Miami board approves designs for Alta condos, Trilogy apartments
A pair of residential projects near the Miami River and in Edgewater are closer to moving to the permitting phase. The Miami Design Review Board on Thursday approved plans for River District 14, a proposed condominium by Alta Development on a six-parcel site at 1451 Northwest 14th Street less than half-a-mile from the Miami River. The board also gave the green light…
Owner Of Kayak-Branded Miami Beach Hotel Faces Foreclosure
The owner of the hotel that served as a guinea pig for online travel search company Kayak’s foray into operating hospitality properties is staring down a foreclosure lawsuit. An affiliate of lender Varde Partners filed suit in Miami-Dade Circuit Court this month after claiming the owner of the Kayak Miami Beach at 2216 Park Ave. failed to pay off a $13.7M mortgage when it matured in December…
Varde files foreclosure against Kayak Miami Beach hotel owner
Two years after opening the Kayak Miami Beach, the hotel’s owner is facing foreclosure over an allegedly unpaid $13.9 million mortgage debt. Minneapolis-based Varde Partners sued New York-based and Santa Monica, California-based Raven Capital Management last week in Miami-Dade Circuit Court, according to Vizzda and court records. The complaint alleges Raven’s hotel ownership…
The Standard Residences Breaks Ground In Midtown Miami With 228 Units
A groundbreaking ceremony was held last week for The Standard Residences in Midtown Miami. It is the first stand-alone residential project for The Standard, a hotel brand. The Standard Residences in Midtown Miami is planned to include: 228 residential condo units 11,000 square feet of retail 34,000 square feet of amenity space, rooftop lounge The project experienced rapid…
UDRB Approves 283-Unit Residential Project Near Metrorail
A proposal to build a residential project near a Metrorail station was approved 6-0 by Miami’s Urban Development Review Board last week. The project is proposed to rise 16 stories and include: 283 dwelling units 326 parking spaces (using a 30% waiver from zoning requirements due to transit proximity) The project site is at 1428 NW 14th Ave. Metrorail’s Civic Center station…
Prologis Raises Outlook Amid ‘Healthy’ Industrial Property Demand, Rising Warehouse Rents
The world’s biggest industrial developer said rents are rising and warehouse demand is holding steady even as the softening economic picture starts to weigh on some of its customers. The San Francisco-based real estate investment trust reported 98% occupancy in its massive global portfolio in the first three months of the year — a slight increase from the same time in 2022…
Videos: Janney Montgomery Scott’s Chris Marinac Provides Bank & Lending Outlook for Real Estate
Chris Marinac, Director of Research at wealth management firm Janney Montgomery Scott, joins Americas Commercial Real Estate Show to discuss the outlook for US banks and the effects of that outlook on commercial real estate. Chris leads the Bank Research Team at his firm. This is an excellent discussion of banks overall from balance sheets to commercial real estate loan exposure…
Residences in the Grove Requires Hotel Redevelopment at 2855 Tigertail Avenue, Miami, Florida
Residences in the Grove is a boutique high-end community headed for Miami, Florida. The $40 million could start construction in July 2023, with the Terra Group and AB Asset Management serving as the developers. Upon completion, the five-story building will offer 174 residences. Per Miami Residential, these homes will vary from studios to three-bedroom apartments…
Planners envision grand global boulevard along US 1
The Miami-Dade Transportation Planning Organization (TPO) has wrapped up a US 1 multimodal and roadway intersection analysis in Coral Gables and has presented recommendations with the grand vision of transforming US 1 into a boulevard. Similar to many of the grand boulevards around the world, US 1 connects Miami’s urban core with dense mixed-use suburbs, the study…
Centners buy assemblage for teacher housing, as private school expands in Miami
Private school owners David and Leila Centner bought an assemblage near their Edgewater campus where they plan to build teacher housing, The Real Deal has learned. The controversial owners of Centner Academy paid $6.1 million for the nearly half-acre contiguous properties at 125 to 145 Northeast 20th Street in Miami, according to their spokesperson. The Centners could develop…
Like an incoming tide, billions of dollars are flowing into Miami’s residential and commercial real estate market from foreign investors. Last year, foreign spending on residential properties crested $6.8 billion, rising sharply from the previous year. Overseas capital for the commercial sector – the money used to build not only residential high-rises but office, retail, and mixed-use…
Consulates of Paraguay, Guatemala, Mexico move to Coral Gables
Since its founding almost a century ago, Coral Gables has been known for its international appeal. Today, the city is the home of thriving consular operations with 23 consulates and foreign government offices making Coral Gables its home, Mayor Vince Lago told Miami Today. “Consulates help us attract businesses and executives to the city,” he said. “They strengthen our…”
46-story tower with 430 units planned for Park West
A new mixed-use residential skyscraper is planned for the Park West neighborhood of Miami, right next door to the rising Miami Worldcenter district. The developer refers to the project as Project NMA, and it is to include 46 stories, 430 residential units, about 7,510 square feet of ground floor commercial and parking for 455 vehicles, at 1018 N Miami Ave. The city’s Urban…
Tri-Rail offered to lead new Miami-Dade rail plans
As transportation planners seek more rail service in Miami-Dade County, the board chairman of tri-county Tri-Rail says it, rather than the county, should be driving the train. “I think that Tri-Rail should be the operator” of new Miami-Dade rail service, Raquel Regalado, board chair of the South Florida Regional Transportation Authority, which runs Tri-Rail, told the Miami-Dade…
More CSX freight trains seen as route to add passenger rail too
Planners who had been spotlighting transit passenger solutions to Miami-Dade’s road congestion are suddenly shifting their focus to freight, but with the same objective. For years commissioners looked to dormant freight rail lines to carry passenger transit but had no success in dealing with owner CSX rail system. But recent discussions have uncovered a desire by CSX…
Plan OK’d for 20-mile-long pedestrian and bicycle trail along South Dade TransitWay
The state and the county are splitting the cost of planning and designing a pedestrian and bicycle trail running the full 20-mile length of the South Dade TransitWay, where high-speed bus service is expected to begin next year. Each of the two is to provide $3 million for the planning of the South Dade Trail Shared-Use Path, which is to sit within the TransitWay’s 100-foot right-of-way.
Michael Lewis: Vital downtown mobility plan gets on the road decades late
Our Better Late Than Never Award goes to last week’s Transportation Planning Organization vote to revamp the Miami Downtown Transportation Master Plan to meet current and future needs. That’s a very smart move – but decades late. The last time planners focused on transportation downtown was 20 years ago, meaning that for two decades we’ve based mobility…
Standard International And Rosso Development Break Ground On The Standard Residences, Midtown Miami
Hospitality and real estate innovators Standard International, Rosso Development, and Midtown Development have started construction on The Standard Residences, Midtown Miami. Situated at 3100 Northeast 1st Avenue in Midtown, nestled between the Design District and Wynwood, the 12-story building is a collaboration between the internationally acclaimed architecture firm…
Different Takes on US Commercial-Property Sales in Q1
Deal activity for U.S. commercial property in the first quarter could be viewed as a sign of a calamitous market downturn ahead or a simple return to long-run averages after a period of excess liquidity. One’s viewpoint may differ across property types. Relative to Q1 2022, which was the most active first quarter on record, sales across property types fell 56% to USD 85 billion.
Metro Station Gets Approval for 2691 East 11th Avenue, Hialeah, Florida
Metro Station recently got the green light from Miami-Dade officials, the South Florida Business Journal reports. The 0.2-acre build site was rezoned from industrial/retail use to multifamily use just a few days ago. The residential venture will comprise 55 units in an eight-story building. This is MG Developers’ third apartment complex in the area, with the other projects being…
For Polaris Realty Capital CEO Ziyad Mneimneh, his firm’s investment strategy is both simple and profound: There will always be demand for decent, non-nonsense housing for America’s workforce, regardless of other economic factors. People will always need somewhere to live and the demand for multifamily housing will not disappear,” says Mneimneh, whose firm has structured…
County Considering New Metromover Systems, Commuter Rail To South Dade
Miami-Dade’s Transportation Planning Organization voted on Thursday to study the possibility of several new mass transit options in the county. The first resolution authorized a study on adding new People Mover systems similar to Metromover throughout the county. The consultant running the $120,000 study will be asked to identify the top five feasible areas suitable for a People…
MG Developer scores approval for Hialeah apartment complex
Hialeah is getting another apartment project near a major public transit facility. This month, the Hialeah city council approved on second reading the rezoning of a 0.2-acre industrial and retail parcel at 2691 East 11th Avenue for multifamily use. The property owner, Miami-based MG Developer, is planning to replace a gas station and convenience store with Metro Station…
Miami Unemployment Rate Hits 1.7 Percent, Lowest Nationwide
Miami has the lowest unemployment rate in the nation, according to an April 5 release by the U.S. Bureau of Labor Statistics. The agency said that Miami-Miami Beach-Kendall metropolitan division unemployment rate stood at 1.7 percent in February, which was the lowest of any metropolitan division nationwide. The unemployment rate for the entire Miami-Fort Lauderdale-West Palm…
BH3 Management and Merrimac Ventures, two of South Florida’s leading development firms, have teamed up to execute the City of Miami’s long-held vision of a thriving destination on Watson Island. The joint venture will draw upon their deep local roots and collective expertise to bring to life 10.7 acres of land on the island,… The post BH3 Management and Merrimac Ventures…
South Florida office leasing slows, rents rise in first quarter
Office leasing activity fell across South Florida in the first quarter, a recent report shows. Landlords experienced a drop in newly signed leases in Miami-Dade and Palm Beach counties, compared to the same period of last year, while new tenants in Broward wanted smaller spaces, according to Avison Young. Despite the softening market, office property owners continued to raise…
CMC Group Breaks Ground On Vita At Grove Isle In Coconut Grove, Miami
Prominent Miami developer, Ugo Colombo of CMC Group, has recently broken ground on Vita at Grove Isle, a boutique condominium at 5 Grove Isle Drive on the 20-acre gated private island just off the shore of the city’s Coconut Grove neighborhood. Collaborating with global architecture and design firm CallisonRTKL, local architectural firm S & E Architects, and Italian designers…
Skybridge Connected E11EVEN Residences Beyond Planned for 60th NE 11th St., Miami, FL, 33132
E11EVEN Hotel & Residences hasn’t even opened yet, and it’s already sold out. This has prompted developers to move forward with E11EVEN Residences Beyond, an adjoining tower connected by a skybridge. Per Miami Residence, the 65-story tower will comprise at least 380 residences, starting in the mid-$400,000s. Units range from studios to three-bedroom layout plans…
Calta buys Coral Gables apartments from Shoma co-founder Maria Lamas
The Calta Group is quickly expanding its multifamily division after acquiring a Coral Gables apartment complex from Shoma Group co-founder Maria Lamas. A Calta affiliate paid $12 million for Venetian Flats, a two-building property with 32 units at 915 and 920 Palermo Avenue, according to records and Vizzda. The buyer obtained a $7.8 million mortgage from Terrabank.
Residential Development Plunges In South Florida As Rising Costs Hold Back Construction
Despite South Florida’s status as one of the fastest-growing regions in the United States, its pipeline of housing units is slowing sharply. New residential housing permits in South Florida dropped 21% in 2022 compared to 2021, the Sun Sentinel reported, citing data from Point2Homes. The high cost of land, stubbornly high construction costs, rising interest rates and tightening…
Ugo Colombo’s CMC Group Breaks Ground on Vita at Grove Isle in Miami’s Coconut Grove Neighborhood
Miami’s most renowned luxury developer, Ugo Colombo of CMC Group, has broken ground on Vita at Grove Isle, his most sophisticated residential development to date. The ultra-luxe boutique condominium is located on the exclusive Grove Isle, a 20-acre gated private island situated just offshore of the city’s trending Coconut Grove neighborhood. The…
Developers propose 630-unit rental complex outside Miami-Dade’s UDB
A group of developers wants to build a 630-unit multifamily complex outside Miami-Dade County’s Urban Development Boundary — an invisible greenbelt that’s meant to restrict suburban sprawl. Legacy Residential Group, CD Group and Fenix Contractors propose 14 three-story and four-story buildings on 20 acres at the southeast corner of Southwest 252nd Street and Southwest 145th Avenue…
Conway Commercial Real Estate Collects $13M for Parcel in Miami’s Little River Neighborhood
Conway Commercial Real Estate has sold 2.2 acres in the Little River neighborhood of Miami, FL for $13.2 million. Alfredo Riascos of Gridline Properties represented the seller. Tony Arellano of DWNTWN Realty represented the unidentified buyer. “Developers are recognizing the growth and the emergence of strong fundamentals, finding opportunities to appeal to the creatives…
Residence 27 Proposed Between Midtown & Edgewater, With 247 units
Plans for a building called Residence 27 have been submitted to City of Miami planners. Residence 27 is proposed to rise 20 stories and include: 247 residential units 7,800 square feet of ground floor retail space 374 parking spaces TF Edgewater Apartments LLC is the developing entity. The company is an affiliate of Chicago-based developer Trilogy. SB Architects is the architect.
Florida Bills Put Tens Of Thousands Of Historic Properties At Risk Of Demolition
A pair of bills quickly moving through the Florida state legislature could open up tens of thousands of historic properties across the state to demolition by stripping local governments of authority to preserve buildings from redevelopment. The bills, SB 1371 and HB 1346, would block local governments from prohibiting the demolition of any property that is within a half-mile…
Brickell’s ‘Chicken Lot’ Could Get Rapid Transit Zoning, Allowing High Intensity Development
Brickell’s “chicken lot” is among those proposed to be added to Miami-Dade’s Rapid Transit Metromover Subzone, hinting that a high intensity development is in the works for the property. Brazilian developer Galwan won approval in 2016 for a 44-story hotel on the site, designed by Arquitectonica. In 2017, the company announced it would be managed by Wyndham…
Waterfront North Bay Village condo building deemed unsafe
A waterfront condo building in North Bay Village undergoing its 60-year-recertification was deemed unsafe by the city on Thursday. Residents have until Tuesday to evacuate the property. Part of the ceiling collapsed last week due to significant rainfall, which inspectors say was caused by a leak from a roof drain of the historic three-story, 36-unit Art Deco building at 7946 East Drive…
Apartment Market Comparison: The South Florida Trio
Miami is a coastal metropolis and the second-most populous city in Florida. West Palm Beach is known for its natural beauty and palm trees, while Fort Lauderdale boasts affordable beach vacations and boating canals. These neighboring apartment markets combine to make up the South Florida region. While very similar in demographic makeup and economic strength…
Florida bill restricting foreign real estate purchases a “slippery slope,” brokers say
A proposed bill in Florida that would dramatically restrict investment in real estate from Chinese buyers and those from other communist countries could have ripple effects on the rest of the foreign buyer market, experts say. Florida lawmakers are advancing controversial House Bill 1355, which would ban Chinese nationals from purchasing real estate anywhere in the state. Chinese…
Q1 2023 Major U.S. Hotel Sales Survey
With continued elevated levels of inflation and interest rates, and fears of an impending economic recession, the U.S. commercial real estate industry continues to find itself in choppy waters. The recent stunning and swift collapse of Silicon Valley Bank (SVB), and subsequent failures of Signature Bank (SB), and Credit Suisse Group AG (CS) has created a perceived credit crunch…
Stranded Assets: Climate Change Could Put CRE In A Precarious Position
Commercial real estate (CRE) owners who want to preserve the value of their assets must ensure they reach certain sustainability levels within the next 10 years or risk losses. While many municipalities and states are mandating compliance with laws aimed at reducing greenhouse gas emissions, prudent property owners are responding to demand from tenants and their own…
Miami named the No. 1 city in the U.S. for Gen Z tech workers
Miami was recently named the top city in the nation for Gen Z techies by online form builder Jotform. The study examined the 150 largest U.S. cities and scored them on Gen Z friendliness, tech friendliness, internet connectivity and affordability. Miami was cited for its percentage of Gen Z residents, 22.7%, average tech salary of $105,790 and overall internet connectivity.
‘Frightening Tsunami’: Office Investment Nose-Dives In Q1 To Lowest Point Since 2010
Investment in office properties across the country fell 68% in the first quarter to $10.7B, the lowest level since 2010 and an indicator of the degree of deep freeze property markets plunged into after their most challenging year in more than a decade. Sales of all property types declined, according to Colliers, citing new MSCI data. But in the face of rising interest rates, shriveled office…
Supreme Court: Mall Of America Owner Can Challenge 100-Year, $10 Lease For Vacant Sears Box
The U.S. Supreme Court has granted the owner of the largest mall in the U.S. another chance to get out from under a deal it made with Sears that looks more regrettable every year. In a unanimous vote, the nation’s high court ruled that Mall of America owner MOAC Mall Holdings LLC can challenge the transfer of a lease it signed in 1991 with Sears for a 120K SF anchor box…
Grant Cardone faces tenant uproar over rain damage at Las Olas apartment building
A Grant Cardone-owned apartment building in Fort Lauderdale is at the center of a tenant uproar over water damage caused by historic rainfall this month. On April 12, when the city was hit with 26 inches of rain that flooded streets, single-family homes and shut down Fort Lauderdale International Airport, dozens of units in the south tower of 10X Living Las Olas were inundated with…
Town Council Unanimously Approves 2.8-Million-Square-Foot Mixed-Use Development In Davie, Florida
The Town Council of Davie, Florida, unanimously approved the largest multifamily project in its history on Wednesday, April 19. The groundbreaking development, The District in Davie, collaborates with esteemed developer El-Ad National Properties, a subsidiary of Elad Group, acclaimed architecture firm Cooper Carry, and renowned landscape architect EDSA. Located at 4801–4999…
El-Ad National Properties Plans $1B District in Davie Mixed-Use Project Near Miami
El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The Town of Davie has approved the development. The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256…
Award-winning developer El-Ad National Properties, an El-Ad Group company with a South-Florida based team, is bringing its expertise and exceptional reputation to Davie, Florida with its upscale 2.8 million-square-foot mixed use rental residential apartment and commercial project named The District in Davie. This is the largest multi-family project in Davie’s…
El-Ad plans $1B mixed-use multifamily project in Davie
El-Ad National Properties plans a 2.8 million-square-foot mixed-use multifamily project in Davie. The development, called The District in Davie, will have roughly 1,256 apartments in five towers ranging from 20 stories to 24 stories at 4801-4999 South State Road 7, according to an El-Ad news release. It also will have 36,000 square feet of retail and restaurants, and 2,650 parking…
Miami Jewish Health (MJH) and McDowell Housing Partners have broken ground on Douglas Gardens Residences, a 410-unit affordable seniors housing community in Pembroke Pines, approximately 20 miles north of Miami. Development costs for the project, which will combine healthcare and housing, are estimated at $137 million. Of the total units, 390 will be reserved for age…
Time Equities pays $44M for Boynton Beach Town Square assemblage
A new developer is taking over the buildout of the commercial portions of Boynton Beach Town Square. Affiliates of New York-based Time Equities paid a combined $44 million for 8.8 acres at 117 Northeast First Avenue, 120 Southeast First Avenue, 125 Southeast Second Avenue and 130 East Boynton Beach Boulevard, according to records and Vizzda. The buyer obtained a $40 million…
Developers Breaks Ground On 18-Acre Multifamily Development in Palm Springs, Florida
South Florida real estate development and investment firm Mast Capital has joined forces with Boston-based Rockpoint and The Spear Group to break ground on an 18-acre multifamily development in Palm Springs, FL. With $42.5 million in construction financing from Santander Bank, the project, located at 2085 S. Congress Ave., will rise on the site of the former YMCA…
Wellington resident and entrepreneur Mark Bellissimo has announced a partnership with NEXUS Luxury Collection, founded by Joe Lewis and his Tavistock Group, Tiger Woods, Justin Timberlake, and Ernie Els, to create The Wellington, a luxury residential club community in the heart of Wellington that celebrates the best of South Florida and equestrian sport. Through their new partnership…
Tiger Woods, Justin Timberlake Back 600-Acre Palm Beach County Project
An international hospitality and real estate company backed by investors including Tiger Woods and Justin Timberlake has struck a deal to develop a multibillion-dollar, 600-acre community around a renovated golf course and expanded equestrian showgrounds in Palm Beach County, Florida. Nexus Luxury Collection — a celebrity-backed development group that counts Woods, Timberlake…
Bellissimo taps Tiger Woods, Justin Timberlake for massive proposed Wellington development
Developer Mark Bellissimo unveiled his latest version of a massive planned luxury community in Wellington — and he’s proposing to build it with golf greats Tiger Woods and Ernie Els, singer-songwriter Justin Timberlake, billionaire Joe Lewis’ Tavistock Group and founding eBay president Jeff Skol. Now called The Wellington, the more than 600-acre development would be completed…
Celebrity-Backed Venture Plans Wellington Club Community
The golf course at the property. Image courtesy of Wellington Lifestyle Partners A partnership between the Tavistock Group’s NEXUS Luxury Collection and entrepreneur Mark Bellissimo is developing the Wellington, a 600-acre luxury residential club community near West Palm Beach, Fla. The project will be located in Wellington, Fla., in Palm Beach County. Other venture partners…
Residents Reject Kolter Group’s $500M Offer for Palm Beach County Oceanfront Trailer Park
Residents of an oceanfront mobile-home park in South Florida rejected a $503 million buyout offer from The Kolter Group. Nestled between some of the country’s most expensive ZIP codes, the Briny Breezes community spans 43 acres, housing 488 mobile trailers on a barrier island in Palm Beach County. Structured somewhat like a co-op, each homeowner owns between 20 and 80…
GL Homes revives controversial 1,000-home proposal for Ag Reserve
GL Homes is pursuing a controversial development proposal for a 1,000-home age-restricted community in Palm Beach County’s Agricultural Reserve. Next week, the Palm Beach County Commission is expected to consider the Sunrise-based homebuilder’s plan that includes a land swap. Under GL Homes’ proposal, the firm would be allowed to build out 682 acres…