Mormon church’s real estate arm drops $174M for Beacon industrial park in Hialeah
The Church of Jesus Christ of Latter-day Saints’ commercial real estate arm dropped $174.3 million for the Beacon Logistics Park in Hialeah. Property Reserve, which invests the LDS church’s reserve funds, bought the majority of the 1.3 million-square-foot industrial campus on the northeast corner of Northwest 107th Avenue and Northwest 145th Place from Codina Partners…
8-Story Mixed-Use Development Is Proposed For 24735 S Dixie Highway in Miami-Dade’s Princeton Area
M&R Enterprizes 1 L.L.C, led by Rosa A Garcia and based in Homestead, Florida, has submitted an application for administrative site plan review (ASPR) for a new mixed-use development. This project is located at 24735 South Dixie Highway, at the northwest corner of Southwest 134th Avenue and Southwest 248th Street in Princeton, Miami-Dade County. Designed by Edward Silva…
Berkadia Arranges $36M Refi for Cooper City Senior Housing
A Monterra Commons balcony view of community amenities. Image courtesy of Monterra Residences Monterra MF, LLC has landed a $36 million refinancing loan for its 175-unit active adult community in Cooper City, Fla. A 10-year, fixed-rate loan with full-term interest-only and a 60 percent loan-to-value ratio was provided by an undisclosed major life company on behalf of the property.
More litigation likely over Coconut Grove Playhouse
The long and winding legal road to restore the Coconut Grove Playhouse is expected to take another turn as Miami-Dade County tries to appeal the City of Miami zoning board’s decision to deny its request for a demolition permit. After the City of Miami’s Planning, Zoning and Appeals Board granted an appeal filed by Coconut Grove residents to deny the county’s demotion…
38-story Edgewater residential tower to have a floor of offices
A new mixed-use residential development is planned for a site in the Edgewater neighborhood of Miami. The developer is 2900 Terrace Owner LLC, which plans to build the project at 401 NE 29th St. The plan calls for a 38-story tower containing 324 dwellings, 22,354 square feet of offices, 13,108 square feet of commercial use, and 515 parking spaces. The site plan also shows construction…
Tourist mecca Miami Beach weighs a hotels moratorium
Miami Beach, the county’s visitor magnate for a century, is considering a moratorium on adding hotel rooms. A discussion headed to the city commission’s Land Use and Sustainability Committee is to weigh repeal of floor area ratio incentives for hotel developments, a cap on hotel rooms based on zoning districts, and a recently enacted New York model for addressing the limits…
County floats bonds for Royal Caribbean headquarters
Some $455 million in Miami-Dade County Seaport Revenue Bonds that will help fund new county-owned facilities at PortMiami that include a new office campus for Royal Caribbean Cruise Ltd., the globe’s second-largest cruise carrier, are floating on a high bond rating. Fitch Ratings, one of a handful of firms that rate the strength of municipal bonds, has given the bonds an A…
Developer Seeks Design Approval For 5-Story Condo Project At 1940 Bay Drive In Miami Beach
1940 Apartments LLC, a Sunny Isles Beach-based entity led by Erwin Sredni, Jonatan Sredni, and Scott Albus, has submitted plans for a transformative 5-story multi-family residential project at 1940 Bay Drive in the Normandy Isle area of Miami Beach. Envisioned by Revuelta Architecture International, with Gardner + Semler taking the helm for landscape architecture, the proposed…
Dollar Tree Opens Three New Stores in South Florida
Dollar Tree has opened three new stores in South Florida. The retailer now occupies 13,500 and 14,000 square feet in Hialeah and Miami, respectively. Dollar Tree has also opened a 9,000-square-foot store in West Palm Beach. Additionally, the retailer is currently underway on the development of two stores in Sunny Isles Beach and Lauderhill, Fla. Steve Miller of The Rotella Group…
Melo Group Boosts Density For 1700 Biscayne Property In Miami’s Arts & Entertainment District
Melo Group has recently expanded the development potential of its property at 1700 Biscayne Boulevard in a significant transaction. The developer is now authorized to construct 2,471 residential units on this property, marking a substantial increase from the previously allowed 1,518 units. This enhancement in development capacity comes from acquiring rights for an additional…
Hotel sales still hot: Days Inn near Miami International Airport trades for $18M
A Massachusetts-based hotelier picked up a Days Inn by Wyndham near Miami International Airport for $17.7 million, amid a rash of year-end hotel sales. An affiliate of Global Vision Hotels, a hospitality-focused real estate investment firm in Wellesley Hills, Massachusetts, picked up the 103-room property at 7250 Northwest 11th Street, records show. The deal breaks down…
Menesse Brickell to Offer 300 Luxury Residences at 143 Southwest Ninth Street in Miami
Florida YIMBY has learned that developer Menesee Brickell LLC has refinanced Menesse Brickell, a high-rise venture in Miami. The 39-story project will measure 426 feet tall, offering 400 residences and 415 parking spots. There will also be 19,000 square feet of outdoor space. The Next Miami reports that the luxury housing development will also offer various amenities, although we’re…
Little Treasures in the Gables; The Enduring Charms of the City’s Small-Scale Historic Buildings
Coral Gables has its share of grand architectural showstoppers: The Biltmore Hotel and City Hall, certainly, but also the Colonnade Building, Coral Gables Congregational Church, Coral Gables Preparatory Academy, and others too numerous to mention here. But what of the lesser-known architectural gems, the “little treasures” that are essentially hiding in plain sight on some…
Developer Proposes AMC Park Apartments for 12501 SW 236th Street in Homestead
AMC Development Group has submitted revised plans for an apartment complex in southern Miami-Dade County. Originally, AMC Park apartments was to comprise 512 units. However, the developer is requesting fewer units after getting feedback from county officials. The new proposal calls for 248 apartments, ranging from 682 square feet to 944 square feet each. There would be…
Century Homebuilders, Treo buy 12-acre Homestead mixed-use dev site
Century Homebuilders Group and Treo Group bought an 11.6-acre development site in Homestead. The developers paid $10.5 million, or nearly $906,000 per acre, for the land between South Homestead Boulevard and South Krome Avenue, and between Southeast Fourth and Sixth streets, according to records and real estate database Vizzda. The site’s address is 503 South Krome…
1st Phase of ANF Group’s Affordable Goulds Project Tops Out
The topping out ceremony for Southpointe Vista. Image courtesy of ANF Group ANF Group has topped out a 10-story, 124-unit multifamily building at Southpointe Vista, a 332-unit, two-phase affordable housing project being developed by McDowell Housing Partners in the Goulds section of Miami. Construction on the building began in the first quarter of 2023…
Ben Mandell’s Tricera, partners buy Doral office building for $29M
ricera Capital bought The Offices at Doral Square for $28.5 million, The Real Deal has learned. Tricera, led by Ben Mandell, and its partners purchased the eight-story office building at 8600 Northwest 36th Street and adjacent three-story garage in Doral from Bridge Investment Group, according to a memo Tricera sent to its investors, obtained by TRD. Salt Lake City, Utah-based Bridge…
Ares buys self-storage facility near Aventura for $20M
An affiliate of Los Angeles-based Ares acquired a two-story building at 19301 West Dixie Highway, records and Vizzda show. The deal breaks down to $176 per square foot. Sitting on 2 acres, the 100,588-square-foot facility was completed in 2019 and is currently leased to Storage King. The seller, an affiliate of Hallandale Beach-based Snapbox Self Storage, paid $18 million…
Yair Levy’s failed heist of Miami’s jewelry district crown
After 50 years in the same spot inside the Seybold Building, the premier gemstone retail center in downtown Miami, jeweler Howard Steinlauf was ready to venture into a new space. Yair Levy, a developer banned for life from selling condos and co-ops in New York, was also looking for a fresh start. In 2018, he and his partners paid $14.5 million for Metro Mall at 1 Northeast 1st Street…
Frito-Lay sells Medley distribution facility for $17M
The Easton Group bought a Medley distribution center used by Frito-Lay, which will temporarily remain a tenant at the building. Doral-based Easton paid $16.8 million for the property at 12850 Northwest 113th Court, according to a company news release and records. Plano, Texas-based Frito-Lay, a subsidiary of PepsiCo, was the seller. Easton borrowed $9 million from Grove…
A pair of development firms scored a $47.3 million construction loan for a five-story office building in Miami Beach’s South of Fifth neighborhood. Bizzi+Bilgili — a partnership between Bizzi & Partners and Turkish investor Serdar Bilgili — and Sumaida + Khurana are developing The Fifth Miami Beach. Former Google CEO Eric Schmidt is a partner in the project. The 60,200 sf…
Lease roundup: Mini-golf venue in Wynwood, Dollar Store seal retail deals
Puttery, a mini-golf provider backed by professional golfer Rory McIlroy, will open an outpost in Miami’s Wynwood. Puttery will offer three nine-hole golf courses across 17,800 square feet at 239 Northwest 28th Street, according to the company’s website and a news release. The outpost, which is expected to open this month, will include two bars and dining options. Records show New York…
Biggest South Florida real estate news of 2023
Soccer superstar Lionel Messi and Amazon founder Jeff Bezos moved to Miami in 2023, creating two major stories that dominated headlines around the world. The real estate market was somewhat insulated from headwinds facing other parts of the U.S. But higher interest rates, construction costs and insurance premiums kept deal volume low across sectors. Still, a number…
Faropoint drops $25M for Opa-locka industrial portfolio
Faropoint picked up an Opa-locka industrial portfolio for $24.6 million. An affiliate of Hoboken, New Jersey-based Faropoint acquired three single-story buildings spanning 142,415 square feet at 12900-13001 Northwest 38th Avenue, records and Vizzda show. The deal breaks down to $173 per square foot. The seller, an affiliate of Newport Beach, California-based The O’Donnell Group…
How South Florida Developer David Martin plans to deliver the biggest project of his career
Developer David Martin is good at a lot of things. Time management, however, is something he’s still working on. During an interview with The Real Deal, Martin took a conference call from Douglas Elliman Florida CEO Jay Parker and four others. Elliman needed to have its commissions paid before the end of the year. “Get that processed fast,” Martin urged an employee.
Miami Shores Home Rule Under Fire
Miami Shores Village is once again struggling to fend off high-density developments from entering its boundaries, although this time the will of the voters may not be enough to stop the clock. Mayor George Burch has grown increasingly concerned over higher governments preempting the village’s local zoning regulations. The state’s Live Local Act took effect in July 2023, right on the…
New York hospitality group pushes opening date for Catch Miami Beach
A fine dining restaurant that was originally slated to open in Miami Beach this fall will likely get its debut next year. New York-based Catch Hospitality Group updated its website to notify customers that the company’s seafood restaurant Catch is coming in 2024. When ready, Catch Miami Beach will open in the city’s affluent South of Fifth neighborhood at 200 South Pointe Drive.
Waterfront Food and Drink Venue Pier 5 Coming to Bayside Marketplace
Listen, we know you miss The Wharf Miami, and although the beloved spot is closed, Pier 5 is set to bring back the waterfront entertainment vibe to downtown Miami at Bayside Marketplace. The venue will host a weekend-long official grand opening starting Thursday, January 11. Pier 5, a new outdoor entertainment and food venue, is the brainchild of Breakwater Hospitality…
SEC Freezes Assets Of Developer Rishi Kapoor, Says He Defrauded Investors Of Millions
Embattled developer Rishi Kapoor, whose growing list of controversies ensnared Miami Mayor Francis Suarez, swindled investors and bankrolled a lavish lifestyle with misappropriated funds, according to a lawsuit filed by the Securities and Exchange Commission and unsealed in federal court this week. The SEC alleges that Kapoor committed seven violations of securities laws…
SEC charges: Rishi Kapoor and Location Ventures defrauded investors
Rishi Kapoor is in deeper trouble. Last week, the U.S. Securities and Exchange Commission sued Kapoor, his former firm, Location Ventures, and its subsidiaries and affiliates, for allegedly defrauding more than 50 investors who contributed $93 million for his real estate projects. The civil lawsuit, filed Dec. 26 in Miami federal court, is the culmination of a year-long SEC investigation…
Bank OZK has provided a $220 million construction loan for Phase I of FAT Village, an 835,000-square-foot mixed-use development in Fort Lauderdale’s Flagler Village neighborhood. Plans for Phase I include 601 multifamily units, 180,000 square feet of creative office space and more than 70,000 square feet of retail space, including food-and-beverage offerings, shopping, entertainment…
Hines Lands $220 Million Construction Loan For First Phase Of FAT Village In Fort Lauderdale
In a landmark development for Fort Lauderdale’s urban fabric, a groundbreaking mixed-use project in the downtown area has recently obtained a substantial $220 million construction loan. This crucial funding, provided by Little Rock, Arkansas-based Bank OZK on December 26, is set to support FAT Village Project LLC, a Houston-based real estate development company…
Hines Lands $220M To Build Fort Lauderdale’s First New Office Since 2021
A joint venture led by Hines secured a $220M loan to build a mixed-use project that will include the only office space under development in Fort Lauderdale. The mortgage from Arkansas-based Bank OZK will finance the first phase of FAT Village, a 5.6-acre development in Flagler Village. The project from Houston-based Hines and Urban Street Development will include a 180K SF office…
Hines, Urban Street snag $220M construction loan for Fort Lauderdale mixed-use project
Hines and Urban Street Development scored a $220 million construction loan to build the first phase of a mixed-use project in downtown Fort Lauderdale. Little Rock, Arkansas-based Bank OZK provided the financing for FAT Village, a planned three-building complex on 5.6 acres at 545 North Andrews Avenue and 501 Northwest First Avenue, records show. The project is within the city’s…
Prashkovsky’s US arm sells Deerfield Beach apartment complex for $25M
Multifamily investment firm Category Five Real Estate bought a Deerfield Beach apartment complex for $24.6 million. Aventura-based Category Five, led by brothers Mike and Leon Peisach, bought the six two-story buildings at 311-601 Northwest 42nd Court from Prashkovsky USA, according to records and real estate database Vizzda. The deal breaks down to $157,692 per…
Category Five Real Estate Acquires Deerfield Beach Multifamily for $25M
Prashkovsky acquired a portfolio which included the Luna at Hollywood Condominium property in 2019. Image courtesy of Aztec Group Category Five Real Estate has expanded its multifamily presence in the Miami metro with the acquisition of a 156-unit community in Deerfield Beach, Fla. The South Florida-based firm acquired San Marco 1 from Prashkovsky USA for $24.6 million.
Related, Pebb and BH plot Boca’s Office Depot campus redevelopment
The Related Group is teaming up with Pebb Enterprises and BH Group to redevelop a slice of the Office Depot campus in Boca Raton. The joint venture this week submitted a site plan to the city of Boca Raton that shows one of three office buildings on the 29-acre site would be replaced by a nine-story, mixed-use building with 500 residential units and 42,000 square feet of retail.
Meyers Accesso Acquires Boca Raton Office Building
The Atrium at Broken Sound. Image courtesy of CommercialEdge data Meyers Accesso has acquired The Atrium at Broken Sound, an almost 100,000-square-foot, three-story Class A office property at 6111 Broken Sound Parkway N.W., in Boca Raton, Fla. The property is within The Park at Broken Sound, a 700-acre mixed-use development that offers walkable proximity to…
Meyers Accesso Acquires ‘The Atrium at Broken Sound’ Office Property In Boca Raton
Meyers Accesso, a leading developer of high-quality mixed-use and residential properties, recently announced the acquisition of The Atrium at Broken Sound, a nearly 100,000-square-foot, Class-A office property located at 6111 Broken Sound Parkway NW, within The Park at Broken Sound mixed-use development in Boca Raton, Florida. The Park at Broken Sound is a robust…
YMCA Of The Palm Beaches Breaks Ground On $45 Million Community Center In West Palm Beach
The YMCA of the Palm Beaches recently initiated the construction of a $45 million sports and community gathering facility in West Palm Beach. This flagship YMCA branch, situated in Lake Lytal Park at 3645 Gun Club Road, near Palm Beach International Airport’s south side, is set to encompass 55,000 square feet. The YMCA, a nonprofit organization, has already secured 60% of the $35 million…
Activate Hospitality buys West Palm Beach Holiday Inn and dev site for $24M
Activate Hospitality purchased a West Palm Beach Holiday Inn and an adjacent development site for $23.8 million in a bankruptcy sale. An affiliate of Miami-based Activate Hospitality acquired the 199-key hotel at 1301 Belvedere Road and a vacant 2.5-acre parcel approved for another hotel with 120 rooms, court records show. Bridgeinvest financed Activate Hospitality’s purchase with an…
Developer picks up 314-unit multifamily dev site at Palm Beach County’s Ag Reserve
A multifamily firm scooped up a development site approved for a 314-unit apartment complex in Palm Beach County’s Agricultural Reserve. An entity tied to Scottsdale, Arizona-based BB Living bought the 39.2-acre vacant site at 11275 Acme Dairy Road in unincorporated Palm Beach County for $24 million from three family trusts, according to records and real estate…
What’s on tap for property insurance in Florida’s upcoming legislative session
The Florida Legislature’s upcoming session could include a vote on bills tied to property insurance, including one that would make it less expensive for condominium associations to obtain coverage. Lawmakers aren’t expected to pass any sweeping changes, a year after Gov. Ron DeSantis signed major insurance reform into law that was meant to entice insurers to expand in the state.
For 2024, Prologis Forecasts Growing Freight Traffic
It’s that time of year again, when logistics development powerhouse Prologis takes a shot at predicting what the new year will bring for global supply chains—and reviews its own predictions from 12 months earlier. In Seven Supply Chain Predictions for 2024, the company makes some appropriately large-scale forecasts. Number one, Prologis says, “The global freight recession will reverse…”
Risks in commercial real estate financing : New insights from the Research Division
The FRED Blog has discussed the stress in the rental industry during the COVID 19-induced recession and the recent tightening in lending standards. Today, we focus on a broad change in the commercial real estate market brought about by the pandemic and its downside risks for the financial sector. The FRED graph above shows data from the Board of Governors of the Federal Reserve…
Video: KC Conway of KCnomics Discusses 2024 Economic & Real Estate Outlook
Economist K.C. Conway with KCnomics, LLC shares his outlook for various commercial real estate sectors, banks, interest rates, and the economy overall. Discussions include forecasts for office, retail, industrial, multifamily, build-to-rent, senior housing, and self-storage property. He begins by noting his concern about lending environment given repricing of commercial real estate…