office and condo project with a streetscape and park component. Coral Gables-based Allen Morris plans to move its headquarters to the development, The Real Deal has learned. The company, led by its namesake Chairman and CEO…

Longpoint’s industrial binge: $331M South Florida warehouse portfolio purchase from Blackstone

Longpoint Realty Partners continues to gorge on South Florida industrial properties, picking up a Blackstone warehouse portfolio for a combined $331.3 million. The purchase represents the largest industrial deal of this year. Affiliates of Boston-based Longpoint, led by Dwight Angellini, acquired 26 properties in Miami-Dade, Broward and Palm Beach Counties from affiliates…

Miami Live Local Act project planned on Model City Burger King site

A Burger King in Model City may soon be replaced with a Live Local Act workforce housing project after it traded for just below $4 million. An affiliate of Houston-based BCS Capital sold the 35,966-square-foot site for $3.65 million on November 25, according to a special warranty deed recording with Miami-Dade County. Including broker fees, the transaction totaled…

Developer Proposes to Build Tallest Building in Miami at 1010′

1414 Brickell LLC, under the leadership of Walter Defortuna, has filed a pre-application with Miami-Dade County to redevelop a mixed-use site that would include 81 stories. Should the plans materialize, the property on Brickell Avenue would become Miami’s largest tower — standing at 1,010 feet, according to a report from the South Florida Business Journal. The current setup…

Argentinian sports stars, including NBA legend Manu Ginobli, seek county deal for $337M Homestead project

A consortium of retired Argentinian sports stars, including NBA Hall of Famer and ex-soccer player Juan Sebastián Verón, wants to build a $337 million mixed-use project on county-owned land in Homestead. A majority of Miami-Dade County commissioners last week authorized Mayor Daniella Levine Cava to negotiate a possible 99-year lease agreement with Ponte Vedra…

Adam Neumann’s Flow, Israeli firm Canada Global buy Aventura Corporate Center for $116M

Adam Neumann’s Flow and an Israeli real estate firm bought the Aventura Corporate Center for $116.2 million. Flow and Canada Global bought the three-building office complex at 20801, 20803 and 20807 Biscayne Boulevard in Aventura, according to Canada Global’s filing to the Tel Aviv Stock Exchange last week. Neumann contributed about $36 million…

IMC Equity bags Miami shopping center for $62M –– 33% less than sale price over a decade ago

IMC Equity Group bagged a retail center in Miami for $62 million, marking a 32.6 percent discount off its purchase price over a decade ago. The North Miami-based firm bought Miracle Marketplace at 3301 Coral Way from an affiliate of Chicago-based Heitman, according to IMC Equity Chief Investment Officer Carlos Segrera. The buyer borrowed $42.5 million from Ocean Bank.

Electra, BH land $125M pre-dev loan for $1B Southplace City Center in Cutler Bay

Electra America and BH Group are gearing up for the first phase of a $1 billion mixed-use project in Cutler Bay after landing a $125 million predevelopment loan, The Real Deal has learned. New York-based Tyko Capital provided the financing for the joint venture’s planned Southplace City Center at 20505 South Dixie Highway, confirmed Joe Lubeck, CEO of Tampa…

The Majestic Hotel South Beach listed for $35 million (Photos)

The Majestic Hotel South Beach, an 83-year-old Art Deco-style hotel in Miami Beach, was listed for $35 million. The boutique accommodation at 660 Ocean Drive was listed Nov. 20 by Susan Gale of Miami Beach-based Gale Group International, an affiliate of Coconut Grove-based One Sotheby’s International Realty. Trending: University of Miami buys shopping…

Clearline Secures $95M for Miami Tower

Clearline Real Estate is getting $94.5 million in funding to support the development of a multifamily tower called Excel Miami Apartments. Centennial Bank is providing a $68.5 million loan to support the construction. The subordinate loan worth $26 million total, is being issued by Sunrise Realty Trust, Inc. and an unnamed affiliated entity. They are committing $13 million…

Citigroup Center scores five new tenants, soccer apparel store plans first US outpost in Miami Beach

Citigroup Center in downtown Miami scored five new tenants. Wealth management firm Boreal Capital Management leased 12,500 square feet at the 34-story tower at 201 South Biscayne Boulevard, where it will move in 2026 from its office in Brickell, according to the landlords’ news release. Boreal now is at 1450 Brickell Avenue in Miami, the firm’s website shows.

South Florida’s Retail Sector Sees Slowdown in Leases for Q3

South Florida is seeing a slowdown in retail leasing activity, as available space becomes more scarce in the region. The news comes from Matthews Real Estate Investment Services’ third-quarter market report, which analyzed the performances of Miami, Palm Beach, and Fort Lauderdale. Most notably, leasing is down significantly in Miami and Palm Beach, with 2.5 million and 1.6…

Inter Miami opens store at Miami International Airport, UBS moving Coral Gables office

The Inter Miami Major League Soccer team opened a retail store at Miami International Airport. Inter Miami leased nearly 200 square feet between gates D27 and D28, according to a Miami-Dade County news release and a spokesperson for the Miami-Dade Aviation Department. The landlord is the county’s aviation department. The store offers Inter Miami apparel…

Closings begin at Martin and Galbut’s $1B Five Park tower, tallest in Miami Beach

Developers Russell Galbut and David Martin completed the tallest building in Miami Beach, a 48-story condo tower called Five Park. Galbut’s family office, Miami-based GFO Investments, and Martin’s Coconut Grove-based Terra secured a temporary certificate of occupancy and began recording condo closings at the project at 500 Alton Road, records show.

Shoma’s Stephanie Shojaee newest cast member of the “Real Housewives of Miami”

Bravo’s Andy Cohen introduced the newest cast member to join “Real Housewives of Miami:” developer Stephanie Shojaee, president of Shoma Group. Shojaee, who is married to Masoud Shojaee, co-founder of Coral Gables-based Shoma, joined the reality TV show after Dr. Nicole Martin announced she would not be returning this upcoming season. Shojaee has teased the news…

The Easton Group’s Next Generation Taking 50-Year-Old Family Business In New Direction

Almost every Sunday after church, Ed Easton and his seven siblings would pile into the family Buick, cruising Pittsburgh’s horizons past rolling farmland. Their father, Samuel M. Easton, a lumberman with an eye for opportunity, would talk business as they drove, plotting how to turn his profits into new lots across the city. Ed Easton took those lessons with him when he moved…

Under fire, Miami-Dade incinerator site choice put off to February

Newly-elected county commission Chairman Anthony Rodriguez had his feet held to the proverbial fire Tuesday as commissioners once more dove into where to build Miami-Dade’s new waste-to-energy plant to replace the one real fire destroyed some 661 days ago. And, for the most part, Chairman Rodriguez emerged unscathed, or at the least, no worse than outgoing chairman…

Design and Site Plan To Be Reviewed for 120,000-Square-Foot Retail and Recreational Development at Oakwood Plaza in Hollywood

Oakwood Plaza LP, an affiliate of New Hyde Park, New York-based Kimco, has filed plans for a new two-story retail and commercial building at 2800 Oakwood Boulevard within the Oakwood Activity Center in Hollywood, Florida. The proposed development, spanning 120,000 square feet, will include an outdoor recreational track, associated parking, and pedestrian-friendly…

Multifamily deals heat up: Blackstone sells 349-unit Miramar rental complex for $121M

Blackstone sold a 349-unit apartment complex in Miramar for $121.3 million, a sign that multifamily deals are heating up. Greensboro, North Carolina-based Bell Partners, through its value-add fund VIII, bought the garden-style community at 11338 Southwest 45th Place, paying $347,564 per unit, according to records and real estate database Vizzda. The buyer borrowed a $73.6M…

Naftali launches Viceroy-branded Fort Lauderdale condo project

Naftali Group is launching sales for a Viceroy-branded luxury condo tower in Fort Lauderdale, nearly a year after a neighboring hotel owner sued to stop the project. Naftali, led by Chairman and CEO Miki Naftali, is launching Viceroy Residences Fort Lauderdale with Douglas Elliman leading sales, according to a press release. The 45-story tower will have 370 units on…

Integra to launch sales of 14-story, 76-unit waterfront condo project in Fort Lauderdale

Integra Investments will launch condo sales at the start of the new year for Ocean Park Residences, a 14-story, 76-unit waterfront building planned for the northern end of Fort Lauderdale’s beach area. Miami-based Integra had won city approval in June 2022 to build an 11-story, 54-unit condominium and a 12-story, 100-room hotel on the development site at 2851 and 2901 NE…

World’s First Pickleball Stadium Nears Completion in Fort Lauderdale, Secures $7M Construction Loan

Fort Lauderdale is set to welcome The Fort, the world’s first dedicated pickleball stadium and entertainment complex, nearing completion at 891 SW 34th Street in Snyder Park. Spanning 10 acres, this innovative facility blends sports and leisure, featuring state-of-the-art amenities designed to elevate the pickleball experience in South Florida….

Plans Unveiled for Bungalow East, a 14-Story Condo at 530 North Birch Road in Fort Lauderdale Beach

Merrimac Ventures has unveiled plans for Bungalow East, a 14-story condominium at 530 North Birch Road in Fort Lauderdale Beach. The boutique development will feature 34 residences, with construction expected to begin in late 2025 and a completion timeline of 18 months.Merrimac Ventures Unveils Plans for Bungalow East, a 14-Story Condo at 530 North Birch Road…

Whitfield Hotel Redesign Adds Condos and Increases Height at 1007 East Las Olas Boulevard in Fort Lauderdale

The Whitfield Hotel, located at 1007 East Las Olas Boulevard in Fort Lauderdale, is undergoing a significant redesign to add luxury condominiums and increase its height. Initially approved as a 10-story development with 140 hotel rooms, the updated plans call for a 12-story building that will reduce the number of hotel rooms to 81 and incorporate 17 upscale condos.

Hall of Fame Partners Obtains Financing for Phase I of $200M Aquatics Complex Redevelopment in Fort Lauderdale

Hall of Fame Partners has obtained a $54 million credit-tenant lease loan for the construction and permanent financing of Phase I of the International Swimming Hall of Fame (ISHOF) complex. ISHOF is the planned $200 million redevelopment of the Ft. Lauderdale Aquatics facility, which was originally built in Fort Lauderdale in 1965. Phase I of the ISHOF complex…

‘Cross Creek Apartments’ Could Occupy Former Motel Site at 1201 NW 31st Avenue in Pompano Beach

The Related Group hopes to move forward with an affordable housing complex in Broward County. Plans involve purchasing a now-shuttered Motel 6 that occupies a 5.2-acre site. A community known as “Cross Creek Apartments” would replace the hotel, offering 467 residences. The South Florida Business Journal indicates that 327 homes would be affordable housing…

AMAC and ROVR Propose 302-Unit Complex for 3151 to 3251 N. Federal Highway in Pompano Beach

In September 2022, Florida YIMBY reported on Sentosa, a proposed 285-unit apartment complex in Pompano Beach. Now, we have an update: two developers hope to expand the number of units under the Live Local Act. In June, AMAC and ROVR purchased Sentosa’s undeveloped 6.2-acre site from Falcone Group for $13.5 million. The South Florida Business Journal notes…

General Contractor Appointed for Glass House Boca Raton at 280 E Palmetto Park Road

Developer 280 E Palmetto Park Road, LLC has selected KAST Construction as the general contractor for Glass House Boca Raton, a nine-story luxury condominium development in downtown Boca Raton. Located at 280 E Palmetto Park Road, the project will feature 28 residences and rooftop amenities on the 10th floor, with completion anticipated in the first quarter of 2027….

The Nora Hotel Breaks Ground at 1021 North Railroad Avenue in West Palm Beach’s Nora District

Construction has officially begun on The Nora Hotel, a 201-key boutique hotel set to anchor the transformative Nora District in West Palm Beach. Developed by BD Hotels in partnership with Wheelock Street Capital, Sean MacPherson, NDT Development, and Place Projects, the project marks BD Hotels’ first new construction outside of New York City.

‘Berkeley Palm Beach’ to Offer 193 Luxury Condos at 601 and 621 Clearwater Park Road in West Palm Beach

Berkeley Palm Beach, a luxury residential building, is slated to break ground in the second week of December. The 25-story condo will offer 193 units, with layout plans ranging from two-bedroom to four-bedroom models. Twenty units have already been pre-sold. Al Adelson and Sympatico Real Estate are the developers. According to the venture’s website…

Details Revealed for Shorecrest at 1901 North Flagler Drive in West Palm Beach

Developer Related Ross recently unveiled renderings for Shorecrest, a residential development in West Palm Beach. Designed by Roger Ferris + Partners, the redesigned construction at 1901 North Flagler Drive features a curvilinear façade with floor-to-ceiling glass and panoramic views of the waterfront. Interiors and amenities are designed by Rottet Studio…

Is Fort Partners planning a West Palm project? Firm pays $20M for aging waterfront apartment complex

Luxury developer Fort Partners bought an aging bayfront apartment complex in West Palm Beach for $20 million. The deal could signal that the firm, which owns all of South Florida’s Four Seasons-branded hotels and condominiums, will join a growing number of developers seizing on West Palm’s waterfront with high-end developments. Fort Lauderdale-based Fort Partners…

On hallowed ground: Pulte plans 42-unit Wellington luxury community on 23-acre church site

National homebuilder PulteGroup is planning a 42-unit luxury single-family home community in Wellington. The developer’s luxury division, DiVosta, just bought the 22.5-acre site from the Catholic Church for $11.7 million, a spokesperson confirmed. The land is an unused portion of the 39 acres the church owns at its St. Therese De Lisieux Church at 11800 Lake Worth…

National CBD Office Vacancy Rates

As the office sector continues to work through its period of distress, one positive development in the third quarter was that the national vacancy rate ticked down ever so slightly by 10-bps to 20.0%. Despite this, we should not necessarily expect it to monotonically increase going forward with our baseline forecast predicting a peak in late 2025/early 2026. The path ahead will be…

Q3 2024 Housing Affordability Update

Housing Affordability and Emerging Affordability Concerns in Student Housing Key Takeaways The national median household income rose 3.6% over the year, easing the Rent-to-income (RTI) ratio which declined to 26.7%, providing relief for rent-burdened metros.Population growth in the South, driven by migration from expensive cities, is changing demographics…

Office Loan Maturity Monitor: Is 8% Debt Yield Enough?

Highlights: $1.75 billion CMBS office loans reached fully extended maturity in October, the third month in a row with over one billion reaching maturity69% of the loans maturing in October paid off, a significant improvement over September’s 7.2%While most loans with high debt yield and limited lease rollover pay off, loans with low debt yield regardless of lease rollover struggle…

Video: Placer.ai Director of Research Caroline Wu Discusses Whether Malls are Making a Comeback

In the latest episode of America’s Commercial Real Estate Show, the show host explored the evolving landscape of malls and retail, addressing common misconceptions about the state of these commercial spaces. Featuring Caroline Wu, Director of Research at Placer.ai, the discussion illuminated trends, innovations, and opportunities driving a resurgence in mall traffic.

Scheduled Apartment Supply Peaks by Market

We on the data provision side of things talk (and hear) a lot about the national supply peak, but the local figures are what really matters for those on the practitioner’s side of the business. That isn’t to discount the national narrative, but ultimately what’s happening in your city is going to tell you more about the near-term than the nation at large. Macro and micro go hand in hand…

Americans are moving back to cities. Here’s why.

The pandemic had a major impact on migration, hitting gateway metros the hardest. After several years, migration trends have normalized, with current urban-to-suburban patterns largely in line with pre-pandemic numbers. Economic, lifestyle and environmental issues influence migration patterns across the United States. While major metros have seen a return to urban living…

Four challenges facing Commercial Real Estate lenders

Commercial Property Lenders need to get creative to succeed in the current market The landscape of commercial real estate (CRE) lending has changed steadily over the last decades, but the changes brought about by the pandemic and its affects are leaving lenders reckoning with a whole host of unprecedented issues. Offices remain empty, transaction activity has all…

Meruelo family, David Martin propose big plans for Deauville Miami Beach site

The Meruelo family and David Martin are proposing land use changes that would allow them to build a larger project on the former site of the Deauville Beach Resort in Miami Beach. Recent legislative changes would allow a floor area ratio, or overall project size, of 5.5. The 3.8-acre Deauville site at 6701 Collins Avenue currently has an FAR of 3.0 to 3.15. The Miami Beach Planning…

Floyd Mayweather Jr. buying stake in former Versace Mansion in Miami Beach

Floyd Mayweather Jr. is making more moves in Miami Beach. The retired boxer turned real estate investor is partnering with the Nakash family and Eli Gindi to acquire a large stake in the former Versace Mansion, now known as Villa Casa Casuarina, The Real Deal has learned. Mayweather is taking the majority of Gindi’s interest in the iconic property at 1116 Ocean Drive for…

Report: Developer In Talks To Buy 1001 and 1111 Brickell Bay Drive for Around $500m

A developer is in talks to buy a waterfront property in Brickell, according to Commercial Observer. Oak Row Equities has signed a Letter of Intent and placed a refundable deposit on the properties at 1001 and 1111 Brickell Bay Drive. Aimco currently owns the properties. The negotiations are for a purchase price of around $500m. Two towers are currently on the property…

Sky-High Prices Forcing South Florida’s Industrial Developers To Look Elsewhere

South Florida’s industrial market has gotten so hot coming out of the pandemic that developers are eyeing a Plan B. While developers say the region is still attractive with the influx of new residents and its business-friendly environment, developers are beginning to look elsewhere due to Miami’s soaring prices and the dwindling supply of land. “For us, we’ve had to sort…”

New Renderings Released Of 45-Story Standard Residences, Under Construction

New renderings and details have been released for the Standard Residences in Brickell. According to a fact sheet on the developer’s website, the tower is currently under construction, with completion planned in 2027. A total of 422 units are planned, finished with porcelain floors. Unit sizes range from 432-square-foot studios to 963-square-foot two-bedroom residences…

So nice, they tried it twice: Standard International plans second branded condo tower in Miami

Standard International plans to brand a second condo tower in Miami, this time with developers Harvey Hernandez and Two Roads Development, The Real Deal has learned. Hernandez’s Newgard Development Group recently brought on Two Roads as a partner for the three-tower One Brickell Riverfront project along the Miami River. Standard, a hotel group that was…

Groundbreaking Ceremony For 50-Story Brickell Tower St. Regis Residences

A groundbreaking ceremony took place this morning for the 50-story St. Regis Residences. Developers Related Group and Integra Investments recently closed on $527 million in financing to build the luxury tower. “The groundbreaking for The St. Regis Residences, Miami marks a pivotal step in bringing an unparalleled luxury experience to one of South Florida’s…

Developers Secure $424M Financing To Build Bal Harbour Condo Tower

A construction loan has been obtained for a 24-story Bal Harbour condo tower. Rivage Residences Bal Harbour broke ground in September. Developers Related Group, Rockpoint and Two Roads Development announced today that they have secured a $424 million construction loan from TYKO Capital. Just 56 condos are planned, with units ranging from 3,300…

Related, partners score $424M construction loan for oceanfront Bal Harbour condo tower

Related Group, Rockpoint and Two Roads Development secured a massive construction loan for Rivage Residences, a planned luxury oceanfront condo project in Bal Harbour. The developers closed on a $424 million loan from Adi Chugh’s Tyko Capital, according to a press release. Construction began in September, and the developers plan to complete the 24-story…

Miami Beach investor Fred Karlton and partner won nearly $9M foreclosure judgment for Miami office building

Miami Beach investor Fred Karlton and his partner, Beneficial Funding Corp., secured an $8.7 million foreclosure judgment against the owner of an office building near Coconut Grove. An auction to sell the 12-story tower at 3150 Southwest 38th Avenue is set for Dec. 9, court records and real estate database Vizzda show. On Oct. 24, after a non-jury trial, Miami-Dade…

Developers Say Miamians Will Have To Get Used To Smaller Apartments

Miami is living large in shrinking units. Between 2013 and 2022, the average new Miami apartment was 912 SF, about 3% bigger than the national average. But South Floridians used to spacious units are going to have to learn to think smaller. “The same people that are willing to pay whatever they were paying for rent for an 800 SF, one-bed [apartment] are now going to have…”

Miami World Tower Now Complete, First Residents Moving In

Get ready for hundreds more residents at Miami Worldcenter. The 52-story Miami World Tower is now open, and the first new residents are moving in. It took about three years of construction to complete the tower. There are 556 apartments in the building, with some available for move in tomorrow and others available in June. Prices range from $2,755 to $5,485…

Two Roads joins Harvey Hernandez on three-tower Miami River project

Two Roads Development is partnering with Harvey Hernandez’s firm on his planned One Brickell Riverfront project along the Miami River, The Real Deal has learned. The two developers are now 50-50 partners on the three-tower project, said Two Roads’ Taylor Collins and Hernandez, founder and CEO of Miami-based Newgard Development Group. Construction recently…

Terreno Realty Corporation Announces Development Completion In Hialeah

Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it has completed the development and stabilization of Countyline Corporate Park Phase IV Building 31 in Hialeah, Florida effective November 21, 2024. Building 31 is 100% leased to one tenant. Building 31 of Terreno…

Miami’s UDRB to Consider ‘the Cymbal DLT Midtown’ Project for 3466 N Miami Avenue

Miami-based Cymbal DLT has proposed a high-rise tower under the Live Local Act in Miami. The project, which our sources call “the Cymbal DLT Midtown”, would require more than 850,000 square feet of new construction. It would rise 36 stories and feature 598 apartments, with about 240 reserved for those earning 120 percent of the area median income (AMI).

Board Denies Extension For Graffiti-Covered 19-Story Downtown Miami Building

Miami’s Code Enforcement Board voted to deny an extension for a 19-story building in downtown Miami to clean up graffiti, according to NBC 6. The building is slated for demolition, to make way for a supertall tower called One Bayfront Plaza. Interior demolition on the old building began in May 2023. In early December 2023, the building was painted over in graffiti. A total…

Adam Neumann’s Flow Pays $116M For Miami Office Building, 500-Unit Development Site

Adam Neumann is back in the spotlight, with the WeWork co-founder’s real estate firm partnering to buy a Miami office building on an expansive site zoned for two residential towers. Flow and Israeli investment firm Canada Global acquired the Aventura Corporate Center for $116.2M, according to Tel Aviv Stock Exchange filings reported by the South Florida Business…

Israeli co Canada Global buys Aventura real estate for $116m

Israeli income producing real estate company Canada Global (TASE: CNGL), controlled by Israel Canada (TASE: ISCN) controlling shareholders Asaf Touchmair and Barak Rosen (60%) notified the Tel Aviv Stock Exchange (TASE) this morning that it has bought an office complex in Miami for $116 million. Canada Global’s investors include WeWork founder Adam Neumann…

Demolition Of Former INS Building Underway: Here’s What Will Replace It

The former INS Building at 79th Street and Biscayne is now being demolished. It will be replaced with an apartment complex, according to plans submitted to the City of Miami. Records show that a total demolition permit has already been issued by Miami’s Building Department. The owner of the property told the SFBJ that demolition is underway, and should be complete…

Plan for vast new Miami airport on runway

A flight path is being cleared to build a major new airport in Miami-Dade County to handle mushrooming demand. A commission committee last week recommended ordering Mayor Daniella Levine Cava to detail within 90 days how to go about creating a vital airport to handle cargo, commercial passengers and general aviation. “It’s honestly just about forward thinking…

Five new offices cost Miami-Dade $30 million

Nearly $40 million in federal funding is geared to breathe new life into Overtown, transforming distressed housing, sparking fresh investments and creating a vibrant, connected future for one of Miami’s most historic neighborhoods. Today (11/21), the Miami City Commission is poised to accept a $39,968,424 grant from the US Department of Housing and Urban…

Lights, Camera, Incentives! County funding big film productions

Miami-Dade is set to be the backdrop to upcoming film and video productions as incentives lure more projects into the community. Last December, said Marco Giron, chief of film and entertainment at the Miami-Dade County Office of Film and Entertainment, “the board of county commissioners passed a resolution to incentivize production with the creation of the High Impact…

Clearline Obtains $95M in Construction Financing for Excel Miami Multifamily Development

Clearline Real Estate, a multifamily development firm with offices in New York City and Miami, has obtained $95 million in financing for the construction of Excel Miami, a 24-story apartment tower. Clearline is developing the 427-unit apartment community at 1550 N.E. Miami Place in the city’s Arts & Entertainment District. The financing includes a $68.5 million senior loan…

Jenny Bernell lands $95M in construction financing for 427-unit rental tower in Miami’s A&E District, amid record multifamily pipeline

Jenny Bernell’s Clearline Real Estate landed a $94.5 million construction financing package to build an apartment project in Miami’s Arts & Entertainment District, as South Florida experiences a record multifamily pipeline. Clearline, based in Miami and New York, plans the 24-story Excel Miami Apartments with 427 units at 1550 Northeast Miami Place. The project will consist…

Miami Tower Secures $95M Construction Financing

Clearline Real Estate has secured construction financing for the Excel Miami Apartments, a 24-story multifamily tower in downtown Miami. Centennial Bank provided a $68.5 million senior construction loan on behalf of the project while Sunrise Realty Trust has committed $13 million to a $26 million subordinate loan. “We’re excited to partner with Clearline…”

$94.5M Construction Loan Secured for 24-Story Multifamily Tower ‘Excel Miami’ in Miami’s Arts & Entertainment District

Construction is progressing at Excel Miami, a 24-story multifamily tower rising at 1550 Northeast Miami Place in Miami’s Arts & Entertainment District. The project has secured $94.5 million in construction financing, comprising a $68.5 million senior loan from Centennial Bank, facilitated by Jay Brito, and a $26 million subordinate loan originated and agented…

Miami’s UDRB to Review Plans for ‘Rosee Wynwood’, Located at 3223 NW 5th Ave

Miami’s Urban Development Review Board will consider plans regarding Rosee Wynwood on November 20th. The preconstruction venture will measure six stories above grade and offer 140 units, with square footage ranging from 430 to 1,342 square feet. Miami Condo Investments shares that residences come with nine-foot-high ceilings, Euro-style appliances…

Blackstone South Florida Industrial Portfolio Trades for $331M

Late last year, Longpoint acquired another 1.4 million-square-foot portfolio in South Florida. The deal included a 96,175-square-foot facility in Davie, Fla. Image courtesy of CBRE Longpoint Partners has acquired a 26-building, 1.4 million-square-foot industrial portfolio in South Florida for $331.3 million. Blackstone sold the assets, according to the Commercial Observer.

‘Atelier Residences Miami’ Planned for 2025 Groundbreaking at 1265 SW 22nd Street in Miami

BLDG Ventures has plans for a high-rise condo in Miami-Dade County. Atelier Residences Miami is set to measure 10 stories above grade, offering 148 units. The Real Deal reports that residences would span studio to three-bedroom layouts, with square footage measuring 360 to 1,500 square feet. The fully furnished luxury homes currently start in the mid-$400,000s. Our sources…

Estate scores $110M refi for North Miami Beach apartment tower, as financing continues to flow

Estate Companies landed a $110 million refinancing for its completed North Miami Beach apartment tower. Los Angeles-based Ares Management provided the refinancing for the 23-story Soleste NoMi Beach tower at 16395 Biscayne Boulevard, according to a news release from Estate’s broker. The loan has a floating interest rate. Brian Gaswirth and Paul Adams…

Billionaire Ken Griffin linked to Miami condo buyout next to his planned supertall

Billionaire hedge fund manager Ken Griffin may be tied to a condo takeover attempt in Miami’s Brickell, next to where the Citadel founder plans a bayfront supertall. Nearly half the units at Solaris at Brickell Bay, a 22-story, 141-unit condo tower at 186 Southeast 12th Terrace, have sold in the past two years to similarly named Delaware LLCs with the same manager, the Wall Street…

Buying spree for grocery-anchored shopping centers propels South Florida’s retail market in third quarter

South Florida’s retail market is in the midst of a buying spree for grocery-anchored shopping centers, buoyed by low single-digit vacancy rates and healthy asking rents. Deal volume for grocery-anchored shopping centers in the tri-county region hit $1.7 billion during the 12 months that ended Sept. 30, according to a third quarter Colliers report. The deal flow was fueled by…

43-Story Downtown Miami Tower Celebrates Top Off

The first of two towers at Namdar Towers has topped off, according to architect Behar Font & Partners. Namdar Towers will include two 43-story towers upon completion. There will be a combined 1,394 residential units and 7,984 square feet of commercial space between the two high rise buildings. Construction on the first tower began around April 2023. The first tower will have…

Excel Miami Gets $95M Loan, With Construction Underway

The developers of Excel Miami have secured construction financing. The 24-story apartment tower is already under construction just north of downtown Miami and Miami Worldcenter. It will include 427 apartments, with studio, one-bedroom, two-bedroom and 13 townhouse loft units. A total of 214,183 rentable square feet is being built. The building’s amenity floor…

Dalfen Signs HVAC Company to 96,000 SF Industrial Lease at Midpoint Miami Logistics Center in Hialeah

Dalfen Industrial has signed Cooper & Hunter, a leading HVAC equipment company, to a 96,000-square-foot lease at Midpoint Miami Logistics Center in Hialeah. Wayne Ramoski, Skylar Stein and Ivana Leitner Perez of Cushman & Wakefield represented Dalfen Industrial in the lease transaction, while Cook Commercial Realty represented Cooper & Hunter…

Plans Unveiled For 598-Unit ‘Wave Pattern’ Tower Across From Midtown Miami

Plans have been filed for a 35-story tower across from Midtown Miami. The design of the tower will use vertical frames in a wave pattern to add visual interest, according to an architectural narrative submitted with the filing. The development is being proposed under Florida’s Live Local Act. Exactly 40% of units will be income restricted (and they will be studio units).

‘Striking’ 45-Story Tower Across From MiamiCentral Submitted To UDRB

The developers planning downtown Miami’s First and Fifth tower have submitted plans to Miami’s Urban Development Review Board. Plans call for a complete restoration of the remaining portion of the historic Salvation Army Citadel building, while a later addition would be demolished. According to an architectural narrative submitted by the architect, the “striking” new…

140 Units Proposed In Wynwood Norte, With Design By Belgian Architect

Plans have been submitted to the Urban Development Review Board for a 6-story residential development in Wynwood Norte. The development is planned to include: 140 residential units 10,456 square feet of retail, including 6,771 square feet of micro-retail 207 parking spaces Parking spaces are planned in a basement level, and on two above ground levels lined…

Ecuadorian ex-official’s son pleads guilty in connection to Odebrecht money laundering scheme involving Miami real estate

The son of a former Ecuadorian government official pleaded guilty in connection to an alleged $16.5 million international bribery scheme that funneled funds into Miami-Dade County condos, an office building and other assets. John Christopher Polit diverted bribe money that his father, Carlos Ramon Polit Faggioni, had obtained while serving as Ecuador’s comptroller general.

Developers To Partner On 3 Towers At ‘Iconic’ One Brickell Riverfront

New details have been revealed for the “iconic” One Brickell Riverfront, which is already partially under construction. Newgard Development Group said in a press release that Two Roads Development has joined as a partner on the development. The developers are working on a master-planned project with three towers. The first 44-story tower, known as Lofty Brickell…

Construction Commences on The Residences at 1428 Brickell, Miami’s First Solar-Powered Residential High-Rise

Miami-based Ytech has officially broken ground on The Residences at 1428 Brickell, a 70-story, 195-unit residential tower designed by ACPV Architects and Arquitectonica. Set to become a prominent feature of the Miami skyline, it will be the world’s first high-rise partially powered by solar energy. The building integrates photovoltaic glazing into its façade, bringing a new level…

Interior Renderings Unveiled for The Residences at Mandarin Oriental in Miami

Renderings were recently released of the interiors of The Residences at Mandarin Oriental, Miami. The much-anticipated two-tower development by Swire Properties is being built on the southernmost tip of Brickell Key with panoramic views of Biscayne Bay and Miami cityscape. The two towers, designed by Kohn Pedersen Fox, will be connected by a landscaped podium…

Judge approves $18M sale of Location Ventures’ Miami Beach dev site

The $17.5 million sale of a former Location Ventures development site in Miami Beach is moving ahead, but prospective condo buyers won’t be happy. Proceeds from the sale will pay off a lender with a pending foreclosure complaint, but more than 30 investors under contract to buy co-living condo units in the abandoned project will collectively lose more than $10 million in deposits.

SEC agrees to settle fraud lawsuit against Rishi Kapoor

The U.S. Securities and Exchange Commission is calling a truce in its civil case against disgraced developer Rishi Kapoor. In a motion filed by SEC lawyers in Miami federal court on Wednesday, Kapoor, the ex-founder of defunct Coral Gables-based Location Ventures, is settling the pending lawsuit without admitting or denying the allegations against him. The proposed judgment…

Lease roundup: Consultancy moving HQ from Las Vegas to Miami, Northbridge Centre now 95% leased

A consulting firm specializing in helping clients obtain low-interest financing will move its headquarters to River Landing Shops & Residences. Boge Group leased 14,300 square feet at the Offices at River Landing and will move in the fourth quarter of next year, according to a River Landing news release. Boge, led by CEO Andrew Imbesi, is now based in Las Vegas.

City Officials to Review Plans for 120-Unit ‘Hillcrest Apartments’ at 1101 Hillcrest Drive in Hollywood

Hollywood’s Technical Advisory Committee intends to review plans for an income-restricted housing development next week. The proposed Hillcrest Apartments would measure eight stories above grade and comprise 120 apartments. The one-bedroom to three-bedroom units would span about 670 to 1,420 square feet. There would be 148 parking spots…

Tobin proposes 120-unit apartment building in Hollywood, amid record multifamily construction pipeline

Real estate firm Tobin wants to build a 120-unit apartment project in Hollywood, as South Florida experiences a record multifamily construction pipeline. Hollywood-based Tobin proposes an eight-story building on the 2-acre site at 1101 Hillcrest Drive, according to an application filed to the city. The project, called Hillcrest Apartments, will offer one- to three-bedroom…

Developers Secure Construction Loan for ‘the Residences at Shell Bay’ at 501 Diplomat Pkwy in Hallandale Beach

Two developers have secured a multi-million-dollar construction loan for the Residences at Shell Bay, a luxury venture in Hallandale Beach. The South Florida Business Journal reports that the project will have both a residential and commercial aspect, with plans calling for a 20-story, 108-unit condominium, along with a 60-key Auberge resort hotel. At the time…

Witkoff, Ari Pearl land $273M construction loan for Shell Bay in Hallandale Beach

Witkoff Group and Ari Pearl’s PPG Development scored a $273 million construction loan for Shell Bay, a mixed-use luxury condo and hotel project in Hallandale Beach. J.P. Morgan and BDT & MSD Partners are providing the financing for the 150-acre property anchored at 501 Diplomat Parkway, according to a press release. Shell Bay calls for an Auberge-branded condo…

South Florida retail king Ranaan Katz picks up Miramar shopping center for $42M

An investors’ buying spree for South Florida shopping centers wouldn’t be complete without retail king Ranaan Katz getting in on the action. An affiliate of Katz’s Sunny Isles Beach-based RK Centers paid $42.3 million for Fountains of Miramar, a two-building complex at 2905-3161 Southwest 160th Avenue, records and real estate database Vizzda show.

Lincoln Property Lands $68M Refi in Plantation

Royal Palm I and II came online between 2001 and 2007. Image courtesy of JLL Capital Markets Lincoln Property Co. has received $68.2 million in refinancing for Royal Palm I and II, two Class A office buildings totaling 465,592 square feet in Plantation, Fla. Barclays provided the fixed-rate loan, in a deal arranged by JLL Capital Markets. Lincoln Property purchased…

The Armani Group Partners with South Florida Developers for Armani/Casa Residences Pompano Beach

Armani/Casa Residences Pompano Beach, a two-tower luxury condominium project, is coming to 1550 North Ocean Boulevard in Pompano Beach. Developed by SP Developments, Vertical Developments, WellDuo, and GCF Development, the project will introduce 28 exclusive oceanfront residences, each occupying an entire floor across 19 stories. Sales are being led…

Branded boom carries on: Two-tower Armani/Casa condo project planned in Pompano Beach

A group of developers plans to build Armani/Casa Residences Pompano Beach, marking the second South Florida condo project for the luxury Italian furnishings company amid a sea of branded developments in the region. The development team, led by Vertical Developments, WellDuo, GCF Development and SP Developments, will soon launch sales of the twin 19-story…

BH, Related land W brand for Pompano Beach condo-hotel project

BH Group and Related Group are bringing the W Hotels brand to Pompano Beach, securing a deal with Marriott for the joint venture’s 24-story waterfront project. The frequent development partners signed a licensing agreement with Marriott for the W Hotels brand to adorn a 373-unit condo-hotel being developed at 1 North Ocean Boulevard, a press release states. Marriott owns…

“It’s a canvas”: Kenneth Himmel digs into Related Ross’ West Palm Beach bet

Most South Florida octogenarians plan to wind down in the region long known as a playground for retirees. Not Steve Ross. The 84-year-old Ross, who founded Related Companies 52 years ago, carved out its Southeast U.S. division this summer into Related Ross, which Ross leads as chairman and CEO. The firm’s primary focus: West Palm Beach, where Related Ross is the biggest…

Chetrit avoids foreclosure of Hollywood, Pompano Beach projects

Joe and Jacob Chetrit refinanced their massive Hollywood Beach and Pompano Beach projects, staving off a foreclosure attempt by Madison Realty Capital. Madison had launched a non-judicial foreclosure against the Chetrits’ stake in the two South Florida developments earlier this year, but the real estate heavyweights recently came to terms on a deal.

Vertical Construction Underway at South Flagler House in West Palm Beach

Vertical construction has officially begun at South Flagler House, a luxury residential development located at 1355 South Flagler Drive in West Palm Beach. The project, developed by Related Ross, marks the firm’s first luxury condominium venture in Florida. Comprising two 28-story towers—The Park Tower and The Lake Tower—South Flagler House will feature 108 two…

Related Ross launches redesigned Shorecrest condo project in West Palm Beach

The condos are planned for the current waterfront site of the synagogue at 1901 North Flagler Drive. The original design included 21,500 square feet for a house of worship and a daycare, but temple leaders “came to the realization it would be preferable to have their own standalone curb appeal and their own standalone operation,” said Bryan Cho, executive vice president…

The Investor Perspective on Surging Insurance Premiums 

A lively end to hurricane season has many wondering about the broader insurance market implications of extreme storms. We have covered the challenges in the insurance industry in great detail, including tracking premium increases, examining potential solutions and discussing the likely impact of Hurricane Milton on the insurance landscape.  Today, we’ll share highlights…

Using a rent roll in multifamily real estate

Whether you’re evaluating a potential investment property, looking to get a loan or refinancing an existing one, there’s a key document that informs those decisions: a rent roll. A rent roll provides a record of a multifamily property’s occupancy and the rental income it can generate. That information can help multifamily investors evaluate how much cash flow a property will produce…

Video: BGO Chief Economist Ryan Severino Discusses Potential Impact of Trump Presidency on Economy and Real Estate

On a recent episode of America’s Commercial Real Estate Show, the host sat down with Ryan Severino, Chief Economist at BGO, for an in-depth discussion about the state of the economy, commercial real estate, and the potential impact of the Trump presidency. The conversation navigated through economic optimism, sector-specific challenges, and strategies for navigating…

Commercial real estate equity waterfalls, explained

A commercial real estate equity waterfall is a useful method for describing how investors will share proceeds from an investment. When one investor actively manages a project on a group’s behalf, a waterfall can help keep incentives aligned by adjusting distributions based on investment performance. What is a waterfall in real estate? A waterfall model outlines how cash flow…

Geopolitics and international technology trade

The FRED Blog has described how the value of technology exports from the United States to the rest of the world has steadily declined. This post adds geopolitical characteristics to the discussion. The FRED graph above uses Bureau of Economic Analysis data to track the inflation-adjusted value of US technology services exported to other countries, measured in royalties…

Imports Could See Surge Ahead Of Trump Tariffs And A Potential Port Strike

Import volumes at the nation’s major container ports could be higher than previously expected for the remainder of this year as retailers face another potential East Coast/Gulf Coast port strike and tariff increases planned by President-elect Donald Trump, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Asso…

Collaborating with Utilities and Tenants on the Energy Transition 

Increasing attention will be drawn to state and local climate policy in the coming months and years and meanwhile building performance standards setting emissions limits on buildings will continue to emerge. Electrification is a key element of the transition to a low carbon economy, and it presents challenges in terms of grid capacity, pricing and resilience during extreme weather.

How interest rate cuts could impact commercial real estate

The Federal Reserve dropped rates by 25 bps at its November meeting in response to a steady slowdown of inflation. The target federal funds range is now 4.50%–4.75%. This is the second cut in 2024, following a series of rate hikes and over a year of interest rate uncertainty. The Fed indicated it remains on a path to neutral and risks to achieving employment and inflation…

Share Of Immigrant Workers In Construction Hits New Record High

The number of immigrant workers in the construction industry has sharply risen in recent years, showing how the industry has increasingly relied on the very people who could be the targets of President-elect Donald Trump’s promised mass deportation campaign. Of the 11.9 million-strong U.S. construction workforce at the end of 2023, 3 million were immigrants…

Stabilized purchase: BentallGreenOak pays $60M for Medley warehouse with locked-in tenant

BentallGreenOak paid $60 million for a Medley warehouse with a tenant locked in for the next two decades. An affiliate of BentallGreenOak, a New York-based real estate investment firm led by co-CEOs Sonny Kalsi and John Carrafiell, bought a cold storage facility at 7600 Northwest 82nd Place, records and real estate database Vizzda show. Food distribution…

BGO Pays $60M for Miami Cold Storage Facility

BGO Cold Chain has purchased Medley Cold Logistics, a 178,000-square-foot Class A cold storage facility in Miami. Truist Securities sold the asset for $60 million, according to Miami-Dade County public records. JLL brokered the deal on behalf of the seller. BGO closed the deal as part of its Core Plus strategy. The property is fully occupied by Quirch Foods.

70-Story Solar-Powered Brickell Tower Breaks Ground, World’s First

A 70-story residential tower that will generate its own solar power has broken ground in Brickell, and is said to be the first of its kind in the world. The tower will have a 20,000 square foot “Solar Backbone,” with photovoltaic panels built into the glass façade. It will produce 175 MWh of electricity annually, reducing approximately 4,700 tons of CO2 and using 3,000 barrels less of oil.

Construction Permit Submitted For Santander Tower In Brickell

Santander Bank’s planned 765-foot tall office tower in Brickell has entered the construction permitting phase. A demolition permit for a smaller office building on the site has already been issued, and Santander employees have relocated. The master construction permit for the new tower was submitted on October 31, and entered pre-screening on November 8. A private provider is…

Phased Vertical Permit Application Submitted For $267M Riverside Wharf

A phased vertical permit application has been filed for the $267M Riverside Wharf complex in downtown Miami. The permit application was filed on October 16. It is not yet under review and is awaiting documents to be submitted. Riverside Wharf will include a Dream Hotel, along with food and beverage outlets and other uses. According to a utilities agreement completed last year…

Miami To Aventura Train Service Pushed To 2032

Completion of Northeast Corridor train service has been pushed back until 8 years from now. That is 5 years later than initially planned, even though Miami-Dade initially had an aggressive schedule. The reason for the delay: the Federal Transit Administration told Miami-Dade to “slow down,” according to Miami Today. It is currently taking six years for trainsets to be manufactured…

Fort Partners nabs $111M construction loan for oceanfront Surfside condos

Fort Partners is forging ahead with plans for another oceanfront condo development in Surfside. The Fort Lauderdale-based firm, led by Nadim Ashi, secured a $110.7 million construction loan for Surf House, an 11-story, 17-unit building planned for 8995 Collins Avenue, property records show. Athene Annuity & Life Company, managed by its investment adviser Apollo Global…

CP Group Executes 30,000 SF of Office Leases at The Landing at MIA in West Miami

CP Group has executed nearly 30,000 square feet of leasing agreements at The Landing at MIA, a 1.1 million-square-foot office campus in west Miami. The 11-building complex is situated on 50 acres directly adjacent to Miami International Airport. Gordon Messinger and Randy Carballo of CBRE represented CP Group in all eight lease transactions. The deals include Butler…

Developer Plans Sonder-Branded Hotel for 495 NE 25th Street in Miami

Habitus Edgewater HF B LLC hopes to move forward with an eight-story hotel in Miami’s Edgewater neighborhood. The 50,902-square-foot hotel would be under the Sonder banner, offering 61 rooms. Units would span 321 to 741 square feet, with a mix of studio, one-bedroom, and two-bedroom accommodations. There would be 23 parking spots; 21 off-street and two…

Ultimate Equity Files Plans For Live Local Wynwood Towers With 1,300-Units

Plans have been submitted for a pair of 36-story towers called Ultimate Wynwood. Ultimate Wynwood is planned to rise 395 feet and include: 1,300 residential units 21,601 square feet of commercial 1,099 on-site parking spaces, with 2 basement levels and additional parking on levels 2-5 The development is proposed under Florida’s Live Local Act, which requires at least…

Developer Files Plans To Build 22-Story Live Local Wynwood Tower

Plans have been newly filed for a 22-story mixed-use tower in Wynwood, on the Austin Burke site. Clara Homes is proposing to develop the tower under Florida’s Live Local act. Clara Wynwood is planned to include: 147 residential units 2,005 square feet of commercial 130 on-site parking spaces, on levels 1-4 At least 40% of the proposed residential units will be restricted…

PortMiami Was Once Again The World’s Busiest Cruise Port In 2024, With Record Traffic

PortMiami broke a new record for cruise traffic in fiscal year 2024, and remains the busiest cruise port in the world. A total of 8,233,056 travelers were recorded during the year, which started October 1, 2023 and ended September 30, 2024. The cruise passenger count for the year is the most ever for Miami, and is an increase of 12.79% over the previous year. PortMiami also…

800-Room Grand Hyatt Miami Beach To Begin Construction Mid-2025

The developers planning the Grand Hyatt Miami Beach have obtained a grant from Miami-Dade for the $600 million project, according to MeetingsNet. Up to $92.5 million will be issued by the county. Construction is now set to begin in mid 2025, with completion in Q3 2027. The Grand Hyatt is planned to include: 800 rooms (including 48 suites) amenities including a gym, two pools…

Doral’s $40 million offer to put waste plant elsewhere rejected

In a struggle to build a waste-to-energy plant, an attorney for Doral, where fire destroyed the old plant in February 2023, offered $40 million over 30 years if a new $1 billion-plus plant goes elsewhere. Miami-Dade commission Chairman Oliver Gilbert III said that wasn’t enough. “It doesn’t appear to be the sentiment of the board that $44 million would be enough over 30 years,” he…

PortMiami sets nation’s cruise passenger record

PortMiami, the world’s busiest cruise port, has sailed to another record, totaling 12.9% more passengers in the year ended Sept. 30 as it prepares for even greater passenger numbers during the current year. Figures unveiled last week show that the port recorded 8,233,056 passenger boardings and arrivals during the year. The prior record was 7,299,294, set last year.

Coral Gables manager vows to evacuate city hall for safety

After safety concerns were raised about City Hall’s structure, Tuesday’s Coral Gables commission meeting was held in the city’s police & fire conference meeting room as the city manager looks for a single place to move all the offices early next year and evacuate city hall – a step the mayor objects to. Under further investigation, it was discovered that the structural columns outside…

Unauthorized changes at historic Biltmore Hotel probed

After a recent walk-through at the city-owned historic Biltmore Hotel, city officials and staff encountered several unpermitted renovations being made throughout the hotel, said Commissioner Ariel Fernandez at Tuesday’s city commission meeting. Illegal painting was taking place, a speakeasy and a staircase was built without any permits, Mr. Fernndez said. “When we came in for…”

Miami Beach Convention Center sets events record

The Miami Beach Convention Center has closed out its record-breaking fiscal year of 2024 and prepares to welcome more events for fiscal 2025 with 64 definite events already booked. In the center’s fiscal year from October 2023 through September, said General Manager Freddie Peterson, “we did north of almost 100 events in total throughout the year, which is a record number…

Michael Lewis: A Northeast Miami-Dade commuter rail line is good, one that serves users is better

If you think a heaven-sent grant of $389.5 million to finish funding 13.5-mile commuter rail from downtown Miami to Aventura means you’ll hop aboard soon, take a deep breath: even if all goes as planned, the first ride is eight years away. That’s five years later than the original plan even as the cost has risen from $538 million to $927.3 million, supposedly the final figure.

Construction Timeline Unveiled for The Residences at Mandarin Oriental on Miami’s Brickell Key

Plans are advancing for The Residences at Mandarin Oriental, Miami, with a detailed construction timeline unveiled for the dual-tower project at the southern tip of Brickell Key. The development will feature two interconnected towers supported by a podium with parking and amenities. The South Tower, rising to 850 feet with 66 stories, will house 228 private residences, including…

Here’s When Demolition Is Expected For 850-Foot Brickell Key Tower

A more detailed construction timeline for the The Residences at Mandarin Oriental, Miami has been revealed. Two towers are planned, connected by a podium with parking and amenities. The taller tower will rise 66 stories, or 850 feet. It will include 228 residential condos. A shorter 426 foot tower is also planned. It will include 121 hotel units, 66 private residences, 28 hotel residences…

Cutler Manor Development to Offer Workforce/Affordable Housing at 10875 SW 216th Street

As it currently stands, Cutler Manor is a 218-unit apartment complex in Miami. Yet, an affiliate of Preservation of Affordable Housing (POAH) wants to redevelop the 1970s-era complex and replace it with workforce and affordable housing. The developer would demolish the already-existing buildings in three phases to mitigate displaced tenants. In the end, the new Cutler Manor…

Developer Achieves Double Milestone on The Village at Coral Gables

MG Developer has achieved a double milestone on The Village at Coral Gables, topping off construction and reaching 60% in sales. Located at 504 Malaga Avenue, the 48-unit development—comprising townhomes, lofts, and villas—broke ground just a year ago and has since attracted interest from buyers nationwide. Inspired by the vision of Coral Gables’ founder…

Terra CEO David Martin talks life, death and his biggest real estate projects

When David Martin enters a new neighborhood, the first thing he does is identify who is anti-development, and then he figures out how to engage with them. It’s partially how Martin, CEO of Coconut Grove-based Terra, has earned his reputation as someone who effectively works with local government, his competitors and NIMBYists. “There’s always things that we can do…”

PNC Bank To Open Dozens Of New Miami Branches

Pittsburgh-based PNC Bank got a taste of Miami, and now it’s hooked. PNC plans to open 35 new retail locations in Miami over the next five years in addition to the six new branches it announced plans to open a year ago. The bank’s Magic City expansion is part of a $1.5B push to update and grow its retail footprint, according to a release. In February, PNC announced plans…

New Tower Crane Permits Submitted to FAA for Waldorf Astoria Hotel & Residences Supertall Site in Miami

Permits for additional tower crane heights have been filed with the Federal Aviation Administration (FAA) for the Waldorf Astoria Hotel & Residences in Downtown Miami. Located at 300 Biscayne Boulevard (alternatively addressed as 249 Northeast 3rd Street), the 100-story tower has two active Maxim cranes installed on-site, initially requested to rise to 1,255 feet above ground…

FAA Permits Submitted for 1,046-Foot Supertall Tower at 1201 Brickell Bay Drive in Miami’s Brickell Area

Permits have been submitted to the Federal Aviation Administration (FAA) for work on a supertall tower at 1201 Brickell Bay Drive in Brickell, intended to house Citadel’s new headquarters. According to the FAA application, the proposed building would rise to 1,046 feet above ground, or 1,049 feet above sea level, securing its place among the city’s tallest planned structures.

Developer Delivers 342-Unit Luxury Apartment Community in Kendall

Altman has announced the opening of Altis Grand Kendall, its newest luxury multifamily community, delivering 342 apartment units to the vibrant Kendall neighborhood of Miami. Centrally located at 9455 Southwest 137th Avenue, the mid-rise development offers a range of one-, two-, and three-bedroom apartment homes. With modern design elements and efficient floor plans…

How Miki Naftali picked his South Florida luxury projects

Every New York luxury developer wants to build a shiny tower in South Florida, it seems. Many of these industry titans have sought to build skyscrapers for ultra-wealthy condo buyers in Brickell or Miami Beach. They chose established neighborhoods, near other luxury edifice. But Miki Naftali has a different approach. As usual. The developer is setting his sights on two…

Faena Residences Miami is coming to Downtown Miami

Faena Residences has finally arrived in Downtown Miami, offering one of the most exciting residential opportunities in recent years. This project is not only a continuation of Faena’s world-class reputation in luxury hospitality but also marks the creation of a new residential and cultural district in Miami, much like the transformation Faena spearheaded in Miami Beach.

Expected Construction Start Date For 60-Story Faena Towers Revealed

An expected construction timeline for the the twin 60-story towers Faena Residences towers in Miami has been revealed, according to the Herald. Construction is expected to begin in late 2025, the report said. Completion will take about three years. Faena Residences Miami is said to be a $700m project. The developers have the advantage of having started the approval and permitting…

Another Brickell Tower? Social Media Pages Hint

Is another new tower about to be announced in Brickell? New profiles on both Facebook and Instagram have been opened in the past few days for a development called The Standard Residences Brickell, with a rendering of the building uploaded. Photos of an architectural model of the tower has also been uploaded to Twitter by Ryan RC Rea. The tower will be a twin to the 44-story…

Demand for high-rise waterfront condos spreads north from Miami to Fort Lauderdale

National developer PMG has secured a waterfront site to build its first condominium project in Fort Lauderdale, Florida, to try to capitalize on spillover buyer demand for high-rise residences in Miami and West Palm Beach. PMG bought the site that is just over 2 miles from downtown Fort Lauderdale and within walking distance of the beach at 900 Intracoastal Drive…

“Not all brands are created equal:” Dezer, Pérez and Cervera dish on the branded condo boom

Everywhere you look in South Florida, developers are partnering with hospitality brands, automotive companies, lifestyle brands and more. But are luxury labels exhausted in Miami? It depends, according to top developers Gil Dezer and Nick Pérez and brokerage chief Alicia Cervera Lamadrid, who spoke at The Real Deal South Florida Real Estate Forum during a panel…

The Estate Cos. Lands Construction Loan for Homestead Project

The Estate Cos. has secured a $64 million construction loan from TD Bank for the residential component of Soleste Midtown, a 21-acre mixed-use community in Homestead, Fla. The larger project features 354 luxury garden-style apartments and 43,000 square feet of commercial space. Construction is expected to begin in December on the development, located at the…

“Slowed down”: Developers weigh in on South Florida multifamily pipeline at TRD Forum

South Florida’s multifamily market boomed over the past four years due to an influx of out-of-state residents that led to unprecedented demand and record rent growth. Developers seized on the bonanza with new projects, many of them completed and many more under construction. But now, the market climate is different. “Things have slowed down for sure since the pandemic…”

Self-Described ‘Funding King’ Moving Headquarters From Las Vegas To Miami

Digital consulting firm The Boge Group is leaving Las Vegas and moving its headquarters to Miami’s River Landing. The Boge Group says it provides entrepreneurs with $50K to $150K of 0% interest startup funding. It is led by 26-year-old founder and CEO Andrew Imbesi, who calls himself “the funding king,” according to its website. It signed a 14K SF lease at the office…

775-Unit Fort Lauderdale Towers With ‘Delicate Exoskeleton’ Planned

A developer has launched sales for a condo called Ombelle Fort Lauderdale. Ombelle will include 775 units, with prices starting from the $400,000s. The smallest unit starts at 465 square feet. There will also be an option to buy furnished units. Flexible rentals with a minimum of 30 days will be permitted. The development will have over 11,000 square feet of ground floor retail…

Lauderhill Mall Investments LLC Seeks Special Exemption for Mixed-use Development Regarding 1267 NW 40th Avenue in Lauderhill

An auto service store on the property of the Lauderhill Mall could be demolished to make way for a mixed-use development. Lauderhill Mall Investments LLC wants to construct three buildings: a five-story building with 56 units and ground-floor retail space, another five-story building with 55 units, and an eight-story building with 122 units and a clubhouse. But before any…

Investors sue developer Icon Equity for alleged fraud

Icon Equity Group allegedly duped investors into funding a quartet of uncompleted luxury home, condominium and restaurant projects in Broward and Palm Beach counties, according to a recent lawsuit. Three entities sued Delray Beach-based Icon Equity, seven affiliates and the firm’s principals Marc Shulman and Anthony Shafer in Palm Beach Circuit Court on Oct. 28, court…

Developers Seek Rezoning Approval for ‘Rosewood Residences’ at 1180 Hillsboro Mile in Hillsboro Beach

In 2022, the Related Group and Dezer Development secured approval for Rosewood Residences, a 10-story oceanfront condo. However, a lawsuit filed by four residents regarding the building’s height sidetracked the project. Now, the developers have filed a second rezoning request that would make the high-rise possible. The Hillsboro Beach Town Commission will consider…

Grand Peaks buys rental complex near Boca Raton for $91M –– a slight discount from its last sale price

Grand Peaks bought a 448-unit apartment complex near Boca Raton for $90.9 million, marking a slight discount from its last sale price five years ago. Denver-based Grand Peaks scooped up The Seven at West Boca at 10235 Boca Entrada Boulevard in unincorporated Palm Beach County from Tampa-based American Landmark Apartments, according to records and real estate…

Demolition Commenced at Site of Mr. C Hotel & Residences West Palm Beach

Terra, a prominent real estate development company in South Florida, and Sympatico Real Estate, a Palm Beach-based firm owned by the Morrison family, have announced they have commenced demolition of the existing structures at 320 Lakeview Avenue, the future location of the first branded residence in downtown West Palm Beach Mr. C Hotel & Residences West Palm Beach…

Lease roundup: Steve Ross lands GoldenTree, Amerant Bank at his downtown West Palm towers

Steve Ross scored new tenants and lease renewals at his downtown West Palm Beach office towers. New York-based global asset manager GoldenTree  Asset Management, founded by Steven A. Tananbaum; Chicago-based Vista Investments of Florida, founded by Tom Tisbo; and New York-based private equity firm OceanSound Partners will open at the 25-story One Flagler building…

Morrison family’s firm pays $17M for apartment complex with workforce units near West Palm Beach

The Morrison family’s Sympatico Real Estate scooped up an apartment complex with some workforce units near West Palm Beach for $17 million. Sympatico bought the 56-unit Aviara Green at 2157 South Haverhill Road in unincorporated Palm Beach County from Delray Beach-based MAG Real Estate & Development, according to records and a news release from the seller’s…

Abacus Capital pays $33M for 620-unit dev site in Palm Beach Gardens, amid record multifamily pipeline

Abacus Capital Group paid $32.5 million for a multifamily development site within Catalfumo Companies’ mixed-use PGA Station project in Palm Beach Gardens. New York-based Abacus Capital bought the site at 3701 Catalfumo Way South, which is approved for a pair of 13-story buildings with a total of 620 units, according to records and real estate database Vizzda.

“Makes sense for all of us”: TRD Forum panelists talk Live Local Act

South Florida developers have been giddy over the Live Local Act. Under the state law, those who include affordable apartments in their projects can build more than zoning allows, prompting a rush of applications for high-rises. But bigger projects won’t necessarily turn into a windfall, or even be feasible under the Live Local Act, panelists said at The Real Deal South Florida Real…

Florida Apartment Demand Rebounds in 2024, Catching Up to Supply

Across the state of Florida, apartment demand volumes are catching up to elevated supply. Florida was a state that benefitted heavily from the work-from-home trend seen during the pandemic. Since then, migration into the state has continued, with even the smaller markets gaining notable ground. Apartment demand volumes peaked in 2021 and then slowed significantly in 2023…

“Flight to Florida” will continue despite high costs, limited inventory: takeaways from The Real Deal Miami forum

The pandemic’s effects on South Florida’s real estate industry are well documented. Prices for homes and land skyrocketed, as did apartment, retail, office and industrial rents. Dozens of cranes filled the skyline. Billionaires moved to or expanded their holdings in the region. This “flight to Florida” will continue, experts said at The Real Deal’s South Florida Real Estate…

How Infrastructure Investment Drives Industrial Space Growth And Why Some Markets Are Expected To Benefit More Than Others

Infrastructure investment and demand for U.S. industrial space are strongly correlated, and accelerated public spending on infrastructure in the 2020s will act as a spur to further growth in the industrial sector, according to Newmark’s Road Work Ahead report. Infrastructure investment drives industrial market activity through a number of channels, some direct—such as space needed…

Multifamily Housing and the 2024 Election

Housing affordability played an important role in the 2024 election as both parties outlined their plans to respond to rising rent levels. Effective rents have climbed 20% nationally since Q4 2019 along with rising prices throughout the economy resulting from the period of heightened inflation that the Federal Reserve continues to fight. President-elect Trump’s second term is likely…

Video: PwC Partner Andrew Alperstein Discusses the PwC/ULI Emerging Trends in Real Estate 2025; The Time Has Come

In a recent episode of “America’s Commercial Real Estate Show,” the show host discussed the key findings from the Emerging Trends in Real Estate 2025 report published by PwC and the Urban Land Institute. The host was joined by Andrew Alperstein, a partner with PwC’s Financial Markets and Real Estate Group, who shared valuable insights from the survey results and interviews…

November FOMC meeting brings rate-cut relief, but the road ahead remains long

Moody’s CRE economists weigh in on the latest Fed cut Earlier this afternoon, the Federal Open Market Committee (FOMC) announced a 25 bps (basis points) point reduction of the federal funds rate. After the 50 bps cut at September’s meeting, the rate now sits at a range of 4.5% to 4.75%.  Director of Economic Research, Dr. Ermengarde Jabir, notes that the Federal Reserve…

Breaking down commercial real estate investment strategies

The best commercial real estate investors develop a customized portfolio of properties using common investment strategies. Kaj Lea, Head of the Pacific Northwest and Central Region for Commercial Term Lending at Chase, breaks down the fundamentals of common commercial real estate investment strategies, each with unique risk and return profiles…

Addressing Water Supply and Demand to Reduce Costs in CRE

Last week I joined investors, developers, architects and other commercial real estate (CRE) professionals in Las Vegas for the Urban Land Institute (ULI) fall meeting. Several sessions covered climate and sustainability topics. Today’s post summarizes key takeaways from the Randall Lewis Center Sustainability Forum focused on water stress, and a following post will share key…

Will Tariffs on China Affect Self Storage Construction?

With the election decided, we start trying to analyze and predict what may come with a new set of lawmakers and a shift in political ideology. One of those issues we hear a lot about with a Trump administration is tariffs. When I think of the impact of tariffs on China that will impact self storage construction, I think of steel. “Cheap steel from China” is a phrase I have heard over…

US store closings soar past any full-year total since height of pandemic in 2020

U.S. store closings have accelerated, surpassing any full-year total since the height of the pandemic in 2020. But there will be demand for that vacant retail space, according to industry analysts. As of late last week, U.S. retailers had announced 6,481 store closings for this year, according to Coresight Research, already eclipsing the 5,553 closings it tracked for the whole of calendar 2023…

Location, location, location strategy

Identifying the ideal location for your next multifamily investment can seem daunting. A well-researched location strategy can help. “‘Location, location, location’ is a cliché for a reason. Location drives appreciation, rental income and overall return on investment,” said Brooke Richartz, Senior Regional Sales Manager at Chase. A location strategy can guide investment…

Why PMG’s Kevin Maloney is deeply worried about Trump’s tariffs

A day after election night, most attendees at The Real Deal’s annual forum in Miami seemed to welcome Donald Trump’s victory. The crowd at the Mana Wynwood convention center applauded when the election or Trump’s name was brought up. Many panelists expressed optimism about the president-elect’s economic policies. But PMG founder Kevin Maloney had a different take.

Watson Island Referendums Pass, Allowing Four New Towers

Miami voters voted yes on two separate items on the ballot yesterday relating to Watson Island, paving the way for new development. The two separate ballot questions were: Charter Amendment: Partial Conveyance for Revised Development at 1111 Parrot Jungle Trail on Watson Island Shall Miami’s Charter be amended authorizing sale and/or lease of 5.4 acres on Watson Island…

Four Towers Planned On Watson Island

Developers are now planning a total of four towers on Watson Island, according to the Herald. The development proposals are contingent on two separate items to be voted on by City of Miami voters in a referendum, scheduled for tomorrow. On the north side of the island, two residential towers are planned to rise 40 stories each, by developers Terra and ESJ Capital Partners.

Voters approve Watson Island referendums to sell city land for condo projects

Miami voters approved two ballot measures tied to selling city-owned land to different development groups so they can build more condos on Miami’s Watson Island. In exchange, the city will receive public benefits in the form of park space and a baywalk. The referendums waive competitive bidding and allow the city manager to negotiate the sales of property on Watson Island…

Voters Give Thumbs-Up To $2B Of Development On Watson Island

Two high-rise projects are set to rise on Watson Island in Biscayne Bay after Miami residents voted to greenlight the developments by a comfortable margin Tuesday.  Coconut Grove-based Terra Group and Aventura-based ESJ Capital Partners gained approval to redevelop the Jungle Island animal theme park into two condo towers, paying the city $135M for 5.4 acres on the north…

56-Story Miami World Tower 1 Gets TCO

Miami World Tower 1 has obtained its initial Temporary Certificate of Occupancy, according to contractor Coastal Construction. It is TCO #1 for the tower, Coastal wrote. Miami World Tower 1 rises 56 stories and includes 565 apartments, 3,000 square feet of full service restaurant, and 401 parking spaces. Construction activity was first spotted at the Miami World Tower…

Another 57-Story Tower Planned In Edgewater

A developer has acquired property in Edgewater where it will soon file plans for a 57-story tower, according to the SFBJ. Grupo T&C will file plans in Q1 2025 for a building with 600 and 800 residential units. Some of the units will be developer-owned rental apartments, while others would be condos allowing flexible rentals. The developer paid just over $15m for property…

Peruvian developer William Ticona pays $15M for Edgewater resi dev site, expanding his Miami pipeline

William Ticona bought a residential development site in Edgewater for $15.1 million, advancing his plans to expand his real estate empire from Peru to Miami. Ticona, who leads Lima-based Grupo T&C, scooped up the 0.8-acre vacant property at 404, 412, 416, 420, 432 and 436 Northeast, according to his broker. The seller was G&L Associates at 35th Street, an entity led by Nicolas…

Private School Shortage Cited After Billionaire Moves Firm To Miami

Two years after billionaire Ken Griffin moved Citadel to Miami, his biggest concern is the shortage of private schools here, according to the NY Post. Griffin announced a donation earlier this year to a 2-year old private Catholic school in North Miami, according to the Herald. Citadel’s relocation was announced in 2022, and the company has been working out of offices…

Linkvest Capital, MMG Equity Acquire Mixed-Use Destination in Downtown Homestead

Linkvest Capital and MMG Equity Partners have acquired Homestead Station, a mixed-use entertainment destination located on 4.8 acres at 4 S. Krome Ave. in downtown Homestead, about 39 miles south of Miami. LV Lending previously held a first mortgage on the property, and the acquisition was completed through a deed in lieu of foreclosure to Linkvest Capital and MMG Equity.

$400M Sale of W Hotel South Beach in Miami Brokered

Newmark has brokered the more than $400 million sale of the W Hotel South Beach in Miami. Reuben Brothers purchased the 20-story, oceanfront property from Tricap. The sale marks the largest hotel transaction in the Miami market this year, according to Newmark. The property is also the newest hotel to sell in the market since 2021. The W Hotel, which Tricap completed in 2009…

Developers Unveil Updated Vision and New Details For Surf Row Residences at 8800 Collins Avenue in Surfside

Miami-based LD&D, in partnership with ONE Capital and IGEQ, has introduced a new vision for Surf Row Residences, a collection of 25 bespoke condominiums situated just a block from the beach at 8800 Collins Avenue in Surfside. Designed by Alfonso Jurado Architecture and Boris Pena Architects, the project has been reimagined to align with evolving market demands.

‘Jean-Georges Miami Tropic Residences’ to Offer 329 Luxury Condos at 3501 NE 1st Ave in Miami

Soon, Michelin-Star Chef Jean-Georges Vongerichten may be known for more than innovative cuisine: his name could soon be synonymous with luxury residences. Sales have launched for Jean-Georges Miami Tropic Residences, an upscale high-rise comprising 329 condos, ranging from one-bedroom to four-bedroom floorplans. Future residents will have access to more…

Developer Planning 70-Story Brickell Tower Signs Covenant

The developer planning a 70-story tower in Brickell has signed a covenant with the county. The covenant, which was recorded on November 4, states that the property is within feasible distance to the water and sewer system, and will be connected as a condition of a building permit. Miami-Dade is currently in process on zoning approval for the site. An updated version…

61-Unit Hotel Planned In Edgewater

Zoning approval is in process for an 8-story hotel in Edgewater. The development name is listed as the Sonder Hotel – Edgewater Miami on plans. The hotel units will be a mix of studios and 2-bedrooms. Units will range from 381 to 742 square feet. The roof level will have a pool and a gym. Parking for 20 cars is planned within the new building. Miami’s Planning, Zoning and Appeals…

Lease-Up Of 323-Unit Allapatah Apartment Building ‘The Julia Residences’ Reached In Under Six Months

Developer Neology says it has achieved lease-up for its newly completed Allapattah apartment building, known as The Julia Residences. The 14-story, $140 million tower is named after Julia Tuttle, the founder of Miami. The 323 “attainable luxury” apartments are now 95% occupied, which took less than six months. Neology’s first project in Allapattah, No. 17 Residences…

Bldg Ventures plans short-term rental-friendly condo project near Miami’s The Roads neighborhood

Bldg Ventures is planning to develop Atelier Residences Miami, a short-term rental-friendly condo project near Miami’s The Roads neighborhood. Prices for units in the planned 10-story, 148-unit building at 1265 Coral Way will range from $400,000 to $2 million, according to a press release. Bldg, led by CEO René Bello, anticipates a total sellout of $80 million…

Big plans, little construction: Mapping South Florida’s long-delayed megaprojects

Nearly a decade ago, the Ghermezian family unveiled plans for an ambitious project: American Dream Miami. The Ghermezians’ Triple Five Group, owners of American Dream mall in New Jersey and Mall of America in Minnesota, proposed a sprawling mixed-use, phased 6.2 million-square-foot development with up to 3.5 million square feet of retail space, a massive theme park…

Massive Golden Glades rebuilt on $908 million road

Now 10 years in the making, the Golden Glades Interchange is on track to be the largest state-funded construction effort in Florida history. The mammoth $908 million project will help ease traffic flow in South Florida, one of the most heavily congested corridors in the nation, targeting major highways. Florida Department of Transportation (FDOT) officials say they are very…

UHealth Doral opening piece by piece through 2026

UHealth Doral is being rolled out in a phased approach rather than all it once. “It [the opening date] was Sept. 16, and we’ve done a phased approach,” said Dede Austin, assistant vice president of ambulatory services at UHealth Doral. “It’s been a phased approach opening. We started with the radiation oncology on Sept. 16 and then we, each week, expanded the services.

Lourdes Boue: Doctors Hospital/West Kendall Baptist’s CEO looks ahead

A distinguished healthcare executive, Lourdes Boue leads two hospitals within Baptist Health’s 12-hospital network: West Kendall and Doctors. Since joining Baptist Health in the ‘90s working in strategic planning, Ms. Boue has built an impactful career spanning more than two decades, marked by her dedication to advancing healthcare services and community well-being.

Design review recommends adaptive reuse project for Wynwood

A developer who is already making an impact on the Wynwood Arts District with a mixed-use project called Wyncatcher I now proposes a companion project that will fill out the block with more new retail uses and office space. Wyncatcher II is an adaptive reuse designed to bring new life to an old two-story warehouse at 2150 NW Miami Court. The Wynwood Design Review Committee…

$500 Million Mixed-Use Project Planned on 147-Acre Site Near Miami Gardens

A company led by Juan Carlos Mas, a member of the prominent Mas family with stakes in MasTec, has proposed a $500 million mixed-use development on 146.8 acres of county land just west of Miami Gardens at 20000 Northwest 47th Avenue. The project is planned to include workforce housing, retail, a hotel, warehouses, and recreational sports facilities. The Miami-Dade…

400-Foot Tower Submitted To FAA Near Omni

Plans for a tower near the Omni have been filed with the Federal Aviation Administration. The proposal was received by the agency on October 29. According to the filing, the tower will rise 392 feet above ground, or 400 feet above sea level. The site coordinates match a property that was reportedly sold to an affiliate of Sabet Group of Los Angeles in 2022. At the time, the SFBJ…

How is Flow revolutionary? Adam Neumann: “It’s a feeling”

It’s been two years since Adam Neumann launched his residential venture Flow and over six months since its first properties went live. And yet the haziness around how Flow will “revolutionize” community-based living — as Neumann promised — is as thick as ever. At The Real Deal South Florida Real Estate Forum, founder and publisher Amir Korangy pressed Neumann to explain.

Pedestrian Bridge Connecting Brightline To Aventura Mall Sitting In Storage For Months

A $20m pedestrian bridge has been sitting in storage for months, according to Miami-Dade Commissioner Eileen Higgins. Drone photos of the bridge were captured by Joel Franco. The county is waiting for an easement to be signed by a private property owner before construction can begin, Higgins said. See the pictures below.

Plans Revealed for 420-Foot Condominium Tower at 1250 West Avenue in South Beach

A partnership between JDS Development, led by Michael Stern, and entrepreneur Gianluca Vacchi has announced plans for a 420-foot luxury condominium tower at 1250 West Avenue in South Beach. Designed by Kobi Karp, the proposed tower aims to replace an existing 286-unit building currently allowing short-term rentals. Unlike the current structure, the new development…

Self-Storage Project Unfolding at 275 South Krome Avenue in Florida City

In August, Florida YIMBY reported on three self-storage ventures unfolding in both Miami-Dade and Palm Beach counties. The projects intend to meet the growing need for storage as South Florida’s population rises. Now, we’ve learned of another self-storage development taking shape in Florida City. The project is led by Ohio-based Amsdell Storage Ventures 83 LLC. It purchased…

St. Regis Bal Harbour condo association sues Qatari owners, alleging host of defects

St. Regis Bal Harbour Residences condo association is suing the property’s owners and managers, alleging building defects, health and safety issues and financial mismanagement. Mold, corrosion, flooding and exposed wiring are just a few of the defects alleged in the lawsuit filed this week in Miami-Dade Circuit Court by the Bal Harbour North South Condominium Association…

Q & A: Ed Easton goes toe-to-toe with institutional giants in South Florida’s industrial market

Ed Easton doesn’t see himself ever retiring from South Florida’s real estate game. His Doral-based eponymous commercial real estate firm runs smoothly, entering its 50th year of existence by keeping it all in the family. Easton’s adult kids, nephews and grandchildren have all been groomed to keep Easton Group in peak condition against multibillion-dollar national conglomerates…

Easton Group Buys Former Sears At Miami International Mall

The Easton Group bought the former Sears store and surrounding parking lot at the Miami International Mall from Seritage Growth Properties for $17M. The Miami-based development and real estate management firm took out a $12M loan from North Miami-based New Wave Loans to acquire the 13-acre Doral property, according to property records sourced…

South Florida holds growing role in global trade

Miami once was known as the gateway to the Americas. More recently, South Florid has grown an outsized role beyond the hemisphere to become a critical global trade hub. From sea and airports, to the foreign trade zones, to the importers, exporters and logistics facilities that rely on them, the region’s trade infrastructure and providers are connecting South Florida to the world.

Lease roundup: Tricap, Foster + Partners opening Miami Design District offices; Eataly, pickleball on tap at CityPlace in West Palm

Real estate firm Tricap and architecture firm Foster + Partners will open offices at the Design 41 building in the Miami Design District. Tricap, led by David Edelstein, leased 1,500 square feet; and Foster + Partners leased 4,000 square feet of indoor office space and a 3,500-square-foot patio at 112 Northeast 41st Street, according to broker Tony Arellano. The companies are…

Late developer Sergio Pino’s Miami apartment building faces $45M foreclosure

A Miami apartment building developed by the late Sergio Pino is facing a $45.4 million foreclosure suit. Pino, a prominent South Florida real estate figure who founded Century Homebuilders Group, died on July 16 from a self-inflicted gunshot wound at his Coral Gables home. At the time, the Federal Bureau of Investigations was closing in on raiding his home and arresting him…

New office space will lure firms to South Florida: TRD Forum panelists

The number of companies migrating to South Florida has slowed, but will reaccelerate as the region’s inventory of new office space expands, according to panelists who spoke Wednesday at The Real Deal South Florida Real Estate Forum. “Relocation activity has moderated partly because we don’t have enough high-quality office space,” said Jeremy Larkin, a founding…

TRD Forum panelists: The “Citadel effect” is boosting Brickell

Billionaire hedge fund manager Ken Griffin’s bet on Miami’s Brickell office market is boosting the neighborhood’s cachet among out-of-town executive condo buyers, according to a trio of experts addressing thousands of real estate professionals on Wednesday. Griffin is spearheading the development of a planned $1 billion 54-story mixed-use tower with a 212-room hotel…

Developers’ choice, Tomas Regalado, coasts to victory in Miami-Dade Property Appraiser race

Backed by developers, Tomas Regalado rode the red wave in Miami-Dade County to win the property appraiser’s race. Regalado, a Republican who served as Miami mayor from 2009 to 2017, beat Democrat Marisol Zenteno by 15 percentage points in Tuesday’s presidential election. Zenteno, who works as an analyst for the office she was seeking, captured 42 percent…

Developers Behind ‘Sixth&Rio’ at 501 SE 6th Ave in Fort Lauderdale Secure $96 Million in Loans

In May 2023, Florida YIMBY reported on Sixth&Rio, a multi-million-dollar residential venture in downtown Fort Lauderdale that had recently broken ground. Now, we have an update. Locally based OceanLand Investments has secured $96 million in funding to bring this project to life. According to the South Florida Business Journal, multiple lenders funded the loans…

OceanLand scores $96M construction loan for Sixth&Rio Fort Lauderdale condos

OceanLand Investments scored a $96 million construction loan for its planned Sixth&Rio condo project in Fort Lauderdale. The Fort Lauderdale-based developer landed financing from Invictus Real Estate Partners, a New York-based real estate private equity firm, and West Palm Beach-based Tannenbaum Capital Group Real Estate, according to a press release.

Developers Unveil First Yacht-Branded Residential Tower: Riva Residenze in Fort Lauderdale

Developers WellDuo, Vertical Developments, and GCF Development, together with Italian yacht maker Riva, have unveiled Riva Residenze, marking the launch of the world’s first yacht-branded residential project. The 20-story development includes 36 residences, occupying two parcels with 200 feet of waterfront and a private marina with slips. Sales and marketing…

Walton Street picks up Sunrise warehouse for $19M, as pockets of South Florida’s industrial market soften

Walton Street Capital bought a warehouse in Sunrise for $18.5 million. The Chicago-based firm scooped up the 77,600-square-foot building at 4701 Northwest 103rd Avenue from Plantation-based Miller Property Group, led by Steve Miller, according to records and real estate database Vizzda. The building, known as the Sunrise Corporate Headquarters, was completed by Miller…

Developers Complete and Open Edera Palm Springs, a 264-Unit Residential Community in West Palm Beach

Mast Capital, Rockpoint, and The Spear Group have announced the official opening of Edera Palm Springs, a new residential community offering 264 upscale apartments in the rapidly growing village of Palm Springs within West Palm Beach. Located at 2085 South Congress Avenue, Edera Palm Springs offers a walkable garden-style community with 11 three-story buildings set…

Video: Moody’s Senior Economist Ermengarde Jabir Provides Industrial Real Estate Outlook

In a recent episode of America’s Commercial Real Estate Show, the spotlight was on industrial real estate nationally with a deep dive into the current trends, challenges, and future outlooks impacting the sector in 2024. Featuring insights from Ermengarde Jabir, a senior economist at Moody’s Analytics who also publishes articles at NAIOP, the discussion offered valuable…

CMBS loans in commercial real estate

The market for commercial mortgage-backed securities (CMBS) has created a powerful source of capital for investors—particularly those financing the largest properties. While CMBS loans are more complex than traditional bank loans involving just a borrower and lender, they can be an attractive option for financing commercial real estate, depending on the property…

The condo-hotel conundrum: new state law tweaks balance of power at mixed-use complexes

Many residents bought their condos at the Carillon Miami Wellness Resort because living in a luxury hotel had an obvious allure. The branded oceanfront property is actually a condo-hotel, a complex for both residents and visitors with two restaurants and two cafés offering beachside dining, four pools, a gym and spa. Yet, the paradise is actually a “dictatorship” for residents…

Amazon Reportedly In Talks To Lease Large Office Space In Wywnood

Amazon could become the latest tech giant to move to Wynwood. The company is reportedly in talks to lease between 60,000 and 80,000 square feet at the under-construction Wynwood Plaza, according to Commercial Observer. At the time of writing, the talks were for about 75,000 square feet of space, the report said. About a year ago, Amazon founder Jeff Bezos announced he…

Amazon in advanced talks to lease as much as 80K sf at Wynwood Plaza

Amazon is getting closer to signing an office lease at the Wynwood Plaza project that’s under construction in Miami. The e-commerce behemoth is in advanced talks to take about 75,000 square feet at the development, with the final space still being determined, possibly ranging from 60,000 square feet to 80,000 square feet, Commercial Observer reported, citing anonymous…

Auto dealers Ali and Faisal Ahmed jump into South Florida’s industrial market, buying Miami Lakes warehouse for $38M

Auto dealers Ali and Faisal Ahmed are revved up for South Florida’s industrial market, dropping $38.2 million for a Miami Lakes warehouse. An entity managed by the Miami Lakes-based car moguls acquired a 190,707-square-foot industrial facility at 14100 Northwest 60th Avenue, records and real estate database Vizzda show. Completed in 1971, the two-story…

Graham adds to portfolio, pays $69M for 448-unit Miami Lakes apartment complex

Graham Companies, led by the family that developed Miami Lakes, expanded its empire with a $69 million purchase of a 448-unit apartment complex. The firm bought the ground lease for the Courtyards at Miami Lakes at 6431 Cow Pen Road from Village Oaks Associates, led by Ariel and Oded Meltzer, according to records and real estate database Vizzda.

Simon and David Reuben plant flag in Miami Beach, complete $400M-plus purchase of W-branded hotel

Billionaires Simon and David Reuben are officially entering the Miami Beach hospitality game, acquiring the W South Beach for more than $400 million. Reuben Brothers, the siblings’ eponymous London-based global investment arm, bought the hotel at 2201 Collins Avenue from Aby Rosen and David Edelstein, who lead New York-based firms, RFR Realty and Tricap…

Reuben Brothers Buy W South Beach From RFR, Tricap For More Than $400M

British billionaire investors the Reuben Brothers have acquired the W South Beach hotel for nearly a half-billion dollars. The London-based Reuben Brothers bought the building and its 348 hotel rooms and managed condo units from New York-based developers RFR and Tricap, which opened the building in 2009 after acquiring the 3.5-acre site at 2201 Collins Ave. in 2004.

420-Foot Luxury Residential Tower Proposed In South Beach

A developer wants to build a 420-foot luxury condo tower in South Beach. An existing 286-unit building on the site allowing short term rentals would be demolished. The new tower would have a more compact footprint but rise to a taller height of 29 stories. It would include 100 long-term residential units, with short term rentals prohibited. Units will be larger, at over 2,000 square…

Edgewater Whole Foods Under Construction, Apartments Available Above

Whole Foods has filed a Notice of Commencement for its new store in Edgewater, near Midtown Miami and Wynwood. The filing was recorded in county records on October 9. It states that tenant build out of the grocery store was commencing. Miami’s Building Department issued a construction permit for the large new supermarket in August. According to the permit…

329-Unit NoMad Residences Wynwood Tops Off

NoMad Residences Wynwood has topped off at nine stories. A ceremony was held at the construction site in mid-October to celebrate the milestone. Completion is slated for Q4 2025. NoMad Residences will include 329 condos delivered finished and furnished, and allowing flexible rentals. More than 80% of units are in contract. A rooftop restaurant and NoMad Bar is planned…

Brickell’s Tallest Office Tower Is Now Open

830 Brickell is now officially complete. The Class A+ office building received its full Temporary Certificate of Occupancy, and the first tenants have moved in. Banco Santander, which took 95,000 square feet, is said to have been the first tenant to move in. As of mid-October, around 20% of the building was occupied and operational, with the remainder expected to be built out…

Downtown Miami’s 14 ROC Gets FAA Approval, Utilities; Tree Permit Submitted

The 14 ROC tower planned in downtown Miami has received FAA height approval, and a utilities deal has been completed. A tree permit has also been applied for. The Federal Aviation Administration approval was issued on October 5. It allows a permanent building height of 395 feet above ground, or 407 feet above sea level. Miami-Dade County completed a deal with the developer…

Target Is Now Open In Downtown Miami (Parking Is Free)

Target has opened its store at a new retail complex in downtown Miami near the Brightline station. The new 50,000-square-foot Target is part of the 1.5 million Sawyer’s Walk development in Overtown, which includes multiple levels of retail, office, and residential. Target Miami Downtown offers free parking, reviewers wrote on Google Maps. The store website says it also offers…

Total Demolition Permit Issued At Edgewater Property Where 3 Towers Planned

Miami’s Building Department has issued a total demolition permit for a former Wendy’s Restaurant at the 3333 Biscayne property where a major redevelopment is planned. Multiple other demolition permits for residential properties on the same block were also issued on the same day, October 25. Those properties make up part of the new development site. The Wendy’s permit had…

Esplanade at Aventura Expands Retail Offerings With Eight New Tenants in 2024

Esplanade at Aventura is enhancing its shopping and dining offerings by adding eight new-to-market tenants throughout 2024. Since its launch in December 2023, the modern destination in Aventura has drawn visitors with its unique blend of upscale eateries, wellness boutiques, and Class A office spaces. The newly introduced tenants span luxury retail to fitness and specialty…

US vows $390 million to build Miami-Dade county’s Northeast rail corridor

The Northeast Corridor Rapid Transit, part of the Strategic Miami Area Rapid Transit (SMART) Plan, moved closer to reality Tuesday with the Federal Transit Administration announcing that it could receive up to $389.5 million in federal grants. Odds of approval by a Republican-led Congress, however, drops the project into a big “Maybe” box, depending on the outcome…

Homeowners’ secret deal to support Barry Sternlicht and partners’ plan to redevelop Standard Miami Beach creates ethical dilemma

A secret $1.2 million deal between a star-studded roster of investors and a homeowner’s group for supporting a $61 million redevelopment of the Standard Miami Beach may violate the city’s ethics code. A partnership featuring billionaire Barry Sternlicht, architect Bjarke Ingels, lawyer and singer Shakira’s ex-boyfriend Anthonio de la Rúa and hospitality CEO…

Michael Stern’s JDS plans luxury condo next to Monad Terrace in Miami Beach

Michael Stern’s JDS Development Group plans to develop a luxury condo tower next to its Monad Terrace project, The Real Deal has learned. An affiliate of JDS plans a buyout of the 238-unit Bay Garden Manor condo building at 1250 West Avenue, according to a source. The firm has started closing on units, and so far six sales have been recorded since June, ranging from $215,000…

Meet Michael Stern’s new partner, Italian entrepreneur Gianluca Vacchi

Italian entrepreneur Gianluca Vacchi is partnering with developer Michael Stern, taking his marketing chops and wellness expertise to work on a $4 billion pipeline of new real estate projects, starting in South Florida. Vacchi, who has a combined 45 million followers on Instagram and TikTok, formed a joint venture through his GV Development Group and Stern’s JDS…

Faced with Sears site fallout, Miami appeals to the state

City officials are urging the state to reconsider the Live Local Act, which overrides local zoning for affordable housing, in order to limit the scale of a planned project near Miami’s Coral Gate neighborhood that has raised resident concerns. Coral Gate residents filled city hall on Oct. 24, voicing strong support during the commission’s comment period for limiting the size of a three-building…

JV Scores Miami Dade’s First Permit for IOS Purpose Built Facility

Timber Hill’s special purpose firm Coconut Palm TH LLC, and Champion Realty Advisors have scored a permit for their IOS facility project in Homestead, Florida. The move has allowed the joint venture to finally break the ground on the project at South Dade Truck Parking Overlay after the process took months. This marks the first time a purpose-built IOS facility was granted…

Air taxi flights targeting Miami’s skies by 2026

Air taxis could be cruising the skyline as soon as summer 2026, as UrbanLink is progressing with plans to launch an all-electric fleet geared to transform transportation in Miami. A South Florida-based startup, UrbanLink is an advanced air mobility (AAM) company working to revolutionize aerial and maritime transit through cutting-edge, zero-emission solutions. It plans…

Cipriani Residences Miami Completes Brickell’s Largest Foundation Pour of the Year

Developer Mast Capital has completed the largest mat foundation concrete pour in Brickell this year for Cipriani Residences Miami, marking a significant milestone in constructing the brand’s first North American ground-up residential project. The pour, spanning approximately 16 hours, involved 11,500 cubic yards of concrete and 2,500 tons of reinforcing steel, making…

Twin 60-Story Residential Towers Planned Inside New Faena District

Plans have been announced for two 60-story towers called Faena Residences Miami, along with a new cultural district, Faena District Miami River. The buildings will include 440 residential condos. At the top, the towers will be connected by a two-story 45,000-square-foot “cultural epicenter.” Rafael Viñoly Architects is designing the towers. It is one of the last works by the late…

Developers Plan 48-Story Jean-Georges Miami Tropic Residences near Design District

Sales are now underway for Jean-Georges Miami Tropic Residences. It is the first foray into residential development by Michelin-Star Chef Jean-Georges Vongerichten. Jean-Georges’ abc kitchens, a blend of his popular plant-forward restaurant abcV, Latin concept abc cocina, and abc kitchen will be located on the ground floor of the new development. There will also be a private…

$927M Miami-Aventura Train Service Approved For Engineering Phase With More Funding

Miami-Dade’s planned Northeast Corridor train service has received Federal Transit Administration approval to move to the engineering phase. The FTA issued a pre-award with a maximum of $389m towards the project (Miami-Dade was requesting $454m), according to a letter issued October 23. The county will fund an additional $338m, while the State of Florida will provide $200m.

Brickell Supertall Tower Submitted To FAA At 1049 Feet

The Federal Aviation Administration received an application last week with a proposal for a supertall tower in Brickell. The filing matches the same location where Citadel is planning to build its headquarters tower. According to the filing, the tower is planned to reach a height of 1,046 feet above ground, or 1,049 feet above sea level. The agency received the application on October 24.

Weekend Foundation Pour For 80-Story Brickell Tower

A foundation pour took place over the past weekend for the 80-story Cipriani Residences in Brickell (a video of the pour can be seen here). It was planned as Brickell’s largest concrete pour year to date, with over 750 truckloads brought in beginning on Friday evening. The tower will become the first-ever ground-up Cipriani residences in North America, with 397 luxury condos.

Pre-Application Filed For 50-Story Tower North Of Signature Bridge

A pre-application meeting request has been filed with county planners for a new 50-story tower in Miami. According to the filing, the new tower is planned to be built at 1315 NE Miami Ct, just north of Miami’s under-construction Signature Bridge. The approval process is planned through Miami-Dade’s Rapid Transit Zoning area, rather than through the City of Miami. 1315 NE Miami Ct…

Prologis To Ramp Up Warehouse Purchases With Global Demand Expected To Climb

Executives at the world’s largest warehouse owner and developer expect to ramp up property acquisitions in coming months in a bet that industrial real estate demand will accelerate next year after a period of rising vacancies and subdued rent growth. Prologis raised its projected spending on acquisitions to between $1.75 billion and $2.25 billion for the full year — up…

Aman Miami Beach Residences Gets FAA Clearance, Approved for Heights Up to 252 Feet Above Ground

OKO Group and Access Industries have secured Federal Aviation Administration (FAA) approval for the Aman Miami Beach Residences at 3425 Collins Avenue. The FAA issued two determinations, each specifying height clearances for different points of the building to ensure compliance with airspace regulations. The primary clearance permits a maximum height of 252 feet above…

Notable Retail Leases Signed in South Florida Q3 2024

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during 2023. This past quarter was busy overall, and there were a few big box leases signed and sealed. Despite the sentiment that the traditional retail market is taking a hit due to several factors, particularly e-commerce and several retail store closures nationwide, this quarter’s lease…

Cayon, Easton ring up $17M Walmart-anchored shopping center purchase in Homestead

Cayon Development Group and Easton Group are joining the wave of buyers snatching up South Florida shopping centers, paying $16.8 million for a Homestead retail site anchored by a Walmart Neighborhood Market. The joint venture acquired a four-building retail complex at 14325 Southwest 268th Street, records and real estate database Vizzda show. Miami-based Cayon…

ASPR Filed for 600-Unit Apartment Development at Pullman Miami Airport Hotel Parking Lot

London + Regional Properties submitted an Administrative Site Plan Review (ASPR) application with Miami-Dade County on October 24 to develop two eight-story mixed-use buildings on the Pullman Miami Airport hotel site at 5800 Blue Lagoon Drive. The proposal outlines plans for 600 new residential units spread across two buildings on the hotel’s existing parking lot. The 10-acre site…

Swire Properties Announces 11 New Tenants at Brickell City Centre in Miami

Swire Properties has announced 11 new tenants as part of the North Block expansion at Brickell City Centre, a mixed-use development located at 701 S. Miami Ave. in Miami’s Brickell district. The new deals total 65,800 square feet and feature a mix of recent openings and openings for later this year and 2025. The new tenants joining Brickell City Centre include an anchor store…

Easton Group Acquires JCPenney-Leased Department Store at Miami International Mall for $12M

An affiliate of The Easton Group has acquired a single-tenant department store and adjacent parking lot in the Miami suburb of Doral for $12 million. Situated on a 10-acre site within Miami International Mall, the property totals 150,108 square feet of big box retail space. JCPenney currently occupies the building. Edward Easton, CEO and chairman of Easton Group, says that the…

Easton drops $17M for Miami International Mall’s closed Sears, plans up to 500 apartments

Easton Group bought Miami International Mall’s shuttered Sears for $17.1 million, with plans to develop up to 500 apartments on the site. The firm joins a growing number of investors that are seizing on floundering shopping centers in South Florida. Their plans include revamping the retail, as well as building new mixed-use projects on parking lots or on the site…

Faena Unveils a New Cultural District in Miami with a Landmark Riverfront Residential Project

Faena, in partnership with Fortune International Group and KAR Properties, is expanding its renowned brand to the heart of Miami by creating the Faena District Miami River. Set at 90 Southwest 3rd Street, this multi-phase cultural district will be located within the only 14-acre private park along the Miami River. Anchored by Faena Residences Miami, this transformative…

Think smaller: LD&D, partners relaunch sales for Surf Row in Surfside

The developers are relaunching sales of their planned Surf Row, a luxury condo project in Surfside, with smaller units and lower starting prices, according to a press release. Miami-based LD&D, led by Diego and Alejandro Bonet, partnered with George Samarjian’s IGEQ and Daniel de la Vega’s One Capital to first launch Surf Row in 2022 as an eight-unit townhouse development…

1950s-Era Silver Sands Beach Resort to be Replaced With 13-Story High-Rise at 301 Ocean Drive in Key Biscayne

Silver Sands Beach Resort in Key Biscayne, FL, will soon be replaced with a luxury condominium. Miami-based Terra recently secured approval from city officials, greenlighting a project that would replace the 1950s-era hotel with a 13-story tower. The high-rise would require 288,163 square feet of new construction, comprising 56 condos. The South Florida Business Journal…

David Martin’s Terra plans beachfront Key Biscayne condo development

Developer David Martin plans a luxury condominium in Key Biscayne, on the site of the Silver Sands Beach Resort. Martin’s Coconut Grove-based Terra is under contract to purchase the waterfront hotel at 301 Ocean Drive, according to an application submitted to the village of Key Biscayne. The Key Biscayne Council approved ordinances tied to the planned redevelopment…

South Florida industrial landlords are seeing pockets of softness as vacancies creep up

South Florida’s industrial market, the region’s bellwether commercial sector, is showing signs of softness as vacancy rates crept up across the region in the third quarter, a recent Colliers report shows. In Miami-Dade County, landlords dropped the average asking rent for a second consecutive quarter, after record highs in early 2024 and late 2023. Yet, institutional investors…

Lease roundup: Aldi, Ross Dress for Less on tap at Swerdlow’s Overtown project, Brickell City Centre lands Marc Jacobs, Anthropologie and more

Retailers are starting to open at developer Michael Swerdlow’s Sawyer’s Walk project in Miami’s Overtown. Already open are Target’s 50,000-square-foot store and Burlington’s 38,000-square-foot store, according to the developers’ news release. Next, Aldi will open in a 25,000-square-foot space and Five Below in a 10,000-square-foot space. In March, Ross Dress for Less will…

Redev Pipeline: Prices Have Collapsed For South Florida Condos 30 Years Or Older as Year End Regs Loom

A wave of aging condos are flooding the market amid looming year-end regulations that could prompt six-figure special assessments. Condo listings rose 60% in Miami-Dade, Broward and Palm Beach counties in the third quarter, and 85% of all listings are condos 30 years or older, according to a new study by real estate brokerage ISG World. Average sale prices for these older…

39-Unit Apartment Building Proposed for 2306 Van Buren Street in Hollywood

A 1940s-era apartment near Hollywood Circle could be demolished to make way for a four-story residential building. The unnamed development would offer 39 apartments, measuring 666 to 1,281 square feet each. The South Florida Business Journal reports that layout plans span one-bedroom to three-bedroom designs, with the average home measuring 824 square feet. Plans call…

PMG acquires development site for waterfront Fort Lauderdale condo project

PMG paid $19.2 million for a waterfront co-op building on Fort Lauderdale’s Intracoastal Waterway, as the firm moves forward with plans for a condo tower on the site. The New York and Miami-based firm secured approval from the city’s planning and zoning board for its planned project in October, according to a press release. The developer plans to build Sage Intracoastal Residences…

Bahia Mar developers unveil plans for St. Regis Resort and Residences in Fort Lauderdale

Another St. Regis-branded development is coming to South Florida, planned for Related Group, Tate Capital and Rok Acquisitions’ phased Bahia Mar project. The developers launched sales of the St. Regis Resort and Residences, Bahia Mar Fort Lauderdale during the Fort Lauderdale International Boat Show, according to a press release. The 40-acre Bahia Mar hosts…

Developers Launch $2B Monaco-Inspired Bahia Mar Redevelopment

To kick off this year’s Fort Lauderdale International Boat Show at Bahia Mar in Fort Lauderdale, the developers who control the property announced a $2B redevelopment they hope will catch the eyes of the superyacht shoppers descending on the area. Related Group, Tate Capital and Rok Acquisitions rolled out their plans Wednesday for a 40-acre luxury resort and residential…

Joint Venture Unveils Plans for $2B Waterfront Mixed-Use Development in Fort Lauderdale

A joint venture between Related Group, Tate Capital and Rok Acquisitions has unveiled plans for Bahia Mar, a $2 billion waterfront mixed-use development located in Fort Lauderdale. The joint venture is developing the 40-acre project in collaboration with Marriott International. Bahia Mar will be anchored by two 23-story condominium towers and a 197-room luxury hotel…

Plans Unveiled for The St. Regis Resort and Residences, Bahia Mar in Fort Lauderdale

Developers Related Group, Tate Capital, and Rok Acquisitions, in partnership with Marriott International, have unveiled plans for The St. Regis Resort and Residences, Bahia Mar Fort Lauderdale. This extensive project marks a transformative step for the renowned Bahia Mar Yachting Center, a major marina and host of the Fort Lauderdale International Boat Show (FLIBS)…

Link lightens South Florida portfolio, sells Fort Lauderdale mixed-use building for $19M

Link Real Estate’s South Florida portfolio just got a little lighter after the Miami-based firm sold a Fort Lauderdale building for $19 million. A Link affiliate sold The Glass Shop, a three-story office and retail building at 105 North Federal Highway, to North Miami Beach-based Jewish Culture High School, records and real estate database Vizzda show. The buyer obtained a $12.9 million…

Dependable Equities launches condo sales of massive Fort Lauderdale project

A Brooklyn developer is launching sales of a 775-unit luxury condo project in Fort Lauderdale, marking one of the biggest new developments planned in the city. Dependable Equities, led by Isaac Schlesinger and Rabsky Group co-owner Simon Dushinsky, tapped Douglas Elliman to lead sales of Ombelle Fort Lauderdale, which is set to rise at 300 Northeast Third Avenue…

La dolce vita: Vertical, GCF launch sales for Italian yacht-branded Fort Lauderdale condos

Vertical Developments, GCF Development and WellDuo are launching sales for a planned luxury condominium in Fort Lauderdale branded by the Italian yacht maker Riva. Prices for the 20-story, 36-unit Riva Residenze building planned for 3019 Harbor Drive start at $3.5 million, according to a press release. Fortune Development Sales is leading sales and marketing…

Italian Yacht Maker Riva The Latest To Lend Brand To Luxury South Florida Condos

A new yacht-branded tower is sailing into Fort Lauderdale. Italian yacht manufacturer Riva will lend its brand to a 20-story luxury condominium building at 3019 Harbor Drive, developers Vertical Developments, WellDuo, and GCF Development announced Wednesday at a press conference during the Fort Lauderdale International Boat Show. Named Riva Residenze, the tower…

Morgan, Carlyle land $67M loan for multifamily redevelopment of Pompano Beach Macy’s and parking lot

Morgan Group and Carlyle Group landed a $67 million loan for the redevelopment of a closed Macy’s and adjacent lot in Pompano Beach, where the developers plan a 356-unit apartment complex. The nearly 12-acre property consists of the Macy’s building at 1200 Northeast 12th Street within the Pompano Beach Citi Centre open-air mall, and a parking lot immediately to the south.

Construction Begins on Mosaic Palms Apartments at 7376 Lyons Road near Boynton Beach

Akel Homes has officially broken ground on Mosaic Palms, a new apartment complex west of Boynton Beach, following a $30 million construction loan secured from Seacoast Bank. The Stuart-based bank provided financing to Civic Hypoluxo Holdings, a Delray Beach-based Akel Homes subsidiary. This loan covers the 11.8-acre development site located at 7376 Lyons Road…

Construction Starts on ‘Mosaic Palms’ at 7376 Lyons Road in Boynton Beach

Construction has started on the Mosaic Palms apartments in Palm Beach County. Delray Beach-based Akel Homes is operating as both the developer and general contractor. Scheduled for delivery in the first quarter of 2026, the luxury venture will yield five three-story buildings. In total, the Mosaic Palms apartments will offer 187 homes, with floorplans spanning one-bedroom…

Two Downtown West Palm Beach Properties Acquired for Mixed-Use Redevelopment and Revitalization

EBC Capital, a real estate investment and development firm led by Eric Cohen, has acquired two properties in Downtown West Palm Beach for $5.6 million. The properties, located at 303 Gardenia Street and 501 S Olive Avenue, are part of EBC Capital’s plan to support the area’s revitalization, with leases already secured for tenants like men’s sportswear brand Redvanly…

Vanderbilt scores approval for $520M West Palm Beach campus

“Welcome to Palm Beach County,” county Mayor Maria Sachs said, as the room erupted in applause. Sachs had just presided over the unanimous approval of Vanderbilt University’s proposed $520 million graduate school campus in West Palm Beach during the Palm Beach County commission meeting on Tuesday. All seven county commissioners agreed to gift the…

Lowenstein family’s Lionstone buys Pearl condo dev site in Palm Beach Shores

The Lowenstein family’s Lionstone Development bought the site for a planned condo project in Palm Beach Shores. Records show a Lionstone affiliate bought the site at 123 Ocean Avenue from Kannega Glades LLC, a Florida entity managed by developer Deepak Khosa. Lionstone paid $13 million for the property and financed the purchase with a $7.5 million mortgage…

Mark Bellissimo, partners buy back Wellington International showgrounds

Developer Mark Bellissimo and his partners cut a deal to buy back Wellington International, the horse showgrounds at the heart of the village’s equestrian economy, three years after selling the site. The showgrounds play a pivotal role in Bellissimo’s planned 600-acre mixed-use development, the Wellington, a controversial project that will bring hundreds of homes to the equestrian…

Industrial Market Outlook: E-Commerce Resumes Growth

E-commerce, which slowed in 2023 after its pandemic-driven peak, is showing signs of recovery in 2024. According to the latest CommercialEdge national industrial market report, online sales reached $291.6 billion in the second quarter, marking a 1.3% increase from the previous quarter and a 6.7% rise year-over-year. With that, e-commerce now accounts for 18.8% of core…

Will This Market Have the Highest Rent Growth in 2025?

Last week, I commented on the New Residential Construction Report in 5 Graphs for September 2024. For this week’s article, I’ve kept the focus on the multifamily sector and given the recent release of our Q3 2024 Preliminary Trend Announcement, let’s take a look at our latest forecast and explore which regions and metros are poised to experience the highest rent growth…

Emerging Trends Report Predicts Rebound in Transaction Volume in 2025 as Capital Markets Are ‘Poised for Recovery’

At the September meeting of the Federal Open Market Committee (FOMC), the Federal Reserve lowered the federal funds rate by 50 basis points, which is the first easing of monetary policy in four years. This move lowered the short-term interest rate to a target range of 4.75 to 5 percent. Elevated borrowing costs have stifled commercial real estate transaction volumes the past couple…

No One Likes a Re-Trader in the M&A World

In the world of M&A, one of the quickest ways to damage your reputation and derail a deal is through what’s known as a “re-trade”—attempting to renegotiate the key business terms that were already agreed to in the letter of intent (LOI). While some people might think the LOI is just a non-binding starting point, treating it casually can be a huge mistake, both for…

Video: Joe Sarachek Discusses Distressed Real Estate Investing Playbook

Exploring Distress Investing in the Current Real Estate Market In a recent episode of America’s Commercial Real Estate Show, the show host and guest Joe Sarachek, a managing partner of the Sarachek Law Firm, author of Distress Investing Playbook, and Adjunct Professor at NYU, explored the world of distressed commercial real estate investing. The conversation centered on the…

Report: Absorption Is Positive Across All Property Types According to Third-Quarter Report

Perhaps the most salient information within Lee & Associates’ 2024 Q3 North America Market Report pertains to the office market. The third quarter of 2024 ended nine continuous quarters of negative net absorption in the office sector. However, additional occupancy losses may be on the horizon for the office market, even as supply pressures ease for this property type.

Supersizing retail sales : The growth of large-scale retail

Our previous FRED Blog post covered declining sales at electronics and appliances stores that may be due to consumers’ increased online shopping and diverted foot traffic. Today, we examine those expenditure patterns more closely by comparing recent US Census data on retail sales at general merchandise stores. The FRED graph above shows the value of inflation-adjusted retail…

Retail sales of electronics and appliances : Is online shopping replacing foot traffic?

The US Census reports the monthly value of retail sales grouped into 12 kinds of business activity. The terms for those activities, or industries, come from the outlets where the goods are sold. Think, gasoline stations, sporting goods stores, and home furnishings stores. But when consumers change where they go to purchase these products, the value of retail sales by industry…

If Florida Legalizes Weed On Election Day, CRE Could Feel The Effects ‘Right Away’

Commercial real estate might be the last thing on the minds of Florida voters on Election Day, but when they cast their ballots and vote on the state’s Amendment 3 referendum, which would legalize recreational marijuana, the outcome will have direct impacts on the industry. Amendment 3 needs 60% approval to pass, at which point state lawmakers, many of whom oppose legalization…

Target Opens 50,000 SF Store at Sawyer’s Walk in Miami’s Overtown Neighborhood

Target has opened a new 50,000-square-foot store at Sawyer’s Walk, a 1.5 million-square-foot mixed-use development underway in Miami’s Overtown neighborhood. SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, is the master developer. Construction on the 3.4-acre development began in summer 2021. The project includes a 578-unit…

Sawyer’s Walk Brings New Retail Era to Miami’s Overtown, Featuring Downtown’s First Target Store and More

Sawyer’s Walk (Block 55), the largest mixed-use development in the historic community of Overtown, announces the delivery of the retail component. A brand new Target just opened, and other major retailers are set to open over the coming weeks and months, including a Burlington, Five Below, Aldi supermarket, and Ross Dress for Less, which will serve the immediate…

13-Story ‘Traditional Condo’ Could Replace Closed Truist Bank at 2501 Galiano Street in Coral Gables

The Coral Gables Development Review Committee will review plans for a high-rise mixed-use project. Proposed by 2501 Galiano Street Holdings LLC, the 13-story building would comprise 98,335 square feet of new construction and feature 93 units. Floridian Development notes that 85 would be condos, and the remaining eight would be lodging units. The South Florida…

Race to the top: Developer proposes 1,000-foot-plus mixed-use Brickell supertall

Walter Defortuna, brother of Miami developer and broker Edgardo Defortuna, is proposing a 1,010-foot tall mixed-use tower in Brickell. The plan is the latest in a growing rush of supertall projects in Miami. The 81-story building would consist of 560 residences, 84 hotel keys and a 1,200-space parking podium on the 1.2-acre site at 1414 Brickell Avenue and adjacent lot at 1421 South…

Melo submits $35M stalking horse bid for 16-acre former trailer park in El Portal

Melo Group could expand its development pipeline into El Portal after placing a $35 million stalking horse bid for 16 acres along Biscayne Boulevard. An affiliate of Melo, a Miami-based family run development firm led by brothers Carlos and Martin Melo, made an offer for the former Little Farm Trailer Park at 8500 Biscayne Boulevard that has been managed by a receiver since 2020…

Review targets many changes in Flagler housing project

A developer has plans for a major Miami intersection, bringing new residential housing and a block-long stretch of retail businesses to the area. East Flagler Service Station LLC is the owner-developer of the 27 Flagler project, designed as a 12-story mixed-use building, home to 133 multi-family residential units, about 12,000 square feet of ground floor commercial-retail uses…

OK of 51-story Brickell office tower to fund transit

A 51-story Brickell Avenue office tower with ground-floor retail faces a hearing this week before the county’s comprehensive master plan and zoning board for a general site approval that would add 14% to Class A Brickell office space. If approved, the developer would contribute $1.1 million to improve the Tenth Street Metromover Station and pedestrian uses along….

County OK’s $75 million grant to get convention center hotel going

Miami-Dade has had its foot on a stubborn ground-breaking shovel for a hotel next to the Miami Beach Convention Center for almost a decade. It may just have started to dig in a little last week when commissioners agreed to toss another $75 million into the $500 million-plus project. That could get the 28-month hotel-building task started in early 2025 and opened by 2027.

41-Story ‘Flow House’ Planned for 2025 Unveiling at 697 N Miami Ave in Miami’s CBD

Flow House is an exciting high-rise headed for Miami Worldcenter, a project which its developers call “a nineteen-year secret in the making.” The 41-story tower is currently under construction, having topped off within the past few months. Planned for a 2026 reveal, Flow House will offer 466 fully furnished units, ranging from studios to two-bedroom units.

Tate proposes 348-unit apartment project on its North Miami HQ site, as redevelopment in city’s western side ramps up

Tate Capital proposes a 348-unit apartment project in North Miami, as redevelopment plans for the long-overlooked western side of the city ramp up. The firm, led by brothers Jimmy and Kenny Tate, wants to build a 17-story building with 39,300 square feet of ground-floor commercial space and a 636-space garage on the site of the company’s headquarters, according to records…

OKO Group, Cain International Deliver 57-Story Office Tower in Miami

OKO Group and Cain International have completed the development of 830 Brickell, a 57-story office tower located in Miami. Totaling 640,000 square feet, the fully leased building has now received its temporary certificate of occupancy (TCO) from the City of Miami. Tenants — which include Microsoft, Citadel, Kirkland & Ellis LLP, Marsh Insurance, Sidley Austin LLP…

Alan Faena heads to the Miami River: Fortune, KAR to launch Faena-branded condos

Developers Edgardo Defortuna and Shahab Karmely plan a Faena District along the Miami River, The Real Deal has learned. Defortuna’s Fortune International Group and Karmely’s KAR Properties are working with Alan Faena on Faena Residences, a planned 440-unit luxury condo development, Defortuna said. The two-tower project will be built on the site at 90 Southwest Third…

JEM Sky Villas with Interiors by FENDI Casa Unveiled at JEM Private Residences in Downtown Miami

Naftali Group has unveiled two luxury penthouses, JEM Sky Villas, with interiors designed by the renowned Italian brand FENDI Casa. Positioned at the top of the 67-story JEM Private Residences, these units showcase FENDI Casa’s signature design collections. Rising over 700 feet at 1016 Northeast 2nd Avenue in Miami Worldcenter, JEM Private Residences is designed…

FPL drops $60M for 350 acres in south Miami-Dade. Could a solar farm be in store?

Florida Power & Light bought nearly 350 acres of land in south Miami-Dade County near a solar panel facility owned by the energy company. Juno Beach-based FPL bought the site between Krome Avenue and Southwest 187th Avenue, south of the Black Creek Canal NO C-1W, in an unincorporated area of the county, according to records and real estate database Vizzda.

Institute of Contemporary Art, Miami expanding show space, pays $25M for building on same block

The Institute of Contemporary Art, Miami is nearly doubling its show space, paying $25 million for the former home of the de la Cruz Collection. Backed by high-profile Miami developers, the museum acquired a 30,765-square-foot building at 23 and 31 Northeast 41st Street, records and real estate database Vizzda show. The 36,388-square-foot institute, also known as ICA…

Industrial Supply in Miami-Dade Outpaces Absorption for First Time in 4 Years

South Florida is seeing some mixed results for the industrial sector, with Miami-Dade County seeing a big change in supply versus demand. This is based on three separate insight market reports from JLL, which not only evaluated the third quarter performance in Miami-Dade but in Palm Beach and Broward counties too. While Miami-Dade finished the third quarter…

Miami’s Industrial Sector Sees Record High Deliveries

Miami’s industrial sector is currently dealing with a surplus of supply, according to an analysis by Avison Young of the area’s third-quarter performance for the asset class. It found that the city has received more than six million square feet of new inventory, setting a new record, according to the CRE firm. But construction development in the pipeline has eased…

Sale of New 505,518 SF Industrial Property Miami Midway Park in Hialeah Arranged

CBRE has arranged the sale of Miami Midway Park, a four-building industrial park in Hialeah spanning 505,518 square feet. A real estate fund managed by Ares Management purchased the property from a joint venture partnership between Greystar and Butters Construction & Development for an undisclosed price. Jose Lobón, Frank Fallon, Trey Barry, Royce Rose, Devin…

Yes, chef: Terra, Lion Development launch sales of Jean-Georges condo tower Near Midtown Miami

French chef Jean-Georges Vongerichten is looking to cash in on Miami’s branded condo boom. The Michelin-starred chef is working with David Martin’s Terra and Michael Simkins’ Lion Development Group on Vongerichten’s first residential project, according to a press release. The developers launched sales of Jean-Georges Miami Tropic Residences at 3501 Northeast First…

Developers Hold Topping-Off Ceremony for NoMad Residences Wynwood

The NoMad Residences Wynwood, a new nine-story condominium tower located in the Wynwood Arts District, has officially topped off. Developed by Miami-based Related Group and Manhattan-based developer Tricap, the project is the first residential concept by the NoMad Hotels brand, under parent company Sydell Group. Over 80% of the building’s residences are…

New Jersey Developer Squeezes 378 Apartments Into Downtown Miami Proposal

A 50-story apartment tower with workforce housing is being proposed in Downtown Miami, four blocks west of the Adrienne Arsht Center. The 378-unit project at 1315 NE Miami Court was submitted in a preapplication to the county by Optimum Properties, a Jersey City-based developer and property manager. Optimum is looking to use rapid transit zoning rules…

Thousands of new apartments are here in South Florida (and more are coming)

One out of every 26 new apartments built nationwide since just before the pandemic have been built in South Florida. Over 14,000 new units open just this year. It is a brisk pace for a rental market that was squeezed by few apartments and a spike in demand during the COVID-19 pandemic migration to Florida. Over the past five years, over 74,000 new apartments have been…

Lease roundup: Korean restaurant Bonchon on tap at Moxy South Beach; More…

Korean fried chicken restaurant Bonchon will open at the Moxy Miami South Beach hotel. Bonchon leased 2,900 square feet at 915 Washington Avenue, according to a news release from landlord broker Comras Company. The restaurant is expected to open by year-end. Ryan Brodsky of Colliers represented the tenant, and Vicki Freeman of Comras represented…

How Sunshine, Palm Trees And Tropical Modernism Define Miami Design

Tourists flock to Miami Beach to stroll the streets lined with the city-defining art deco design. But the wave of permanent transplants to the city is staying for the tropical modernism that has for decades underpinned the city’s design ethos. Defined in part by its fondness for wide-open interiors, embrace of indoor-outdoor spaces and commitment to using locally sourced…

Brazilian Firms Target South Florida

Brazilian firms are targeting the South Florida regions to operate their businesses, as they look for opportunities that they wouldn’t get in their own country. According to a report from the state’s commerce organization, SelectFlorida, Brazil ranks as Florida’s second-biggest Latin America investor. Also, more than 100 Brazilian firms operate 115 locations in The Sunshine State.

Miami’s Office Leasing Is At A 4-Year Low As Pandemic-Era Deals Dry Up

Miami is on track to have its worst year of leasing activity since at least 2020 with a dearth of large deals and the average size of a new lease down to 3,682 SF. The 780K SF of third-quarter leasing activity puts Miami at 2.5M SF year-to-date, according to Avison Young. That’s on par with 2020, the worst-performing of the last five years. Large deals that helped propel Miami’s…

Plans Filed for 5-Story Condominium Development at 90 Isle of Venice Drive in Fort Lauderdale

Plans have been filed with Fort Lauderdale’s Development Review Committee (DRC) for the Adria Condominiums, a five-story, roughly 55-foot-tall residential project at 90 Isle of Venice Drive along the Rio Cervante Waterway. Designed by Adache Group Architects, with civil engineering by Craven Thompson and landscaping by EcoPlan, the development is proposed…

Eight-Story Affordable Housing Venture Could Replace Walgreens at 6105 W Sunrise Blvd in Sunrise

Affiliated Development hopes to get approval for an affordable housing venture that would replace a now-shuttered Walgreens in Sunrise, FL. The development would measure eight stories above grade and comprise 415 apartments. One-third of the units (about 138) would be designated as workforce housing, reserved for those earning up to 120 percent of the area median…

Developer Revises Plans for Mixed-Use ‘University Village’, Located at 555 Northwest Spanish River Road in Boca Raton

Boca Raton-based Penn-Florida Cos. has plans for a massive mixed-use venture in Palm Beach County. For starters, University Village will comprise 710 homes. According to the South Florida Business Journal, residences will be an array of apartments, single-family homes, and townhomes, along with options for senior living. They would average 1,007 square feet.

$75M Construction Loan Secured for 201-Room Hotel in West Palm Beach’s NORA District

BD Hotels has secured a $75 million construction loan to develop a 201-room hotel, the Nora Hotel, in the emerging NORA District of West Palm Beach. Metropolitan Commercial Bank provided the loan, which JLL’s Steven Klein and Mark Fisher arranged for financing. BD Hotels is working with NORA District master developers NDT Development, Place Projects…

Richard Born lands $75M construction loan for Nora hotel

BD Hotels, led by New York boutique hotelier Richard Born, and its partners landed a $75 million construction loan for a hotel at downtown West Palm Beach’s Nora District. BD, in partnership with Nora District master developers Place Projects, NDT Development and Wheelock Street Capital, landed the financing for the six-story, 201-key The Nora Hotel, according…

BH, Related add West Palm Beach dev site to growing portfolio

BH Group and Related Group snatched up another development site, paying $34 million for a waterfront lot in West Palm Beach nearby another project the duo are working on. The frequent partners acquired a 0.8-acre property at 2001 North Flagler Drive, which is less than half-a-mile from where Aventura-based BH and Coconut Grove-based Related are co-developing…

West Palm Beach board approves BH, Related’s Ritz-Carlton Residences project

BH Group and Related Group, two of the most prolific development partners in South Florida, can move forward with the first branded luxury condo project along West Palm Beach’s waterfront. On Wednesday, the West Palm Beach Planning Board voted 5-0 to approve the joint venture’s Ritz-Carlton Residences, West Palm Beach, a planned 26-story high-rise with 138 condo…

Integra picks up 317-unit West Palm apartment complex for $56M

Integra Investments picked up a 317-unit apartment complex in West Palm Beach for $55.5 million, in an otherwise sluggish multifamily investment market. The Miami-based firm bought Monaco Isles at 800 The Pointe Drive from New York-based Axonic Properties, according to Vizzda records. Integra took out a $41 million Freddie Mac loan originated…

Palm Beach County to vote on Vanderbilt campus

Palm Beach County is slated to vote on Vanderbilt University’s proposal for a $520 million graduate school campus. The Board of County Commissioners will consider the creation of a development and conveyance agreement (DCA) for the proposed West Palm Beach campus at its Oct. 22 meeting. Vanderbilt, nicknamed “the Harvard of the South,” presented its vision for a graduate…

Silverstone sells Palm Beach County senior living facility for $24M in deed in lieu of foreclosure deal

Silverstone sold a senior living facility in Palm Beach County for $23.5 million, as part of a three-way deed in lieu of foreclosure deal. The Dallas-based firm sold the two-story, 136-unit building at 8785 Lake Worth Road in an unincorporated area of the county to Walton Street Capital, according to records and real estate database Vizzda. The facility was rebranded Alamar…

Video: First American Economics Senior Commercial Real Estate Economist Xander Snyder Discusses Retail Property Outlook, Expectations for 2025

In a recent episode of America’s Commercial Real Estate Show, the discussion delved into the evolving state of the retail real estate market. The featured guest, Xander Snyder, Senior Commercial Real Estate Economist at First American Economics, provided valuable insights into the trends shaping the retail sector, which remains a crucial part of the U.S. economy.

Workforce Stress, Insurance and Resilience Innovations are Key Themes from Climate Week 2024 

Last month in New York City, organizations of all types hosted events as part of Climate Week. In addition to Moody’s event, Climate and Capital: Bridging the Gaps on the Path to Net Zero, I attended events focused on addressing insurance gaps, catalyzing resilience investment, advancements in physical risk data and innovations to address heat stress.  Among the many…

Regional Economy Cooling Slightly, Beige Book Shows

The new Beige Book from the Federal Reserve Bank of Atlanta showed economic activity in the Southeast has continued the slight slowdown that began in July into the current reporting period of September and the first half of October. Contacts reported declines in tourism in the wake of Hurricane Helene, in manufacturing output and commercial real estate, and also…

Protected: Financial Losses of the Florida “Self-Insured” May Be Near a Tenth of State’s GDP

Insurance is an issue in Florida. As a commercial real estate broker, I run into it all the time. It is either decreasing net operating income for an investor or increasing association fees on an industrial condo for an owner user or something. Its effect is everywhere. I’ve found owners can look at insurance as an expense, a requirement with no perceived benefit. I don’t view it this…

Florida Industrial Still Hasn’t Run Out of Gas

Four years after the global pandemic, Florida’s industrial real estate market continues to boom, fueled by a combination of demographic shifts, strong economic fundamentals, limited supply and increasing investment activity. The following analysis explores the key factors behind why the Sunshine State’s capital markets show no signs of slowing down…

Measuring labor market tightness with FRED

Economists measure labor market tightness as the number of job vacancies per unemployed worker, which is a key factor in monetary policymakers’ decisions. In the FRED graph above, the blue line shows the seasonally adjusted number of job openings as a fraction of the number of workers in the labor force since January 2020, just before the pandemic. The red line shows…

New Residential Construction Nationally in 5 Graphs

Table 1: Monthly New Residential Construction, September 2024 Last Friday, the Census Bureau released it New Residential Construction report for September 2024. For today’s article, I pulled together five charts (and one table) to help explain what’s going on in the housing market. In Table 1, you can see that permits, starts, and completions all softened during…

Ares cements top ranking for pricey purchases in South Florida, paying $147M for Miami Lakes industrial complex

Ares Management paid $147 million for a recently completed Miami Lakes warehouse complex, notching the biggest industrial purchase so far this year. It’s also the third time in less than a year that Los Angeles-based Ares dropped nine figures for a South Florida commercial property. An affiliate of the private equity firm acquired Midway Miami Park, a collection…

Bridge Industrial expands warehouse portfolio near Miami International Airport with $45M purchase

Bridge Industrial continues stacking up warehouse sites in Miami-Dade County, acquiring a Doral business park for $45.4 million. An affiliate of Chicago-based Bridge, led by CEO Steve Poulos, acquired Corporate Park of Doral at 7705 Northwest 48th Street, records and real estate database Vizzda show. Sitting on 15.7 acres, the complex consists of eight buildings with…

Work On 40-Story Edgewater Tower To Begin Q1 2025

In Edgewater, a 40-story tower known as Cove Miami has converted reservations for condos into contracts and announced a construction start date. Construction work is planned to commence in Q1 2025, the developers of the project said yesterday. Even before converting to contracts, there was strong interest in the 134 condo units planned through the reservation process…

Ricardo Dunin’s Oak Capital, Edifica propose 832-key Brickell hotel, boosting their development in Miami’s financial district

Developer Ricardo Dunin and Peruvian firm Edifica propose a 43-story hotel in Brickell, marking the companies’ continued investment in Miami’s financial district. North Development, a joint venture between Dunin’s Miami-based Oak Capital and Edifica, are under contract for an undisclosed price for the 0.6-acre development site at 132, 142 and 152 Southwest Ninth Street…

Demolition Permit For One Brickell City Centre Supertall Site Back In Review

A total demolition permit for an older building at the One Brickell Citycentre site is back in review. The demolition permit for an office building at 799 Brickell Plaza was first applied for in April 2023, and is now in its tenth review cycle as of October 10. Demolition of another office building at 700 Brickell Avenue recently wrapped up. It also forms part of the One Brickell…

Doral Gateway East project adds 330 residences, removes hotel

Doral officials are moving forward with updated proposed Doral Gateway East residential development modifications. With a 4-1 in favor vote during the Oct. 9 council meeting, Centrum Doral Owner LLC ‘s request for a modification to the Master Development Agreement (MDA) and a modification to the Pattern Book (PB) for the east portion of Doral Gateway East Neighborhood…

Miami Office Leasing on Track For Slowest Activity Since Pandemic

Office leasing in Miami is on track for one of its slowest years since the pandemic hit the country. It comes from Avison Young’s third-quarter market report that evaluated the performance of the asset class. As of September, leasing inched just over 2.5 million square feet year-to-date. At the same time in 2022, the figure was around four million and just under that mark a year later.

10 Story Apartment Towers with 1,426 Units Proposed for Miami Springs

The Miami Springs City Council discussed plans that were circulating at Miami-Dade County to develop three parcels of Miami Springs land currently owned by Miami-Dade County Aviation. According to an article by Theo Karantsalis and published in The Miami Herald, those plans include three (3) 10-story towers with 1,426 apartment units. I’m sure you’ve noticed some…

Aimco under contract to sell Hamilton multifamily tower, nearby Edgewater dev site for $204M combined

Aimco is selling the Hamilton apartment tower at 3333 Biscayne Boulevard in Edgewater and a nearby development site for a combined $204 million. The pending deals come as the real estate investment trust has been putting some of its prime South Florida holdings on the market this year. Denver-based Aimco is under contract to sell the Hamilton tower for $190 million…

Buyer revealed: Kushner purchasing Hamilton apartment tower in Miami’s Edgewater for $190M

Aimco is selling the bayfront Hamilton apartment tower in Miami’s Edgewater to Kushner Companies, The Real Deal has learned. Denver-based Aimco, led by CEO Wes Powell, previously announced it’s under contract to sell the 28-story, 276-unit Hamilton at 555 Northeast 34th Street and its share of the nearby development site at 3333 Biscayne Boulevard…

This Week’s South Florida Deal Sheet: Aimco To Sell 2 Edgewater Properties For $204M

Apartment Investment and Management Co. has reached two all-cash deals for a combined $204M to sell the Hamilton apartments and a nearby Edgewater development site. The apartment REIT declined to name the buyer of the 276-unit, 28-story Hamilton, but it said the property is under contract for $190M with the buyer committing to a nonrefundable deposit.

Aimco Strikes $204M Deal to Sell Miami Assets

Aimco has struck a deal to sell its equity in two real estate properties in Miami, Florida for $204 million. One of them is for The Hamilton, a 276-unit apartment building. The other is for a development at 3333 Biscayne Boulevard, which sits on 2.8 acres. For the latter sale, the real estate firm said its unnamed joint venture partner purchased its stake for $13.8 million, with the gross…

Tri-Rail express to downtown Miami booms; daily passengers up 54% in 4 weeks

Tri-Rail’s one-seat weekday express, launched July 1, has been regularly achieving a 100% on-time performance and ridership is growing, reports Victor Garcia, South Florida Regional Transportation Authority public affairs director. The express leaves West Palm Beach at 6:30 a.m., stopping at Boca Raton, Fort Lauderdale Airport and Metrorail Transfer, arriving at MiamiCentral…

Miami International Airport terminal upgrade advances

County commissioners were expected this week to approve a seven-year, $40 million contract for architectural and engineering services as part of a far larger expenditure to upgrade Miami International Airport’s Central Terminal. “The Central Terminal is a key part of MIA’s infrastructure,” a mayor’s report to commissioners says. “It houses various essential services and facilities…

Two projects spring from Miami’s deal with Adler Group

Fences surround the formerly proposed location for Miami’s administration offices downtown as construction begins at the site where a 36-story apartment tower will rise instead, with the municipal building breaking ground in the first quarter of 2025 near the airport. Miami-based Adler Group is developing the two projects as part of a public-private partnership…

Miami-Dade Aviation Department CEO Ralph Cutié: Piloting airport’s improvements as passenger traffic soars

Since being appointed director and chief executive officer of the Miami-Dade Aviation Department about three years ago, Ralph Cutié has led an unprecedented investment of $7 billion in capital improvements and $1.7 billion in maintenance upgrades. Over the next 10 years, Miami International Airport flyers will see upgraded restrooms, new passenger boarding bridges…

Terra, Turnberry score $75M grant for Miami Beach Convention Center hotel project

Terra and Turnberry are getting a $75 million taxpayer infusion for the joint venture’s convention center hotel project in Miami Beach. Despite securing more than $500 million in private financing for the Grand Hyatt-branded development at the intersection of 17th Street and Convention Center Drive, Terra and Turnberry need to plug a funding gap in construction costs…

Meta Development Plans 36-Unit Luxury Condo at 1888 Brickell Avenue in Miami

International firm Meta Development has plans to demolish the five-unit Houses of Brickell Condominium and replace it with a luxury development. The new venture would offer 36 residences with the cost of ownership hovering around $2.5 million each. The Real Deal reports that the project’s scope calls for two five-story buildings that would be connected by a rooftop pool…

Värde seeks $77M foreclosure against Coral Gables office complex owner

Värde Partners is foreclosing on the owner of a Coral Gables office complex for allegedly defaulting on a $68.9 million mortgage. Since August, the amount owed ballooned to $77.4 million, including accrued interest and late fees, according to a foreclosure complaint filed this week in Miami-Dade County…  buildings at 1 Alhambra Plaza. It is owned by an affiliate of…

Affinius Capital Faces Foreclosure On $69M Coral Gables Office Loan

A 262K SF Coral Gables office tower could be headed to foreclosure as it struggles with occupancy despite the neighborhood’s rising profile as a destination for Miami’s office users. The foreclosure suit was filed against San Antonio-based Affinius Capital regarding a $69M mortgage backed by Columbus Center, a 14-story office building located at 1 Alhambra Plaza.

Final cut: Cachita Universal Studios could lose Doral production facility to foreclosure

Cachita Universal Studios near Doral could be entering its final filming season after a lender filed a foreclosure complaint against the owner of the television production facility. An affiliate of Miami-based Altamar Financial Group is suing Alain Piedra-Hernandez, president of HH Coffee Group, which owns the 81,765-square-foot building at 7355 Northwest 41st Street…

Recently Delivered 500,000 SF Logistics Park – Miami Midway Park – Sells

CBRE has arranged the sale of Miami Midway Park, a four-building distribution business park totaling 505,518 sq. ft. on… The four buildings included in the sale were: 9695 NW 174th Street: 71,708 sq. ft.; 100% occupied; 9675 NW 174th Street: 71,708 sq. ft.; 76% occupied; 9575 NW 174th Street: 181,051 sq. ft.; 100% occupied; 9535 NW 174th Street: 181,051 sf…

Pre-Application Filed for 600-Unit Apartment Development at Pullman Miami Airport Hotel Parking Lot

London + Regional Properties, the Pullman Miami Airport hotel owner at 5800 Blue Lagoon Drive, has filed a pre-application with Miami-Dade County to develop two eight-story apartment buildings on the hotel’s parking lot. The proposed project would introduce 600 new apartments to the 10-acre site, which currently houses the 281-room, 13-story hotel built in 1986.

120-Unit ‘Courtside II’ to Break Ground at 1698 NW Third Avenue and 1501 NW Fourth Avenue in Miami

The second and final phase of an affordable housing development will soon break ground in Miami-Dade County. Courtside II is the second phase of Courtside, the first phase of which opened in 2016. The $58 million venture will comprise 120 residences in two seven-story buildings. Multi-Housing News reports that Courtside II will require 161,000 square feet of new…

Mapping the five proposed Live Local Act projects in Miami’s Wynwood

On the corner of Northwest Sixth Avenue and Northwest 26th Street in Miami’s Wynwood, a developer wants to replace the one-story Austin Burke menswear store with an apartment tower of up to 20 stories. The project would jut out above the surrounding one-story and two-story warehouses retrofitted into businesses, as well as above a 10-story building to the east.

MG Developer’s pipeline grows after landing $15M for Coral Gables condo project

MG Developer nabbed a $14.5 million loan for pre-development costs associated with a planned Coral Gables boutique condominium project. Three New Tork-based lenders, H Equities, 141 Funding and Maxim Capital Group, provided the financing for Alhambra Parc, a planned 11-story building with 78 condos at 33 Alhambra Circle, a press release states. A Colliers team led…

HTG Begins Construction on $58M Affordable Housing Community in Miami’s Overtown Neighborhood

Housing Trust Group (HTG) has begun construction on Courtside Apartments II, a $58 million affordable housing community project located in the Overtown neighborhood of Miami. Upon completion, the property will total 120 units in one-, two- and three-bedroom layouts. This marks the second and final phase of a two-phase development that began with the opening…

HTG teams up with Alonzo Mourning’s nonprofit on Overtown affordable housing project

Housing Trust Group and NBA Hall of Famer Alonzo Mourning’s nonprofit plan a 120-unit affordable housing project in Overtown, as development of below-market rate rentals booms in South Florida. Coconut Grove-based Housing Trust Group and AM Affordable Housing will develop the $58 million Courtside Apartments II with a pair of seven-story buildings…

HTG, AM Affordable Housing Build in Miami

Construction has begun on Housing Trust Group and AM Affordable Housing’s Courtside Apartments II, a $58 million affordable community in Miami’s Overtown neighborhood. Comprised of 120 units, Courtside Apartments II marks the second part of a comprehensive two-phase development. Funding for the project included a $30 million construction…

Site Work Permit Issued for 67-Story JEM Private Residences at Miami Worldcenter

Miami’s Building Department has issued a site work permit for JEM Private Residences, a 67-story mixed-use development at 1016 Northeast 2nd Avenue in Miami Worldcenter. Valued at $3 million, the permit was granted on October 3, with Coastal Construction as the contractor. The building will feature 259 condominium units on the upper floors and 530 multi-family…

Discount shopping: Easton nabs JCPenney store at Miami International Mall

Easton Group bought a JCPenney store at Miami International Mall, and the struggling retailer will stay on as the tenant. Ed Easton, chairman of his Doral-based eponymous firm, told The Real Deal that he has no immediate plans to redevelop the 10.3-acre site at 1603 Northwest 107th Avenue in his home city. Other developers like Electra America and Codina Partners…

Brickell Office Building Sold For Record-Breaking $443M

The 701 Brickell office tower has been sold for $443M – the most ever for an office building in Brickell. It is also the second highest price for an office building in Florida, trailing only the $540 million sale of the 1.2 million square foot Southeast Financial Center in 2016. 701 Brickell last sold in 2002 for $172m, property records show. The 32-story building has 685,279 square feet…

40-Story, 466-Unit Flow House Launches Sales At Worldcenter

Flow House is launching sales at Miami Worldcenter. The new property will offer the same amenities and community events as Flow’s existing rental towers. Flow House will rise 40-stories, and include 466-units. Units will be delivered finished and furnished, with studios starting at $450,000 and one bedrooms starting at $600,000. Units will include sustainably sourced…

Developer Plans Condo Building At 1870 Brickell

Miami-based META Development says it has acquired the property at 1870 Brickell Avenue, with plans to build a condo building. The company is also in contract to buy the adjoining 1880 Brickell Avenue, which will be merged to form the development site. The combined purchase price is $21m. The new condo building will rise 5 stories, with 36 units. Prices will start at $2.5m…

Brooklyn developer launches sales for second Bay Harbor Islands condo project

Brooklyn-based developer Redhoek+ is launching sales for its second planned condo project in Bay Harbor Islands. The planned seven-story, 18-unit Pool Haus at 1130 100th Street is intended to be a “sister building” to Solina Bay Harbor, the first South Florida condo project that Redhoek+ launched, said CEO Lee Cohen. Redhoek+ tapped Alyssa Soto Brody and Alyssa…

Closings underway at Fort Partners’ Seaway at the Surf Club luxury condo project

Fort Partners completed a boutique condo project next to its record-setting Four Seasons Hotel and Residences at the Surf Club in Surfside, newly recorded closings show. An affiliate of Fort Lauderdale-based Fort Partners, led by Nadim Ashi, has so far sold 13 luxury condos at Seaway at the Surf Club, a 34-unit, two-building development at 9149 Collins Avenue. The oceanfront…

UBS Is Sounding The Alarm About Miami Real Estate – Is It Overpriced?

Miami, Florida, has been one of the real estate industry’s biggest success stories over the last several decades. A combination of great weather, development, and a bustling job market has turned Miami into one of America’s top real estate destinations. However, recent concerns have emerged. Analysts at UBS are expressing concerns that the Miami real estate…

New Interior Renderings Revealed For ELLE Residences Miami

ELLE Residences Miami has revealed a fresh set of interior renderings, giving a detailed look into the design aesthetic of its 25-story residential tower, set to bring Parisian elegance to Miami’s Edgewater neighborhood. The project will feature 180 residences, each reflecting ELLE’s iconic design ethos, rooted in the chic sophistication of Paris. The interiors…

Renderings: Public Park Proposed On Watson Island In Exchange For Condos

A new website has been created showing conceptual images of a park on Watson Island (to see all 16 images, click here). Developers Terra and ESJ Capital, the owner of Jungle Island want to develop hundreds of condos on the north side of the island. In exchange, they would buy or lease the Jungle Island property, cancel the theme park and hotel lease, build a 13-acre park…

Lender seeks $13M foreclosure against Hollywood warehouse owner

A Hollywood warehouse owner is in danger of losing the building to foreclosure. Nearly a dozen entities managed by David Frank in Miami allegedly failed to repay a $1.8 million loan and a $10.8 revolving line of credit secured by a single-story, 8,640-square-foot industrial building at 1980 Grant Street, court records show. The lender, Woodlands, Texas-based…

City of Miramar to Review Plans for “The Park Miramar” Mixed-Use Development at October 16 Commission Meeting

The City Commission of Miramar will review a proposed large-scale mixed-use development named The Park Miramar, designed by 505Design, on October 16, 2024. The project, planned for a 125.8-acre site at the northeast corner of Red Road and Miramar Parkway, will include various residential, commercial, and recreational components. The development will consist…

Dual-Branded Fairfield Inn & TownePlace Suites Proposed for Miramar Park of Commerce

A dual-branded Marriott hotel is being proposed just off Florida’s Turnpike in Miramar, marking another significant development in the growing area. The City Commission is set to review the site plan for the Fairfield Inn & TownePlace Suites on October 16. The project is being developed by Miramar Park Hotels, led by Sanjaykumar Patel, Sadhanaben Patel, and Akesha Sanjay…

First Look: Interiors at 23-Story Residential Tower ‘Lumaire’ in Downtown West Palm Beach

Lumaire, rising 23 stories at 201 Clearwater Drive in Downtown West Palm Beach, offers a first glimpse of its interiors, marking a significant debut for CetraRuddy’s first interior design project in the area. In partnership with DesignBAR, the firm has crafted 457 residences featuring floor-to-ceiling windows, wide plank flooring, European-inspired kitchens…

Wheelock lists The Ben West Palm Beach for $208M

Wheelock Street Capital is accepting bids for a 208-key hotel along West Palm Beach’s waterfront, starting at $1 million per room. Greenwich, Connecticut-based Wheelock recently put The Ben West Palm Beach at 251 North Narcissus Avenue on the market with an asking price of $208 million, according to an online listing. CBRE is marketing the property.

Industrial On Pace To Absorb More Than 100M SF This Year

https://www.globest.com/2024/10/09/industrial-on-pace-to-absorb-more-than-100m-sf-this-year/ Fueled by unleased speculative deliveries, the national industrial vacancy rate has climbed by 30 basis points during the third quarter to reach 6.4%, according to Cushman & Wakefield’s latest industrial segment research. This represents the lowest quarterly…

Office Submarkets Bucking the Trend Through Mid-Year

Highlights: As of the second quarter of 2024, our top 82 primary office markets were evaluated based on their year-to-date change in effective revenue. Among our five regions, while the Northeast was the top ranked region for the multifamily and retail sectors, its office sector performance ranked last given its effective revenue declined by 129-bps over the first half of the year.

Video: Deloitte Real Estate Solutions Leader John D’Angelo Presents 2025 Commercial Real Estate Outlook

On the latest episode of America’s Commercial Real Estate Show, the show host sat down with John D’Angelo, Real Estate Solutions leader at Deloitte, to discuss Deloitte’s 2025 Commercial Real Estate Outlook. The conversation covered crucial national market trends and predictions, bringing insights that resonate across the industry, especially as we close out…

Video: The Counselors of Real Estate Chair Anthony DellaPelle Discusses Top Ten Issues Affecting Real Estate 2025

In a recent episode of *America’s Commercial Real Estate Show*, the show’s host welcomed Anthony DellaPelle, chair of The Counselors of Real Estate (CRE) and also a lawyer with the New Jersey based firm of McKirdy, Riskin, Olson & DellaPelle, to discuss the Top Ten Issues Affecting Real Estate for 2025. This annual report, developed by the CRE through extensive polling…

CMBS Troubled Loan Tracker: Office Delinquencies Accelerate to Nearly 5X the Level of Early 2023

Conduit & fusion loan delinquencies continue to creep up toward the pandemic high of 8.3% after increasing for the eleventh consecutive month to 7.0% and show no signs of slowing down. Although the Federal Reserve has slashed interest rates by 50 bps and many have priced in another 25 to 50 bps cut by the end of the year, the elevated maturities and lack of debt…

Commercial Real Estate Nationally: Moody’s Q3 2024 Preliminary Trend Announcement

Multifamily Performance Steadied, Office Stress Continued to Manifest, Retail Vacancy Declined, And Industrial Cooled Down The commercial real estate (CRE) industry received welcome news in September as the FOMC lowered the target federal funds rate by 50 basis points (bps) bringing expectations of continued relief in meetings ahead. The period of…

Rent burden may not hinge on the election result

Summary: Housing Affordability Crisis: The United States is facing a significant housing affordability crisis, with homeownership rates dropping and a large percentage of renters being cost-burdened.Impact of the Pandemic: The pandemic exacerbated the housing burden by accelerating household formation and deepening pre-existing housing shortages due to a tight labor…

With Pandemic-Era Excess Savings Depleted, What Lies Ahead for the Hotel Sector?

Highlights: Although excess pandemic-era savings have been fully depleted as of March 2024, Moody’s expects the Federal Reserve will navigate a soft landing for the U.S. economy with real GDP expected to increase by the mid-2% area in 2024 and the low-2% area in 2025.With non-financial assets such as real estate holdings and vehicles accounting for a larger share…

Hurricane Helene data story: 161,849 commercial properties in direct path of hurricane

Hurricane Helene’s projected track across Florida’s panhandle and the South has potential implications for public safety and business continuity. Nearly 162,000 commercial real estate properties in the state have a greater than 50% probability of being exposed to wind speeds of at least 50 mph — the wind speed at which some damage is likely. The total estimated value…

Hurricane Milton’s destruction: crane collapse, tornado damage, flooding

In the wake of Hurricane Milton, developers and contractors in the Tampa Bay area are evaluating damage at project sites, calling insurers and preparing to resume construction work. Milton made landfall as a Category 3 storm with winds of 120 miles per hour on Wednesday night in Siesta Key in Sarasota County, flooding streets and homes, and spawning tornadoes…

What is the gross rent multiplier?

There are many factors to consider when evaluating multifamily investment properties. The gross rent multiplier (GRM) is one tool that can help investors quickly estimate a property’s value. What is the GRM in real estate? The GRM is the ratio of an investment property’s market value to the annual gross rent it generates. The lower the GRM, the better the estimated…

The What and the When Matter for the Losses of Real-Estate Lenders

Not every commercial-real-estate lender in the U.S. is at risk following the sharp downturn in prices since 2022. The timing of loan originations and the type of properties used as collateral are key factors in estimating losses. Lenders who originated loans late in the cycle, such as debt funds, tended to have larger unrealized losses on the underlying collateral.

Updated RealPage Forecast Indicates Strong Multifamily Demand, More Mild Rent Growth

After starting the quarter below its long-term average, employment ended September on a high note, with an increase of nearly 254,000 jobs. This brings the total number of jobs created in the first nine months of the year to 1.8 million, which is 24% below the level seen during the same period last year. As inflation has been on a downward trajectory for some time now…

Office Loan Maturity Monitor: Maturities Picked Back up in August

Highlights: $2.5 billion CMBS office loans reached fully extended maturity in August, the highest monthly total since we started tracking in January 2023. The payoff rate was strong, at 56.9%. Maturities with debt yield above 8% and limited lease rollover continued to exhibit the strongest performance Although several large loans paid off in August, smaller loans continue to pay…