Dec 11, 2019 - 0 Comments - Top Stories -

Miami Commercial Real Estate News December 11, 2019: Big Multifamily Planned for NW Miami-Dade; Miami May Ban Special Area Plans; More…

Terra plans massive multifamily project in northwest Miami-Dade

Industrial builder and operator Prologis sold a site in northwest Miami-Dade to Terra for $52 million, as development continues heading west. Terra plans to turn the 70-acre site, along Northwest 170th Street between I-75 and the Florida Turnpike, into a multifamily project with 1,369 apartments. Terra financed the land purchase with a $43 million loan from Synovus, according to a press release. Terra…

Miami may be closer to banning Special Area Plans

In Miami, property owners who control more than 9 acres of land can apply for a wide array of zoning changes. They’re called Special Area Plans, or SAPs, and the legislation has allowed for massive, planned projects like Brickell City Centre, River Landing Shops & Residences, the redevelopment of the Miami Design District, and the expansion of the Miami Jewish Home. It has also allowed for future mega…

Billionaire hotelier buys Overtown store for $6 million

The billionaire, one-time developer of Baha Mar in the Bahamas is adding to his collection of properties in Miami’s Wynwood and Overtown. A trust tied to Sarkis Izmirlian paid $6.6 million for an Overtown convenience store with a lot totaling 25,906 square feet at 295 Northwest 20th Street, records show. The sale equates to $254 per square foot…

As Miami Condo Market Cools, Developers Move North, And To Smaller Projects

Most real estate experts in South Florida agree that the condominium market has cooled — at least for big, new, luxury product. The heavy supply, plus a strong dollar, has thinned the buyer pool for the thousands of high-end units coming to market. But developers aren’t calling off the cranes. Condo builders are instead moving north, creating smaller projects, courting domestic buyers and…

Coworking Firm CoSuite Leases Entire Floor at Miami Tower

CoSuite has signed a long-term lease for 14,280 square feet at 800 Brickell Avenue in Miami, where it will occupy the entire fourth floor. Avison Young represented the tenant and was retained by Gatsby Enterprises and partner MasterMind Properties, the office building’s new ownership, to handle leasing. The two companies acquired the 15-story property for $125.5 million a few months ago. Located…

Miami (#10), Hialeah (#17) Make NREI’s 25 Dynamic American Cities Lists

Weighing factors including population growth, median age, higher education degrees, job growth and more than a dozen other factors, website Point2Homes.com generated a list of the most dynamic American cities. According to the site, which is a division of Yardi Systems Inc. that covers real estate market trends and new and develops original studies on many real estate topics, the methodology involved…

What you need to know about investing in healthcare real estate

In fragmentation, there is real estate opportunity. And that makes healthcare one of the most interesting spaces for private equity real estate investors, generating billions of dollars in trades over the past year, according to top players and advisers in the space. “As we are reaching the end of the cycle, people are seeing healthcare as a safe place to invest capital and find enhanced yield in healthcare as…

Video: Crowdfunding Law Firm Trowbridge Sidoti’s Managing Parter Gene Trowbridge Discusses Real Estate Syndication

Syndication and crowdfunding are becoming an increasingly popular way to fund commercial real estate purchases. Join the host of America’s Commercial Real Estate Show and its guest, Gene Trowbridge, author of “It’s A Whole New Business” and Managing Partner of the crowdfunding law firm Trowbridge Sidoti, as they discuss syndication regulations, examples of successful uses and a few tips to…

The 10 Biggest South Florida Office Sales And Leases Of The Decade

As we close out 2019, it’s not just the end of a year, but the end of a decade. Bisnow took a peek back at how South Florida’s real estate market has changed since 2010, when we were in the midst of the Great Recession. The research team at Newmark Knight Frank rounded up the top 10 office sales and leases of the decade. Looking at the data, Newmark Knight Frank Executive Managing Director Steve…

84 more hotels in the wings for Miami-Dade market

A new wave of 84 announced hotels could catapult 16,135 more hotel rooms into the Miami-Dade market within four years, adding more than 27% to hotel capacity at a time the industry is also feeling the growth of short-term rental services operators like Airbnb. In the first 10 months of this year the market added nine hotels and 894 additional rooms, with a total now of 58,175 rooms in the county…

Brickell Financial District tower upgrade wins OK

The city’s Urban Development Review Board is recommending approval of a renovation plan that would change the look of a tower that has stood in the southern Brickell Financial District for more than a decade. One Broadway, a mixed-use residential building reaching 36 stories at 1451 S Miami Avenue is “undergoing significant renovation,” according to owner Park Place at Brickell LLC. Luis Lamar…

Yardi Matrix Special Report: Coworking Grows Steadily, NYC Leads the Way, Miami Among Top Markets

In October, Yardi Matrix released its latest special report, “Shared Space: Coworking’s Rapid Growth Set to be Tested.” According to the findings, the coworking segment continued its growth in 2019, despite industry headlines being dominated by the struggles of The We Company. However, this rapid expansion is set to be put to the test in the near future, as some may now believe that the entire…

Dezer wins height approval for Sunny Isles’ tallest condo tower

The Federal Aviation Administration approved the height for what would be the tallest tower in Sunny Isles Beach. Dezer Development could build up to 743 feet above ground, or 749 feet above sea level, on the property at 18401 Collins Avenue. Dezer owns the Days Hotel by Wyndham Thunderbird Beach Resort on the site. Property records show Dezer Hotel Management Ltd. paid $6.78 million for the…

IMC Equity snags Hialeah warehouse from Cofe Properties

Yoram Izhak’s IMC Equity Group snagged another property from Cofe Properties. The North Miami-based firm purchased the 44,312-square-foot warehouse at 1490 West 49th Place in Hialeah for $5.9 million, or $133 per square foot, records show. The warehouse was built in 1966 and has five floors. Just two months ago, IMC Equity Group bought two industrial buildings in Plantation from Miami…

They paved paradise to sell a parking lot; lot sales surge

“They paved paradise to put up a parking lot,” Joni Mitchell famously sang. However, in hot real estate markets, we’re well past that. Developers, desperate for prime land upon which to build, are increasingly eyeing parking lots, and that has caused trading activity of such assets to soar. In 2016, for example, there were over 200 sales of parking lots, according to CoStar Group data cited by the New…

Lennar sells off part of its Via Ventura community

Lennar sold part of its property in the Via Ventura community near Aventura for $9.1 million. The Miami-based homebuilder sold a lake in the community it is developing at 20890 San Simeon Way to the San Simeon Community District. The district is designed to provide financing for community infrastructure, facilities and services. A community development district is a special purpose government…

Northwest Dade property owner seeking to fill lake gets denied — again

Lake that Lake Sana Developments wants to partially fill A property owner on a quest to partially fill an 85-acre lake in unincorporated northwest Miami-Dade for future development suffered another setback recently. Last month, a panel of three Miami-Dade Circuit Court judges denied Lake Sana Developments’ petition to overturn a vote by the county’s Community Council 8. The council’s vote denied…

Rethinking the Benefits of Opportunity Zone Investment

Longer holding requirements, the continual drip of federal guidelines, and a lack of tax savings have left many would-be investors sitting out of tax-sheltering opportunity zones. A year after the U.S. Treasury released its first set of guidelines, tax breaks for redeploying capital-gains profits into real estate and business ventures in low-income neighborhoods have generated a fraction of the anticipated $100…

Florida Zoning Appeals Law: Miami Beach “Ban” on Short-Term Rentals Ruled Illegal

In recent years, online platforms like Airbnb and HomeAway have made it easier for property owners to enter into the short-term rental market, which allows property owners to generate supplemental income and defray the cost of maintaining their real estate. The emergence of this “industry,” however, has faced resistance from neighboring property owners and local governments over concerns…

AquaBlue Group owner lists South Beach apartments for $14 million

A company tied to AquaBlue Group owner Philippe Harari is looking to sell a South Beach apartment complex for $13.9 million. Greenview Courtyard, at 20212035 Meridian Avenue, across from the Miami Beach Golf Club, includes three buildings with a total of 30 units. The price breaks down to about $463,000 per apartment. Harari’s Greenview Courtyard Inc. paid $2 million for the property in 2002…

The Art Basel Crowd Discovers Allapattah

Miami Art Week’s center of gravity moves every couple of years—pulled at one moment by the gritty muraled walls of Wynwood, at another by the gleaming shops of the Design District. But during this year’s festivities, a new neighborhood that’s been overlooked by the artistic glitterati is seeing a flurry of activity. Allapattah, nestled just west of Wynwood and north of Little Havana along the Miami River…

CitizenM scores $48M loan to build Brickell hotel

CitizenM scored a $48.3 million construction loan to build a new hotel at the former site of Perricone’s Marketplace & Cafe in Brickell. The hotelier secured the loan from Manufacturers and Traders Trust Co. for the 252-key hotel at 955 South Miami Avenue in Miami. The Netherlands-based hotel chain is also planning to build hotels in Miami Beach, on the corner of Alton and Lincoln roads, as well as in…

Breather bloodbath: Flex-office startup fires 17% of staff

Breather, an on-demand workspace company, fired almost a fifth of its staff Thursday. The Montreal-based firm, which provides office space across 10 different cities and has more than 100 employees, laid off at least 18 staffers, The Real Deal has learned. In a post on LinkedIn, Breather’s director of research, Anja Jamrozik Otto shared that she and others were leaving the company. A person familiar…

Diesel family dishes on Wynwood condo project

Amid the annual hoopla of Miami Art Week, the top dogs at Diesel provided a sneak peek of their Wynwood condo project, which joins a wave of luxury retailers breaking into South Florida real estate development. The Italian fashion brand’s founder Renzo Rosso and his son Andrea Rosso held court inside the Diesel Wynwood 28 sales gallery Wednesday morning, answering questions about the 143-unit…

Len Blavatnik teams with Vlad Doronin on Aman-branded towers in Faena District

Billionaires Len Blavatnik and Vlad Doronin are partnering to build the first Aman-branded development in the Miami area. Blavatnik’s Access Industries and Doronin’s OKO Group plan to build two towers on the site of the former Versailles Hotel at 3425 Collins Avenue in Miami Beach, according to a press release. The hotel and branded condos will be part of the Faena District. Doronin is also…

Anatomy gym to open in Coconut Grove

Rendering of Regatta Harbour Luxury gym concept Anatomy will open in Coconut Grove next year. Anatomy inked a lease for 14,500 square feet at Regatta Harbour, The Real Deal has learned. Treo Group is developing the mixed-use project at 3385 Pan American Drive. Anatomy will be located in ground-floor retail space on the south side of the development. Anatomy has two other locations in the…

Diamonds aren’t forever: Seybold Building jeweler claims owner won’t relocate his store

The front entrance of the Seybold building at 36 NE First Street. A jeweler at the Seybold Building in downtown Miami claims the landlord is about to put the store out of business as a result of an ongoing renovation project. Nemaro Jewelers, which is four years into a 15-year lease, is suing Seybold owner Flagler Street Associates in Miami-Dade Circuit Court for allegedly breaching the lease agreement. The…

Sonder inks lease for flagship Wynwood hotel

The hospitality market in Wynwood is heating up. Sonder, a San Francisco-based startup that leases apartments and rents them out on a short-term basis, signed a lease for a new hotel development near the Wynwood Walls, The Real Deal has learned. The short-term rental operator will manage the 72-key project at 111 Northwest 26th Street in the artsy Miami neighborhood. Andres Klein, founder and…

Print Friendly, PDF & Email