Mar 02, 2017 - 0 Comments - Top Stories -

Miami Commercial Property News March 2, 2017: Cocowalk to be Partially Razed for New Office Building; Convention Center Hotel Land Set to Close; More…

The new owners of CocoWalk have a plan, and it’s not all about shopping

After nearly 30 years without any new office buildings in Coconut Grove, the area is now slated to get two new projects as part of the neighborhood’s revitalization. The team behind the redevelopment of CocoWalk, a dining and entertainment complex in the center of the Grove’s commercial area, plans to build 73,000 square feet of Class A office space on the property’s east side. The complex is located at the intersection of Main Highway, McFarlane Road and Grand Avenue. The new five-story building will have retail on the first…

Miami OKs 838 rentals in two Midtown towers

Miami city commissioners succeeded in getting a local workforce commitment and a contribution to the affordable housing fund from a Midtown developer poised to bring two more towers to the bustling new community. Midtown 6 and 7 are twin mixed-use projects sharing a common courtyard and a narrow pedestrian plaza, or “mews.” Together the towers will provide 838 market rate apartments along with retail and offices and garages with room to park 1,106 cars. Midtown Opportunities VB LLC and Midtown…

County’s mayor opens the door to a gold rush downtown

A new 40-page memo from county Mayor Carlos Gimenez opens the doors to a development gold rush in downtown Miami. It suggests the county could package nine of its sites so someone could develop 13.5 million to 18.9 million square feet smack in the core of the city. The memo says that probably not all nine would be developed at once, and that all work should be consistent with aims for downtown. But, it says, opening these sites to one or more private partners could bring the county a much-needed civil courthouse…

Vast expansion for Miami Jewish Health Systems

Miami Jewish Health Systems, a medical campus that has grown and evolved since the 1940s, is working on a master plan for the next 30 years and beyond. The City of Miami’s Urban Development Review Board this week recommended approval of a sweeping master plan for the health service, along with Phase I, which will include construction of a cutting-edge memory care facility. It will be called Empathicare Village and include a new 142,708-square-foot, three-story facility and a 135,576-square-foot, three-story…

Photo Tour: Hyde Midtown Suites & Residences tops off

Hyde Midtown Suites and Residences topped off in Midtown Miami last week, with the mixed-use development leveling off at 32 stories. A $98 million product of Moss & Associates, The Related Group, and Dezer Development, the project entails 410 luxury residences, 60 hotel suites, retail space, and six stories of parking. Amenities include a pool deck, luxury spa, fitness center, private theater, private dog park, and putting green. The development was designed by Arquitectonica, with interiors by the Rockwell Group.

Downtown Miami site for 1700-room convention center hotel expected to close in weeks, per report

The much-discussed Downtown Miami convention center hotel planned for the old Miami Arena site (700 North Miami Avenue) inches closer to life, with MDM Group reportedly under contract to acquire the property for $44.5 million with the deal expected to close by the end of March, according to The Next Miami. New plans were filed under the “Marriott Marquis Miami Worldcenter Hotel & Expo Center” towards the end of 2016, with the updated design calling for two standalone towers within the estimated $750 million project.

Report: CRE Execs Bullish On Industrial Sector In 2017

The recent 2017 Real Confidence Executive Index results showed the industrial sector in the top spot as the preferred asset type for investment, believed to be the greatest beneficiary of the macro changes expected to come from the New Administration.

Miami Development Listed as One of Most Important in the Country

Although Curbed Miami acknowledges that the frenetic pace of Miami development has slowed somewhat, the Magic City still has several high-rises currently under construction throughout town. The most important one is the highly anticipated Zaha Hadid project known as One Thousand Museum. Now past the halfway mark, the 62-story high-rise condominium will tower over 700 feet, making it one of Miami’s tallest buildings upon its completion in 2018. It will also be the first building in the United States to utilize…

Miami Beach’s Time Out Market has been approved

Following in the footsteps of Time Out Lisbon That game-changing food hall planned for Miami Beach is moving forward, per The Real Deal, after the planning board approved a conditional use permit allowing for a Time Out Market on the ground floor of a parking garage at 1601 Drexel Avenue. The concept…

Florida property taxes rank 27th nationally

1.06 percent tax rate Florida property taxes have remained steady over the years, with the Sunshine State ranking 27th nationally, according to a new WalletHub study. Hawaii (0.27%), Alabama (0.43%), and Louisiana (0.49%) had the lowest tax rates while New Jersey (2.35%), Illinois (2.3%), and New Hampshire…

New North Bay Village overlay district — and 340-foot proposed tower — on hold for now

North Bay Village, which bills itself as a three-island paradise, took a step back this week from approving a major new development that backers said would boost its low tax base and fraying infrastructure, but which opponents said would overwhelm the sleepy village and…

Pubbelly Sushi Market heads to Aventura Mall

The Pubbelly Restaurant Group has another eatery up its sleeve, this time at Aventura Mall. Pubbelly Sushi Market will open later this month in a 600-square-foot space on the first floor of the mall in the Nordstrom wing…

First phase of CocoWalk redevelopment to add office building to the Grove

Another new office building was just announced for Coconut Grove, marking the second in recent weeks after nearly 30 years. CocoWalk owners Federal Realty Investment Trust, Grass River Property and Comras Company plan to raze the eastern…

Hersha Hospitality Trust Acquires Ritz-Carlton Coconut Grove

Hersha Hospitality Trust (NYSE: HT) acquired the Ritz-Carlton Coconut Grove at 3300 SW 27th Ave. in Miami, FL for $36 million, or about $313,000 per room, from Genmag Coconut Grove LLC. The 21-story, 75,000-square-foot, 4-Star hospitality building was built in 2002 on 3.4 acres in the Coconut Grove…

CFH Breaks Ground on Villas De Las Palmas

CFH Group broke ground on its Villas De Las Palmas, a planned 226-unit multifamily complex at 3500 W. 9th Ave. in Hialeah, FL. The 200,000-square-foot apartment building will include one-, two- and three-bedroom units ranging from 1,014 to 1,296 square feet. The community will include a swimming…

Ace Hardware Leases 14,000 SF in Miami

Ace Hardware leased 14,000 square feet in retail building at 6448 S. Dixie Highway in Miami, FL. The 26,849-square-foot building was constructed in 1996 and is located in the Kendall submarket. The property is zoned C-3 and is located on 1.3 acres. Justin Schultz of Gadinsky Real Estate LLC represented…

Video: Dr. Victor Calanog, Chief Economist & SVP at Reis, On 2016 Q4 Multifamily Market Trends

Reis Chief Economis and Senior Vice President Victor Canalog, PhD, provides an analysis of market fundamentals in the apartment/multifamily sector for the fourth quarter and year of 2016.  Some highlights from this video include: During 2016, vacancies declined by only 0.1%;
200,000 New units came …

Issues related to construction defects plague Miami condo

Given the amount of construction that is done in Miami, it is inevitable that there will be issues in certain cases. If the matter cannot be settled through discussion with the developer, those who are concerned about a construction defect need to understand their rights to have the matter addressed…

Allapattah’s Diversity Key To Its Fast-Pace Growth

Property values are still relatively low but investors and developers are getting wind of the profitable potential the area has as one of the latest booming Miami neighborhoods, Allapattah, with most properties within zip code 33136.

Commercial real estate indicators signal robust 2017

Year-end surges in the office, industrial and retail sectors foreshadow robust economic growth across South Florida for 2017, commercial real estate experts say. A lack of new supply pushed office rents higher, particularly in the downtown corridors, and the optimism displayed by businesses looking to expand is prompting developers to strongly consider shovels in the ground after a decade of inactivity. West City Partners has proposed a 500,000-square-foot office building in downtown Fort Lauderdale, although the project isn’t expected…

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