Here are South Florida’s priciest industrial sales of 2023
Institutional buyers seeking massive warehouse portfolios dominated the top five largest industrial deals in South Florida in 2023. National industrial players primarily gobbled up complexes and business parks in Miami-Dade and Broward counties, which are much larger industrial submarkets than Palm Beach County. Overall, 2023’s top five industrial deals combined for $590 million.
Sumaida + Khurana and Bizzi+Bilgili, two internationally renowned real estate development firms, announced closing $47.25 million in construction financing from Cain International for The Fifth Miami Beach. This new Class A+ office building at 950 5th Street is the first commercial building in Miami’s South of Fifth neighborhood in 20 years. Designed by Alberto Campo Baeza…
Miami OKs 59-story Miami River tower on ‘a really small site’ at 99 SW 7th Street
A new skyscraper is planned for a small riverfront lot in the Brickell neighborhood of Miami. Developer Newgard Development Group plans a 59-story tower at 99 SW Seventh St., a home to 169 residential units and ground floor retail of about 1,200 square feet. The project is on the same property as the One Riverside project, which will provide the required vehicle and bike…
UrbanX aims to land electric vertical aircraft in Miami by 2027
Rolling into the new year, UrbanX is actively working together with its partners at Eve Air Mobility as well as local and state officials, infrastructure, energy and technology providers to establish the necessary framework for launching eVTOL aircraft in Miami-Dade County. UrbanX is committed to operating a social enterprise business model and public-private partnerships to ensure…
State probes 16 Miami-Dade county sites for freight truck parking lots
A freight truck parking shortage in Miami-Dade County continues to be an issue, but plans are rolling as the Florida Department of Transportation (FDOT) District 6 runs a truck parking site feasibility study. “This [truck parking site feasibility] study is a study that we’re performing to actually have a truck parking site,” said Daniel Lameck, District 6 freight and federal grants coordinator.
Miami-Dade shatters all historic jobs records
Miami-Dade’s ultra-tight employment market tightened even further in November as the county smashed employment records on three fronts. The county registered its lowest unemployment rate ever with the most people ever working in Miami-Dade despite a spurt in the civilian labor force to a record total. As Florida’s unemployment rate overall inched up to 2.9% in November…
ANF Group, Inc. recently celebrated the topping out of the first phase of Southpointe Vista, a two-phase affordable housing development developed by McDowell Housing Partners located at Southwest 117th Court and Southwest 214th Street in Miami-Dade County’s Goulds community. This phase introduces a 10-story high-rise reserved for those earning up to 70% of the area median…
Miami-Dade warehouse could be replaced with 6-story self storage
A warehouse near Tropical Park in Miami-Dade County could be replaced with a self-storage facility. Sweet ELG Properties, managed by Gardo Gomez in Miami, filed a pre-application with county officials for the 0.95-acre site at 4300 SW 75th Avenue. It currently has a 12,042-square-foot warehouse that was built in 1965. The property is on the east side of State Road 826/Palmetto…
International Bank Provides $21 Million Loan For Doral Warehouse Project
Miami-based Banco do Brasil Americas provided the mortgage to Flightway Ten. It covers the five-acre site at 6175 N.W. 102nd Ave. The developer purchased the property for $3.9 million in 2014 and was approved for 60,941 square feet of warehouses and 10,689 square feet of retail. The post International Bank Provides $21 Million Loan For Doral Warehouse Project appeared first on…
Urban Network, Vertical land $25M construction loan for Brickell condo-hotel
Urban Network Capital Group and Vertical Developments secured a $24.5 million construction loan to build a $45 million condo-hotel in Miami’s Brickell. Aventura-based Rok Lending provided the financing for the joint venture’s Visions at Brickell Station, a planned eight-story building with 111 units at 1120, 1130 and 1136 Southwest Third Avenue, according to a press release.
Lennar pays $68M for its Miami headquarters property
Lennar purchased 5505 Waterford, an eight-story building in Miami’s Blue Lagoon business district that serves as the national homebuilder’s headquarters. A Lennar affiliate paid $68 million for the office building at 5505 Blue Lagoon Drive, records and Vizzda show. A CBRE team led by Christian Lee and Sean Kelly brokered the deal on behalf of the seller, an affiliate…
Miami Developers Close 2023 With A Flurry Of Construction Loans
Christmas came early for developers looking to break ground on new projects in Miami, with lenders gifting more than $125M in construction loans to five projects in late December. The largest deal was a $47.3M construction loan from Cain International for The Fifth Miami Beach, a 60K SF office building at 950 5th St. in South Beach. The project is a joint venture between Sumaida…
Constellation, Boschetti land $33M construction loan for Coral Gables mixed-use project
Constellation Group and the Boschetti Group snagged a $33 million construction loan for a mixed-use project in Coral Gables. Miami-based Banesco USA and Spain-based Abanca provided the financing for the joint venture’s planned development at 4225 and 4311 Ponce de Leon Boulevard, according to a press release. Miami-based Constellation and South Miami-based Boschetti…
Sentral Wynwood Announces New Retail Tenants: maman and The NOW
Brand Urban, a real estate brokerage and advisory company based in Manhattan, has announced that Sentral Wynwood, a resort-style residential community located in the heart of Miami’s arts district, has signed leases with maman and The NOW for ground-floor retail spaces at 51 Northwest 26th Street. As Sentral’s dedicated national placemaking consultant, Brand Urban…
Miami-based developer Urban Network Capital Group (UNCG), in partnership with Vertical Developments, has secured a $24.5 million construction loan from Rok Lending for the Visions at Brickell Station development. This wellness-forward condo-hotel project, designed by DTI Architects with interiors by Concepto Taller de Arquitectura, is located in Miami’s Brickell neighborhood.
Miami International Airport Records Busiest Day Ever, Again
Once again, MIA has broken its own record for passengers this week – and more records are expected shortly. On Sunday, December 17, a total of 171,371 passengers flew in and out of the airport. That is the most ever in airport history. The airport is also expected to break its annual passenger record, set just last year at 50.6 million passengers. MIA’s peak travel period begins today…
Edgewater Tower Resubmitted To FAA At 433 Feet
An application has been filed with the Federal Aviation Administration for approval to build a tower in Edgewater. The December 18 filing states the tower will rise 430 feet above ground, or 433 feet above sea level. In 2020, the FAA issued approval for a tower at the exact same height on the property. The approval was issued to Meridian TC Real Estate Group LLC, and is scheduled…
$115M Refinancing Arranged for Metro Edgewater Apartments in Miami
JLL has arranged a $115 million loan for the refinancing of Metro Edgewater, a new 32-story apartment tower in Miami’s Edgewater neighborhood. Jesse Wright, Elliott Throne, Kenny Cutler, Joshua Odessky and J.J. Hovenden of JLL arranged the financing through MF1 Capital on behalf of the borrower, a consortium between Lujeni Corp., Camino Capital Management and Building Block…
Edgewater 279-unit multifamily tower scores $115M refi
A consortium of three developers scored a $115 million refinancing for their recently completed 279-unit apartment tower in Miami’s Edgewater neighborhood. Camino Capital Management, Lujeni and Building Block Realty obtained the debt for the 32-story Metro Edgewater from MF1 Capital, according to a news release from the borrower’s brokers.
After ‘Throwaway Year’ In 2023, South Florida CRE Leaders Say 2024 Is Comeback Time
Despite an undeniable slowdown in 2023, optimism still permeates Miami’s commercial real estate sector — buoyed by the Federal Reserve’s recent signaling that rate cuts are on the horizon. “The problem is not South Florida real estate,” said Arnaud Karsenti, managing principal at 13th Floor Investments. “We’re probably way better off than our peers around the rest of the country.”
Here are the biggest South Florida retail leases of 2023
Despite slowdowns in other sectors, South Florida’s retail market held strong through 2023. Asking rents held steady, and vacancies remained low. Fitness-focused businesses dominated the region’s biggest retail leases. Gyms, sporting goods stores and sports entertainment spaces took hundreds of thousands of square feet across the tri-county area. Home goods stores…
Here are South Florida’s biggest office leases of 2023
South Florida’s office leasing party came to an end this year. Case in point: The majority of this year’s nine biggest leases were renewals, though some of the tenants also expanded their spaces, and two were new signings. The slowdown marks a turnaround from the leasing frenzy from late 2020 to last year. In the two year period, South Florida became a magnet for out-of-state…
Chef Troy Tingling opened his second Soulfly Chicken in Miami. The restaurant leased at the MIA Market food hall at 140 Northeast 39th Street, according to a Soulfly news release. The opening marks the second brick-and-mortar outpost for Soulfly, a homegrown concept that Tingling started as a food truck in 2021. Records show Craig Robins’ Dacra owns the building where MIA Market…
The doctor is in: How medical amenities sell South Florida condos
As the adage goes, health is wealth. And it’s for sale at South Florida residential projects. Condo developers are in a perpetual race to offer the most cutting edge and appealing amenities to set their projects above all the rest. Movie theaters, libraries, spa facilities, pickleball courts and private restaurants are all standard fare for South Florida projects. Now, medical care on demand…
Juiciest South Florida real estate lawsuits of 2023
Some of the biggest players in South Florida’s real estate industry found themselves in court battling nasty allegations in 2023. In some cases, plaintiffs sought to expose the dark nexus between developers and Miami elected officials with an alleged penchant for skirting ethical boundaries. Among the most prominent: Rishi Kapoor, the disgraced founder of Coral Gables-based…
The Miami Area’s Office Market as 2023 Ends: Cooling, But Still Hot
Most metropolitan office markets across the nation are sagging under double-digit vacancy rates amid a slow post-pandemic decline in working from home. Yet, the Miami area continues to be a lively outlier where some of the best office space commands rents upward of $100 per square foot. Not every part of this Florida postcard is pretty, though. As it has elsewhere, the volume…
Latin American Wealth Flocking to Miami, Boosting Real Estate Investments
Latin America’s wealthiest investors are taking their fortunes to Miami at one of the fastest clips in history, with some fleeing regional turmoil and others lured by yields higher than they can find at home. For JPMorgan Chase & Co. and Brazil’s biggest banks, the exodus has generated asset and client growth. For Morgan Stanley, not so much. Wealth under management in Miami…
Edgardo Defortuna’s Fortune International Group and Ricardo Dunin’s Oak Capital landed a $259 million construction loan for The Ritz-Carlton Residences, Pompano Beach. Fortune and Oak Capital are developing the two-building, 205-unit condo project between the Atlantic Ocean and the Intracoastal Waterway. The 4.6-acre site is at 1380 South Ocean Boulevard. Bank OZK…
Delray Beach Mixed-Use Project Lands $173M Loan
The 7-acre Sundy Village development’s total cost reaches $240 million. Rendering courtesy of Pebb Capital Pebb Capital has secured a $173 million construction loan from Monroe Capital and J.P. Morgan for its $240 million Sundy Village office and retail development in the heart of downtown Delray Beach, Fla. The mixed-use project broke ground in early 2023 at 22 W. Atlantic Ave…
Pebb Capital has secured a $173 million construction loan from Monroe Capital & J.P. Morgan for Sundy Village, a mixed-use development spanning approximately seven acres in the heart of Downtown Delray Beach. Following its groundbreaking in early 2023 and with delivery anticipated for summer 2024, this announcement marks another milestone for what will be the most…
Pebb Capital scores $173M construction loan for mixed-use project in Delray Beach
Pebb Capital scored a $173 million construction loan for the mixed-use Sundy Village project in Delray Beach. The firm is developing 180,000 square feet of offices and more than 28,000 square feet of retail on the southwest corner of West Atlantic and South Swinton avenues, according to a Pebb news release. Sundy Village will include the preservation and restoration of six historic…
Related Group Dealt Setback On Plan For West Palm Beach Condo Tower
West Palm Beach officials pushed back Tuesday on a plan from Related Group to build a 25-story condo tower on a waterfront parcel near a historic neighborhood. The city’s planning board voted Tuesday to recommend that the city commission reject the Miami-based developer’s proposal to build a 287-foot-tall condo tower at 4906 N. Flagler Drive. Related Group is seeking…
West Palm board recommends denial of Related Group’s rezoning for Apogee tower
A West Palm Beach board rejected Related Group’s rezoning proposal that would have allowed the Pérez family’s development firm to build a 25-story waterfront condo tower. The city’s planning board voted to recommend that the commission deny the developer’s request to rezone the property to residential planned development and deny a set of waivers the Miami-based…
West Palm Beach board approves Steve Ross, Jeff Greene projects
Developers Steve Ross and Jeff Greene passed a major hurdle for their separate projects in West Palm Beach. On Tuesday, the city planning board greenlit the site plans for Ross’ Related Companies’ East and West office towers planned at The Square mixed-use complex and Greene’s pair of condo buildings near Currie Park. The board also OK’d land-use and zoning…
Village Place MXU to Replace Defunct Mall at 101 U.S. Highway 1 in North Palm Beach
The Twin City Mall in South Florida could get redeveloped into a mixed-use project. The struggling mall opened in 1971, and since then, many plans have been discussed to replace it. Now, our sources indicate that Village Place could soon come to fruition. The 14-story project would reach completion in three phases, offering 947 multifamily units and 206 senior living residences.
Florida Adding 1000 Residents Per Day In 2023: Census
Florida’s population grew by 365,205 over a 12 month period ending in 2023, according to newly released Census estimates. The growth rate for Florida in 2023 was 1.6%. Only South Carolina grew faster on a percentage basis. On a numeric basis, Texas was the only state that added more residents, with 473,453 people added. Florida now has 3 million more residents than New York…
Video: KC Conway of KCnomics Discusses 2024 Economic & Real Estate Outlook
Economist K.C. Conway with KCnomics, LLC shares his outlook for various commercial real estate sectors, banks, interest rates, and the economy overall. Discussions include forecasts for office, retail, industrial, multifamily, build-to-rent, senior housing, and self-storage property. He begins by noting his concern about lending environment given repricing of commercial real estate…