The first YotelPad to land on the East Coast will be in Miami
Find studio, one and two-bedroom units, plus hotel rooms Yotel, a brand known for its cool micro hotels, is getting into residential units. The new concept is called YotelPad, and YotelPad Miami will be the first location to debut on the East Coast. YotelPad Miami will be located at 227 NE 2nd Street, and will offer 250 hotel rooms and 208 residential units above the hotel portion of the building.
It looks like party boy Thomas Kramer is on a losing streak. Months after lenders won Kramer’s Star Island mansions at auction, the South Beach developer’s personal items are now up for sale, too. Kramer’s lenders, Verena von Mitschke-Collande and Claudia Miller-Otto, won the $40 million bid in August for the properties at 4 and 5 Star Island Drive. Both are the daughters of the late Siegfried Otto, who…
David Arditi, Kuwaiti partner unveil new plans for Yotel project in downtown Miami
Aria Development Group and Kuwaiti company AQARAT are going residential with their Yotel development in downtown Miami. Four years after first launching plans for a Yotel tower on the site at 227 Northeast Second Street, the joint venture is unveiling YotelPad, a residential Yotel-branded project. The 30-story building will have 208 residential units and 250 Yotel “cabins.”
Related bids for Trump’s favorite lender
The subsidiary of Hudson Yards developer Related Companies already owns 8.2 percent of Ladder’s shares and would buy the remaining 91.8 percent under the proposed deal, taking the commercial real estate lender private. Ladder, a publicly traded real estate investment trust, has $5.9 billion in assets, CoStar reported. The firm is famous for lending…
Jack Stephens: Dreams of Tri-Rail service to Homestead and Aventura
Though the South Florida Regional Transportation Authority runs Tri-Rail, Jack Stephens isn’t out to compete with local transportation systems and does everything he can to support mobility in Miami-Dade, Broward and Palm Beach counties. Mr. Stephens’ personal mission of public service aligns with that of the authority. Just as he is driven to public service and integrity, the authority “will support…
Scott Robins and Philip Levine look to sell Sunset Harbour retail portfolio
Developer Scott Robins and Florida gubernatorial candidate Philip Levine recently listed their retail portfolio in Miami Beach’s Sunset Harbour neighborhood for sale, Robins confirmed. The seven-building portfolio, which spans 61,400 square feet of leasable space and 1.66 acres of land, includes the buildings at 1787, 1919, 1928 Purdy Avenue; 1900, 1916, 1930 Bay Road; and 1935 West Avenue…
Mitch Roschelle with PwC joins show host Michael Bull on America’s Commercial Real Estate Show to discuss the Tax Cuts and Jobs Act impact on the United States economy and commercial (and other) real estate. Among the topics discussed are the changes in tax rates and potential effects, GDP growth history and possible effects on GDP growth, potential effects on the housing market, of the tax reform…
City targets Watson Island land for future monetization
A request by the Miami Children’s Museum for more city-owned land on Watson Island so it can expand has met with some skepticism and opposition. The museum is asking for 26,599 more square feet on its southwest side to expand program space and provide a new entrance. The city commission would have to approve the land transfer, and the matter might end up on a ballot for residents to decide.
Miami-Dade looks toward a Center for Genetics of the Americas
Miami-Dade County might soon launch a study of how government could create a Center for Genetics of the Americas. The aim would be to develop a hub for the growth of both human and animal genetics here. A resolution to order Mayor Carlos Giménez to initiate the study comes today (1/18) before the county’s Parks and Cultural Affairs Committee. The sponsor is Commissioner Javier Souto.
Hotel rooms under construction in Miami decrease sharply
The number of hotel rooms under construction in Miami dropped sharply in December from the total of December 2016, mirroring a national decline. According to information from STR, a research firm that monitors the hotel industry across the nation, 20 hotels were in construction in Miami-Dade in December, totaling 2,982 rooms. The number of htoels under construction is down 20% from the prior…
David Beckham’s MLS Miami franchise reportedly will officially launch this month
That’s when the team name and preliminary uniform designs will be revealed Buckle in, Miami soccer fans, because the Miami Herald reports there will be a late-January official launch for David Beckham’s Major League Soccer team. That news conference will reportedly includes updates about the Overtown stadium on NW 8th Street, team name, and preliminary uniform designs. It’s been a long, bumpy…
Video: Reis Economist Barbara Denham on U.S. Office Property Sector Performance
Barbara Denham, Economist with Reis, joins show host Michael Bull on America’s Commercial Real Estate Show to discuss the office property sector’s performance for the first quarter of 2018 first. Some of the topics discussed by Ms. Denham include a recap of the prior year 2017, vacancy rates, the impact of the Tax Cuts and Jobs Act, occupancy rates, economic stimuli, and expactations for the year 2018.
Developer of Miami’s tallest tower taps firm to handle apartment leasing
Renters will be able to move into Miami’s tallest tower starting in March. Tibor Hollo’s Florida East Coast Realty just tapped Fortune Development Sales to take over leasing efforts at Panorama Tower. Rents at the luxury mixed-use building will average about $3 per square foot, ranging from roughly $1,500 for a 500-square-foot studio to $5,400 for a three-bedroom, 1,800-square-foot apartment…
Self-storage firm scores construction loan, breaks ground near Miami’s Overtown
An affiliate of the West Palm Beach-based real estate investment firm SROA Capital just scored a $9.5 million construction loan and broke ground on its planned self-storage facility near Miami’s Overtown, records show. Mutual of Omaha Bank provided the financing for the company’s planned 112,500-square-foot facility at 1020, 1030 and 1040 Sunnybrook Road. SROA Sunnybrook LLC paid $1.7 million…
Video: Barbara Denham, Economist at Reis, Submits Office Property Investment Forecast for 2018
Barbara Denham, Economist with Reis, a company providing structured, quality assured commercial real estate data, joins show host Michael Bull on America’s Commercial Real Estate Show to discuss the office property sector forecasts and investment opportunities for 2018. Some of the topics discussed are 2017 office investments review, interest rate level expectations, capitalization rate expectations…
North Miami board OKs plans for waterfront luxury condo – with conditions
Brickell Motors president Mario Murgado can move forward with his plans for a luxury condo building in North Miami. The North Miami Planning Commission recommended approval of his plans, with caveats, to build Biscayne Harbour, an 11-story, 52-unit development at Broad Causeway and Northeast 123rd Street at a meeting on Thursday. Nearby residents who oppose the project packed the…
The Weekly Dish: Rapper Pitbull unveils Ocean Drive restaurant & more
Pitbull’s new South Beach restaurant is set to open this summer on Ocean Drive. The international rap star and Miami native unveiled new renderings and plans for iLove305, a restaurant bar and nightlife concept at the former Bon Air Hotel, at 1060 Ocean Drive. Pitbull, whose real name is Armando Christian Perez, and Sugar Factory American Brasserie signed a lease with the Nakash family. The 9,000 sf…
Jamestown buys Publix-anchored shopping center in Doral
Jamestown just paid $71.6 million for a Publix-anchored shopping center in Doral developed by Terra, property records show. Jamestown’s Jamestown Doral Commons paid about $510 per square foot for the property. Cushman & Wakefield was the listing brokerage. Terra completed Doral Commons, a 140,000-square-foot, 18.3-acre retail plaza at 7550 Northwest 104th Avenue, in 2016.
Raising the roof: Will demand push industrial development to new heights?
As anyone in commercial real estate knows, industrial space is one of the strongest sectors thanks to e-commerce. But in a raw-space-starved region like South Florida, those looking to put more inventory on the market are expanding northward to Broward in addition to exploring new ideas to meet high demand, like going vertical. And with fierce competition for space, commercial brokers are urging…
Data’s in: Retailers had best holiday season since 2010
Results haven’t been this good since 2014, according to the Wall Street Journal, with sales rising for fourth month in a row in December. Of course it’s practically a given that online sales rose more than in-store sales, and some retailers saw dips instead of hills, most notably department stores, but building materials stores saw an…
South Florida firm buys 15 Wendy’s restaurants with $26.5M loan
A South Florida firm bought 15 Wendy’s restaurants in Florida and financed the acquisitions with a $26.5 million bank loan. Coral Gables-based Gold Coast Holdings Restaurants used the loan from TD Bank to acquire Wendy’s franchise units in Lake, Marion, Putnam, St. John’s and Volusia counties. Gold Coast also bought the real estate where 12 of the 15 Wendy’s restaurants are located.
Planned redevelopment of former INS building in Miami draws $26M loan
Developers planning to redevelop a former home of the U.S. Immigration and Naturalization Service (INS) in Miami borrowed $26 million to finance the project. Three entities managed by Ye Zhang… borrowed the money from an affiliate of Madison Realty Capital. In 2013, the developers paid $12.5 million for the former INS location at 7880 Biscayne Boulevard, which the federal…
Jeffrey Soffer in talks to buy Mardi Gras Casino and Race Track
Jeffrey Soffer, whose family property portfolio includes Aventura Mall and the Fontainebleau Resort in Miami Beach, is negotiating to acquire the Mardi Gras Casino and Race Track in Hallandale Beach. But Soffer dismissed the possibility of transferring the Mardi Gras property’s casino license to the Fontainebleau, even though the Soffer family has wanted to bring a casino to the Miami Beach resort.
Former Raleigh Hotel owner describes fraud allegations as “character assassination”
Real estate investor David Brillembourg categorically denied explosive allegations that former Raleigh Hotel investor Luis A. Benshimol leveled against him in both state and federal court. A representative for Brillembourg, who runs Bri Capital, called the suits an effort “at character assassination” by a “disgruntled investor” using “demonstrably false allegations.” Benshimol has sued Brillembourg twice…
Turnberry and others top list of campaign donors in Miami-Dade
The six Miami-Dade County commissioners seeking reelection this year have received tens of thousands of dollars from major developers in the area, according to the Miami Herald. At the top of the mound of donors? Aventura Mall owner Turnberry Associates, led by Jackie and Jeffrey Soffer, Triple Five, the developer behind the planned American Dream Miami mega-mall, and GL Homes. Together, the…
How Millennials Influence Commercial Real Estate
Millennials often get a bad rap. Essentially, they’re blamed for a lot – from the over-reliance on cell phones to the over-abundance of coffee shops to an over-abundance of working remotely. Millennials, many Boomers and Gen-Xers believe, have changed everything. A more accurate assessment is that because of Millennials – and, to some degree, Generation Z – the nation, the world, and the way we…
Miami-Dade’s industrial market finished strong in 2017: CIASF report
Pent up demand for Class A industrial space in South Florida drove up the total dollar volume of sales by 12 percent in 2017 compared to the previous year, according to a First Quarter 2018 report by the Commercial Industrial Association of South Florida. Last year, nearly 5.3 million square feet of industrial warehouse space changed hands totaling $418.7 million. The square footage was 21 percent more than…
Commercial Real Estate Finance Council 2018: Amazon, retail bankruptcies, Trump tax law and more
Shifting trends in retail, blockchain technology, the effect of the Trump administration and CMBS trading were top of mind this week at the Commercial Real Estate Finance Council Miami 2018 conference in Miami Beach. Many real estate finance industry insiders said Trump’s impact on the commercial real estate industry is positive, but warned of his dangerous rhetoric. The White House’s tax bill will…
Delayed $3B Brightline project to launch service this weekend
All Aboard Florida’s high-speed rail is set to finally launch to the public this weekend. Brightline, the service that will eventually link Miami to Orlando, has been long awaited by the local development and tourism industries. Service between Fort Lauderdale and West Palm Beach will begin operating first, on Saturday, about six months behind schedule. The downtown Miami station is expected to launch…
Historic Art Deco building to stay at Paul Cejas’ development
Former U.S. Ambassador Paul Cejas and his wife Gertie will have to revamp their plans for a new mixed-use project on a prominent corner of Washington Avenue in Miami Beach. On Tuesday, the Miami Beach Historic Preservation Board delayed a vote on the proposed project by 420 Lincoln Road Development LLC – a company controlled by the power couple – so that a 2-story apartment building designed…
I need my space: Is the office densification trend over?
Could the era of squeezing more and more workers into every square foot of office space be coming to an end? “Densification” has been the word on the tips of dealmakers’ tongues in the office market in recent years as tenants switched from layouts focused on individual offices toward more open plans requiring less space. But that trend may be reversing. Tenants that inked deals in new construction…