Coastal Construction Group, one of the largest general contractors in the Southeast, has announced the topping-out of the highly anticipated Event Campus at The Concours Club, the exclusive, members-only motorsport and luxury lifestyle resort. The Concours Club is located at One Concours Way within the Miami-Opa Locka Executive Airport, minutes from the heart of Miami.
Naranja Grand Starts First Phase of Construction In Miami-Dade County’s Leisure City
In 2022, Housing Trust Group (HTC) proposed Naranja Grand, a two-building affordable housing complex in Miami-Dade County. Now, nearly two years after the initial proposal, the general contractor has broken ground on the first phase. The 117,000-square-foot apartment complex will offer 120 residences reserved for adults 55 years and older. Residency would be reserved…
154-Unit Luxury Rental Building Planned In Wynwood Under Live Local Act
Real estate firm Clara Homes has closed on the purchase of a Wynwood property where it plans a luxury apartment building under Florida’s Live Local Act. Clara paid $7.7 million for a 17,000-square-foot site at 2601 NW 6th Avenue, or $450 per square foot. Seller financing was provided at 5%, and a sale leaseback for at least a year to a year and a half was also part of the…
Mayor To Hold Press Conference On $7B In Capital Improvements Planned At Miami International Airport
Miami-Dade County Mayor Daniella Levine Cava will hold a press conference tomorrow to discuss significant investments at Miami International Airport. The mayor will provide an update on $7 billion in capital improvements and $1.7 billion in maintenance upgrades planned at MIA. An update is also planned on the repair and reopening of the Concourse D Skytrain people mover…
Gencom Retakes Majority Ownership of Ritz-Carlton Key Biscayne Hotel in Miami, Plans $100M Overhaul
Gencom has retaken the majority ownership of Ritz-Carlton Key Biscayne, a 291-room hotel located at 455 Grand Bay Drive in Miami’s barrier island of Key Biscayne. The locally based company developed the 17-acre resort in 2000 and later sold the majority stake to a privately held REIT in a three-property portfolio deal valued at $750 million. Ritz-Carlton Key Biscayne includes…
Back to Gencom: Brookfield sells its majority stake in Ritz-Carlton Key Biscayne
Brookfield Asset Management sold its majority stake in the Ritz-Carlton Key Biscayne back to Gencom, which now has full ownership of the waterfront resort. Karim Alibhai’s Gencom, a Miami-based hotel investment firm, had previously owned about one-third of the property at 455 Grand Bay Drive in Key Biscayne. Gencom sold two-thirds of the resort to Carey Watermark…
Miami-Dade aviation lands parking lot, car rental facility near MIA for $45M
Miami-Dade County Aviation Department landed a Park ‘N Fly and car rental facility near Miami International Airport. The aviation department paid $45 million for the 198,500-square-foot, two-building facility spanning 11.5 acres at 2800 Northwest 39th Avenue in unincorporated Miami-Dade, east of the airport, according to records. An entity led by Michael and Ronald Simkins…
Seagis Lands $122M in Financing for Industrial Portfolio Including Miami-Dade, Broward Properties
The Seagis portfolio includes assets in New Jersey, New York City and South Florida. Image courtesy of JLL The Seagis portfolio includes assets in New Jersey, New York City and South Florida. Image courtesy of JLL The Seagis portfolio includes assets in New Jersey, New York City and South Florida. Image courtesy of JLL Seagis Property Group LP has landed a $122 million loan for the…
Jeffrey Soffer renews push for gambling at the Fontainebleau Miami Beach
Jeffrey Soffer is placing more political bets on scoring a casino for his oceanfront resort in Miami Beach. The Aventura-based billionaire developer, whose Fontainebleau Development owns the Fontainebleau Miami Beach, spread more than $300,000 in contributions to the Republican Party of Florida and political action committees supporting Florida legislators in recent months, according…
UNCG And Vertical Developments Propose 27-Story Condo-Hotel At 445 NE 36th Street In Miami
Urban Network Capital Group (UNCG) and Vertical Development have filed plans for a condo-hotel development to be reviewed by the city’s Urban Development Review Board on January 17. The project, strategically located between Miami Design District and Edgewater, involves a 19,292-square-foot site at 445 and 455 Northeast 36th Street and extends to 3618 and 3630 Northeast…
UNCG And Vertical Development Propose 27-Story Condo-Hotel At 445 NE 36th Street In Miami
Urban Network Capital Group (UNCG) and Vertical Development have filed plans for a condo-hotel development to be reviewed by the city’s Urban Development Review Board on January 17. The project, strategically located between Miami Design District and Edgewater, involves a 19,292-square-foot site at 445 and 455 Northeast 36th Street and extends to 3618 and 3630 Northeast.
Urban Network Capital proposes 27-story condo-hotel in Miami’s Edgewater
Urban Network Capital Group wants to build a 27-story condo-hotel at the foot of the Julia Tuttle Causeway in Miami’s Edgewater neighborhood. The Coral Gables-based firm proposes a 180-unit project with 7,300 square feet of retail on a half-acre property on the northwest corner of Northeast 36th Street and Northeast Fifth Avenue, according to an application filed to the city…
Developers Propose 21-Story Condo/Hotel for 445 NE 36th Street in Miami
Two developers have proposed a 21-story hotel/condo in Miami-Dade County. Urban Network Capital Group (UNCG) and Vertical Development hope to get approval for an unnamed high-rise that would offer 180 rooms, measuring about 400 square feet to 2,130 square feet each. Our sources indicate that floorplans include studios, junior suites, one-bedroom suites…
462-Unit Tower At Trinity Cathedral Site Will Be Rental Apartments
The developer planning a 42-story tower at the Trinity Cathedral property has revealed additional details on the development, according to the SFBJ. The report said that a 99-year lease has been agreed to by the Diocese of Southeast Florida, allowing the new tower to be built while preserving the historic church on the property. According to plans filed with Miami-Dade Planners…
$225 Million High-Rise Development to Go Up on Trinity Episcopal Cathedral Site
A 42-story multifamily tower will go up next to the historic Trinity Episcopal Cathedral. Positioned at the base of the Venetian Causeway, this ambitious project in collaboration with Key International signifies a continuing trend of redevelopment for religious sites in South Florida. The proposed tower is set to occupy the vacant section of the Trinity Episcopal Cathedral lot at 515…
Kushner Cos. Approved To Build Apartments With A Synagogue In Surfside
Kushner Cos. got the go-ahead from the Surfside Town Commission to build an 87-unit luxury apartment building at 9300 Collins Ave. north of Miami Beach. The plans from New York-based Kushner include a 1,185 SF synagogue that will allow the property to be classified as mixed-use, a designation that the developer needed in order to build a 184-space underground parking…
Kushner scores approval for luxury apartment project in Surfside
The Surfside commission gave Kushner Companies its blessing for a planned luxury apartment development that’s expected to include a synagogue. New York-based Kushner plans a nearly 90-unit residential project with a roughly 1,200-square-foot community or religious center on the 2.9-acre site at 9300 Collins Avenue. The commission voted 3 to 2 to pass a resolution approving…
Longpoint pays $30M for six industrial buildings in Doral and near Medley
Fresh off making last year’s biggest South Florida industrial purchase, Longpoint Partners picked up six more Miami-Dade County warehouses for $30 million, The Real Deal has learned. Boston-based Longpoint purchased three facilities at 8440, 8450 and 8615 Northwest 64th Street near Medley, and three industrial buildings at 1900, 2000 and 2090 Northwest 133rd Avenue in Doral…
Tri-Rail, Brightline, Metromover & Metrorail All Now Operating At MiamiCentral
MiamiCentral now has four different types of train services either within the complex or directly connected. Over the weekend, the first ever Tri-Rail trains began carrying passengers to MiamiCentral. A pedestrian bridge connecting MiamiCentral to Government Center opened on Friday. Passengers can connect to the Metromover or Metrorail (there’s also a Metrorail connection…
2023 May Have Been The Safest Year Ever Recorded In Miami
Miami recorded a significant drop in decline again last year, with numbers so low that they may have broken records, according to CBS News. There were just 31 homicides recorded during the entire year, compared to 52 in 2022. It is the lowest since records began in 1947. By comparison, Miami saw over 200 homicides in 1980 despite having a much smaller population then.
Southplace City Center in Cutler Bay fast-tracks 5- to 7-year buildout
Southplace City Center is underway to deliver residential units, updated shopping options and a hotel. The total buildout is likely to be five to seven years, though developers expect the first residential building to welcome residents in 24 to 30 months. Southland mall in Cutler Bay is to be replaced by the Southplace City Center, a project that will include housing, dining and stores.
Miami Office Tenants Search For Value While Shrinking Footprints
Miami’s office market continued to tighten in the fourth quarter, but the pandemic-era growth has given way to a more modest expansion. Total availability at the end of the year was 20.5%, down 170 basis points from last year and 130 basis points below 2019 levels, before the pandemic spurred a wave of activity in Miami, according to CBRE. Rent growth was flat in the fourth…
Bal Harbour Officials Vow To Fight Plan For Residential Towers At Luxury Shops
A battle is brewing between the owner of the Bal Harbour Shops and local officials in its namesake neighborhood over a plan to build four towers at the luxury shopping destination. Members of the Bal Harbour Village Council expressed dismay over the proposal from Whitman Family Development to add a 70-room hotel and 600 residences at the mall by leveraging the Live Local Act….
Consumer spending spurs Miami economy
For the past year, consumer spending has had more strength and momentum in South Florida’s economy, and that is expected to continue this year. Even though, the increases in interest rates last year certainly put a dent in some areas, consumer purchasing is going to continue to maintain growth, said Dr. Manuel Lasaga, a clinical professor in the Department of Finance…
Long-sought Ludlam Trail two years away
Ludlam Trail, a 5.6-mile multiuse non-motorized recreational shared-use path, is moving toward the design of its recreational portion, with construction anticipated to start in the fall of 2026. As stated on the Miami-Dade website, the Ludlam Trail corridor is to run “between 400 feet north of Northwest Seventh Street and Southwest 80th Street between 69th and 70th avenues, within the former…
The Weekly Dirt: Live Local battle heats up
The owner of Bal Harbour Shops filed plans to build 275-foot towers on the property using the state’s new affordable housing legislation.
Whitman Family Development revealed the expansion plans this week, causing an uproar among some village residents. The owner of the ultra-luxury mall has long pursued a height increase for the 18-acre property, once the only destination for high…
$38.5M Sale of Industrial Portfolio in Miami Brokered
JLL has brokered the $38.5 million sale of Milpa & Wesley Center, an industrial portfolio located at 6801-7500 N.W. 77th Ave. in Miami. The property, which was 91 percent occupied at the time of sale, comprises 182,575 square feet across six buildings. Cofe Properties LLC sold the portfolio to Miami Palmetto Property LLC, an entity co-sponsored by East Capital Partners and ABR Capital…
Clara Homes Closes On $7.7 Million Development Site At 2601 NW 6th Avenue In Wynwood
Miami-based real estate development firm Clara Homes, founded by James Curnin, has announced the closure of a $7.7 million deal for a residential development site in Miami’s Wynwood neighborhood. The site at 2601 Northwest 6th Avenue spans 17,000 square feet and is planned for a 154-residence luxury rental building dubbed Clara Wynwood. The building, designed by architect Kobi Karp…
The Restoration of La Palma in Coral Gables; The Return of a Piece of the City’s Historic Fabric
In 1924, the Cla-Reina/La Palma Hotel opened as one of the first hotels in Coral Gables. Designed by H. George Fink, a cousin of Coral Gables founder George Merrick and one of the city’s architectural stars, the building is an example of the small-scale, Mediterranean-influenced design that established the style and appearance of the Gables. Today, it is one of the last of the original…
Elev8 Fun to Replace Kohl’s at 1275 N.W. 107th Avenue in Miami
Kohl’s once dominated the department store landscape before the advent of online shopping. Now, the chain is closing dozens of stores––including its location at the Miami International Mall in Doral. The store’s website notes that the store will officially close on January 13. Our sources indicate that Elev8 Fun would occupy the 110,000-square-foot, one-story building.
Drivers License Data: Miami Growth Continued In 2023
Miami-Dade continued to grow in 2023, according to drivers license exchange data. The Miami Association of Realtors analyzed Florida Highway Safety and Motor Vehicles data for the report. Overall, the number of drivers exchanging their out-of-state or overseas license for one from Florida rose 15.9% in Miami-Dade in 2023 compared to 2022. Drivers license exchanges for those…
Signature Bridge: Demolition Of I-395 Bridges Set To Begin
Demolition of the old I-395 bridges will begin shortly as part of Miami’s Signature Bridge project, according to a presentation released yesterday (pdf). Demolition equipment will be mobilized during the week of January 15. Demolition of the first section is scheduled to begin the week of January 22. Completion date for the overall project remains late 2027, with a budget of $840 million.
Pier 5 Opens Today At Bayside With Food, Entertainment, & Miami’s Largest Bar
Pier 5 is holding a grand opening beginning today and running through the weekend at Bayside Marketplace in Downtown Miami. The venue is being opened by the creators of The Wharf, which closed for construction of a massive new complex on the property. A total of three bars are planned at Pier 5. The largest will have over 200 feet of bar space, which is said to be the biggest in Miami.
“A screeching halt”: South Florida retail construction drops off
In the fourth quarter of last year, newly completed retail construction was virtually zero in many of South Florida’s most well-known retail submarkets, according to a recent report. Downtown Fort Lauderdale, downtown West Palm Beach and Miami neighborhoods such as Wynwood, the Design District and Brickell had no new retail completions during the final three months of last…
South Florida developers tap world-renowned architects. Here’s a map of their projects
South Florida has long attracted celebrities and wealthy investors from across the globe. Now, developers are increasingly hiring the world’s preeminent architects, from Japan to Uruguay, to lend an extra dose of beauty and creativity to their projects. Though it’s not a new phenomenon, more and more international firms — and a number of major U.S. architects, including some…
GCF Development Secures $133 Million Refinance Loan for Hollywood Circle At 1776 Polk Street
GCF Development, a national real estate development firm led by Chip Abele and Peter Jago, has successfully secured a refinancing loan of $133.5 million for Hollywood Circle, a mixed-use project approximately 1 million square feet in size, designed by CFE Architects. Located at 1776 Polk Street in Hollywood, FL, the property was refinanced through Deutsche Bank USA. Jay Miller…
Chip Abele’s GCF lands $133M refi for Hollywood Circle mixed-use building
GCF Development landed a $133.5 million refinancing for a completed mixed-use project in downtown Hollywood. Deutsche Bank USA refinanced an existing $117.5 million debt it held on the Hollywood Circle development and increased the loan by $15.9 million, according to records. The deal comes amid an active South Florida real estate financing market. Construction loan and refinancing…
The Villages at Oakland Park Proposed for 2301 Northwest 26th Street in Oakland Park
Two developers are spearheading an affordable housing venture in Broward County. The Urban League of Broward County and the Harris Chapel United Methodist Church want to move ahead with the Villages at Oakland Park, a mixed-use housing development on a 19.4-acre plot. The parcel is presently under contract from Broward County Public Schools. Per the South Florida Business…
Chip Abele, partners win approval for waterfront Fort Lauderdale condo project
GCF Development and its partners won Fort Lauderdale approval to build Ocean Harbor, a 20-story, 36-unit condominium along the Intracoastal Waterway. The planned project, at 3013 and 3019 Harbor Drive, was approved by the Fort Lauderdale City Commission on Tuesday. GCF is developing Ocean Harbor together with Vertical Developments, led by Fernando de Nunez…
Broward buys Fort Lauderdale dev site for police crime lab, medical examiner’s office
Broward County bought a commercial building in Fort Lauderdale, with plans to replace it with a new police crime laboratory and medical examiner’s office. Broward dropped $18.5 million for the two-story, 133,300-square-foot office building at 2000 West Commercial Boulevard, according to records and real estate database Vizzda. An affiliate of Brooklyn-based Center for Allied Health…
Meyers Accesso buys office building at Park at Broken Sound in Boca Raton for $25M
Meyers Accesso scooped up an office building within the Park at Broken Sound mixed-use development in Boca Raton. Alchemy-ABR Investment Partners sold the three-story The Atrium at Broken Sound at 6111 Northwest Broken Sound Parkway for $25 million, according to records and real estate database Vizzda. The buyer took over the seller’s existing $15.9 million debt on the property.
Savanna proposes second West Palm Beach residential tower
Savanna began the review process this week for its second West Palm Beach residential development. The New York City-based developer is proposing a 369-unit apartment building at 1830 North Dixie Highway. Savanna met with the West Palm Beach Plans & Plats Review Committee on Thursday, and the project will next be reviewed at the city’s March Planning Board meeting. The proposed…
Fanjul family’s Florida Crystals buys 1,600 acres in Palm Beach County
The Fanjul family’s Florida Crystals bought 1,626 acres of agricultural land in western Palm Beach County. The West Palm Beach-based sugar cane giant paid $15.7 million for the swath of land that’s east of U.S. Highway 27 in unincorporated Palm Beach County, near South Bay, according to records and real estate database Vizzda. An entity tied to The King Realty Company, led by Kristopher…
Construction lending swells in South Florida, bucking the national trend. Here’s why
South Florida developers scored a surge of more than $1.2 billion in construction loans in recent weeks, in stark contrast to other top regions across the country. The financing comes even as high interest rates and soaring insurance premiums have held new developments hostage. Much of the recently secured financing is for condo towers and some mixed-use projects. Another $1 billion…
Video: MSCI Real Asset Chief Economist Jim Costello Discusses U.S. Capital Trends
MSCI Real Asset’s Chief Economist Jim Costello joins America’s Commercial Real Estate Show to discuss trends in the debt market, including upcoming maturities, transaction volume, and thoughts on interest rate increases or decreases. This covers topics discussed in his recent article 2024 Trends to Watch in Real Assets. The conversation begins with a focus on the upcoming…
2023 U.S. Apartment Market By the Numbers
Supply and demand constituted the primary storylines of 2023’s multifamily industry. The final quarter of 2023 marked a considerable rebound in apartment demand – but that still wasn’t strong enough to keep pace with massive amounts of new supply. Some 129,015 units delivered across the top 150 markets tracked by RealPage Market Analytics in 2023’s 4th quarter. That pushed…
The Fed’s Beige Book Finds Slow Growth, Steady Prices
The Southeast’s economy grew slowly from mid-November through December as most companies generally held consumer prices steady, according to the new Beige Book report from the Federal Reserve Bank of Atlanta. The holiday shopping season yielded mixed results for retailers, the Beige Book shows. Instead of an alarming pullback, contacts said consumer spending continued…
Lawmakers Mull Major Changes To Landmark Live Local Act
Proposed changes to Florida’s Live Local Act, which changed the landscape for housing development in the Sunshine State, are under consideration in the state legislature that would smooth out ambiguities in the law that have been used to push back on proposals. They would also tighten rules around project heights and the types of sites that qualify under its provisions. The amendments…
Grant Cardone is 10X mad at his onetime pal, former T-Mobile CEO John Legere. In June of last year, Legere called Cardone “the biggest bullshit artist on the planet” and other alleged slanderous insults during an online group chat that was widely circulated on social media platforms, according to a recently filed lawsuit. Cardone, who leads Aventura-based Cardone Capital, sued Legere…