Oct 11, 2017 - 0 Comments - Top Stories -

Miami Commercial Real Estate News October 11, 2017: 73-Story Tower, 43-Story Sleek Hotel Proposed for Downtown Miami; One Park Square Sells for $96 Million; More…

Turkish developers plan 73-story downtown Miami tower

A surface parking lot in the heart of downtown Miami is destined for new heights – Turkish developers plan a 73-story tower to be called The Sterling. The nearly 966-foot tower is to be home to a 300-room hotel, 363 dwellings, commercial-retail and office space. The architectural team says the design, with its sloping and curved top, was inspired by the shape of a tulip, the national flower of Turkey.

73-story hotel project inspired by tulip proposed for downtown Miami

A sleek 73-story mixed-use project named The Sterling whose design was inspired by a tulip has been proposed by Turkish developer Okan Group for downtown Miami, reports The Next Miami. The plans for the 956-foot tower include 362 residences, 300 hotel rooms, over 55,000 square feet of office space, a little over 3,000 square feet of retail, and nearly 10,000 square feet of restaurant space.

Sleek Miami hotel proposed near Resorts World Miami site

A modern 43-story hotel with a rooftop bar overlooking Biscayne Bay has been proposed near the Resorts World Miami site in Downtown, per The Next Miami. It would be comprised of 270 hotel rooms, nearly 15,000 square feet of office space, and over 700 square feet of retail. The project was designed by architect Allan Shulman and Mandala Holdings is the developer. Located on the corner of Northeast…

43-story downtown Miami hotel would not have on-site parking

A hotel wearing a cloak of colored glass is planned a block from the bay in downtown Miami, with no on-site parking. Mandala Holdings proposes the 43-story hotel on a corner at 511 NE 15th St., next door to Trinity Cathedral on North Bayshore Drive. The property is about a half block from the Adrienne Arsht Center Metromover Station, and adjacent to the waterfront owned by Genting Group…

Giralda Avenue renovations might yield long-term benefits

While the construction pain of the Miracle Mile and Giralda Avenue renovations is temporary, the benefits for the city’s retail tenants will be long-lasting, observers say. The redo was long overdue, said Doug Jones, managing partner at JAG Insurance Group, which has offices in the city. “It was a double-edged sword,” he said. “The store owners knew it was going to impede their businesses for awhile, but in…

EB-5 investor visa program may face dramatic change

After years of short-term extensions, the fate of the EB-5 investor visa program is still unknown among local and national experts, but most agree that dramatic changes to the program are more likely than expiration. The EB-5 immigrant investor visa program was designed to create jobs and spur national economic development by incentivizing foreign investment in commercial enterprises in…

Miami’s Elysee condo secures $16.5 million construction loan

Elysee, a 57-story waterfront condo planned to rise at 700 Northeast 23rd Street in Edgewater, has secured $16.5 million in construction financing from Mosaic Real Estate Credit. This allows the Two Roads Development project to move forward on its initial phase of construction that’ll include installing pilings and subterranean excavation work, in addition to pouring the building’s foundation.

Doral’s One Park Square Trades For $96 Million

Widely regarded to be among the most architecturally-striking office buildings in Florida, the trophy asset sale closed on September. CBRE arranged the sale of One Park Square, a Zyscovich-designed, 281,786-square-foot office tower widely regarded to be among the most architecturally-striking office buildings in Florida. Located at 3470 Northwest 82nd Avenue in Doral, the trophy office asset was…

Miami’s construction office market ranks 16th nationally over the last decade

No. 1 in the state In looking at how the office construction market has fared in 50 of the largest U.S. metros, a new study by Commercial Cafe found the Miami metro area; comprised of Miami, Fort Lauderdale, and West Palm Beach; to be the 16th fastest-growing market. Roughly 10 million square feet of office space was constructed in that area from 2007 to 2017. The top three metros by a wide margin…

Nova Southeastern’s North Miami Beach campus is on the market for $32 million

Nova Southeastern University’s North Miami Beach campus is on the market asking $32 million. Located at 1750 Northeast 167th Street, the 8.28-acre site includes over 245,000 square feet of gross leasable area, including the following: Vacant four-story 52,800 square-foot technology education building; Vacant three-story a 28,000 square-foot education building; Five-story 153,000 square-foot NSU Health…

Miami’s rental market is down slightly year over year

No. 9 in the country Miami’s rental market hasn’t changed much within the last year in terms of pricing, with median one-bedroom apartments at $1,800 a month and median two-bedroom apartments going for $2,450 a month, according to the latest report from Zumper. One-bedroom units didn’t budge at all year over year as Miami remained in the No. 9 spot nationally. Two-bedroom units…

Cold storage facility sells for a cool $10 million in Miami-Dade

A cold storage facility in northern Miami-Dade just traded hands for $9.62 million, according to the firm that brokered the deal. The Mandich Group, a real estate investment fund, paid about $72 per square foot for the 133,000-square-foot facility at 501 Northeast 183rd Street. Records show FLA Plantation Cold Storage sold the property. Previous sale information was not available. It hit the market a year…

Miami Beach preservation board greenlights demolition of Lincoln Road building

A plan to redevelop a Lincoln Road property with a 1920s facade can move forward following a favorable vote by the Miami Beach Historic Preservation Board. Real estate investor Leon Zwick’s 947 Lincoln Road Investments won 6-1 approval Tuesday for a “near total demolition” of the existing two-story retail building at 947 Lincoln Road and 1657 Michigan Avenue in Miami Beach. Originally built…

Moishe Mana puts North Miami Beach mixed-use property on the market

Developer Moishe Mana just put an office building and adjoining retail property and garage in North Miami Beach on the market. TIR Prime Properties’ Mariano Saal and Sheila Dreher are listing the site at 699 Northeast 167th Street, which includes a 12-story office building. The 136,468-square-foot property is 54.5 percent occupied, with its main tenant Regions Bank, Dreher said. The site is…

Billionaire developer revises Miami Beach condo plans

The Brazilian billionaire developer behind a contentious condo project in Miami Beach submitted revised plans for the site. José Isaac Peres, founder of Multiplan Real Estate Asset Management, now plans to provide public beach access at the property, the Marlborough House at 5775 Collins Avenue. In September, the Miami Beach Design Review Board delayed a decision on the demolition of the…

Lennar Corp Center Sold for $40 million

Colony Northstar, Inc. sold the Lennar Corporate Center, a four-building office complex at 700-790 NW 107th Ave. in Miami, FL, for $40 million, or about $139 per square foot, to NayaUmi LLC. National homebuilder Lennar Corp. developed the 289,986-square-foot office campus between 1982 and 1993, and maintains its headquarters there. Located in the Miami Airport submarket, the four four-story…

Video: Reis Economist Barbara Denham Reviews Office Property Performance

Barbara Denham, Economist at Reis, appears on The Commercial Real Estate Show to review office market performance and variables that may be affecting it, including differences in suburban versus urban office space performance. Highlights include: Vacancy rate was flat at 16.1% for Q3, also unchanged for year; Rent grow 0.3% in Q3, 1.4% year over year; flat vac rate and rent growth; odd given how deep…

CVS waiver denied at 27th Avenue and US1

I am amazed that on Wednesday night, the Miami Planning, Zoning and Appeals Board did the right thing and stuck with the law! By a unanimous decision, the board voted down the expansion ideas that CVS Pharmacy had for their new Grove location. As you know, they are interested in taking over the Shell gas station space at 27th and US1. There was an existing covenant on the property, agreed upon…

Video: Jim Costello of Real Capital Analytics on Business Cycle, Interest Rates Impact on Retail Real Estate

Jim Costello, Senior Vice President at Real Capital Analytics, joins The Commercial Real Estate Show to discuss where we are in the cycle of retail real estate, tax reform impacts on retail properties, rising interest rates and cap rates.

Video: Jim Costello of Real Capital Analytics on Medical Office Property Cap Rate Trends

Jim Costello, Senior Vice President at Real Capital Analytics, comes on The Commercial Real Estate Show to discuss opportunities in medical properties, medical real estate cap rate trends, and healthcare property investment properties.

Video: Jim Costello of Real Capital Analytics on Retail Property Cap Rates, Opportunities

Jim Costello, Senior Vice President at Real Capital Analytics, joins appears on The Commercial Real Estate Show to discuss various opportunities in retail commercial real estate properties, retail property cap rate trends, and retail real estate lender sentiment.

Would-be Miami Marine Stadium operators tell what they’d do

When it comes to a restored and reopened Miami Marine Stadium, major unanswered questions include: Who will operate the venue and what will it be used for? Three groups showing an interest in operating the stadium gave recent presentations to the Virginia Key Advisory Board. One of them, SMG, has vast experience managing major venues for sports and entertainment, including here in South Florida.

Video: Brian Bailey Shares Federal Reserve’s View on Impact of Changing 1031 and Banking Regulations

Brian Bailey, Subject Matter Expert with the Federal Reserve Bank of Atlanta, appears on The Commercial Real Estate Show to discuss the Federal Reserve’s view on potential 1031 tax reform and banking regulations.

Don’t Get Too Comfortable at That Desk ~ NYT on Emerging Trends in Office Space

First there were individual offices. Then cubicles and open floor plans. Now, there is a “palette of places.” New office designs are coming to a workplace near you, with layouts meant to cater to the variety of tasks required of modern white-collar workers. Put another way, it means people don’t sit in just one place. It’s partly a backlash against the one-size-fits-all mind-set, not to mention the corporate…

Video: Plum Lending CEO Bill Fisher on Technology and Big Data Benefiting CRE Financing

Bill Fisher, Founder and CEO at PLUM Lending, appears on The Commercial Real Estate Show to talk about the utilization of technology and data to power one’s business and make better financing decisions. Also discussed are the rapid changes in technology in the commercial real estate industry.

Video: Brian Bailey of the Federal Reserve Bank of Atlanta on Where We are in the Cycle

Brian Bailey, Subject Matter Expert with the Federal Reserve Bank of Atlanta, joins host Michael Bull to discuss where we are in the cycle. Highlights include: Have seen nothing but solid job growth for last 4 years; Unemployment has come down significantly; This is the third longest expansion since 1945; Modest growth looks in the cards for foreseeable future; Dark clouds include net loan demand softening…

Micro-Units Are A Big Deal

In 1963, Walt Disney approached two of his staff songwriters, the Sherman Brothers, to come up with a catchy tune for the UNICEF exhibition in the upcoming New York World’s Fair. The result was “It’s A Small World (After All).” Little did Mr. Disney know that his song could easily be the soundtrack for today’s boom in tiny living. Americans these days are obsessed with simplifying their lives. Television…

Current Opportunities For Investors In U.S. Commercial Real Estate Debt Investing

The commercial real estate market has undergone a significant recovery since the global financial crisis of 2008-2009. However, not all segments of the market have participated equally in the recovery – including within the CRE debt market. In the following interview, portfolio managers Devin Chen and Jeffrey Thompson discuss the state of the market, including…

Office building in Miami area purchased for $96 million

Commercial real estate offers many exciting opportunities for many business and companies to grow and expand which is why it is helpful for them to understand the legal process surrounding commercial real estate transactions. A company recently purchase a class A office building in the Miami area for $96 million. It is the most expensive recorded office sale in the community just about a half an hour from…

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