Developer To Start Construction On $190M Affordable Housing Project in Miami A&E District
NR Investments is getting started on a fully income-restricted apartment tower in the Miami Arts and Entertainment District. The South Florida-based development firm, co-founded by Ron Gottesmann and Nir Shoshani, held a groundbreaking ceremony on Thursday for Uni+Dos, a 398-unit apartment tower with units designated for those making between 60% and 140% of the area…
Gilberto Bomeny goes the distance to keep control of downtown Miami site
After betting big on a pair of luxury condo projects in the 2010s, Brazilian developer Gilberto Bomeny’s attempt to add a third skyscraper to Miami-Dade County’s skyline hasn’t gotten off the ground. But he’s still fighting. Now he’s in a nasty tug-of-war with New York-based Cirrus Real Estate Partners for control of the downtown Miami development site where…
Lawmaker aims to drown city board’s power in Fontainebleau Miami Beach pool upgrades
A Florida legislator who doesn’t represent Miami Beach is pushing a measure that could wipe out the city’s ability to regulate upgrades at Jeffrey Soffer’s waterfront resort. David Borrero, a Doral state representative, tacked on a win for the billionaire developer in a massive bill that would create sweeping new land-use and development regulations across the…
Eichners launch wellness-focused North Miami condos after $49M buyout
Ian Bruce Eichner and his daughter Allie Eichner are launching a wellness-focused condo on the waterfront North Miami site where they completed a $48.5 million bulk buyout this fall. The planned 12000 Sport & Wellness Waterfront Residences is slated for the site at 12000 North Bayshore Drive in North Miami and will rise 20 stories and have 262 units, according to a…
Inside the developer gold rush to update Miami-Dade’s aging public housing
A collection of two-story buildings with orange stucco walls sits on a quiet lot along Miami’s busy Northeast Second Avenue. A few blocks west, single-story white homes with air-conditioning units wedged in windows and clotheslines in courtyards cluster underneath Interstate 95. These are some of Miami’s public housing complexes, built from the 1940s to the 1970s…
Mark Zuckerberg’s $170M Indian Creek Island purchase sets Miami-Dade record
Mark Zuckerberg and his wife, Priscilla Chan, closed on their purchase of an Indian Creek mansion for a record $170 million. The deal marks the culmination of weekslong buzz among the real estate community over the billionaire couple’s impending purchase on the exclusive waterfront island. Zuckerberg, who is CEO of Meta, and Chan bought the under-construction home…
Mark Zuckerberg Buys $170M Miami Mansion (Forreal This Time)
Miami’s Billionaire Bunker just added another resident from Forbes’ 2025 list of wealthiest people after Facebook founder Mark Zuckerberg and his wife, Dr. Priscilla Chan, closed on a $170 million mansion on the lavish Indian Creek island on Monday, sources told the Wall Street Journal. Rumors surrounding Zuckerberg’s South Florida house hunt have swirled for…
Zuckerberg Breaks Miami Record With $170 Million Mansion
Meta Platforms Inc. founder Mark Zuckerberg and his wife, Priscilla Chan, purchased a $170 million mansion on Miami’s “billionaire bunker,” a private island in Biscayne Bay, according to two people familiar with the matter. The sale at 7 Indian Creek Island Road sets a record for most expensive home sale in Miami-Dade County. Developer Vlad Doronin’s $120…
High interest rates, construction costs choke Miami development
Miami is feeling a construction slowdown following over a decade of sustained growth, with high interest rates and construction costs impacting new development and the cost of living pushing more people into renting, according to commercial real estate brokerage Lee & Associates. Employment data paint a different picture of those construction trends. Todd…
Nationally owned apartment complex to rise in Miami on Coral Way
New housing is part of a large multi-family development called Kanso Coral Way, planned for 2340 SW 32nd Ave. Kanso Coral Way LLC plans to develop the site with an eight-story residential project consisting of 166 dwellings, including ground floor lobby, structured parking, and rooftop amenity deck. Miami’s Urban Development Review Board unanimously…
Miami commission kicks forward bid for shorter mayor’s term
Miami’s push to move elections to higher-turnout years has landed the city at another crossroads, as officials tabled a vote last week to shorten Mayor Eileen Higgins’ term and shift her next election to August over concerns it could split local races and depress voter participation. At the Feb. 26 meeting, the Miami City Commission deferred a resolution directing…
Walker & Dunlop Arranges $80M Loan for Multifamily Development on Miami’s Bay Harbor Islands
Walker & Dunlop has arranged $80 million in construction financing for 10290 East Bay Harbor Drive, a luxury multifamily development on Bay Harbor Islands in Miami. Adam Schwartz, Jonathan Schwartz, Aaron Appel, Keith Kurland, Sean Reimer, Michael Diaz and Michael Ianno of Walker & Dunlop arranged the floating-rate, interest-only loan through New…
Florida YIMBY has an update regarding a sports-themed housing development we covered nearly three years ago. Our 2023 report indicated that developer Continuum Cos. wanted to proceed with a 267-unit condo in North Miami, then unnamed. Now, our sources have shared that the developer is moving forward with a 20-story, 262-unit project: The Continuum 12000 Sport &…
OKO Group and Cain Receive TCO for 47-Story Una Residences at 175 SE 25th Road in Brickell
Construction has reached completion and a Temporary Certificate of Occupancy has been issued for Una Residences, a 47-story waterfront condominium tower at 175 SE 25th Road in Miami’s Brickell neighborhood. The project was developed by OKO Group and Cain and designed by Adrian Smith + Gordon Gill Architecture. The issuance of the TCO by the City of Miami allows the…
Welcome to Neumannville? Flow’s plans in El Portal incite local ire
The Rader Memorial United Methodist Church in South Florida’s El Portal had a hole beneath its steeple. A chain-link fence encircles the shuttered sanctuary, and on a recent weekday in February, a half dozen residents clustered nearby as an excavator idled beside the two-story building, hoping to save it from Adam Neumann’s wrecking ball. Dust and debris spilled…
Walker & Dunlop has arranged an $80 million construction loan for 10290 East Bay Harbor Drive, a 150-unit multifamily development located at 10290 East Bay Harbor Drive in Bay Harbor Islands. The financing supports the third phase of a three-part master-planned rental community by Clara Homes. The Walker & Dunlop Capital Markets Institutional Advisory team…
Mayfair in Coconut Grove lands $114M refi as South Florida lending flows
The Mayfair in the Grove mixed-use complex in Miami scored a $113.6 million refinancing, as South Florida lending keeps flowing amid higher interest rates. Guggenheim Partners Investment Management provided the debt, which refinanced an outstanding balance of $72.4 million on a 2022 loan for $76.7 million, and bumped up the total by $41.2 million, according to records.
Canero, 8K pay $28M for majority of Coconut Grove condo
Condo buyout fever is creeping deeper into Coconut Grove, where a pair of Miami firms paid a combined $27.7 million for a majority of units in an aging complex. Miami-based Canero Group, led by Jose Canero Sr. and Jose Canero Jr., and Miami-based 8K Capital, led by Alexander Levin, acquired 59 of the 66 units in the Virginia Pointe Condominium at 3245 Virginia Street…
Guggenheim Partners Refinances Coconut Grove Complex for $114M
An entity controlled by Palm Beach investor Timo Kipp of Whalou Properties Management has secured $113.6 million to refinance its interest in Mayfair in the Grove, a 283,000-square-foot retail and office asset in Coconut Grove, Fla., according to a release. Guggenheim Partners provided the debt, while CBRE’s Amy Julian and Andrew Chilgren represented the…
Aviation firm expands with new 28,000-square-foot repair facility in Doral
A local aviation company has substantially expanded its footprint with a new industrial space. Doral-based Flight Power Repair Group signed a lease for about 28,000 square feet at 9905 N.W. 17th St. in Doral. Flight Power Repair Group opted not to bring in an outside broker. Stream Realty Partners’ Steve Medwin and Nick Wigoda represented the landlord, an affiliate…
An Italian restaurant and an optical boutique are opening at Downtown Doral. Limoncello, owned by the Mingrino and LaSpada families, leased 4,100 square feet, and Eye Culture, which offers eyewear and eye care, leased 1,100 square feet, according to a Downtown Doral news release. Both tenants are at 8550 Northwest 53rd Street in Doral. This marks Limoncello’s second…
Bridge lands $57M construction loan for Doral office-to-industrial redev
Bridge Industrial scored a $56.7 million construction loan to redevelop a Doral corporate campus into warehouses. The deal comes as South Florida developers are seizing on suburban office complexes with plans to redevelop the sites. Aging offices in the western part of South Florida have struggled due to remote work and from the competition created by coastal areas…
Codina Partners Tops Out 7-Story, 405-Unit ‘Sevilla’ at Downtown Doral
Codina Partners has topped off Sevilla at Downtown Doral, a seven-story, 405-unit residential tower located at the corner of Northwest 53rd Street and Northwest 52nd Terrace in Doral, Florida. The milestone marks the completion of vertical construction on the mid-rise development, which is rising on a 4.2-acre parcel within the 250-acre mixed-use Downtown Doral…
Bridge Industrial Nabs $57M to Convert Old Doral Offices Into Warehouses
Offices aren’t just being turned into apartments. Bridge Industrial nabbed a $56.7 million construction loan to convert an old office property in Doral, Fla., into warehouses. Associated Bank supplied the financing, which covers a 16-acre site at 7775 Northwest 48th Street, just west of the Palmetto Expressway and northwest of Miami International Airport. The…
Gus Machado Ford dealership in Hialeah sells for $21 million
The Gus Machado Ford dealership in Hialeah sold for $21 million to another local dealership owner. Verium Investments LLC, managed by Victor Benitez, sold the 52,392-square-foot dealership at 1200 W. 49th St. to Ford of Hialeah LLC, managed by Luis M. Somoano. The buyer assumed the seller’s $15.01 million mortgage with City National Bank of Florida. Property data…
Car dealer Luis Somoano drops $22M on Hialeah site
Auto dealer Luis Somoano expanded his South Florida portfolio by paying $21.5 million for a Ford retail site in Hialeah previously owned for 40 years by the late car selling mogul Gus Machado and his family. An entity managed by Doral-based Somaono, who owns two other dealerships in Miami-Dade County, paid $2.2 million above the previous sale price less than two years…
SeaVee Boats sells Medley HQ for $51M in leaseback deal
SeaVee Boats will stay anchored in Medley after selling its global headquarters to Sagard Real Estate for $51 million. An affiliate of Denver-based Sagard, led by Mark Bigarel, acquired the boat showroom and manufacturing complex at 11081 Northwest South River Drive, records and real estate database Vizzda show. The buyer financed the purchase with a $30.6 million…
First-of-its-kind bus center due a 2026 opening in Homestead
The first bus operations center in the nation “built from the ground up specifically for electric buses” will be completed toward the end of this year, the Citizens’ Independent Transportation Trust was told last week. After an electrical failure there, “We’re working with the contractor to kind of shorten the time frame to make those repairs that are…
Related Ross Buys The Ben in West Palm Beach with $173M Loan: The South Florida Deal Sheet
Related Ross, led by billionaire and Miami Dolphins owner Stephen Ross, added yet another property to its dominant West Palm Beach portfolio. The developer purchased the 208-room The Ben hotel, part of Marriott International’s Autograph Collection, from Wheelock Street Capital, Related Ross announced. Ross landed a $172.5M loan from Nomura to finance the deal.
2025 Year-End South Florida Office Investment Sales Report
South Florida’s office investment volume reached $3.3 billion in 2025, a 25.8% year‑over‑year increase signaling a solid rebound for the region. Despite softer pricing, $282 per square foot on average and 6.4% cap rates, both down from the prior year, market momentum strengthened meaningfully in the fourth quarter as the Fed continued rate cuts, closing the year…
The Residences at Shell Bay Reaches Topping Out Milestone in Hallandale Beach
The Residences at Shell Bay has topped off within the 150-acre Shell Bay private enclave developed by Witkoff and PPG Development. Designed by Kobi Karp Architects, the milestone marks the completion of the 20-story tower’s vertical construction as work progresses toward its planned 2027 completion. The edifice will comprise 108 private residences with views of the…
A New York-based developer intends to move forward with an apartment complex near Hollywood’s Young Circle. The unnamed development is set to measure eight stories above grade and comprise 387 apartments. Homes would range from studio to two-bedroom units, with most of the homes (202) being one-bedroom units. Amenities at the multi-family development would…
Natiivo Fort Lauderdale site heads to auction after $26M foreclosure judgment
Harvey Hernandez’s Newgard Development Group could lose a downtown Fort Lauderdale site where the firm planned a 40-story mixed-use tower. A court auction is scheduled for March 11 to sell the 1-acre property at 200 West Broward Boulevard to satisfy a $25.7 million foreclosure judgment issued Jan. 30 in favor of New York-based Kushner Companies, led by Laurent…
Broward industrial property nearly doubles in value with $34 million sale
Oakland Park Commerce Center sold for $34 million, nearly doubling in value from its prior trade. Delray Beach-based Mindful Capital, through affiliate Oakland Park Commerce Center LLC, sold the 144,874-square-foot, seven-building industrial complex at 3600 N.E. 4th Ave. to NorthBridge Partners of Wakefield, Massachusetts. Cushman & Wakefield’s Greg Miller, Dominic…
Tamarac educational building could be redeveloped
A Tamarac educational building that houses the Gold Coast Schools with its real estate education program could be redeveloped into a warehouse. The city’s Planning Board will consider the small-scale land use amendment for the 5.5-acre property at 5600 N. Hiatus Road on March 4. It currently has a 19,880-square-foot educational office building that was built in 2003.
Terra’s David Martin makes the case for his big development in Boca Raton, workforce housing
Terra CEO David Martin said his One Boca mixed-use project would generate over $2 billion for the city of Boca Raton over its 99-year land lease, but it will be up to city voters to decide whether this deal will move forward. One of the most prolific developers in South Florida in recent years, Martin was a guest on the latest episode of the “Business Breakdown with…
Life Time opens adults-only athletic country club in West Boca Raton
Life Time opened a three-story, 37,000-square-foot, adults-only athletic country club at Uptown Boca, 9698 Glades Road in Boca Raton. The new location is its first in Florida to offer CTR (Core. Tone. Reform.), a reformer-based, Pilates-meets-athletic-conditioning class. The facility has dedicated studios for group training, Pilates, yoga/Mind-Body 360, barre and…
Berritto expands into Boca Raton with $93M portfolio buy
Berritto Family Office expanded its South Florida holdings by acquiring a Boca Raton mixed-use portfolio for $92.7 million. Affiliates of Fort Lauderdale-based Berritto, led by CEO Anthony Berritto, acquired three office and retail properties from Weston-based Titan General Partners, led by James Caprio, the South Florida Business Journal reported. Berritto bought the…
800-Unit Development Could Replace Golf Course at 6455 Jog Road in Greenacres
On February 26th, the Palm Beach County Commission considered plans that would involve redeveloping a shuttered golf course into an 800-unit housing development. GL Homes wants to proceed with a now-unnamed community that would feature 500 single-family homes, measuring 1,800 to 4,800 square feet, and 300 apartments spread across multiple four-story buildings.
Immocorp, Hong Kong investor supersize West Palm Beach condo buyout bids to $430M
Immocorp Capital is upping the ante on its bid to buy out a waterfront condo building, and it brought in reinforcements. BEKO Equities, a newly formed joint venture between Gilbert Benhamou’s Miami-based Immocorp and Hong Kong-based alternative asset manager O.D. Kobo, wants to purchase a pair of West Palm Beach condo buildings for about $430 million, according to…
Related Ross snags $173M loan to buy West Palm Beach hotel
Billionaire developer Steve Ross added another trophy building to his expansive West Palm Beach portfolio with $172.5 million in financing. Tokyo-based Nomura provided the loan to West Palm Beach-based Related Ross for the acquisition of The Ben Hotel, a 208-room property at 251 North Narcissus Avenue that operates under Marriott’s Autograph Collection brand, a…
Related Ross, partners land $145M refi for West Palm Beach offices from Hudson Bay
Related Ross and its partners landed a $145 million refinancing for the Esperanté Corporate Center in downtown West Palm Beach. Billionaire Steve Ross’ West Palm-based Related Ross, along with JZ Capital Partners and Greenmont Group, scored the debt from Hudson Bay Capital Management, according to a Related Ross news release. Eastdil Secured facilitated the…
Great Gulf launches Mandarin Oriental-branded West Palm Beach condos
Great Gulf is launching Mandarin Oriental-branded waterfront condos in West Palm Beach, making it the latest luxury development in the city’s north end. The planned Mandarin Oriental Residences, West Palm Beach will span 31 stories and 87 units, according to a news release. Great Gulf tapped Moshe Safdie’s Safdie Architects to design the tower, with interiors by…
Construction Nears Completion on The Sound Apartments at 8111 South Dixie Highway in West Palm Beach
Construction is nearing completion on The Sound Apartments, an 8-story mixed-use residential development located at 8111 South Dixie Highway in West Palm Beach. The project is being developed by Woodfield Development in partnership with Flagler Realty & Development Inc., with Verdex Construction serving as general contractor and Spina O’Rourke + Partners acting…
Related Group, BH Land $200M to Build Ritz-Carlton Condo in West Palm Beach
Jorge Pérez’s Related Group and BH Group scored a $200 million construction loan for the latest luxury condo development in West Palm Beach, Fla. — a Ritz-Carlton-branded tower — Commercial Observer has learned. The financing from Madison Realty Capital covers the 27-story, 138-unit project at 1717 North Flagler Drive, north of the city’s downtown.
Related Ross Lands $173M Financing to Buy the Ben Hotel in West Palm Beach
Related Ross has acquired a luxury West Palm Beach, Fla., hotel using a $172.5 million loan from Nomura, according to Newmark. The 208-room hotel just off North Flagler Drive at 251 North Narcissus Avenue is known as the Ben. It was completed in February 2020 and is operating as part of Marriott’s Autograph Collection, Newmark announced after arranging the financing.
Florida YIMBY has an update regarding a luxury housing project we initially covered in December 2024. Our initial report shared that Toronto-based Great Gulf had revealed plans for a 31-story venture that would feature 87 condos. Now, the developer has not only launched sales but has announced that the high-rise would be under the Mandarin Oriental Residences…
Stephen Ross Lands $145M Refi for Older West Palm Office Building
A joint venture led by Stephen Ross’s Related Ross nabbed $145 million to refinance Esperanté Corporate Center, an older office building in Downtown West Palm Beach, Fla. Hudson Bay Capital Management provided the financing for the 17-story building, which is co-owned by JZ Capital Partners and Greenmont Group. The 256,000-square-foot property, which dates to…
PGIM Sells Palm Beach Gardens Multifamily for $132M
The Dermot Co. has purchased The Quaye at Palm Beach Gardens, a 340-unit community in Palm Beach Gardens, Fla. PGIM Real Estate sold the asset for $131.8 million, about $386,510 per unit, according to Yardi Matrix information. Affinius Capital originated a $110 million loan to finance the acquisition. Walker & Dunlop arranged the deal. Located at 10000 S. Gardens…
In Palm Beach County, Shidler surrenders rentals, Dermot drops $132M on apartments
A pair of apartment complexes in Palm Beach County traded hands, with one seller scoring a gain on the price and the other surrendering the property to avoid foreclosure. Newark, New Jersey-based PGIM Real Estate sold the 340-unit The Quaye at Palm Beach Gardens at 10000 South Gardens Drive in Palm Beach Gardens to New York-based Dermot Company for $131.8 million…
Wellington rejects billionaire Frank McCourt’s polo field redevelopment plans
Billionaire developer Frank McCourt’s plans with Discovery Land Company to build 27 homes and a country club on the Isla Carroll Polo field were shot down by Wellington village officials in a late-night vote that followed hours of testimony and discussion. Only Vice Mayor Tanya Siskind supported rezoning 79 acres at 3665 120th Avenue for McCourt Partners and…
Update: Related Ross to pay $46M for Wellington-owned farmland
Related Ross will buy 71 acres of village-owned land in Wellington for $46.3 million, after an amended purchase agreement was approved Tuesday. The firm of billionaire developer and Miami Dolphins majority owner Steve Ross previously agrreed to pay $28.3 million for the eastern portion of the former K-Park Parcel where hotels, retail, and residences are planned.
Commercial real estate has, somewhat quietly, undergone a structural transformation. Although the shift has been gradual, the cumulative impacts of this transformation have become more apparent and stand to have a profound effect on the performance of CRE fundamentals and consequently the investment landscape. Demand for space has become relatively more important over…
What to know about office-to-residential conversion
Vacant office buildings in cities across the country are getting new life as housing developments—helping fill a critical shortage while giving underutilized properties renewed purpose. In New York City alone, the pipeline of completed, ongoing and potential office-to-residential conversion projects reported between 2020 and March 2025 could produce as many as…
U.S. Apartment Occupancy and Rents Inch Up Again in February
For the first time in two years, U.S. apartment occupancy and rents both posted back-to-back monthly increases, though the upturns were mild. After consistently logging mild monthly declines throughout the back half of 2025, apartment occupancy inched up in both January and February 2026. U.S. occupancy hit 94.8% in February, after rising 10 basis points (bps) in each…
Why this apartment developer is deploying $1 billion of new capital toward older buildings
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Demand for Newer Industrial Assets Hits Multiyear High
Demand for newer, large-format industrial properties is surging, driven by corporate occupiers and third-party logistics providers (3PLs), according to Cushman & Wakefield’s latest large-format industrial report. Net absorption in the second half of 2025 was led by warehouses and logistics facilities delivered since 2020, marking the strongest activity in more than a…
Video: Office Sector Forecast with CoStar Director of U.S. Office Analytics Phil Mobley
In the ever-evolving landscape of commercial real estate, the office sector remains a focal point of intrigue and analysis. As industries grapple with the post-pandemic world, the dynamics of office spaces have been under intense scrutiny, revealing a myriad of trends and shifts. The recent episode of America’s Commercial Real Estate Show, hosted by an unnamed…
Diego Ojeda of Rilea Group: 5 Questions
Rilea Group President Diego Ojeda is in the midst of adding two projects to Miami’s hot Wynwood neighborhood. The development firm is building Mohawk at Wynwood, a 300-unit multifamily project that recently landed $150 million in construction financing. Next door, on Northwest 29th Street, is the Rider Residences, a 146-unit condo project backed by a $90 million…