Here’s How Miami’s Urban Development Review Board (UDRB) Voted On Major Projects Last Month
Miami’s Urban Development Review Board had a full agenda of projects that it voted on last month. Here are the results from the June 21 meeting: 700 NMA The UDRB voted to recommended approval with the two conditions: Explore improved pedestrian connectivity from the Metro mover station to N. Miami Ave Reexamine the central driveway to make it more accommodating…
Miami Board Votes To Protect Ancient Site Where Related Group Plans Residential Towers
Miami’s historic preservation board on Tuesday approved temporary protection for a portion of a Related Group redevelopment site at 444 Brickell Avenue along the Miami River where the remains of a millenia-old settlement were discovered. The decision halts the issuance of any major building permits at the property for at least six months and sets the stage for a clash over the potential…
Miami board grants preliminary archeological designation to Related’s Brickell development site
A Miami board voted to grant preliminary archeological designation to part of Related Group’s development site on Brickell Avenue, with an unclear effect on the project’s future. The Miami Historic & Environmental Preservation Board, which unanimously approved the resolution at a meeting on Tuesday, is expected to vote on the final designation in November. The developer’s…
County Considering Passenger Service On CSX Rail Corridors, Impact Fees For Transit
Miami-Dade commissioners are voting today on multiple transit-related items today. CSX rail tracks throughout the county could be converted to transit use, if commissioners approve an item scheduled for a hearing this morning at the county’s Transportation, Mobility, and Planning Committee. There would also be new intermodal facilities and freight use, including inland ports…
Miami International Airport Set To Welcome New Hotel As Developers Compete For Contract
A new era may be dawning for the Miami International Airport as two developers are vying to build a new hotel connected to the bustling transportation hub. After more than six decades without competition, the Miami International Airport Hotel, which links to Terminal E, may soon have a companion. FDR Miami Hotel LLC and Parmco Airport Hospitality LLC are currently in the running…
Walton Street pays $52M for warehouses in Miami-Dade’s Brownsville
Walton Street Capital paid $51.5 million for three warehouses in Miami-Dade County’s Brownsville neighborhood, marking a 56 percent price hike from their last sale two years ago. Chicago-based Walton Street bought the adjacent buildings at 3455 Northwest 54th Street, 5530 Northwest 32nd Court and 5400 Northwest 32nd Court in an….
Developer Closes On Miami Health District Site Where 27-Story Apartment Building Planned
The developer planning a 27-story apartment tower in the Health District has completed the purchase of the property, according to a press release. Congress Group, in partnership with Peakhill Equity TS, Inc. paid $16 million for the site. There will be 380 multifamily units, the release said. Construction is planned to begin in the first quarter of 2024, with completion in 2027…
Congress plans 380-unit rental tower in Miami Health District
Congress Group wants to build a 27-story apartment tower next to the Shops at Civica in the Miami Health District, marking a switch from a previous plan for medical offices on the site. The Boston-based firm wants to build a 380-unit project on 0.85 acres at 1050 Northwest 14th Street, the triangular-shaped parking lot immediately south of… Civica, according to Congress CEO Dean Stratouly…
Plot twist: Terra steps into oceanfront Miami Beach condo building drama
David Martin’s Terra is offering to purchase units at the Amethyst condo building in Miami Beach, where Mast Capital has been working on a buyout for years, The Real Deal has learned. An affiliate of Terra sent offers to owners of the 11-story, 120-unit condominium at 5313 Collins Avenue in recent days, sources told TRD. Meanwhile, Mast Capital, led by Camilo Miguel Jr., has…
Thousands of apartments may rise on old Miami Arena site
A vast and towering mixed-use residential development would give new life to the long-vacant former Miami Arena site in the heart of downtown. WG 700 NORTH MIAMI LLC, owner-developer of the property at 721 NW First Ave., plans a phased project to include up to 2,346 rental apartments, ground floor retail, amenities, and parking for about 2,078 cars. The design provides…
A few years ago, a brash New York real estate broker-turned-developer, whose binge-buying of trophy buildings in major U.S. cities made him an industry power player, turned his attention to relatively puny Miami Beach. He wanted only one thing at the time: To buy and restore the 80-year-old Art Deco landmark Raleigh Hotel, sadly vacant since 2017. That’s where the story of how…
MAP: North Miami Beach’s development pipeline
Sleepy South Florida neighborhoods aren’t exempt from the roar of construction. Miami Beach’s North Beach has nearly 600 condos and more than 100 apartments on tap, as well as retail and restaurant space, as Russell Galbut, Matis Cohen, Lefferts, Constellation Group, Sandor Scher, Alex Blavatnik and other developers bet big on the future of the nearly five-square-mile neighborhood.
New Avenue hotel in Coral Gables to use Merrick Park parking
A proposed multi-used, seven-story hotel planned to be developed in the Coral Gables industrial district is moving forward with the approval of the city commission during Tuesday’s meeting. The Avenue hotel project at 351 San Lorenzo Avenue would consist of 48 luxury units, 30,000 square feet of retail or commercial space on the ground floor, a breezeway and be the first hotel…
Carver Theater in Liberty City to become apartments site
The partnership renovating the Carver Theater in Liberty City has applied for $7 million in local funds for construction costs to upgrade facilities and create affordable apartments on the property. Today (7/13), the Miami City Commission is set to approve a fund request from Carver Theater Ltd. that would infuse millions into the new mixed-use affordable housing development.
Miami Beach’s historic International Inn to get a facelift
The owners of International Inn in Miami Beach’s Normandy Isle are planning a significant renovation of the historic waterfront hotel. On Tuesday, the Miami Beach Historic Preservation Board approved a certificate of appropriateness and five variances that will allow Tsay International, the hotel’s owner, to make major improvements to the 71-room property at 2301 Normandy Drive.
Residential tower to use Wynwood ex-trash processing site
A former industrial property in Wynwood that was a trash collection and processing site for years is planned for a revival as a mixed-use residential project. Clearline Real Estate LLP has submitted plans to the City of Miami to build a 12-story mixed-use building with 310 dwellings, a parking podium, retail uses and amenities at North Miami Avenue and Northwest 20th Street.
Michael Lewis Opines: Don’t engineer county railroad policy on a bare-bones idea
One of the boldest and most exciting ideas to arrive in years is legislation being heard this week to make it county policy to develop one or more multimodal Miami-Dade depots for both freight and passenger trains. As a rail fan and transit proponent, I love the idea. In fact, it ranks right up there with a bold idea 15 years ago to build an indoor baseball stadium in Little Havana…
LV Lending, a leading private lender focused on bridge loans for commercial and residential investment properties and developments, has closed an $8.3 million loan for Congress Group’s acquisition of the Civica Center, a 0.85-acre multifamily development site located at 1050 NW 14th Street in Miami’s Health District. Congress Group, in……
Renderings Released For Two Hotel Proposals At Miami International Airport
Developers have released renderings of proposals to build a hotel connected to the terminals at MIA, the Herald is reporting. There two proposals are: Westin hotel with 451 rooms, with an estimated budget to build of $265 million. Arquitectonica is the architect, with FDR Miami Hotel LLC the developer. Hilton hotel with over 400 rooms, with an estimated budget to build of $241.7 million.
Weekend Interview: Swire President Henry Bott On Miami’s Growth And Building A New Hub Of Finance
Henry Bott has been embracing the Miami lifestyle since he moved to its Brickell neighborhood in January after being named president of Swire Properties. He spends time outside with his two kids and explores the food scene on Saturdays with his wife, but he’s been having trouble finding the time to get outside of Brickell, where Swire has been developing properties since 1979 and…
OOO: Related ditches Terminal Island office project, sells dev site for $77M
The Related Group is abandoning plans for a waterfront office project in Miami Beach, selling its Terminal Island development site for $77 million. An affiliate of Dallas-based multifamily developer Lincoln Property Company, led by CEO Duncan Osborne, bought the 3.7-acre property at 120 MacArthur Causeway, records and Vizzda show. Diego Juncadella, vice president…
Jeffrey Soffer lands $73M construction loan for Fontainebleau Miami Beach events center
Jeffrey Soffer’s plan to expand meeting and event space at his iconic Fontainebleau Miami Beach resort got a financial boost. An affiliate of Soffer’s Aventura-based Fontainebleau Development scored a $72.8 million construction loan from Goldman Sachs for a proposed five-story events center at 4360 and 4370 Collins Avenue, according to records and Vizzda.
Affordable housing nonprofit developing $53M apartment project in Goulds
A nonprofit developer of affordable housing is building a $52.7 million apartment complex in Miami-Dade County’s Goulds neighborhood. The planned project marks a continued wager on south Miami-Dade and on affordable housing, at a time when many South Florida locals remain priced out of market-rate rentals. Preservation of Affordable Housing…
Miami Is The Most Competitive Apartment Market In The U.S. (Again)
Miami has once again been named the hottest market for apartments in the nation, according to RentCafe. A total of 137 markets were analyzed for the ranking. Demand in Miami is “exceptionally high,” RentCafe said. “With Miami’s growing popularity, finding a vacant apartment here is like looking for a needle in a haystack.” The occupancy rate for apartments in Miami is said…
Miami Multifamily Report – June 2023 – Yardi Matrix
Miami rent evolution, click to enlarge South Florida’s multifamily market continued to stabilize, following two fast-paced years. As of April, Miami’s average asking rate posted a consistent 4.5 percent year-over-year increase, to $2,397, ranking sixth nationally for rent growth. U.S. rates rose only 3.2 percent, to $1,709. Meanwhile, at 96.0 percent as of March, the occupancy rate in…
ANF Group Completes Construction On Madison Point Apartments In Naranja
Construction has reached completion at Madison Point Apartments, a 4-story mixed-use community comprising four buildings at 26021 South Dixie Highway. Designed by Palenzuela & Hevia Design Group and developed by JQ Group with ANF Group as the general contractor, this vibrant development in Naranja, Florida, offers a dynamic blend of residential and commercial…
JQ Group Completes Development of 263-Unit Madison Point Apartments in Naranja
JQ Group has completed the development of Madison Point Apartments, a mixed-use multifamily community located at 26021 S. Dixie Highway in Naranja, roughly 30 miles outside Miami. ANF Group Inc. served as the general contractor on the project, which features 263 apartments and 14,355 square feet of commercial space across four buildings. Apartments span 637 to 1,175…
The Village at Coral Gables Slated for 2025 or 2026 Delivery at 535 Santander Avenue
These luxury homes come with Italian cabinetry, skylights, recirculating hot water systems, and integrated smart home technology. The high-end community offers world-class amenities, including a resort-style swimming pool with a sunbed relaxation area, fitness center with high-performance equipment, and business center. Plans also call for a 4,000-square-foot clubhouse.
Peace out: Brick & Timber sues biotech firm for allegedly ditching Wynwood lease
Another tech firm allegedly ghosted a Brick & Timber Collective property in Miami’s Wynwood neighborhood. A Brick & Timber affiliate is seeking more than $20 million in damages, including unpaid rent, against its tenant, Amyris, according to a lawsuit filed last month in Miami-Dade County Circuit Court. Amyris, a biotechnology company headquartered in Emeryville, California…
Miami Offices Succumb To Slowdown As Pandemic-Driven Growth Dissipates
After years of pandemic-driven growth and migration to South Florida, the region’s office market experienced a marked slowdown in the second quarter. Miami-Dade, Palm Beach and Broward counties all saw office vacancy tick up and new move-ins slow down as companies re-evaluate their space needs and fewer new-to-market tenants put down roots in the region.
Resilient office market? Not quite. South Florida sublease availability soars
When Kirkland & Ellis inked the largest out-of-market lease in Miami last year, it fueled the hype that South Florida is immune to the office trouble plaguing other cities nationwide. But this summer, the law firm quietly put nearly a quarter of its 115,000 square feet at 830 Brickell for sublease. Some in the real estate industry were stunned. Others downplayed the move, arguing…
Estates at Acqualina developer fires general contractor
Trump Group terminated its contract with Suffolk Construction over Estates at Acqualina, the two-tower luxury condo development in Sunny Isles Beach, The Real Deal has learned. Suffolk’s last day on the job site was Thursday, June 29, according to an email that developer Jules Trump sent to residents and future residents of the project. At least 176 unit sales have been recorded…
Mill Creek Residential, under the MCREF MFR 1 Coral Springs II LLC affiliate, has made another significant move in the vibrant South Florida real estate market, acquiring a valuable multifamily development site in Coral Springs for $13 million. The 2.91-acre parcel, nestled within the Cornerstone mixed-use development at 3310 University Drive, will pave the way for a new project.
40-Story Mixed-Use Tower Proposed Beside Brightline Fort Lauderdale Train Station
A 40-story mixed-use tower is proposed for a vacant property at 105 Northwest 3rd Avenue, adjacent to the Brightline Fort Lauderdale train station. The project, named Brightline Residences, aims to enhance the urban landscape of the area. With a height of 466 feet, the tower would encompass 609,381 square feet of space. The proposed plans include 392 residential units…
OceanLand plans 40-story apartment tower near Fort Lauderdale Brightline stop
Canadian transplant Jean Francois Roy’s development firm plans a 40-story apartment tower near the Brightline passenger train station in downtown Fort Lauderdale. OceanLand Investments wants to build the 392-unit building with a parking podium and a 10th-floor amenity deck at 105 Northwest Third Avenue, according to a company news release and an OceanLand spokesperson.
Construction Starts on Hillsboro Landing at 3851 N. Dixie Highway in Deerfield Beach
Housing Trust Group (HTG) has officially broken ground on Hillsboro Landing, an affordable housing complex for seniors in Broward County. The multifamily housing venture will offer 75 one-bedroom and two-bedroom apartments, measuring between 702 square feet to 927 square feet each. Residency is available to seniors 62-years plus who make at or below 22, 25, and 60 percent…
HTG Breaks Ground on Deerfield Beach Affordable Senior Community
Hillsboro Landing rendering. Image courtesy of Housing Trust Group Housing Trust Group and Broward County Housing Authority have broken ground on Hillsboro Landing, a 75-unit fully affordable senior housing project in Deerfield Beach, Fla. The developer also closed on financing the $41 million project. Hillsboro Landing will cater to residents 62 and over, earning between…
Ivanhoé Cambridge Forms Partnership to Enter U.S. Self-Storage Sector
Ivanhoé Cambridge has formed a strategic partnership with Safely Store Self Storage targeting the self- storage sector in the U.S. and marking its entry into this alternative industrial asset class. Safely Store is a dedicated investment platform formed by the principals of Iron Point Partners, LLC and the self-storage platform of Taylor/Theus Holdings, Inc..
Office Values Down 27% Nationally Over Last 12 Months, Apartments Drop 16%
Office property values dropped 27% during the 12 months ending in June, according to Green Street, the most of any property type. Office assets lost 6% in value in June 2023 alone. Overall, the Green Street Commercial Property Price Index was down 11.6% compared with a year ago, and was down 0.8% for the month of June, a monthly move driven by the downward…
Self-Storage Faces Tougher Lending Environment As Demand Returns to Pre-Pandemic Levels
With so many people accumulating so much stuff and periodically moving, it’s no wonder that the self-storage category has been deemed recession-resistant, if not recession-proof. Many don’t have room for everything within their apartments and houses or follow through on Marie Kondo’s advice to tidy up. Moreover, many can’t move and find a bigger place, so they stay put and…
U.S. Commercial Real Estate Investment Sales Transaction Volume Plummets 70% Nationally in 1Q
Green Street, the preeminent provider of actionable commercial real estate intelligence and analytics, has published a new report stating that first-quarter sales volume dropped 70% year-over-year across all four of the core sectors – Office, Industrial, Apartments and Retail – as property values continue to erode. Green Street analyzed U.S. Sales Comps data on transactions of $5 million…
The Fed’s Beige Book: Labor Market, Costs Continue to Cool
As the Southeast’s economy grew at a measured pace from mid-May through June, the heated labor market continued to cool and nonlabor costs further stabilized. Despite widespread tightening of credit standards, financial institutions reported ongoing growth in loan volumes, according to the newest Beige Book report of economic conditions in the Southeast from…