New multifamily construction to test the South Florida market
Demand remains robust for rental housing in Miami and the rest of South Florida, among residents and real estate investors alike. But despite the area’s population and employment growth, some market watchers say South Florida’s extended, postrecession rise in monthly rents could slow or stop if overbuilding floods the market with units. National brokerage Marcus & Millichap predicts developers this year will finish construction of 15,200 new apartments across South Florida, including…
Mixed-use Coconut Grove bayfront project to start in July
The next major project to sink millions of dollars of new investment into the Coconut Grove waterfront is expected to begin next month. The long-awaited construction of a mixed-use development called The Harbour is scheduled to commence in July. That’s the latest word from Ignacio Garcia-Menocal, co-founder and CEO of Grove Bay Hospitality Group. Mr. Garcia-Menocal told Miami Today the work will begin in July and major construction should be finished by the end of 2018.
Mayor gutsy in sticking his neck out for 836 extension
As road commutes take longer each day yet new mass transit drifts farther and farther off into the unfunded future, Mayor Carlos Giménez has taken the tough but logical step of asking Miami-Dade commissioners to override a vote to roadblock a new expressway link from West Kendall into downtown. The extension of 836 for a 15-mile curve west and then into South Dade – an extension to be funded not by taxpayers but by tollpayers on five roadways run by the state-authorized Miami-Dade…
Top South Florida developers mix it up
After a dismal 2016, condo developers were ready to put the year behind them. The election, the strong dollar, political instability in key Latin American markets — it all sounded like a broken record. To make matters worse, the first quarter of 2017, which the industry had hoped would prove a turning point, instead revealed an accelerated slowdown. South Florida’s condo developers are increasingly holding off on launch dates, extending timelines…
Aviation Repair Company Does Expansion, Relocation To Medley
A South Florida industrial team today announced it facilitated a new 38,900-square-foot lease for the relocation and expansion of TMC Engine Center at Lucky Industrial Park, located at 8545 NW 79th Avenue in Medley. Transwestern Senior Managing Directors Walter Byrd and Ben Eisenberg, Senior Vice President Thomas Kresse, and Senior Associate Carlos Gaviria represented the Florida-based FAA Repair Station in the transaction. The tenant relocated from a smaller multitenant…
Miami judge partially derails homeowners’ lawsuit against Privé at Island Estates developers
Miami-Dade Circuit Judge William Thomas handed the developers of Privé at Island Estates a victory this week in their tumultuous legal war with neighboring homeowners. Thomas ruled Tuesday that the statute of limitations had long expired for the Island Estates Homeowners Association and the Williams Island Property Owners Association to challenge a vested rights determination agreement. Lawyers for the developers contend the…
Will Amazon’s Whole Foods Purchase Be Good or Bad for Real Estate Developers?
Amazon’s purchase of Whole Foods last week sent shockwaves through the grocery industry—and now the real estate industry is fired up. The effects of this major real estate play will unfold in the coming years, and it reinforces the fact that brick-and-mortar retail is not dead. In fact, it’s the key to sustainability in this volatile retail marketplace. Real estate developers and investors are about to get busy thanks to Amazon’s acquisition of Whole Foods. With Amazon’s focus on solving the…
Something’s Brewing In The Craft Beer Industry — And It’s Driving Industrial Absorption
In the mid-2000s, Jeff Heck and some friends from his Bible study class started getting together Monday nights to try their hands at brewing their own beer. By 2011, Heck had turned a hobby that brought 20-plus friends together to sip homemade beer in his backyard into a full-blown business. Today, Heck’s Monday Night Brewing
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Parking authority itching to get into no-parking Beckham soccer stadium
A planned 25,000-seat soccer stadium in Miami with no on-site parking remains a hot topic for those in charge of the city’s vast parking inventory. While the Miami Parking Authority – under the control of the Off-Street Parking Board – plans no formal role in the stadium project, the agency stands ready to assist if asked, said Authority CEO Art Noriega. When board members asked for his thoughts on the stadium proposal, Mr. Noriega made several points. The development group…
Map shows income needed to afford rent in Miami-Dade and Broward
South Florida’s cheapest and most expensive cities have just been mapped out. RentHop looked at the median asking rents of two-bedroom apartments and calculated the required household income, comparing it to the median household income in In Miami-Dade and Broward counties. In Miami-Dade, the median income is nearly $44,000 and in Broward, it’s about $54,000. That means more than half of the population can’t afford average asking rents over the past 12 months, according to…
Too many keys, too few takers in Miami-Dade’s hotel market
Miami-Dade has occupancy issues. As tourism slumps in the wake of last year’s Zika virus threat and the ongoing financial and political unrest in Latin America, hotel development experts continue to warn that the supply of new rooms in Miami-Dade is far outstripping demand, and falling occupancy rates bear that out. Some projects on the drawing board may not break ground, and others in the planning and construction phases will face even tougher financing hurdles in the coming…
Retail buzz surrounds Brickell City Centre
When it comes to the retail sector, much of the buzz surrounds Brickell City Centre and its retail component, which opened late last year. “Drop a pin on Brickell City Centre and you can see the ripples going out, all around the Miami River,” said Robert Granda, a director of Franklin Street of Fort Lauderdale. He points to the Nexus Riverside Central mixed-use development, planned for the 2-acre site of the City of Miami’s office building at 444 SW Second Ave., for which a deal has yet to be…
American Consolidation Logistics in South Florida Logistics Center
Strong efforts by the ComReal team, led by Partner and Managing Member, Edward Redlich, led to the leasing of a third Miami warehouse location for international produce importer, American Consolidation & Logistics (ACL). The 93,799-sq. ft. facility located at 3200 NW 67th Avenue in the South Florida Logistics Center is one of the only…
Amazon Wardrobe is another blow to department stores
Amazon Wardrobe competes with other services like Trunk Club as well as department stores. Amazon.com Inc. isn’t letting a $14 billion deal to buy Whole Foods Inc. distract from its efforts in fashion. With the introduction of Amazon Wardrobe, experts say the e-commerce giant is delivering yet another blow to the already-ailing department store sector. Department stores are already suffering from a number of headwinds, including declines in mall traffic and the need…
What’s Next for Marijuana Warehouses?
Does the growing legalization of recreational and medical marijuana represent a pot of gold for industrial real estate? It could, experts say, but only if investors quickly and carefully pounce on opportunities. The industrial real estate frenzy tied to legalized marijuana is subsiding in Colorado, which has been the country’s hottest market in that category, but it’s primed to take off in California and Massachusetts — two heavily populated states where growing, selling and using recreational…
Coconut Grove Playhouse fight enters Miami commission chamber
The fight to save the Coconut Grove Playhouse ends up in the lap of Miami city commissioners this week, as preservationists try to reverse a decision allowing a partial demolition of the cavernous and aging structure. On the commission’s agenda today (6/22) is an appeal of the city’s Historic and Environmental Preservation Board’s granting an application for a special certificate of appropriateness for the partial demolition of the structure (birdseye view), the reconstruction of a theater, and the…
$1.6 Million Miami Retail Lease Negotiated in Pinecrest Village
A Miami commercial real estate firm announced that the team of Edward Schmidt, CCIM, and Timothy Merriman Jr. recently negotiated a seven-year, 5,664-square-foot retail lease for their client, Pinecrest Village Plaza, located at 12455 South Dixie Highway in Miami. The lessee is LBU Lighting (Light Bulbs Unlimited), who are moving from their current location next door. This move will allow them to display their lighting in an open showroom floor. This lease is valued at over $1.6 million.
FECI’s Mike Reininger: Big expectations for Brightline’s success
Brightline hasn’t picked up a train passenger yet or even announced what fares will be when it does, but its former boss says the passenger train service won’t lose money during its first full year in operation. Mike Reininger is executive director of Brightline’s parent company Florida East Coast Industries. Until March, he was the CEO of All Aboard Florida, which will operate Brightline. “We expect that we will be break-even or profitable in 2018,” he told WLRN’s Sunshine Economy.
Assisted living center in West Miami sells for $7.8 million
Pointe North Gables, an assisted living center in West Miami, has just sold for $7.8 million to Hallandale-based Hernandez Family Ventures. Records show the three-story building at 5890 Southwest 8th Street holds 94 units. West Gables Holdings sold the 34,232-square-foot building for $228 per square foot to Pointe Real Estate, an affiliate of Hernandez Family Ventures. The family-owned company is led by Alain Hernandez, Andy Hernandez and Chantel Hernandez. West Gables Holdings…
Chinese investor picks up another South Florida property
Weeks after making its first real estate purchase in the U.S. in Broward County, a Chinese investor picked up another commercial property in South Florida, records show. Jin Yang Real Estate Corporation paid $6.8 million for an office building at 11285 Southwest 211th Street in Cutler Bay following the $4.15 million purchase of a Tire Kingdom-anchored shopping center in Lauderhill in late May. The deal, which includes a development opportunity, is one of a few examples of Chinese investment in South Florida…
Malls Pay the Most on Miami-Dade Property Tax Bills
Miami-Dade County commercial property owners don’t have it easy when it comes to paying taxes. Sweetwater’s Dolphin Mall shelled out more than $10.7 million on 2016 property taxes — the highest paid countywide. That’s much higher than the U.S. Bank Tower in Los Angeles, which paid about $4.3 million last year, or the iconic Transamerica Pyramid in San Francisco, which paid $2.8 million, according to Commercial Cafe. The 1.4 million-square-foot Dolphin Mall…
On-street sensors to monitor use of parking spaces
In a pilot program, the Miami Parking Authority plans to install on-street sensors to monitor use of parking spaces in various lots and curbside locations. Changing technology, web-based applications and the proliferation of smartphones have already dramatically altered the parking industry. The parking authority, under the control of the city’s Off-Street Parking Board, prides itself on being a leader in the changing industry. The authority’s adoption of PayByPhone technology several…
Former Lennar executive joins BBX Capital Real Estate
Former Lennar executive David Canfield has joined BBX Capital Real Estate, a division of Fort Lauderdale-based BBX Capital Corp., as managing director, multifamily development. Canfield previously was vice president of development at the multifamily communities unit of Miami-based Lennar Corp., where he was responsible for originating, analyzing, and managing multifamily development and acquisition strategies in Florida. Canfield has more than 20 years of development experience…
Affordable housing a cause of concern for Miami CEOs
This week’s question to the Miami Herald CEO Roundtable: How does the local affordable housing shortage impact your business? What do you think are potential solutions to workforce housing costs? This is one of the most important issues confronting South Florida. When housing costs absorb more that 50 percent of your workforce’s annual income, there is little left to fund consumer economic expansion. Aside from creating massive subsidized housing projects that will not meet…
Miami Realtors Commercial Event Analyzed Technology’s Impact on Real Estate
The Miam Association of Realtors® Commercial Alliance (RCA Miami) analyzed the impact of self-driving cars, the rise of e-commerce, the growth of industrial real estate and the largest proposed mall in the United States at its fifth annual RCA Miam Midyear Update held recently in Coral Gables. “The way we did business 30 years ago or 20 years ago or even 5 years ago is changing,” said RCA MIAMI panelist Jose I. Juncadella, an office and industrial Miami broker and principal…