Aug 16, 2017 - 0 Comments - Top Stories -

Miami Commercial Real Estate News August 16, 2016: Conrad Hotel Sells; Brickell City Centre’s New Italian Food Hall; More…

EI-American RE Sells The Conrad Miami Hotel on Brickell

Mast Capital and Angelo Gordon & Co. acquired The Conrad Miami hotel at 1395 Brickell Avenue in Miami, FL for $72 million, or about $355,000 per room, from EI-American Real Estate, Inc. The 36-story, 203-room hotel was built in 2003 in the Brickell submarket. It totals 212,503 square feet located in the base of Brickell Arch Tower (aerial). Paul Weimer, Christian Charre and Natalie Castillo of CBRE…

Video: Reis Chief Economist & VP of Research Victor Calanog Update on Q2 2017 Office Sector Trends

In this brief video, Reis Chief Economist & VP of Research Victor Calanog provides his assessment of Q2 2017 Office Sector trends. Highlights include: Not much happening in the office property sector this past quarter; Vacancies were unchanged at 16.0% versus the prior quarter and down a mere 10 basis points year over year; Vacancies peaked in Q3 2010 at 17.6%, since have only descended 160 bp…

Here’s what La Centrale in Brickell City Centre is going to look like

Step inside and take the rendering tour Back in February we saw initial renderings of La Centrale, which is set to become Miami’s first Italian food hall when it opens this December in Brickell City Centre. However, these newly released renderings of the 40,000-square-foot space comprised of 14 different dining areas, present a much clearer vision of what the exciting new culinary endeavor will look like.

Market Trend: South Florida’s Industrial Vacancy Increases To 3.9%

The South Florida Industrial market ended the second quarter 2017 with a vacancy rate of 3.9%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 599,281 square feet in the second quarter. That compares to positive 1,095,827 square feet in the first quarter 2017. Vacant sublease space increased in the quarter, ending the quarter at 785,915 square feet.

Mansion nightclub’s former space on Washington Avenue for lease at $70k/month

Mansion nightclub’s former space on Washington Avenue in South Beach is on the market for lease at $70,000 a month or $840,000 a year, The Real Deal has learned. John Brandt’s family has owned the building at 1225-1265 Washington Avenue since the 1950s, and this is the first time it is available for lease since 1984 because operators have always traded the lease to successive operators, he said.

Six pivotal decisions vital before restoring marine stadium

An architect has listed more than 50 uses for a restored Miami Marine Stadium, which is heartening, but before the city tries to actually restore the stadium it has six pivotal decisions to make. The list of possible uses includes many that would be financial failures. So restoration must follow a solid business plan that outlines not only principal uses but who would operate the stadium and under what…

Miami casts annexation eye on Blue Lagoon, Melrose, Brownsville

If Miami annexed several unincorporated areas, including Blue Lagoon, Melrose and Brownsville, it would take a financial hit, a study says.
Based on revenue and expense calculations and factoring in the current tax rate, adding the areas as they are today would cost the city nearly $14 million a year. The possibility of annexing unincorporated areas isn’t new; Miami leaders have debated it for years.

The appeal of a working riverfront wends way to city hall

Cory Offutt, owner of Biscayne Towing & Salvage Inc., has for months spoken out against a planned riverside restaurant on land zoned for marine-industrial uses right next door to his business. He says a restaurant with outdoor dining is incompatible with a loud and smelly shipyard. “This is a huge impact on my business,” he said at a meeting early this year. “There’s no way we can survive in harmony…

There’s A Niche Market Rising On Miami’s Industrial Real Estate Scene

There’s a niche market rising on Miami’s industrial real estate scene: leases under 25,000 square feet and satisfying distribution needs in the realm of smaller space. While everyone speaks about the large deals, these smaller industrial transactions make a significant footprint in the local economy, driving business beyond e-commerce. GlobeSt.com caught up with Ernesto Cambo, principal of CPF Investment…

New Miami condo planned to exclusively house FIU students and faculty

Intertersting mandate There’s a new Miami condo planned across the street from the main campus of Florida International University with a twist: While anyone can purchase its 492 units, only students, faculty, and those affiliated with the university will be allowed to live there.
University Bridge Residences is planned for 20 stories with a direct connection to campus via the new 8th Street pedestrian bridge.

Miami metro has the most dire need for affordable housing in the country, per report

Entailing the Miami metro area of Miami, Fort Lauderdale, and West Palm Beach A new report by the U.S. Department of Housing and Urban Development (HUD) to Congress indicates the Miami metro area (Miami-Fort Lauderdale-West Palm Beach) has the highest share of low-income renters with the “worst case needs” in the country. The issue stems from a massive shortage of affordable housing for…

 

Inside Brickell City Centre’s Italian food hall, Estates at Acqualina & more

The developers of Brickell City Centre, the Estates at Acqualina, Akoya Boca West and others just released a slew of new renderings. Brickell City Centre revealed what’s planned for the three-story Italian food hall, La Centrale. The 40,000-square-foot food hall, located at the northeast end of the shops, is now set to open in December. It will include: A market with grab-and-go options…

Food Halls at Brickell City Centre and Lincoln Road Release Details

La Centrale, the Italian-themed food hall tucked into the billion dollar Brickell City Centre will include a handful of eateries that draw inspiration from different regions of Italy along with a spot for Neapolitan pizzas and a grab-and-go café spanning 5,000 square feet replete with cheeses, breads, and all manner of Italian products. The portion of the food hall dubbed Pesce will draw from the region…

Miami International Airport gets bonanza in federal grants

The Federal Aviation Administration awarded this week over $36 million in infrastructure grants to Miami International Airport to reconstruct and rehabilitate taxiways to improve the safety and efficiency of airport operations. The FAA announced the grant through its Airport Improvement Program, which awarded a total of $162.4 million to 72 airports around the US to fund infrastructure projects.

Two Miami-Dade Zip Codes Top Florida’s Most Expensive Rents List

Florida’s 14 highest apartment rents by zip code in 2017 are in the southeast. Fully half of top 10 are in Miami-Dade county. Using data collected by sister company, Yardi Matrix, RENTCafé assembled a list of the most expensive zip codes for renters in Florida. The Sunshine State has always been a renter-friendly location. Florida rentals cost on average $1,231/month, but with prices steadily growing in recent…

Downtown Doral graduates from realty project to city core

If you ask Ana Codina Barlick, CEO of Codina Partners, the biggest challenge she faces in developing Downtown Doral is finding a comprehensive way to describe its magnitude. “It’s not a project at all anymore; it’s the downtown of a major municipality of Miami-Dade,” Ms. Codina Barlick said. Codina Partners, real estate investment and development firm behind Downtown Doral, first developed…

As study goes on, Venetian Causeway a replacement target

The Florida Department of Transportation’s study of the Venetian Causeway that began last October to address known structural and functional deficiencies of the 12 bridges that make up the causeway is moving ahead to determine whether to rehabilitate, replace or do nothing to those bridges. The county’s stated aim, however, is complete replacement. The historic causeway, built in 1926, connects…

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