Carnival Lists 470K SF Miami Headquarters For Sale
Carnival Corp. is looking to sell its massive headquarters in a Miami suburb and reduce its footprint in the city by around 35%. The cruise company has brought on Cushman & Wakefield to market its 470K SF headquarters in Doral and is looking to lease around 300K SF… Carnival’s 10-story office building at 3655 NW 87th Avenue sits on a 17-acre site with a large surface parking lot.
Carnival Eyes Real Estate Jackpot: Reportedly Plans To Sell Miami HQ Amid Post-Pandemic Shifts
Carnival Corp is reportedly eyeing the sale of its long-held Miami headquarters to capitalize on real estate gains, seeking a smaller office footprint amid post-pandemic changes. The cruise operator plans to sell its 470,000-square-foot Miami headquarters, aiming to downsize to approximately 300,000 square feet in a new location, reported Bloomberg, citing a person familiar…
Apple Opening Big 42k SF Office in Coral Gables; Miami Worldcenter Retail Store Confirmed
Apple is expanding in Miami with new offices and a large new retail store, according to Bloomberg. The company will open its biggest ever Miami office at The Plaza in Coral Gables. A Cushman & Wakefield report said that the space is around 42,000 square feet. Apple will also open a large new retail store at Miami Worldcenter, the Bloomberg report said…
Apple Signs 42K SF Deal For New Office Space In Coral Gables
Apple is poised to open a new office in Coral Gables nearly three years after the big tech firm began looking for space in Miami. Apple signed a 42K SF lease on the 11th and 12th floors of the north tower of the Plaza Coral Gables, according to a Cushman & Wakefield office market report provided to Bisnow. The deal comes after reports in late April 2021 that the tech firm was…
Report: Apple Chooses Coral Gables as Site of New Florida Office
Apple Inc. plans to open a roughly 45,000-square-foot office space in a Coral Gables tower, following in the footsteps of other tech giants that are setting up shop in the Miami area, Bloomberg reports. The smartphone maker is poised to move into The Plaza Coral Gables, a newly constructed mixed-use complex in the City Beautiful. Apple reportedly has a lease for upper floors…
First Renderings Filed For 283-Unit Multifamily Tower Near Arsht Center
The first renderings were filed with Miami-Dade planners yesterday for a downtown Miami residential tower. The building is being proposed under the county’s Rapid Transit Zone zoning code. Plans for the tower include 283 dwelling units and 1,384 square feet of commercial/retail. Total floor area will be 184,135 square feet. The tower is planned to rise 27 stories, with…
Gomez Development, Avenue 4 list Miami River assemblage for $25M
Gomez Development and Avenue 4 are asking $25 million for a Miami River assemblage that is primed for a townhome community, The Real Deal has learned. Arthur Porosoff with Porosoff Group is listing the 1.8-acre development site at 1515, 1529 and 1543 Northwest South River Drive. Coral Gables-based Avenue 4, led by Fausto Callava and Antonio Pardo, paid $3.8 million…
Related Group Founder Jorge Perez: ‘Serious, Serious Money’ Now Moving To Miami
Miami is benefitting from a “serious” influx of new companies and residents into the city, according to Related Group founder Jorge Perez. Perez told Bloomberg that the high number of companies now moving to Miami is driving real estate prices higher. Those companies are bringing “very high-end” employment to the city, adding a demographic that can afford…
Fort Partners pays $60M for oceanfront site next to Surfside Four Seasons
Developer Jason Halpern sold an oceanfront site in Surfside to Nadim Ashi’s Fort Partners, which completed the adjacent Four Seasons Hotel and Residences at the Surf Club. An affiliate of Halpern’s New York-based JMH Development struck a deal with Fort Lauderdale-based Fort Partners in 2021 to sell the 0.6-acre development site at 8995 Collins Avenue and a 0.2-acre parcel…
Under-Construction 45-Story Tower Viceroy Brickell to be Sold as Condos
A Brickell tower that is under construction has been renamed Viceroy Brickell and units will be sold as condos, according to the Miami Luxury Homes blog. Viceroy Brickell is planned to top off at 45 stories. It is being built next to the Baccarat Residences tower which is also under construction. A total of 498 condos are planned ranging from studios to 2 bedrooms, with prices…
Photo: Completed Arch At Downtown Miami’s Signature Bridge
A photo shows a nearly completed arch at Downtown Miami’s under-construction Signature Bridge., part of an $840m interchange project According to an FAA filing, the arch heights are: Top of Arch 1 – 180 feet above ground Top of Arch 2 – 230 feet above ground Top of Arch 3 – 180 feet above ground Top of Arch 4 – 250 feet above ground Top of Arch 5 – 330 feet above…
The Housing Authority of the City of Miami Beach and Atlantic Pacific Cos. have broken ground on Vista Breeze, a 119-unit affordable seniors housing development. situated near the Normandy Shores Golf Course at 280 S. Shore Drive. The property represents the largest affordable housing development to break ground in Miami Beach in 45 years, according to the developers.
The Estate Cos. Completes 23-Story Soleste NoMi Beach Luxury Apartment Tower in North Miami Beach
The Estate Cos. (EIG) has completed Soleste NoMi Beach, a 23-story luxury apartment tower located on Biscayne Bay in North Miami Beach. The 685,957-square-foot project consists of 367 units as well as 4,460 square feet of indoor and outdoor commercial space that will house Uma Cantina Peruana, a Peruvian fine dining restaurant. Residents have access to a ninth-floor…
Crescent Heights Proposes 26-Story Tower for 101, 115, 119, 121 and 125 NE 14th Street in Miami
Miami-based Crescent Heights hopes to get approval for a 26-story mixed-used tower west of the Adrienne Arsht Center for the Performing Arts. The unnamed venture would comprise 184,135 square feet of new construction, offering 280 condos with no on-site parking. The community would offer short-term rentals—an emerging trend in the South Florida market.
William Ticona targets Miami’s Edgewater for project pipeline
More than a decade after acquiring his first development site in Miami’s Edgewater, Peruvian developer William Ticona is ready to ignite a pipeline of projects in the city’s booming neighborhood. “For a while the Miami market was getting too hot, so I was a bit worried that there could be a correction,” Ticona told The Real Deal over lattes in the lobby cafe of Hotel Riu Plaza Miami Beach.
Hotel & Residential Tower 130 Biscayne with 104 Floors Submitted to Zoning Review
The developer planning the 130 Biscayne tower in Downtown Miami submitted the project to zoning review yesterday. The tower is planned to top off at 104 stories and 1,049 feet, the maximum permitted by aviation rules in the area, the filing states. It will also include a rooftop pool and amenity area for residents on the 104th floor. For now, the tower is known as 130 Biscayne.
Store Capital pays $27M for Design District office building
Store Capital picked up a fully leased office building in the Miami Design District for $27.2 million. An affiliate of Scottsdale, Arizona-based Store… The seller, an affiliate of San Francisco-based real estate firm Stockbridge paid $22 million in 2018 for the site at 3704 Northeast Second Avenue, records show. The same year, Stockbridge renovated the building, Vizzda states.
First Aria Reserve Tower Tops Off At 62 Stories
Melo Group has topped off its first tower at Aria Reserve at 62 stories. The South Tower was the first to top off. The North Tower is also now under construction and will eventually top off at the same height of 62 stories. Both towers are now officially expected to be fully completed in a record-breaking three-year timeframe from groundbreaking. The first deliveries are planned…
Midtown Miami’s Tallest-Ever Tower Submitted To FAA
A filing with the Federal Aviation Administration shows that developers are planning to build Midtown Miami’s tallest-ever tower. According to the April 5 filing, the tower is planned on the Midtown Gateway site. It will rise 610 feet above ground, or 623 feet above sea level – taller than any other building in Midtown Miami. Miami-based Terra, in partnership with Lion…
South Florida office market plateaus in first quarter
While South Florida’s office market is faring better than the rest of the nation, landlords are feeling the pinch from tenants with expiring leases looking to downsize space or leave, according to Colliers’ Jonathan Kingsley. “On a macro level in general, the office markets in the tri-county region are a bit challenged compared to prior quarters,” Kingsley told The Real Deal.
Condo Designed By World-Renowned Architecture Firm Breaks Ground In Miami Beach
The Perigon Miami Beach has broken ground. It is the first residential project in the area designed by OMA, led by world-renowned architect Rem Koolhaas. The development also features landscape design by Gustafson Porter + Bowman, the firm responsible for redesigning the green space at the Eiffel Tower and delivering the Princess Diana Memorial Fountain in…
Miami Beach paints new pastel picture of city skyline
Globally photographed pastel buildings are to glow again in Miami Beach. “We are so lucky to have Ms. [Barbara] Hulanicki [fashion designer] as a longtime Miami Beach resident,” Commissioner Kristen Rosen Gonzalez told city commissioners last week. “She was pivotal in the Art Deco movement of coming to South Beach and renovating these beautiful hotels…
Fortune, Château score $100M financing boost for St. Regis Sunny Isles
Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group secured a financing boost for their under-construction St. Regis Residences in Sunny Isles Beach. Bank OZK increased the $119 million loan it provided in 2020 by $100 million, for a total of $219 million, property records show. Edgardo Defortuna, founder and CEO of Brickell-based…
Crescent Heights’ $40M Whole Foods project in Miami Beach gets green light
Russell Galbut’s plan for a $39.8 million Whole Foods Market-anchored retail building in Miami Beach is getting a kick start after nearly a decade of inactivity. The Miami Beach Design Review Board on Tuesday approved the planned four-story project spanning 199,000 square feet at 1901 Alton Road. Miami-based Crescent Heights, led by Galbut, Sonny Kahn and Bruce Menin…
Trimont acquires Kayak Miami Beach hotel
Trimont Real Estate Advisors paid $13.6 million for the Kayak Miami Beach in a deed in lieu of foreclosure sale. Atlanta-based Trimont acquired the 51-key property for roughly $260,000 less than the outstanding mortgage debt that the seller owed the lender, Minneapolis-based Varde Partners, records and Vizzda show. Trimont, led by executive managing director Cindy Barreda…
Oolite Arts to base 12 artists in Coral Gables office tower
Terranova Corporation is collaborating with Oolite Arts to launch the Oolite Arts Project Space initiative in Coral Gables. Birthed from a shared vision to nurture and showcase local artists, the “Oolite Arts Project Space presented by Terranova”’ is set to transform Terranova’s location at 255 Alhambra into a living canvas, celebrating Miami’s artists. With both the exterior and interior…
No ‘away we go’ yet: decision to raze Jackie Gleason Theater deferred
Action that could see a new Jackie Gleason theater rise in Miami Beach has been deferred a month by city commissioners as they try to figure out how to approach the project. Talk focused on Finance and Economic Resiliency Committee recommendations that the city begin discussion with Live Nation, which controls the theater’s programming, focusing on construction…
Forman Capital, a private direct real estate lender based in Palm Beach County, Florida, provided a $54.56 million construction loan to the developer of a condominium-hotel project in Miami’s Brickell Financial District. The 12-story, 172-unit Domus Brickell Park, designed by Zyscovich Architects with Urban Robot Associates as the interior designer, will bring a new condo-hotel…
$10M Sale of Multifamily Development Site in Miami’s Little Havana Brokered
Marcus & Millichap has brokered the $10 million sale of a fully approved multifamily development site at 315 N.W. 27th Ave. in Miami’s Little Havana neighborhood. The buyer, an entity doing business as Astor Acquisitions LLC, plans to develop an apartment community on the 1.2-acre site called 315 Urban Flats. Eddie Toledo and Jonathan De La Rosa of Marcus & Millichap’s Miami…
ILP Developers Proposes 26-Story Apartment Tower Designed By NMD Nomadas In North Miami Beach
In North Miami Beach, a new development proposal seeks to transform a current restaurant and retail strip into a 26-story apartment tower, Elevate North Miami Beach Apartments, designed by Aventura-based NMD Nomadas with Thomas Engineering Group as the civil engineer and Architectural Alliance Landscape as the landscape architect. The city’s Planning and Zoning Board…
60-Story Summit At Brickell Submitted To FAA
The proposed Summit At Brickell continues to move through the approval process, with a FAA height filing on Friday. Plans for the tower were submitted to Miami-Dade for review in 2023. County review of the plans remains ongoing. The tower is now planned to rise 60 stories, and around 760 feet above ground, according to a February revision filing with the county.
First Renderings Released Of 55-Story Edge House Miami
The first renderings of the 55-story Edge House Miami have been released, along with new details. Edge House will include condos delivered fully finished and furnished and allowing for short-term rentals to generate income. Unit sizes will range from 360 to 840 square feet, with prices starting in the $400,000s. Kobi Karp is the architect, with interiors by Adriana Hoyos…
‘Bold, Visionary’ Plan That Includes Transit Funding Coming, Miami-Dade Mayor Says
Miami-Dade voters will soon be able to vote on whether they want the county to finance an expansion of mass transit. The vote would take place in November 2026. Miami-Dade property owners would pay for the proposal through their property taxes. Miami-Dade Mayor Daniella Levine Cava had previously announced a $2.5b bond proposal that would include $800m in funding…
Peruvian Developer Grupo T&C Announces 55-Story Condo Tower At 1825 NE 4th Avenue In Edgewater
Grupo T&C, a prominent developer from Peru, has announced Edge House Miami, a 55-story luxury condominium designed for home-sharing, located at 1825 Northeast 4th Avenue in Miami’s Edgewater neighborhood. The project, designed by the internationally recognized architect Kobi Karp, will offer fully finished and furnished residences with interiors by…
‘Cloud One Hotel’ Proposed for 1509 Washington Avenue in Miami Beach
Miami Beach’s Planning Board has plans to review a proposal for Cloud One Hotel on April 25th. The 91,230-square-foot venture would measure seven stories above grade and offer 238 rooms. The average room would hover around 200 square feet. Communal amenities would include a second-floor swimming pool and bar, along with two restaurants. One would be located on…
Developers Break Ground On 17-Story ‘The Perigon’ At 5333 Collins Avenue In Miami Beach
Mast Capital and a controlled affiliate of Starwood Capital Group broke ground on The Perigon, a 17-story residential development at 5333 Collins Avenue, noted for its unique position as the only new beachfront condominium project currently under construction in Miami Beach, with completion anticipated for late 2026. Designed by the globally acclaimed architecture firm…
Developer Files New Plans For 60-Story Tower In Edgewater
A developer has filed new plans with the City of Miami for a 60-story tower in Edgewater, according to The Real Deal. The new tower will have 592 condo units, allowing for short-term rentals. Grupo T&C of Peru, led by William Ticona, is the developer. Kobi Karp is the architect. It’s possible that the new tower will be named Edge House Miami. Records show that the company…
Photos: Construction Site Of Brickell’s Tallest Tower Ever
Construction is continuing in Brickell on an 80-story tower called Cipriani Residences, the tallest to ever break ground in the neighborhood. The permanent height of the tower is planned at 940 feet above ground, or 950 feet feet above sea level. A groundbreaking ceremony for the tower took place in February, after developer Mast Capital secured $600m in construction…
KYU founders plan new restaurant in Wynwood Norte
The founders of the popular Wynwood restaurant KYU filed plans for a new ground-up restaurant in Wynwood Norte, The Real Deal has learned. Chef and restaurateur Michael Lewis, Steven Haigh and Lizzy Maynes of Scotch Bacon Group are working on plans for the 5,000-square-foot, 120-seat restaurant at 55 Northwest 30th Street, just west of Midtown Miami, Lewis said.
Is it doomsday for South Florida’s multifamily market?
South Florida has outperformed other major metros, with out-of-state apartment investors and developers flocking to the region during the pandemic boom. That could make the downcycle even worse, Alex Horn of Miami-based lender BridgeInvest tells my colleague Lidia Dinkova. Between the middle of 2022 and 2023, South Florida property repair and maintenance costs…
Turnberry Ocean Club’s condo association is suing the developer, contractor, subcontractors and the rest of the team that built the waterfront Sunny Isles Beach condo tower, alleging a laundry list of alleged defects. Billionaire Jeffrey Soffer’s Aventura-based Fontainebleau Development, Fontainebleau Construction, architect Robert Swedroe and his firm Swedroe…
Pinnacle is commencing the construction of its affordable housing project, Pinnacle at La Cabaña, in Miramar. The $41.2 million development aims to provide essential quality affordable housing to seniors amid rising housing costs. Comprising 110 units, Pinnacle at La Cabaña will offer one- and two-bedroom apartments, with amenities designed for aging residents.
Related sells Boynton Beach affordable senior housing complex for $53M
Smith & Henzy Advisory Group bought an affordable senior apartment complex in Boynton Beach for $53 million. The Pérez family’s Coconut Grove-based Related Group sold the 240-unit garden-style Boynton Bay Apartments, which is restricted for residents 55 and older, at 1785 Northeast Fourth Street, according to records and real estate database Vizzda. Delray Beach…
BBX, PCCP land $31M construction loan for Delray Beach industrial project
BBX Capital’s logistics arm and PCCP scored a $31.1 million construction loan for the first phase of a Delray Beach industrial complex. Miami-based City National Bank of Florida provided the financing to Fort Lauderdale-based BBX and Los Angeles-based PCCP, records show. The joint venture plans to break ground soon on a 200,000-square-foot building, representing the first…
Forté on Flagler, in collaboration with the City of West Palm Beach, has announced the upcoming West Palm Beach Art Walk, a public art initiative. The project, developed along the West Palm Beach waterfront, includes a partnership with the Norton Museum of Art for the temporary exhibition of two sculptures out of three designated for the art walk, with installations set to be…
Related’s Stephen Ross Raising $300M To Lure Vanderbilt To West Palm Beach
South Florida’s elite gathered at the Palm Beach mansion of Related Cos. founder Stephen Ross Monday with a singular goal: raise enough money to lure an elite university to West Palm Beach. Ross gathered members of South Florida’s high society to meet with Vanderbilt University Chancellor Daniel Diermeier as Ross works to woo the Nashville-based college…
The Fed on Commercial Real Estate Exposure and Bank Stock Returns
The COVID-19 pandemic induced social and economic changes, such as accelerating the shift to work from home and e-commerce, that have downgraded the future prospects for office buildings and shopping centers. As a result, debt backed by commercial real estate (CRE) has become a financial stability concern.1 In a previous Economic Synopses essay, we showed that at least…
Getting In The Heads Of Industrial Tenants Nationally
An excess of supply in some industrial markets has led to more rentable options and more favorable leasing terms for tenants. With new construction starts taking a more than 70 percent dive since early 2022, however, according to a 2023 Savills report, demand is likely to quickly outpace new deliveries. Until then, tenants have their pick of spaces and landlords. “Looking ahead…”
Blackstone Agrees to Acquire Apartment REIT AIR Communities for $10B, Take Company Private
Private equity behemoth Blackstone (NYSE: BX) has agreed to acquire AIR Communities (NYSE: AIRC) for $10 billion in an all-cash deal that would take the Denver-based multifamily REIT private. The deal is expected to close during the third quarter. AIR Communities, which is formally named Apartment Income REIT Corp., owns 76 multifamily properties totaling roughly…
WSJ: The Real Estate Nightmare Unfolding in Downtown St. Louis
The Railway Exchange Building was the heart of downtown St. Louis for a century. Every day, locals crowded into the sprawling, ornate 21-story office building to go to work, shop at the department store that filled its lower floors or dine on the famous French onion soup at its restaurant. Today, the building sits empty, with many of its windows boarded up. A fire broke out last year…
Asset Classes, Markets, Operational Concerns: Bisnow Survey Reveals National CRE Focus For 2024
Each year, Bisnow’s Escape and Ascent retreats bring together a hand-selected group of commercial real estate leaders for four days of networking, deal-making and relaxation in Miami Beach. These retreats have led to multimillion-dollar deals and lifelong business connections, due in no small part to the curated attendee list of top owners, operators, developers…
Strapped For Cash, Retailer 99 Cents Store Considers Filing Chapter 11
Retailer 99 Cents Only Store LLC is mulling filing for bankruptcy, Bloomberg reported. Unable to offload assets, and with growing lease expenditures, the discounter is struggling to keep cash flowing in. 99 Cents is considering liquidation, bankruptcy or an out-of-court agreement, according to Bloomberg. Another option on the table is debt restructuring. The company is in talks…
Florida Lawmakers Take Aim At Historic Buildings, Affordable Housing, Short-Term Rentals
The 60-day flurry of debate and voting that defines the Florida Legislature’s annual session came to a close last month, and as the dust settles, the impact of an array of bills on the state’s real estate sector is coming into focus. A major theme this session was the state’s effort to claw back control of development and housing. From historic properties to affordable housing…
Quantifying the Effect of Rent/NOI Growth on IRR
Investors often consider commercial property primarily on the cap rate (net operating income divided by price). In most cases there is the expectation of NOI (net operating income) growth and appreciation over time. These expectations are seemingly considered as benefits, with no consideration given to them as incremental return. In this post, we seek to quantify the effects.