Host Hotels buys Sternlicht’s 1 Hotel South Beach for $610 million, setting new record

Host Hotels paid $610 million for 1 Hotel South Beach, marking a new per-room record for Miami-Dade hotel sales at $1.42 million a key. Barry Sternlicht’s Starwood Capital Group and LeFrak sold the luxury beachfront hotel at 2341 Collins Avenue, according to a press release. Starwood affiliate SH Hotels & Resorts will continue to operate and manage the 429-room hotel. Hodges Ward Elliott brokered…

Host Hotels Buys Miami Beach Hotel For Over $600 Million ~ More than a Million per Room

A Miami Beach hotel has just traded hands for more than $1M per room. Bethesda, Maryland-based Host Hotels & Resorts acquired the 1 Hotel South Beach for $610M from a JV of Starwood Capital Group and LeFrak. The deal, brokered by Hodges Ward Elliot, pencils out to $1.42M per room. The 429-room hotel at 2341 Collins Ave. was the first of Starwood’s 1 Hotels brand, which now features properties.

Amercia’s First Skyport for Flying Cars is Coming to Florida

A massive real estate development is under construction in downtown Miami and when it’s complete, the Paramount Miami Worldcenter will have the first skyport in the U.S. built for flying cars. While that may sound like something you’ve seen on the Jetsons, drones capable of transporting people are becoming a reality. At 27-acres, Miami Worldcenter is one acre smaller than the Hudson Yards complex in…

Deutsche Bank Weighed Extending Trump Loans on Trump National Doral, Other Assets, on Default Risk

Top Deutsche Bank AG executives were so concerned after the 2016 U.S. election that the Trump Organization might default on about $340 million of loans while Donald Trump was in office that they discussed extending repayment dates until after the end of a potential second term in 2025, according to people with knowledge of the discussions. Members of the bank’s management board, including…

WeWork to open in Wynwood

WeWork is heading into Miami’s trendiest neighborhood. The shared office operator, now known as the We Company, is taking about 30,000 square feet of creative office space on the top floor of Goldman Properties latest project, the Wynwood Garage, according to a building permit filed with the city of Miami. The eight-story, 428-space garage at 301 Northwest 26th Street opened in November and…

Related Group’s Jorge Pérez Talks Real Estate, Lawsuits and Donald Trump

First, there’s his hotel. He didn’t enjoy his recent stay at the Viceroy in Manhattan. “This [Viceroy] is like, oh my God,” the 69-year-old chairman and CEO of Miami’s Related Group said. “You know, the carpets going through the hallways are horrendous, the rooms are tiny…The only reason I guess we stay here is because it’s like a block away from the Armani people who we are meeting with.” He and his son…

Crescent Heights sells mixed-use garage in South Beach

Crescent Heights sold a commercial building in South Beach, home to the popular Upland restaurant, to a nursing home owner for $15 million. Leopold Friedman, who owns the Bronx nursing home Citadel Rehabilitation and Nursing Center in Kingsbridge, acquired the four-story, 32,000-square-foot building at 49 Collins Avenue. It hit the market in 2017. Property records show Friedman financed the…

Tri-Rail is on track to serve downtown Miami

Tri-Rail trains are on schedule to arrive in downtown Miami by the end of 2019, said Bonnie Arnold, spokesperson for the South Florida Regional Transportation Authority, the commuter system’s parent. “The end of the year is doable,” she said. Work is being done on the two sets of tracks Tri-Rail will use in MiamiCentral, the station built by All Aboard Florida for its Brightline service, which runs express…

American Dream Mall waits on Canadian developer

Plans for the American Dream Mall have stayed in neutral since the megamall planned for the northwestern end of the county won approval from county reviewing agencies in July. County officials now wait for Canadian developer Triple Five to take the next step and submit a site plan. Triple Five first eyed Miami for what would become the largest mall in the US over three years ago. The project would…

Virgin Trains USA might roll into PortMiami

Miami-Dade County may soon look at linking Virgin Trains USA to PortMiami, a move that would connect the port to Broward and Palm Beach counties and extend a valuable lifeline to the struggling passenger rail service formerly named Brightline. Commissioners in committee last week voted 3-0 to advance an item directing Mayor Carlos Giménez’s office to examine the extension, which would use…

Melreese golf course leasing to Beckham team on fast track

Some Miami commissioners are eager to learn where things stand as administrators negotiate a long-term lease for a city-owned golf course adjacent to Miami International Airport. A lease would clear the way for David Beckham and partners to build a Major League Soccer stadium on what today is Melreese Golf Course, along with a sweeping mixed-use commercial development, Miami Freedom…

Kicking the can: EB-5 extended again; still lacks permanent legislation

The federal EB-5 program has been extended yet again, this time until Sept. 30. The visa program was again included in the larger federal spending package that President Trump signed Friday, averting another partial government shutdown. EB-5 gives foreign investors the opportunity to obtain a green card if they invest at least $500,000 in a development project and create at least 10 jobs. It has received…

Fannie and Freddie’s increased involvement in multifamily lending proves controversial

More known for backing single-family loans, Fannie Mae and Freddie Mac have seen their involvement in rental mortgages grow dramatically since 2008. Though the agencies aim to promote affordable housing with cheap, government-backed loans, critics say these loans can have the opposite effect. While housing advocates mostly agree that Fannie and Freddie loans for affordable housing and…

(Over)supply and demand: What Miami’s condo glut could mean for multifamily rents and development

Tour the Panorama Tower overlooking Biscayne Bay, with its “porte cochere,” poolside cafe, wine tasting rooms, pet spa and home theaters, and you might think that you’re sampling Miami’s latest glitzy condominium offering. Rising nearly 900 feet, Florida East Coast Realty’s project is the tallest building in the state. But unlike many of the other towers that dot Brickell, the Hollo family’s development…

As rent and tax reforms sweep US, real estate industry braces for fight with progressive lawmakers

After making significant gains in the midterms elections, Democratic lawmakers now have their sights set on curbing big real estate players. Bills are being introduced in states like New York, Illinois and California to strengthen rent controls and change tax laws, according the Wall Street Journal. In New York, where the real estate lobby holds enormous power, progressives like U.S. Rep. Alexandria Ocasio…

Expecting An Eventual Downturn, Industrial Owners Trying To Get Tenants To Renew Early

Miami industrial owners are as confident as ever in “South Florida’s most stable asset class,” but are making preparations for the party to end regardless, according to a recent Colliers International report. The brokerage held its 12th Annual Industrial Owner’s Forum Jan. 31 in Miami, where more than 70 owners of industrial product got together and talked shop. A post-event report last week outlined some…

“We are starting to run, but the gun hasn’t fired:” Investors dash into Opportunity Zones

Investors and developers in Miami-Dade County have been pouring money into Opportunity Zones. From April through September, property sales in those areas tallied $942 million, a 25 percent increase from the same time in 2017, ccording to The Real Deal’s analysis of records. Enacted as part of the December 2017 tax overhaul plan, Opportunity Zones began catching the eye of savvy investors last…

Luxury brand-name residences are growing in popularity — and commanding a premium

If you brand it, they will come. That’s the lesson luxury residential developers are learning as more and more buyers are purchasing properties in high-end branded towers. More than 400 properties are stamped with luxury brand names across the world, and 110 more of these developments will open by 2023, according to Alexandros Moulas, a director of international development at Savills Plc…

All in the family: Alex Sapir turns to relatives to complete Surfside development

Alex Sapir, through his investment firm, the Sapir Corp., is seeking shareholder approval on a deal that will let his relatives bail him out on a luxury condo development under construction in Surfside, a sleepy town north of Miami Beach. Alex Sapir’s publicly traded company is proposing to use $6 million in deposits for condo units at Arte by Antonio Citterio, to fund overrun costs…

Worn down: Payless shoes to close all 2K locations, declare bankruptcy

Just as Sears is emerging from bankruptcy, another major retailer battered by e-commerce is entering into it. Payless ShoeSource will shutter all 2,300 stores when it files for bankruptcy later this month, according to Reuters. It’s the second time the Topeka, Kansas-based discount shoe chain has filed for bankruptcy in two years. It was one of many retailers that closed or filed for bankruptcy in 2017.

New Russia sanctions bill targets LLCs in real estate, again

The “sanctions bill from hell” is back from the dead. Republican Senator Lindsey Graham (SC) and Democratic Senator Bob Menendez (NJ) on Wednesday introduced a tougher version of last year’s “Defending American Security from Kremlin Aggression Act,” and once again, the bill includes a provision that targets people using limited liability companies for high…

So many Opportunity Zones, so many questions for developers, investors

Developers and investors are enamored enough with the federal Opportunity Zones program that they have been raising massive funds in hopes of taking advantage of the big tax incentive. But they remain cautious enough over of the program’s many unanswered questions that few have deployed much of the capital raised. Those dueling realities played out Thursday in Washington, D.C., when the IRS’ first…

Glaser and partners propose 15-acre “West of West” district in South Beach

Developer Todd Michael Glaser and a group of partners are proposing a massive mixed-use project with pocket parks, elevated courtyards, residential and commercial space in the heart of South Beach. Glaser, Jarrett and Sean Posner, Fred Carlton and Charlie Ratner are the developers behind the West of West overlay district. Domo Architecture + Design presented it Wednesday to the Miami Beach…

The Sky Lounge In The New Zaha Hadid Building Will Be The Hottest Invite In Miami

Construction is moving along at One Thousand Museum, the landmark Miami building by famed architect Zaha Hadid. Bisnow was recently allowed a sneak peek inside and some details on its culinary offerings. Mame Sow, a native of Senegal who moved to New York when she was 11, has been brought on as the building’s culinary director. As such, she will plan and prepare seasonal menus to be…

Long-delayed Ritz-Carlton Residences in Miami Beach now expects temporary certificate of occupancy in April

The long-delayed Ritz-Carlton Residences, Miami Beach, is now expected to receive its temporary certificate of occupancy in April and begin closings later that month or in early May. Developer Ricardo Dunin, founding partner of Lionheart Capital, said construction of the luxury condominium project is nearly completed. “Many units are finished and locked, and most of the building is done,” Dunin said…

Bristol Group sells Amazon warehouse for $24 million

The Bristol Group sold a Miami Gardens warehouse leased to Amazon for $24 million. The San Francisco-based company sold the 205,548-square-foot-industrial property at 15600 Northwest 15 Avenue to an affiliate of Dallas-baed Dalfen Industrial for $116 per square foot, records show. Dalfen secured a $16 million loan from Bank of America to finance the acquisition. E-commerce giant…

Trump admin considers sidestepping Congress to overhaul Fannie and Freddie

The Trump administration may bypass Congress in its effort to privatize Fannie Mae and Freddie Mac, which have been in government “conservatorship” for a decade. Treasury secretary Steven Mnuchin, who previously sought support from Democrats in Congress to privatize the mortgage giants, is now working on a set of proposals to do so unilaterally, sources told the Financial Times. “They want…”

Amazon says it won’t come to New York

Leaving a $3 billion incentive package on the table, Amazon has decided against coming to New York City. The company announced on Thursday that it won’t build a new campus in Queens. The decision follows reports last week that Amazon was reconsidering its selection of New York, amid fierce political opposition. Much of the blowback sprung from the $3 billion in state and city tax incentives offered…

Mortgage originations hit 4-year low: NY Fed

Mortgage originations fell last year, while new auto loans hit all-time highs, according to a report by the Federal Reserve Bank of New York released on Tuesday. New mortgage loans for 2018 were at the lowest level since 2014. Mortgage originations in the fourth quarter fell to $401.5 billion from $445.3 billion in the previous quarter, the lowest volume since the first quarter of 2016 in nominal terms, the…

Robert Wennett wins Miami board approval for massive, mixed-use project in Allapattah

Robert Wennett’s proposed massive mixed-use project in Allapattah, which could include the only co-living spaces currently allowed in Miami, is a step closer to becoming a reality. Miami’s Planning, Zoning, and Appeals Board backed the development of… The Miami Produce Special Area Plan, a 8.5-acre, mixed-use project at 2140 Northwest 12th Avenue, is proposed by Wennett and Jeff Weinstein…

ACRE, Global City Development Break Ground on 236-Unit Apartment Complex in Miami

Asia Capital Real Estate Management (ACRE) and Miami-based Global City Development have broken ground on MiMo Bay Apartments, a 236-unit multifamily community located at 6445 NE 7th Avenue in Miami’s MiMo District. The asset is being built adjacent to Legion Memorial Park, the site of the former American Legion Post No. 29. The new mixed-use community will include a 15,000-square-foot…

What the National Climate Assessment Means for South Florida CRE

Last November, 300 scientists and 13 federal agencies collaborated to produce the latest National Climate Assessment, a congressionally-mandated quadrennial report on climate change and its expected effects on our nation and the world. The results presented a stark picture of what kind of world we may leave our children if nothing is done to change our role in this global issue. South Florida is…

Yotelpad Miami Breaks Ground

Aria Development Group, in partnership with Aqarat, has begun construction on Yotelpad, a 327,356 square-foot, mixed-use project in Miami. Stantec is providing architecture, interior design and engineering services for the 231-condo and 222-key development, which is slated for completion in early 2021. Yotelpad is located at 227 NE Second Street, less than 8 miles from Miami International Airport…

AeroThrust CEO sued over alleged toxic mold at Dadeland condo

The CEO of AeroThrust Holdings is being sued for negligence after allegedly allowing toxic mold to permeate throughout a condo unit his company managed. Venus Lacalamita filed a lawsuit in Miami-Dade County Circuit Court against Mario Abad, his wife Claudia, their property management company, MGC Group Corp., and air conditioning maintenance business Frioclima Corp. Lacalamita claims that…

Whoops! 3 Opportunity Zone Mistakes People Have Made Already

Interest in opportunity zones is as hot as ever, especially ahead of the IRS public hearing scheduled for Thursday morning. With everyone running headfirst into deals, it’s good to be aware of how other people have messed up already — so that you don’t have to. Bisnow/Deirdra Funcheon A February 2019 Bisnow panel about opportunity zones featured Greenberg & Traurig shareholder James…

Google to invest $13 billion in real estate across the US

OK, Google. Tell me about the multibillion-dollar real estate investment you’re making this year. The tech giant announced on Wednesday that it plans to spend more than $13 billion in data centers and offices across the U.S., including major expansions in 14 states. Google CEO Sundar Pichai said in a blog post that the new data centers and offices will create more than 10,000 new construction jobs in…

Sears, sort of: Here’s what the retailer is planning post-bankruptcy

In the age of Amazon and dying retailers, Sears has emerged from bankruptcy with a new survival plan: smaller stores, fewer clothes and aisles full of tools and appliances. Edward Lampert, whose firm ESL Investments successfully bid $5.2 billion for the retailer’s assets last month, said the new company will sell or sublease some of the 425 stores. Though Lampert, who was responsible for Sears declaring…

Bath Club fight pits Peebles against unit owners for control of private club

Two unit owners at the Bath Club in Miami Beach — a Washington, D.C. power broker and a Weston-based developer — allegedly teamed up to sabotage the Peebles Corp. from successfully managing the historic private members club and destroy its market value, according to a recently filed lawsuit. Peebles entity Bath Club Entertainment is suing Mark Penn, a former Clinton strategist who currently manages…

Parking has a warm glow in Miami Design District

The Miami Parking Authority has hit the switch on bright, colorful new parking lots at the edge of the Miami Design District. On Tuesday evening, authority officials held a grand opening of sorts for the reborn parking spaces under Interstate 195. The city’s parking agency is celebrating the re-imagining of the I-195 underpass parking lots into an international urban art installation. The gathering occurred in…

Businesses flow from afar into Brickell, downtown offices

The office market in the central business district and Brickell is solid, observers say, and not likely to be blown off course anytime soon. “The market in downtown and Brickell is tight,” said Neisen Kasdin, office-managing partner at Akerman, LLP, and vice chair of Miami’s Downtown Development Authority. “The last spurt… with 1450 Brickell, 600 Brickell and the Wells Fargo Building.” Two new…

Baptist Health’s Miami Beach center a community hub

Baptist Health South Florida’s Miami Beach urgent care, diagnostic and outpatient center on Alton Road, which opened in July 2018, has started up several new programs and the volume of patients is “above our projections,” according to Nancy Batista-Rodriguez, the chief executive officer of Baptist Outpatient Services. Both the endoscopy center and the spine center offering neuroscience and orthopedic…

Tommy Hilfiger group sells Raleigh Hotel in South Beach to Michael Shvo and partners for $103M

Tommy Hilfiger and Dogus Group sold the Raleigh Hotel in Miami Beach to a partnership led by New York developer Michael Shvo for $103 million. The deal breaks down to about $1.24 million a key, one of the most expensive hotel sales on a per-room basis in Miami-Dade County. Shvo, Bilgili Group and Deutsche Finance Group acquired the 83-room Art Deco hotel at 1775 Collins Avenue, according…

Jorge Pérez on building golf courses in Cuba with Trump, stepping down as CEO and more

Miami’s condo king Jorge Pérez revealed he once discussed building in Cuba with President Trump, offered his timeline for stepping down as CEO of the Related Group, and talked about the influx of buyers from the Northeast and more. Pérez, chairman and CEO of Related, said he plans to step down as CEO of the Miami-based firm in a year or two, but will stay on as chairman. His son, Jon Paul, a vice…

Virgin Trains USA – still operating as Brightline – postpones IPO… for now

Virgin Trains USA postponed its much anticipated initial public offering, claiming it found “alternative financing” to stay private. The high-speed train company, still operating under the name Brightline, runs from West Palm Beach to Miami and also owns real estate properties near its stations. The company previously said its IPO could be worth up to $619 million. Its IPO was expected to be priced on Tuesday.

Video: RealPage Deputy Chief Economist and VP of Asset Optimization Jay Parsons Provides Multifamily Update

Jay Parsons, Deputy Chief Economist with RealPage, joins Michael to discuss the multifamily market, including vacancy rates, rent growth, and more. He comments how in the face of impending doom the multifamily keeps on chugging along. Occupancy is at a healthy 94.4% overall, up 40 basis point year over year. Rent growth has accelerated, with 3.3% year over year growth as of the fourth quarter…

Call it a “joint” venture: Simon Property Group partners with cannabis oil company

Soon after posting a record fourth quarter, Simon Property Group announced on Monday that it would be partnering with cannabis firm Green Growth Brands to open 108 shops in its malls this year. The shops will sell products infused with the cannabis extract cannabidiol, also known as CBD, according to CBNBC. “The GGB shopping experience is exactly the type of innovation our customers want and…”

Ex-boyfriend of Real estate marketing exec Andrea Greenberg’s arrested on fraud charges in connection to her estate

Authorities have charged the longtime boyfriend of the late Andrea Greenberg with submitting a forged will, which would have made him the sole beneficiary and executor of the real estate marketing executive’s $1 million estate. Alejandro Aparicio, who was charged with grand theft, organized fraud and forgery, was booked into Miami-Dade Jail on Friday, but has since posted bail. Greenberg died in…

Crescent Heights plans major mixed-use project in Edgewater

Crescent Heights is making moves in Edgewater. The developer requested that the city replat the properties at 3000 and 3050 Biscayne Boulevard in Miami to build a major mixed-use project on more than 5 acres of land. A replat submitted to the city of Miami reveals plans for up to 754 residential units, nearly 269,000 square feet of office space, about 17,000 square feet of retail space, a 38,450-square-foot…

Mall owner Macerich expects more store closures in 2019 across portfolio: CEO

As shopping malls nationwide have been battered by ecommerce, mall landlord Macerich has sought alternatives by redeveloping some of its properties into creatives office spaces. But that didn’t solve the core problem. Net income fell sharply for the quarter and the year. Macerich’s net income from September through December was down 64 percent, to $11.7 million in 2018 compared to $32.7…

El Bagel opening in MiMo, Blue Bottle closes Miami locations, and other restaurant news

El Bagel is opening in a permanent spot in the MiMo District. The popular food truck concept signed a lease for 1,250 square feet at 6910 Biscayne Boulevard, in a building owned by developer Alex Karakhanian. It’s expected to open as early as May. Felix Bendersky of F&B Hospitality Brokerage and David Morales of Morales Legal P.A.

Amazon may pull out of Long Island City campus amid opposition

Amazon is considering pulling out of a deal for a new campus in Long Island City, which is set to bring 25,000 jobs to New York and put the area’s real estate market into overdrive, but was heavily criticized as a giveaway to the tech giant because of its billions in tax breaks. Since Amazon is yet to lease or purchase office space for the project, it would be able…

Miami gold family sued for allegedly using company funds to buy SoFla real estate

Last year, Republic Metals declared bankruptcy amid an industry-wide investigation into gold purchases from illegal mines in South America. Now, creditors of Republic Metals are suing the owners of the Opa-locka-based precious metal company, alleging that its CEO Jason Rubin and his sister, Lindsey Rubin, used the company’s money “to fund their lavish lifestyles, including luxury homes and…

There are many disputes that arise in partnerships

There are many different businesses in Florida. There are also different ways that these businesses can form. Some businesses form as S-corporations and others C-corporations. They could also form as a limited liability company, a sole proprietorship, a partnership and others. The type of business formation chooses depends on a number of factors, but it is important that the company clearly states…

Judge approves Lampert’s $5.2 Billion Sears takeover bid

A U.S. bankruptcy judge approved Sears Chairman Edward Lampert’s $5.2 billion takeover bid of the company, saving off liquidation of the troubled retailer and hundreds of stores. The ruling means that thousands of jobs have been saved and 425 stores will remain open for now, according to Reuters. Judge Robert Drain of the U.S. Southern District Court in White Plains, N.Y, approved the sale on…

Trump open to changing controversial state and local tax provision

Wealthy people from New York, Connecticut and other high-tax states have been flocking to Florida to buy real estate. Their exodus was prompted in large part by President Trump’s 2017 tax overhaul, which capped deductions of state and local taxes. Now, Trump said he is open to changing this controversial provision of the tax law, according to Bloomberg. The move could potentially reduce the amount…

Glaser sells Miami Beach office building to luxury watchmaker

Todd Michael Glaser sold a four-story residential building in Miami Beach to a luxury watchmaker who is planning to convert the property to an office. A company tied to the luxury spec home developer and his father-in-law, Mitchell Rubinson, sold the property at 2228 Park Avenue for $5.25 million, or $511.54 per square foot, to John Simonian, according to Lyle Chariff, president of Chariff Realty Group…

Developers and investors file 10 new suits seeking to overturn property value assessments

Pedro Garcia’s methodology for calculating property valuations in Miami-Dade County is facing legal challenges from a slate of deep-pocketed owners that contend the county appraiser uses unfair and discriminatory practices in determining a property’s taxable worth. Between November 30 and January 4, 10 separate lawsuits were filed in Miami-Dade Circuit Court against Garcia, as well as…

Agent convicted of extorting “The Jills” sent back to the slammer for violating probation

The former Miami real estate agent sentenced to probation for extorting Coldwell Banker’s top-producing team, known as “The Jills,” is now going to jail. A judge sentenced Kevin Tomlinson on Thursday to just under a year, for violating his probation by posting about the duo on social media and failing to pay court costs. A jury convicted Tomlinson in June on two counts of extorting Jill Eber and Jill…

Video: REIS Senior Economist Barbara Denham Does Retail Property Wrap-up 2018

Barbara Denham, Senior Economist with REIS, a leading commercial real estate data source, appears on a commercial real estate related show to discuss how retail performed in the biggest quarter of 2018, and projections for the sector in 2019. She notes that vacancy held steady at 10.2% in the face of gloomy forecasts, and rent increased 0.5%. She sees these results as positive, even though it is low, as it…

PTM Partners, EIG Acquire Opportunity Zone in Miami, Plan $100 Million Multifamily Development

PTM Partners and Estate Investment Group (EIG) have acquired a 1.3-acre parcel in Miami’s Overtown neighborhood for $9.7 million. The joint venture plans to develop a $110 million, 18-story, 360-unit apartment complex at the site called Soleste Grand Central. The 220,000-square-foot project is set to… The development will be situated at 218 NW Eighth Street, about two miles north of downtown Miami.

Video: REIS Senior Economist Barbara Denham Does Retail Property Wrap-up 2018

Barbara Denham, Senior Economist with REIS, a leading commercial real estate data source, appears on a commercial real estate related show to discuss how retail performed in the biggest quarter of 2018, and projections for the sector in 2019. She notes that vacancy held steady at 10.2% in the face of gloomy forecasts, and rent increased 0.5%. She sees these results as positive, even though it is low, as it…

South Florida Industrial CRE Broke Several Records In 2018

South Florida is one of the country’s industrial real estate darlings, and last year proved it once again. South Florida’s industrial sector smashed several records in Q4 2018, a new report from Newmark Knight Frank found. An NKF spokesperson pointed out key findings: The average rental asking rate hit $8.75/SF, breaking the previous record set in 2007. In Miami, the average asking rate climbed above $8/SF…

Stunning renderings of downtown Miami’s new $802 million bridge

The $802 million redesign of I-395, SR 836 and I-95 in downtown Miami will be a major headache for drivers, but renderings show just how stunning the end result will be. The arched bridge will be Miami’s signature feature as its soars over the downtown area. The larger context is it is part of a multidecade transformation of the downtown area. Consider in the last few decades that Adrienne Arsht Center…

And so it begins: Moody’s launches CRE portal to challenge CoStar’s dominance

Moody’s Analytics has launched its long-planned commercial real estate data portal, highlighting the company’s push into a space largely dominated by the CoStar Group. The financial services giant, which is valued at $31 billion, has over the past year acquired, invested and partnered with data companies to provide a centralized portal of commercial real estate transaction tools. The Real Deal last month…

Commercial property sales hit near record-breaking total of $562 billion last year

Commercial real estate sales hit near-record levels in 2018, and low interest rates could make for another strong year. The total value of U.S. commercial properties selling for $2.5 million or more reached $562.1 billion last year, the Wall Street Journal reported, citing data from Real Capital Analytics. This was a 15 percent increase compared to 2017 and about $8 billion less than the 2015 record of $569.9…

New Brickell Hotel Announced in Interview With Radisson’s Ken Greene On The Newest Radisson Blu And What’s Next

The Radisson Red is a select-service lifestyle brand. It’s a millennial mindset that crosses all demographics based on art, music and fashion. Those are the pillars. It’s a fresh cool new brand. The first [Radisson Red] we opened in Minneapolis… And we’re announcing here at ALIS a new Radisson Red in Brickell, Miami — the Radisson Red Miami Brickell. It’s a very cool area. It’s going to be our second location in Miami.

The continuing lease guaranty that didn’t continue after all

A common theme of the cases and issues discussed in this blog is that document drafting is at the root of many commercial real estate disputes (such as here, here, here, and here).  It’s usually the case that the parties don’t notice the drafting issue until a problem arises.  A new case provides yet another example. Haggin v. Allstate Investments, Inc. is about a lease guaranty and whether it covered extensions…

Estate Investments plans apartment project near Miami Health District

Developer Robert Suris of Estate Investments Group completed an assemblage near Miami’s Health District , with plans to build a multifamily project. EIG is proposing a 251-unit rental building between eight and 11 stories tall on Spring Garden Road, just east of the Dolphin Expressway. The developer is… EIG closed on the 24,708-square-foot lot at 1033 Spring Garden Road on Friday for $3 million.

Mill Creek closes on Edgewater site of $120 million development

Mill Creek Residential closed on a development site in Edgewater where it’s planning to build Modera Biscayne Bay, a $120 million mixed-use apartment tower. Unity on the Bay Church sold its 2-acre site at 411 Northeast 21st Street and will relocate later this year, according to a release from Greenberg Traurig. Shareholders Ryan D. Bailine and Gavin M. Loughlin, along with Marina I. Ross and Ethan B.

Partnership closes on Opportunity Zone site in Overtown, with plans for 18-story tower

One of the largest Opportunity Zone acquisitions in Miami closed, with the owners planning to build a large residential complex on the site. Former LeFrak executive Michael Tillman’s PTM Partners and Estate Investments Group paid $9.7 million for the vacant lot at 218 Northwest Eighth Street in a qualified Opportunity Zone near the MiamiCentral train station. The partnership wants to build a 360-unit…

Notable Retail Leases Signed in South Florida Q4 2018

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q4 2018. While the headlines are focused on the challenges and closures of major chains such as Kmart, Sears, and Sport’s Authority, the retail leasing market in South Florida remains strong as evidenced by some major leases…

Florida East Coast Realty’s $425 million Panorama Tower refi is among city’s biggest

Florida East Coast Realty closed on a $425 million refinancing of Panorama Tower, one of the largest such loans in Miami in recent years. Wells Fargo financed the new debt, which replaces the $340 million construction loan the bank provided on the 85-story tower in 2015. It was one of the largest construction loan in Miami-Dade at the time. FECR, led by Tibor Hollo and his sons Jerry and Wayne Hollo…

Simon posts record Q4; CEO “excited” about evolution of mall industry

Simon Property Group posted record numbers in the fourth quarter, even as mall landlords nationwide faced challenges including retail chain bankruptcies and the growing shift to e-commerce. In a Friday earnings call, the retail giant’s CEO, David Simon, said he is “excited” about the evolution of the mall industry, despite all its challenges. “There’s always been disruption in our industry,” Simon added. Mall…

“Top Chef” winner Jeremy Ford to open restaurant at Coconut Grove project and other restaurant news

Former “Top Chef” winner Jeremy Ford will open a new waterfront restaurant at the Treo Group’s mixed-use project in Coconut Grove. Ford is leasing more than 7,000 square feet of indoor and outdoor space at Regatta Harbour at 3385 Pan American Drive in Miami. Treo partnered with Grove Bay Hospitality Group to bring the celebrity chef. The restaurant, called Afishonado, is…

Veranda Holdings scores loan for townhomes near Homestead

A Coral Gables-based company just scored a construction loan to build a townhouse development in south Miami-Dade County. Pacific National Bank is providing $5.1 million loan for Veranda Holdings LLC. Veranda, a Delaware company led by Luis Machado, also filed a notice of commencement for 37 townhouses in seven buildings on the site at Southwest 240th Street and Southwest 110th Court…

Virgin Trains USA – formerly Brightline – seeks to raise up to $619 million in IPO as it plans expansion

Virgin Trains USA seeks to raise up to $619 million in an initial public offering as the high-speed rail company is planning to add stops in Orlando and Tampa Bay. Virgin Trains USA, formerly known as Brightline, expects its initial stock price to be between $17 and $19 per share. It plans to be traded on the Nasdaq stock exchange under the ticker symbol VTUS, according to a filing on Wednesday with the…

Federal Reserve holds interest rate, stresses “patience” on future hikes

The Federal Reserve has decided to hold interest rates steady, signaling a sharp departure from its recent policymaking. The benchmark rate will stay between 2.25 and 2.5 percent, and the Fed said on Wednesday that it will be “patient” in making future rate decisions. Some analysts take the Fed’s latest comments to mean that the body will not raise rates in March either. Instead, officials seem more likely to…

Brickell City Centre OK’d for major expansion

Brickell City Centre is poised for another major growth spurt, adding 972 residences in two towers, stores and entertainment venues, parking, a ground-level plaza, and enhancements around the South Miami Avenue Bridge. The sweeping development from Swire Properties Inc. continues to transform the Miami neighborhood south of the Miami River. The city commission on Jan. 24 approved…

South Florida by the numbers: Seizing the Opportunity (Zones)

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Do you hear that? That’s the sound of big money rushing into Miami’s new “Opportunity Zones,” which are government-designated areas where real estate developers have been offered tantalizing tax incentives to invest. In most cases, the zones fall within historically distressed…

Lawsuit alleges “vague and ambiguous” language could hamper David Beckham’s soccer complex plan in Miami

Miami attorney David Winker filed his second lawsuit in a week against the city of Miami, attempting to derail David Beckham and his partners’ plan for a multimillion-dollar soccer complex. In the latest lawsuit, filed in Miami-Dade Circuit Court on Tuesday, Winker focuses on the ballot language that was used in the November referendum that voters approved. The referendum, which waives competitive…

New Lawsuit Is Another Roadblock For David Beckham’s Miami Soccer Stadium

David Beckham has a beautiful family, a legendary career and millions in the bank. But so far, the soccer and fashion star has been having a hard time getting a soccer stadium built — in Miami, of all places, where developers famously get what they want. A new lawsuit has added one more hurdle for him. It has now been six years since Beckham and his business partners, including “American Idol” creator…

AJP Ventures, Mas Group to Break Ground on $40 Million Medical Office Building in Miami

Completing a demolition has cleared the way for the development of a new $40 million, 116,000-square-foot medical office building next to Baptist Hospital of Miami, according to AJP Ventures and Mas Group, the project’s owners and developers. The site is at 9408 S.W. 87th Ave. and 8790 SW 94th Street, essentially across the street from Baptist Hospital, a 650-bed facility that’s one of metro Miami’s largest…

Lawmakers look to change zoning to allow banks on wheels

A business model that transformed part of the restaurant industry could soon be used by financial institutions to reach out-of-the-way and underserved Miami-Dade residents, as lawmakers are looking at changing zoning strictures to allow for banks on wheels. Commissioners last week forwarded to a Feb. 2 hearing a proposed ordinance change that would allow mobile banking…

Mast Capital, AEW Capital Secure $59.7 Million Construction Loan for Multifamily Project in Miami

A joint venture between Mast Capital and AEW Capital Management LP has secured a $59.7 million construction loan for its Miami River Walk project. The 688-unit multifamily development will be built in two phases on 6.3 acres of land, situated less than two miles from downtown Miami. The first phase is expected to break ground in the first quarter of this year and will comprise 346 residential units.

Will on-demand and trolleys slay county transit?

As Miami-Dade residents continue leaving county transit for city transportation services and other alternatives, some county commissioners are wondering aloud if the shift could be permanent – and what should be done if it is. Cities get more than 20% of about $300 million generated annually through the half-percent sales tax voters approved in 2002 to expand transportation across the county.

Miami backs Bacardi buildings for National Register of Historic Places

Two unique and colorful structures in Miami’s Edgewater neighborhood have been recommended by the city for placement on the National Register of Historic Places. The city commission on Jan. 24 approved a resolution supporting the nomination of the Bacardi Buildings Complex, at 2100 Biscayne Boulevard. City code requires the City of Miami Historic and Environmental Preservation Board to…

County transit closes gap to begin a ridership turnaround

Good news echoes for Miami-Dade County transit: fewer riders are fleeing trains, buses and the Metromover. If that sounds like saying that your favorite team is still losing games but by far smaller margins, it should. That’s what’s happening. We’re closing the gap, so what we’re trying is succeeding, but we’ve got a lot of work to do to rebuild. Last month we were pleased to note “transit ridership takes…

Easement opens Watson Island to heliport

Miami city commissioners have approved a large easement on city-owned Watson Island to free up space for a long-planned heliport. The heliport’s construction is planned for the southern portion of the barrier island, adjacent to city-leased land used as a seaplane base. The city administration recommended that the commission adopt a non-exclusive easement of approximately 55,807 square feet of…

Miami International Airport joins Brazil’s post office to aid e-commerce

Shipments that took weeks and sometimes months to travel from the US to Brazil will now arrive in days as part of a new expedited shipping service partnership between Miami International Airport and Correios, Brazil’s post office. Compra Fora, which translates to “Buy Outside,” will allow for e-commerce packages of all sizes from all over the world to be shipped to Miami International Airport…

Baptist Health acquires Collection Residences site in Coral Gables for $37 million

Baptist Health South Florida just closed on a site in Coral Gables for $37 million that was at the center of a contentious lawsuit between developers Masoud Shojaee and Ugo Colombo. Shojaee, a homebuilder, and Colombo, a developer and owner of the Collection luxury car dealership, had previously planned to jointly develop the Collection Residences on the 2.8-acre property at 250 Bird Road. They…

Privé opponent scores $200K settlement from Aventura police tied to protest of condo project

Three years after she was arrested for protesting construction of a sidewalk by the developers of Privé at Island Estates, Dara Clarke is claiming a resounding victory over the two Aventura police officers who allegedly manhandled her. The Williams Island homeowner settled her lawsuit last week against Sgt. Terry Scott and fellow policeman Joseph Craig, alleging they violated her fourth amendment…

Midtown Miami developer buys former Toys “R” Us in Cutler Bay

A company led by Midtown Miami developer Jon Samuel just picked up a former Toys “R” Us property in Cutler Bay. Samuel’s Trikon Cutler Bay LLC paid $7 million for the 39,000-square-foot building at 19525 South Dixie Highway in south Miami-Dade County. Samuel is a principal at Midtown Group and Trikon Capital, according to his LinkedIn profile. A number of Toys “R” Us properties have sold in the…

Miami’s latest luxury condos have landing pads for flying cars

As transportation drones and ‘air taxis’ get closer to becoming a reality, developers for the super-rich are already planning towers with their own landing pads. With its abundance of uber-wealthy residents and notoriously high traffic, Miami has been one of the first cities to embrace futuristic modes of transportation — three new luxury properties will have flying car docks on the penthouse of its tower.

Sergio Pino scores $21 million construction loan for West Miami-Dade development

Sergio Pino’s Century Homebuilders Group just scored a $20.58 million loan to build 156 new townhomes and villas in western Miami-Dade County, as he sees demand for lower-priced homes. The Coral Gables-based company secured the loan from Capital Bank to build the community, Century Park South, at 15700 Southwest 136th Street, southwest of the Miami Executive Airport. Century Homebuilders…

Video: JLL Chief Economist Ryan Severino on 2019 Economy Now

Chief Economist at JLL Ryan Severino appears on a commercial real estate related show to discuss the current status of the economy and related implications for commercial property investors. He notes that he does not expect a big slowdown, projecting 2% to 2.5% growth in the coming year. He thinks the fundamentals of the economy look pretty good, and in fact thinks the market are overly pessimistic in…

Majority owner of Bâoli Miami and El Tucán nightclubs sues former business partner alleging fraud and embezzlement

The majority owner of the popular South Florida nightclubs Bâoli Miami, El Tucán and Marion is suing his former business partner alleging fraud and embezzlement over expenses at his venues. Mathieu Massa, president and CEO of Massa Investment Group, alleges in a suit filed last month in Miami-Dade County Circuit Court that Michael Ridard, who managed the three nightclubs, had about $1.5 million in…

City of Miami greenlights Brickell City Centre expansion, Wynwood zoning change

The Miami City Commission approved Brickell City Centre’s expansion, changes to Wynwood’s zoning code and a deal allowing the Adler Group to move ahead with its Miami Riverside project at its meeting on Thursday. Commissioners granted final approval to a more than 100,000-square-foot expansion of Brickell City Centre, as well as changes to Wynwood’s zoning code meant to encourage single…

SoFla construction ends year strong at $12.7 billion

South Florida construction starts topped $12.7 billion in 2018, rising in both residential and commercial sectors, a recently released report shows. Overall, new construction was up 15 percent in 2018 from $11.1 billion in 2017, according to Dodge Data & Analytics. Non-residential construction starts reached nearly $6 billion, up 5 percent over the previous year, while residential construction starts topped…

Mast Capital nabs $60 million loan for Miami River Walk project

Mast Capital and its joint venture partner AEW Capital Management scored a $59.7 million construction loan for Miami River Walk, a rental project. The developer secured approval from the Miami Urban Development Review Board a year ago for the 688-unit apartment complex planned for a 6.3-acre site at 1001 Northwest Seventh Street (this, this). It’s the largest ground-up development for Mast…

Riviera Schools scores $22 million loan for expansion

Riviera Schools scored a $22 million construction loan to expand its Preparatory School campus in Miami.
The private school secured the loan from BB&T to build nine tennis courts, additional parking, and a new building with classrooms and a theater, according to Peter Cohen, associate director of Riviera Schools. Riviera Preparatory School, at 9775 Southwest 87th Avenue…

Stronach family, known for Gulfstream in Miami, feud continues with daughter’s countersuit

Belinda Stronach, former Magna International CEO, has filed a countersuit against her father Frank Stronach — the latest episode in a complex and highly expensive family feud. In October, the elder Stronach filed a 73-page lawsuit against his daughter and other family members for $400 million, claiming they mismanaged the family’s assets and limited his control. The Canadian family built an empire…

3H Group buys for Brickell dev site to build hotel

3H Group paid $10.25 million for a property in Brickell with plans to bring a new hotel to the site. Tennessee-based 3H Group paid about $200 per foot for the site 1741 Southwest Second Avenue, totaling four properties and 30,000 square feet. Doral-based Hotelex Properties sold the site, where it planned to build a 206-room Residence Inn by Marriott, property records show. The company paid $6.05 million…

“We are starting to run, but the gun hasn’t fired:” Investors dash into Miami Opportunity Zones

Investors and developers in Miami-Dade County have been pouring money into Opportunity Zones. From April through September, property sales in those areas tallied $942 million, a 25 percent increase from the same time in 2017, according to The Real Deal’s analysis of records. Enacted as part of the December 2017 tax overhaul plan, Opportunity Zones began catching the eye of savvy investors last…

Ugo Colombo sues Craig Robins for defamation in ongoing legal battle

Now it’s Ugo Colombo’s turn to sue Craig Robins. In the ongoing legal battle between two of Miami’s most prominent developers over a shared $22 million private jet, Colombo is now seeking monetary damages, alleging that Robins and his attorney, Dennis Richard, made defamatory remarks that have hurt Colombo’s reputation. In a new lawsuit filed Wednesday in Miami-Dade Circuit Court, Colombo…

Terra bows out of joint venture with Related in Coconut Grove office project

Terra is no longer partnering with the Related Group to develop a new office building in Coconut Grove. Related is moving forward with the project without Terra, according to spokespersons for both developers. Records filed with the city of Miami show 2850 Tigertail Investments LLC is seeking a permit to build the 195,575-square-foot office building at 2850 Tigertail Avenue in Miami. In 2017, the city…

Aventura senior living facility sells for $23 million

SilverTree Residential paid $22.9 million for an Aventura senior living facility, property records show. Memphis-based SilverTree Residential bought the 186,965-square-foot building known as the Imperial Club at 2751 Northeast 183 Street for about $123 per square foot. Affordable Community Housing Trust Alpha led by Joe Palen of Edmond, Oklahoma, sold the property. The housing complex last sold in…

Video: Yardi-Matrix BI Director Doug Ressler on Multifamily Market Trends

Doug Ressler, Director of Business Intelligence at Yardi-Matrix, appears on America’s Commercial Real Estate Show to discuss trends in the multifamily market, including market fundamentals, demographic trends affecting multifamily fundamentals, and opportunities for multifamily in growing markets. He first discusses general trends, generally predicting a firm market in the near term. He feels rental…

5 Ways to Increase the Value of Your Commercial Property in 2019

By the time this is posted, the New Year will already be weeks old – and in that time, many personal resolutions will have been tossed, amended, and forgotten. That fresh start gusto is difficult to maintain unless you have the drive and a great reason to keep it going. As much as the New Year is a time to reassess personal goals, it’s also a great time to do the same with real estate investments – including…

Can Tiny Multifamily Be Big In SoFlo?

For several years now, many Americans have had a love affair with the small things in life. Families and millennials embraced smaller homes and micro-units as a means of living affordably in the wake of the Great Recession, of embracing efficient and sustainable ideas, and of simply owning something. Whatever the reason, micro-living represents a popular shift in the collective mindset. It was only a…

Gun Scuffle Between Realtor, Payday Lender, Teens Brings Attention To Affordable Housing

A protest over affordable housing in Miami turned dangerous this week when the young protestors were confronted in the street by a couple including a man wielding a gun. Twitter was alive on Monday with a series of viral videos that showed a woman confronting a group of young black men on bicycles who were in an intersection in Brickell, apparently causing traffic holdups. The woman, later…

Estimating 2017 Commercial Property Sales Volume in Miami-Dade County

A big mystery is always exactly how much commercial real estate trades in a given year. The data is murky. Even if the county data is reviewed, many transactions show a total amount for a set of parcels for each of the parcels within, resulting in double counting of those sales, and many sales show a selling price of $1, obfuscating the actual selling price. However, I think I found a way to get reasonably…

Tax perk meant for mom-and-pop owners will instead benefit major property investors

Small-time real estate investors are being blocked from a tax break that was originally meant to benefit them. The Treasury Department recently released final rules detailing how owners of businesses including limited liability companies can receive a deduction of up to 20 percent, according to Bloomberg. The law, which was part of 2017 tax reform, lets real estate firms claim the deduction in full, but bars…

SoFla’s largest multifamily investment sales in December

There appears to be no end in sight for big apartment deals in South Florida’s suburbs. Vestcor bought a 77-townhouse affordable housing complex in Florida City in two transactions totaling $12.3 million. Florida Value Partners sold the 16.4-acre property at 350 Northeast Fifth Place to the Jacksonville developer. The sale equates to about $160,000 per townhouse. A company tied to…

London, New York top list of global CRE investment in 2018, Miami misses the cut

Global commercial real estate investment topped $730 billion last year in the top 30 cities, as investors around the world poured in a record amount. The news wasn’t all good, as investment was expected to fall this year. London maintained its position in the top spot from 2017, according to a newly-released JLL report, which ranks 30 cities with the largest investment worldwide. New York overtook…

Opportunity Zones Are The Talk Of Miami, But Few Are Ready To Walk The Walk

Short of Marie Kondo’s new show about tidying up, few topics are dominating water cooler conversations, at least in the real estate business, like opportunity zones. “It’s definitely the hottest thing out there,” PEBB Capital co-founder and managing partner Todd Rosenberg said. “Everyone is talking about it. Everyone is thinking about it.” “It’s like the gold rush right now,” Vagabond Group founder…

Elvis Dumervil: After pro football career, he builds rental realty empire

Elvis Dumervil sits in his office underneath a large sign designed to look like the railroad property in the Monopoly board game. At the bottom of the sign beneath the image of the iconic Monopoly train, it reads “Keep Pushing.” That saying has been Mr. Dumervil’s personal motto from his upbringing in North Miami to a successful career playing 12 seasons as a defensive linebacker in the National Football…

Historic Ocean Drive hotel sells for $7 million

An affiliate of Casa Hotels paid $6.9 million for a boutique hotel on Ocean Drive in Miami Beach’s South-of-Fifth neighborhood. Casa Hotel purchased the 28-room hotel at 334 Ocean Drive for $246,428 per room. The seller was Hilma LLC, which is managed by Geraldine Hidalgo, property records show. It has been listed since 2016 for $7 million. The two-story, historic hotel totals 7,631 square feet.

Residents sue Miami-Dade to stop construction of Apeiron at The Jockey Club

Another legal offensive to put the kibosh on a new 45-story tower at The Jockey Club in North Miami is underway. Last month, the associations for Jockey Club I and II sued Miami-Dade County to overturn the Biscayne Shores Community Council’s approval of a site plan for Apeiron at The Jockey Club, an ultra-modern project being proposed by developers Muayad “Mo” Abbas, Horst Schulze and…

US home sales plummet, adding to fears of 2019 slowdown

The number of homes sold dropped sharply in December, raising fears that 2019 will be marked by a continued slowdown in the U.S. housing market. Sales of existing homes dropped 10.3 percent last month compared to the same time in 2017, and 6.4 percent from November, according to a report from the National Association of Realtors, cited in the Wall Street Journal. Many markets saw double…

The We Company launches its first no-membership-required space

The We Company octopus has grown yet another tentacle, after it launched a no-membership-needed service that allows people to book desk space on demand. The firm, until recently known as WeWork, announced on Tuesday the launch of a combined retail and co-working venture called Made By We. Similar to its single dedicated retail spot at 205 Hudson Street, Made By We will feature a market where…

20-story residential tower to be build in shadow of Metrorail

A developer plans to bring a residential building with 10,000 square feet of amenities to a fast-growing area of Miami, in the shadow of one of the busiest Metrorail stations. M-3811 Shipping Owner LLC owns vacant land at 3811 Shipping Avenue where it plans to construct Shipping Avenue Apartments, a 20-story building offering a mix of 254 residential units, a pool deck and ground floor public plazas.

Red flags dot a bright 2019 economic horizon for Miami

An economic program of the Greater Miami Chamber of Commerce last week pinpointed glowing pluses in Miami’s future but also raised five red flags that we shouldn’t ignore. Speakers at the 10th annual Economic Summit pointed to strong momentum here with job growth far outpacing a solid national gain, a good push from sports and entertainment, a thriving visitor industry, and the advantages of our…

Coworking Operator to Anchor One Cocowalk in Miami’s Coconut Grove Neighborhood

Spaces, an international coworking operator backed by Regus, has signed on to anchor One Cocowalk, the office component of Coconut Grove’s mixed-use development CocoWalk. Spaces will occupy a total of 42,883 square feet when construction of One Cocowalk is expected to be complete — first-quarter 2020. Spaces will occupy 2,029 square feet on the ground floor and space on the second…

Spaces Signs on as Anchor Tenant at Miami’s One CocoWalk

One CocoWalk, the office component of Coconut Grove’s CocoWalk lifestyle center in Miami, has added Spaces as its anchor tenant. The coworking giant will occupy 42,883 square feet within the Class A property, slated for delivery in the first quarter of 2020. According to the long-term lease agreement, the tenant will take up 2,029 square feet on the building’s ground floor and another 40,854 square feet on…

2019 employment picture for Miami appears solid

The 2019 employment picture for Miami appears solid, observers say, though some factors could tap the brakes on their optimism. “Overall, 2019 is going to be another year for South Florida,” said Charles Dougherty, a Wells Fargo economist. “We’ve seen strong growth in hiring in 2018. The leisure and hospitality sector has been a very strong driver of that. We’ve seen a lot of jobs increase…”

Brickell development site hits the market

Sage Developers is selling a vacant lot in Brickell for $7.2 million, where a new developer could build a boutique hotel, condo or apartment building. The Miami-based real estate firm, led by Felipe and Carlos Pineda, put the 19,850-square-foot development site at 1621 Southwest Second Avenue on the market for $362 per square foot. The site, marketed as VIDA | Brickell, is already approved for…

Brazilian billionaire plans boutique luxury condo on Ocean Drive

Brazilian billionaire developer Jose Isaac Peres submitted plans for a boutique, luxury condo building on Ocean Drive in South Beach.
An affiliate of Peres’ Multiplan Real Estate Asset Management is proposing to build 312 Ocean Park, a 10-unit, four-story condominium at 304 and 312 Ocean Drive in the South-of-Fifth neighborhood, according to documents filed with the city. Rio de Janeiro-based…

Miami board green lights Mast Capital’s apartments near The Collection

A city of Miami board approved plans for Mast Capital’s Shipping Ave apartments, a mixed-use project near The Collection luxury car dealership in Coral Gables. The Urban Development Review Board OK’d the site plan for the nearly 386,000-square-foot building at 3811 Shipping Avenue in Miami, near the Douglas Road Metrorail Station as well as a number of recently completed apartment buildings. A…

Video: PwC Partner Mitch Roschelle Discusses 2019 for Commercial Real Estate Investors

PwC Partner & Business Development Leader Mitch Roschelle joins the host of America’s Commercial Real Estate Show in-studio to discuss his analysis of the real estate market in 2019. Among the topics discusses are the current economic climate, including how the United States is linked to developments in other economies around the world, supply and demand conditions in multifamily and other…

Beckham-led group should have registered as lobbyists in MLS stadium bid: Lawsuit

The city of Miami is facing another lawsuit stemming from David Beckham’s bid to build a Major League Soccer stadium. This time around, a local attorney is alleging the city broke its own lobbying laws when dealing with the group behind the star soccer player-turned investor’s bid. In the November referendum, voters gave the green light to move forward with plans for the site, at the Melreese…

Public boarding school scores $9 million loan to build new dorm

A public boarding school in Opa-locka just secured a $9 million loan from City National Bank of Florida to build a new student dormitory complex. The loan will fund a new two-story dorm for 400 students, as well as 16 faculty and staff members. The total cost of the project is $18.1 million, according to a release. The SEED School of Miami is a college-preparatory school at 1901 Northwest 127th Street that…

Miami Industrial Real Estate Market Report for the Year End 2018

The Miami industrial market ends 2018 with a 4.0% vacancy rate and a $10.52 per sq. ft. average (gross) lease rate. There was 3,595,710 sq. ft. of positive absorption for the year; averaging about 1M sq. ft. per quarter is a sign that our market is relatively healthy. There was 4,398,422 sq. ft. of new construction completed giving a total now of 244,481,854 sq. ft. in total inventory. In addition, there is 4,373,255…

Lennar pays $17 million for Wynwood Yard, O Cinema site

Lennar Corp. paid $17 million for a site in Wynwood that’s currently home to the popular Wynwood Yard and the O Cinema movie theater. A subsidiary of the giant homebuilder purchased 1.26 acres at 48, 56, 64, 70, 82, 90 and 98 Northwest 29th Street, as well as 63 Northwest 28th Street, property records show. David Lombardi, principal of Lombardi Properties and one of Wynwood’s pioneering…

Investment group bets on Overtown’s Opportunity Zone status

An investment group is making a long-term play in Miami’s Overtown thanks in part to its Opportunity Zone designation. BrickOne Group, led by Costantino Cicchelli, Frank Rodriguez Melo and Stefano Garofoli, paid about $5.4 million for the three buildings with 66 apartment units at 149 Northwest 11th Street, 1232 Northwest First Place and 1201 Northwest Second Avenue in Miami, Melo said. The…

Opportunity Zones Create Funding Alternative for Social Infrastructure Projects

Under current legislation, tax-exempt and other low cost financing solutions are not typically available for social infrastructure projects. The resulting higher cost of capital for social infrastructure projects raises viability concerns when the public sector procures projects with private sector-driven financings. As a result, historically, social infrastructure P3s have been outpaced by their surface transportation…

Co-living firm Common is expanding to Miami, Brightline’s IPO delayed due to shutdown, other takeaways from Miami CRE panel

Co-living startup Common is expanding to Miami, developer David Martin announced at The Real Deal South Florida’s transportation and real estate event this week. Martin, president and co-founder of Terra, Brightline Chief Development Officer Mike Salzman, Miami Worldcenter developer Nitin Motwani, Blanca Commercial Real Estate CEO Tere Blanca, and Greater Fort Lauderdale Alliance CEO Bob…

Leading South Florida lender Bank OZK signals appetite for big condo construction loans in 2019

Bank OZK, among the most aggressive real estate lenders in the country, has signaled it could continue to make big construction loans in 2019. The news, which came as part of the Arkansas bank’s fourth quarter earnings report, comes amid a general nationwide slowdown in the housing market. During an earnings call on Friday, CEO George Gleason said the bank was seeing strong sales on the condo projects…

South Florida Multifamily Rents Increase 4.5% in 2018 vs. 3.1% Nationally

RentCafe just published its year end rent report. The top line for area multifamily investors again got a boost. In Miami, apartments now cost $1,684 per month, a 4.5% increase from the prior year. By comparison, average rent grew 3.1% nationally. Within the South Florida area, Doral registered as the city with the highest average rent at $2,156 per month, followed by Miami…

Top 21 South Florida Shopping Center Transactions of 2018

2018 ended up being a very successful year for the South Florida commercial real estate market. Various factors contributed to the upbeat trends, including: foreign investments, the development of new properties, and major acquisitions across the region. These are positive signs, as even with changes in the retail market (such as the increased presence of…

Fewer multifamily deals closing in SoFla, yet apartment rents up and vacancies low amid heightened demand

Amid heated competition in South Florida’s multifamily market, the volume of apartment building sales has experienced a steady drop over the last two years. The decline reflects decreasing profit margins due to higher sale prices per unit, experts say. There were more than 350 multifamily deals totaling more than $5.5 billion in 2016, said Calum Weaver, managing director for Cushman & Wakefield’s…

Wynwood portfolio hits market at $50 million as mixed-use dev site

A portfolio of eight properties in Wynwood is on the market for $50 million, offered as a potential site for a major mixed-use project with apartments, a hotel, Class A office and retail space. The 1.7-acre portfolio includes 146 and 153 Northwest 25th Street, 2431-2455 Northwest 2nd Avenue, and 172 Northwest 25th Street and includes industrial and retail buildings. Avison Young’s Florida Capital…

Metronomic plans apartment projects in Little Havana and North Bay Village

Developer Ricky Trinidad closed on the land for three residential projects in Little Havana and North Bay Village. In Little Havana, Trinidad’s Metronomic Inc. bought a 7,200-square-foot lot at 620 and 622 Beacom Boulevard for TriniSuites Dos y Medio, a five-story, 20-unit rental building next to Miami Dade College’s InterAmerican Campus, according to a release. The firm recently paid $900,000 for the site, a…

German Co-Living Firm to Expand in Miami, Other U.S. Cities With $300 Million Deal

Medici Living Group, a provider of communal housing for millennials, is planning a $300 million U.S. expansion as it seeks to increase the global reach of its Quarters co-living brand. Over the next three years, the Berlin-based firm intends to add 1,300 rooms across U.S. cities with large pools of technology talent, it said in a statement. The expansion will be financed by W5 Group, a family office run by…

Which Office Markets Are Best Bets for Opportunity Zone Investment?

Opportunity Zone investments are a hot topic in the commercial real estate industry right now, but which office markets may be the best targets for this type of strategy? The establishment of Opportunity Zones offers investors a way to defer and reduce taxes on capital gains, while building equity in real estate assets and improving low-income, distressed neighborhoods. Common traits of Opportunity Zones…

Terrano Sells Doral Office Building

State Street Realty closed on the sale of an office property located next to the Miami International Airport. The property is approximately 25,000 square feet and is well-located at 7500 NW 26 Street in Doral. The building sold for $4,225,000. “This office property offered the Buyer an excellent opportunity to own prime real estate in the highly-desirable and coveted Miami Airport area. The property is…

German co-living company raises $300 million for expansion in Miami, other U.S. cities

A German company is attempting to force its way into the ever-tightening co-living industry. Medici Living Group raised $300 million as part of a joint venture with investment firm W5 Group to develop 1,500 units across the U.S. under its co-living brand, Quarters, the Berlin-based company said Tuesday. The company is entering a crowded U.S. co-living industry, a concept developed about a decade…

Hundreds of Sears stores could remain open after Lampert wins auction for firm: report

Hundreds of Sears stores could remain open if a bankruptcy judge approves Chairman Edward Lampert’s $5 billion bid for the ailing retailer. The Sears Holdings board picked Lampert’s offer over competing bids from liquidators after weeks of negotiations and two days of closed-door discussions in New York, sources told Bloomberg. The board was poised last week to ask the court for permission to…

WeWork inks big lease at OKO Group’s 830 Brickell project

WeWork signed a lease at OKO Group’s planned 830 Brickell development, which will mark its seventh co-working site when it opens in early 2021, The Real Deal has learned. WeWork will occupy 10 floors spanning 146,000 square feet at the planned 830 Brickell across from Brickell City Centre, where WeWork already operates a co-working site. The new space will be its second largest in the Southeast and…

Caoba, the first tower at $4 billion Miami Worldcenter project, completed

The first building at Miami Worldcenter, a 27-acre, mixed-use project in downtown Miami is now completed. CIM Group and Falcone Group completed Caoba, a 444-unit rental tower, at 698 Northeast First Avenue, according to a press release. Rents start at $1,774 for a 349-square-foot studio apartment, which would be considered a micro unit in Miami, information on Caoba’s website shows. Caoba is…

British firm pays $49 million for Pullman Miami Airport hotel

London + Regional Properties paid $48.65 million for the Pullman Miami Airport hotel. Los Angeles-based Laurus Corp. sold the 281-room hotel at 5800 Blue Lagoon Drive, property records show. The buyer, a London-based real estate and investment firm, purchased the property without ties to a management agreement but plans to keep the Pullman brand for a year, according to HFF. The hotel is one…

University of Miami Unveils Plans for $260 Million On-Campus Residential Village

The University of Miami has unveiled plans for a residential village set to replace the existing Stanford and Hecht Residential colleges on the university’s campus in Coral Gables. The 522,000-square-foot development — named Centennial Village — will include 1,700 beds for first-year students in four residential colleges, indoor and outdoor spaces for academic and extracurricular activities, a learning hub…

One Biscayne Tower to Undergo $10 Million Renovation

One Biscayne Tower, a Class A, 691,000-square-foot office building in downtown Miami at 2 S Biscayne Boulevard, is set to undergo a $10 million renovation program, while the owner, L&B Realty Advisors, has added a new tenant to the property’s roster. Law firm Buchanan Ingersoll & Rooney will occupy 14,000 square feet at LEED Gold-certified tower. Cushman & Wakefield represented the landlord in the…

The Citadel in Little River to Open Soon

Big news for Little River: following a massive renovation, the Citadel, the 60K SF mixed-use space that formerly served as a Federal Reserve Bank, is on the cusp of opening. Bisnow/Deirdra Funcheon The Citadel, undergoing renovations in May 2018. The project by Urban Atlantic Group, located at 8300 Northeast Second Avenue, will incorporate radio station offices, a food hall, retail, events and, in the…

Miami tourism sets record in 2018, surpassing 2017 gains

Though final figures won’t be in until next month, tourism had “a record 2018, building on a record 2017,” said Rolando Aedo, chief operating officer of the Greater Miami Convention & Visitors Bureau. Not only were hotel occupancy rates and average room rates up, but revpar (revenue per available room) gained significantly. “Revpar is what the hotel industry really cares about; it’s the holy grail…”

Deep examination of the future for Miami River

A new committee is taking shape to consider the further mission of the Miami River Commission. The idea for self-appraisal and planning came in December from Horacio Stuart Aguirre, chairman of the commission. He announced his desire to have a study to “look at where we are and where we want to go.” At the commission’s first meeting of the year Jan. 7, Mr. Aguirre said several members of the…

‘Great and exciting improvements’ due at Miami Circle

The Miami Circle site at Brickell Point, which once belonged to the Tequesta Indians, could finally be seeing some major improvements. The Florida Department of State is “finalizing plans to make some great and exciting improvements at the site” that will be coming out in the coming months, according to Sarah Revell, director of communications for the department. “Currently, the department maintains…”

South Florida Airbnb hosts made $315 million in 2018

South Florida Airbnb hosts made $315 million in 2018 and took in a total of 1.47 million guests, according to Airbnb. The short-term rental company announced on Tuesday that there are now more than 45,000 Floridian hosts who share their homes through Airbnb, each earning an average of $6,500 annually in supplemental income. Miami-Dade County hosts on Airbnb made $204 million with 954,000…

When ‘Geofencing’ Is Not Enough: Airbnb Files Federal Lawsuit Against Miami Beach

Airbnb has been around for a decade now, and regulators are still figuring out how to tame the disruptive beast. In Miami Beach, which has 20,000 hotel rooms to protect, people face fines of $20K for running illegal short-term rentals out of homes and apartments. A recent attempt to further crack down on such operations has gone too far, Airbnb says, and it has filed a federal lawsuit against the city.

Co-working operator Spaces to lease half of One CocoWalk

Spaces is heading to Coconut Grove. Regus’ co-working operator signed a lease for nearly 43,000 square feet at One CocoWalk, a five-story, 85,762-square-foot office building under construction at CocoWalk. Spaces will anchor the office building, taking about 2,000 square feet on the ground floor and the remaining 41,000 square feet on the second and third floors, according to a release.

Clarion Partners pays $33 million for Tropical Shipping’s Medley facility

Clarion Partners just paid $32.6 million for Tropical Shipping’s Medley facility as South Florida’s industrial prices continue to rise. Tropical Shipping sold the nearly 21-acre site at 9505 Northwest 108th Avenue for about $180 per square foot. Clarion Partners’ Lit Industrial Limited Partnership bought the 182,000-square-foot warehouse, which was built in 2000. Property records show Tropical Shipping paid…

Ordinary vs. Inflation Indexed Treasuries “TIPS” Spread Indicates Inflation Expectations Dipping

The difference in yield between that of Treasury Inflation Protection Securities, commonly referred to as TIPS, and the yield of ordinary U.S. Treasury securities with the same maturity dates is referred to as the  TIPS spread.  The chart above shows this spread for various maturites for the past 15 years. Ordinary U.S. Treasury securities don’t initially take inflation into account, they instead are just bought and sold at…

CIM Delivers 43-Story Apartment Tower Within Miami Worldcenter Project

CIM Group has completed construction of CAOBA, a 43-story apartment tower located at 698 N.E. 1st Ave. in downtown Miami. The 444-unit building is the first tower to open at the $2 billion mixed-use Miami Worldcenter development. The City of Miami has approved an adjacent 40-story, 429-unit tower. CIM Group has received a Temporary Certificate of Occupancy for CAOBA, allowing residents to move…

Doral Receives World Council Platinum Certification For A Second Year

In 2018, the City of Doral joined the World Council on City Data (WCCD) for a second time as a WCCD ISO 37120 Platinum Certified city, joining the ranks of global cities like Barcelona and Dubai. This prestigious certification marks a commitment to transparency, data-driven decision making and a commitment to creating a smarter, more sustainable, prosperous, and resilient future for the City of Doral.

Joint venture between Ugo Colombo and Shoma Homes faces foreclosure

A joint venture between developers Ugo Colombo and Shoma Homes is facing a $16.2 million foreclosure lawsuit. SHEDDF2-FL1 LLC, an affiliate of Safe Harbor Equity, is seeking to foreclosure on Coral Gables Luxury Holdings LLC, the company that planned to develop the Collection Residences at 250 Bird Road, 4101 Salzedo Street and 4112 Aurora Street in Coral Gables, a lawsuit filed on Friday shows.

Report: Multifamily rents rose 3.2% last year and will rise nearly 3% this year

Owners of multifamily buildings charged an average monthly rent of $1,419 in December, 3.2 percent more than in December 2017, Yardi Matrix reported. The average monthly rent is expected to increase nearly 3 percent this year, according to the Yardi Matrix report. The division of real estate software publisher Yardi Systems based its rental housing report on an analysis of 127 large real estate markets…

Report: Availability of U.S. warehouse space last year was the lowest since 2000

The availability of warehouse space in the U.S. last year hit the lowest level since 2000 and will remain tight this year as e-commerce continues to boost demand for storage and distribution facilities, especially near heavily populated areas. Real estate brokerage CBRE reported that only 7 percent of industrial space was vacant and available in the fourth quarter, the lowest level since 2000. Demand for…

SoFla industrial construction to decline in 2019: CIASF report

The industrial construction boom in Miami-Dade is waning and development of new warehouses will take a dip in 2019, according to the Commercial Industrial Association of South Florida’s annual industrial market report. While rental rates increased slightly in 2018, the cost of land acquisitions and construction is becoming too expensive for developers to consider new projects. Rezoning of industrial…

Dirty Rabbit partnership to launch new concept in Wynwood; other restaurant news…

The owners of The Dirty Rabbit, a bar in Wynwood, are launching a new concept. The group signed a $4.1 million, 10-year lease for 5,000 square feet across the street from The Dirty Rabbit at 194 to 196 Northwest 24th Street. Tony Arellano, Joey Fernandez and David Spitz represented the landlord in the lease and Costa Grillas and Maurizio Galle of Avenue Real Estate Partners represented the tenant.

Monaco Yacht Club & Residences scores construction loan, to launch sales later this month

Optimum Development USA just scored a $55 million construction loan as it prepares to launch sales of Monaco Yacht Club & Residences in Miami Beach, The Real Deal has learned. The boutique, luxury condo project is planned for 6800 Indian Creek Drive on one of the last remaining vacant bayfront sites in North Beach. The 11-story, 39-unit development is designed by Arquitectonica with the common…

WeWork, err…The We Company, is already weighing an IPO

It’s been a yo-yo week for The We Company. Its main investor, Softbank Group, with a sinking stock price and concerns from Saudi and Abu Dhabi backers, drastically reduced a planned investment.  And at at its global annual conference, the flexible-office company rebranded a day later. Now the company, formerly known as WeWork, is weighing the prospect of an IPO, much sooner than expected…

Trump’s tax bill to boost SoFla CRE this year but interest rates pose risk: survey of real estate pros

South Florida’s real estate market will get a jolt of new investment in 2019 from President Trump’s new tax law, despite concerns over rising interest rates, according to real estate professionals surveyed in the tri-county area. The tax break, which includes the Opportunity Zones program, was one of the main reasons for optimism for this year’s commercial real estate market, according to the Miami law…

CitizenM Acquires Land in Downtown Miami, Plans to Break Ground on 348-Room Hotel

Netherlands-based citizenM has acquired land in downtown Miami to build a 348-room hotel. The land was purchased for $10.8 million from Miami Worldcenter Associates, the developers of Miami Worldcenter, a $2 billion mixed-use project that will include a 60-story Paramount condominium community, the 444-unit CAOBA apartment tower and retail space. Art Falcone and Nitin Motwani lead Miami…

Fed rate may surpass 3% in 2019: Federal Reserve’s Karen Gilmore

In 2019, the benchmark federal funds rate could crack the 3 percent mark for the first time in more than a decade, according to the Federal Reserve’s top official in Miami. During a luncheon this week hosted by CREW-Miami, Karen Gilmore, vice president and regional executive at the Miami branch of the Federal Reserve Bank of Atlanta, said the regulatory body is anticipating two hikes this year…

Widening Of Busy NW 25th Street Approved By Transportation Planning Organization To Alleviate Traffic In Doral

On Dec. 6, the Miami-Dade Transportation Planning Organization (TPO) approved an amendment to the Fiscal Year 2019 Transportation Improvement Program (TIP) to include a widening project along NW 25th Street from NW 117th Avenue to NW 87th Avenue. This project would increase capacity and improve travel times by widening this roadway from five to seven lanes. In 2016, the TPO completed the…

The Diplotmat Beach Resort – one of South Florida’s largest – just hit the market, asking as much as $1B

Brookfield Asset Management is looking to sell the Diplomat Beach Resort in Hollywood, the largest resort in Broward County and the second-largest in South Florida after the Fontainebleau Miami Beach. And the asking price is reportedly as much as $1 billion, or $1 million per key. Brookfield subsidiary Thayer Lodging Group hired Newmark Knight Frank and Hodges Ward Elliott to market the…

Developer plans live-work project in Miami’s Morningside

A pair of Venezuelan developers filed plans for a live-work mixed-use building in Miami’s Morningside neighborhood. Rosa 55 Morningside LLC, led by Sady Chocron and Roberto Cohen… Morningside Place, a 24-unit rental building with 31,770 square feet of live-work space and about 9,000 square feet of retail…  at 5501 and 5445 Biscayne Boulevard, Chocron said. Construction will begin as soon…

CitizenM pays $11 million for Miami Worldcenter land

Miami Worldcenter Associates just sold the site of a planned citizenM hotel to the Dutch hotel chain for $10.75 million. Netherlands-based citizenM plans to break ground on the 12-story, 348-room hotel this year, Ernest Lee, managing director for development and investments of citizenM, said in a statement. OSIB Miami Worldcenter Properties acquired a 15,000-square-foot development site on…