Whitman Family Development Unveils Plans for Mixed-Use Development Within Bal Harbour Shops Property
Whitman Family Development, the family-owned company behind the creation of Bal Harbour Shops, has submitted plans for a new mixed-use development in the Village of Bal Harbour, Florida. Aimed at enhancing the 18-acre property, this project proposes the addition of attainable and market-rate residences, alongside a boutique hotel, in the commercial district.
Bal Harbour Shops Files Plans To Build Multiple Residential Towers, Workforce Housing
The owners of Bal Harbour Shops have filed plans to build an expansion that includes 600 residential units. The proposal was filed under Florida’s new Live Local Act, which allows developers to bypass certain local zoning regulations in exchange for committing to build 40% of units as workforce housing. “By adding workforce and market-rate housing catering to service and hospitality…
Whitman Family Development Unveils Plans for Mixed-Use Expansion at Bal Harbour Shops
Whitman Family Development has submitted plans for a mixed-use project at its Bal Harbour Shops in Miami’s Bal Harbour village. Plans call for 600 apartment units, 40 percent of which are earmarked for workforce housing and 60 percent of which will be luxury housing. There will also be a 70-room, 20-story hotel and an additional 45,700 square feet of retail space. Bal Harbour Shops…
Whitman plans to add affordable housing to Bal Harbour Shops under new law
The owner of Bal Harbour Shops plans to move forward with a mixed-use expansion of the high-end mall, using the state’s new affordable housing legislation. Whitman Family Development filed plans with Bal Harbour to develop a 70-room hotel, 600 residential units and another 46,000 square feet of retail, according to a press release. Part of the project would be built where a Barneys…
Miami’s Unemployment Rate Remains At Record Low 1.4%
The Miami area’s unemployment rate remains at or near a record low, according to a new BLS report. Miami also had the fastest growing year-over-year increase in employment of any major metropolitan division nationwide. The report said that in November, unemployment in the Miami-Miami Beach-Kendall metropolitan division stood at 1.4 percent. Of the 38 metropolitan divisions…
Brickell’s Tallest-Ever Office Tower Nearing Completion (Photos)
830 Brickell continues to move closer to completion, new photos by Phillip Pessar show. The tower topped off in June 2022 at 55 stories and 724 feet, making it the tallest office building in Brickell. This property is located at 830 Brickell Plaza, Miami, FL 33131, which is at the southwest corner of Brickell Plaza, a street that runs just west of Brickell Avenue, and SW Eighth Street. Brickell City…
CREI Holdings Receives $41M Refinancing for Affordable Seniors Housing Community in Sweetwater
Development firm CREI Holdings has received a $41 million loan for the refinancing of Li’l Abner II apartments in Sweetwater, a South Florida city just west of Miami. Marc Suarez led the Lument team that provided the funds. The project was completed in April 2023. Designed by Burgos Lanza Architects and Planners, an architectural firm based in Coral Gables, Fla., the eight-story…
CREI Holdings Secures $41 Million Loan For Affordable/Workforce Housing In West Miami-Dade County
Miami-based development firm CREI Holdings has secured a $41 million loan from Lument for the refinancing of Li’l Abner II apartments, completed in April 2023 in the city of Sweetwater. The transaction closed on December 29, 2023, and was led by Marc Suarez, a managing director at Lument. Designed by Burgos Lanza Architects and Planners, an architectural firm based in Coral Gables…
Sale Arranged of 141,246 SF Office Building at Doral Square
CBRE has arranged the sale of The Offices at Doral Square, a 141,246-square-foot office building located at 8600 NW 36th Street in Doral, a suburb of Miami. The Class A property is the office component of Doral Square, a mixed-use development that also features 150,000 square feet of shops and restaurants. A partnership comprising “several Miami families” purchased the asset…
Terra and Grass River Property, deeply established development firms in Miami’s Coconut Grove neighborhood, have completed a mixed-use multimodal complex at Grove Central. Now open to residents, the transit-oriented complex includes mixed-income apartments and neighborhood retail along the Metrorail corridor at the entrance to Coconut Grove. Located at 2800 Southwest 27th Terrace…
Transit Oriented Development At Coconut Grove Metrorail Station Reaches Completion
Grove Central, the giant transit-oriented development at the Coconut Grove Metrorail Station, is now officially complete. The development is meant to encourage Metrorail ridership, and allows residents and visitors to avoid traffic and parking by using transit. In addition to being connected with the Metrorail station, the development is also integrated with the adjacent Underline…
Key International wants to build a 42-story multifamily tower next to the historic Trinity Episcopal Cathedral that’s at the foot of the Venetian Causeway in Miami. The proposal marks the latest planned redevelopment of a South Florida religious site. While some plans allow for the preservation of churches, others call for moving the congregation elsewhere. Key, led by the Ardid family…
27-Story Edgewater Tower Submitted To Urban Development Review Board
A proposal for a 27-story tower has just been revealed in a filing with Miami’s Urban Development Review Board. The tower will feature a contemporary design, a letter from the developer’s attorney said. It is planned to top off at 351 feet and include: 180 condo-hotel units (ranging from studios to 4 bedrooms) 4,768 square feet of ground floor retail 117 parking spaces on levels 1, 2…
Rentyl Resorts to Develop 44-Room Boutique Hotel in Miami Beach
Rentyl Resorts plans to develop a 44-unit boutique hotel at 2814 Collins Avenue in Miami Beach. Upon completion, the hotel will feature ground-level restaurants and entertainment venues, as well as direct beach access. The project is a partnership between Rentyl, DaVinci Hospitality Group and Ferrari Group. The construction timeline and name for the new hotel were not disclosed.
Terra, Grass River Property Complete Grove Central Mixed-Use Development in Miami
Terra and Grass River Property, two Miami-based development firms, have completed construction of Grove Central, a transit-oriented, mixed-use development in Miami’s Coconut Grove neighborhood. The property comprises a 23-story apartment tower, 1,250-space public parking garage and 170,000 square feet of retail space leased to tenants including Target and Sprouts…
Vestcor buys Naranja dev site planned for 576-unit multifamily complex
Less than a year after proposing a 576-unit apartment complex in south Miami-Dade County’s Naranja neighborhood, Vestcor scooped up the 7.7-acre site. Vestcor paid $12.5 million for the assemblage of seven lots between South Dixie Highway and the South Miami-Dade Busway, north of Southwest 280th Street in unincorporated Miami-Dade, according to records and real estate…
Tri-Rail ready to load in downtown Miami
“One more way to get people to avoid the Turnpike and I-95,” is how David Dech, director of the South Florida Regional Transportation Agency, describes this Saturday’s long-awaited arrival of Tri-Rail trains in downtown Miami. The achievement adds a fourth leaf, the one that symbolizes success and luck, to mass transit’s four-leaf downtown clover. “You’ve got Brightline, Metrorail…”
Naftali Group Chairman Miki Naftali Unveils Visionary Miami Project at The Real Deal Showcase
South Florida real estate is about to undergo a transformative shift with Naftali Group’s entry into the vibrant Miami market. In an exclusive interview with The Real Deal, Naftali Group’s Chairman and CEO Miki Naftali discussed the driving forces behind their expansion, showcased their upcoming project “Jem,” and highlighted the unique qualities that set Naftali Group apart in…
ComReal sells Doral industrial facility for $18M
ComReal sold a warehouse in Doral for $17.5 million to Aventura-based real estate investor Sebastian Guejman. An entity managed by Guejman acquired Lakes Edge Innovation Center, an 80,158-square-foot industrial facility at 9000 Northwest 15th Street, records and Vizzda show. The deal breaks down to $218 a square foot. Guejman’s entity took out a n $11 million mortgage…
Swiss developer Empira Group led by Rafael Aregger opens new North American headquarters in Miami
A real estate investment and development firm, based in Zug, Switzerland, recently relocated its North American headquarters to an office in downtown Miami. In December, Empira Group moved into a 10,000-square-foot office on the 46th floor of the Southeast Financial Center at 200 S Biscayne Boulevard. Led by Rafael Aregger, the Southeast Financial Center office will house up to 50…
Little River 12-story project seeks city waivers
A new 12-story mixed-use building is planned for the Little River area of Miami. Little River Cedar Property Owner LLC plans a 12-story building for a site at 7715-7737 NE Second Ave., between Northeast 78th and 77th streets. The site plan shows the new residential building for 191 residential units and 8,009 square feet of ground floor retail, and parking for 296 vehicles.
Ex-MLB player Mo Vaughn partners with Hyperion on 147-unit multifamily project in Little Haiti
Ex-Major League Baseball player Mo Vaughn wants to develop a multifamily building in Little Haiti, marking at least his second proposed Miami project in the past year. Vaughn, who founded affordable housing real estate firm Omni America, along with Hyperion Group and additional partners plan a 147-unit apartment building with ground-floor retail. The project would span nearly…
Cofe sells office and industrial complex near Medley for $39M
Cofe Properties sold a mixed-use complex near Medley for $38.5 million to a pair of out-of-state real estate investment firms. An affiliate of Baltimore, Maryland-based ABR Capital, and Darien, Connecticut-based East Capital Partners… The seller, an affiliate of Miami-based Cofe, paid $7.8 million for the 7.7-acre property at 6801 Northwest 77 Avenue and 7601 and 7661 Northwest 68th Street…
Whole Foods pays $21M for its commercial space at downtown Miami’s Met3
Whole Foods Market bought its commercial space at downtown Miami’s Met3 for $21 million. The national grocer, a subsidiary of billionaire Jeff Bezos’ Amazon, acquired the 97,674-square-foot ground-floor commercial unit and underground garage in the 32-story mixed-use tower at 299 Southeast Third Avenue, records and Vizzda show. The deal breaks down to about $215 psf…
UHealth on track to open in Doral
UHealth at Doral is on track to open its doors Sept. 16 as construction progresses and provider recruitment plans continue. “Construction is nearing 70% completion now,” said Vandana Pathak, assistant vice president of ambulatory service for the University of Miami Health System. “We’re well on our way for that first patient day [Sept. 16], and all major-medical equipment to support…
80,000 SF South Florida Industrial Property Sale Brokered
CBRE, in association with ComReal, has arranged the sale of an 80,158-square foot industrial property at 9000 NW 15th Street in Doral. Lakes Edge AIC, LLC purchased the property from Lakes Edge Commercial Properties, LLC for $17.5 million. David Wigoda, SIOR with CBRE Capital Markets represented the seller in the transaction. “Since purchasing the property in 2001…”
Luis de la Aguilera: Chairman links US Century Bank to small business loans
Since taking on the role as chairman of the board of directors for USCB Financial Holding and its banking subsidiary US Century Bank at the end of June 2023, Luis de la Aguilera continues to accelerate growth, drive profitability and deliver shareholder value. Under his leadership as president and CEO, US Century Bank launched an initial public share offering in July 2021, diversifying…
690-Unit Dolphin Square Planned for 1556 NW 110th Street in Miami
In August 2023, Coastal Residential purchased a 7.8-acre build site for $38 million from Procacci 1400 LLC––about $4.82 million an acre. Google Earth shows that the parcel is currently vacant. Now, the Miami-based developer has plans for multi-family housing development that some sources have called “Dolphin Square.” Measuring 10 stories above grade, the venture will offer 690 apartments.
Tri-Rail Starting Train Service To Downtown Miami This Week (Transfer Required)
Tri-Rail has announced that it is finally launching train service into MiamiCentral later this week – but a transfer will be required to use the service. The new Downtown Miami Link is being launched as a shuttle train, with all passengers to and from MiamiCentral required to transfer at the Metrorail Transfer Station in Hialeah. Initially, there will be just six trains per day in and out of out…
Grandview sells recently built Medley warehouse for $42M
Grandview Partners sold a recently completed warehouse in Medley for $42.3 million. An affiliate of Doral-based Parker Davis HVAC International acquired Palmetto Logistics Center at 7290 Northwest 77th Court, records and Vizzda show. The deal breaks down to roughly $295 a square foot. The seller, an affiliate of Greenwich, Connecticut-based Grandview, paid $13 million…
$17.7M Sale Arranged of Days Inn Airport Hotel, Brewery in Miami
Marcus & Millichap has arranged the $17.7 million sale of a Days Inn hotel located at 7250 N.W. 11th St. in Miami. The 103-room hotel, which includes an onsite Beat Culture Brewery & Restaurant, is situated on the campus of Miami International Airport. Leo Reilly and Robert Hunter of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor, in the…
Miami-based CMC Group, led by real estate developer Ugo Colombo, has obtained a $239 million construction loan from Bank OZK to develop Vita at Grove Isle. This luxury condominium project, currently under construction at 5 Grove Isle Drive on the private island of Grove Isle, near Miami’s Coconut Grove, will consist of a seven-story building with 65 waterfront residences, each boasting…
Bank OZK Lends $498M To 2 Condo Projects
Miami-based CMC Group secured a $239M construction loan for Vita at Grove Isle, a luxury 65-unit condo project on the exclusive island off Coconut Grove, according to a release. Bank OZK provided the financing for the seven-story project, boosting a $38.5M mortgage the Arkansas-based bank originally provided for the property in 2021. Vita at Grove Isle broke ground in April at 5…
Ugo Colombo scores $239M construction loan for Grove Isle condos
Ugo Colombo’s CMC Group scored a $239 million construction loan for Vita at Grove Isle, adding to more than $1 billion in construction financing that developers secured in the last days of 2023. Bank OZK provided the loan to CMC for the seven-story, 65-unit luxury waterfront condominium that is under construction on Grove Isle in Miami’s Coconut Grove. It’s more than 70 percent…
Treo scores $53M construction loan for 163-unit student housing project in South Miami
Treo Group landed a $53 million construction financing package for the second phase of its VOX student housing project near the South Miami Metrorail station. The Miami-based firm started construction of the 13-story, 163-unit building at 5949 Southwest 72nd Street last month, according to records. The financing consists of a $29 million loan from FirstBank Florida and a $24 million…
BH teams up with Kolter to redevelop White House Inn site in North Miami
BH Group landed a new partner to redevelop a waterfront North Miami site approved for a boutique condominium, The Real Deal has learned. Kolter Urban, a division of Delray Beach-based Kolter, and Aventura-based BH paid $20 million for the former White House Inn property at 2305 Northeast 123rd Street, representatives for both development firms confirmed to TRD.
South Florida’s Industrial Market Slows, But Wave Of Sales Signals Investor Confidence
South Florida’s industrial sector has retreated from roaring pandemic-era activity, but a burst of year-end transactions signal that investors continue to see opportunities in the region. Buyers spent $215M across three transactions in Miami during the last two weeks of 2023, capping off a fourth quarter that also saw the year’s largest portfolio deal. The flurry of sales came as rents continued…
Developers Secure FAA Approval For 390-Foot-Tall Structure At 401 NE 29th Street in Edgewater
The Federal Aviation Administration (FAA) has granted approval for 2900 Terrace, a 38-story mixed-use development planned at 401 Northeast 29th Street in the Edgewater neighborhood of Miami. These permits, approved on January 2 and set to expire on July 2, 2025, mark a significant step forward for the project. Designed by Arquitectonica and developed by LNDMRK…
“Leave our egos at the door”: Daniel Lebensohn on BH3’s approach, 2024 headwinds
Daniel Lebensohn is familiar with navigating complex projects and market challenges. BH3 Management, the company he leads with his partner, Greg Freedman, got its start in 2009 when it began buying non-performing loans from banks. One of their first deals was with Michael Dell’s MSD Capital in Miami Beach. Lebensohn was listening in remotely while Freedman and their…
Miami Commissioner Miguel Gabela wants to put the kibosh on the no-bid city park deal with David and Leila Centner that led to criminal charges against his predecessor, Alex Diaz de la Portilla. Gabela placed a resolution on the agenda for Thursday’s city commission meeting that would terminate the city’s licensing agreement with Perpetual Love Trust, an entity managed by the Centners…
13th Floor Investments Proposes 30-Story Mixed-Use Tower At 500 NE 3rd Avenue In Fort Lauderdale
A 30-story mixed-use building named Flagler Village Residences at 500 Northeast 3rd Avenue in Fort Lauderdale has been proposed for development. Designed by Corwil Architects and WSP serving as the structural engineer, along with Within Hults + Partners as the landscape architect, this project is being developed by Miami-based 13th Floor Investments. The 320-foot-tall…
1000 Marina Mile Apartments Proposed for 1000 W State Road 84/Marina Mile in Fort Lauderdale
Karu, an 8,380-square-foot nightclub in Miami, could be replaced with a high-rise complex. The 1000 Marina Mile Apartments would rise 15 stories above grade, offering 283 units and requiring more than 515,000 square feet of new construction. Per the South Florida Business Journal, residences would include 165 one-bedroom units and 107 two-bedroom units. There would also…
Wurzak sues Fort Lauderdale over approval of site plan for Naftali’s 1,000-unit project
Hotel developer Jake Wurzak is suing the city of Fort Lauderdale over its approval of Naftali Group’s towers planned for the site next door to his Dalmar Hotel. Wurzak, via his 299 N. Federal Master LLC, is alleging the city commission’s Dev. 5 site plan approval of Naftali’s nearly 1,000-unit development at 201 North Federal Highway is invalid and not final. The vote allowed for two…
The Fort Lauderdale Downtown Development Authority (DDA) has secured a $8.75 million construction loan to renovate Huizenga Park in downtown Fort Lauderdale. The DDA requested proposals seeking lenders to fund the Huizenga Park capital improvement project. After a thorough selection process, Synovus Bank was chosen as the best partner for financing the construction project…
Old Town Square II Planned for 2026 Completion at 217 NE 3rd Street in Pompano Beach
Our sources indicate that Pompano Beach-based Cavache Properties has secured approval for its second Old Town Square project in South Florida. Old Town Square II will comprise two buildings: one measuring 10 stories and offering 229 units, and another measuring six stories and offering 90 residences. The pair will be connected by a pedestrian bridge. Adache Group Architects is the architect…
Global Partners pays $28M for Dania Beach fuel depot
A national gas station owner and petroleum distributor made a high-octane real estate purchase in Dania Beach. An affiliate of Waltham, Massachusetts-based Global Partners paid $27.9 million for Motiva Enterprises South Terminal at 1200 Southeast 28th Street, records and Vizzda show. Near Port Everglades, the 51.5-acre property includes five industrial buildings and 12 fuel containers…
140-Condo Shorecrest Proposed for 1901 North Flagler Drive in West Palm Beach
The Related Companies, in partnership with Stephen M. Ross, has proposed plans for Shorecrest, a luxury high-rise venture in West Palm Beach. The community will rest on a 1.83-acre build site. Per the South Florida Business Journal, Shorecrest will measure 26 stories, offering 140 condos, ranging from one-bedroom to four-bedroom condos. They start at $1.5 million––although…
Witkoff, Access take over troubled Banyan Cay Resort, scores $75M loan
Witkoff and Len Blavatnik’s Access Real Estate have taken over ownership of the troubled Banyan Cay Resort & Golf Club project in West Palm Beach, and landed a $75 million loan from the seller. Three entities managed by New York and Miami-Beach-based Witkoff’s co-CEOs Steve and Alex Witkoff obtained the mortgage from an affiliate of Los Angeles-based Calmwater Capital…
Steve Ross’ Related plans waterfront condo tower on Temple Israel site in West Palm
Related Companies is moving forward with plans for a luxury condo tower on the site of a waterfront temple in West Palm Beach. Related is proposing a 26-story, 140-unit building on the site of Temple Israel of West Palm Beach, at 1901 North Flagler Drive. The New York-based firm, led by billionaire founder and Chairman Steve Ross, will go before the city’s plats and permits review…
Video: KPMG Partner Roger Yang Discusses Firm’s 2023 Global CEO Outlook Survey
Roger Yang, Audit partner in KPMG’s Building, Construction and Real Estate practice, joins Michael Bull, CCIM to discuss their (KPMG’s) 9th annual CEO Outlook, which surveys CEO’s from over a dozen industry sectors. Discussions include growth outlook, generative AI, ESG, and renewed optimism for return to office. He noted that business leaders overall are confident with regard…
CRE Experts Round-Up: Top Retail Trends to Expect in 2024
In another edition of our annual tradition, we reached out to several CRE experts from around the country specializing in retail real estate across the country to provide their predictions and insights regarding what they expect to see within the retail market and upcoming trends moving into 2024. The overall expertise provided by the selected retail professionals are upbeat.
Adaptive Reuse Extends to Higher Education Real Estate Amid Online Learning Shift
The term “adaptive reuse” in real estate circles typically conjures images of repurposing old, obsolete commercial buildings. Meanwhile, academic buildings, administrative offices and other properties on college campuses rarely come to mind. But NAI has noted a growing need among higher learning institutions with vacant or underused assets, particularly as a result of growing online…
Vacancy rate for industrial real estate nationally exceeds 5% mark for first time in 12 quarters
The industrial vacancy rate for commercial real estate in the fourth quarter of 2023 surpassed the 5% mark for the first time since the third quarter of 2020, thanks to muted demand and a healthy rate of speculative construction completions, according to a report from real estate firm Cushman & Wakefield. Specifically, the industrial vacancy rate ticked higher by 60 basis points (bps) to 5.2%…
Industrial Cooldown Continues: Warehouse Vacancy Nationally Rises To Highest Level Since 2020
Average warehouse vacancy rates in the U.S. rose to 5.2% in the fourth quarter of 2023 with 156M SF of new space becoming available, another sign the formerly red-hot sector has chilled from its pandemic heights. Q4 marked the second-highest quarterly construction completion on record, helping push the vacancy rate past 5% for the first time since the onset of the pandemic…
U.S. Office Vacancy Breaks All-Time Record
Office buildings across the U.S. have more empty space than ever before, breaking records set during the real estate crashes of the 1980s and ’90s. Roughly 19.6% of office space in major American metropolitan areas was vacant at the end of the year, according to new data from Moody’s Analytics. That is up from 18.8% at the end of 2022 and higher than the previous record of 19.3%…
Lawmakers propose changes to Florida’s new affordable housing law
Florida lawmakers are looking to make changes to the new affordable housing law that would clarify the state’s overriding of local zoning laws and restricting the height of new projects. Sen. Alexis Calatayud filed Senate Bill 328, and Rep. Vicki Lopez is sponsoring the sister legislation in the Florida House that would ban counties and local municipalities from restricting floor area ratio…