New Renderings Reveal Changes To Facade For HUB Miami At 525 NW 2nd Avenue In Downtown Miami
Updated renderings have been revealed for HUB Miami, a 41-story mixed-use building at 525 Northwest 2nd Avenue in Downtown Miami. Designed by ODP Architecture & Design with interiors by One Line Design Studio, and developed by a joint venture between The John Buck Company, Florida Value Partners, BH Group, and PEBB Enterprises, the 523-foot-tall structure will span…
4241 Aurora Planned for 2024 Groundbreaking at 4241 Aurora Street in Coral Gables
Two developers have secured approval for a 16-story tower in Coral Gables. Tentatively known as “4241 Aurora,” the high-rise would offer 60 to 80 condos, along with 15,000 square feet of office space and 10,000 square feet of retail. The Constellation Group, one of the co-developers, told the South Florida Business Journal that the final plans hinged on the housing market in Miami…
Edgewater Apartment Towers Submitted To FAA
Height have been filed with the Federal Aviation Administration for two apartment buildings planned in Edgewater. The filings were submitted on November 14, and are for the properties where the 36-story Residence 23 and 20-story Residence 27 buildings are planned. The tower on the Residence 23 property is planned to rise 370 feet above ground, or 383 feet above sea level…
Edgewater Luxury Apartment Tower Submitted To FAA At 399 Feet
A filing for height approval was submitted to the Federal Aviation Administration on December 1 for a tower in Edgewater. The proposed structure is planned to have a permanent height of 390 feet above ground, or 399 feet above sea level. In November, developers filed plans for the 2900 Terrace luxury apartment tower on the site with Miami’s Urban Development Review Board.
Another: Transit-Oriented Development Breaks Ground At Metrorail Station
A transit-oriented development broke ground yesterday on its second phase next to a Metrorail station. Vox Miami Phase 2 is planned to rise 13 stories, and include: 163 student housing units 13,284 square feet ground floor retail rooftop pool and other amenities Phase 1 of the project was completed in 2021 with 99 student housing units and 326 beds. Parking required by zoning…
FDOT To Begin Downtown Miami Biscayne Boulevard Roadway Construction In October 2024
Roadway construction on Biscayne Boulevard through parts of downtown Miami is set to begin in October 2024, according to FDOT’s website. Work will take place between Bayside Marketplace and the entrance to Museum Park and the Signature Bridge. The project is expected to cost $5 million, with construction to take 8 months. The job is to include: Improving existing stormwater…
Apartment Building With 237 Units Tops Off Two Blocks From Allapattah Metrorail
Neology Development Group has topped off Fourteen Allapattah Residences, just two blocks from a Metrorail station. A top off ceremony took place on November 10. The building will include 237 apartments, with completion expected in summer of 2024. Fourteen Allapattah Residences is a two building project. It includes a 14-story building with 180 apartments, and an adjacent five-story…
Massive Sunset Place redevelopment moving forward
Midtown Miami developer Alex Vadia is moving forward with plans to redevelop the Shops at Sunset Place, a shopping center in South Miami. British design and architecture firm Heatherwick Studio and ODP Architecture & Design will be working on the master plan and timeline for the 10-plus-acre property at 5701 Southwest 72nd Street. Vadia’s Midtown Opportunities paid $65.5 million…
Eight Retailers Join 2.2 MSF River Landing Shops & Residences Development in Miami
Eight new retail tenants have signed leases totaling 15,000 square feet at River Landing Shops & Residences, a mixed-use development spanning 2.2 million square feet in Miami. Located at 1400 N.W. North River Drive, River Landing comprises approximately 360,000 square feet of retail/commercial space, 135,000 square feet of Class A offices, 528 market-rate apartments, more than…
Following a recent City Commission meeting, Miami-based real estate development firms Constellation Group and The Boschetti Group have announced the approval of their latest landmark project, 4241 Aurora. This Mediterranean-style mixed-use development, designed by the world-renowned Arquitectonica, is located at 4241 Aurora Street within the Design and Innovation District…
Even In South Florida’s Booming Market, CRE Investors Smell ‘Blood in The Water’
A wave of new arrivals helped insulate South Florida from much of the pressures facing the commercial real estate sector, but an influx of wealth and people to the region hasn’t been enough to overcome the weight of interest rates. Citrin Cooperman’s Brian Torres, Capital One Commercial Real Estate’s Maggie Burke, Slate Asset Management’s Anthony Candela and Forman Capital’s Ben Jacobson…
New Rendering Shows Glass Façade Planned At 41-Story HUB Miami
A new rendering of the 41-story HUB Miami tower has been released by the developer. The rendering shows a partial glass façade is planned to extend down towards ground level at the northwest corner of the tower. The developer has said they plan to begin demolition before the end of 2023 to allow for construction to begin. As of this morning, a demolition permit to clear…
Construction Update Released On One Of Biggest Hotels In Miami Beach History
Miami Beach has released on update on the Grand Hyatt convention center hotel, which will become one of the biggest ever built in city history. According to a November 17 letter to city commissioners, developer MB Mixed Use Investment, LLC notified the city that it was extending the date of possession of the property. The developer has already spent $20 million in the project.
Amazon: No Comment On Plans To Increase Miami Employee Count
Amazon recently confirmed that it is planning to directly lease office space in Miami for the first time, but will it be adding new employees here? According to the Seattle Times, an Amazon spokesperson would not comment on its future plans to increase its employee count in Miami. The spokesperson told the paper that the search for office space in Miami began prior to Jeff Bezos announced…
BNP Paribas, Europe’s largest bank, returns to Miami
Europe’s largest bank, BNP Paribas, returns to Miami this week after a two-decade absence. French banks BNP and Paribas merged in 2000. Both had offices in Miami before the merger and had an office together here for a short time before leaving the city in the early 2000s as numbers of international banks here declined from their peak. BNP Paribas’ new Miami office was…
Tri-Rail tweaks schedules for new downtown Miami service
As Tri-Rail use continues to rebound from its pandemic plunge, the long-awaited plan to send trains to downtown Miami has rolled a few feet closer to its end-of-the-year launch target. “Starting Monday,” explains Victor Garcia, public information officer for the South Florida Regional Transportation Authority (SFRTA), “we will operate as if downtown service were in place, without the actual…
Developer Jorge Pérez Reveals His Predictions For Miami’s Residential Market
Related Group founder Jorge Pérez has revealed how he feels about the future of Miami’s apartment and condo markets, in an interview with the FT. According to Pérez, Miami is no longer a seasonal city. It is also not subject to the booms and busts of the past. He cited an influx of new residents and major businesses during the pandemic. “We’ve become a center of culture, a center of business…”
Robert Finvarb Companies Plans 116-Key Hotel At 160 NW 28th Street In Wynwood
Robert Finvarb Companies, a renowned name in the hospitality industry, in partnership with New York-based Hidrock Realty, is gearing up to introduce an exciting new hotel venture in Miami’s bustling Wynwood Arts District. The Wynwood Design Review Committee is poised to review the project plans on December 5 for the 11,250-square-foot site at 160 Northwest 28th Street.
Turkish real estate firm opens U.S. headquarters in Miami
A Turkish real estate investment, development and construction firm has opened a regional headquarters office in the Miami Design District. Egeyapi Global, an affiliate of Istanbul-based Egeyapi, leased a 2,000-square-foot space at 4141 N.E. Second Ave. The office will serve as Egeyapi’s headquarters in the U.S. and employ up to eight real estate professionals in development…
Map: Nearly 5K resi units in the pipeline along US 1 in Miami-Dade
Developers have rushed to build new residential towers along Miami-Dade Metrorail stations on U.S. 1, in many cases taking advantage of the density and height that the transit-oriented sites provide. Nearly 5,000 units, mostly apartments, are in the development pipeline, according to The Real Deal’s analysis of recently completed, under construction and proposed projects from…
Continuum Company Unveils Continuum 2.0 – Continuum Club & Residences in North Bay Village
National real estate development firm Continuum Company, in partnership with Aksoy Holdings, the Turkish developer behind The Ritz-Carlton Residences, Bodrum, has unveiled the Continuum Club & Residences. This new luxury bayfront condominium is in Miami’s North Bay Village and is set to rise at 1755 79th Street Causeway. The project marks the introduction of Continuum 2.0…
Fourteen Allapattah Residences Tops Off at 1470 NW 36th Street
After topping off Fourteen Allapattah Residences in Miami, Neology Development Group is one step closer to completing its latest project. The $70 million venture started construction in November 2022, with JAXI Builders, Behar Font Architects, and designBAR on the development team. Upon completion, the community will offer two buildings: one tower measuring 14 stories…
Major Food Group to open new restaurant concept at historic Brickell château
Major Food Group plans to open a new Mexican restaurant and private club at a historic Brickell château in Miami that developer Yamal Yidios’ Ytech acquired last year. Chateau ZZ’s is expected to open later this month. Major Food Group, led by co-founders Jeff Zalaznick, Mario Carbone and Rich Torrisi, tapped Ken Fulk to restore and design the 6,400-sf space at 1500 Brickell Avenue…
Swerdlow sues Arquitectonica for $16M in alleged design errors
Developer Michael Swerdlow insists he has no beef with Arquitectonica, but he was forced to sue the award-winning Miami-based architecture firm for eight figures in damages. In a civil lawsuit filed last week, the development entity for Swerdlow’s Block 55 mixed-use project in Miami’s Overtown alleges Arquitectonica is responsible for design errors that led to 170 change orders…
Lionheart Capital, Leviathan and Well Duo to Develop 56,500 SF Mixed-Use Project in Miami
Lionheart Capital, Leviathan Development and Well Duo will develop a new mixed-use project in Miami. Dubbed MIRAI Design District, the development is designed by Kengo Kuma and Associates (KKAA), marking the first mixed-use project in the country for the architectural firm. Upon completion, the property will comprise 15,500 square feet of ground-floor retail space…
MIRAI Design District Set To Break Ground In The Summer Of 2024 At 4200 NE Second Avenue In Miami
A consortium of three visionary developers, Lionheart Capital, Leviathan Development, and Well Duo, is set to further transform the Miami Design District by introducing MIRAI Design District at 4200 NE 2nd Avenue. This groundbreaking mixed-use development, designed by super-star Architect Kengo Kuma and called the ‘inimitable Japanese architect” by Architectural Digest, promises…
Brand Urban, a Manhattan-based retail real estate brokerage and advisory firm, has announced that maman, the acclaimed French-inspired café and bakery from co-founders Elisa Marshall and Benjamin Sormonte, will open a new 2,590-square-foot location at 830 Brickell. This 55-story, 640,000-square-foot Class A+ office tower in Downtown Miami’s Brickell Financial District…
Montauk Lobster House opened its first restaurant outside of New York in Coral Gables. The Flores family’s Montauk Lobster House leased 3,500 square feet of dining and kitchen space, and a 1,500-square-foot outdoor patio at 1549 Sunset Road, according to a news release from the tenant’s broker. The Flores family opened the first Montauk Lobster House in 2018 in Montauk. Two other…
Kushner Companies Propose Luxury Housing Complex for 9300 Collins Avenue in Surfside
Kushner Companies hopes to get the green light for a luxury housing complex in Surfside. The New York-based firm secured the 2.23-acre build site for $40 million back in September. Plans call for a 140,637-square-foot apartment building that would measure three stories above grade and offer 87 units. The South Florida Business Journal reports that homes will measure 1,128 square feet…
Multiple High-Profile Soccer Players Buy At Aria Reserve; Completion 2024
The developer of the twin 62-story tower Aria Reserve project says multiple high-profile soccer players have purchased units there. Alexis Mac Allister, Juan Pablo Angel, Paul Pogba and James Rodríguez are among the players said to have purchased premium units. “This trend is part of the growing excitement around soccer in Miami, which has been fueled by Messi’s move to the city,” said…
Miami-Based Firms Raise Over $500M For 2 Multifamily Investment Funds
Two Miami-based firms are planning more than $500M in combined investment in U.S. residential properties. Eagle Property Capital Investments announced it had closed a $309M fund aimed at acquiring value-add multifamily properties across the Sun Belt, while BEO Investments announced a $200M capital allocation to invest in condo development across the country.
Miami-Mexico City joint venture raises $309M for multifamily acquisitions
Eagle Property Capital Investments and Promecap have completed raising $309 million for an investment fund targeting multifamily properties in Sun Belt states. Miami-based Eagle Property and Mexico City-based Promecap will use the fund to provide equity for the acquisition of about $883 million in apartment complexes, buildings and communities, according to a press release.
“Tough decisions”: South Florida to feel sting as office debt matures
In a suburb west of Miami International Airport, far from the glitz and bustle of the urban core, sits a collection of nine brick-red, beige and off-white office buildings from the 1980s. In October, the Florida Department of Revenue vacated its 41,000-square-foot space at the low-rise campus, called the Office Park at MICC. The debt on the property was soon placed on a watchlist…
South Florida developer Alberto Vadia dies at 76
Alberto Francisco Vadia, who was involved in the development of the village of Wellington, Midtown Miami and more recently South Miami, died at the age of 76. The under-the-radar developer worked closely with his younger son Alex Vadia of Midtown Opportunities, including on the planned Shops at Sunset Place redevelopment. The elder Cuban-born developer apprenticed…
New York-based BAM Property Development has submitted plans to Fort Lauderdale’s Development Review Committee for a 14-story mixed-use building in the city’s Flagler Village neighborhood. Situated at 650 North Andrews Avenue and bordered by North Flagler Drive to the northwest, Northeast 7th Avenue to the north, and Northeast 1st Avenue to the east, the proposed 175-foot…
Investors pay $21M for Fort Lauderdale boat facility and dev site
A trio of investors, including a parking executive entangled in a 2018 Miami fraud case, paid a combined $21 million for a waterfront boat sales and repair facility and a development site near the beach in Fort Lauderdale. An entity managed by Andrew Beachler, president of Miami-based Beachler Capital Corp., acquired the Marina Mar Building at 3100 East Oakland Park Boulevard and…
Galleria Fort Lauderdale mall hits market, brokers expect it sell “above $100M”
Galleria Fort Lauderdale is hitting the market as a redevelopment opportunity, and the team listing the former luxury shopping mall is targeting a sale price north of $100 million. A CBRE team led by Robert Given and Brad Capas is marketing the 800,000-square-foot indoor shopping center at 2442 East Sunrise Boulevard in Fort Lauderdale. There is no asking price, but Capas said…
Naftali wins approval for 936-unit apartment project in Fort Lauderdale
New York-based Naftali Group won site plan approval for a two-tower, 47-story and 45-story apartment development with 936 units near downtown Fort Lauderdale, despite objections from the owner of an adjacent hotel. The Fort Lauderdale City Commission on Tuesday voted 4-1 for the site plan proposed by Naftali, after the owner of the Dalmar hotel complained the apartment…
Benderson buys Linton Commons retail complex in Delray Beach for $28M
Benderson Development bought a shopping center in Delray Beach for $28 million, marking the firm’s continued investment in South Florida retail properties. Sarasota-based Benderson purchased Linton Commons at 500, 510 and 520 West Linton Boulevard from Menin Development, according to records and real estate database Vizzda. The 85,000-square-foot Linton consists of three…
State considers easing Florida Keys development regulations
The state of Florida is reconsidering development regulations in the 113-mile Florida Keys archipelago. Population growth and updated analysis on hurricane evacuation needs are paving the way for a possible increase in building permits granted across Monroe County, the Miami Herald reported. Owners of the many undeveloped properties in the Keys are expected to support easing…
Investment-Grade CRE Assets Nationally Hit Biggest YoY Price Decline Since March 2010
October was another bad months for CRE sales. November’s CoStar Value-Weighted U.S. Composite Index — big property sales in large metro areas — with data through October, was down 1.4% over September. The number was also down 8.7% year over year. “Meanwhile, the Equal-Weighted U.S. Composite Index, which shows the more numerous, lower-priced property deals more…
Investors Are Underweight in Retail. Here’s Why That’s a Mistake
The retail asset class is gaining more attention because of its strong fundamentals — low vacancies, limited new development, and rising rents — not to mention higher going-in cap rates, according to a new report from Colliers. Retail drove 18% of all sales volume in Q3, the highest share since 2018, Colliers said. But perhaps that share should have been higher. “Investors are likely ‘underweight’ to…
FDIC Increasingly Concerned About CRE Loans Nationally That are Falling Behind
The third quarter saw a significant increase in the number of noncurrent bank loans, according to the Federal Deposit Insurance Corporation’s Quarterly Banking Profile for Q3 2023. “Looking more closely at commercial real estate portfolios, we are beginning to see concerning trends in non–owner–occupied property loans,” said FDIC Chairman Martin Gruenberg in prepared remarks.
Industrial Sector Maintains Momentum Despite Uptick in Vacancy Rates
Despite challenges in the macroeconomic environment, industrial properties remained one of the most sought-after commercial real estate asset classes nationwide. According to our latest industrial market report, investors closed $44.4 billion in industrial deals year-to-date through October, compared to the $27.9 billion recorded in office sales over the same period. And while heavy…
Amazon Cites Warehouse Changes in Tripling Profit, Slashing Shipping Costs
E-commerce giant Amazon said streamlining its distribution network with changes in its warehouses and delivery centers over the past year fueled higher third-quarter profit and led to increased sales. The move to a regional shipping network from a national hub-and-spoke model allowed Amazon to cut its national warehouse footprint as well as delivery times and shipping costs…
Yellow’s Trucking Terminals Sell To Multiple Buyers For $1.9B At Bankruptcy Auction
As the saga of Yellow’s bankruptcy nears a close, its auction of assets has netted $1.9B in commitments for 130 owned properties so far, according to FreightWaves. The largest bid was XPO’s $870M offer for 28 properties, including two that are leased. Estes, the stalking horse bidder, scored 24 truck terminals for $250M, and Knight-Swift Transportation drove away with 13 terminals…
Top 20 Warehouses Nationally 2023: Demand soars, mergers slow
The U.S. economy may have taken a breather in 2023, but demand for warehouse and industrial space remained high throughout the year. This had a positive impact on North American third-party logistics (3PL) companies that offer storage, logistics, fulfillment and/or transportation solutions to a range of different organizations. Cold chain 3PL providers that…
USA Apartment Rents Remain Flat, and Could Be for a While
Apartment rent growth has been rapidly cooling off since peaking in March 2022. But that trend could be leveling off – at least for now. Effective asking rents inched up 0.16% year-over-year nationally as of November 2023, compared to 0.08% in October, with change measured on a same-store basis. That marked the first time in 20 months that the pace of rent change did not…
What’s driving neighborhood retail’s success
Retail is evolving. And not just because of e-commerce. Hybrid work is driving the evolution of brick-and-mortar retail—especially urban retail properties and neighborhood shopping centers. While many retailers in central business districts are adjusting to hybrid work schedules, consumers are still making purchases seven days a week. They’re just shopping in different places…