Feb 15, 2023 - 0 Comments - Top Stories -

Miami Commercial Real Estate News February 15, 2023: 43-Story Building with Robotic Garage Proposed for Edgewater; Luxury Resort May be Coming to Magic City Casino Property; More…

Revealed: 44-Story West Eleventh Residences Planned In Park West

PMG, Michael Simkins’ Lion Development Group, and Marc Roberts Companies have just announced plans for a Park West tower called West Eleventh Residences, to be developed in collaboration with Airbnb. West Eleventh Residences will rise 44 stories, with architecture by Sieger Suarez Architects. The ground floor will include a 30,000 square foot tri-level “experiential” entertainment…

From ‘The Wild West’ To ‘Brooklyn,’ Developers Find Inspiration, Challenges In Miami’s Eclectic Neighborhoods

Developers in the neighborhoods around Miami’s central business district are eager to capitalize on the city’s influx of high-earning workers and tourists, but face more nuanced challenges than the builders of new trophy office towers in Brickell. In Little Havana, minutes away from Miami’s financial district, its peculiarly shaped historic buildings and longstanding community…

Tower Crane Installed At 55-Story Legacy Miami Worldcenter

In the Park West neighborhood of downtown Miami, crews were installing a tower crane at the construction of the Legacy tower at Miami Worldcenter this morning. The crane marks the start of vertical construction at Legacy. A foundation pour took place in June 2022, shortly after the developers acquired an adjacent parcel with plans to integrate it. Legacy Miami Worldcenter…

Tech Company Plans World HQ Expansion In Downtown Miami, With 4,000 Employees

A global technology company is planning to expand in downtown Miami with thousands of new high-paying jobs. For now, the name of the company is being kept under-wraps as part of a job incentive application, under the code name “Project Xray.” The company is described as a leading provider of software solutions for IT professionals. It already has 820 jobs…

Rising Rents Push Industrial Tenants And Development To More Remote Areas

The global COVID-19 pandemic thrust industrial real estate into the spotlight as more people shopped from home, creating a seemingly insatiable demand for warehouse and logistics space to store and move the goods they ordered. As a result, rent for industrial properties increased 6.3% in 2022 to $7.03 per square foot, and the market set…

Adler Real Estate Partners Locks in $193M Refi for Nine-Property Industrial Portfolio

Miami, FL-Based Adler Real Estate Partners has secured $193 million in permanent financing for a nine-property light industrial portfolio totaling 1.7 million square feet located in infill locations in South FL, AL, MD, NC and TX. Chris Drew, Melissa Rose and Christopher Gathman of JLL worked exclusively on behalf Adler Real Estate Partners, a light industrial owner, to place…

Plans Revealed For 43-Story One Edgewater, With Robotic Garage

Plans have just been filed with Miami planners for a new residential tower called One Edgewater. The application was made by an Aimco affiliate, along with another LLC. Aimco also completed renovations last year at The Hamilton (276 units) and recently entered construction permitting for a 60-story tower next door called Hamilton House (241 units). The new One Edgewater…

Brightline Plans To Commence Orlando Operations In Q2

Brightline has just informed investors that it is close to beginning operating trains to Orlando. Commencement of operations to Orlando is now planned for the second quarter of 2023, the company told bondholders yesterday. The Orlando station is expected to be completed in March, with 100% system completion in Q2 2023, the company added. More than 90% of work…

Two Hotels Submitted To FAA At Island Gardens Site, Up To 535 Feet Tall

A filing with the Federal Aviation Administration last week proposed two towers at the Island Gardens site. One of the towers is listed as a luxury hotel, in a filing received by the agency on February 10. The luxury hotel is proposed to rise 527 feet above ground, or 535 feet above sea level. A second filing is for a lifestyle hotel. The lifestyle hotel is proposed to rise 367 feet…

Demolition Permit Advances At One Brickell City Centre Supertall Site

A demolition permit has now moved into the review phase at the One Brickell City Centre supertall site. On February 13, the full demolition plans were filed with Miami’s Building Department, and active review is now underway. The demolition permit application for a building at 700 Brickell Avenue was first created on January 20. According to the demolition permit…

Julia Tuttle Causeway may be in line for an overhead expressway

Spurred by growing population and area employment demand, the Florida Department of Transportation (FDOT) is kicking off public engagement to evaluate planned upgrades to I-195 to add operational efficiency and enhance connectivity and road safety. One of many possibilities could be an overhead viaduct in the highway’s median. According to the Miami-Dade…

Rickenbacker Causeway headed for major upgrades

The Rickenbacker Causeway, whose private redevelopment in Plan Z was rejected last year, is getting new attention at Miami-Dade County, which this week was to act on two pieces of the upgrade puzzle. The visible piece will revamp the Hobie Beach strip, the first segment of the 2.4-mile road from Miami across Virginia Key linking to Key Biscayne. The south side of…

Miami gives county OK to partially demolish Coconut Grove Playhouse

Miami-Dade County has been given the green light from the City of Miami to proceed with plans to partially demolish the Coconut Grove Playhouse. The city approved the county’s application for a special waiver to permit deviations from the zoning code and allow partial demolition of the historic theater. Activists fighting to preserve the landmark filed an appeal requesting…

Environmental groups sue National Park Service over waterpark

Four conservation groups sued last week in federal court charging the National Park Service with failing to protect plants and wildlife threatened by a planned 27.5-acre water park, Miami Wilds, and retail development adjacent to Zoo Miami. The lawsuit was filed in the Southern District of Florida by the Center for Biological Diversity, Bat Conservation International…

Smart transit plan (but not the one you think) gets rolling

Miami-Dade County finally has the real smart plan for transit in place and operating. It’s vital. No, I don’t mean the formal Smart Plan, which is supposed to add six rapid transit corridors that are still years in the future after many years of hype. The smart plan I’m talking about took off last week with far less fanfare. But it’s a great way to pave the road so that…

New: Residence 23 Proposed By Chicago Developer In Edgewater With 369 Apartments

Plans have just been revealed in Edgewater for a 36-story apartment building called Residence 23. The lot is currently vacant and is across the street from the Bacardi building. It was formerly known as the Edge 22 site. According to the newly filed plans, Residence 23 is planned to include: 369 apartments 13,475 square feet of commercial 545 parking spaces…

Exterior Makeover Planned At 40-Story One Biscayne

The 40-story One Biscayne Tower – which has a high profile spot in Miami’s skyline – will be getting an exterior makeover, newly filed plans show. According to plans filed with city planners, a screening system would cover the 12-story garage, which is currently exposed. A mix of solid panels and vertical metal slats are proposed as part of the screening system. The ground floor…

‘Stop The Train,’ Residents Chant At Luxury South Beach Condo Tower

Miami-Dade officials held a meeting last week in South Beach on the proposed Metromover extension to the neighborhood, but were faced by opponents who shouted in opposition to the plan. The county presentation on the Baylink system took place at a luxury South Beach condo tower, according to Miami Herald reporter Doug Hanks. A video showed residents loudly…

First Glass Installed At Five Park, Set To Become Tallest South Beach Tower Ever

The first glass has now been installed at the Five Park tower in South Beach, photos by Ryan RC Rea show. Five Park will rise 48 stories, or 519 feet, at the entrance to South Beach. That is taller than any other building in South Beach. The building will include 280 residential units. Top off is planned in September 2023, according to real estate analyst Ana Bozovic, who visited…

Meet Lewis Swezy, South Florida’s “lowest profile” developer

Centennial Management’s Lewis Swezy (Getty) Beginning in late 2020, real estate players pounced on South Florida’s booming market in bid to capitalize on a bonanza spurred by unprecedented demand and ever-increasing rents across asset classes. But now that high borrowing costs crashed the party, some developers could be exposed to financing complications…

Lease roundup: Nightingale, Terreno, Parker Realty score tenants

Lincoln Place apartment building at 1601 Washington Avenue in Miami Beach with Nightingale Properties’ Elie Schwartz (Google Maps, Nightingale Properties) Doorloop I Lincoln Place I Miami Beach Proptech firm DoorLoop relocated its headquarters, though it is staying in Miami Beach. DoorLoop leased the entire 8,000-square-foot second floor at Lincoln Place at 1601 Washington Avenue

Terra Group to Build Miami Mixed-Use in Bay Harbor Islands

THE WELL Bay Harbor Islands. Image courtesy of Terra Group Terra Group is planning to bring 98,420 square feet of office space to metro Miami, with the development of The Offices at THE WELL. Construction is slated to start this quarter, with completion expected in late 2024. The project is part of THE WELL Bay Harbor Islands in Bay Harbor Islands, Fla., a mixed-use development…

South Florida commercial deals go cold

Stefano Santoro jokingly suggested a few weeks ago that he may have to start attending more morning real estate events to score a free breakfast. “I’m trying not to starve,” the commercial broker told The Real Deal. While Santoro is not facing famine, he and other brokers are feasting on fewer commercial deals in South Florida, compared to this time last year.

Video: PwC’s Tim Bodner Discusses Deals Outlook 2023

In this video, PwC U.S. Real Estate Deals Leader Tim Bodner discusses expected performance and transaction volume for 2023, touching on themes in PwC’s 2023 Real Estate Deals Outlook report. He starts off discussing current headwinds such as higher interest rates, inflation, and a war in Europe. He notes, however, that  fundamental trends remain that are driving activity…

When is a landlord in material noncompliance?

Renting or leasing a commercial or residential space involves expectations for the landlord and occupant. Such details as cost, when rent is due, and other conditions are in a lease agreement, but it will also have conditions like the space’s habitability, which must follow state and local housing codes. Suppose the landlord is not compliant with the habitability standards and…

Revealed: Plans Submitted For 824-Unit Downtown 6th, With Hidden Garage

Developer Melo Group has filed plans for its Downtown 6th tower – and it will have a parking garage that is masked with liner units. Downtown 6th is planned to rise 54 stories. According to a letter and plans sent from the developer to city planners, Downtown 6th will include: 824 residential units 2,427 square feet of commercial space 639 parking spaces, with a garage…

Revealed: One Brickell Riverfront Submitted To UDRB With 784 Units

Full plans for a massive twin-tower project near Brickell City Centre have just been fully revealed. The name of the project is One Brickell Riverfront, plans show. A groundbreaking ceremony was held at the site last month for the first tower, known as Lofty Brickell. According to a letter sent from the developer to city planners, One Brickell Riverfront’s towers will rise 43 and 44…

Rising Rents Push Industrial Tenants And Development To More Remote Areas

The global COVID-19 pandemic thrust industrial real estate into the spotlight as more people shopped from home, creating a seemingly insatiable demand for warehouse and logistics space to store and move the goods they ordered. As a result, rent for industrial properties increased 6.3% in 2022 to $7.03 per square foot, and the market set a record for 450 million square feet…

Conference highlights Miami’s towering real estate potential

More than 750 attendees, including 150 scholarship-supported students, attended the annual invitation-only Real Estate Impact Conference, which took place on Friday at a Coral Gables hotel and was co-hosted by the University of Miami School of Architecture, Miami Patti and Allan Herbert Business School, and the School of Law. Ismael Almanzar Ortiz, who…

Luxury Resort Could Be Built At Magic City Casino

A luxury resort could be coming to the Magic City Casino property, according to the Herald. The resort at the 30-acre property could also have shopping centers and experience oriented attractions,  the CEO of the company that is in contract to buy the casino told the paper. PCI Gaming, d/b/a Wind Creek Hospitality announced this week that it has an agreement to acquire the property.

Office Markets in South Florida Are Booming While New York Struggles

The snowbirds are coming to Florida, fleeing the freezing climate of the north as they do every winter, but this time they’re coming to stay and in the process transforming the skylines and lifestyles of the state. Florida’s population grew almost 2% in 2022, making it the fastest-growing state in the nation for the first time since 1957, according to U.S. Census data, as families…

Foundation Work Continues At 40-Story Condo Tower

Foundation work continues at downtown Miami’s 501 First tower, new photos show. A groundbreaking ceremony for the 40-story took place in December 2022. 501 First will include 448 condos (said to be sold out). The project will also include 3,198 square feet of retail, according to a 2021 utilities agreement. A parking garage is not being built. Aria Development Group…

Office Leasing Begins at Mixed-Use Development in Miami’s Bay Harbor Islands District

MIAMI — Locally based developer Terra and brokerage firm Blanca Commercial Real Estate have launched leasing at The Offices at THE WELL, the office component of THE WELL Bay Harbor […] The post Terra, Blanca Begin Leasing Offices at Mixed-Use Development in Miami’s Bay Harbor Islands District appeared first on REBusinessOnline….

Miami Beach and West Palm hotels sell for combined $40M

La Quinta Inn & Suites by Wyndham West Palm Beach Airport at 1910 Palm Beach Lakes Boulevard, South Beach Plaza Hotel at 1401 Collins Avenue and The South Beach Plaza Villas at 1411 Collins Avenue in Miami Beach; Blue Suede Hospitality Group’s Kenny Lipschutz (Wyndham La Quinta WPB Airport, Google Maps, Linkedin) A New York-based firm scooped up a pair…

Custom truck maker buys Pompano warehouse to build monster rides

John Ghattas now has a bigger garage to roll out his assembly line of customized jeeps and trucks. Ghattas, owner of two Fort Lauderdale-based companies that specialize in off-road automobile custom jobs, paid $10.7 million for a recently completed warehouse at 2151 Hammondville Road in Pompano Beach, records show. BankUnited provided the buyer with…

National Realty buys Flagler Village dev site

Embattled National Realty Investment Advisors scooped up a development site in Fort Lauderdale’s Flagler Village. The Secaucus, New Jersey-based developer paid $9.3 million for 0.7 acres at 203-215 Northeast Third Street, according to sources familiar with the deal. The selling entity, led by Jeff Smith of Fort Lauderdale…

Everglades College buys Keiser University’s West Palm campus for $30M

Everglades College’s Arthur Keiser with Keiser University building at 2085 Vista Park (Arthur Keiser, Google Maps, Getty) Keiser University’s non-profit parent company bought the school’s West Palm Beach campus from a non-affiliated seller for $30.2 million. Everglades College, which owns Fort Lauderdale-based Keiser University and Boca Raton-based Everglades University…

Rapper Kodak Black turns commercial real estate investor with Pompano Beach deal

Rapper Kodak Black is jumping into commercial real estate investment with a purchase in Pompano Beach, The Real Deal has learned. The controversial rapper, who has appeared on the Billboard 100, bought the property at 1511-1547 Hammondville Road in Pompano Beach. Records show Dina & Eman Inc. sold the 0.7-acre assemblage, which is just west of North Andrews…

Developer Files Plans For 5-Star Edition Hotel & Residences Fort Lauderdale

Plans have been filed for The Edition Hotel & Residences in Fort Lauderdale. The Edition is a Marriott brand and will be a five-star hotel, according to a letter from the developer. A rooftop bar, restaurant and pool is planned The tower will rise 23 stories, or 325 feet (at the highest point of an architectural feature) and include: 176 hotel keys (levels 6 thru 16) 25 residential…