Construction Starts on Brownsville Transit Village’s Fifth Phase at 5255 N.W. 29th Avenue in Metro Miami

On Monday, July 22nd, Miami-Dade County officials celebrated the groundbreaking of Brownsville Transit Village’s fifth phase. Currently, the affordable housing development offers 401 apartments, along with a 660-spot parking garage and 6,400 square feet of retail. The fifth phase will add an additional 120 homes targeted at those earning 30 percent to 80 percent…

Contractor Hired To Build 56-Story ‘Architectural Marvel’ Villa Miami, Groundbreaking Soon

The developers planning the Villa Miami tower have hired a general contractor. Moss Construction will build the 56-story, 650-foot-tall “architectural marvel,” the developers said. Groundbreaking is planned for this summer. Villa Miami will feature a distinctive copper color-cladded exoskeletal design that “promises to make it an iconic tower.” “Villa Miami is an elegantly…”

Casa Forma Developer Advocating For Omni Community Redevelopment Agency Extension

The developer planning Casa Forma says an extension of the Omni Community Redevelopment Agency will help the project to proceed, according to the SFBJ. Casa Forma is planned to include 1,441 residential units, 143,328 square feet of office, 7,959 square feet of retail, and 1,532 parking spaces. The tower would rise 55 stories, or 650 feet. It would be developed by Crescent Heights…

830 Brickell office tower lands $565M perm loan, among South Florida’s biggest refinancings ever

The office tower 830 Brickell scored a $565 million loan from an Elliott Investment Management-backed lender, marking one of South Florida’s biggest refinancings ever. Vlad Doronin’s OKO Group and Cain International are developing the 57-story tower at 830 Brickell Plaza in Miami. The project, the first new standalone office tower in the Brickell Financial District in the past…

Second Meeting Scheduled To Discuss City-County Conflict Over Rapid Transit Zoning

Miami has issued notice of another joint public meeting to discuss a conflict over Miami-Dade’s Rapid Transit zoning. The first public joint meeting to discuss the conflict took place in March. Here’s what is planned at the new meeting, according to the agenda: A discussion, pursuant to the Florida governmental conflict Resolution act procedures of Chapter 164….

342-Unit Luxury Apartment Development Reaches Completion On The Miami River

Remi on the River has reached completion. The eight-story building includes 342 luxury apartments, ranging from 465 to 1,334 square feet. Remi is the second phase of the development. The first phase, known as Waterline, includes 346 apartments, which were fully leased within months of opening. Mast Capital and AEW are the developers. Corwil is the architect.

Mast Capital, AEW Complete 342-Unit Remi on the River Apartments in Miami

Mast Capital and AEW have completed Remi on the River, a 342-unit apartment community located at 999 N.W. 7th St. in Miami’s River District. The eight-story property features 400 feet of frontage along the Miami River, as well as studio, one-, two- and three-bedroom apartments spanning from 465 to 1,334 square feet in size. Monthly rental rates range from $2,171 to $4,897…

Lender sues to foreclose on Bay Harbor Islands condo site

An affiliate of Allure Development Group is being sued for foreclosure over a stalled condo development in Bay Harbor Islands. Saluda Grade Alternative Mortgage Trust 2023-BC3 sued BHI The Club 2 LLC over the remaining $10.2 million unpaid balance on a $16.5 million loan, according to records and real estate database Vizzda. The loan backs the development site where…

Merrick Parc Phase II wins OK for 225 residences, commercial

The second phase of what will be dual mixed-use residential towers in Miami’s southwest area cleared the city’s Urban Development Review Board with a recommended approval for Merrick Parc Phase II and a suggestion to consider replacing some palms in the landscaping plan with shade trees. This second phase will see construction of a 20-story mixed-use building…

County’s first three-story public library taking shape for branch in Downtown Doral

Downtown Doral is set to welcome the new Doral Branch Library for patrons to use and enjoy. The three-story library, at 5360 NW 84th Ave., will include books, technology and a terrace. It is expected to open its doors in June 2025. The library is rising across from Doral’s City Hall, near schools and retail stores, said Ray Baker, director of the Miami-Dade Public Library System.

Doral gaining during nation’s commercial realty dip

Doral’s commercial real estate defies national trends and continues to showcase high demand. “Viewing commercial real estate overall, even on a national scale,” said Matthew Rotolante, president and broker at Lee and Associates South Florida, “I would say Miami, Doral included… is somewhat resilient in the face of some of the trends that are taking place on a national scale.”

Grove Village, OK’d in 2011, finally moving ahead

A sweeping development destined to transform about 12 acres in the West Grove is finally moving forward with a city board’s unanimous approval. Grove Village, a six-block mixed-use residential and commercial project, has been in the works for more than a decade. The original Grove Village Major Use Special Permit (MUSP) was approved by the City of Miami in 2011.

New Central Park in Doral set to open

Inauguration plans are set for the east portion of the Doral Central Park, according to city officials. As part of the $150 million Doral Parks General Obligation Bond, the flagship project at 3000 NW 87th Ave. will be opening its first half on Aug. 24 with a community event. The project’s opening includes the amphitheater, skate park, playgrounds, multipurpose fields, a boardwalk…

Rodney Harris: Miami Gardens mayor cites taxable value rise and stability

Since becoming the mayor of Miami Gardens in 2020, Rodney Harris’ biggest motivation to build the city a thriving, productive place to live, worship, work and play has been the commitment to residents who initially placed him in public service. In November 2012, he was elected a councilman and in August 2016, he was re-elected for a second term. Later in his career as a public servant…

Nearly 600 Apartments Now Open At New 1.5M Square Foot Overtown Complex

In Overtown, the residential component at Sawyer’s Walk (formerly known as Block 55) has officialy opened. Developer SG Holdings, a partnership among Swerdlow Group, SJM Partners, and Alben Duffie, announced the opening this morning. “We’re pleased to announce the highly anticipated opening of nearly 600 residences at Sawyer’s Walk, a tremendous milestone for the city…

FAA Approves Midtown Miami’s Tallest Tower, Midtown One

The Federal Aviation Administration has completed a review of the proposed Midtown One tower, which is set to become the tallest in the neighborhood. According to a July 15 determination letter, the building’s proposed height of 610 feet above ground level and 623 feet above mean sea level does not pose a hazard to air navigation. Midtown 1 is planned to include: 329 residential units…

Miami Review Board Rejects Tall Towers on Small Lots

Miami’s Urban Development Review Board (UDRB) has rejected two projects this month to build really tall towers on small lots, calling both projects “out of scale.” Under Miami’s zoning laws, the board is required to review any project proposal that exceeds 200K SF and base its recommendations to the city planning director on the project’s “urban quality, compatibility and contribution…

SJC Ventures, Nuveen to Develop Whole Foods-Anchored Shopping Center in Doral

Atlanta-based SJC Ventures and Nuveen Real Estate have formed a partnership to develop Doral Marketplace, a new shopping center in suburban Miami that will be anchored by Whole Foods Market. The partnership recently purchased a 10-acre site at the southwest corner of NW 41st Street and NW 107th Avenue for the development, which is set to break ground this fall. The site is…

SJC, Nuveen drop $32M for Doral dev site, plan Whole Foods-anchored mixed-use project

SJC Ventures and Nuveen Real Estate scooped up a development site in Doral for $32 million, with plans for a Whole Foods Market-anchored project. Atlanta-based SJC and New York-based Nuveen bought the 10-acre vacant property on the southwest corner of Northwest 41st Street and Northwest 107th Avenue from Bridge Industrial, according to an SJC and Bridge…

Revised Plans and New Renderings Revealed for 1 Southside Park in Brickell

JDS Development Group has filed revised plans and renderings with Miami-Dade County for Brickell’s massive 1 Southside Park, currently under construction. Designed by SHoP Architects with ODP Architecture & Design as the architect of record, the project includes a residential component known as Mercedes Benz Places. The proposed changes to the project…

“Way out of scale”: Miami board rejects SB, Hazelton’s 55-story Edgewater tower

Amid intense neighborhood opposition against a proposal for a 55-story tower in Edgewater, a Miami project review board rejected the plan by SB Development and Hazelton Capital Group. The Urban Development Review Board voted 6-0 on Wednesday to recommend denial of the 463-unit project proposed for a 0.3-acre lot 419 Northeast 19th Street, between the Cité on the Bay…

Brickell Citadel HQ Tower Moves To Pre-Application Phase, With Public Baywalk

An affiliate of Citadel has filed a pre-application with Miami-Dade County for a new mixed-use tower in Brickell. Previous reports have said the tower could end up being a supertall, but the building’s overall size or height was not listed in the new filing. The purpose of the pre-application is to review the approval process and discuss filing requirements. According to the new…

Billionaire Ken Griffin submits site plan for mixed-use Miami supertall

Billionaire Ken Griffin is moving forward with plans to develop a $1 billion-plus mixed-use tower in Miami’s Brickell Financial District. Griffin’s attorney, Neisen Kasdin, this week submitted a pre-application for the sites at 1201 Brickell Bay Drive, 1221 Brickell Avenue and 1250-1260 Brickell Bay Drive. Griffin, founder and CEO of his hedge fund Citadel and owner…

Work Underway At Excel Miami Site, Where 424 Residential Units Planned

Site work is now underway at the Excel Miami site, according to Ryan RC Rea. The city issued a site work permit for the property on June 19, and a tree permit on June 25. The master permit to build the new tower and a phased vertical permit are both still in the review process. Excel Miami is planned to rise 24 stories, and include: 424 residential units (of which 216 will be micro-units)…

Block Capital buys into Diesel Wynwood project, plans relaunch

The Miculitzki family’s Block Capital Group bought into Diesel Wynwood, Bel Invest Group’s planned branded condominium project in the trendy Miami neighborhood, The Real Deal has learned. Wynwood-based Block Capital is taking the lead on the development, according to sources. Bel-Invest Group, led by CEO Maximilian Beltrame, remains a partner. Block Capital…

650-Foot Cranes Approved For Lofty Brickell Construction Site

Several cranes have just been approved for the Lofty Brickell construction site. According to a determination issued by the Federal Aviation Administration on July 17, the temporary cranes can rise 650 feet above ground, or 653 feet above sea level. Lofty Brickell is planned as a 44-story building with 364 residential units allowing short-term rentals. The permanent height…

Master Building Permit Issued for 75-Story ‘Baccarat Residences Miami’

A master building permit has been issued for Baccarat Residences Miami, a luxury condominium tower developed by Related Group and GTIS Partners and designed by Arquitectónica. Miami’s Building Department issued the permit to allow for the continued development of the 848-foot-tall skyscraper, under construction at 99 Southeast 5th Street and expected to be completed in early…

Master Construction Permit Issued At 75-Story Baccarat Residences Construction Site

A master construction permit was issued this week for Brickell’s 75-story Baccarat Residences tower. Records show the master permit was issued on July 15, with John Moriarty the contractor. It replaces a phased vertical permit. Baccarat is one of the tallest towers to ever go vertical in Miami, with a planned height of 75 stories, or 848 feet above ground and 852 feet above sea level.

Transit-Oriented Affordable Community Breaks Ground in Miami

The Miami-Dade County Department of Transportation and Public Works, Department of Housing and Urban Development and the County’s Department Public Housing and Community Development have broken ground on Phase V of Brownsville Transit Village, a 120-unit affordable development in Miami. Project partners include Atlantic Pacific Cos., Mount Sinai Community…

Developer Files Pre-Application for ‘Naranja Grove Apartments’ Located at 23435 SW 127th Ave in Homestead

An affiliate of Onyx Housing Group hopes to get approval for a multi-family housing development on farmland in Miami-Dade County. The Naranja Grove Apartments would require 318,108 square feet of new construction, rising eight stories and comprising 285 apartments. According to the South Florida Business Journal, the one-bedroom to three-bedroom homes…

Miami’s Watson Island Development Proposals Reviewed by Climate Resilience Committee

The City of Miami Climate Resilience Committee recently reviewed two proposals concerning developing and using City-owned waterfront property on Watson Island. These proposals were presented for evaluation due to their deviation from previous plans and now include updated requests and public benefits. The following steps involve potential approval by the Miami City…

454-Unit, 28-Story Tower Proposed Under Live Local Act in Little Haiti area of Miami

Developers 8038 and 165 Owner LLC, an affiliate of New York- and Miami-based Infinity Collective, and Miami-based MVW Partners, have proposed a residential development in Miami’s Little Haiti neighborhood under the state’s Live Local Act. The city’s Urban Development Review Board is currently reviewing the application for the 2.17-acre site at 165 Northeast 80th Ter…

Miami International Airport Approves Cargo Facility That Will Move It Up Ranks Of World’s Busiest

Miami International Airport is already the busiest international cargo airport in the U.S., and one of the busiest in the world. Now, a new vertical cargo facility has been approved that will significantly increase airport cargo volumes. Miami-Dade County commissioners voted this week to approve a deal with private developers to build the $400m Vertically Integrated Cargo…

372-Unit Residential Development Planned In Overtown

Plans have been announced for a 22-story development in Overtown called One West Twelve Residences. One West Twelve Residences will include 372 residential units, delivered finished and furnished and allowing short-term rentals. PMG, Lion Development Group, and LNDMRK are the developers. Cube 3 is the architect.  Numbers of pics are displayed…

H&R REIT, Urban-X Receive Approval for 28-Story MidRiverVu Apartment Tower in Miami

Canada-based H&R REIT and Miami-based Urban-X Group have received approval from the City of Miami’s Planning, Zoning and Appeals Board for MidRiverVu, a 28-story apartment tower. The 475-unit, market-rate community will be situated on a 2-acre site at 1411 N.W. North River Drive in Miami’s MidRiver district, which is west of the downtown area. The property represents…

Tatiana Pino now owns Century Homebuilders after Sergio Pino’s death, her attorney says

Developer Sergio Pino’s death by suicide on Tuesday — as federal agents descended on his home to arrest him — makes his estranged wife, Tatiana Pino, the sole owner of their development firm, Century Homebuilders Group, according to her attorney. And just one day after Sergio’s death, his brother submitted a will, kicking off the probate process tied to the distribution…

BH, Prime submit plans for 15-story hotel in Hallandale Beach

BH Group and Prime Group now plan a hotel on a Hallandale Beach development site where the joint venture previously envisioned a condo-hotel. The joint venture recently submitted a site plan to the city of Hallandale Beach for a 15-story building with 246 hotel rooms, 281 parking spaces and a public plaza at 804 South Federal Highway, according to city records. The project…

Investors scoop up dev site near Pompano Beach casino for $29M, amid near record South Florida multifamily pipeline

Atlantic Residential and Northwestern Mutual Life Insurance scooped up a development site for $29.1 million, to build apartments near Harrah’s Pompano Beach Casino. Their purchase comes amid a near record construction pipeline of multifamily units in South Florida, which has slowed leasing and calmed rent growth. Atlanta-based Atlantic and Milwaukee-based Northwestern…

Prestige scores $20M construction loan for Davie workforce housing project

Prestige Companies can move ahead with a workforce housing project in Davie after landing a $20 million construction loan. A Boca Raton-based entity, Mint 12 Income 3, provided the financing for Pioneer Lofts, a planned garden-style complex with 105 apartments at 6325 Southwest 37th Street, records show. Designed by Hialeah-based architect Albert Gonzalez, Pioneer Lofts…

Plans Filed for New 2-Story Padel and Pickleball Facility at 4000 N. Federal Highway in Fort Lauderdale

A two-story padel and indoor pickleball court facility has been proposed to rise along Federal Highway in Fort Lauderdale. The city’s Development Review Committee is set to review plans for the 1.01-acre site at 4000 and 4008 North Federal Highway on July 23. Padel Broward LLC, managed by Arvinder Bajaj of AB Diversified of Plantation, Vicki Tofte and Vilic Novovic…

Construction Completes on BSO’s New Research, Development, and Training Center in Fort Lauderdale

ANF has completed construction of the new Broward Sheriff’s Office (BSO) Research, Development, and Training Center (R.D.T.C.) in Fort Lauderdale, Florida, serving as the construction manager for the project with Saltz Michelson Architects and RDG Planning & Design as the architects. The building is designed to meet Class “A” Office Building standards. The BSO R.D.T.C. is…

Fortress takes back Fort Lauderdale marina, RV park in $86M deed in lieu of foreclosure

The investors in a Fort Lauderdale RV park and marina surrendered the property to the lender through a deed in lieu of foreclosure valued at $85.8 million. Gary Cioffi and Christopher Hein handed back the keys to the 20.2-acre Yacht Haven Park & Marina at 2295 and 2323 West State Road 84 to Fortress Investment Group, according to records and real estate database…

Zaragon sells Plantation office building for $16M, a 6% discount from 2018

Zaragon sold an office building in Plantation for $15.7 million, a 5.5 percent discount from the firm’s purchase price six years ago. The deal comes as distress continues to trickle across South Florida office properties. The tri-county region experienced a leasing frenzy over the past four years, but office landlords haven’t been spared from the sting of higher interest rates and property…

Seaside Builders Proposes ‘The Tropics of Delray’ for 2400 and 2410 N. Federal Highway in Delray Beach

Locally based Seaside Builders has proposed a high-end housing development in Delray Beach. The Tropics of Delray would offer a total of 34 units: 16 condos in a four-story building and 18 townhomes divided between three six-story buildings. According to the South Florida Business Journal, the condos would measure 2,405 to 3,690 square feet, while the townhomes…

Parking Lot Could Serve as 289-Unit Multifamily at 900 Broken Sound Parkway Northwest in Boca Raton

Locally based 900 Broken Sound Acquisition Co. has filed an application with Boca Raton city officials for the construction of a multi-family housing development. If approved, the venture would require 334,295 square feet of new construction and offer 289 units. Per the South Florida Business Journal, about 10 percent (29 homes) would be reserved as affordable housing…

Singaporean REIT sells Boca Raton office building for $82M –– an 18% discount from 2021

A Singaporean real estate investment trust sold the One Town Center office building in Boca Raton for $82 million, marking a 17.6 percent discount from its purchase price three years ago. Prime US REIT, which is publicly traded on the Singapore Exchange, sold the 10-story, 201,000-square-foot building and attached five-story garage at 1 Town Center Road to Gatsby Enterprises…

Asana sells West Palm Beach’s repurposed warehouse district for $20M, as South Florida retail deals flow

Asana Partners sold a portfolio of West Palm Beach warehouses repurposed into retail, restaurant and office space for $19.5 million. The deal comes as such South Florida commercial trades continue, despite higher interest rates. Charlotte, North Carolina-based Asana sold seven one-story buildings at 1300, 1400, 1500 and 1220-1250 Elizabeth Avenue, as well as 1615 Clare Avenue…

Foreclosure Suit Filed Against Developer Of 41-Acre Palm Beach Mixed-Use Project

Brian Tuttle’s plans to create a sprawling mixed-use community in Royal Palm Beach hit what he described as “a little bump in the road” this week after a foreclosure action was filed. A 41-acre site inside the Tuttle Royale community is facing foreclosure after Tuttle Land Investments stopped making payments on three mortgages totaling $38M. The short-term debt originated…

Related joint venture submits plans for Riviera Beach mixed-use project

Related Group, BH Group and Tezral Partners submitted plans for a mixed-use multifamily development in Riviera Beach. The joint venture plans 418 apartments across a 20-story, two-tower project at 1300 Broadway, just north of West Palm Beach. Miami Lakes-based Cohen Freedman Encinosa & Associates Architects is designing the buildings, according to a copy of the preliminary…

Kolter, Perko win Jupiter Island zoning amendment, allowing for condo project

The Kolter Group and Phil Perko won a zoning amendment that paves the way for a Jupiter Island condo project. The Palm Beach County commission voted unanimously Wednesday at its zoning hearing to allow property owners to apply for waivers for setbacks in the redevelopment of existing coastal multifamily buildings. The zoning amendment applies to buildings over 35 feet…

Video: Marathon CEO Bruce Richards on Rate Cut Possibilities, Commercial Real Estate, Election Effects, more…

In a recent conversation on Bloomberg Television, Bruce Richards, CEO, Chairman, and Co-Founder of Marathon Asset Management, delved into critical financial topics. The discussion covered a range of subjects, from U.S. economic trends to central bank policies, offering deep insights into the financial landscape and including potential effects on commercial real estate…

Sentiment among CRE finance executives nationally drops again in new survey

Higher interest rates continue to cast a pall over commercial real estate, and the latest Board of Governors Sentiment Index from the CRE Finance Council (CREFC) reflects the gloom. The second quarter edition of the index dropped 3 percentage points from the first three months of the year to a reading of 105.4. The decrease reflects growing caution among more than 50…

Elevated Completions Continue to Weigh on USA Multifamily Rent Growth

Highlights: After a banner year for housing completions in 2023, both single-family and multifamily completions are poised for another strong year in 2024. However, elevated multifamily completions coupled with rising operating expenses have weakened profit margins for multifamily landlords. Consequently, as of the second quarter of 2024, Moody’s CRE forecast for asking…

Property Typecast: The self-storage industry shifts from surge to stability

While the industrial sector often gets the most recognition for being a pandemic-era darling, the self-storage industry has also enjoyed the benefits from changes in socioeconomic conditions that have bolstered demand for flexible storage solutions. As the pandemic took effect in early 2020, lockdowns and social distancing measures constrained consumers’ ability to spend money…

Medical Office Building Tenants Pay a Premium for These Markets

Medical office tenants seek densely-populated markets, said Jason Muss, president of Muss Development. Across the nation, demand for medical office buildings is persistent. As the population ages and the youngest of the Baby Boomers enter their 60s, the need for in-person health care is increasingly critical. But some markets in the U.S. are experiencing more demand than others…

Prologis Says Demand For Data Centers Is Boosting The Industrial Property Outlook Nationally

Prologis raised its annual earnings outlook despite a steep decline in revenue in the second quarter, saying that a dwindling pipeline of new warehouses and growing demand for artificial intelligence infrastructure should boost profitability. San Francisco-based Prologis, the world’s largest industrial property company, on Wednesday posted earnings attributable to common shareholders…

CNBC Ranks Florida’s Economy As The Best In U.S. In 2024

Florida has the best economy in the U.S. in 2024, according to a new CNBC ranking. The state added 240,000 new jobs last year, an increase of 2.5%, the report said. GDP increased 5% in 2023 to 1.28 trillion, among the fastest nationwide. New business applications grew even faster, up 9%. Florida’s budget and housing markets are also said to be balanced. The news network…

The Fed: Job openings-to-unemployment ratio; labor markets are in better balance

In the most recent FOMC press conference, on June 12, Chair Powell noted that the labor market “has come into better balance, with continued strong job gains and a low unemployment rate.” One measure of labor market tightness that illustrates this is the job openings-to-unemployment ratio, shown in the FRED graph above. The ratio is taken by dividing the total number…

Bank OZK Prepares For ‘Credit Deterioration’ While Growing CRE Loan Book

Bank OZK posted growing net charge-offs in the second quarter as its pool of nonperforming loans grew to $81M, its highest volume since at least 2009. But the Arkansas-based bank, which reported its second-quarter earnings on Wednesday and held its earnings call Thursday morning, continues to aggressively expand its real estate lending portfolio, the majority of which…

Revised Plans & Renderings Submitted For Brickell’s Massive 1 Southside Park

The developer building Brickell’s massive 1 Southside Park has filed revised plans and renderings with the county. The under-construction project includes a residential component known as Mercedes Benz Places. A foundation pour was recently completed for the first phase. The proposed changes include an increase in open space, increase in lot coverage (6%), reduction…

Unmasking the developers of South Florida’s biggest Live Local Act project

In South Florida real estate, self-promotion comes in hearty doses. For developers, generating buzz for themselves and their planned projects is as vital as scoring approvals and construction financing. Not so for Pablo Castro and Laura Tauber. The duo proposes a 3,233-unit apartment complex with six towers, ranging from 26 stories to 37 stories, in Miami-Dade County’s…

1,000-Unit Residential Project on Near Miami River Submitted To UDRB Review

Miami’s Urban Development Review Board is scheduled to hold a hearing today on a large residential complex. The multi-family development is proposed to be built in three phases on Delaware Parkway, about a block away from the Miami River. The buildings will rise 12 stories, and include a combined: 1,000 residential units 1,318 parking spaces The first two phases…

Sergio Pino dies by suicide during FBI home raid

Prominent South Florida homebuilder Sergio Pino was found dead from suicide at his Coral Gables home on Tuesday morning. Pino was being investigated by the Federal Bureau of Investigation amid a contentious divorce with his wife, who accused the developer of poisoning her. Pino, founder and president of Century Homebuilders Group and a major Republican donor…

Sergio Pino allegedly hired two crews to murder his estranged wife, law enforcement reveals

Before committing suicide on Tuesday, Sergio Pino allegedly hired a second team of hitmen to murder his estranged wife after the first crew failed to do the job, according to South Florida’s top federal law enforcement officials. The second group was also unsuccessful in killing Tatiana Pino, whose messy divorce from the deceased homebuilder was at the crux of Pino’s alleged…

345-Unit Downtown Miami Tower Advances With Site Work, Vertical Permit Filings

Plans for a 345-unit apartment tower in downtown Miami are advancing with multiple new construction permit filings. On July 3, applications were filed for both a site work permit and phased vertical permit at the Nexus Riverside Phase 1B site. Southern General Builders LLC is listed as the contractor on both permits. David Adler is listed as the qualifier for the contractor.

40-Story Flow Miami Worldcenter 2 Nearing Completion

The second tower at Flow Miami Worldcenter is now nearing completion. The first 43-story Flow tower opened at Worldcenter in 2019, with 444 apartments (previously named Caoba). The second tower began construction in late 2021 or early 2022, with a foundation pour in June 2022. Top off took place in Summer 2023. The new tower is 40 stories, and will have 411 residential units.

Plans Filed for 20-Story ‘Gamla Health District’ Residential Tower with Distinctive Geometric Facade in Miami

Development plans for a 20-story residential tower have been filed for 1355 Northwest 15th Street in Miami’s Health District. The project, named Gamla Health District, is designed by Behar Font & Partners and developed by Gamla Cedron HD, LLC, an affiliate of Miami-based Gamla Cedron Group led by Shaoul Mishal. Envisioned to rise approximately 232 feet, the building…

Plans Submitted For Gamla Health District With 224 Residential Units

Miami planners have received an application to build a residential project called Gamla Health District. The 20-story structure is proposed to include: 224 residential units (mostly 1-bedrooms, with some studios and 2-bedr0oms) Leasing office, co-working spaces, and other amenities 257 parking spaces, in a 7-level garage mostly hidden by residential units The top of…

55-Story Edgewater Tower Scheduled For UDRB Hearing

Plans have been resubmitted to Miami’s Urban Development Review Board for a 55-story multifamily tower in Edgewater following a redesign. The proposal had been filed with the UDRB last year, but withdrawn. According to The Real Deal, some residents of the neighboring Cite complex are opposed to a deal to build the tower. An demolition permit for an older condo…

Looser ban on subsidies for vast American Dream Mall advances

The county should loosen a 2018 ban on subsidies to develop multi-billion-dollar American Dream Mall in Northwest Miami-Dade to allow two forms of aid, a committee voted last week. The mayor’s office opposed loosening restrictions until developers meet requirements as the county asks exactly what is planned for the 82 acres that they got from the state…

Major Watson Island developments’ leases advance

Miami is drafting ballot language to put the future development of Watson Island to a public vote in November after commissioners were assured two deals will include an enhanced, city-wide benefits package. On July 11, the city commission unanimously authorized that two charter amendments be drafted and possibly proposed to voters this fall. If a majority of residents approve…

Providers jockey to offer Miami urban air taxi service

The race to introduce air taxis to Miami’s skyline is speeding up as one provider is targeting a 2026 launch and plans to buy 20 all-electric jets to make the futuristic vision a reality. Recent start-up and Miami-based advance air mobility operator UrbanLink announced plans in May to acquire the German-made Lilium electric vertical take-off and land aircraft, or eVTOL. The eVTOL…

New Deliveries Begin To Test Miami’s Office Success Story

Developers rushed to meet demand for trophy office space in Miami during the pandemic, with nearly 2M SF of space under construction at the end of 2023. The first of those projects are starting to come online, and they show that the surge in companies opening hubs in South Florida has meant uneven success for developers building new offices. Two of the three buildings delivering…

Miami International Airport, PortMiami plan cutting-edge trade amenity

PortMiami and Miami International Airport are partnering to increase trade and products that arrive in the US through South Florida by creating a state-of-the-art facility to sanitize incoming goods and provide cold storage for them. “We are expecting it to be highly innovative with technology and really be able to increase the products that come through here based…

Michael Lewis: Ignorance of the facts is no excuse to alter mall subsidy ban

County commissioners debated 90 minutes last week while dancing around key questions crucial to a final vote on an impactful decision – and they don’t seem to know the answers. They say they don’t know why predecessors six years earlier banned subsidies for American Dream Mall, which had been pitched as a $4 billion investment, later raised to $5 billion. If built as publicized…

Planned residences across from Douglas Park get thumbs down

A developer has proposed bringing 130 dwellings to a Miami neighborhood adjacent to one of the city’s most popular parks, and a city board turned thumbs down. The applicant is 2814/16 SW 37 LLC, owner-developer of a site at 3700 SW 28th St., across the street from Douglas Park. The project, Mosaic at Douglas, is designed as an eight-story multi-family building with 257,923…

UDRB to Review Plans for 39-Story Residential Tower at 2534 North Miami Avenue in Wynwood

Miami’s Urban Development Review Board has received an application for a 39-story multifamily residential tower at 2534 North Miami Avenue in Wynwood. The approximately 437-foot-tall building, proposed by 2534 N Miami Associates, LLC, an affiliate of New York-based Hidrock Properties led by Abraham J. Hidary, is designed by Arquitectonica and will feature landscape…

‘Sleek, Modern’ 39-Story Wynwood Tower Proposed Under Live Local Act

Plans have been filed for a new tower at 2534 North Miami Avenue in Wynwood. The project is being proposed under Florida’s new Live Local act, allowing developers to bypass some local zoning restrictions if they commit to build certain amounts of workforce housing. The proposed height is 39 stories, taller than other buildings in the area, thanks to Live Local. 2534 North Miami…

454-Unit Little River Tower Proposed Under Live Local Act

Plans have been filed for a new tower in Little River under Florida’s Live Local act. The recently passed law allows developers to bypass certain local zoning restrictions, including height and density, if they commit to building a percentage of units dedicated to workforce housing. The newly submitted tower is proposed to top off at 28 stories, or 321 feet above ground, and include…

California Firm Sells Doral Warehouse For $17 Million

The Goodman North America warehouse in Doral sold for $17.26 million. Goodman Doral 88th Court LLC, an affiliate of Irvine, California-based industrial firm Goodman North America, sold the 111,529-square-foot warehouse at 2100 N.W. 88th Court to Century Properties 2100 Doral LLC, managed by Ariel Chavez in Doral. Citibank provided a $17 million mortgage…

Proposed 55-Story Tower at 419 Northeast 19th Street in Miami Returns to UDRB for Review

Miami’s Urban Development Review Board has received another application for a 55-story tower at 419 Northeast 19th Street in Edgewater. The project, initially filed in October 2023, is scheduled for review on July 20 and has undergone several updates and modifications. The development team for this project includes architectural design by Fogarty Finger Architecture…

New Industrial Supply Attracts Steady Demand In Miami

More than 3.3M SF of new industrial space was delivered in the Miami market in Q2 2024, a wave of new speculative inventory that now totals 4.5M SF since the beginning of this year—an amount approaching last year’s total of more than 5M in new supply. This flood of warehouse space has been met by steady demand for new facilities fueled by positive demographic growth…

Construction to Start on 14 Roc Condo in 2025 at 125 NE 14th Street in Miami

GFO Investments through affiliate 14th Street Miami Investments LLC has filed plans for a 32-story tower in Miami-Dade County. The 14 Roc condo would offer 283 fully furnished condos, ranging from 410 to 964 square feet each, according to the South Florida Business Journal. Per BRG International, floorplans span from “sleek studios to spacious two-bedroom units…”

Mega-Project Planned on City-Owned Land in North Miami

Mega-projects are proliferating in the North Miami area. A joint venture known as Redwood is planning eight 18-story buildings that will encompass 2,193 residential units, 121,500 SF of commercial space and parking for 4,100 vehicles. The project would be built on about 39 acres of city-owned land in North Miami that includes 15-acre Claude Pepper Park, a community center…

South Florida retail rents, vacancies remain stable in second quarter

Retail landlords across South Florida had a steady ride for the first six months of this year, with vacancy rates in the low single digits amid some rent growth, according to a new report. Institutional investors also pumped up the tri-county retail market by going on a shopping center buying spree since the spring. Second quarter buyers included Pine Tree, a Northbrook, Illinois-based…

‘Naranja Grand’ Affordable Housing Community Tops Off In Southern Miami-Dade County

Housing Trust Group (HTG) recently celebrated a significant milestone with the topping off of Naranja Grand, a 320-unit affordable housing community in southern Miami-Dade County. In partnership with Miami Lakes-based Elite Equity Development, Naranja Grand will serve income-qualifying seniors and families across two eight-story buildings. The design and construction…

Demolition Permit Issued for 1401 Brickell Avenue, Paving Way for 40-Story ‘Santander Tower’

A demolition permit has been issued for the 1401 Brickell property in Miami, signaling the beginning of redevelopment for the site. Although plans for a new tower are in place, a new construction permit has yet to be filed. The issued permit outlines the total demolition of 236,877 square feet at an estimated cost of $5,890,000. The BG Group is listed as the contractor responsible…

SB, Hazelton revive controversial 55-story Edgewater resi tower

SB Development and Hazelton Capital Group have revived a controversial proposal to build a 55-story residential tower on a 0.3-acre lot in Edgewater. The Miami Urban Development Review Board will consider the project for a second time at its meeting on Wednesday. SB and Hazelton, both based in New York, first went in front of the board in October and withdrew their application…

Office asking rents rose across South Florida in second quarter

In South Florida, the median rent for office space rose in the second quarter, even as vacancies hovered above 10 percent, according to a new report. The office market was propped up by the high-octane performance of submarkets in Miami’s Brickell neighborhood and downtown West Palm Beach, where a concentration of new trophy buildings got the most attention from…

Office Vacancy Drops as Rents Increase in Miami

The national outlook for the U.S. office sector does not look bright, with the grim reality setting in that a nationwide vacancy rate of 20%—or worse—is likely to prevail for the foreseeable future. According to Moody’s, the 20.1% office vacancy rate notched in the U.S. in Q2 2024 is the overture of a swan dive that will see office availability continue rise through the end of 2026.

Brightline Details How It Will Increase Seat Capacity 75% To Meet Demand

Brightline has revealed further details on a plan to dramatically increase capacity, in a recent report to investors. A total of 30 new train cars will be put into service over the next year, increasing seat capacity by 75%. The 30 cars will be split into three separate deliveries of ten cars each. Each set of ten additional train cars increases monthly seating capacity by approximately 75,000…

Developer Launches 32-Story Downtown Miami Condo 14 ROC, Completion 2027

GFO Investments is launching sales for a new condo tower called 14 ROC. The 32-story development will include 283 units allowing flexible rentals. Units will range from 410 to 964 square feet, with prices starting at $495,000. RSP Architects is designing the tower. Interiors are by March and White Design. Landscape is by Urban Robot Associates. Cervera Real Estate…

Demolition Permit Issued At 1401 Brickell Site Where 765-Foot Tower Planned

A demolition permit has been issued for the 1401 Brickell property. A new tower is planned on the property, but there doesn’t appear to be a new construction permit filed for it yet. According to the newly issued permit, total demolition of 236,877 square feet is planned, at an estimated cost of $5,890,000. The BG Group is listed as the contractor. The demolition permit was first applied…

North Miami approves Redwood’s 2,200-unit apartment project at Claude Pepper Park, adjacent land

Redwood Dev Co scored approval for its 2,193-unit apartment complex in North Miami, marking one of the largest projects on tap in the western side of the city. The North Miami City Council voted 4-0 to approve the development of eight 18-story buildings, as well as 121,500 square feet of commercial space and 4,114 parking spaces. The project would rise on a 27.7-acre site…

Dryrun Demolition Permit Filed At Brickell Site Where 90-Story 1,049′ Tower Planned

A dry run total demolition permit was filed this morning for the Brickell site where a 90-story supertall condo hotel is planned. Since it is just a dry run, there is no contractor attached. A permit expediter is listed as a contact. There is also a separate permit pending to install a fence at the property. In April, JDS Development Group completed the purchase of the property for $61.2M…

Fortune scores $36M predevelopment loan for Casa Tua condo tower

Edgardo Defortuna’s Fortune International Group closed on the development site of its planned Ora by Casa Tua mixed-use condo tower and secured financing for the project. Brickell-based Fortune acquired the garage and land at 1210 Brickell Avenue in Miami in a deal that values the site at about $70 million. The firm already owned the air rights, so it paid about $30 million for the land…

Miami Has Become One Of Commercial Real Estate’s Most Important Job Markets

The days of lockdowns and Zoom happy hours may be over, but the pandemic’s long tail has created permanent shifts in real estate demand, boosting Miami’s profile as the firms that opened offices in Miami begin to settle in and expand. The arrival of those out-of-state businesses has helped push Miami into a new echelon of American real estate job markets. The city captured 5.3%…

Industrial asking rents soar in Miami-Dade and Broward, stay flat in Palm Beach County

Warehouse landlords are still in the driver’s seat, as median asking rents soared for most of South Florida’s industrial market in the second quarter. Industrial landlords in Miami-Dade and Broward counties experienced rent growth of 9 percent and 17 percent, respectively, in the second quarter, compared to the same period of last year, according to a recent JLL report.

$69.9 Million Refinancing Secured for 4000 Ponce/The Collection in Coral Gables

Miami-based real estate development firm CMC Group has obtained a $69.9 million loan from City National Bank of Florida (CNB) for the refinancing of 4000 Ponce/The Collection, a nine-story Class-A mixed-use office and retail development in Coral Gables. Developed by CMC Group Founder Ugo Colombo in 2002, the Mediterranean-style building is also home to The Collection…

CMC Group Lands $70M Refi for Coral Gables Office Building

The 190,000-square-foot building also features The Collection, a luxury car dealership, along with 32,000 square feet of retail space. Image courtesy of CommercialEdge CMC Group has obtained $69.9 million in refinancing for 4000 Ponce, a 190,000-square-foot office building in Coral Gables, Fla., a Miami submarket, according to REBusinessOnline. City National Bank of Florida…

Ugo Colombo’s CMC scores $70M refinancing for Coral Gables mixed-use complex

Ugo Colombo’s CMC Group landed a $69.9 million refinancing for a Coral Gables mixed-use complex anchored by The Collection exotic car dealership. City National Bank of Florida provided the five-year, floating-rate loan to the CMC affiliate that owns 4000 Ponce at 200 Bird Road, a press release states. A JLL team led by Paul Stasaitis and Paul Adams arranged the loan on…

Lease roundup: Medical spa on tap at River Landing, a sun-protective clothing company moves HQ from Minneapolis to Wynwood

River Landing Shops & Residences, one of the largest completed projects on the Miami River, scored two new tenants. Famous Footwear will open in the third quarter in a 5,100-square-foot space, according to a River Landing news release and a spokesperson. ProsperIV, which offers IV therapy, vitamin injections and other health and wellness services, leased 1,000 square feet…

Structure Capital drops $19M for Cooper City plaza, as South Florida retail deals flow

Diversified Realty Development sold the majority of the retail space at the Shoppes at Monterra Commons in Cooper City for $18.5 million, as South Florida retail deals continue to flow. An entity led by Job and Rocio de Ojeda of Fort Lauderdale-based Structure Capital bought the buildings at 3500, 3700, 3800 and 3900 North University Drive from Deerfield Beach-based…

What’s Behind Miami’s Hot Studio Condo Market?

In recent years, the Miami condo market has seen a dramatic rise in studio apartments. Once a rarity, these compact living spaces are now one of the most sought-after commodities. As starting prices for new construction condos in the city continue to soar and units under $1 million are increasingly scarce, studio condos are becoming an attractive and affordable alternative. Maria Elena…

Wills, partners buy Frisbie’s Islamorada resort for $72M

Frisbie Group sold a resort in Islamorada in the Florida Keys to the Wills Companies and its partners for $72 million. The buyers plan to sell the 22 villas included within the oceanfront resort, called Islands of Islamorada, as single-family homes and maintain the eight-key hotel, according to a press release. The Wills Companies and its partners will continue to manage the individually…

Nuveen sells 197-unit apartment complex in Plantation for $49M –– a 5% discount from a decade ago

Nuveen Real Estate sold a 197-unit apartment complex in Plantation for $49.4 million, marking a 5 percent discount from the firm’s purchase price a decade ago. New York-based Clarion Partners bought The Manor in Plantation from New York-based Nuveen Real Estate, according to records and real estate database Vizzda. The deal breaks down to $250,508 per unit.

Pompano Beach Development Review Committee to Consider Plans for 303-Unit ‘Atlantic One’

Gainesville-based Collier Cos. has plans for a residential housing complex in Pompano Beach. If approved by the city’s Development Review Committee on Wednesday, Atlantic One would comprise three five-story buildings, along with a one-story building and standalone clubhouse. In total, the venture requires just over 357,000 square feet of new construction.

Supplements mogul Darielle Singerman cashes out of industrial building at Boca Raton’s Park of Broken Sound

Supplements mogul Darielle Singerman sold an industrial building at Boca Raton’s Park of Broken Sound for $18.7 million. An entity managed by Serge Abecassis in Boca Raton bought the 78,024-square-foot warehouse at 701 Park of Commerce Boulevard completed in 2001, records and real estate database Vizzda show. The buyer also obtained a $11.5 million mortgage…

399-Unit ‘Oculina’ Calls for 1.34 Million Square Feet of New Construction at 3700 Broadway in Riviera Beach

A long-closed Winn-Dixie in Riviera Beach could soon be replaced with two 25-story towers connected by a six-story podium. Oculina would comprise 1.34 million square feet of new construction, offering nearly 400 condos ranging from studio to three-bedroom condos. According to the South Florida Business Journal, the homes’ square footage would measure 1,550…

Ronny Finvarb sells 128-key Courtyard hotel in Jupiter for $21M

Developer Ronny Finvarb sold the Courtyard Palm Beach Jupiter hotel for $20.9 million, marking a continuing flow of hospitality deals in South Florida. An entity tied to JW Marriott Family Enterprises bought the four-story, 128-key hotel at 4800 Main Street from Miami-based Finvarb Group, according to records and real estate database Vizzda. The purchasing entity is led…

Steve Ross launches firm focused on West Palm investments, steps back from Related

Billionaire Steve Ross is now fully committed to South Florida. Following four years of hefty investments and development in Palm Beach County, mostly in West Palm Beach, Ross stepped back from New York-based Related Companies and carved out the firm’s Related Southeast division into a separate firm that he will lead. Related Southeast is now rebranded as Related Ross…

Brian Tuttle hit with $38M foreclosure on his Main Street mixed-use project in Royal Palm Beach

Developer Brian Tuttle was hit with a foreclosure tied to $38.4 million in loans for his planned Main Street mixed-use project in Royal Palm Beach. The lender of three loans issued in 2021 claims that Tuttle and his affiliates, through which he owns the Main Street development site, failed to pay the full principal and interest due when the mortgages matured in December…

Investors more positive about CRE market nationally environment than last quarter

Real estate investor sentiment is up by 16% quarter over quarter, according to a new report from RCN Capital. The nationwide lender, which specializes in investor loans, maintains an Investor Sentiment Index (ISI) jointly with CJ Patrick Company, tracking market outlook based on four questions in a quarterly survey. According to respondents to the summer iteration…

Yardi: Apartment performance nationally subdued but ‘encouraging’ in first half

Apartment performance was solid in June, contributing to a moderately positive first half of 2024 that Yardi Matrix described as “encouraging” given present market conditions. Average advertised asking rents nationwide grew to $1,739 in June, up a steady but unexceptional 0.6% year over year. Those yearly gains have been receding since March, when that figure…

Retail Real Estate Buyers Vie To Thaw ‘Frozen’ U.S. Sales Market

The U.S. retail market is currently on a long stretch of rock-solid performance at the property level. The national vacancy rate is at a healthy 4.1 percent, according to first-quarter 2024 research from CoStar Group. This comes one quarter after a stellar 4 percent vacancy rate at year-end 2023. What’s more is net store openings are on pace to be positive for the third consecutive year…

United State Office Sector Awaits Rate Relief on Heels of Positive CPI Report

Highlights: June’s Consumer Price Index signaled further disinflationary progress with the odds for a 25-bps September rate cut increasing to over 85%, according the CME FedWatch Tool. Shelter inflation which has been stubbornly sticky on the downside rose at its slowest monthly pace since August 2021. Interest rate cuts can’t come soon enough for the office sector…

GenAI powers new early warning alert as risks and uncertainty surround commercial real estate

Moody’s introduces capability to determine when breaking news may impact lender and investor portfolios What if news broke that a major retail or office tenant – one that occupied a massive amount of space across several buildings in your portfolio – suddenly shuttered all of its locations? After the initial shock, the next step would be to assess the impacts. Before, this was an…

Video: PwC Real Estate Deals Leader Tim Bodner Discusses US Deals 2024 Midyear Outlook

The latest episode of America’s Commercial Real Estate Show  provides an in-depth look at the current state and future outlook of the commercial real estate market. This episode features Tim Bodner, a partner at PWC and its Real Estate Deals Team Leder, who offers expert insights from the US Deals 2024 Midyear Report. Note that this discussion is national in scope…

Demand for Green Buildings Outpaces Supply

Energy efficiency continues to be on the mind for many, as air conditioners and operating costs rise simultaneously during ongoing summer heat waves. I’ve written before about the integration of emissions reductions law information into Moody’s CRE platform to help clients track the evolving regulatory landscape, various incentives and financing programs for energy…

The Fed: Recent Trends in Banks’ Commercial Real Estate Exposure

Due to societal and economic changes triggered by the COVID-19 pandemic, segments of the commercial real estate (CRE) sector have increasingly become the focus of policymakers and analysts concerned with financial stability. More specifically, the shift to work from home has challenged the office segment, while changes in retail trade—such as a ramp up in e-commerce…

Commercial real estate succession planning guide

It’s never too early for multifamily investors to start real estate succession planning. In fact, “you can’t do it early enough,” said David Diggs, Senior Regional Sales Manager at Chase. So whether you’re close to transferring your business to family or just want to be well-prepared to one day transition leadership of your family real estate business, it’s a good time to take steps…

Podcast: Investment Trends in Focus; Quarterly Roundtable Q3 2024

Our panel of experts, led by chief research officer, Ashley Lester, takes stock of global markets as we enter the back half of 2024. Ashley and team examine the short- and long-term issues affecting investors, including the ever changing geopolitical landscape, the continued impact of AI and the role of private markets in the carbon transition.

The Fed’s Beige Book: Economic Activity Mostly Unchanged

Economic activity across the Southeast was largely unchanged during late May and June compared to the previous six-week period, according to the Federal Reserve Bank of Atlanta’s new Beige Book of anecdotal reports from business contacts. Patterns at work for the past couple of months continued: Labor markets and wage pressures eased further, and worker availability…

DR Horton drops $65M for 97 acres in Homestead

Homebuilding giant D.R. Horton dropped $65 million for 97 acres of Homestead farmland for its planned Sandero Landing community. Records show D.R. Horton bought the site at Southwest 328th Street and Southeast 6th Street from the Alger family, led by Richard Alger. The Algers are longtime Homestead farmers, and their Alger Farms specializes in growing…

D.R. Horton Buys Land For 1,200-Unit Project

D.R. Horton paid $65M to assemble 97 acres of agricultural land across 11 parcels in Homestead where it is planning 1,170 residential units and 216K SF of commercial space, according to records from property data platform Vizzda. D.R. Horton’s 97-acre plan in Homestead would create a village with a grocery store, fitness center and urgent care facility. John and Richard…

CMC Group Obtains $69.9M Loan for Refinancing of Coral Gables Mixed-Use Development

Locally based CMC Group has obtained a $69.9 million loan for the refinancing for 4000 Ponce, a mixed-use development located in Coral Gables, a western suburb of Miami. City National Bank of Florida provided the loan to CMC, whose affiliate Ugo Colombo developed the nine-story project in 2002. Paul Stasaitis, Paul Adams and Nicole Barba of JLL arranged the five-year…

Miami-Dade plans for future with 30-member Vision Council

County Commission Chairman Oliver G. Gilbert III wants to create the equivalent of a United Nations of Miami-Dade organizations – from labor, business, health, education, culture, recreation, government – to plot a positive course for the county’s next 30 years. Mr. Gilbert called for the creation of a 30X30 Vision Council before the Policy Council & Intergovernmental Affairs…

Miami-Dade Courthouse up for auction at $52 million plus

The old Dade County Courthouse at 73 W Flagler St., which is still in daily use by the county, is being put on the market. Minimum bid: $52.3 million. Not a bad profit for a building that cost $4 million when it opened in 1928. The historic, 28-story building is being sold “As Is,” according to a legal ad that appeared in Miami Today last week. It was added to the U.S. National Register…

Downtown Miami Courthouse For Sale, Bids Start At $52.3M

Downtown Miami’s Dade County Courthouse is being sold. Courthouse operations have been active in the building for nearly 100 years, but will soon move to a new building under construction across the street. Miami-Dade will be accepting bids for the original courthouse building, which are due September 4. The minimum bid is listed at $52.3m. Buyers will need to comply…

Review boards reject plans for tallest Wynwood residential tower

A plan to build the tallest residential tower in the Wynwood Arts District has been rejected by two City of Miami review groups. The site is at the northwest corner of North Miami Avenue and Northwest 21st Street. Wynwood Interest LLC owns 2110 N Miami Ave., 2118 N Miami Ave., 2134 N Miami Ave., 2135 NW Miami Court, 2129 NW Miami Court, and 2101 NW Miami Court.

Sears site beside Gables targeted for 1,050 residences in three buildings

A developer has plans to redevelop the Sears store property in Miami’s Coral Gate neighborhood, bringing new retail and affordable housing to a high-profile area. RK Associates #5 Inc LLC proposes three new eight-story mixed-use buildings offering 1,050 residential units and related amenities, paseos, courtyards, and parking for about 1,924 vehicles for property at 3655…

Whale of 39-story Park West residences planned

A prominent development firm is planning one whale of a project for Miami’s Park West neighborhood, with a giant whale sculpture crashing through glass and steel anchoring the new tower. Owner-developer Property Markets Group (PMG) has proposed a 39-story mixed-use building, West Eleventh Residences, containing 670 residential units, including micro-size units…

176-Unit Apartment Building Now Rising One Block Away From Brickell

A construction crane for the Gallery at Marti Park apartment building is now in place. The 12-story development is being built just a block away from Brickell. Groundbreaking for the project took place in January. Around half of the units will be normal market-rate apartments. The remainder of apartments will be targeted towards low-income seniors under the Rental….

Former Virgin Hotel Site In Brickell In Contract, Up To 300 Units Planned

The Brickell property where a Virgin Hotel was once planned is now in contract to another developer, according to The Real Deal. Prosper Group is said to be in contract on the property for $40M. Closing is expected in the first half of 2026. A condo-hotel is likely to be built. The developer will partner with another developer to build up to 300 units, with a vision to build…

Another one: PMG, partners launch short-term rental condo project in Overtown

The 22-story project at 105 Northwest Eleventh Terrace, called One West Twelve Residences, will include a ground-floor restaurant and lounge led by celebrity chef Marcus Samuelsson, Simkins said. Sales launched about a month ago, and the 372-unit development is more than 50 percent presold, a spokesperson said. It adds to an expanding pipeline of short-term rental-friendly…

First major revamp of Miami-Dade’s Better Bus Network coming

Miami-Dade’s bus network is expected to get its first major revamp Nov. 25 as the transit system tries to quell loud rider complaints on a handful of specific routes. Introduction of the Better Bus Network routes and schedules Nov. 13, 2023, was geared to provide faster and more-frequent trips on the most heavily traveled of the county’s 70 routes by spreading bus stops farther…

Site and Financing Secured for 77-Story ‘ORA by Casa Tua’ in Miami’s Brickell Financial District

Miami-based developer Fortune International Group has acquired a 46,373-square-foot site at 1210 Brickell Ave and secured a $36,080,000 pre-development loan for the ORA by Casa Tua project. The loan, provided by Amerant Bank, marks a significant step forward in development. Fortune International Group purchased the site from Miami-based Patagonian…

Developer Completes Acquisition of Site for 77-Story Brickell Tower Ora by Casa Tua

Fortune International Group has completed the acquisition of the site where it will build the 77-story Ora by Casa Tua. A pre-development loan has also been issued. The 46,373-square-foot site at 1210 Brickell Ave was acquired from Miami-based Patagonian Investment Internacional LLC. The developer can now further the development and ready the site for construction.

Developer proposes 2,200-unit multi-tower project in North Miami

Redwood Dev Co is proposing a massive mixed-use development in North Miami. The phased project calls for 2,193 residential units, 121,500 square feet of commercial space and more than 4,100 parking spaces across eight 18-story buildings, plans filed with the city show. Kobi Karp Architecture & Interior Design is designing the project, which is proposed for nearly 39 acres…

Nearly 2,200 Apartments Across 8 Towers Proposed At North Miami Park

The North Miami City Commission is considering a proposal to build 2,190 apartments as part of a redevelopment of Claude Pepper Park. The proposal, from Miami Beach-based Redwood Dev Co, includes eight buildings designed by Kobi Karp rising from 11 acres adjacent to the park. The project would include 121K SF of retail space and 4,114 parking spaces. Commissioners are…

Developer Could Demolish Harry Cain Building in Downtown Miami

Downtown Miami’s 154-unit Harry Cain building could be demolished, according to a Miami-Dade agenda item. Related Urban Development Group would be selected to demolish the building, if commissioners approve the item. The developer had been awarded a ground lease for the property in 2013, and competitively selected to redevelop the County property, the memo…

Codina JV strikes another Hialeah industrial deal with Mormon church, sells warehouse for $56M

Seven months after purchasing a Hialeah industrial portfolio from a Codina Partners-led joint venture, The Church of Jesus Christ of Latter-day Saints is hungry for more. An affiliate of Property Reserve, the Salt Lake City, Utah-based church’s real estate investment arm, paid $55.8 million for a recently completed 232,620-square-foot warehouse at 4141 West 91st Place within…

MGM Construction Group’s Florida Tower on Target for Fall Debut

With the pouring for levels 1 to 13 underway at the 25-story West Tower of Oasis Hallandale mixed-use luxury condominium project in Hallandale Beach, Fla., MGM Construction Group expects to top out the 250-unit building by late fall. It will be the first mixed-use development in Hallandale Beach, which is about 20 miles north of downtown Miami and near Aventura, Fla.

Demolition Now Underway At Site Where 41-Story Hub Miami Planned

Demolition has commenced at the site where the 41-story Hub Miami tower is planned. A 17-year-old partially built shell of a building is coming down to make way for the new Hub tower. The shell now being demolished was planned as an office tower called Logik, which halted construction around 2007. The new Hub Miami tower is planned to include 306 condos and 245k sf…

Foreclosure auction averted: R&B Realty avoids losing Gateway at Wynwood with bankruptcy filing

R&B Realty narrowly stalled a foreclosure auction for its fairly new mixed-use building in Miami’s Wynwood neighborhood. On Monday, two R&B entities that own Gateway at Wynwood at 2916 North Miami Avenue, filed for Chapter 11 in U.S. Bankruptcy Court in New York, court records show. The 14-story office and retail building, which R&B completed in 2022, was scheduled…

Photo: First Fully Formed Arch At Downtown Miami’s Signature Bridge

A photo shows the first fully formed arch at Downtown Miami’s Signature Bridge, which is under construction. The top of the arch was recently poured, with forms now removed to reveal the shape of the structure. As part of the project, six arches are being built as a design feature next to the overpasses passing through Miami’s urban core. The arches will range in height from 180 feet…

FAA Permits Filed for 848 Brickell, Requesting Approval for 764-Foot Tower

Key International and Sterling Bay have filed for FAA permits for 848 Brickell, a 51-story Class A office and retail tower in Miami’s Brickell neighborhood. Designed by Skidmore, Owings, & Merrill (SOM), the project’s permits were filed on June 27, 2024, and are currently under review, with the status showing “work in progress.” The structure is planned to reach 764 feet…

Planned Brickell Office Tower Submitted To FAA At 764 Feet

Plans have been filed with the Federal Aviation Administration for a commercial tower on Brickell Avenue. The filing was made on June 27. Multiple heights were submitted for the new tower, which is named 848 Brickell. The tallest proposed height filed is 764 feet above ground, or 775 feet above sea level. Plans for the new 51-story tower were originally submitted to Miami-Dade..

New Eight-Story Affordable Housing Project Planned at 13841 SW 252nd Street in Miami-Dade’s Princeton Community Urban Center

An Administrative Site Plan Review (ASPR) application was submitted on July 1 for Princeton Manor, an affordable housing development aimed at providing 132 new rental apartments. The project is planned for an eight-story high-rise building at 13841 Southwest 252nd Street within the Princeton Community Urban Center in Florida. Princeton Manor is being developed…

FAA Approves Permits for 57-Story ‘M-Tower’ at 56 SW 1st Street in Downtown Miami

The Federal Aviation Administration (FAA) has approved permits for M-Tower, a mixed-use development planned for downtown Miami. The permits allow for a structure to reach 605 feet above ground or 615 feet above mean sea level. These permits were approved on July 2, 2024, and will expire on January 1, 2026. M-Tower, developed by Lions Group NYC and Fortis Design + Build…

UHealth expansion? University of Miami scoops up Pinecrest Macy’s for $40M

The University of Miami scooped up the Macy’s furniture store in Pinecrest for $40 million, signifying a potential expansion of its medical center network. UM bought the one-story, 78,000-square-foot building at 13251 South Dixie Highway from New York-based Macy’s, according to records and real estate database Vizzda. Completed in 1972, the building is on a 4.6-acre site.

J.P. Morgan-Advised Investors Land $148M Miami Refi for Gio Midtown

Institutional investors advised by J.P. Morgan Asset Management have secured a $147.7 million five-year, fixed-rate loan from PGIM Real Estate to refinance Gio Midtown, a 32-story, 447-unit luxury mixed-use property in midtown Miami. PGIM Real Estate provided the loan through its core debt financing platform. Tom Goodsite, managing director, financing, at PGIM Real Estate…

Magellan lands $148M refi for Midtown Miami mixed-use tower

Magellan Development Group and its partners scored a $147.7 million refinancing for a 32-story mixed-use tower in Midtown Miami. PGIM Real Estate, the global asset management arm of Prudential, provided the fixed-rate loan for Gio Midtown at 3101 Northeast First Avenue, according to a press release. Chicago-based Magellan, Miami real estate investor…

Future of Downtown Miami; An Interview with Miami DDA

To materialize its vision of creating a world-class, inclusive, and safe city, Miami DDA leads a variety of public-private investment initiatives that will help build a more resilient and sustainable Downtown Miami, by: Improving and expanding the city’s infrastructure with additions such as the Signature Bridge that will help ease traffic bottlenecks around Downtown Miami…

Kimco Proposes 282-Unit Apartment Complex at 2609 N 26th Avenue in Hollywood

An affiliate of New York-based Kimco hopes to get the greenlight for a residential venture in the Oakwood Plaza redevelopment project in Hollywood. The complex, which would take shape on a vacant 2.42-acre plot, would measure eight stories above grade and offer 282 apartments. The South Florida Business Journal reports that homes would measure 448 to 1,350 square feet…

From events to warehouses: BBX, FRP will redevelop Davie’s Signature Grand

Signature Grand, a prominent venue in Davie that’s hosted weddings, galas, homecomings, politicians and political party events, will be replaced with an industrial park. BBX Logistics Properties and FRP Development bought the building at 6900 State Road 84 and an adjacent parking lot, with plans to redevelop the 11.3-acre site with a pair of warehouses spanning 182k sf…

Mixed-Use Project Proposal in Downtown Pompano Beach Submitted for Review

An application for a mixed-use project in Downtown Pompano, known as Patagonia, has been submitted for review by the city’s Development Review Committee on July 3. The project, proposed by the Pompano Beach Community Redevelopment Agency (CRA) in collaboration with developers Frank Gotsman of Hadar Homes and Invest Capital Group under the ICG CGP 58…

Fort Lauderdale’s DRC to Consider Plans For 7-Story Residential Development ‘New Hope II’

An application has been submitted to Fort Lauderdale’s Development Review Committee (DRC) for New Hope Rentals II, a 7-story residential development by LandAmerica Development Corporation under the New Hope Development Corp. The project, located on an 11,100-square-foot site at the northeast corner of NW 6th Street and NW 14th Avenue in Fort Lauderdale’s…

Mystery buyer acquires Coral Springs shopping center for $20M, amid flurry of retail sales

Palm Beach real estate investor Beverlee Raymond sold a Coral Springs shopping center for $20.4 million to a mystery buyer. An entity managed by Raymond, CEO of Palm Beach-based Extraordinary Charities, sold Plaza at Royal Palm at 10299 Royal Palm Boulevard to a Boca Raton-based entity whose authorized representative is Rocco Labella, a Hackensack, New Jersey-based…

Bridge sells office complex in Sunrise for $49M –– a 34% discount

Bridge Investment Group sold the Sawgrass Technology Park in Sunrise for $49 million, marking a 34 percent discount from its purchase price five years ago. North Miami-based IMC Equity Group and investor Alan Lipton bought the 515,000-square-foot office campus at 1601-1699 Northwest 136th Avenue from Salt Lake City, Utah-based Bridge, according to records and real estate…

Golf course redevelopment: 13th Floor plans 335 homes at Tamarac’s closed Woodlands Country Club

After a seven-year effort to redevelop Woodlands Country Club in Tamarac, 13th Floor Homes bought the closed golf course and plans to start construction this year. The firm paid $14 million for the roughly 270-acre golf course at 4600 Woodlands Boulevard from ClubLink US Corporation, a subsidiary of King City, Ontario-based TWC Enterprises, according to records and real…

S2 Development converting Dania Beach apartment complex into condos

S2 Development bought a recently completed Dania Beach apartment complex and plans to sell the units as condos. An affiliate of Aventura-based S2, led by principals J. Claudio Stivelman and Marc Schmulian, paid $36.7 million for the 99-year ground lease to Atlantica at Dania Beach, records and real estate database Vizzda show. The buyer of the 124-unit garden-style…

Milestone drops $112M for Delray Beach apartment complex, amid flurry of South Florida multifamily deals

Milestone Group bought a 488-unit apartment complex in Delray Beach for $111.6 million, amid a continuing flurry of South Florida multifamily investment sales. Milestone bought the Axis Delray Beach at 1495 Spring Harbor Drive from Bainbridge Companies, according to records and real estate database Vizzda. The deal breaks down to $228,770 per unit.

Jeff Greene hit with $4M-plus lawsuit tied to One West Palm project

Jeff Greene allegedly micro-managed work at his unfinished One West Palm project, creating significant delays and friction with a general contractor that is now seeking more than $4 million in damages, a recent lawsuit states. Kast Construction sued Greene’s entity, 1370 South Ocean, developing the $300 million mixed-use complex at 550 South Quadrille Boulevard in downtown…

It Is Not All About Insurance: Navigating Through Major Expenses for Multifamily Properties 

In the dynamic landscape of commercial real estate (CRE), multifamily properties stand as a cornerstone, drawing significant attention from investors for their potential for steady cash flows and appreciation. However, the profitability and valuation of these investments are intricately tied to the effective revenue growth and management of expense line items. The average operating…

Labor Market Continues to Gradually Moderate

Highlights: Despite the uptick in May’s job openings which increased to 8.14 million, the labor market continues to normalize with the ratio of job openings per unemployed, for example, nearly at parity with its 2019 average.ADP’s private sector employment increased by 150,000 jobs in June while pay gains for job-stayers rose by 4.9% YoY – the slowest pace of growth since…

Small Bay Market Emerges As Strong Industrial Performer

Over the past 4 years, 100 million square feet of small-bay industrial space has been added to the market, according to Newmark’s first-quarter U.S. Industrial Market Conditions and Trends report. The small bay segment is increasingly attractive to investors because it provides diversification in tenancy and therefore cash flow, as well as greater tenant management…

Video: The Demise of Office Real Estate Debunked with Madison Ventures Chief Strategy Officer Mitch Roschelle

The Discussion: The Resurgence of Office Spaces In a recent episode of America’s Commercial Real Estate Show the spotlight was on the hotly debated topic, “the demise of the office sector.” The show host, a seasoned commercial real estate broker, shared his platform with Mitch Roschelle, Chief Strategy Officer for Madison Ventures Plus and a regular on Fox Business News.

How real estate investors can prepare for an economic rebound

An economic rebound may not be on the immediate horizon, but multifamily investors can still make preparations for the future. Multifamily investors should look at economic indicators, such as housing markets, interest rates, and political and geopolitical dynamics—including the upcoming U.S. election—to get a clearer picture of the economy. Performing market research…

Mas brothers site once touted for MLS stadium getting 1,219 residences

A large vacant property in Overtown that at one time was considered for a professional soccer stadium is now being developed into a major residential and mixed-use neighborhood. The sweeping project is a collaboration between 0101 Miami Properties LLC, led by brothers Jorge and Jose Mas, and 8th Street Connections Holdings LLC, an affiliate of Terra. The site comprises…

John Ruiz, Cigarette Racing buy Opa-locka warehouses, amid industrial sales uptick

John Ruiz and his boat manufacturing firm, Cigarette Racing, scooped up a pair of Opa-locka warehouses, amid a continued uptick of South Florida industrial investment sales. They purchased the adjacent buildings at 4355 Northwest 128th Street and 13041 Northwest 43rd Avenue for $16 million from an entity led by Skip Braver, according to records. Braver sold the Cigarette Racing…

Miami Mayor Francis Suarez says transportation efforts going nowhere

As Miami-Dade’s transportation planners were about to vote on a five-year improvement plan last week, the City of Miami’s representative, Mayor Francis Suarez, notable mostly for his absence, dropped a bombshell as he complained that the group is all talk but no action and at the same time called for more talk about transit ideas. “We talk a big game and a good game…”

Board OKs 60-story Clear Residences in downtown Miami

A tall and slender golden tower is planned for a tight site in downtown Miami. Owner-developer Blutrich Holdings Inc. plans to construct the 60-story mixed-use residential tower, to be called Clear Residences, at 130 SE First St. and 153 SE Second St. The nearly 690-foot-tall structure is to include 666,432 square feet of floor area, including 549 residential units, 3,622 square feet of ground…

Zerry Ihekwaba: City Manager plans Homestead as a space industry powerhouse

Since taking on the role as Homestead city manager, Zerry Ihekwaba has already rolled out initiatives for a better quality of life for residents with citywide clean-ups, and has in the works a spaceport and an entertainment hub.  Mr. Ihekwaba joined the City of Homestead from the City of Miami, where he served as assistant, deputy and interim city manager.

Excel Construction Delivers 266,000 SF Industrial Facility in Hialeah Gardens for World Electric Supply

Excel Construction has delivered a 266,000-square-foot industrial facility at 10701 N.W. 142nd St. in Hialeah Gardens, approximately 20 miles outside Miami. World Electric Supply will occupy the property, which features 253,390 square feet of warehouse and packaging space and 12,862 square feet of office space. The building is situated within Northwest Dade Logistics Center…

RK Associates Gets Approval for Mixed-Use Development at 3655 SW 22nd Street Shuttered Sears Site in Miami

A shuttered Sears in Miami could be replaced with a multi-family housing development. The project, led by Sunny Isles Beach-based RK Associates, would offer 1,050 housing units, with layout plans ranging from studio to three-bedroom units. Specifically, the Real Deal notes that the housing plans include 995 apartments and 55 rental townhomes. Of the 995 apartments…

Last Sears in Miami to be Mixed-Use Complex

It’s getting hard to keep track of the onslaught of projects that have been put forward under Florida’s Live Local Act. The latest involves a plan to redevelop the last Sears outlet in South Florida into a mixed-use development. RK Centers, a firm founded and led by Miami Heat minority owner Raanan Katz, is aiming to build three eight-story buildings encompassing 995 apartments and 55…

Terranova moves one step closer to acquiring Location Ventures’ former HQ

Stephen Bittel’s Terranova could soon own the former Coral Gables headquarters of Rishi Kapoor’s defunct Location Ventures. On June 17, U.S. District Judge Jacqueline Becerra approved a settlement agreement in Terranova’s favor, paving the way for a final foreclosure judgment tied to the office building at 299 Alhambra Circle. The settlement is between Bernice Lee…

MAS AJP, Flagler to Develop South Florida MOBs

MAS AJP and Flagler Healthcare Solutions, two major South Florida health-care real estate firms, have formed a development partnership. The duo, titled FLAGLER MAS AJP, will break ground this fall on three medical office properties, one each in the Westchester neighborhood of Miami, Port St. Lucie, Fla., and Boynton Beach, Fla. Two others will follow.

Rilea’s partner bows out of planned Rider at Wynwood project for $21M

Promanas Group officially exited Rilea Group’s planned Rider at Wynwood project, selling its stake for $21 million. An affiliate of Saline, Michigan-based Promanas sold the 0.6-acre development site at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street to an affiliate of Miami-based Rilea, records show. Rilea financed the acquisition with an $11.5 million mortgage…

Major Acquisition Expands Developer’s Waterfront Footprint in North Bay Village

Continuum Company has expanded its presence in North Bay Village by acquiring Shuckers Waterfront Bar & Grill and Best Western On The Bay Inn & Marina (now known as North Bay Inn Miami) at 1819 and 1855 79th Street Causeway. This acquisition, supported by a $67.5 million loan from Longline Financial, extends Continuum’s waterfront footprint to 4.5 acres…

Shoma Bay Breaks Ground at 1850 79th Street Causeway in North Bay Village

Coral Gables-based Shoma Group has broken ground on Shoma Bay, a mixed-use tower in North Bay Village, located at 1850 79th Street Causeway. The 24-story development will feature 333 waterfront condos, a 35,037-square-foot Publix market, and 15,628 square feet of retail space. Shoma Group acquired the property for $15.78 million in 2021. North Bay Village is seeing an influx…

Miami Tower Agrees to Affordable Component

Miami-Dade County has cut a deal with the developer of a Brickell apartment tower to set aside 26 units as affordable workforce housing for lawyers working in the state attorney’s office. Chicago-based Focus is planning to build a 39-story apartment tower at the site of the former Starlite East Motel at 128 SW Seventh St. in Miami’s Brickell neighborhood. Demolition of the aging motel…

90-Room ‘Sanctuary Hotel’ Undergoes Construction at 1745 James Avenue in Miami Beach

Developer 745 James LLC has secured a $21.5 million construction loan for a boutique hotel in Miami-Dade County. Sanctuary Hotel would measure five stories above grade and offer 90 rooms, occupying the former site of Sanctuary South Beach Condo. 745 James LLC purchased the now-demolished condominium for $14.41 million in 2019, securing approval for the hotel a year…

Former NFL star Elvis Dumervil’s firm buys North Miami apartments

A firm led by Elvis Dumervil, a former Pro Bowl NFL player turned real estate developer, paid $11.35 million for the Caribbean Club Apartments in North Miami. Miare LLP, managed by Oleg Vorobyev in Sunny Isles Beach, sold the 62 apartments at 13200 N.E. Seventh Ave. to Prestige District LLC, managed by Dumervil of North Miami-based Prestige Estates. International Finance…

Michael Shvo cuts ties with Official at Raleigh Miami Beach

Developer Michael Shvo is cutting ties with Official, the boutique brokerage co-founded by Oren and Tal Alexander, in the wake of sexual assault and rape allegations leveled against the brothers, The Real Deal has learned. Shvo, who hired Official last year to lead sales and marketing of the Rosewood Residences at the Raleigh in Miami Beach, is bringing sales in-house, sources said.

Miami-Dade County adds 4 acres in Opa-locka to rapid transit zone

About four acres of land in Opa-locka are to be included in Miami-Dade County’s rapid transit zone, an area that grants additional development rights for transit-oriented developments. The Miami-Dade County Commission unanimously approved an ordinance that included 4.02 acres at approximately 13307 Alexandria Drive into the county’s RTZ during its July 2 meeting.

New Plans Filed for ‘the Residences at Palm Court,’ Located at 950 NW 95th Street in West Little River

The Related Group has new plans regarding two residential complexes in Miami-Dade’s West Little River Neighborhood. The original proposal, filed in 2023, involved demolishing Palm Court, an 88-unit complex, and renovating Palm Tower, a 103-unit development. Now, according to the South Florida Business Journal, a new zoning application calls…

Magellan lands $148M refi for Midtown Miami mixed-use tower

Magellan Development Group and its partners scored a $147.7 million refinancing for a 32-story mixed-use tower in Midtown Miami. PGIM Real Estate, the global asset management arm of Prudential, provided the fixed-rate loan for Gio Midtown at 3101 Northeast First Avenue, according to a press release. Chicago-based Magellan, Miami real estate investor…

Foundation Pour Completed For Brickell’s 67-Story Mercedes Benz Places Tower

A foundation pour for the 67-story Mercedes Benz Places tower has been completed, according to the developer’s social media account. Vertical construction is expected to begin in July. The pour took place over the weekend, with over 10,000 cubic yards of concrete trucked in. The development is one of the largest currently under construction in Florida, at over 2.5 million square…

New Renderings Of 856-Unit Residential Project Planned At Earlington Heights Metrorail Station

The developer planning a large residential complex at the Earlington Heights Metrorail station filed new renderings and plans last week. Developer Earlington Metro, LLC is requesting Miami-Dade Administrative Site Plan Review for the workforce multifamily development. Two 15-story towers are planned on property currently occupied by bus bays. The land is to be leased by…

Sustainable Wynwood/Overtown Mixed-Use Development Called SoWy Planned

A developer just announced it has secured a $76.81 million loan for a sustainable, mixed-use development in Overtown and Wynwood. JP Morgan Chase provided the loan. More Development is the developer. The company has offices within the development site. The development will be known as SoWy, and aims to stay faithful to the vibe of the neighborhood. SoWy will span…

Prosper in contract to buy dev sites in Brickell, North Bay Village for $70M

Prosper Group, a development firm led by Jay Roberts, is in contract to acquire two sites in Miami-Dade County where the company plans luxury condo towers, The Real Deal has learned. Prosper inked contracts for a Brickell development site at 1040 South Miami Avenue in Miami for $40 million, and the assemblage at 1681 and 1725 Kennedy Causeway in North Bay Village for $30.5M…

Z Capital sues Carillon condo association’s board members in latest chapter of eight-year legal saga

Z Capital Group sued condo association board members at the Carillon Miami Wellness Resort in Miami Beach, marking the latest chapter in South Florida’s drawn-out and most prominent condo-hotel dispute. The New York-based firm sued four past board members of the Central Tower association, as well as current board president Marvin Rosen and vice president Bruce Gorsky.

Owner of former Best Buy store in Pinecrest files for bankruptcy

The owner of a former Best Buy store in Pinecrest is seeking bankruptcy protection after losing more than $1 million in rental revenue when the big box retailer moved out last year. On June 20, Maria Investments, led by Azhar Said in Miami, filed a Chapter 11 petition in Miami’s U.S. Bankruptcy Court to avoid losing the 40,242-square-foot retail building at 11905 South Dixie Highway.

Judge tosses marina shakedown lawsuit against Alex Diaz de la Portilla

Alex Diaz de la Portilla can’t be held liable for allegedly shaking down a lobbyist and his client for a piece of a city of Miami marina deal. Miami-Dade Circuit Court Judge Mavel Ruiz on Thursday tossed a lawsuit filed last year by Manuel Prieguez, a lobbyist and ex-state legislator, against the former Miami city commissioner and two Diaz de la Portilla associates, Humberto Hernandez…

FBI raids Developer Sergio Pino’s home and office in connection with death threat against estranged wife

The FBI conducted raids of developer Sergio Pino’s waterfront Cocoplum estate and his Coral Gables office, as his two-year-old divorce case takes a dark turn. Federal agents in tactical gear descended on Pino’s home at 142 Isla Dorada Boulevard and his Century Homebuilders Group headquarters at 1805 Ponce de Leon on Monday night, the Miami Herald reported.

Arson, hit-and-run, fentanyl poisoning? About allegations against Sergio Pino

Prominent South Florida homebuilder Sergio Pino has been accused of poisoning his wife with fentanyl and bath salts, as the FBI investigates whether Pino had one of his part-time employees target his wife and her sister. Sergio Pino is founder and president of Century Homebuilders Group, which considers itself the largest Hispanic-owned homebuilder in the country…

Miami’s Waterfront Ferris Wheel Owes Over $1 Million in Delinquent Taxes

Afew short years after City of Miami commissioners approved a proposal to put a ferris wheel on public land at Bayside Marketplace, the operators of the ferris wheel have fallen into delinquency on over $1 million in taxes, WLRN has learned. The money owed would go directly towards funding the city and county governments. The operators of the ferris wheel, an Arizona-based…

Multifamily Investment Sales Heat Up in South Florida

Higher for longer interest rates, the withdrawal of traditional lenders and the waning of a two-year surge in rent growth don’t appear to be dampening interest in multifamily trades in South Florida. In fact, the arrival of summer has seen an uptick in multifamily investment sales activity in the market. A bevy of recent transactions in South Florida includes Chicago-based Mesirow’s…

South Florida’s Big, Empty Warehouses Drag Down Industrial Market

There are 48 industrial spaces larger than 100K SF available across South Florida, according to data provided… . The vacant spaces total more than 10M SF, and their failure to lease is starting to weigh on the market. The pandemic-era surge that defined South Florida’s industrial market has come crashing down, with the region experiencing a bit of a hangover as…

Revv Hollywood Tops Off Construction at 2233 Hollywood Boulevard

Revv Hollywood, an eight-story, 180-unit multifamily apartment building at 2233 Hollywood Boulevard, has officially topped off. Developed by The Calta Group and with Winmar Construction as the general contractor, the project is set to welcome residents next summer. The milestone was marked with a luncheon on June 20th for over 150 construction workers…

The West Tower at Oasis Hallandale Phase Three Advances in Vertical Construction

MGM Construction Group, a South Florida-based commercial and residential construction firm, has announced the concrete pouring for levels 1-13 of the West Tower at Oasis Hallandale. Located at 1000 East Hallandale Beach Boulevard, this mixed-use development is set to top out in late fall, featuring 500 residences, shops, restaurants, and offices on its 10-acre site. The West Tower…

BBX Logistics JV Eyes Davie Redevelopment

The Park at Davie will comprise two logistics buildings. Image courtesy of BBX Logistics Properties The joint venture between BBX Logistics Properties, a subsidiary of BBX Capital Inc., and FRP Development Corp. plans to develop The Park at Davie, a two-building, Class A, 182,000-square-foot logistics campus in Davie, Fla. The partnership purchased the Signature Grand…

Mormon church’s investment arm drops $133M for Plantation apartment building, as multifamily deals soar

The Church of Jesus Christ of Latter-day Saints’ commercial real estate investment arm paid $133 million for a 315-unit apartment building in Plantation. The purchase comes as South Florida multifamily sales are soaring, despite elevated interest rates and other economic headwinds. Property Reserve, which invests the church’s reserve funds, bought the eight-story…

Bridge sells office complex in Sunrise for $49M –– a 34% discount

Bridge Investment Group sold the Sawgrass Technology Park in Sunrise for $49 million, marking a 34 percent discount from its purchase price five years ago. North Miami-based IMC Equity Group and investor Alan Lipton bought the 515,000-square-foot office campus at 1601-1699 Northwest 136th Avenue from Salt Lake City, Utah-based Bridge, according to records and real estate…

IMC Equity Group Buys Sunrise Office Park at $25M Discount

A 56-acre office park in Sunrise, Fla., traded for about a third less than its previous sale price five years ago. IMC Equity Group paid $49 million for Sawgrass Technology Park at 1601 NW 136th Avenue, south of the Sawgrass Mills outlet mall, per property records. Israel Discount Bank of New York provided a $30.3 million loan. The Sawgrass campus features a 514,332-square-foot…

Developer Seeks Funding for 101-Unit ‘Pinnacle at Cypress’ at 6520 N Andrews Ave in Fort Lauderdale

Pinnacle Housing is hoping to get funding for a senior housing development in Broward County. The project, named Pinnacle at Cypress, would measure eight stories above grade and require 115,623 square feet of new construction. At full buildout, it would yield 101 one-bedroom apartments, averaging 680 square feet each. Additionally, plans call for 52 ground-floor parking…

Glass House Boca Raton Welcomes New Project Partners, Ground Breaking Slated for Q1 2025

Glass House Boca Raton, a 10-story residential development located in downtown Boca Raton at 280 East Palmetto Park Road, continues to expand its South Florida-based development team. The development has welcomed Anthony Perera, founder and managing partner of Exuma Capital Partners, as general partner, and Square Edge as the construction management partner.

Milestone drops $112M for Delray Beach apartment complex, amid flurry of South Florida multifamily deals

Milestone Group bought a 488-unit apartment complex in Delray Beach for $111.6 million, amid a continuing flurry of South Florida multifamily investment sales. Milestone bought the Axis Delray Beach at 1495 Spring Harbor Drive from Bainbridge Companies, according to records and real estate database Vizzda. The deal breaks down to $228,770 per unit. The complex…

Milestone Group Acquires South Florida Community

The Milestone Group has acquired the Axis Delray Beach Apartments, a 488-unit garden-style multifamily property in Delray Beach, Fla., from Bainbridge Cos. The purchase price could not immediately be learned. Axis Delray Beach features a unique mix of one-, two- and three-bedroom garden and townhome-style apartments in a lakefront, resort-style setting. In 2024, one-bedroom…

Barry Sternlicht’s Starwood sells Palm Beach County apartment complex for $108M, amid uptick in multifamily deals

Brookfield Properties bought a 444-unit apartment complex near West Palm Beach for $107.5 million, marking a continued uptick in South Florida multifamily deals, despite elevated interest rates. The purchase is part of New York-based Brookfield’s $1.6 billion purchase of a 7,300-unit portfolio of 23 properties from Miami Beach-based Starwood Capital Group, led by billionaire…

Biden Administration Doles Out $504M To 12 Regional Tech Hubs;  Including South Florida ClimateReady Tech Hub

Twelve tech hubs across the country are collectively getting a half-billion dollars in federal grants to expand research in artificial intelligence, semiconductor manufacturing and clean energy. The funding is among the first distributions of the CHIPS and Science Act of 2022, which earmarked $280B to spur regional economic development and reduce dependence on foreign…

Moody’s Q2 2024 CRE Preliminary Trend Announcement

Apartment Demand Slowly Catching Up, Office Stress Continued to Manifest, Retail Resilient Despite Bankruptcies, And Industrial Cools Down The commercial real estate (CRE) market remained in a holding pattern in Q2 as the industry awaits interest rate cuts across sectors. The macroeconomy is in a relatively healthy state, a benefit for CRE largely which has also shifted…

Industrial Prices Continue Upward Trend Nationally Despite Challenges

Industrial prices are nearing those of prices in the office market, driven by an industrial boom that began with COVID-19 and a market that has remained strong despite normalizing demand and muted transaction volume due to elevated interest rates. The average industrial sale price across the country was $142 per square foot in May, up 15.4% from last year and 71.2%…

PCE Completes Trifecta of Positive Inflation Reports for May

Friday’s Personal Consumption Expenditures (PCE) Price Index completed a trifecta of positive inflation reports for the month of May, reflecting a continuation of disinflationary progress that was also evident in May’s Consumer Price Index (CPI) and Producer Price Index (PPI) reports.Since 1960, the year-over-year (YoY) change in headline CPI was on average, 47 basis points…

‘Alarmist’ prediction of urban doom loop proves true across country

If you want an example of just how crazy office tower valuations have become, look no further than Burnett Plaza, the tallest building in bustling Fort Worth, Texas. The massive 40-story structure was purchased via foreclosure auction for $12.3 million in May. Three years ago, the same building was sold for about $137.5 million. In other words, this tower has lost more than 91% of its…

The industrial sector nationally comes back down to Earth

After several years of extraordinary growth, the industrial sector’s moonshot performance has started to come back down to Earth. Rent growth has cooled considerably in recent years, as illustrated in the accompanying chart. For example, commercial real estate effective rent growth for warehouse and distribution properties in 2022 increased by 21.7% annually, according to…

Paying the Piper: Mortgage maturities continue to pressure the office sector

Office landlords are facing plenty of problems these days, thanks to high interest rates, reduced demand and depreciating asset values. Now, they can add one more headache to the list: the volume of maturing commercial real estate loans continues to put pressure on property owners and brokers as lenders and investors seek to minimize their exposure to the office sector.

Breaking the Cycle: Innovations in Low Emissions Building Cooling Technology

As the early season heat waves in the US move south and west throughout the week, millions of people are under heat advisories. We’re entering the summer season, where beach trips and family road trips often have a backdrop of extreme heat, dangerous smoke or hurricane warnings. For many, summer is a time of soaring electricity bills due to surging air conditioning use.

Office Loan Maturity Monitor: Momentum May! Office Maturities are Ticking up

A staggering total of $2,247 million across 23 CMBS office loans reached fully extended maturity in May with the payoff rate recorded at 35.6%Properties with strong financials and stable occupancy pay off at a higher rate. Loan size continues to be a significant factor in whether or not a loan pays off$1,126 million of loans backed by regional malls reached fully extended maturity…

Video: Moody Analytics Senior Economist Ermengarde Jabir, PhD on Data Center Real Estate; Sector Trends, Performance, & Forecast

The Conversation: Exploring the Rapid Growth of Data Centers in Commercial Real Estate The latest episode of America’s Commercial Real Estate Show delved into an increasingly significant topic within the industry: data centers. The show featured Ermengarde Jabir, PhD., Senior Economist with Moody Analytics, as the guest expert. This episode marked the first time…

What will be the impact on office demand from WFH?

While decline in demand for office space isn’t a new trend, yet measuring the precise impact of this shift can be difficult. How many employees will return to the office? What days will they be in? Will work from home (WFH) persist? In this comprehensive analysis, economists review existing research on the persistence of WFH. Then, these insights are combined with four…

Empty Offices Risk Wiping Out $250 Billion in Commercial Property Value

Nearly one-quarter of all US office space will be vacant by 2026 as working from home persists, slicing commercial-property values by as much as $250 billion, according to a report from Moody’s. Office-vacancy rates are expected to rise to 24% from 19.8% in the first quarter of this year in the US, reducing revenue for office landlords by between $8 billion and $10 billion when combined…

Florida laws tied to HOAs, condo-hotels, insurance go into effect July 1

Half a dozen new Florida real estate-related laws will go into effect on Monday, following this year’s legislative session. Gov. Ron DeSantis signed bills into law that deal with long-controversial issues such as the governing structure at condo-hotels and the lack of oversight at residential communities governed by associations. Another new piece of legislation aims to help homebuilders…

Condo crisis worsens three years after deadly Surfside collapse

The tragedy was a huge wake up call for the condo community statewide — from legislators and code enforcement to homeowners, engineers, property managers and condo board members. Laws passed in 2022 and 2023 aim to ensure another collapse of that magnitude never happens again. The legislation requires milestone inspections for condo and co-op buildings…

Why The Push To Get Workers To The Office Is A Designer’s Dream

The quality of an office space has become a key front in the war against remote work, and tenants and landlords are spending tens of millions of dollars to win the battle with posh, irresistible workspaces. It costs an average of $400 per SF to build out the interiors at 830 Brickell, Miami’s highly anticipated office tower set to deliver next quarter, according to Brian Gale…

Saudi Developer Plans $300M Push Into U.S. Luxury Developments

A Saudi developer partnering with The Trump Organization on developments in the Middle East plans to invest $300M in luxury U.S. real estate projects by year’s end. Dar Global, the international arm of Saudi Arabia’s Dar Al Arkan Real Estate Development Co., announced it is seeking partnerships to build condos in New York, Miami, Los Angeles and other key U.S. markets.

609 Brickell Set For Hearing Before Historic Preservation Board

A hearing on the 609 Brickell property is scheduled for Miami’s Historic and Environmental Preservation Board on July 2. The First Presbyterian Church and developer 13th Floor Key Church, LLC are requesting an an amendment to the historic designation report for the property. An iconic, 80-story tower is being planned on the property. A staff report notes that the site…

FIU Report Showcases Doral’s Economic Boom And Rising Diversity In Job Market Amidst Housing Challenges

The City of Doral is hitting its stride with significant economic growth outstripping neighboring areas, as detailed in the latest report put forth by the Florida International University’s Metropolitan Center. The Doral Economic Analysis Report 2024 Update, a continuation of the original study from 2017, reveals a city in the throes of development…

$76.81 Million Loan Secured for ‘SoWy’ Mixed-Use Development in Wynwood and Overtown

More Development, an international real estate company based in Miami and Nassau, The Bahamas, has secured a $76.81 million loan for SoWy, an upcoming mixed-use development in Wynwood and Overtown, north of Downtown Miami. The loan was announced by More Development President Whitney Thier and provided by JP Morgan Chase. The nearly eight-acre SoWy…

1,296-Unit Community Proposed for 15780 W. Dixie Highway in North Miami

An affiliate of Miami-based Resia is seeking approval for a multi-family housing development from North Miami City Officials. The North Towne apartments would comprise five, 12-story buildings, offering a grand total of 1,296 residences at full buildout. Per the South Florida Business Journal, the one-bedroom to three-bedroom units would span 626 to 1,041 square feet…

81-story Brickell Dolce & Gabbana tower advances

Development of an 81-story tower on Brickell Avenue that has been hyped as a condo-hotel with Dolce & Gabbana branding won first-step zoning approval from Miami-Dade County last week by an 11-0 vote. A final review has yet to be scheduled. Currently on the half-acre site is a seven-story office building built in 1972. This is at least the fourth project that aimed to replace that…

Eichner’s Continuum pays $75M for Shuckers site in North Bay Village

Ian Bruce Eichner’s Continuum Company acquired the popular Shuckers Waterfront Bar & Grill property and the adjacent Best Western in North Bay Village. Continuum paid $75 million for the restaurant and hotel at 1819 79th Street Causeway, according to a press release. The firm financed the deal with a $67.5 million loan from Longline Financial. Montreal-based Jesta Group…

Continuum Co. Grows North Bay Village Holdings With $75M Acquisition

Ian Bruce Eichner’s Continuum Co. has added to its property holdings in Miami’s North Bay Village with the purchase of the 2.3-acre site of Shuckers Waterfront Bar & Grille and a Best Western hotel. Continuum paid $75M for the site, Eichner told Bisnow, acquiring it from Canadian investment firm Jesta Group. Continuum landed a $67.5M acquisition and pre-construction loan…

Plans revealed: Three more Live Local Act apartment towers proposed in Wynwood

Developers are seizing on the Live Local Act with plans for five apartment high-rise projects in Wynwood. The towers, which would range from 18 to 48 stories, promise to alter the look of the Miami neighborhood, where heights for years have been capped at 12 stories. Three of the proposals were recently revealed. New York-based Hidrock Properties plans a 39-story, 336-unit…

Raanan Katz plans 1,050-unit project at Miami Sears, amid surge of Live Local Act proposals

RK Centers plans a 1,050-unit Live Local Act complex on the site of a Sears in Miami, amid an outpouring of project proposals under the state’s affordable housing legislation. The firm, founded and led by Miami Heat minority owner Raanan Katz, wants to build three eight-story buildings with 995 apartments and 55 rental townhouses on an 8.1-acre site at 3655 Southwest 22nd St…

Metromover system overhaul gains funding

County commissioners last week unanimously passed a resolution adding $6.7 million to a contract to support the Metromover comprehensive wayside system overhaul project. The additional funds bring the contract to more than $14 million. The contract with New York-based Atkins North America Inc. is for construction, engineering, and inspection services. It passed…

Transformative Miami Riverbridge downtown wins backing

The major redevelopment of one of Miami’s highest profile sites in the heart of downtown is one step closer to reality. A city review board on June 20 unanimously recommended approval of the Miami Riverbridge project, which will take the place of the James L. Knight Center and Hyatt Regency hotel on the Miami River. The Urban Development Review Board did ask…

Miami Riverbridge Approved By UDRB, Including Supertower

The three-tower Miami Riverbridge megaproject was approved last week by the Urban Development Review Board. An existing Hyatt Regency will be demolished to make way for the new towers, one of which will be a new Hyatt Regency. Hyatt is partnering with Gencom on the development. Phase one will include an include an 87-story, 1,046 f00t supertall residential tower…

Miami Riverbridge Gains Unanimous Approval from City of Miami Urban Development Review Board

The redevelopment plans for Downtown Miami’s Hyatt Regency site have received unanimous approval from the City of Miami Urban Development Review Board. The updated project plans for Miami Riverbridge, presented by Hyatt Hotels Corporation and Miami’s Gencom under HRM Owner, LLC, were approved without any conditions at the board hearing. Construction…

“Aggressive pricing”: Brickell landlords list sites at record asking prices

Elevated interest rates and skyrocketing insurance premiums have curbed South Florida’s commercial investment sales flurry of recent years, with cash flow and debt woes besetting some property owners. Yet, Brickell landlords remain unfazed. Since last fall, four large properties have hit the market, and two are for unprecedented prices that would surpass records set during the…

Matther Rieger: Housing Trust Group CEO builds vital affordable housing

Since taking on the role as president and CEO of the Housing Trust Group (HTG), Matthew Rieger has been an advocate and top developer in solving the affordable housing crisis in South Florida. For the past 13 years, Mr. Rieger has led HTG’s advances on affordable housing causes and delivering high-quality housing solutions to underserved communities. Since its inception…

Baha Mar developer scores $77M loan for 8-acre Wynwood assemblage

The original developer of Baha Mar in the Bahamas secured a $76.8 million loan, with plans to build on eight acres of land in Miami’s Wynwood neighborhood. Miami and Bahamas-based More Development spent $115 million-plus assembling six blocks in south Wynwood between 2018 and 2022 where it plans a mixed-use project, said Whitney Thier, president of the firm.

Miami’s First Supertall Tower – Waldorf Astoria Miami – Begins Vertical Construction

The 1,049-foot Waldorf Astoria Miami has commenced vertical construction, new photos show. The Waldorf will be Miami’s first supertall, and the tallest residential building south of New York. It will include 387 condos and 205 guestrooms and suites. The residential component is already 90 percent sold. A record-breaking foundation pour was recently completed…

616-Unit Atlantic Station Tower in Overtown Appears To Have Reached Top Off

Contractors appear to have reached the roof level of the Atlantic Station tower under construction in Overtown, a new photo shows. Groundbreaking for Atlantic Station took place in January 2023. At the time, it was billed as the largest single phase mixed-income Transit-Oriented Development to ever get underway in Miami-Dade County. Atlantic Station is planned…

MSC Group buys future HQ space at Michael Swerdlow’s Block 55 in Overtown

MSC Group is anchoring its new North America cruise headquarters at Michael Swerdlow’s Block 55 at Sawyer’s Walk after paying $67 million for a commercial unit at the Overtown mixed-use project. An affiliate of MSC Group, an international shipping company based in Geneva, Switzerland, purchased a 131,129-square-foot office space on the 7th floor of Block 55 at 249 Northwest…

Corebridge buying Moishe Mana-leased Miami Gardens warehouse, as South Florida industrial deals flow

Corebridge Financial is buying a Miami Gardens warehouse for $25.5 million that is fully leased to Moishe Mana, as South Florida industrial investment sales continue to flow despite elevated interest rates. Lightstone and Mavik Capital Management, both based in New York, are under contract to sell the 134,000-square-foot facility at 15801 Northwest 49th Avenue to Corebridge…

JPMorganChase Expanding Brickell Offices For 400 More Employees

JPMorganChase has announced plans to double the size of its offices in Brickell. The company already has 500 employees in its Brickell offices. With the expansion, the company will have capacity for 400 new employees. The size of the JPMorganChase Brickell office space will go from 80,000 square feet to 160,000 square feet. In addition to offices, there will also be new event…

JPMorganChase Goes Double in Miami

JPMorganChase is planning to double its downtown Miami office footprint at 1450 Brickell to 160,000 square feet, up from 80,000 square feet over the next two years, as well as expand its physical presence in other parts of Florida. JPMorganChase’s major expansion will include other South Florida locations, in addition to the 1450 Brickell office tower seen here.

‘Spectacular’ Tower Planned Across From Brightline’s MiamiCentral

A new downtown Miami transit-oriented residential tower has been announced, with a “spectacular” design. The 700,000-square-foot tower will be known as First & Fifth, and is being developed by Oak Row Equities. It will be located across from Brightline’s MiamiCentral, on a property with a rare perfect transit score of 100. The 45-story tower is being designed…

Foundation Permit Issued At Miami Freedom Park Soccer Stadium Site

A phased foundation permit has been issued at the Miami Freedom Park construction site, according to Miami Building Department records. The phased foundation permit was issued by Miami’s Building Department on June 5 to contractor Lemartec Corporation. Activity can already be seen at the site. Miami Freedom Park will eventually include a 25,000-seat multi-purpose…

Sale of 352-Unit AMLI Doral Multifamily Community in Doral Arranged

JLL Capital Markets has arranged the sale of AMLI Doral, a 352-unit multifamily community located at 11481 N.W. 41st Street in Doral, about 18 miles west of Miami. AMLI Residential sold the property to Pantzer Properties for an undisclosed price. Developed in 2013, AMLI Doral comprises nine four-story buildings with apartments in one-, two- and three-bedroom layouts…

Pantzer continues multifamily buying binge, pays $139M for Doral complex

Pantzer Properties is bullish on South Florida multifamily, acquiring a Doral rental community less than four months after buying a West Palm Beach apartment complex. In what is now the second largest multifamily deal in the tri-county region this year, New York-based Pantzer paid $139.2 million for AMLI Doral, a 6.4-acre garden-style complex at 11481 Northwest 41st Street…

10-Story ‘Ella Miami Beach’ Set for 6940 Abbott Ave in Miami Beach

Yesterday, Florida YIMBY reported on 299 Minorca, an eight-story, mixed-use venture spearheaded by Constellation Group and Boschetti Group. Today, we’re reporting on another venture in the developers’ pipeline: Ella Miami Beach, a 10-story residential tower offering 95 condos. This is not to be confused with ELLE Residences Miami, a taller, separate venture…

Waldorf Astoria Hotel & Residences Secures Record-Breaking Construction Loan and Reaches Major Milestone in Downtown Miami

The Waldorf Astoria Hotel & Residences, a nearly 100-story luxury tower set to rise at 300 Biscayne Boulevard in Downtown Miami, has secured a historic $668 million construction loan, the largest ever for a residential condominium development in Florida. The project, developed by PMG, Greybrook, Mohari Hospitality, S2 Development, and Hilton, achieved this financing…

Developers Propose 57-Condo ‘299 Minorca’ for 299 Minorca Avenue in Coral Gables

Two developers have proposed an eight-story mixed-use venture in Coral Gables. The prospective tower, dubbed “299 Minorca,” would comprise 58,572 square feet of new construction, occupying a 10,341-square-foot site that serves as a surface parking lot. If approved by city officials on June 28th, the project would offer 57 condos intended for short-term rentals, with the homes…

Ellen Buckley gears up development firm following nearly a decade at Terra

During her nearly decade run at Terra, Ellen Buckley managed $6 billion in South Florida real estate projects from concept to final design. But after rising in the ranks to vice president overseeing development at David Martin’s Coconut Grove-based firm, Buckley found no more room to grow professionally. So last year, the 44-year-old developer left Terra to start her own firm…

Miami Seaquarium hit with eviction lawsuit

After nearly 70 years in Virginia Key, Miami Seaquarium is a step closer to getting the boot from its longtime home. Miami-Dade County on Tuesday filed an eviction lawsuit against the affiliate of Miami-based Dolphin Company that owns the landmark marine mammal attraction at 4400 Rickenbacker Causeway. Under the direction of Miami-Dade Mayor Daniella Levine Cava…

Lease roundup: Dacra lands six tenants in Miami Design District, Kushner scores bakery in Edgewater

Dacra scored six tenants at its Miami Design District development. Dacra leased out 90,000 square feet at The Moore mixed-use building at 4040 Northeast Second Avenue, for offices, a private members club, a gallery and a 13-key boutique hotel and the Elastika restaurant, according to a Miami Design District news release. Also, Italian luxury fashion brand Brunello Cucinelli…

Plans Submitted for Grove Village Bimini Block Project in Coconut Grove

Grove Bimini Nassau QOZB, LLC, managed by Sankesh Abbhi of Miami-based private equity firm Abbhi Capital, has submitted plans for the Grove Village Bimini Block Project to the City of Miami’s Urban Development Review Board (UDRB). The proposed project, encompassing the addresses 3410 and 3428 Hibiscus St, 3509/3521/3547/3551/3559/3575 and 3587 Thomas…

City to Consider Plans for ‘the Mosaic at Douglas Road’ at 3700 SW 28th Street in Miami

Today, Miami’s Urban Development Review Board will review plans for an eight-story residential housing complex west of Douglas Park. If brought to fruition, the Mosaic at Douglas Road would comprise just over 268,500 square feet of new construction, offering 130 studio to three-bedroom layout plans. Square footage ranges from 568 to 1,319 square feet, and there would be 210…

Coral Gables office loan enters special servicing

The $71.6 million loan on the Columbus Center office complex in Coral Gables entered special servicing, according to data from Morningstar Credit. The troubled loan is the latest sign that South Florida real estate is feeling the sting from elevated interest rates and other economic headwinds. Although the industry has cited the tri-county regional office market’s resilience…

Total Demolition Permit Issued For One Bayfront Plaza Supertall Site

Miami’s Building Department issued a total demolition permit for the One Bayfront Plaza site yesterday. The permit was approved on March 27. It remained approved but unissued until June 25.. A 19-story office building occupying a full city block in the heart of downtown Miami is being demolished to make way for a supertall tower. Demolition is estimated to take…

PortMiami Among The First In The World With Shore Power

Miami will see a significant reduction in pollution after Shore Power was launched earlier this month at PortMiami. Miami-Dade County Mayor Daniella Levine Cava said Miami was the first port on the eastern seaboard with the system, and one of only 35 in the world. Cruise ships docked at PortMiami no longer have to leave their engines running while in port, instead connecting…

The Weekly Dirt: Examining aspirational pricing in South Florida

Commercial landlords in Brickell are seeking record prices for their properties despite significant economic headwinds. While no one is immune to high interest rates and skyrocketing insurance premiums, multifamily and office owners are having a rockier time. Still, some are betting on the market coming back soon, especially in Miami’s Brickell Financial District, where four…

Miami-Dade Quits $160M Deal to Buy 80-Acre Office Campus

Miami-Dade County has notified the owner of an 80-acre Assurant office complex near Cutler Bay that it is backing out of a $160 million deal to buy the property and transform it into a new South Dade Government Center. A broker representing the campus’s owner, American Bankers Life Assurance — an insurance company that operates as Assurant — received a letter…

Revised Plans for Oceanfront Redevelopment in Hollywood Adds More Residential Units Under Florida’s Live Local Act

Condra Property Group has updated its redevelopment plans for a group of oceanfront hotels, adding more residential units under Florida’s Live Local Act. The New York-based developer, led by Allen Konstam, will present the revised application to Hollywood’s Technical Advisory Committee on July 1. The project concerns 3.33 acres at 2007 and 2115 N. Ocean Drive…

Pine Tree plants roots in South Florida retail with $70M Plantation purchase

Pine Tree made its first foray into South Florida by acquiring a Plantation shopping center at $2.5 million below the previous sale price two decades ago. An affiliate of Northbrook, Illinois-based Pine Tree paid $70 million for The Fountains at 801, 805 and 821 South University Drive, records show. The deal breaks down to $160 per square foot for the 438,051-square-foot…

Mesirow drops $89M for Sunrise apartment complex, amid recent uptick in multifamily investment sales

Mesirow picked up a 325-unit apartment complex for $89.4 million near Sawgrass Mills mall in Sunrise, amid a recent uptick in South Florida multifamily investment sales. The firm bought The Retreat at Sawgrass Village, consisting of a five-story building and three one-story buildings, at 3001 Northwest 130th Terrace from AMLI Residential, according to records and real estate…

Revised Plans For The Arcadian In Fort Lauderdale Seek Site Plan Amendment

A Site Plan Level II has been filed for review, seeking a Site Plan Amendment with design deviation requests to increase the building floorplate and reduce tower stepbacks for The Arcadian, an 8-story mixed-use development set on a 3.35-acre site at 640 Northwest 7th Avenue in Fort Lauderdale’s Progresso Village neighborhood. This amendment aims to add 22 additional…

Fraudster’s Fort Lauderdale Airport Hangar And Luxury Apartment Go Up For Sale

A private hangar and office at Fort Lauderdale Executive Airport is up for sale as their owner liquidates assets to pay two fraud judgments totaling $124M. The FXE Gateway Complex at 1200 and 1400 NW 62nd Street has direct runway access, with a 20K SF office and 18K SF private hangar that can accommodate four planes, according to a release. The buyer will also get a luxury two…

Ex-NFLer Jonathan Vilma proposes 102-unit affordable housing project on Palm Beach County church site

Super Bowl winner Jonathan Vilma proposes a 102-unit affordable housing project on a church site in Palm Beach County, marking continued redevelopment of South Florida’s religious properties. Vilma, who also is a former University of Miami football star, partnered with the West Palm Beach Seventh Day Baptist Church to request changes in the development regulations…

Dalfen Industrial lightens Palm Beach County portfolio with $55M sale

Dalfen Industrial lightened its load in Palm Beach County by selling one of its warehouse facilities for $55 million. An affiliate of Irvine, California-based LBA Logistics bought Interstate Park Logistics Center at 3774 Interstate Park Road North in Riviera Beach, records and real estate database Vizzda show. The deal breaks down to $232 per square foot for the 236,554-square-foot…

Retail Sales Miss Expectations While the Industrial Sector Moves Towards a More Balanced Equilibrium

Highlights: Retail sales were weaker-than-expected in May, increasing by 0.1% MoM (Est: 0.3%) while April’s previously reported flat change was revised lower to -0.2%.Excluding gasoline stations, however, retail sales were higher by 0.3% MoM. Falling gasoline prices have weakened growth with sales at gasoline stations lower by -2.2% during the month.Over the first five…

Moody’s and Zillow team up to enhance data and analytics for multifamily owners and investors

This new, strategic collaboration will leverage more comprehensive rental market data and insights Moody’s, the leading source of insights on exponential risk and global provider of commercial real estate (CRE) solutions and data, and Zillow, the most-visited online real estate marketplace, announced today a mutually advantageous collaboration to enrich the data…

Bank Delinquency Rates Eke Up, Negative Pressure from High Interest Rates to Continue

The June 2024 FOMC meeting came to a close last week and left the CRE industry waiting for a clear signal of loosening monetary policy. Lower interest rates could lessen the negative pressure on property values and net income, lending and transaction volume, and loan delinquency rates. The radical jump in interest rates roiled the CRE capital markets since 2022…

Freddie Mac apartment investment index jumps nearly 9% in first quarter

Freddie Mac’s Multifamily Apartment Investment Market Index (AIMI) increased 8.7% quarterly during 2024’s first quarter, bouncing back sharply from the deep decline in the previous three-month period. The AIMI’s quarter-over-quarter pick-up was broad-based, with all 25 regional markets tracked by Freddie Mac seeing a rise in the index. Annually, the index is up 8.1%…

Starwood Fund’s Liquidity Issues Spark Spike In Withdrawals At Other REITs

Nine of the 10 largest nontraded real estate investment trusts have seen a huge jump in investors seeking to pull out their money following Starwood Real Estate Income Trust’s move last month to sharply limit redemptions. Investors in these semiliquid funds have been looking to withdraw their money since late 2022 as interest rates were spiking, leading many of the nontraded…

Chart: Yield Curve Remains Inverted as Recession-Predicting Power is Debated

A recession can significantly impact the commercial real estate (CRE) sector, often resulting in decreased demand for office, retail, and industrial spaces. During economic downturns, businesses tend to cut costs, which can lead to downsizing or closures. This contraction reduces the need for office spaces, leading to higher vacancy rates and putting downward pressure on rental…

KKR Makes Its Biggest Foray Into Apartments, Betting on Rising Rents

KKR has completed its largest-ever purchase of apartment buildings, the latest in a string of big-ticket deals, signaling that some of the most prominent investment firms are betting on a broad rebound for multifamily housing. The New York-based private-equity firm paid $2.1 billion for more than 5,200 apartment units across the country, from California and Texas to New Jersey…

8% Of U.S. Office Buildings Are Taking Basically All The Tenant Activity

Only 8% of office buildings are thriving, while most of the market has been struggling since the onset of the pandemic. A CBRE analysis of 57 U.S. office markets found that only a sliver of office properties are successful in attracting tenants today, a sharp acceleration of the flight-to-quality trend. This upper echelon is designated as prime office buildings by CBRE, a more exclusive…

JP Morgan’s 2024 midyear multifamily market update

The outlook for multifamily real estate continues to be largely positive for the rest of 2024, even as interest rates remain high. Nationwide, asking rents are expected to grow 2% this year, with vacancies remaining at 5.6%, according to data from Moody’s CRE. But real estate is a local game. Our experts shared multifamily trends, forecasts and opportunities to keep an eye on in top apartment…

PMG Receives $668M Construction Loan for Waldorf Astoria Hotel & Residences Miami

PMG, a development and investment firm with offices in New York City and Miami, has received a $668 million construction loan for the Waldorf Astoria Hotel & Residences Miami. Located at 300 Biscayne Blvd, the building will rise more than 1,000 feet and will house 387 private residences and 205 hotel rooms and suites, as well as retail and restaurant space. The latter component…

PMG, partners score record $668M construction loan for Waldorf Astoria supertall

PMG and its partners secured $668 million in construction financing for the planned Waldorf Astoria Hotel & Residences in downtown Miami, marking the largest ever condo construction loan in Florida. Bank OZK, the most active construction lender in South Florida, and Related Fund Management provided the financing, according to a press release. The 1,049-foot tower…

PMG Secures Biggest Condo Loan in Florida’s History

Property developer PMG has secured a $668 million residential construction loan – the largest in Florida’s history – for its luxury Waldorf Astoria Residences project in Miami. Bank OZK and Related Fund Management are the lenders. The Financial Times, which reported on the transaction, noted that the closest sized deal in the state is a $600 million loan for the…

Miami’s Waldorf Astoria Set to Be Tallest Building in Florida

The Waldorf Astoria Hotel & Residences Miami, set to be the tallest building in Florida and potentially the tallest south of New York City, just broke another record. The developers of the planned 1,049-foot-tall building in downtown Miami recently received a Florida record $668 million condominium construction loan to help build the behemoth structure, which is slated to have…

Foundry, Clarion score $30M construction loan to build Opa-locka industrial project

Foundry Commercial and Clarion Partners are expanding an Opa-locka industrial complex after nabbing $30.1 million in construction financing for two new warehouses. Regions Bank provided the loan to the joint venture, which recently broke ground on two facilities spanning 374,000 square feet on 21.4 acres at Carrie Meek International Business Park, records show.

Terrazul Student Housing at FIU Receives Temporary Certificate of Occupancy

Temporary Certificate of Occupancy (TCO) has been approved for Terrazul, a new student housing development for Florida International University (FIU). Developed by AARE Sunbelt, an affiliate of Adam America Real Estate, and JW Capital Management, the project is located at 700 Southwest 107th Avenue in the University City district. Coastal Construction Group served…

‘The Wyn Mood C’ to Offer 72 Apartments at 107, 121, and 127 N.W. 31st Street in Miami

Miami’s Urban Development Review Board will review plans for a low-rise residential venture: The Wyn Mood C. If given the greenlight, the four-story building would comprise 53,401 square feet of new construction, offering 72 apartments. Twenty percent of the homes (about 14) would be reserved as workforce housing. According to the South Florida Business Journal…

48-story Midtown residential tower Midtown 1 wins OK

A developer is bringing a residential skyscraper to the north end of Midtown in Miami. Terra and Lion Development Group are proposing a 48-story mixed-use tower, Midtown 1, with 400 residential units, more than 26,000 square feet of commercial, and a parking podium for up to 500 vehicles, on a vacant site at 3501 NE First Ave. The city’s Urban Development Review Board…

Cargo master plan jets toward Miami International Airport

Conversations about bringing jet fuel and other alternative fuels to Miami International Airport (MIA) continue as part of a cargo master plan. As Miami Today reported in March, Commissioner Raquel Regalado asked the county to study either bringing aircraft fuel to the airport by train or constructing fuel facilities at the airport that would be accessible by rail. This direction…

Peter Kanavos: Leading efforts to revitalize the east end of Lincoln Road

Peter Kanavos started in import-export and shipping. Based in Athens, Rome and Africa, he worked on four continents before returning to the US and founding Flag Development with his brothers. The company built thousands of residential units on Florida’s West Coast, eventually focusing on luxury hotel and commercial development in Las Vegas, Orlando, Miami and New York.

Oak Row to Develop 500-Unit Miami Community

Oak Row Equities has paid $38.5 million for the development site of First & Fifth, a 500-unit, 45-story luxury community in Miami. The company also structured seller financing supported by in-place income. The previous owner of the 0.8-acre site was The Citadel Arena Corp., according to Yardi Matrix information. Colliers and Pastore & Associates brokered the deal…

Oak Row expands footprint into downtown Miami with planned multifamily project

Oak Row Equities is expanding its development pipeline with plans for a multifamily project in downtown Miami. The New York-and-Miami-based firm is proposing First & Fifth, a 700,000-square-foot building with 500 apartments at 49 Northwest Fifth Street and 50 Northwest 6th Street, according to a press release. In an off-market transaction, Oak Row paid $38.5 million…

Site Acquired for 45-Story Residential Tower ‘First & Fifth’ at 49 NW 5th Street in Downtown Miami

Oak Row Equities has acquired 49 Northwest 5th Street in Downtown Miami, where it plans to develop First & Fifth, a 45-story multifamily tower. The site was purchased off-market for $38.5 million with seller financing and is located across from MiamiCentral Station, the hub for South Florida’s major train systems. The 700,000-square-foot tower is being designed…

Oak Row Buys Downtown Miami Site For $39M With Plans For 500 Luxury Apartments

Oak Row Equities paid $38.5M for a Downtown Miami development site where it is planning a 500-unit, luxury transit-oriented development. The investment and development firm has dubbed its planned high-rise First & Fifth at 49 NW Fifth St., across from the MiamiCentral Brightline station and transit hub. Oak Row, which has offices in Miami and New York…

Flex Capital Group Proposes 22-Story Tower for 1401 N.E. 123rd Street in North Miami

Flex Capital Group hopes to get approval for a 20-story tower in North Miami. The venture would offer 76 apartments, spanning the building’s 14th to 20th floors. The South Florida Business Journal reports that plans also call for 139 hotel rooms, beginning on the eighth floor and ending on the 14th. Our sources indicate that the developer hasn’t yet selected a hotel brand…

Plans Filed for Denbora Bay II and III Multifamily Residential Projects in Miami Beach

The Miami Beach Design Review Board has received filings for two new multifamily residential projects, Denbora Bay II and Denbora Bay III. Both aim to enhance the housing options in the Biscayne Point and Normandy Isles districts, respectively. These projects are being developed by affiliates of Lake Worth-based JF Developers, led by Julian Mancinelli. MUVE Architecture…

New Renderings Revealed for 41st Street Corridor Revitalization Project in Miami Beach

New renderings for the 41st Street Corridor Revitalization Project in Miami Beach have been revealed via a filing with the Miami Beach Design Review Board. The board is scheduled to review the updated proposal on July 2. The plans, initially reviewed last year, have been revised following feedback from the Florida Department of Transportation (FDOT). The Office of Capital…

Sale of Miami Beach Property Paves Way for New Hotel Development on Washington Avenue

Keyah Real Estate Group, led by Xaver Kriechbaum and Gavin Crescenzo, has acquired a mixed-use property in Miami Beach for $20 million with plans to develop a seven-story, 238-key hotel on Washington Avenue. The project, designed by Miami-based Arquitectonica, involves demolishing the existing single-story retail building and a 13-unit apartment building…

FAA Permits Filed For Planned 55-Story Residential Tower ‘Edge House Miami’

Permits have been filed with the Federal Aviation Administration for Edge House Miami, a 55-story tower planned at 1825 Northeast 4th Avenue in Edgewater, Miami. The June 6 filing indicates the tower will rise 637 feet above ground, or 641 feet above sea level. This development, designed by Kobi Karp Architecture & Interior Design and developed by Peru-based Grupo T&C…

750-Foot Cranes Planned At Brickell Construction Site for St. Regis Residences

Plans were submitted to the FAA on June 3 for two cranes at a Brickell construction site. The cranes are to be installed at the St. Regis Residences property on Brickell Avenue. Two cranes are each planned to rise 741 feet above ground, or 750 feet above sea level, the filing states. Earlier this year, Miami’s Building Department issued a total demolition permit to clear a 17-story…

New 41st Street Design Submitted For Review In Miami Beach

New renderings have been filed for the 41st Street Corridor Revitalization Project in Miami Beach. The Miami Beach Design Review Board is set for a hearing on the proposal on July 2. The board reviewed plans for the project last year, but they have now been reviewed following comments from FDOT. Here’s a letter from the architect Brooks + Scarpa filed with the submission…

Wynwood Design Review Committee Votes To Recommend Against 48-Story Tower

A proposal for Wynwood’s tallest-ever tower did not receive a favorable recommendation from the Wynwood Design Review Committee at a June 4 meeting, according to The Real Deal. The vote is only a recommendation to city planners, who will ultimately make the final decision. The project will also be reviewed by Miami’s Urban Development Review Board. Member’s…

Edgewater Tower Submitted To FAA, With Plans To Rise 641 Feet

A filing with the Federal Aviation Administration last week shows that a new tower is planned to rise in Edgewater. It is the same site where a developer recently announced plans for Edge House, a condo building allowing short term rentals. According to the June 6 FAA filing, the new tower will rise 637 feet above ground, or 641 feet above sea level. According to an April press…

14th Street Tower Getting Taller, Submitted For Zoning Review

Plans have been formally filed for a tower near the Arsht Center, and it is now taller than initial renderings. According to the June 6 filing requesting zoning approval from Miami-Dade, the tower is now planned to rise 30 stories, or 353 feet. In an April filing by the developer as part of a pre-application meeting request, the tower height was listed at 27 stories, or 319 feet. The number…

Pinnacle lands $50M construction loan for 120-unit apartment building near Cutler Bay, as affordable housing financing keeps flowing

Pinnacle scored a $49.9 million construction loan for a 120-unit affordable housing building near Cutler Bay, as financing for below-market rate rental projects continues to flow. Miami-based Pinnacle will develop the five-story building at 10455 Old Cutler Road in unincorporated Miami-Dade County, according to the developer’s news release. The project, called Old Cutler Village…

Berkadia Arranges $400M Construction Loan for Condo Development on Fisher Island

Berkadia has arranged a $400 million construction loan for the development of The Residences at Six Fisher Island, an ultra-luxury condominium property in Miami-Dade County. The 10-story development will feature 50 for-sale condos and high-end amenities on the northeastern shoreline of Fisher Island, a barrier island east of Miami. Scott Wadler, Michael Basinski…..

JV Secures $400M Construction Loan for Fisher Island Project

The Related Group and partners Teddy Sagi, BH Group and Wanxiang America RE Group have secured a $400 million construction loan from Madison Realty Capital. The debt will back the construction of Residences at Six Fisher Island, which is situated on the northeastern shoreline of Miami’s Fisher Island. The loan replaces an $85 million acquisition loan Madison Realty Capital…

Codina Partners Receives Site Plan Approval for 412-Unit Multifamily Development at Downtown Doral

Codina Partners has received site plan approval for Sevilla, a 412-unit mid-rise apartment community coming to Downtown Doral, a 250-acre mixed-use development in Miami-Dade County. The seven-story project will be situated on a 4.2-acre lot at the corner of N.W. 53rd Street and N.W. 52nd Terrace, a block from University of Miami Health Systems’ (UHealth) new Ambulatory…

Miami Vacation Rentals acquires portions of Coconut Grove’s Hotel Arya

A short-term rental firm and a German entrepreneur teamed up to acquire 19 condo-hotel units, a commercial space and 66 percent of the common areas at Hotel Arya in Miami’s Coconut Grove. Miami Vacation Rentals, led by founder Juan Uribe, and partner Florian Hagenbuch paid a combined $16.2 million in nine separate deals at the 22-story condo-hotel, which is also…

Shvo’s Multibillion-Dollar Plans For Opulence Start To Show Cracks

Michael Shvo has built his brand on exorbitant luxury. So much so that he is reportedly struggling to find people willing to pay his prices. After going on a $3B shopping spree, acquiring and rehabilitating some of the most acclaimed properties across the country, he is struggling to fill his buildings, and investors are turning away from the developer’s promises, The Wall Street…

A New York Developer Binged on Trophy Properties. His Wager Is Flailing.

New York real-estate developer Michael Shvo went on a multibillion-dollar shopping spree from 2018 to 2020, acquiring some of America’s most storied properties. He bought Miami Beach’s Raleigh Hotel and announced plans to modernize the art deco building and develop adjoining luxury condos. He reached a deal with Mandarin Oriental to develop high-end condos…

Tishman Speyer Makes $100M South Florida Industrial Debut

The Rock Lake Business Center totals 256,000 square feet across two buildings. Image courtesy of Tishman Speyer Tishman Speyer has entered South Florida with the acquisition of Rock Lake Business Center in Pompano Beach. IDI Logistics sold the 35-acre property for $100.2 million. The industrial campus currently includes two fully leased warehouses totaling 256,000 sf…

Citadel Takes More Space At 830 Brickell As Tower Gets Finishing Touches

Ken Griffin’s hedge fund is looking to spread out in Miami’s most anticipated office tower. Citadel signed on for two more floors at 830 Brickell, the under-construction tower in Miami’s financial district that was a magnet for pandemic-era corporate expansions. The hedge fund will be the largest tenant in the building, with 130K SF across eight floors. A Citadel spokesperson…

Lease roundup: Citadel expands at 830 Brickell; more…

Billionaire Ken Griffin’s Citadel expanded its office at the 830 Brickell tower that is expected to be completed this summer. Citadel leased the 13,100-square-foot 14th floor and the 14,400-square-foot 15th floor at the 55-story tower at 830 Brickell Plaza in Miami, said Brian Gale, who is part of the Cushman & Wakefield team leasing the tower. The deal gives Citadel a total…

Turnberry Associates, Elion Partners and members of the Sredni family are suing Stantec and three subcontractors

A group that developed a Trader Joe’s-anchored mixed-use building in Miami Beach is accusing global architecture firm Stantec of shoddy design work, according to a recent lawsuit. The complaint, filed last week in Miami-Dade Circuit Court, alleges Stantec and four subcontractors are responsible for design flaws that led to $1.8 million in delays and cost overruns during…

What’s Inside The $2.7B Plan To Protect Miami Real Estate From Catastrophic Floods

Streets in Miami are flooding this week, as South Florida kicked off summer with a dayslong deluge that is set to drop up to 10 inches of rain through Friday. As the rain pours in and Floridians take advantage of a hurricane tax holiday, county officials and the Army Corps of Engineers are putting the final touches on a $2.7B plan to protect Miami from storm surge. The plan has been…

Joint Venture Receives $575M Refinancing for Diplomat Beach Resort in Hollywood

JLL’s Hotel & Hospitality group has arranged $575 in refinancing for the Diplomat Beach Resort, a 1,000-room beachfront resort located in Hollywood, roughly 10 miles south of Fort Lauderdale and 20 miles north of Miami.  Kevin Davis and Mike Huth of JLL secured the financing on behalf of the borrower, a joint venture between funds managed by Trinity Investments…

‘One Hollywood Residences’ to Break Ground in 2025 at 1817 Taylor Street in Hollywood

A now-vacant parcel in Hollywood, Florida, will soon find new life as a 22-story residential venture. One Hollywood Residences will feature 248 units ranging from 517 to 1,425 square feet, with construction expected to start next summer. According to Condo Blackbook, floorplans range from studios to three bedrooms, offering 11 different layout plans. Future residents will…

Developer Completes 281-Unit Apartment Complex At 200 NE 1st Avenue In Pompano Beach

Cavache Properties has completed Old Town Square, a 281-unit apartment complex in the heart of Pompano Beach’s burgeoning Old Town neighborhood. Located at 200 Northeast 1st Avenue, Old Town Square, designed by Fort Lauderdale-based Adache Group Architects, is the first significant project in this historic downtown area where city officials actively…

Construction Tops Off On Selene Oceanfront Residences In Fort Lauderdale Beach

Construction has topped off on Selene Oceanfront Residences, a 26-story dual-tower condominium at 151 North Seabreeze Boulevard in Fort Lauderdale Beach. Designed by Kobi Karp Architects, with interiors by ID & Design International and developed by Kolter Urban, the 194-unit condominium development will offer panoramic views of the Atlantic Ocean, Intracoastal…

Developer plans 20-story Fort Lauderdale condo tower, amid surge in South Florida proposed projects

A developer proposes a 20-story boutique condo tower near Fort Lauderdale’s waterfront, amid a surge in South Florida planned projects. New York-based Moore Group, led by Gareth and John Moore, wants to build the 38-unit Amalfi on a 0.8-acre site at 2317-2237 North Ocean Boulevard, according to an application filed to the city last month. Designed by Kobi Karp, condo units…

13th Floor to build 124 condos in Coconut Creek

13th Floor Homes and its partners won site plan approval to build a 124-unit condominium complex in Coconut Creek’s master-planned, mixed-use MainStreet area. The Coconut Creek City Commission on Thursday unanimously approved a site plan for six four-story condominium buildings with 16 to 24 units each on 4.8 acres at the southeast corner of Collum and Banks…

‘Boulevard Gardens’ to Offer 92 Affordable Housing Units in Unincorporated Broward County

Broward County’s getting a new affordable housing development for seniors. Boulevard Gardens will comprise a six-story and three-story building, offering a total of 92 residences. According to the South Florida Business Journal, 90 percent of the units (82.8) will be reserved for those earning 60 percent of the area median income (AMI). The remaining 18 would be for those earning…

Foundry, Wheelock land $52M construction loan for Boynton Beach industrial complex

Foundry Commercial and Wheelock Street Capital scored a $52.3M construction loan to build an industrial complex in Boynton Beach. First Citizens Bank provided the financing for Egret Point Logistics Center, which will consist of two warehouses at 3800 South Congress Avenue, a press release states. A JLL team led by Steven Klein and Melissa Rose represented…

Bark Management expands Boca Raton commercial portfolio with $16M purchase

Boca Raton-based Bark Management expanded its commercial portfolio in its home city after acquiring an office campus for $15.7 million. An affiliate of Bark acquired The Greenhouse, a pair of office buildings spanning 93,000 square feet at 5255 and 5301 North Federal Highway, a press release states. Douglas Mandel and Zach Levine with Marcus & Millichap…

Place Projects, NDT score $84M construction loan for Nora, amid Bank OZK lending bonanza

The developers of the mixed-use Nora District in downtown West Palm Beach landed $84 million in construction financing, marking Bank OZK’s continued lending spree in South Florida. The 40-acre Nora District is a multi–phase project being developed by Miami-based Place Projects, West Palm Beach-based NDT Development and Greenwich, Connecticut-based Wheelock…

Two Good Inflation Reports and Another Steady Fed Meeting

Highlights: May’s Consumer Price Index signaled a continuation of disinflationary progress after largely stalling out in the first quarter.As expected, the Federal Reserve unanimously voted to keep its policy rate unchanged at a 23-year high between 5.25% to 5.50% for the seventh consecutive meeting.June’s summary of economic projections implied one, 25 basis point (bps) cut…

The Impact of Work from Home on Interstate Migration in the U.S.

The annual share of people moving from one U.S. state to another has declined substantially over the past several decades. According to our analysis of data from the American Community Survey (ACS), annual interstate migration among working-age adults (ages 18-64) fell from 2.74% in 2005 to 2.40% in 2019, a decrease of 13%. (See the figure below.) A frequently raised concern…

After shrinking for years, average size of new apartments bounces back

More two- and three-bedroom apartments were added to the market last year, pushing the average size of a new apartment to 916 square feet. That’s up by 27 square feet from one year prior, according to RentCafe. The sharp annual increase bears a stark contrast to the longstanding trend of shrinking apartment size over the past several years. From 2018 to 2022, average…

Multifamily sector nationally ‘a mixed bag’ as rent gains persist, but remain tepid

Yardi Matrix’s Multifamily National Report for May succinctly called the month’s performance “a mixed bag,” with the fourth consecutive month of rent gains, albeit slim. The average multifamily asking rent nationwide grew to $1,733 in May, up $6 month over month and a tepid 0.6% year over year. Rents continue to increase in a normal seasonal pattern as demand remains…

Moving Closer to Consistency with a National Definition of Zero Emissions Buildings

Overview: Defining Zero Emissions Buildings Last week, the US Department of Energy (DoE) released a federal definition of a zero emissions building. By providing a standardized definition with accompanying metrics, the administration aims to help propel the shift to zero emissions buildings in the US. It created the definition and accompanying implementation guidance…

Regulatory Developments Related to Managing the Financial Risks of Climate Change – Q2 2024

Introduction Financial regulators have continued on their journey to address the financial risks of climate change, with US agencies making progress on the Financial Stability Oversight Council’s (FSOC) four step recommendations to build regulatory capacity; fill data gaps; improve disclosure requirements; and finally, assess and mitigate climate-related financial risks.

The Fed: Commercial Real Estate in Focus

Commercial real estate (CRE) is navigating several challenges, ranging from a looming maturity wall requiring much of the sector to refinance at higher interest rates (commonly referred to as “repricing risk”) to a deterioration in overall market fundamentals, including moderating net operating income (NOI), rising vacancies and declining valuations. This is particularly true…

Video: MSCI Executive Director Jim Costello Discusses Industrial Real Estate Insights and Updates

The Discussion: The Evolution and Outlook of the Industrial Real Estate Market Introduction In a recent episode of America’s Commercial Real Estate Show the spotlight was cast on the industrial real estate sector—a segment that has experienced a dynamic shift from being the “dirty shoe” to a coveted asset class. This transformation, largely fueled by the pandemic…

The Fed on the Broad, Continuing Rise in U.S. Credit Card Debt Delinquency

In August 2023, a Regional Economist article described a recent rise in credit card debt delinquencies. In this blog post, we highlight that the increase in U.S. credit card delinquencies has continued. While the incidence varies, rising delinquency is pervasive across geographies and different metrics. We base our analysis on quarterly data from the Federal Reserve Bank…

JP Morgan: Understanding the real estate capital stack

The capital stack is a useful way to represent a commercial real estate deal’s financial structure and the balance between different types of capital used to finance a property. A commercial real estate property’s capital stack can be critical in determining the investor’s returns and the degree of risk they could take on. What is the capital stack in real estate? The types of capital…

Most U.S. Apartment Markets Recording Occupancy Improvement

A sum of April and May’s month-over-month apartment occupancy increases shows that most markets across the country are seeing signs of improvement in local readings. The nation overall saw April and May combine for a 0.1% increase in occupancy, according to data from RealPage Market Analytics. The same time last year, occupancy rates ticked down by a rounding…

Gov. Ron DeSantis signs bill tied to controversial balance of power at condo-hotels

Gov. Ron DeSantis approved a law that addresses the delicate balance of power between residents and investors at condo-hotel complexes. House Bill 1021 mainly deals with the issue of fraud, election meddling, withholding of records and other mismanagement by boards of directors and property managers at condo associations. Yet, the Florida Legislature this session approved…

$6.1B In New Construction Added In Miami-Dade Over The Past Year

Miami-Dade County Property values rose significantly last year, and new construction helped add to that growth. Overall taxable values in the county were up 10%, according to an official June 1st estimate released by the county’s Property Appraiser office. Total taxable property values in Miami-Dade are now at $469B, up $43B compared to 2023. Of that increase, $6.1B came…

Sunshine Gasoline Distributors expands storage space in Miami-Dade County

Sunshine Gasoline Distributors beefed up its storage capacity by acquiring a Hialeah warehouse. The Doral-based petroleum company is among the top gas station owners and commercial fuel distributors in Florida. In the tri-county region, Sunshine owns 92 commercial properties, a majority of which are service stations, records show. Recently, Sunshine expanded its…

Pérez family’s Related, partners score $400M construction loan for Six Fisher Island

The Related Group and its partners secured a $400 million construction loan for the Residences at Six Fisher Island, an ultra luxury condominium project. The financing adds to more than $2 billion in condo construction loans that have closed over the past year in South Florida. Miami-based Related, billionaire Teddy Sagi, the Toledanos’ Aventura-based BH Group and Chicago…

Resia plans 1,300-unit apartment complex in North Miami Beach, amid record South Florida multifamily construction

Resia advanced plans for a 1,296-unit apartment project in North Miami Beach, amid record multifamily construction in South Florida that threatens market oversaturation. Resia, a subsidiary of Brazilian real estate firm MRV, scored preliminary approval on Monday for the New North Town Center project with five 12-story buildings at 15530, 15540 and 15780 West Dixie Highway…

Winholt Equipment Group To Open Fourth U.S. Manufacturing Facility In Doral

Winholt is set to open a new Florida facility in July. It will become the hot-holding and warming equipment specialist’s fourth national manufacturing facility in the country, adding to existing locations in Pennsylvania, Texas and California. The company said the expansion adds significant manufacturing and supply chain capacity to the Southeast. With the investment in automated…

Retail Asking Rents Trending Up in South Florida

The retail market dynamics in South Florida are pointing to rising rents as available space continues to get harder to find. Robust tourism, including the return of international visitors, and consumer spending that is outpacing the national average are driving the market, with the demand for space outrunning the supply. Retail rental asking rates have increased in South Florida…

Aby Rosen under contract to sell distressed Lincoln Road retail building for $14M

Aby Rosen is under contract to sell his distressed retail building on Miami Beach’s Lincoln Road for $13.6 million, The Real Deal has learned. Ben Mandell’s Tricera Capital is the contract buyer of the one-story building at 318-334 Lincoln Road, according to sources. Tricera has partners on the purchase, but the sources declined to identify them. The deal could resolve Rosen’s…

“Simplistic” and “unremarkable”: Board slams 48-story Live Local Act project proposed in Wynwood

Bazbaz Development’s plan for a 48-story tower in Wynwood, the area’s tallest ever planned building, struck out in front of a Miami review board. The Wynwood Design Review Committee voted against the proposal after a roughly two-hour discussion this week. The committee’s vote isn’t final but merely a recommendation. Sonny Bazbaz’s eponymously named firm…

Jolt EV charging stations promised to Coral Gables commissioners as free to all users

Coral Gables commissioners on Tuesday got the chance to hear about the possibly of having Jolt EV charging stations throughout the city. City officials heard from Jolt EV representatives on how the electric charging stations would offer free energy to every user of the charger, which would be about 7 kilowatt hours of energy per user per day. The free energy would be roughly…

Miami Beach 63rd Street Bridge openings may be cut in half

Miami Beach is asking the Coast Guard to cut in half the openings of the 63rd Street bridge over Indian Creek at Allison Island to alleviate traffic congestion. City commissioners asked administration to work with the office of US Rep. Frederica Wilson “to engage in the formal process with the US Coast Guard to modify the current operating of the 63rd Street drawbridge…

Surging South Florida condo demand pushing multifamily developers to pivot

It was the “right time, right place” for PMG when it decided to convert a planned multifamily tower into condos in downtown Miami about two years ago. Ryan Shear, managing partner at PMG, said that demand for condos drove the company’s decision to convert the under-construction Society Biscayne rental tower into The Elser Hotel & Residences about two years ago.

Unanimous OK for a sister tower for Metro at Edgewater

The end of 2023 saw completion of Metro at Edgewater, a mixed-use residential tower a couple of blocks from Biscayne Bay, and now an affiliate of the developer is bringing plans for the next phase, Metro 2. Metro Tower II LLC is the applicant with a proposal for Metro 2 at Edgewater, a 28-story mixed-use residential tower at 3055 NE Fourth Ave. Metro 2 is to rise adjacent…

$29M Forfeiture Sheds Light On How Drug Money Infiltrates Commercial Real Estate

There are documentaries and books outlining how drugs fueled Miami’s real estate market 40 years ago, but a new report shines a light on how illicit funds continue to make their way through commercial properties in South Florida and beyond. Miami-based real estate investment firm Sefira Capital agreed to forfeit more than $29M in assets in 2021 as part of a settlement…

Beacon Council mission to Spain nets 14 hot prospects to come here

The Miami-Dade Beacon Council continues to pave the way for the county’s future with an economic development mission to Spain. “It’s really to engage Spanish businesses and Spanish business leaders in a way that allows us to showcase Greater Miami,” said Juan Carlos Liscano, American Airlines vice president for Miami, the Caribbean and Latin America and Beacon Council…

UHealth buys naming rights to a Metrorail stop

Capping 16 years of effort, Miami-Dade has sold naming rights to a transit station. It agreed to sell the title of the Civic Center Metrorail Station to the University of Miami’s Health System for just over $2.9 million for 20 years. The station will become UHealth Jackson Station on July 1. By federal rules, funds from a transit naming right sale must go to the county’s…

Short-Term Rental Market Will Continue to Grow, Says Miami Developer

Catering to those who seek flexibility and convenience above anything else, the short-term rental sector has only been growing over the past few years. In South Florida, an area known to be a tourist magnet and a sought-after business destination, condo developers have been increasingly embracing the short-term rental model. Rilea Group has been constructing condo towers…

Signature Bridge in downtown Miami closes its first gap

A massive cobweb of steel rods is being woven together by the work crews building a new highway and Signature Bridge in the heart of Miami. The first of six towering arches that will hold and hug the new roadbed that is I-395 has been connected at the top, and a final concrete pour at the end of June will secure that last section – with five to go. Total project completion…

412-Apartment ‘Sevilla’ Planned for Northwest 53rd Street and Northwest 52nd Terrace in Downtown Doral

A new residential development is headed for Downtown Doral. Meet Sevilla, a seven-story apartment building offering 412 homes. Led by Coral Gables-based Codina Partners, the venture would offer one-bedroom to three-bedroom layout plans, with square footage ranging from 720 to 1,708 square feet each. Per the South Florida Business Journal, plans also call for 15,800 sf…

25-Story Residential Tower In Edgewater To Be Named ELLE Residences Miami

Global fashion brand and magazine ELLE has signed its first-ever name branding deal for a condominium project near Miami’s Edgewater neighborhood. Designed by Miami-based Kobi Karp Architecture, ELLE Residences Miami is being developed by Urban Network Capital Group (UNCG) and Vertical Development. The 25-story condo will feature 180 units…

Codina plans another apartment building at Downtown Doral

Codina Partners is ramping up multifamily development at Downtown Doral with a planned mid-rise apartment building. The city of Doral recently approved the Coral Gables-based development firm’s site plan for Sevilla, a seven-story building with 412 apartments on a 4.2-acre vacant lot on the corner of Northwest 53rd Street and Northwest 52nd Terrace, a press release states.

Miami Multifamily Real Estate Report Q4 2021

Market Snapshot for Miami Multifamily Real Estate We’ve compiled key statistics (vacancy rates, absorption rates, and rental rates) and property transactions for Miami multifamily real estate in this report. The Miami multifamily report is updated quarterly by our commercial real estate professionals. We also want to cover the bigger picture and provide some…

Doug Levine continues Wynwood sell-off, listing two office floors for $28M

Doug Levine is on a Wynwood selling spree, listing the majority of a three-story office building after recently unloading a trio of properties in the trendy Miami neighborhood. The Crunch Fitness founder placed the top two floors of Wynwood Sky Office Building at 1900 Northeast Miami Court on the market with an asking price of $27.9 million, an online brochure shows.

Hotel coming to South Beach: Keyah buys Washington Ave site for $20M

Keyah Real Estate Group is planning a seven story, 238-key hotel on South Beach’s Washington Avenue. An affiliate of Aventura-based Keyah, led by Xaver Kriechbaum and Gavin Crescenzo, will tear down a single-story retail building and 13-unit apartment building at 1509 and 1515 Washington Avenue that the firm acquired for $20 million, records show. The seller…

3,233-Unit Project With 6 Towers Marks Miami’s Largest Live Local Proposal To Date

A developer is looking to leverage the Live Local Act to win administrative approval for a six-tower project spanning nearly 12 acres in Miami’s West Little River. The plan to build 3,233 residences on a site at 8400 NW 25th Ave. is the largest development proposed in Miami under the state’s recently created affordable housing law. The towers would reach up to 37 stories…

Total Demolition Permit At One Brickell Citycentre Site Back In Review

There’s activity again on a total demolition permit at the One Brickell Citycentre site. The permit to demolish an office building at 799 Brickell Plaza was submitted for its eighth review cycle on June 3, according to Miami Building Department records. A demolition permit was never issued for that building, although it is vacant. A total demolition permit is active for 700 Brickell…

Lease roundup: Action Black fitness brand coming to Brickell

Fitness concept Action Black will open its first outpost in Florida at Brickell’s Panorama Tower. Action Black leased 8,500 square feet on the second floor of the tower at 1101 Brickell Bay Drive in Miami, according to a news release from the tenant’s broker. The fitness center, which will be Action Black’s flagship Florida outpost, will open next year. Jonathan Rosen of JLL represented…

$34.8 Million Mezzanine Financing Secured For Miami Airport Marriott Connection

Driftwood Capital has provided $34.8 million in mezzanine financing for refinancing Miami Airport Marriott Connection, a Marriott-branded complex with three hotels near Miami International Airport. The financing was provided through Driftwood Lending Partners, LP (DLP), to an affiliate of Cerberus Capital Management and Highgate. Driftwood originated the two-year…

Developer U.G. Investments Files Pre-Application for 46-Unit Complex at Northwest 30th Court and Northwest 54th Street in Brownsville

A Southwest Ranches-based developer has filed a pre-application regarding a 0.36-acre site in Miami-Dade County’s Glenwood Heights/Brownsville neighborhood. The unnamed affordable housing complex would measure three stories above grade and offer 46 one-bedroom apartments, measuring 460 to 612 square feet. There would be no major on-site amenities, but plans…

Rivian to open first South Florida showroom at Aventura Mall

Rivian Automotive, Inc. is on track to open its first South Florida retail showroom at Aventura Mall. On June 4, the mall’s owner, Turnberry Associates, received unanimous approval from the Aventura City Commission, to move forward with its plan to welcome another electric vehicle retailer. Turnberry requested permission to open a Rivian location, which would…

Is the Miami hype waning? In South Florida, defaulted debt volume skyrockets by 100%

The financier of a $7.2 million loan on a three-story office building in Lauderdale Lakes was tired of waiting to get paid. His borrower stopped making debt service payments two months after taking out the loan last spring, according to court filings. In May, the lender sued to foreclose on the note. Meanwhile, over at a 38-unit apartment complex in Opa-locka, the lender filed a $3.9M…

Billionaire Family Builds a Real Estate Empire Fueled by Tequila

The heir to a fortune built on Jose Cuervo tequila has plowed cash into US commercial real estate for the past 15 years, quietly amassing a portfolio that runs from Miami to Minneapolis. Juan Beckmann Vidal, the patriarch behind the tequila maker and other spirits housed under Becle SA, has purchased and developed at least 5 million square feet (464,515 square meters) of mostly…

Amazon’s Zoox To Begin Testing Self-Driving Cars In Miami

Another company has chosen Miami as one of its first cities to test self-driving cars. Zoox, a subsidiary of Amazon, said yesterday that it will soon begin testing here. The company won’t be deploying its custom-built vehicles at first, instead sending a fleet of retrofitted Toyota Highlanders. The fleet will be deployed in a small area near the “business and entertainment…”

Amazon Robotaxi fleet to be cruising Miami’s streets by summer

A new fleet of robotaxis will be introduced to Miami streets this summer, allowing the autonomous vehicles to hone their driving abilities before catering to the public. Zoox, an Amazon subsidiary, announced June 5 that it will begin testing its autonomous technology in two new markets, Miami and Austi, TX. The mobility company says it hopes the deployment in Miami’s…

Morgan Auto adds Hollywood Kia to South Florida portfolio

Morgan Auto Group souped up its South Florida portfolio by acquiring a high-performance Kia dealership in Broward County. As a result, Tampa-based Morgan Auto is now Florida’s largest car dealership owner with 77 across the state. A Morgan Auto affiliate paid $22.5 million for Hollywood Kia at 1640 South State Road 7 in Hollywood, records and real estate database Vizzda.

Tishman Speyer drops $100M for Pompano Beach warehouses, marking its Florida industrial market debut

Tishman Speyer dropped $100.2 million for a fully leased warehouse complex in Pompano Beach, marking its first investment in Florida’s industrial market. New York-based Tishman Speyer bought the 35-acre Rock Lake Business Center 3150-3250 Northwest 33rd Street from Atlanta-based IDI Logistics, according to records and real estate database Vizzda. IDI Logistics…

Developer switch: AMAC, ROVR scoop up 285-unit multifamily site in Pompano Beach

Three years after scoring approval for a 285-unit multifamily project in Pompano Beach, Art Falcone opted to sell the development site for $13.5 million. AMAC, led by Ivan and Maurice Kaufman, and Coral Gables-based ROVR Development bought the 6.2-acre property at 3151-3251 North Federal Highway, said Jeremy Forman, vice president of acquisitions at AMAC. The buyers…

Heafey’s Conrad Fort Lauderdale scores $80M refi

Heafey Group secured an $80 million refinancing of its loan backing the Conrad Fort Lauderdale Beach condo-hotel, amid a high interest rate environment that’s made it difficult to refinance and secure new debt. Ocean Bank provided the loan to FLB Hotel and FLB Restaurant, two entities managed by the Canadian real estate firm, records show. The 24-story development…

Preparing for a Highly Active Hurricane Season; Implications for Commercial Real Estate

Hurricanes have multifaceted impacts on commercial real estate. Damage from hurricanes is primarily driven by precipitation, wind and storm surge, which all manifest impact in different ways, causing both direct property damage, as well as indirect regional disruption that contributes to business interruption. Wind is often responsible for damage to a building itself…

Video: MSCI Research Executive Director Jim Costello Discusses Retail Investment Property Performance & Market Dynamics

The Conversation: Resilience and Revival; Insights from America’s Commercial Real Estate Show In a recent episode of America’s Commercial Real Estate Show, the show host delves into the dynamic world of retail real estate, offering a comprehensive analysis of current trends and future prospects.  Among the topics are insights on cap rates, performance…

NYT: What Retail Apocalypse? Shopping Centers Are Making a Comeback.

Shopping center landlords have found themselves in a wholly unfamiliar position: For the first time in 20 years, demand for retail space outstrips supply. That demand has soared recently and, after years of muted construction and a purge of weak-performing properties, met a retail market with less available space. Properties that survived the purge signed up tenants that would draw…

Video: BOMA President & COO Henry Chamberlain on the History of BOMA International

Henry Chamberlain, a notable figure in the building management sector, recently shared an insightful historical overview of the Building Owners and Managers Association (BOMA). Founded in 1907 as the National Association of Building Owners and Managers (NABOM), BOMA has grown into an international powerhouse within the commercial real estate industry. Chamberlain…

How the real estate cycle can inform multifamily investment strategies

In both good and bad economic times, navigating the real estate cycle is critical to multifamily and other commercial real estate investors’ success. “Understanding the real estate cycle can help multifamily investors not only project the income and capital appreciation of their properties, but also use the best investment strategy to maximize returns,” said Matt Felsot, Central Region…

How defeasance works in commercial real estate

Selling or refinancing a multifamily property before its loan matures often involves paying a prepayment premium such as yield maintenance. Defeasance is an alternative that can be an attractive option depending on a commercial real estate investor’s individual situation and market conditions. But multifamily loan defeasance is a more complex process than…

10 Worst Apartment Occupancy Performers Nationally See Vacancies Climb

Vacancies across the South have climbed in the face of a 40-plus year high supply wave. In May, the worst occupancy performers in the U.S. accounted for more than 749,600 apartment vacancies nationally, according to data from RealPage Market Analytics. Heavily concentrated in Gulf Coast states and the southeast, 11 markets logged occupancy at or below 92%.

Florida Rent Premiums Are Fading Fast

Apartment rent in most Florida cities are trading either at a discount compared to long-term pricing trends or premiums of less than 1%, according to researchers at Florida Atlantic University and two other schools. Just a year ago, nearly all the measured Florida metros were at double-digit premiums. The Waller, Weeks and Johnson Rental Index, a part of FAU’s Real Estate Initiative…

What Are the Long-run Trade-offs of Rent-Control Policies?

When economists evaluate policies, they typically find both positive and negative effects. These trade-offs are at the core of economics, where there is generally no free lunch. The role of the economist is to identify these trade-offs; the policymaker can, then—with full information—determine how to weigh one aspect of the trade-off against another. These trade-offs are apparent…

Live Local Project With 3,233 Residential Units Proposed in North Part of Miami-Dade

Plans have been submitted to Miami-Dade reviewers for a massive Live Local project. The project is named The HueHub or Holland Park. It is planned to include: 3,233 residential units 57,260 square feet of retail 4,249 parking spaces Multiple towers are planned, with the tallest topping off at 37 stories. The property currently has one-story buildings with residential, office…

3,200-unit project in West Little River marks Miami-Dade’s biggest Live Local Act proposal

A developer wants to build a 3,233-unit Live Local Act project in West Little River, marking the largest proposal under the affordable housing legislation in Miami-Dade County and likely all of South Florida. The proposal is for six towers reaching up to 37 stories on an 11.7-acre site at 8400 Northwest 25th Avenue in unincorporated Miami-Dade County, according…

Civic Center Metrorail Station Could Be Renamed UHealth Jackson Station Under Marketing Deal

A proposed naming rights deal would see a Metrorail station renamed for decades to come. The station currently known as Civic Center would become UHealth Jackson Station. UHealth would pay $120,000 per year for the naming rights, with increases of 2% per year. They would also be required to cover the costs of updated wayfinding throughout the Metrorail system. The deal…

Condos Now Being Proposed At Jungle Island, Along With Park

The leaseholders of Jungle Island are proposing to build condos on the property, according to a statement released to the Herald. The land is owned by the City of Miami, and leased to the operator of Jungle Island for a theme park. ESJ Capital Partners and Terra are in talks with the city to allow the condo project on five acres of the property. ESJ took over the lease from…

North Corridor rapid rail transit still a 12-year wait

Don’t plan to ride North Corridor rapid rail to Hard Rock Stadium until 10 years after World Cup games are played there in 2026. The long-awaited North Corridor is expected to open in 2036, Nilia Cartaya of the Florida Department of Transportation told the Citizens’ Independent Transportation Trust last week. The trust oversees county transportation tax receipts…

Miami-Dade taxable property values rise in double digits again

As evidence of Miami-Dade’s real estate strength, estimated taxable values of county properties rose by double digits again this year, the third consecutive year of 10% or more gains. This year’s June 1 estimate of annual growth of taxable values was exactly 10%, following last year’s estimate of 12.3% and a 10.2% estimated rise in 2023. Totals are likely to change when official figures…

Miami Beach moves to speed construction of convention hotel

The Grand Hyatt Miami Beach Convention Center Hotel continues to be atop Miami Beach’s project list as plans for the long-awaited hotel advance. Commissioners passed at first reading last month a resolution amending the city code to “authorize the review and approval of certain requests for funding from the Redevelopment Trust Fund of the Miami Beach Redevelopment…

Miami Beach ponders a homeless drop-in center

Miami Beach is mulling options to provide a nighttime drop-in center for homeless and vulnerable populations. A referral to the Public Safety and Neighborhood Quality of Life Committee passed unanimously in this month’s city commission meeting for the “administration to explore and provide options for establishing a nighttime drop-in center in Miami Beach,” says the item’s…

South Dade bus rapid transit coming ‘sometime’ in 2025

The trust that approves transportation tax spending and is one of three funders of the first new Miami-Dade rapid transit corridor asked last week when South Dade’s bus rapid transit will finally open and was told only sometime “in the first part of 2025.” County transportation head Eulois Cleckley could not be pinned down to a narrower time range when passengers…

Blackstone Proposes 128,000-SF Warehouse In Miami Airport West Distribution Area

Amid an ongoing shortage of industrial space, investment giant Blackstone (BX) plans to build a 127,655-square-foot distribution center in Miami-Dade County’s Airport West distribution area. Link Logistics, Blackstone’s industrial unit, has asked county officials to build the warehouse in an unincorporated area near Miami Springs and Medley, areas northwest of Miami International…

Morabito’s Wynwood office-retail project lands $35M construction loan, as office market slows

Morabito Properties advanced its Wynwood office-retail project with a $35 million construction loan, as looming doubts over the neighborhood’s office market viability persist. The Miami Beach-based development firm dropped $14.6 million for the Wyncatcher II project development site at 2150 Northwest Miami Court in Miami, according to Morabito’s spokesperson.

WeWork out: Co-working giant closing outpost in Miami Beach in bankruptcy restructuring

WeWork wants to scrap its South Beach co-working space. The firm, which filed for Chapter 11 bankruptcy restructuring in November, put the branch at 429 Lenox Avenue in Miami Beach on the chopping block, according to a notice WeWork filed in court on Thursday. The closing would be the first Miami-Dade County outpost WeWork wants to scrap as part of its restructuring plan.

Back to the voters: Jungle Island owner proposing condo project with Terra

David Martin’s Terra is partnering with the owner of Jungle Island to redevelop part of the city-owned site into a residential project, The Real Deal has learned. The proposal hinges on voters approving the deal, possibly later this year. Jungle Island, a waterfront eco-adventure park on Miami’s Watson Island, would close if the project moves forward, sources told TRD.

Project Peach Four-Story MXU Breaks Ground In Overtown

A groundbreaking ceremony has been held for Overtown’s Project Peach, and construction is underway. According to a 2021 presentation, the four-story project was estimated to cost $2.6 million. The developer was requesting $1.3 million in financing from the Omni Community Redevelopment Association to help make it happen. The 2021 filing showed that Project Peach…

Photos: Construction Progress At Overtown’s Block 55

Overtown’s largest mixed-use project in decades is moving closer to completion, a photo shows. Across the street, the 36-story Atlantic Station tower is near top off. The first project is known as Sawyer’s Walk (previously Block 55). It is planned to include: 578 housing units, predominantly for low income seniors; 130,000 square feet of office space; 175,000 square feet of retail…

7410 LLC Proposes Two Projects for 7401 to 7425 Harding Ave and 7410 Collins Avenue in Miami Beach

Miami Beach’s Planning Board is scheduled to hear a proposal for a five-story, mixed-use project. Our sources indicate that, presently, the 30,000-square-foot site in question serves as a parking lot for the adjacent CVS. Yet, if approved by city officials, the new venture would require 60,000 square feet of new construction, with 38,805 square feet (64.7 percent) serving as office space….

Tri-Rail’s New One-Seat Express Service From Downtown Miami Begins July 1

Tri-Rail has announced the start date of a new express service from MiamiCentral that won’t require a change of trains. Service will begin July 1, 2024. The train will stop at just five stations: West Palm Beach Station Boca Raton Station Fort Lauderdale/Hollywood International Airport Station at Dania Beach Metrorail Transfer Station MiamiCentral Station Departure…

Community Meeting Planned To Discuss $83M The Underdeck

A community meeting to discuss The Underdeck is planned by the City of Miami tomorrow. The $83M project includes public park space underneath the new Signature Bridge in downtown Miami. A $60M grant from the U.S. Department of Transportation was recently awarded, the largest such award in Miami’s history. Miami commissioners voted recently to recommend…

Quest Expands Miami Coworking Footprint. Again.

Quest’s new Doral location has fully equipped board rooms. Image courtesy of Quest Workspaces Quest Workspaces has opened its second coworking space in Doral, Fla. The company leased 23,454 square feet of office space at Doral Center in December 2022. CBRE represented the owner, Banyan Street Capital, while Newmark represented the tenant in the negotiations.

31-Story Midtown 7 Gets FAA Approval To Rise 352 Feet Above Ground In Midtown Miami

Midtown 7, a 31-story mixed-use building planned at  3001 Northeast 1st Avenue in Midtown Miami, has recently received height approval from the Federal Aviation Administration (FAA) and is progressing in the permitting process. According to a determination letter issued on May 22, the tower is approved to rise to a maximum height of 352 feet above ground…

Plans Filed for Wynwood’s Tallest Tower: 48-Story Mixed-Use Development at 2101 NW Miami Court

Plans for Wynwood’s tallest-ever tower have been filed. Currently known by its address, 2101 NW Miami Ct, the proposed mixed-use development, designed by Arquitectonica and developed by Wynwood Interest LLC, managed by Isaac, Jacobo, Simon, John, and Rosa Bazbaz, is set to rise 48 stories, or 490 feet above ground and 506 feet above sea level. The project would yield…

Juvia to open rooftop restaurant at Standard Residences in Midtown

Juvia Group inked a 15-year lease to open a rooftop restaurant at the Standard Residences, Midtown Miami, The Real Deal has learned. Carlos Rosso’s Rosso Development, Standard International and Alex Vadia’s Midtown Development are developing the 12-story, 228-unit building at 3100 Northeast First Avenue. It’s under construction and is expected to be completed…

Driftwood Capital Provides $34.8M Mezzanine Loan for Marriott-Branded Hotel Complex near Miami International Airport

Driftwood Capital has provided a $34.8 million mezzanine loan for the refinancing of Miami Airport Marriott Connection, a complex comprising three Marriott-branded hotels near Miami International Airport. Driftwood Capital provided a two-year loan with three one-year extension options on behalf of the borrowers, an affiliate of Cerberus Capital Management and Highgate…

Miami Design District billboard ban could have bigger implications for CRE

A billboard ban in Miami’s Design District did not cause a single-story office building in the chic neighborhood to lose millions of dollars in value, according to a recent court ruling. On May 20, six months after a week-long bench trial, Miami-Dade Circuit Court Judge Migna Sanchez-Llorens ruled that the city of Miami was not liable for property owner Karenza Apartments…

Digital Billboard Battle Just Getting Started; Fights still pending in court and at Miami-Dade County

What was thought to be a victory for the Pérez Art Museum Miami (PAMM) and the Adrienne Arsht Center for the Performing Arts in a monthslong digital billboard debate has since turned into something quite different. Rather, the real battle has only just begun. In a recent reversal by the Miami City Commission at its May 23 meeting, the body voted to completely repeal…

Moderate Industrial Growth Can’t Stop Miami’s Enduring Appeal

In 2023 and continuing into 2024, Miami’s industrial sector experienced moderate growth due to reduced lease turnover, accelerating interest rates and economic uncertainty. However, the market’s strong industrial fundamentals and international connectivity via Miami International Airport and PortMiami continue to demonstrate its enduring strength and resilience.

Ira Giller planning mixed-use mid-rise in Miami Beach

Ira Giller wants in on his home city’s burgeoning office market. Gateway Group, the family-owned firm led by the Miami Beach architect and real estate investor, is planning a new $21.6 million mixed-use building with three floors of offices in the city’s Mid-Beach neighborhood. On Thursday, the Miami Beach Design Review Board approved Giller Tower, a seven-story…

‘Urbania NoMi 6th Ave’ Proposed for 12830 Northeast Sixth Avenue and 575 Northeast 127th Street in North Miami

North Miami’s Planning Commission will review a proposal for Urbania NoMi 6th Ave, a mixed-use development. Proposed by NoMi Holdings Group 2, the 11-story venture would feature 240 apartments, measuring about 695 to 1,070 square feet each. According to Colombia-based Continua Developments’ website, there would be 97 one-bedroom homes and 143…

Developer Sets Eyes on Imperial Club; $60M sought for rehab of Aventura retirement home

Developers are looking to soon purchase a 14-story senior living facility in Aventura known as Imperial Club. Located at 2751 NE 183rd St., Imperial Club is an assisted living facility that also offers accommodations for independent living. Darren Smith, president of Smith & Henzy Advisory Group, says the real estate development firm plans to convert the building to a completely…

Developer Plans 6-Story Hotel Tailored For Pilots At 4849 NW 36th Street Near Miami International Airport

A developer has proposed a new hotel for pilots just north of Miami International Airport in Miami Springs. The city’s Planning and Zoning Board was scheduled to review the site plan for the Pilot House Suites by Sucre LLC on the evening of May 28. The proposed development encompasses 1.13 acres of vacant land at 4849 Northwest 36th Street, 673 La Villa Drive…

Plans Unveiled For 28-Story Mixed-Use Development ‘Shoma 88’ In Kendall

Miami-based developer Shoma Group has announced plans for Shoma 88, a mixed-use development in Kendall. Designed by PPK Architects, this 28-story project will feature 405 rental units, each offering approximately 920 square feet of space. In alignment with Florida’s Live Local Act, at least 40 percent of the units will be designated for workforce housing.

Shoma plans 404-unit rental tower in Kendall, amid a Live Local Act bonanza

Shoma Group wants to build a 404-unit apartment tower with workforce housing in Kendall, amid a torrent of Live Local Act project proposals. The Coral Gables-based firm, led by married couple Masoud and Stephanie Shojaee, proposes a 31-story tower on a 1.9-acre site at 9525 North Kendall Drive in unincorporated Miami-Dade County, according to an application Shoma…

Construction Starts on ‘Wyn Ave’ and ‘W35’ in Miami’s Wynwood Arts District

South Florida-based ABH Developer Group has announced construction on two mid-rise buildings in Miami’s Wynwood Arts District. Here’s what we know. The larger of the two buildings is Wyn Ave, a six-story structure comprising 44 apartments, measuring about 425 to 875 square feet each. Our sources indicate that rent will start at $2,400 a month. Communal amenities…

Miami-Dade could lease 10 acres to Terra for workforce housing

Terra is seeking a deal to build up to 675 workforce apartments around South Dade Government Center through a ground lease with Miami-Dade County. The Miami-Dade Housing, Recreation, Culture and Community Development Committee will consider the ground lease for two sites for a combined 10.74 acres surrounding the government complex at 10740 S.W. 211th Street…

Affinius Capital Originates $70M Refinancing for Multifamily Community Modera Skylar in Miami

Affinius Capital LLC has originated a $70 million loan for the refinancing of Modera Skylar, a 263-unit apartment community in Miami. The borrower is a joint venture between Rockwood Capital and Mill Creek Residential. The property includes a 20-story building comprising 166 units and a 10-story building spanning 97 units. Modera Skylar features a mix of studio…

Caroline Weiss’ mother-daughter Blue Lagoon dev site feud ends

Caroline Weiss’ legal battle with her eldest daughter for control of a 7-acre development site in Miami’s Blue Lagoon district appears to be over. On May 29, the Third District Court Of Appeals affirmed a 2022 lower court ruling that dismissed Adeena Weiss-Ortiz’s 10-year-old lawsuit against her mother and entities that own the three-property waterfront assemblage on Northwest 7th St…

April 2024 Industrial Report: Miami Takes Lead in Rent Growth

At the same time, the U.S. industrial market maintained its upward trend in rent prices. In March 2024, national in-place rents averaged $7.85 per square foot, reflecting a robust 7.3% year-over-year increase. Notably, new leases signed in the last year commanded a premium by averaging $10.43 per square foot. However, the biggest story lies in Miami’s rise: After two years of dominance…

Plans for Live Local towers popping up across Miami-Dade

Bazbaz Development plans a 48-story building in Wynwood. These are just the latest development applications filed under the Live Local Act. The new state law, which incentivizes developers that incorporate workforce housing into their projects, was recently enhanced by the passage of Senate Bill 328. In exchange for setting aside at least 40 percent of the residential units in a project…

Miami-Dade OKs $182M for new county government building after controversy over previous above-market price

After residents raised concerns last year with Miami-Dade County’s plan to pay well-above market-value for a new government center, the commission approved a tweaked deal that dropped the price by around 11 percent. Miami-Dade plans to buy the six-story Flagler Corporate Center at 9250 West Flagler Street in the Fontainebleau neighborhood in an unincorporated…

Teachers Could Live Where They Work; New Brickell school going up to house school staff

There’s a new kind of development going up in Brickell. With granite countertops and a balcony, this building’s 600-square foot units will go for no more than $1,700 a month – not bad for a one-bedroom apartment in Miami these days. Just blocks away from a Metro station and Brickell City Center, this is just the kind of place where many of South Florida’s young professionals…

Marion to Close After Nearly a Decade in Brickell, Will Reopen as New Venue

After nearly a decade of throwing Thursday night soirées, iconic ladies’ nights with French flare, and serving America-Asian fusion cuisine to a crowd looking for an elevated night out, Marion in Brickell will close this summer. The dining and nightlife destination, which opened its doors in 2015 and paved the way for elevated Brickell restaurants to come, has announced it will close…

How 2 Miami Neighborhoods Have Grown To Outshine Its Urban Core

Executives at FIFA, international soccer’s governing body, were torn. They wanted to open a Miami office last year but couldn’t decide between a location in Coral Gables or at the Waterford Business District, a 250-acre office park near Miami International Airport. “If you’re trying to do something world-class and connect yourself to the city in preparation for the 2026 World Cup…

The Magic City’s Rise; An interview with Miami mayor Francis Suarez

Miami began styling itself “The Magic City” just a month after its incorporation in 1896. In recent years, it has lived up to the name, topping lists of the world’s most successful urban centers. As its staggering real estate prices, heavy traffic, stunning beauty, and aura of prosperity testify, Miami has been integral to Florida’s rise to the forefront of American life. As many cities…

BH partners with Prime on Hallandale Beach condo-hotel project

BH Group is partnering with Prime Group to develop a condo-hotel project in Hallandale Beach. The joint venture is now shopping for a hotel brand to reside in the proposed 14-story building at 804 South Federal Highway, according to Isaac Toledano, who along with his wife, Liat, leads Aventura-based BH. A site plan application for the development, which includes 138…

Cortland drops $63M for 240-unit Pembroke Pines rental complex, amid muted investment sales market

A Morgan Stanley asset manager sold the Harbour Cove apartment complex in Pembroke Pines for $62.6 million, despite cooling South Florida investment sales. Atlanta-based Cortland bought the 240-unit community at 1601 South Hiatus Road from Boston-based Eaton Vance, according to records and real estate database Vizzda. The buyer took out a $47.5 million Freddie…

Developer Advances With 620-Unit Residential Development Across 30.6 Acres At 1600 S. Park Road In Hollywood

Developer Park Road Development LLC is advancing with detailed plans for 30.6 acres of city-owned land in Hollywood five years after securing the bid for the property. The city’s Technical Advisory Committee is set to review the residential and commercial components proposed for 1600 South Park Road on June 3. Additionally, a concurrent land use amendment will require…

Trinity, Credit Suisse secure $575M refi for Hollywood’s Diplomat

Trinity Real Estate Investments and Credit Suisse Asset Management lined up a $575 million refinancing of the Diplomat Beach Resort in Hollywood. The joint venture is expected to close on a $452 million first-lien mortgage from Citi Real Estate Funding and German American Capital Corp. next week, according to a Kroll Bond Rating Agency report. TD Miami Beach Mezz…

R&B’s Gateway at Wynwood heads to foreclosure

Three years after completing Gateway at Wynwood, R&B Realty could lose the 14-story mixed-use building at a foreclosure sale set for next month. On May 28, Miami-Dade Circuit Court Judge Pedro Echarte Jr. granted final judgment in favor of Wilmington Trust NA as trustee for Boise-based A10 Capital, court records show. Two months ago, Wilmington Trust filed a foreclosure…

$84.4M Loan Secured For The Arcadian Mixed-Use Affordable Housing Project In Fort Lauderdale

Centennial Bank has provided an $84.4 million loan for The Arcadian, an 8-story mixed-use affordable housing project at 640 Northwest 7th Avenue in Fort Lauderdale. Designed by Behar Font & Partners and developed by Fuse Group in collaboration with Boca Paila led by Grupo Krea, the project will include 478 residential units, 15,000 square feet of retail space, and a 212,000 sf…

Fuse and Boca Paila land $84M loan to build Fort Lauderdale project

Fuse Group and Boca Paila recently broke ground on a Fort Lauderdale mixed-use project after scoring a $84.4 million construction loan. Centennial Bank provided the financing for The Arcadian, a planned $153 million complex of two eight-story buildings at 640 Northwest Seventh Avenue, according to a press release. The development consists of 480 apartments…

Church redevelopment is gospel in South Florida: 160-unit apartment project planned in Fort Lauderdale

Developers plan a 160-unit apartment project on an assemblage that includes the Shaw Temple AME Zion Church in Fort Lauderdale, as redevelopment of religious sites soars across South Florida. Tal Levinson and Eric Malinasky want to build a six-story building on a 1.3-acre property at 500, 506, 510, 522, 530 and 534 Northwest Ninth Avenue in the Dorsey-Riverbend neighborhood…

BBX Logistics, PCCP Break Ground on Delray Beach Industrial Park

The Park at Delray groundbreaking ceremony. Image by Marco Bell Photo, courtesy of BBX Logistics Properties BBX Logistics Properties and joint venture partner PCCP LLC have broken ground on The Park at Delray, a 40-acre campus in Delray Beach, Fla. Phase one of the project includes the development of a 200,000-square-foot building. The Park at Delray is taking shape…

Financial firms magnet? Here’s who leased at Steve Ross’ downtown West Palm office towers

South Florida’s office market prospered from an influx of companies over the past four years, pushing up rents to record rates and prompting developers to jump on projects. But now, as tenants pause expansion plans due to elevated interest rates and more expensive financing, some office owners and developers are feeling the sting of higher vacancies and a lack of preleasing.

The Pros and Cons of a Strong Economy for CRE 

In CRE, good and bad news come hand-in-hand. What’s bad for the retail sector might be good for warehouse performance; trends that put major metros at a disadvantage may be supporting success in suburbs or smaller cities.   The strong economy that we’ve seen over the last few quarters presents a similar scenario. Market conditions have no doubt been great for rents…

Video: RXR CEO Scott Rechler; There’s Been A Day Of Reckoning For Commercial Real Estate Nationally

The Conversation: Navigating the Financial Landscapel A Conversation on the Challenges and Opportunities Ahead In a revealing conversation, Scott Rechler, CEO and Chairman of RXR, joins Bloomberg Intelligence to delve into the evolving landscape of interest rates, debt, and real estate, painting a complex picture of the challenges and opportunities that lie ahead.

Industrial Property Trends For 2024

The likes of manufacturing facilities, warehouses, and distribution hubs have all been influenced by developments in technology, sustainability, and customer expectations. Insider looks at some of the trends that are shaping the industrial property space for 2024 and beyond. Smart warehousing. Isra Akhter is the senior consultant in the digital advisory team at CBRE.

Riding Out the Storm in Some Office Markets, Potential Opportunities

Across the United States, cities are grappling with an unprecedented crisis in the office sector, underscored by staggering drops in commercial real estate values. Recent reports have painted a grim picture, with total losses potentially reaching as high as $1 trillion. This downturn has been felt in many areas, including the California market, where large defaults in cities…

Video: Costar National Director of Office Analytics Phil Mobley Provides Office Real Estate Forecast, Discusses Performance & Cap Rates

An In-Depth Discussion on the Future of the Office Market: Insights from Phil Mobley, National Director of Office Analytics at CoStar Introduction In a recent conversation with Phil Mobley, the National Director of Office Analytics at CoStar, the host of America’s Commercial Real Estate Show delved into the complexities and current state of the office market.

More Pain to Come for Regional Banks Nationally

Regional banks and commercial real estate are inevitably linked. As commercial properties, most notably office space, work through the current crisis of sliding valuations and high interest rates, it is important for brokers to understand how intertwined these two sectors are in the current economy. The following are a few different ways of looking at the connection between…

Will RealPage face a long line of court cases?

Judging by the news these days, you might think that RealPage CEO Dana Jones is commercial real estate’s Public Enemy No. 1. Her company has certainly garnered plenty of negative publicity for its YieldStar Revenue Management software that collects data about rental units and then tells landlords how much they can charge for an apartment. I first wrote about the Texas-based…

Put It on Ice: Climate-controlled storage facilities are heating up the market

Modern climate-controlled facilities play an ever-greater role in the nation’s supply chain. America’s food processing, pharmaceutical and cold storage warehousing infrastructure continues to grow with a larger emphasis on just-in-time logistics and last-mile delivery. Brokers seeking financing for these projects, which can include new construction, retrofits, expansions and facility…

Debt service coverage ratios warn of office distress in some metros

The good news thus far for the beleaguered office real estate sector is that the surge of distress that many observers have predicted has yet to be actualized. The bad news, though, is that according to research from Yardi Matrix, many markets remain at risk of distress from offices that don’t have the income to cover their debt obligations. Debt costs for commercial real estate have…

The Fed’s Beige Book: Cautious Optimism in the Labor Market

The new Beige Book largely describes economic trends holding steady in the Southeast with slow overall growth as price pressures generally continue to ease and employers have a slightly easier time finding labor. This edition of the anecdotal report included a “community perspectives” section on conditions in low- and moderate-income communities that appears…

“Becoming a big issue”: Conflicts at condo, homeowners associations fuel insurance woes

In Pembroke Pines, the Heron Pond condo complex’s property insurer halted coverage in April, and the general liability carrier warned it won’t renew its policy when it expires in June. Near North Miami Beach, the Star Lakes condo complex’s board president said he expects this year’s insurance premiums to be about 45 percent more than the association paid in prior years.

Is Bank OZK overexposed to real estate?

When a Citi analyst downgraded Bank OZK from a buy to a sell, sending the stock price tumbling 17 percent, the news shook the industry. Normally, an analyst’s downgrade is not the center of real estate water cooler conversations. But OZK is arguably the most important bank in commercial real estate. It is watched more closely than any other bank, and for good reason.