Split decision on new mixed-use towers in Miami’s Omni area
One of two mixed-use residential projects planned for Miami’s Omni neighborhood won a green light from a city review board last week as the other was deferred for more design work. Both are from The Melo Group, a family development company championed for building more affordable housing for the growing city. At a special meeting, the Urban Development Review Board heard presentations on Art…
Forbes Refers to Brickell City Centre as New Model For Retail
The great retail apocalypse of 2017 shows what happens to industries that don’t adapt. The bottom goes out of their industry – slowly at first, and then all at once. Some of the largest bankruptcies of 2017 have been retailers like Toys R’ Us, Payless and Radio Shack. There have been 6,700 store closings announced in the U.S. in 2017, which is already more than in all of 2008, in the thick of the financial crisis.
Miami International Boat Show faces manatee stricture
Miami-Dade’s Department of Regulatory and Economic Resources is recommending a variance and permit for an 830-slip temporary dock for the next five Miami International Boat Shows on Virginia Key with an unusual manatee protection stricture attached that could trigger an instant change in plans. The annual show moved to Virginia Key from Miami Beach temporarily for two years while the Miami Beach…
Trump Deutsche Bank Records Said to Be Subpoenaed by Mueller May Involve Trump National Doral Mortgage
Trump’s relationship with Deutsche Bank stretches back some two decades and the roughly $300 million he owed to the bank represented nearly half of his outstanding debt, according to a July 2016 analysis by Bloomberg. That figure includes a $170-million loan Trump took out to finish a hotel in Washington. He also has two mortgages against his Trump National Doral Miami resort and a loan against his…
The fate of the Coconut Grove Playhouse is center stage
Further drama played out as hundreds of people packed Miami City Hall last week to debate the fate of the Coconut Grove Playhouse. There was little agreement except on one point: the time to act is now. Waiting another month or year only subjects the massive structure to further wear and tear from Mother Nature and time. No decisions were made: the town hall was designed to hear comments on…
53-story apartment-hotel-office tower in Omni area OK’d
A major residential-hotel-office tower is planned for the heart of the Omni neighborhood fronting Biscayne Boulevard. Owner-developer V-Downtown Inc. plans a 53-story building at 1775 Biscayne Boulevard that will offer 200 hotel rooms, 444 residences, about 45,600 square feet of commercial space and 64,800 square feet of office space, rising from a parking pedestal for 546 vehicles. The city’s Urban…
Riverview Tower apartments tops off in Little Havana
Total 100 units priced from $1,200 A mixed-use project with 100 apartments recently topped off in Miami’s Little Havana neighborhood after breaking ground less than a year ago. Riverview Tower, a CADE Capital Partners development, is located at 645 Northwest First Street just west of the Miami River. The eight-story building features 55 one-bedroom units, 45 two-bedroom units, and about 1,200 square ft…
Miami rent report shows slight decrease from last year
Miami remains No. 9 in the country According to the latest national rent report by Zumper, Miami apartments have decreased slightly in price year over year. The data may have placed Miami as the ninth most expensive market for median one-bedroom apartments, which is actually up a spot from a year ago, but it also shows a 3 percent decrease from $1,800 to $1,750 a month. For two-bedrooms, it was a…
Miami’s 16 ultimate aerial drone photos, mapped
Featuring some of the best aerials of Miami that we’ve ever seen Drone photography has taken the real estate world by storm, especially with high-end property owners and marketers looking to give their projects a little extra oomph. It’s especially been apparent in coastal cities like Miami, where waterfront aerials often look more like sophisticated renderings than actual photos. Drone photos have also…
Residence Inn opens in Miami’s Sunny Isles Beach
Featuring 194 all-studio suites The 19-story Residence Inn Miami Sunny Isles Beach has officially opened at 17700 Collins Avenue. Designed by Kobi Karp, the $65 million modern project under the Marriott umbrella features 194 all-studio suites with kitchenettes and was designed with the business traveler in mind. Additional details include two rooftop decks, a poolside restaurant…
Developers, brokerages look to lure artsy set during Art Basel
Musical and dance performances, lavish parties, art-studded soirees and public installations aren’t only for the art-world set during Art Basel. During Art Week and Art Basel, developers and brokerage firms will capitalize on the well-heeled crowd descending on Miami to boost the visibility of their luxury projects. Condos are hosting parties and exhibits, brokerages are sponsoring art fairs, districts are…
$1 Billion Magic City project in Little Haiti brings on Cirque du Soleil founder
About a year after unveiling plans for Magic City, developers Tony Cho, Bob Zangrillo and Plaza Equity Partners are bringing an arts and entertainment partner to the $1 billion project planned for Miami’s Little Haiti neighborhood. Guy Laliberte, founder of Cirque du Soleil, is partnering with the developers through his Montreal company Lune Rouge, which develops and invests in projects tied to technology…
Gramps by the Sea coming to the Miami River
A new bar and restaurant, Gramps by the Sea, is coming to the Miami River. The sequel to the popular Wynwood bar Gramps won the unanimous consent of the Miami River Commission on Monday. The proposed design for the two-story, 100-seat bar and restaurant at 341 Northwest South River Drive will now be reviewed by the city’s planning and zoning department. It’s planned for the eastern side…
Remy Jacobson lists Design District property
A property in the Miami Design District that was tied up in litigation is now on the market for $14.5 million. Remy Jacobson of J Cube Development wants to sell the site, a three-story, nearly 16,000-square-foot building at 4141 North Miami Avenue, according to marketing materials from Aztec Group. In February, Jacobson secured approvals from the Miami Historic and Environmental Preservation…
Video: Discussion of Gross Lease Versus Modified Gross Lease
The host of America’s Commercial Real Estate Show discusses differences between gross leases and modified gross leases. This video is only a couple of minutes long, and thus is a short overview. Within it is an apt warning for prospective tenants of commercial properties, “the devil is in the details.”
SeaVee Boats return for bond source to build Medley plant
It’s the second time around for $9.7 million in Miami-Dade industrial development revenue bonds for SeaVee Boats, which plans to use the money to construction of a new custom boat manufacturing plant in January. County commissioners originally approved issuance of the bonds on Dec. 20, 2016, but the company had… The plant is to rise on a 9.3-acre property at 11100 NW South River Drive in Medley
Video: Deloitte’s Jim Berry on Re-imagining Talent and Culture ~ 2018 Commercail Real Estate Outlook
Jim Berry, Real Estate Audit and Enterprise Risk Services Leader at Deloitte, joins host Michael Bull on America’s Commercial Real Estate Show to discuss his Deloitte’s 2018 Commercial Real Estate Outlook report and to discuss today’s talent, culture and generational management. The guest, Jim Berry, currently serves as the Audit and Enterprise Risk Services national leader for Deloitte’s Real Estate…
Mast Capital’s proposed project wins OK from Miami River Commission
The Miami River Commission on Monday greenlighted a proposed eight-story apartment complex on a 6.3-acre riverfront parcel that Mast Capital is under contract to buy. The proposed project at 1001 Northwest Seventh Street is planned to have 698 one-bedroom and two-bedroom units, It is not yet named, but is often referred to as “Miami River Walk.”
Video: Boats Group CEO Sam Fulton Discusses its Move to Brickell
In this brief video from the Miami Downtown Development Authority, Boats Group CEO Sam Fulton discusses its business and why it chose to move its headquarters to the 1221 Brickell Center building at 1221 Brickell Avenue in Miami’s central business district. Boats Group operates a number of well known boat trading sites including Boat Trader, Yacht World, Boats.com, and Yacht Closer.
Two years after being approved as an EB-5 project, Miami Beach’s Hotel Astor at 956 Washington Avenue appears to be struggling to stay afloat, according to documents tied to recent lawsuits filed against the owner of the Art Deco-style property. In an affirmative defense filed two weeks ago in response to a suit filed by the hotel’s ex-general manager Eli Kostbar in Miami-Dade Circuit Court, Astor EB-5 LLC…
Video: Francis Suarez, Kobi Karp, Patrick Murphy, and Bruce Mowry Discuss Rising Sea Levels
The Real Deal South Florida 4th Annual Real Estate Showcase & Forum – Panel 4: “Is South Florida Drowning?: What rising sea levels mean for the real estate industry.” With Francis Suarez, Patrick Murphy, Bruce Mowry and Kobi Karp, all of the Miami/South Florida area, and moderated by Hiten Samtani, Editorial Director of TheRealDeal.com, this video is relevant to investors in South Florida commercial real…
Miami based Related discusses mixed-use development at Florida Atlantic University
Miami-based Related Group may enter a partnership with Florida Atlantic University to build a $250 million mixed-use complex on vacant land at the university’s Boca Raton campus. The development would include apartments, restaurants and retail stores, a hotel and a convention center. The development site would be 30 acres on the southeast side of the FAU campus in Boca Raton just east of…
Reis Chief Economist & Vice President of Research, Dr. Victor Calanog, provides an assessment of third quarter 2017 Retail Sector trends. In this video, he discusses retail property occupancy rates, retail real estate deliveries (new construction), rental rate trends for retail properties, and more, all considered on a national level but with information applicable to Miami retail properties and to the Miami…
Avra Jain sues ex-attorneys for $15M over failed development deal
Developer Avra Jain wants $15 million in damages from her former lawyers over a failed real estate deal in Doral. Jain filed a malpractice and breach of fiduciary duty lawsuit against Buchanan Ingersoll & Rooney and shareholder Richard A. Morgan Nov. 20… Jain, whose projects include the Vagabond Hotel at 7301 Biscayne Boulevard and the Bayside Motor Inn at 5101 Biscayne Boulevard…
Video: Dr. Larry Souza of Pillar6 Presents Multifamily Forecast
Dr. Larry Souza, Senior Investment Economist and Advisor with Pillar6 Advisors, joins host Michael Bull on America’s Commercial Real Estate Show to discuss trends and forecasts in multifamily sector. The guest, Dr. Souza, has 26 years of experience within the commercial real estate and financial services industries. Prior to his working with Pillar6 Advisors he worked for Charles Schwab Investment…
Regus parent Spaces to open shared-office spaces in South Florida
The parent company of executive office provider Regus plans to bring its shared office concept, called Spaces, to South Florida starting in Miami, a Regus executive told The Real Deal. Regus’ Jeff Doughman, said Spaces plans to open multiple locations in South Florida “from West Palm Beach/Boca Raton on south.” The parent company of Spaces and Regus is IWG plc, a multinational company formerly known…
Reis Chief Economist & Vice President of Research, Dr. Victor Calanog, provides an assessment of third quarter 2017 Industrial Sector trends. In this video, he discusses industrial property occupancy rates, industrial real estate deliveries (new construction), rental rate trends for industrial properties, and more, all considered on a national level but with information applicable to Miami industrial properties and…
Fat Tuesday Closes in Coconut Grove as Cocowalk Makeover Moves Forward
That’s Louis Del Borello, Grove Ambassador. And that is the end of Fat Tuesday in Coconut Grove. A sort of institution. Years ago, I took a job as one of those secret shoppers. Yes, they exist. And my first job was to go to the Fat Tuesday in the Grove and do a spot check. I had a list of things to look for and I remember one was to see if the bartender offered to refill my drink when it was empty. So my drink…
Reis Chief Economist & Vice President of Research, Dr. Victor Calanog, provides an assessment of third quarter 2017 Office Sector trends. In this video, he discusses office property occupancy rates, office real estate deliveries (new construction), rental rate trends for office properties, and more, all considered on a national level but with information applicable to Miami office properties and to the Miami…
Mequity, Jernigan Capital to Develop Self-Storage in Miami’s Little Havana
Mequity LLC, an Atlanta-based real estate development and investment firm focused on self-storage, and Jernigan Capital Inc., a merchant bank and advisory firm serving the same industry, intend to develop a 96,295-square-foot, 1,152-unit self-storage facility in the Little Havana neighborhood of Miami. The eight-story, climate-controlled structure is proposed for N.W. 27th Street, between the Dolphin…
Third-Quarter Data Release Shows Miami Among Markets with more than 10% Inventory Growth in Seniors Housing
During the past year, there have been nearly 38,000 units added to the stock of seniors housing inventory among the primary and secondary markets (largest 99 CBSAs in the nation). Roughly one quarter of this growth occurred in seven metropolitan areas: Dallas, Chicago, Minneapolis, Atlanta, Phoenix, Austin, Texas and Miami. Dallas alone accounted for 7.0 percent of all new seniors housing…
County seems foggy on what happened at meeting discussing Coconut Grove Playhouse
The county sent out an email called the “Coconut Grove Playhouse Report.” They claim in the report that the majority of people present at last week’s Playhouse meeting were in favor of the county’s plans. I think they mean the people in blue shirts that they planted from GableStage were in favor of the plan. To be honest, I don’t think any of those people even know where the playhouse is. It was just one…
Jim Berry, Real Estate Audit and Enterprise Risk Services Leader at Deloitte, joins host Michael Bull on America’s Commercial Real Estate Show to discuss Deloitte’s 2018 Commercial Real Estate Outlook report and disruption or convergence of various factors impacting CRE. The guest, Jim Berry, currently serves as the Audit and Enterprise Risk Services national leader for Deloitte’s Real Estate Services practice.