Mar 09, 2017 - 0 Comments - Top Stories -

Miami Commercial Property News March 9, 2017: 1428 Brickell Sells; Paramount Miami Worldcenter clinches $285 million construction loan; More…

Paramount Miami Worldcenter clinches $285M construction loan

Developer Dan Kodsi closed on a massive $285 million construction loan for Paramount Miami Worldcenter, marking the second biggest condo construction loan to close in Miami-Dade over the past two years. Inbursa Bank provided $170 million and BC Immigration Fund provided $115 million in financing for Paramount, a 60-story, 562-unit tower at Miami Worldcenter. BC Immigration Fund is a Crown corporation that manages and invests funds from British Columbia, Canada’s federal immigrant investor program. Paramount…

Waterton Associates Sells Avesta Biscayne Apartments in North Miami

Waterton Associates LLC sold the 402-unit Avesta Biscayne apartment building at 1490 NE 123rd Street in North Miami, FL for $61.75 million, or about $154,000 per door, to Avesta Acquisition LLC. The 338,200-square-foot multifamily community was constructed on 11 acres in 1989 and was renovated…

Taplin Co Sold 1428 Brickell Office Tower

Ytech International, a Miami-based development and investment firm, has purchased the 1428 Brickell office building at 1428 Brickell Avenue (birdseye view) in Miami, FL for $26.5 million, or about $392 per square foot, from Taplin Company Ltd. The nine-story, 67,599-square-foot office building was constructed…

Fashion designer Naeem Khan adds school to Miami River site

A New York fashion designer building a design studio on the Miami River is expanding his concept with plans to establish a vocational school of fashion there too. Naeem Khan plans a studio for design and manufacture at county-owned 1175 NW South River Drive under his long-term lease with Miami-Dade. A Miami River Commission vote Monday recommended revisions to his plan for approval. Mr. Khan and his team presented the latest changes to the evolving plan, which now includes a vocational school.

Canadian REIT buys distressed mortgage for mixed-use Miami River project

A Toronto-based REIT has purchased the mortgage on the River Landing mixed-use project proposed along the Miami River as the developer deals with a foreclosure lawsuit. The loan assumption could put H&R REIT, which owns over 44 million square feet of commercial real estate in Canada and the United States, in position to take over the project, unless the developer can repay the debt. River Landing will have 426,000 square feet of retail and restaurant, 475 market-rate apartments and 2,200 parking spaces. River Landing…

Multimillion-dollar makeover unveiled for North Shore Open Space Park

North Shore Open Space Park, the nearly 28-acre natural oasis that stretches from 78th Street to 87th Terrace in Miami Beach, is about to get a complete makeover. The park, known for its dense vegetation, is a popular destination for weekend visitors from the mainland who like the generally uncrowded beach area that runs along the park, and North Beach residents who enjoy running in the park and who make extensive use of its dog park. The Miami Beach Design Review Board on Tuesday reviewed plans that will transform…

Three studies at $11 million each for SMART plan transit corridors OK’d

Something new might be in the offing for the Strategic Miami Area Rapid Transit plan, which aims to add transit along six corridors. Alice Bravo, director of the county’s Transportation & Public Works Department, told a Feb. 16 meeting of the Citizens Independent Transportation Trust that minimum operating segments might be built if funding goals for full build-out aren’t reached within a realistic time frame. “This assumes we build a reasonable part and come back for a second round and build the rest later,” she said.

Tunnel under the Miami River gets major backer

The idea of digging a tunnel under the Miami River to keep traffic flowing on Brickell Avenue to and from downtown continues to attract the spotlight. On the heels of a January decision by the Miami Downtown Development Authority (DDA) supporting the Brickell Avenue tunnel project, the Miami River Commission approved a resolution supporting the concept of the tunnel. The action came Monday at the commission’s monthly meeting. The lone “no” vote was cast by Gary Winston, the Miami-Dade State Attorney’s Office…

Adrienne Arsht Center parking garage hinges on new I-395 bridge

County officials continue to work closely with administrators at the Adrienne Arsht Center for the Performing Arts as both entities stick to their word of collaborating for the creation of a dedicated parking garage. Arsht Center administrators have expressed concern about building the garage too close to the Florida Department of Transportation’s (FDOT) I-395 Signature Bridge project. The Florida Department of Transportation’s I-395 Reconstruction Project involves rebuilding of the I-395 corridor to increase capacity and improve…

Rental Properties Make Good Investments, But Come With Risk

Maybe your financial house is in order. Your debt is manageable or paid off. You have an emergency fund and now you’re looking for ways to grow your wealth. Or, perhaps you’re planning ahead by learning about different investments options. Have you considered becoming a landlord? Rent prices…

Why East Edgewater is the best opportunity since ‘South of Fifth’

Miami is a town of visionaries, from the original pioneers like Julia Tuttle and Mary Brickell to modern-day trail blazers like Tony Goldman, the urban place-maker responsible for emerging neighborhoods like New York’s SoHo, Miami Beach and the Wynwood Arts District. The “Magic City” has been erected on the dreams and determination of few. It has been built on a philosophy embodied in Goldman’s immortal words: “If you just look at what you see, you won’t go anywhere. You’ve got to look beyond what you see to be able…

International Logistics Company To Relocate 88 High-Paying Jobs To Miami-Dade

DB Schenker America has chosen Miami’s Blue Lagoon for its Region Americas headquarters, bringing 88 high-paying jobs to the region.

Skyrise Miami’s main attraction includes rotating pods at 1,000 feet

The signature attraction of Skyrise In what has amounted to a colossal tease at this point—similar to David Beckham’s alleged MLS Miami franchise—new plans for Skyrise Miami’s main attraction have surfaced at The Next Miami, with “Skyway” calling for rotating pods along the outer rims of…

The Celino South Beach luxury hotel is coming to Ocean Drive

Opening in the fall Expected to debut this fall on Ocean Drive is The Celino South Beach, a luxury boutique hotel complex led by Optimum Development USA. Located at 640 Ocean Drive, the property was acquired for $51 million in 2013, and includes the historic Park Central Hotel, Imperial Hotel, Heath…

Miami is the worst city for apartment renters, study says

Below New York City and San Francisco? Miami is the worst city for apartment renters this year, according to a study by Forbes, which analyzed 46 cities across various metrics such as “rent as a share of household income.” Though Miami consistently ranks toward the bottom of the Top 10 national…

Step inside Miami’s newly opened Midtown Five

400 luxury apartments in the heart of Midtown Miami Miami’s Midtown Five received its Temporary Certificate of Occupancy a couple of months ago, bringing 400 luxury apartments to the popular and evolving Midtown Miami neighborhood north of downtown. The mixed-use Magellan Development Group project…

Alex Birkenstock and partner cut price to $11M for Miami Design District building

Rendering for 4030 North Miami Avenue, existing building, with Jonathan De La Rosa on left, Scott Sandelin on right. A vacant building on the edge of Miami’s Design District, owned by Alex Birkenstock and a partner, was just re-listed for $11 million — 15 percent below its $12.9 million asking price…

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

Reis Chief Economis and Senior Vice President Victor Canalog, PhD, provides an analysis of market fundamentals in the retail property sector for the fourth quarter and year of 2016.  Some highlights from this video include: Retail property fundamentals were mostly flat for 2016; In neighborhood and…

Growth Predicted For 2017 Commercial Mortgage Lending

Last year, $502 billion in commercial mortgages was originated. That was down slightly from the $504 billion originated the year prior and well shy of the $537 billion that the Mortgage Bankers Association (MBA) had predicted. The Washington, D.C.–based trade group made the prediction last November…

229 Acres Of Farmland Properties Sell In South Miami-Dade

The 11 parcels are located in four places around Homestead and the Redlands.

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