Nightingale’s $82M Miami Beach Office Sale Collapses In Flurry Of Lawsuits
The planned $82M sale of a Miami Beach office building owned by Nightingale Properties has failed to close, sparking a court battle between the embattled developer and the planned buyers. The dispute rose to the surface just as CEO Elie Schwartz began repaying $53M in funds he misappropriated from two crowdfunding campaigns, including… 1601 Washington Ave…
Robert Rivani, Mathieu Massa cancel $82M purchase of Starwood’s former Miami Beach HQ
Robert Rivani’s Black Lion and Mathieu Massa pulled out of their $82 million purchase agreement for Starwood Capital’s former headquarters in Miami Beach. And now the partners are in a legal fight with the seller, New York-based Nightingale Properties, over a $2 million deposit.The cratered deal is the latest setback for Nightingale, which was counting on proceeds from the sale…
806 Apartments Proposed Within Walking Distance Of Douglas Road Metrorail Station
A pre-application has been filed with Miami-Dade planners for a transit-oriented mixed-use development at the Douglas Road Metrorail station. Two 31-story towers are in planning, according to the pre-application filing, with: 806 multifamily units (of which 105 will be workforce) 16,750 +/- square feet of ground floor commercial space approximately 865 parking spaces Merrick Parc…
Developer Proposes 120K SF Office With Studio Apartments In Aventura
Privé Group is planning to build 120K SF of office space in the Ojus neighborhood near the Aventura Mall.The Aventura-based investment and development firm filed a pre-application on Wednesday seeking approval from the county to build an 11-story office building and a small residential building connected by a seven-story parking garage at 18802 and 18820 W. Dixie Highway.
1.5M Square Foot Sawyer’s Walk in Overtown Now 100% Leased, Completion In Summer
The retail and office space at Sawyer’s Walk is now 100% leased, with completion expected this summer. It is the largest mixed-use project in Overtown in decades, with 1.5 million square feet. The development will include 175,000 square feet of retail, including a 50,000-square-foot Target store, a 25,000-square-foot Aldi supermarket, and new locations for Ross Dress for Less…
Plans For New Midtown Miami Building Submitted To FAA
A filing has just been made with the Federal Aviation Administration requesting height approval for a new tower in Midtown Miami. The filing was submitted in January 29, and is for the property where the Midtown 7 building is planned. According to the filing, the new tower is proposed to rise 348 feet above ground, or 363 feet above sea level. That roughly matches a previous filing…
Rock Soffer adds to Wynwood development site
Developer Rock Soffer acquired additional land for a planned project in Wynwood. An entity led by Soffer paid $7.8 million for a third of an acre at 119 Northwest 24th Street in Miami last week, according to Metro 1 broker Juan Andres Nava. Nava and Bernardita Banfi of the same firm brokered the off-market Wynwood deal. A company managed by Elias and Aida Mitrani sold the property.
Related Breaks Ground On 176 Units Next To Brickell; Gallery at Marti Park
Related Urban Development Group and Miami-Dade County held a groundbreaking ceremony this morning for Gallery at Marti Park. The 12-story development is being built a block away from Brickell. Around half of the units will be normal market-rate apartments. The remainder of apartments will be targeted towards low-income seniors under the Rental Assistance Demonstration…
Ram Realty sells LA Fitness building in south Miami-Dade for $15M
Ram Realty Advisors sold a recently completed standalone retail building leased to LA Fitness in south Miami-Dade County for $15.4 million.An affiliate of West Aventura Developers, a Sunny Isles Beach-based firm led by Marina Kessler and Gustavo Lumer, acquired the 5.3-acre retail site at 15400 Southwest 127th Avenue, records show. The buyer obtained a $3.5 million mortgage…
Historic boutique hotel in Miami Beach sold for $8.9M, set to become teacher housing
A historic boutique hotel in Miami Beach has been sold, and it will likely be converted into residences. Collinaire Luxury Suites, located at 221 Collins Ave., was sold for $8.9 million on Jan. 16. The sale was handled by Susan Gale of Miami Beach-based Gale Group International, an affiliate of Coconut Grove-based One Sotheby’s International Realty. The 9,160-square-foot property,,,
Modera Riverside Tops Off In Downtown Miami At 36 Stories
Modera Riverside has officially topped off at 36 stories, according to Nichols Architects. The apartment tower is located in Downtown Miami, just across the bridge from Brickell and the under-construction River District. The $185M Riverside Wharf complex is being built down the block. Modera will include 428 apartments, ranging from studios to three-bedroom units. Nichols is…
Belmont Village, Turnberry Break Ground on 11-Story Seniors Housing Community in Aventura
Belmont Village Senior Living has broken ground on Belmont Village Aventura in Aventura, a coastal city in Miami-Dade County. The 11-story project is being built in partnership with Turnberry and will be Belmont Village’s third location in South Florida. Located at 3510 Yacht Club Way, the property is scheduled to open in early 2026. This venture is Turnberry’s first collaboration…
Jackie Soffer’s Turnberry, Belmont plan Aventura apartments for seniors
Turnberry and Belmont Village Senior Living are planning an 11-story senior living project with 153 apartments in Aventura. Belmont Village Aventura at 3510 Yacht Club Way will mark the third project in South Florida and the first partnership with Turnberry for the Houston-based senior living developer, a press release states. Last month, A Belmont Village affiliate paid $8 million…
Codina turning former Doral offices, part of former Koger Center, into a retail site
Codina Partners is set to redevelop the final remaining older generation office buildings that were part of the former Koger Center along 87th Avenue. The new phase will introduce nearly 25,000 square feet of retail offerings and 929 parking spaces in the garages serving the retail space. The expansion will include 13 customizable units, with a rooftop deck featuring pickleball courts…
Codina Partners to Add 25,000 SF of Retail Space to Downtown Doral
Codina Partners will add 25,000 square feet of retail space to Downtown Doral, the developer’s 250-acre mixed-use community in Miami-Dade County. The new plans for Downtown Doral include the addition of 13 customizable retail units with a rooftop deck featuring amenities including pickleball courts. Plans also include 929 additional parking spaces. Established in 2005…
Codina reveals plans for final phase at Downtown Doral complex
Codina Partners is nearing the finish line at Downtown Doral. The Coral Gables-based firm will develop 25,000 square feet of retail with 13 tenant units and rooftop amenities such as pickleball courts, as well as garages with 929 spaces along Northwest 87th Avenue, according to a Codina news release. Construction of the retail is expected to start this summer and completion…
Developers Increase Size of 5050 Residences at 5050 NW 22nd Avenue in Miami
The 5050 Residences, a proposed housing development in Miami-Dade County, is now larger. Initial plans in 2020 presented a four-story building, offering 40 one-bedroom apartments, measuring about 800 square feet each. Now, revised plans have doubled the available apartments, now offering 82 residences in an eight-story building. Per the South Florida Business Journal…
Miami-Dade East-West rapid transit pivots to two new routes
A long-standing plan for bus rapid transit from downtown Miami to West Dade has been shelved as planners have decided to try two other paths to reach Florida International University. One is rail, the other an elevated Metromover along Flagler Street. The plan agreed upon last week is to try both paths and forget the aim of bus rapid transit down the center of SR 836.
Closure plan coming for Doral solid waste plant
The next major step forward with Miami-Dade County’s waste disposal project, after a fire last February destroyed most of the Doral facility, is to, by March 15, submit a closure plan to the Florida Department of Environmental Protection (FDEP), Mayor Daniella Levine Cava told Miami Today last week. While the resource recovery facility 13 miles west of downtown Miami…
Miami Beach community center a burning issue
Miami Beach’s City Commission this week is to touch on a flaming issue: the future of the South Shore Community Center, where the city’s Fire Station No. 1 now is to be placed. At the commission’s December meeting, discussion arose of an alternate location for the fire station. Many are hoping to save the South Shore Community Center at 833 Sixth St. as an online petition…
1,000-square-foot pedestrian bridge to link Morningside buildings
A pedestrian bridge totaling 1,000 square feet has been approved to rise over Northeast 55th Street off Biscayne Boulevard in Miami’s Morningside neighborhood to facilitate a two-building, mixed-use development. The Miami City Commission passed two resolutions related to Morningside Place, a planned retail and residential project comprised of two three-story buildings…
Doral industrial real estate at top of the Southeast market
Doral’s commercial real estate market continues to expand as the city welcomes new tenants and office spaces are repurposed. On the industrial side, which in Doral is referred to as Miami Airport West, asking rates on market rents are up when comparing December 2023 to December 2022, said Carlos Villanueva, a managing broker with The Keyes Company. “The average asking rent…”
Steven Meiner: Miami Beach mayor targets open government, public safety
In a historic runoff election in November, Steven Meiner was elected the 39th mayor of Miami Beach. His four-year tenure as commissioner was the catalyst for his path to the office of mayor, marked by his passion for promoting the safety and quality of life for residents in Miami Beach. In his new role, Mr. Meiner wants to continue serving his community as an active…
Michael Lewis: Give government a refresher course on why tourism is vital
A government attitude problem could harm taxpayers. The ugly attitude is that tourists are a nuisance and cost us money. Elected officials sometimes say almost that. What if we complained that a mushrooming financial industry that pours money into our economy is filling offices that should be left to other businesses, and that the newcomers are driving up prices of homes and…
Midtown Miami’s 228-Unit The Standard Residences Gets Master Permit, Construction Underway
The Standard Residences in Midtown Miami has been issued its master permit and construction is underway. The project is now 90% pre-sold. A groundbreaking ceremony for the project took place in April 2023, and a $45M construction loan was issued by Bank OZK in October. The Standard Residences in Midtown Miami is planned to include: 228 residential condo units 11,000 sf…
343-Unit Downtown Miami Tower Without Parking Garage Close To Topping Off
A 39-story downtown Miami that is being built without a parking garage is now nearly topped off, according to photos by Phillip Pessar. The photos taken yesterday appear to show the shell of the tower now at about level 34. That is around 13 floors higher than photos showed in mid-October. A total of 343 condos are being built, which will be permitted for rental on a short term…
Prologis Signs Seaboard Marine to 308K SF Lease Renewal at Industrial Park in Medley, Florida
Prologis has signed Seaboard Marine Ltd. to two lease renewals at Prologis Palmetto Tradeport, an 880,000-square-foot industrial park in Medley, a city in Miami-Dade County. The two leases, for facilities located at 7800-7890 NW 80th Street and 8001 NW 79th Avenue, total 308,000 square feet. Brian Smith of JLL represented Prologis in the lease transactions. Jonathan Kingsley…
Five Times The Size Of Titanic, New World’s Largest Cruise Ship Now Based In Miami
Royal Caribbean’s Icon of the Seas set sail on its maiden voyage from PortMiami over the weekend. It is now officialy in service as the world’s largest cruise ship. Inter Miami’s Lionel Messi presided over a naming ceremony for the ship at PortMiami before it set sail. The ship is about five times the size of the Titanic, and cost $2b to build. It can hold nearly 10,000 people…
‘Longest Pile Driver Ever In Florida’ Working At 750-Foot St. Regis Sunny Isles Beach
Contractors working on the foundation for first tower at The St. Regis Residences, Sunny Isles Beach are using the “longest pile driver ever in the state of Florida,” according to a newly released construction update from Fortune International Group, which is overseeing sales. The first tower is planned to rise 62 stories and 750 feet, the tallest ever in Sunny Isles. A second tower…
Abinger Capital files to foreclose on ex-Best Buy store in Pinecrest
After Best Buy said “bye-bye” as a tenant, a retail landlord could lose his big box store in Pinecrest to foreclosure. An affiliate of Abinger Capital, a New York-based real estate investment management firm, is suing an entity managed by Azhar Said in Miami for allegedly defaulting on a $11.5 million mortgage. In the complaint filed this week, Abinger alleges Said’s Maria Investments…
Cranes Coming Back To Royal Caribbean PortMiami HQ Office Complex For 4,000 Employees
It appears that construction cranes will soon return to the Royal Caribbean headquarters office complex at PortMiami. According to a filing with the FAA earlier this month, five cranes are planned to be installed at the site, including four tower cranes and one mobile crane. The cranes will range in height from 212 to 305 feet above ground. The work schedule for the cranes is listed…
Miami-based developers Terra and Grass River have secured $245 million in permanent financing for Grove Central, a newly completed mixed-use development at 2800 Southwest 27th Terrace in Miami’s Coconut Grove neighborhood. The loan, issued by JP Morgan Chase & Co., will be used to pay off the development’s existing construction loan, provided in 2021 by Apollo…
Terra, Grass River score $245M refi for Grove Central
Terra and Grass River secured a $245 million refinancing for Grove Central, a mixed-use retail and apartment project they recently completed in Miami’s Coconut Grove. J.P. Morgan provided the permanent debt for Grove Central, replacing a $204.5 million construction loan Apollo Global Management provided in 2021, according to a spokesperson for the developers.
Turnberry Breaks Ground On 33-Story ‘ONE Park Tower by Turnberry’ At SoLé Mia In North Miami
Turnberry, an Aventura-based real estate developer, has broken ground on ONE Park Tower by Turnberry. The 33-story tower, located at 2411 Laguna Circle in North Miami – within the multi-billion dollar, 184-acre master-planned community of SoLé Mia, is slated to offer 299 residences. Over 50% of the units were sold within the first 18 months of sales. The condominium complex…
Groundbreaking Ceremony Held For 33-Story One Park Tower at SoLé Mia
Developer Turnberry held a groundbreaking ceremony for the 33-story One Park Tower At SoLé Mia. A total of 299 residential condo units are planned. Demand has exceeded expectations, with over 50% of residences now sold, the developer said. The tower is being built in front of the Laguna Solé, a crystal clear swimmable lagoon the size of 21 Olympic-sized pools. Residents will have…
Miami-Dade mayor’s $2.5B bond proposal targets affordable housing
Miami-Dade Mayor Daniella Levine Cava proposes a $2.5 billion bond program for county projects, including affordable housing. The “305 Future Ready” borrowing plan would be financed through an existing property tax that already repays county debt, and would require voters’ approval through a referendum, the Miami Herald reported. Levine Cava, who is up for reelection…
Celebrity hotspot Vous Church opens Miami Gardens sanctuary
Vous Church, a celebrity hotspot led by the pastor who officiated Kanye West and Kim Kardashian’s 2014 wedding, expanded to Miami Gardens. Vous bought the 100,000-square-foot sanctuary at 17801 Northwest Second Avenue for $12 million from Trinity Church, according to records. The buyer assumed a mortgage from the seller with a $9.6 million balance maturing in 2041.
Sterling Bay, Key International to Develop Miami Office Tower
Rendering of an 848 Brickell balcony. Image courtesy of Sterling Bay Rendering of an 848 Brickell balcony. Image courtesy of Sterling Bay Rendering of an 848 Brickell balcony. Image courtesy of Sterling Bay Sterling Bay, a national real estate development firm known for building creative office and mixed-use projects, is teaming up with Key International…
Key International, led by Diego and Inigo Ardid, has announced Sterling Bay, a national real estate development firm known for its pioneering approach to developing award-winning creative offices, as the co-development partner of 848 Brickell, a 761-foot-tall Class A creative office and retail tower proposed in Miami’s Brickell neighborhood. Sterling Bay joins Key International…
Sterling Bay, Key International Propose 51-Story Office Tower in Miami’s Brickell District
Sterling Bay has joined Key International as a co-developer for 848 Brickell, a proposed 51-story mixed-use tower in downtown Miami’s Brickell district. Plans for the Class A tower include 750,000 square feet of creative offices, structured parking for 1,000 vehicles and 7,500 square feet of ground-level retail space. The project is pursuant to zooming approval by Miami-Dade County.
Brightline Carries 2M Passengers In 2023, Up 67%
Brightline says it passed 2 million passengers in 2023. A total of 2,053,893 passengers rode Brightline in 2023 (up 67% over 2022), generating revenue of $87.7 million (up 174% over 2022). The company launched service to Orlando in late September, and continues to see strong demand for the new long-haul trains. A total of 115,683 passengers rode Brightline’s long-distance service…
Notable Retail Leases Signed in South Florida Q4 2023
South Florida Retail Real Estate Leases 2023 We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during 2023. This past quarter was busy overall, and there were a few big box leases signed and sealed. Despite the sentiment that the traditional retail market is taking a hit due to several factors, particularly e-commerce and…
The 93 Ocean High-Rise Residential Slated for 9317 Collins Avenue in Surfside
In 2022, Florida YIMBY reported on the 93 Ocean, a high-rise residential tower planned for Surfside, Florida. Now, our sources indicate that the project is one step closer to fruition. Per the South Florida Business Journal, the 12-story tower will replace Regent Palace Condominium, a 34-unit complex erected in 1951. Multiplan Real Estate Asset Management purchased the 37,456 sf…
Trump could claim over $320M in tax deductions thanks to Doral golf course deal
Donald Trump may claim more than $320 million in federal income tax deductions, thanks to an easement that restricts development of the Blue Monster golf course at Trump National Doral Miami. The Trump Organization struck a deal in late 2022 to donate the development rights for the 184-acre course to the city of Doral. The Blue Monster is one of four golf courses at the…
Lease roundup: Morgan Law relocating within Coral Gables, Bondi Sushi opening in Oakland Park
Two law firms and a spa leased at Amerant Bank’s headquarters building in Coral Gables. In the biggest deal, The Morgan Law Group took the entire 20,000-square-foot fifth floor, where it will move in the second quarter from 55 Merrick Way in Coral Gables, according to a news release from the landlord’s broker. Law firm Kelley Kronenberg took 9,000 square feet on the fourth floor…
The Dixiana Apartments Planned for 182 Dixiana Street in Hollywood
Our sources point to an exciting residential venture slated for Hollywood, FL. Neal Development and Guardian Properties have joined forces and founded affiliate GN Dixiana LLC. The pair hope to move forward with a 10-story complex that will replace a smaller, one-story housing development built in 1945. Per the South Florida Business Journal, the mid-rise project…
Lennar Corp. Moves Ahead with Tuscan Springs at 18452 Pines Boulevard in Pembroke Pines
Miami-based Lennar Corp. has purchased a 6.47-acre parcel in west Pembroke Pines. The end goal? A townhouse community named “Tuscan Springs.” Per the South Florida Business Journal, the developer initially proposed the development in 2023, where it wanted a rezoning change for the parcel. Upon full buildout, the residential complex will offer 50 three-bedroom townhomes…
The Era Apartments Could Offer Workforce Housing at 2125 S. Andrews Avenue in Fort Lauderdale
Affiliated Development is moving forward with a residential venture in Broward County. At full buildout, the Era Apartments would offer 400 homes, 3,650 square feet of retail, and 549 parking spots. Presently, the Fort Lauderdale-based developer is requesting $5.5 million from the county to include workforce housing as part of the project…
Kaplan Residential wins approval for 190-unit multifamily development in Wilton Manors
Kaplan Residential won approval for a six-story mixed-use development with 190 apartments in Wilton Manors, marking its first major project in South Florida. The mixed-use multifamily development, to be called Generation at Wilton Manors, will be built on 3.6 acres at 1209 Northeast 24th Street, 1225 Northeast 24th Street, 1401 Northeast 24th Street, 2449 Northeast 13th Avenue…
Grass River plans 252-unit mixed-use redevelopment of Wilton Manors shopping center
Grass River Property won approval to raze part of a shopping center in Wilton Manors to make way for a six-story, mixed-use building with 252 apartments. The Wilton Manors City Commission on Tuesday voted unanimously to approve a development agreement between the city and Miami-based Grass River, along with a public access easement agreement and a plat amendment…
Portopiccolo buys Regents Park assisted living facility in Sunrise
A family office bought the Regents Park of Sunrise for $26.7 million, marking continued investment appetite for assisted living facilities. The Portopiccolo Group purchased the one-story, 120-bed property at 9701-9711 West Oakland Park Boulevard from an affiliate of Healthcare Realty Trust, according to records and real estate database Vizzda. The buyer secured loans for $67.4 million…
Fairstead buys affordable housing complex in Lauderhill, starts renovations
Fairstead bought an affordable housing complex in Lauderhill for $26.5 million, marking continued investment in South Florida’s low-income rental market. The New York-based firm, led by Jeffrey Goldberg, purchased Lauderhill Point at 3144-3146 Northwest 19th Street and started renovating the 177-unit property, according to records and real estate database Vizzda. An affiliate…
GL Homes drops $29M on 120 acres in Westlake
GL Homes dropped $29.4 million on a 120-acre swath of farmland in Westlake, Palm Beach County’s newest municipality. Records show an affiliate of the Sunrise-based homebuilder bought the land between 140th Avenue North and Seminole Pratt Whitney Road from Silver Lake Enterprises, a Florida entity managed by Philomena Liu, Kin Man Tse and Ryan Liang. Liang is a former…
JP Morgan 2024 commercial real estate outlook
Key takeaways: Multifamily and neighborhood retail stay strong, while industrial may be starting to soften. The future of office buildings remains unclear. The future of interest rates is uncertain as the economy begins to slow down. It’s critical that owners, operators and investors across commercial real estate optimize their cash so they can capitalize on opportunities as they…
IBM Tells Employees To Relocate Near a Corporate Hub or ‘Separate’ From Company
IBM employees who don’t live close enough to commute to an office have been asked to relocate or leave the tech giant in a sign of an increasing crackdown on remote work in favor of in-person attendance. The Armonk, New York-based computer hardware maker is immediately requiring most U.S.-based staff to report to an office or corporate hub at least three days weekly…
CRE Transaction Volumes Nationally Plummeted In 2023, But Prices Were More Resilient
Commercial property sales volume sank like a stone in 2023, tallying just $374.1B, a 51% drop from the year before, according to MSCI Real Capital Analytics 2023 Capital Trends report. The conditions were “reminiscent of the worst parts of the Global Financial Crisis,” the report’s authors wrote. Apartments saw the largest decline in sales volume year-over-year, totaling $119B in 2023…
Apartment Defaults Nationally To Double This Year, Fitch Predicts
A major ratings agency is predicting that the U.S. multifamily market is on the verge of a surge in loan defaults. Apartment delinquencies for CMBS loans could hit $1.3B this year, exceeding the losses seen during the height of the pandemic, Multifamily Dive reported, citing a Fitch Ratings report. Apartment landlords are experiencing headwinds due to a record onslaught of new supply…
U.S. Apartment Occupancy Hits Decade Low Nationally
U.S. apartment occupancy hit a 10-year low at the end of 2023, as sizable new supply volumes weighed on market fundamentals. But some markets bucked that trend. After the worst of the COVID-19 pandemic, as the country started to open back up at the end of 2021 and the first few months of 2022, apartment occupancy – and prices – saw a drastic hike. Feeling renewed, developers…
With Capital And Patience Dwindling, Short Sales Begin To Hit The Office Market Around the USA
Investors raised billions of dollars last year as they awaited distressed real estate assets to come to market at steep discounts. However, they found few opportunities as office owners largely found ways to hold on to their properties. That’s now starting to change. Office buildings across the country are starting to trade at significant markdowns, in many cases selling for less than…
Billionaire Starwood CEO Barry Sternlicht sees losses on office properties hitting $1 trillion, per Bloomberg. The billionaire slammed the Fed for leaving a “serious mess” in the real estate market. Office values have plummeted as remote work proves to be a lasting legacy of the pandemic. The ailing office market is headed for $1 trillion of losses, billionaire and Starwood Capital…
What are the opportunities for commercial real estate in 2024
In 2024, the commercial real estate outlook is optimistic, thanks to lower interest rates, Florida’s robust economy, and a significant capital influx into South Florida. I recently participated in the CCIM Commercial Real Estate Outlook Conference, an event where industry leaders converge on the latest trends and insights within the capital market. The panelists portrayed..