Aug 09, 2023 - 0 Comments - Top Stories -

Miami Commercial Real Estate News August 9, 2023: Mercedes-Benz Properties Trade for $150M; Inter Miami Gets Construction Loan; MF Occupancy Drops; Kapoor Scandal Deepens; More…

Inter Miami Gets $75M From Ares Management For Stadium Construction

Soccer superstar Lionel Messi’s new club has received an infusion of capital from a private equity giant toward the construction of a new stadium.Los Angeles-based Ares Management provided a $75M preferred equity investment to Major League Soccer’s Inter Miami. The funding will be used for the construction of Inter Miami’s planned Miami Freedom Park stadium complex and…

Miami-Dade awards $40M HUD grant to apartment project near Cutler Bay

A project to expand an apartment complex near Cutler Bay is getting a $40 million federal grant through Miami-Dade County. Preservation of Affordable Housing, or POAH, owns Cutler Manor, a 218-unit apartment property at 10875 Southwest 216th Street. POAH, a non-profit developer, is proposing to use the grant to transform Cutler Manor into a 445-unit…

FAA Approves Excel Miami’s Cranes & Permanent Height

The Federal Aviation Administration has issued a positive determination on the proposed 26-story Excel Miami residential development. The FAA sent its determination letter on August 3. Excel Miami’s proposed permanent height of 316 feet above ground, or 327 feet above sea level does not pose a hazard to air navigation, the FAA said. Two temporary construction cranes proposed…

Brickell Woods townhome owners seek bulk buyer for redevelopment site

Owners of a 14-unit townhome complex in Brickell are on the hunt for a lucrative cash-out. They’re seeking a bulk buyer to purchase their two-story units in Brickell Woods, according to an offering memorandum obtained by The Real Deal. Virgilio Fernandez and Mitash Kripalani with Colliers are marketing the 0.8-acre property at 2180 Brickell Avenue in Miami, which can be redeveloped…

Dream Motor pays $150M for two Mercedes-Benz dealerships, repair shop and office building, all in Miami-Dade

Dream Motor Group made a turbo-charged joyride into South Florida’s commercial real estate market with a combined $150 million acquisition of four properties in Miami-Dade County. Affiliates of Birmingham, Alabama-based Dream Motor bought the former police headquarters building in Coral Gables for $45 million, an auto body repair shop in Cutler Bay for $5 million…

Simon Opens 120,000 SF Life Time Athletic Club at The Falls in Miami

Simon has opened Life Time Miami at The Falls, a three-story, 120,000-square-foot athletic club that features an upscale fitness center, spa, connected beach club, saltwater pools, water slides, cabanas, café and a bar. The center is located within The Falls, Simon’s 55-acre shopping, dining and entertainment destination. The property features three indoor pickleball courts; 130…

Party’s over? South Florida apartment occupancy drops, concessions rise

South Florida’s multifamily party may be coming to an end. The market softened in the second quarter, and is expected to further slow by year-end, according to a recently released report. In the second quarter, occupancy dropped across all South Florida submarkets, with the region averaging 95 percent, down 2 percentage points from last year, according to the report from Berkadia.

Kimco proposes 630 apartments at Kendall’s Palms at Town and Country

Kimco Realty wants to redevelop a portion of Kendall’s Palms at Town and Country, adding 630 apartments, amid the trend of repurposing South Florida shopping plazas into multifamily projects. The Jericho, New York-based real estate investment trust proposes a pair of 12-story apartment buildings with retail on the site of a Kohl’s-leased building at 11800 Mills Drive, according…

Miami board backs East Little Havana apartment project

A developer plans a new eight-story apartment building in East Little Havana with two elevated parking decks and five levels of residential units offering 51 apartments. The application to the City of Miami shows 752 & 758 NW 2 St LLC plans the project, called Botanic, for 752-758 NW Second St., just east of Northwest Eighth Avenue, about two blocks from the Miami River.

Pinnacle CEO Louis Wolfson III: Building communities with affordable and workforce housing

Louis Wolfson III is cofounder of Pinnacle, a Miami-based real estate development and construction company that has built over 10,000 units of affordable and workforce housing. His goal is to make beautiful communities that blend perfectly with market rate apartments, incorporating art into each project, to elevate the neighborhoods. Part of the Wolfson family, which has…

Revealed: 516-Unit Residential Tower Planned At Starlite Site In Brickell

Plans have just been filed with the county for a residential tower the former Starlite Motel property in Brickell. Chicago-based Focus acquired the property in November 2022 for $28 million. “Miami’s vibrant metropolis, with its walkable urban cores, offers a dynamic and energetic environment that aligns perfectly with our mission,” said Tim Anderson, CEO and Founder of Focus.

Ardid family’s Key International proposes 51-story office building in Brickell

The Ardid family’s Key International proposes a 51-story office tower in Brickell, marking a continued wager on tenant demand in Miami’s financial district. Key wants to build a 761-foot tall building with 704,000 square feet of offices, 7,500 square feet of retail and a 1,065-space garage at 848 Brickell Avenue, according to the developer’s application filed to Miami-Dade County last…

Downtown Miami Signature Bridge Gets FAA Height Approval

The Federal Aviation Administration has issued a determination stating that the arches of the Signature Bridge do not pose a hazard to air navigation. The FAA decision was issued on August 1, after just a few months of review. The agency had previously approved the heights of the arches in 2019 after a review that took about a year, but that approval had expired. Here are the newly…

UDRB Approves 20-Story ‘Tower 91’ Designed By Elkus Manfredi, CUBE 3 Near Miami’s Design District

Miami’s Urban Development Review Board has approved Tower 91, a 20-story mixed-use development slated for 91 Northeast 36th Street near the Design District. Elkus Manfredi Architects designed the tower, with CUBE 3 serving as the architect of record. Developed by Design District Associates and Prinz Corner LLC, both affiliated entities of DACRA and property owners at 91 – 93…

7918 West Drive Planned for 2025 Unveiling in North Bay Village

7918 West Drive is planned for a 2025 completion in North Bay Village. The 21-story high-rise will offer 54 residences, with construction having started in March 2023. According to the South Florida Business Journal, the venture will offer condos measuring 1,677 square feet to 7,086 square feet each. Ownership starts at $2.2 million, and each home has at least two bedrooms.

Chicago-Based Developer Files Plans For 39-Story Mixed-Use Tower At 128 SW 7th Street In Brickell

128 SW 7th Street Owner LLC, an affiliate of Chicago-based Focus Development Inc (Focus) – a vertically integrated development and construction company, has filed a pre-application meeting request for the preliminary review of a proposed 39-story development at 128 Southwest 7th Street. The 415-foot-tall structure, dubbed Miami Starlite, would replace the shuttered…

Shvo Obtains $190M Financing For The Raleigh, A Rosewood Hotel and Residences In Miami Beach

New York-based Shvo and its partners have secured a $190 million construction loan for the renovation and condominium addition at The Raleigh hotel at 1775 Collins Avenue in Miami Beach. The loan, provided by Fort Lauderdale’s BH3 Management through its BH3 Debt Opportunity Fund II, supports the partnership between Shvo, led by Michael Shvo, and the German firm…

Coastland Residential pays $38M for Doral multifamily dev site

Coastland Residential dropped $38 million for a Doral development site that is approved for a multifamily project. The Miami-based multifamily development and investment firm acquired 7.8-acres at 1556 Northwest 110th Street, where Coastland can build a 10-story project with 690 apartments, according to a press release. David Duckworth and Michael T. Fay led an…

Developers propose 760-unit affordable housing complex near Homestead

A group of four developers proposes a 760-unit affordable housing complex near Homestead, marking investors’ continued wager on below-market rate apartments in south Miami-Dade County. Jose Guillen, Luis Murillo, Jay Taub and Sarie Wasserman want to build Magnolia Point with nine buildings on 13 acres at 16401 Southwest 296th Street, according to Guillen…

Miami Multifamily Real Estate Report Q2 2023

Market Snapshot for Miami Multifamily Real Estate We’ve compiled key statistics (vacancy rates, absorption rates, and rental rates) and property transactions for Miami multifamily real estate in this report. The Miami multifamily report is updated quarterly by our commercial real estate professionals. We also want to cover the bigger picture and provide some information about…

29-Story ‘Urban Infill’ Mixed-Use Development Filed With Miami-Dade County, Featuring Updated Design And Height Increase

Rockville Hospitality, LLC has recently submitted updated plans to Miami-Dade County planners, showcasing their vision for a 29-story urban infill, mixed-use development at 296 Southwest 7th Street in Brickell. Designed by Beilinson Gomez Architects P.A. with landscape design by Gardner + Semler Design Landscape Architecture, the approximately 308-foot-tall structure aims…

Mystery Edgewater Project Approved By FAA At 649 Feet

The Federal Aviation Administration has just issued a letter stating that a 649-foot tower proposed in Edgewater would not pose a hazard to air navigation. According to the August 3 letter, the project can rise 645 feet above ground or 649 feet above sea level. The sponsor of the project is listed at the FAA as 720 NE Street PropCo, LLC, in care of OKO Group. The project site is located at…

UDRB Approves Design District’s Tower 91, Demolition Permit Filed

Miami’s Urban Development Review Board has recommended approving plans for Tower 91 at the southern end of the Design District. A demolition permit is pending at the site. The UDRB approved the project as presented, with no conditions. The vote was 5-0. Total demolition permits were applied for at the two sites in March and April of this year, with review underway…

Landau Properties Closes On $29 Million Construction Loan For Forthcoming Indian Creek Residences & Yacht Club In Bay Harbor

Landau Properties, a real estate development firm based in New York and South Florida, has announced a significant construction loan for the upcoming Indian Creek Residences & Yacht Club on Miami’s Bay Harbor Islands. The boutique residential property, which will feature condominium residences and a private marina, has secured a $29 million construction financing package.

Atlantic Pacific lands $158M construction loan for Overtown project

Atlantic Pacific Companies obtained $157.5 million in construction financing for a planned 36-story mixed-use project in Miami’s Overtown neighborhood. A consortium led by PNC Bank provided the loan to an affiliate of Bay Harbor Islands-based Atlantic Pacific. The developer has a ground lease with Miami-Dade County to build the project, called Atlantic Station…

Aiming high: Aby Rosen’s RFR proposes supertall in downtown Miami

Aby Rosen wants to build a 104-story supertall with residential units and a hotel in downtown Miami, joining a group of developers who aim to reach new heights in the city. New York-based RFR Realty, led by Rosen, proposes a 1,049-foot tower with 252 hotel keys, 1,074 residential units and a 1,013-space garage at 130 and 136 Biscayne Boulevard, and 141 Northeast Third Avenue…

Leading Padel Brand Set To Open Flagship Location At SoLé Mia In North Miami

Reserve Padel, the leading luxury lifestyle padel brand, has partnered with SoLé Mia, the $4 billion, 184-acre master-planned North Miami community developed by LeFrak and Turnberry. This collaboration marks the opening of Reserve Padel’s first permanent location in the world and represents a significant milestone in strengthening padel’s positioning within Miami’s sporting fabric….

Daily Floods, Disappearing Beaches: Projections Show Miami’s Worst-Case Climate Scenario Isn’t Far Off

Americans looking for a sunny, low-tax environment have flocked to Florida in droves — roughly 1 million people have moved to the state since the start of the pandemic. For the masses for whom 2023 is their first summer in the state, the 100-degree ocean temperatures, skyrocketing property insurance costs and historic flash floods present a stark reminder that their new home…

Rishi Kapoor Scandal Deepens, Ensnares Another Mayor With New Revelations

Embattled Miami-based development firm Location Ventures and its former CEO Rishi Kapoor are facing new allegations of financial impropriety and providing payouts to elected officials.Greg Brooks, the former chief financial officer of Location Ventures, alleged in a deposition that Kapoor improperly used millions of dollars in loans for a Miami condo project to instead…

Spilling the tea: Rishi Kapoor’s ex-CFO drops bombshells in deposition

Not one, not two, but three federal agencies are investigating embattled developer Rishi Kapoor and Location Ventures, the firm he led for seven years until stepping down last month under a scandalous cloud. Location Ventures’ former CFO Greg Brooks testified during a video deposition last month that the FBI, the Securities and Exchange Commission and the Internal Revenue Service…

Location Ventures ex-CFO alleges Rishi Kapoor’s firm made improper payments to One Sotheby’s

Location Ventures allegedly used funds earmarked for a Coconut Grove co-living and co-working project to pay One Sotheby’s International Realty commissions for sales generated at another completed development, according to former CFO Greg Brooks. Brooks, serving as a witness for a group of minority partners in that Coconut Grove project, recounted the allegedly…

Brokerage tied to Coral Gables mayor netted $690K commission on Rishi Kapoor deal

The brokerage linked to Coral Gables Mayor Vince Lago netted a $690,000 commission in December from the sale of a development site in the city to Rishi Kapoor’s Location Ventures. Lago, who abstained from city commission votes involving the property, then worked behind the scenes at City Hall to help Location Ventures land a separate deal to possibly develop a parking lot…

Calta Group Breaks Ground on 180-Unit Revv Apartment Community in Hollywood

The Calta Group has broken ground on Revv, a 180-unit apartment community located at 2233 Hollywood Blvd. in the South Florida city of Hollywood. The property represents the first multifamily project for the Coral Gables, Fla.-based developer. Calta purchased the 1.6-acre site last year for $9.5 million and obtained a $60 million construction loan from BridgeInvest in April.

The Calta Group Breaks Ground On Revv, A 180-Unit Multifamily Apartment Building In Hollywood

The Calta Group, a real estate design, development, acquisition, and construction company, has broken ground on Revv, an 8-story, 180-unit multifamily development located at 2233 Hollywood Boulevard in Hollywood, Florida. Revv is the first multifamily property in Broward County for the Coral Gables-based developer, who purchased the property in 2022 for $9.5 million with plans…

42-Story Society Las Olas Phase 2 Under Construction With 568 Units in Fort Lauderdale

PMG and Greybrook have obtained construction financing for Phase 2 of Society Las Olas. Construction is already underway ( a construction photo can be seen here). Phase 2 will include 568 units. The completed first phase has 639 apartments, bringing the total unit count to over 1,200 (PMG & Greybrook sold the first phase in 2021). Rent by the bed will be offered…

Integra Investments Proposes Townhome Development at 2600 N.W. Fifth Avenue in Boca Raton

Integra Investments hopes to get the green light on a residential development in Boca Raton, Florida. Boca Villas could comprise 120 townhomes spread across multiple buildings, along with a two-story clubhouse outfitted with various amenities. The Real Deal notes that there would be two-level and three-level floorplans available. Forty-two units come with single-car garages…

Penn-Florida scores $300M loan for Mandarin Oriental project in Boca Raton

Penn-Florida Companies scored a $302.5 million loan for the Residences at Mandarin Oriental development in Boca Raton, marking the latest refinancing for the project, The Real Deal has learned. New York-based Madison Realty Capital, led by Josh Zegen, is providing the financing for the Via Mizner project at 105 East Camilo Real, according to a source. It replaces the $225 million loan…

Housing Trust Group Completes Affordable Townhome Community In City Of Riviera Beach

Housing Trust Group (HTG), one of the nation’s largest affordable housing developers, announces the official completion of Heron Estates Family, a new $21.4 million affordable townhome community in Riviera Beach, Florida. Townhomes at Heron Estates Family are set aside for income-qualifying residents who earn at or below 30, 60, and 70 percent of the area median income (AMI)…

Developers Propose Affordable Senior Community in Lake Worth

Developers are hoping to get approval for Madison Terrace, an age-restricted housing community in Lake Worth, Florida. Documents show that the multifamily complex would comprise two six-story buildings, offering 176 homes. The South Florida Business Journal notes that the one-bedroom apartments would measure 540 square feet to 576 square feet, specially designed for seniors.

WeWork Says It is at Risk for Bankruptcy. Has Co-Working Died?

WeWork has warned that it is at risk of bankruptcy after posting a net loss of nearly $700 million in the first six months of this year and recording $10.7 billion in net losses over the previous three years. The company has become a cautionary tale on how not to nurture an emerging business model, but its falling fortunes do beg the question of whether co-working can survive in…

11% of Office Buildings Nationally Could Realistically Be Converted to Green Multifamily

With rapidly falling office property valuations that, according to one study, could lead to $800 billion in lost value by 2030, concern about what to do in the sector is understandable. One of the potential strategies is to convert office buildings to housing. There have been questions about how effective this could be, given issues of building layout and the number of adjustments…

Renters Are Mostly Happy With Their Situations, Especially Gen Z

Renters are mostly happy with their apartments and satisfied with being able to afford their monthly rent, even if it’s in areas of town where they could not afford to buy, according to a new RealPage survey of renters. Most prefer the financial freedom that renting gives them compared to owning a home, especially so among Gen Z, with more than half the group (51%) finding…

Logistics, Location, the 1.5-Year Rule Drive Industrial Tactics

Location’s importance to commercial real estate has become a cliché. But in logistics and industrial considerations, the idea is new again — it’s not about where you are but where customers need to go and the primacy of transportation. If you’re not at the place and time that clients need, it doesn’t matter how theoretically fine the setting or how impressive the facilities are.

Florida Housing Director Suspended As Agency Prepares To Distribute $711M To Developers

The head of Florida’s housing authority was suspended, leaving the organization without a permanent leader just as it gears up to distribute hundreds of millions of dollars in loans meant to spur affordable housing development. Mike DiNapoli was suspended six months after becoming the head of the Florida Housing Finance Corp. Also pictured is a Key West housing…