‘Meticulously Designed’ 24-Story Tower With Micro Units Proposed In Brickell
Plans have been filed for a 24-story residential tower in Brickell. According to a letter sent to City of Miami planners, the developer is proposing an urban infill, mixed- use project, in a structure that is “meticulously designed.” The project is proposed to include: 240 dwelling units (of which 70 will be micro-units) 43,920 square feet of commercial space on the ground…
Empira plans 310-unit tower in Brickell
Empira Group bought a Brickell development site with plans to build a 26-story multifamily tower, marking the Swiss company’s second project in Miami after its debut last summer. The firm, in partnership with Grand Peaks Properties, purchased the 1-acre site at 901 Southwest Third Avenue and 244 Southwest Ninth Street, according to an Empira news release.
Empira Group Acquires Brickell Development Site, Plans 26-Story Multifamily High-Rise
Swiss real estate investment powerhouse, Empira Group, has made headlines with its recent acquisition of the 901 Southwest 3rd Avenue development site for $21.5 million, previously referred to as Empire Brickell, in the bustling Brickell neighborhood of Miami. This marks the firm’s second foray into greater downtown Miami’s development landscape in just under a year, with the…
Developers Announce Lease Takeover On Watson Island, With Plans To Build
Two Miami-area developers have reached a deal to take over a portion of the former Island Gardens development at Watson Island. BH3 Management and Merrimac Ventures said in a press release that they acquired the lease and development rights to 10.7 acres of land on the island (not including the marina area). In a press release, the developers said that initial site work at the property…
Turkish investors plan Midtown Miami mixed-use project
A group of Turkish investors paid $10.5 million for a commercial building in Midtown Miami, with plans to develop a mixed-use tower. Furkan Bayoglu and other investors bought the two-story, 12,500-square-foot building at 175 Northeast 36th Street from David Feinberg, according to records and real estate database Vizzda. The buyers took out $6.2 million…
Renderings Show Potential Apple Store At Miami Worldcenter
Plans were filed with City of Miami planners last year for a potential Apple Store at Miami Worldcenter, newly released documents show. The application seeking warrant site plan approval for the store is dated June 2022, so it’s possible the design may have changed since then. Building Department records show that a construction permit was applied for at the same site…
Merrimac, BH3 take over lease on Miami’s Watson Island to develop mixed-use project
Merrimac Ventures and BH3 Management partnered to take over the lease of a long-stalled development site for a mixed-use project on Miami’s Watson Island. After a series of delays and controversy, Flagstone Property Group, led by Mehmet Bayraktar, sold the lease for nearly 11 vacant acres to Merrimac and BH3. The two firms plan to finish what Flagstone started more than…
BH3 Management, Merrimac Ventures to Develop Mixed-Use Project on Miami’s Watson Island
South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction.
EDEN Multifamily, Dermot Plan Miami High-Rise
Miami-based EDEN Multifamily and the Dermot Co. are developing their first residential project together, a 44-story, 430-unit Class A luxury multifamily tower in Miami’s Park West district. The high-rise, which will offer 8,000 square feet of ground-floor retail space, is designed by prominent local architect Kobi Karp. The partners are still…
Eden and Dermot team up to build Park West apartment tower
A pair of multifamily developers are planning a luxury apartment tower in Miami’s Park West neighborhood. A joint venture between Eden Multifamily and The Dermot Company is under contract to buy a 0.7-acre site at 1018 North Miami Avenue owned by Park West investor Michael Simkins, according to Miami-Dade records. A spokesperson for the partnership declined comment…
EDEN Multifamily, the prolific South Florida developer, is partnering with multifamily developer and investor The Dermot Company to bring a Class-A, luxury rental residential tower to downtown Miami’s Park West district. EDEN and Dermot plan to develop a 44-story, 430-unit high-rise designed by the award-winning architect Kobi Karp. This development represents the first…
Lululemon, Sephora Open Stores at $4B Miami Worldcenter Development
Retailers lululemon athletica and Sephora have opened stores at Miami Worldcenter, a $4 billion mixed-use development in downtown Miami. The stores are located adjacent to one another along the development’s 7th Street pedestrian promenade that overlooks World Square Plaza, a 20,000-square-foot park. CIM Group, a co-developer of Miami Worldcenter, is leading…
Empira Group Acquires Development Site in Miami’s Brickell Area for 26-Story Apartment Tower
Empira Group, a Switzerland-based institutional real estate investment firm, has acquired a development site at 901 SW Third Ave., formerly known as Empire Brickell, in Miami’s Brickell area. The firm plans to build a 26-story apartment tower comprising 310 market-rate units with roughly 2,500 square feet of retail space on the ground floor. Construction is scheduled to commence…
Developer Seeks UDRB Approval For 24-Story Mixed-Use Project At 296 SW 7th Street In Brickell, Miami
Development plans have been filed for a 24-story mixed-use building at 296 Southwest 7th Street in Brickell, Miami. Designed by Beilinson Gomez Architects P.A., with Gardner + Semler Landscape Architecture (GSLA) as the landscape architect, and developed by Rockville Hospitality LLC, led by Amit Patel and Chris Desai, the proposed development aims to create an urban…
Gears shifting from buses to rail for East-West Transit corridor
Plans for East-West Corridor rapid transit in Miami-Dade County, which since 2020 had officially been targeting express buses in partnership with the Miami-Dade Expressway Authority (MDX), now are focusing again on an older plan to use CSX tracks and run rail instead. The topic is on today’s agenda (4/20) of the Miami-Dade Transportation Planning Organization…
Metromover-like transit targeted in five systems countywide
Transportation planners are looking to add automated people mover lines like downtown’s Metromover system in as many as five Miami-Dade County locations. The Transportation Planning Organization today (4/20) is to vote on a contract to pinpoint the top five places to add automated people movers to “provide a safe, convenient and effective connection to major transit…
Michael Lewis: What must we do to get our affordable housing plan right?
A plan to tally Miami-Dade’s affordable housing needs impresses us, but we question what assumptions will shape the results. County Commissioner René Garcia’s detailed proposal reported on Miami Today’s front page last week is impressive because it looks holistically at a vital problem that has to date been dealt with piecemeal, almost unit by unit. Sen. Garcia seeks quantified…
Electrical union could redevelop Miami headquarters
A union representing electrical workers could rezone its headquarters in Miami’s Allapattah neighborhood to set up a mixed-use development. The city’s Planning, Zoning and Appeals Board will consider… concerns the 1.83-acre site at 1544, 1649 and 1650 N.W. 16th Terrace; 1657, 1601 and 1667 N.W. 17th Ave.; and 1700 N.W. 15th Street Road. The IBEW has owned the property since 1948.
South Florida’s Industrial Asking Rents Climb In First Quarter
Industrial asking rents in Broward and Palm Beach counties climbed at least 40 percent in the first quarter, year-over-year, while Miami-Dade County saw a 14 percent jump, according to a newly released report. The first quarter findings show the South Florida industrial market remains on a stable trajectory, as demand continues to outpace supply, said Tom O’Loughlin…
Revealed: 65-Story Tower Proposed At Miami Worldcenter
Developer Naftali Group has formally filed plans to build a 65-story tower at Miami Worldcenter’s Block A. Nafatali purchased the property at 1016 Northeast Second Avenue last year for $40.5 million. The developer requested height approval for a new tower on the property from the FAA in September. Approval by the FAA for a 691-foot tower was issued in January.
New York’s Naftali Group Unveils Downtown Miami Condo Development
Two more residential towers are set to rise in Downtown Miami, according to two separate proposals filed to Miami’s Urban Development Review Board. In the largest of the two proposals, New York’s Naftali Group unveiled plans to develop a 65-story condo high-rise. The development, designed by Arquitectonica, is set to include 723 units, 2,187 square feet of commercial space…
Revealed: 46-Story Residential Tower Proposed In Park West
Plans have been filed with City of Miami planners for a 46-story residential tower in Park West. The development is referred to as Project NMA by the Planning Department. Project NMA is planned to include: 430 dwelling units 7,510 square feet of commercial use 455 parking spaces The development will feature a robust landscaping plan incorporating native trees that…
Related Group, partners score $165M refi for Wynwood project
Related Group and its partners scored a $165 million refinancing for the Dorsey mixed-use project in Wynwood, even as the market nationwide for loans remains challenging, The Real Deal has learned. New York-based MF1 Capital, a lender for multifamily properties in the U.S., provided the financing, sources said. It’s a 30-month, interest-only loan, according to Related.
Video: How Contractors Are Building Foundation At 100-Story Waldorf Astoria Supertall
The Wall Street Journal has published an in-depth feature showing how contractors are building the foundation at the 100-story Waldorf Astoria supertall tower in Downtown Miami. A technique called “deep soil mixing” is being used to make the onsite soil much stronger than normal. The process also seals out nearly all water. The technique was previously mainly used…
Pinnacle nabs $89M in construction financing for Princeton affordable rentals
Pinnacle scored $88.6 million in construction financing for an affordable apartment complex in south Miami-Dade County’s Princeton neighborhood. The development firm has started building the 215-unit garden-style community on 6.5 acres at 25155 Southwest 136th Avenue in an unincorporated area of the county, according to a Pinnacle news release. Dubbed Pinnacle…
Proposal For Tower At 2600 Biscayne Submitted To FAA At 529 Feet
Plans for a tower at 2600 Biscayne have been submitted to the Federal Aviation Administration. According to the April 13 filing with the FAA, the tower is proposed to rise 521 feet above ground, or 529 feet above sea level. In July 2022, a partnership of developers announced they had closed on the purchase of 2600 Biscayne, and have unveiled development plans…
Rental Asset Management pays $28M for Hialeah apartment complex
Rental Asset Management acquired a recently completed apartment complex in Hialeah for $27.5 million. An affiliate of the Oakland Park-based multifamily investment firm acquired Station 21 Lofts at 102 East 21st Street in Hialeah, according to records and Vizzda. Rental Asset Management, or RAM, assumed the seller’s $13 million mortgage from Boca Raton-based Amzak Capital Partners.
Berkadia Arranges $165M Refinancing for The Dorsey Mixed-Use Development in Miami
Berkadia has arranged a $165 million loan to refinance the construction loan for The Dorsey, a recently completed mixed-use development located in Miami’s Wynwood neighborhood. The property — which was co-developed by Related Group, LNDMRK and Tricera Capital — features 306 apartments, 73,000 square feet of offices and 36,000 square feet of retail space.
Eden Multifamily, Dermot Plan 44-Story Apartment Tower in Miami’s Park West District
Locally based Eden Multifamily and New York-based The Dermot Co. have teamed up to develop a 44-story apartment tower in Miami’s Park West district. Construction is set to begin at the site, located at 1018 N. Miami Ave., in 2024. The project will be situated near Miami Worldcenter and a Brightline station. Kobi Karp is designing the unnamed high-rise, which will feature…
JV Tops Out 1,201-Bed Student Tower in Miami
Terrazul topping out ceremony. Image courtesy of Gonzalo Rodriguez and Coastal Construction A joint venture between AARE Sunbelt, an affiliate of Adam America Real Estate and JW Capital Management has topped out Terrazul, a student housing development near Florida International University in Miami, which will total 1,201 beds. The project is subject to a $147 million…
Video: Inside storied past of Jeffrey Soffer’s Story nightclub in Miami Beach
Story nightclub is a popular party venue in Miami Beach, and a property with a storied past and contentious present. The two-floor, white building on the southwest corner of Collins Avenue and Second Street was developed by Lawrence Kaine in 1994. Shortly after, nightlife impresario André Boudou opened Amnesia nightclub, bringing the brand to the shores of South Beach…
Story Nightclub’s Last Stand: Venue Fights Miami Beach to Stay Open
Champagne bottles were popping, the bass was booming, and confetti was flying as rapper French Montana performed at Story nightclub. The dancefloor stayed packed shoulder-to-shoulder while the liquor flowed, seemingly business as usual at the Miami Beach venue just 10 days ago. The club is now eerily quiet — shuttered until further notice as its future hangs…
Miami condo association on the hook for $1M-plus tied to unusable commercial space
More than 16 years after buying a five-story commercial space at the bayfront Miami condo Blue, the Atlanta-based owner is one step closer to gaining access to basic utilities that would make it operational — including central air conditioning, a must in South Florida. An affiliate of Goddard Investment Group, Blue Grouper Ventures, won at jury trial more than $1 million…
CMC Group Breaks Ground on Coconut Grove Luxury Condo Project
Vita at Grove Isle. Rendering courtesy of CMC Group Ugo Colombo’s CMC Group has broken ground on Vita at Grove Isle, a 65-unit luxury boutique condominium project on the private island of Grove Isle in Miami. Three separate architecture firms are involved in the project: CallisonRTKL, S&E Architects and A++ Architecture. Delivery is expected in the second or third quarter of 2025.
South Florida business boom expected to outlive pandemic-era boost
Florida was the top destination for people fleeing Northern states for the South during the pandemic, bringing a big business boost. Three years in, that boom is extending even as storm clouds form over the national economy. Population data released late last year from the U.S. Census Bureau showed that Florida is growing quicker than any other state, with its population growing…
The Fed’s Beige Book: Southeast Banking Conditions Remain Steady
The Southeast economy grew modestly in the six weeks through the end of March, and banks in the region reported strong loan growth despite concerns about liquidity following the failure of two banks in the West and Northeast, according to the Federal Reserve Bank of Atlanta’s Beige Book report of economic conditions in the Southeast. Banking contacts also reported they…
Florida Senate tweaks bill amending condo safety law. Here’s what that could mean
Florida lawmakers made changes to a bill that aims to clarify aspects of the condo safety law passed last year, after it resulted in condo association boards scrambling to meet looming deadlines for financial and structural repairs. State senators voted unanimously to approve Senate Bill 154 on Wednesday. It’s now in the Florida House, and if it passes as expected, would then…
The lender of last resort : Data on bank loans made by the Fed
The Federal Reserve System serves as a “lender of last resort” for insured financial institutions in the US by providing liquidity to commercial banks, thrift institutions, credit unions, or US branches and agencies of foreign banks. The liquidity provided by the Fed takes the form of loans, which are collateralized and have historically been paid back in full, on time, and with interest.
Tracking monetary policy’s effects on access to financing
The federal funds rate (FFR) is a key instrument through which the Federal Reserve conducts monetary policy in the US. When inflation is high, the Federal Reserve typically raises the FFR to mitigate aggregate demand, easing pressure on prices. One channel through which monetary policy achieves these goals is by increasing borrowing costs for banks and, in turn…
Food Hall Okeydokey Opens in Brickell with Local Food and Cocktails
A new food hall that blends fast-casual and full-service experiences is coming to Miami. The new venue is Okeydokey, a project that is several years in the making, according to cofounder and CEO Stephane Benkemoun. Born and raised in France, Benkemoun tells New Times he decided to take his entrepreneurial passion from Europe to Miami to take the food hall fast-casual…
Cortland Opens New Phase of Development in Kendall
Cortland, a multifamily real estate investment, development, and management company, has opened its newly built phase of Cortland South Kendall, an upscale apartment community in one of the fastest growing areas of Miami. The Atlanta-based multifamily firm bought the community, formerly known as Mareas, along with the nearly 10-acre site for the second phase from Ram…
Concord Summit Captial LLC has arranged a $50 million construction loan and $10 million of preferred equity for the development of a 180-unit apartment community in Hollywood. David Larson, Keegan Burger and Daniel Rojo of Concord Summit’s Miami office served as advisors and sourced the financing on behalf of the borrowers, The Calta Group and Gilu Holdings and Development.
Memorial Healthcare pays $49M for dev site in Hollywood
Memorial Healthcare System bought a development site in Hollywood for $49 million, with preliminary plans for a health and wellness center. Memorial Healthcare bought 8.2 acres on the southeast corner of Hollywood Boulevard and State Road 7 from the Ben-Shmuel family, according to records and real estate database Vizzda. The property at 101 South State Road 7 consists…
JV Secures $60 Million for South Florida Apartments
Hollywood Entertainment Center. Image courtesy of Concord Summit Capital A joint venture between The Calta Group, a Miami-based luxury apartment developer, and Gilu Holdings has secured $60 million in construction financing for the development of Hollywood Entertainment Center. The seven-story, 180-unit luxury apartment community will be located at 2215-2233 Hollywood…
Estate Cos. to Develop 321-Unit Multifamily Property in Downtown West Palm Beach
The Estate Cos. has received site plan approval for Soleste Palm Station, a 321-unit apartment development in downtown West Palm Beach. The City of West Palm Beach’s Downtown Action Committee voted unanimously to approve the project, which is scheduled to break ground in July. Soleste Palm Station will deliver a mix of studio, one-, two- and three-bedroom…
Estate scores approval for downtown West Palm rental project
Estate Companies scored approval for its first apartment project in downtown West Palm Beach. The 321-unit development will consist of a pair of eight-story buildings at 520 North Rosemary Avenue, a half-mile walk from the Brightline station, according to an Estate news release. Dubbed Soleste Palm Station, the 298,000-square-foot project will offer studios, as well as…
The Estate Companies (EIG), a leading developer of luxury multi-family projects throughout South Florida, has obtained site plan approval for Soleste Palm Station, featuring two 8-story buildings with 321 luxury rental apartments, located at 520 N. Rosemary Ave. in downtown West Palm Beach. “We’d like to thank the City of West Palm Beach…” Jeffrey Ardizon, principal, The Estate Companies.