Miami-Dade plans massive redevelopment in downtown Miami
County authorities are working to redevelop over 20 acres of the downtown Government Center to include a transit terminal, affordable housing, and community cultural facilities and schools. Procurement for the first phase is expected during or after summer, but many details are still being discussed as the project encompasses many county departments. The purpose…
3-tower Brickell residential blockbuster wins quick OK
An entire city block in Brickell that’s remained vacant more than a decade is targeted for a large three-tower mixed-use development. With a current project name of 1420 S Miami Avenue, the owner-developers are promising more than 2.7 million square feet of floor area and 1,255 residential units, a mix of condos and rental apartments. The project was considered…
Mathieu Massa buys Miami Beach development site for $14M
Developer and restaurateur Mathieu Massa bought a development site in Miami Beach for $13.5 million. Property records show that an entity linked to Enrique Colmenares sold the lots at 427 22nd Street and 2206 Park Avenue to an entity led by Massa. The buyer took out a $6 million loan from City National Bank of Florida and a $2.5 million loan from the seller…
AMLI Residential keeps betting on Edgewater, pays $104M for apartments
AMLI Residential is betting again on the booming multifamily market in Miami’s Edgewater and Midtown neighborhoods, paying $104.2 million for an apartment tower. Chicago-based AMLI bought the Midtown 29 apartments at 180 Northeast 29th Street from Mesirow Financial and Morgan Group, according to records.
Rotem Rosen snags refi in Israel for Miami site, Manhattan hotel
Rotem Rosen’s MRR Development scored a loan worth $113 million to refinance the Hotel Indigo on Manhattan’s Lower East Side and purchase a site in Miami. Rosen along with his partner, Indian billionaire businessman Anand Mahindra, secured the loan through the Israeli bond market, marking one of the largest Israeli bond raises by a U.S. real estate…
Sea-level rise to prompt displacement of Miami’s low-income, minority communities, study finds
Sea-level rise and the resulting climate gentrification are expected to hit low-income, minority communities in Miami-Dade County the hardest, according to a new report. The county, as well as several of its cities and neighborhoods, have comprehensive policies to tackle the two issues at the nexus of climate gentrification — sea-level rise and housing…
Cheesecake Factory inks lease on Miami Beach’s Lincoln Road
The Cheesecake Factory inked a lease on Miami Beach’s Lincoln Road in the former Sushi Samba space, The Real Deal has learned. The publicly traded Cheesecake Factory, based in Calabasas, California, plans to open this fall at 600 Lincoln Road, according to Terranova Corporation Chairman Stephen Bittel. The restaurant group signed a 20-year lease, with renewal…
Sprouts Farmers Market Plans New Location in Miami’s Grove Central Development
Sprouts Farmers Market has released plans to open a 24,014-square-foot location at Grove Center, a mixed-use, transit-oriented development underway in Miami’s Coconut Grove neighborhood. Sprouts’ new location will be the Phoenix-based grocer’s third store in Miami-Dade County. Slated for delivery in 2023, the Grove Center will include a 23-story…
Lease roundup: Breitling opens in Miami Design District, Sprouts leases in Coconut Grove
Breitling I Design 41 | Miami Swiss watch manufacturer Breitling opened a 1,832-square-foot store in the last available retail space in Miami Design District’s Northeast 41st Street corridor. Breitling rented the space at Design 41, at 112 Northeast 41st Street, according to a news release from the brokers. Tony Arellano and Joe Fernandez of…
County negotiates to trim Beach monorail line price
Miami-Dade expects a final price proposal in March for the Trunkline segment of the Miami Beach Corridor monorail, which exceeded its previously negotiated price of $586.5 million to reach almost $1 billion, to develop a final recommendation for county approval. The county is still negotiating with MBM Partners LLC regarding pricing on the…
Biggest sand pour in decade restoring Miami-Dade beaches
With sea turtles out in the ocean and permits approved, a major sand renourishment project is set to begin spreading over 10.5 miles of beach in Sunny Isles, Bal Harbour and Miami Beach. The Army Corps of Engineers delivered 830,000 cubic yards of sand for the decade’s largest spread, a $40.5 million project. “We have four hot spots that take the width…
New Tri-Rail snafu: locomotives may not fit platform
The $70 million project to bring Tri-Rail into a downtown Miami station has added to its long list of problems a new one: locomotives may hit the platform. Engineers are back on site to measure again the public system’s locomotives and determine what can be done to fix the problem. “The cantilever portion of the platform is what appears to interfere…
Public-private Riverside Wharf heads for groundbreaking
A major mixed-use project, Riverside Wharf, is on schedule to break ground this year in downtown Miami and open in 2025. Everything has been on track and moving forward since the project launched at the end of 2021, said the developer in an email to Miami Today. In December, Miami developer Alex Mantecon of MV Real Estate Holdings…
Miami Market Update: Transaction Volume Increases
In 2021, Miami’s office market saw $1.7 billion in office transactions, according to CommercialEdge. The metro’s sales volume has expanded significantly compared to 2020 levels, when it reached $345 million. The average price per square foot has also increased, from $184 year-to-date through December 2020 to $295 by the end of 2021, mirroring a…
Seagis Closes On 5.75 Acre Site In Doral, Plans To Add New Building To Transal Park Holdings
Seagis Property Group LP (“Seagis”)… continues its expansion across South Florida with its latest acquisition. The company announced it closed on a 5.75-acre development site located adjacent to Seagis’ Transal Park facility, which spans 113,000 square feet and is located at 8305 NW 27th Street. Seagis plans to break ground by year’s end on a modern, new 117,790…
Little Havana developer Bill Fuller and Miami commissioner Joe Carollo A federal appeals court handed developer Bill Fuller a key victory against his nemesis, Miami commissioner Joe Carollo, in a ruling that could affect how government officials crack down on the local real estate community. Earlier this month, the U.S. Court of Appeals denied Carollo’s petition to…
Miami-Dade Commissioner Files Legislation Requiring Notice of Rent Increase
On February 15, 2022, Miami-Dade County Commissioner Eileen Higgins announced on Twitter that she filed an ordinance in Miami-Dade County to protect renters countywide, in response to calls throughout Miami-Dade to protect tenants from rent increases with little to no notice. Earlier in February, the Miami Beach City Commission approved an ordinance…
Dan Kodsi plans mixed-use project with high street retail as “alternative to Aventura Mall”
Developer Dan Kodsi plans a major mixed-use project with apartments, offices, and high street retail in Aventura. Kodsi’s Miami-based Royal Palm Companies, through an affiliate, paid a reported $39.1 million for 9.6 acres on the northwest corner of Biscayne Boulevard and Northeast 213th Street. Reuven Tako and Jacqueline Tako of North Miami sold the properties…
Shoma Group to Develop 327-Unit Miami Waterfront Community
Shoma Group has revealed plans for Shoma Bay, a 327-unit waterfront community in North Bay Village, Fla. The development designed by MSA Architects will break ground this summer and is slated for completion in 2023. The Shoma Bay apartments will be located in the Upper East Side submarket of Miami, an area with roughly 1,611 units in various…
Gazit Globe proposes 504-unit apartment tower in Brickell
Tel Aviv-based Gazit Globe Group wants to build a 504-unit apartment tower in Miami’s Brickell, steps from Metrorail and Metromover stations. Gazit Globe’s U.S. subsidiary, Gazit Horizons, wants to develop the 642.8-foot tall — or more than 50-story — Brickell Gateway tower on a half-acre lot at 90 Southwest Eight Street…
Video: Deloitte’s John D’Angelo Discusses his firm’s Commercial Real Estate Outlook 2022
Deloitte surveyed 400 senior executives of various companies all over the world with assets over $100 million. In this show host Michael interviews John D’Angelo, Real Estate Solutions Leader with Deloitte, on the top takeaways from the results of this (Deloitte) survey. He notes that more that 80% of respondents expect business to be up in 2022, a general…
Terreno Realty pays $73M for two warehouses at Countyline Corporate Park
Terreno Realty bought two newly built, fully leased warehouses at Countyline Corporate Park for a combined $73.2 million, marking the investor’s ongoing shopping spree for South Florida industrial real estate. Terreno Realty bought the buildings totaling 407,000 square feet on 19.8 acres at 4281 and 4341 West 108th Street in Hialeah from an…
Video: CCIM Chief Economist K.C. Conway on Trends in Office Use & Values; highlights Miami at 23:50
In this video, CCIM Economist K.C. Conway shares his thoughts on how office use trends will impact the (office property) sector going forward. Discussion topics include vaccine requirements, square footage per employee, impact of remote / work from home trends, profitability of tenants, and opportunities for office property tenants, landlords…
How are disputes handled in your contracts?
An arbitration agreement serves as an effective tool, providing important benefits and protections to companies seeking dispute resolution involving customers. Working with an arbitrator who likely is a former judge or attorney who has extensive experience in the field, the parties will present their side of the story to the arbitrator in an effort to win their case.
Seagis buys industrial dev site in Doral for $16M
Seagis Property Group paid $16 million for a warehouse development site next to its Transal Park facility in Doral, marking the company’s ongoing bet on South Florida industrial real estate. The Conshohocken, Pennsylvania-based company plans to build a 117,790-square-foot building on 5.8 acres at the northeast corner of Northwest 27th Street and 84th Avenue…
Atlantic Pacific Cos. Opens Affordable Senior Community in Miami
Miami-Dade County Public Housing and Community Development and Atlantic Pacific Cos. have opened the 180-unit Northside Transit Village II Apartments in Miami. The property offers affordable housing to senior individuals earning between 22 and 60 percent of the area median income. According to Yardi Matrix data, Wells Fargo Bank provided $20.8 million…
Natural disasters caused $57B in property damage in 2021
Fire, water and freezing temperatures last year posed increasingly dangerous — and expensive — concerns for homeowners across the U.S. Natural disasters caused $56.9 billion in property damage in 2021, according to a new climate change catastrophe report from CoreLogic. Wildfires, floods, twisters and winter freezes hit nearly every major…
Adam Neumann pays $17M for retail at Las Olas Riverwalk in Fort Lauderdale
WeWork co-founder Adam Neumann bought a retail property in Fort Lauderdale, adding to his expansive South Florida holdings, The Real Deal has learned. An entity tied to Neumann paid $17 million for the retail component of Society Las Olas, a roughly 16,500-square-foot space at 301 Southwest First Avenue, according to sources. Scott Sherman and…
The Shvo Must Go On: The Bad Boy of Luxe Residential Has Become a Force in CRE
Michael Shvo is sitting in his office, high above Fifth Avenue, dressed in his signature black Armani T-shirt, singing the praises of chef Daniel Boulud. He’s the best, Shvo said. A great chef and a terrific person. To wit, Boulud is creating a residents-only dining space at Shvo’s new Mandarin Oriental condominium on Manhattan’s Fifth Avenue and in the…
AC Hotel by Marriott in Fort Lauderdale scores TCO
A 171-key AC Hotel by Marriott in Fort Lauderdale obtained its temporary certificate of occupancy. Developers Key International and Wexford Real Estate Investors scored the TCO for the property at 3029 Alhambra Street, near the beach, according to a joint Key-Wexford news release. The rooms at the 10-story property feature contemporary…
Hallandale Beach self-storage facility sells for $23M
The self-storage facility at 450 Ansin Boulevard in Hallandale Beach with City Line Capital’s President and CEO Rick Schontz and Boundary Companies’ Managing Partner John Wilkinson: Boundary Companies bought a Hallandale Beach self-storage facility for $23 million. Records show an affiliate of Bethesda, Maryland-based Boundary bought…
Avi Dishi drops $21M for Presidente Supermarket-anchored shopping center in West Palm Beach
Avi Dishi jumped into the South Florida grocery store-anchored shopping center frenzy with a $20.7 million purchase in West Palm Beach. An entity managed by the New York-based retail real estate investor bought the Shoppes at Cresthaven at 2675 South Military Trail, according to records. Dishi’s acquisition is anchored by a Presidente Supermarket store.
Harry Macklowe to Build Resi Development Near Dadeland Mall
Yet another New York-based developer is coming to Miami. This time, it’s one of the Big Apple’s most prominent players. Harry Macklowe’s Macklowe Properties is planning a mixed-use development near the Dadeland Mall in Miami-Dade County, a spokesperson for the developer confirmed to Commercial Observer. The project, designed by Miami-based firm…
Stephen Ross’ Related continues downtown West Palm office shopping spree with $35M deal
The two-building office complex at 400 and 450 South Australian Avenue in West Palm Beach with Wexford Real Estate Investors’ co-founder and President Joseph Jacobs, Key International’s founder Jose Ardid and Related Companies’ Stephen Ross: Stephen Ross’ Related Companies, already the biggest Class A office owner in downtown West Palm Beach, is…
JV plans downtown West Palm Beach office building, renovated retail project
Brand Atlantic Real Estate Partners managing partners Andrew Dance and Adam Demark, and renderings of the two buildings at 300 Banyan Boulevard and 111 Olive Avenue: A partnership led by Brand Atlantic Real Estate Partners unveiled plans for a new office building and renovated retail project in downtown West Palm Beach. West Palm Beach-based…
Multifamily real estate magnate pays $9M for Palm Beach commercial building
Multifamily real estate mogul Joseph “Jay” Biggins, and his clothing and furniture store owner wife, Letty Biggins, paid $8.8 million for a vacant commercial property in Palm Beach. The Bigginses, through an affiliate, bought the L-shaped building and smaller outbuilding at 353 Peruvian Avenue from Steve & Linda Horn Inc., according to records. This was…