When cash is king: Inside Spanish billionaire Amancio Ortega’s South Florida investments
His Ponte Gadea is poised to close this year’s biggest office deal, adding to its sizable portfolio Spanish billionaire Amancio Ortega is on a global summer shopping spree, making a splash in South Florida. Ortega’s Ponte Gadea real estate investment family office is buying the 30-story Sabadell Financial Center in Miami’s Brickell for about $275 million, and also bought…
‘Magic City’ Miami quietly charming its way to becoming America’s next financial hub
Miami, Florida’s iconic coastal city known for a vibrant skyline and an even more vibrant nightlife, is making a quiet resurgence as a major cryptocurrency hub in the U.S. The city was quick to embrace the crypto economy, with Mayor Francis Xavier Suarez accepting his paychecks in only crypto and declaring Miami the “crypto capital of the world” in 2021.
Raoul Thomas’ CGI racks up another foreclosure, could lose Miami Beach hotel
Lender alleges $69M default tied to 140-key Art Deco building on Ocean Drive For the second time in two years, Raoul Thomas’ CGI Merchant Group could lose a South Florida hotel to foreclosure. The legal action is the latest blow to Thomas’ real estate empire, which has been significantly reduced in the past year following the seizure of other commercial properties.
Integral plans 330 affordable and workforce housing units in Miami-Dade
Atlanta-based firm wants to build a Live Local Act project in Liberty City, redevelop a public housing complex in Homestead Integral Group plans 330 affordable and workforce housing units in two projects in Liberty City and Homestead. In Liberty City, Atlanta-based Integral wants to develop the 170-unit Eviva Uptown Center, a Live Local Act project with a 10-story building…
Canero alleges former partner, Justin Rundle, tried to subvert control of Miami-Dade projects
Miami-based firm’s principals allege the son of county’s top prosecutor broke Florida Bar conflict of interest rules Justin Rundle allegedly crossed ethical lines set by the Florida Bar when he partnered with Jose Canero Jr. and Jose Canero Sr. on a slate of planned developments across Miami-Dade County, according to a recent court filing by Canero Group’s principals.
Alhambra office complex in Coral Gables hits market with target price of $125M
Seller, German asset manager DWS Group…The listing follows the German asset manager and one of its subsidiaries… DWS wants to sell The Alhambra, consisting of the 14-story, 232,100-square-foot Alhambra Plaza building at 2 Alhambra Plaza and the seven-story, 94,300-square-foot Alhambra West building at 95 Merrick Way, according to a JLL listing memo.
Developer Donald Soffer, who founded Aventura, dies at 92
Family patriarch is survived by six of his children, including developers Jackie and Jeffrey Soffer South Florida developer Donald Soffer, a powerful figure who founded Aventura, died on Sunday at the age of 92, following a brief illness. Soffer, born in Duquesne, Pennsylvania on Sept. 20, 1932, bought 785 acres of mostly swampland, which became Aventura, in the late 1960s…
Turnberry Associates Founder Donald Soffer Passes Away at 92
Donald Soffer, the founder of Turnberry Associates. Image courtesy of the family of Donald Soffer Turnberry Associates founder Donald Soffer has passed away at the age of 92. Soffer was the mastermind behind the city of Aventura, Fla. He created Turnberry more than half a century ago. The company—now led by his daughter, Jackie Soffer, who serves as chairman & CEO..
Nahla Capital bids $275M for Shvo’s stalled Raleigh Miami Beach project
Michael Shvo’s firm, which has the right of first refusal, is reportedly trying to match the offer A potential buyer has entered the ring at The Raleigh, a stalled condo and hotel project planned in Miami Beach. New York-based Nahla Capital won a bid to purchase the property for about $275 million, Business Insider reported. Michael Shvo’s firm, New York-based Shvo, has the right of first…
Beverly Hills-based jeweler Ildico buys Miami Design District building for $35M
Sam Herzberg, David Herzberg and Richard Do sold the two-story storefront for $3,701 psf Beverly Hills-based jeweler Ildico picked up a retail building in the Miami Design District for $35 million. An entity managed by Ildico CFO Mikhail Cohen bought the two-story, 9445-square-foot storefront at 3800 Northeast Second Avenue, records and real estate database Vizzda show.
Greystar buys 358-unit apartment complex in north Miami-Dade for $94M
Seller Nuveen Real Estate paid $71M for the property in 2018 The Charleston, South Carolina-based firm bought the property at 6200 Northwest 173rd Street in an unincorporated area of the county from New York-based Nuveen Real Estate, an investment arm of Teachers Insurance and Annuity Association of America, according to records and real estate database Vizzda.
Miami-Dade approves replacing four public housing sites with over 1K affordable units
Redwood Dev Co and Integra are developing the projects separately Redwood Dev Co’s David Burstyn, Brian Sidman and Integra’s Nelson Stabile with the Annie Coleman… More than 1,000 affordable units are planned across Miami-Dade County, as part of a county program to redevelop its aging public housing complexes. Miami Beach-based Redwood Dev Co and Miami-based Integra…
Crescent Heights sues CitizenM over commercial units at Miami Beach hotel
Lawsuit alleges Netherlands-based hotelier is in violation of agreement to transfer ground floor and second level spaces Crescent Heights is suing CitizenM to force an ownership transfer of commercial units at a recently opened Miami Beach hotel. In a lawsuit filed in Miami federal court, an affiliate of Miami-based Crescent Heights, led by Russell Galbut, Sonny Kahn and Bruce Menin…
Related plans 115 affordable apartments on Little Havana public housing site
Pérez family’s firm has agreement with Miami-Dade County for additional low-income resi properties The Pérez family’s Related Group plans 115 affordable apartments on a Little Havana public housing site in Miami. The project is part of an agreement and long-term lease between Coconut Grove-based Related and Miami-Dade County to redevelop three county-owned public housing sites.
Nearly vacant Lincoln Place office building in South Beach hits market for target of $82M
Lincoln Place, a nearly vacant South Beach office building that was once at the center of a crowdfunding scandal, hit the market with a target price of $82 million, The Real Deal has learned. The eight-story building at 1601 Washington Avenue in Miami Beach consists of 111,400 square feet of offices; 26,700 square feet of ground-floor retail and a 499-space garage, according to a JLL listing memo.
Atlantic Pacific proposes 71-unit affordable housing project on Liberty City’s Carver Theater site
All apartments will be for households earning up to 80% of AMI Atlantic Pacific Companies plans to redevelop the long-closed Carver Theater in Liberty City with a 71-unit affordable housing project. The Miami-based company plans the 11-story Lofts at Carver Theater building on the half-acre site at 6016 Northwest Seventh Avenue in Miami, according to an application filed…
‘Gallery at Little Havana’ Could Offer 130 Affordable Housing Units at 1275 SW 1st Street in Miami
The Related Group plans to move forward with a multi-family housing development that would be “entirely affordable” in Miami’s Little Havana neighborhood. Gallery at Little Havana would measure 12 stories, comprising 130 one-bedroom and two-bedroom units. Floorplans would measure 610 to 980 square feet; the average unit would span about 740 square feet.
Seven Broadway Receives Unanimous Approval from Miami’s Urban Development Review Board
Miami’s Urban Development Review Board voted unanimously to approve plans for Seven Broadway, a 54-story residential tower proposed by YTECH and designed by New York-based architecture firm Kohn Pedersen Fox (KPF). The decision, made during the July 16th hearing, marks a significant milestone in advancing the Brickell project toward development.
Cipriani Residences on Brickell Reaches Level 30, Will Rise 950 Feet
Brickell’s Cipriani Residences has reached level 30 of construction. The building is now 17 months into a 48-month construction timeline, according to Fortune Development Sales, which is marketing the tower.. Exterior windows are now installed through level 23, and balcony railings in place on levels 8-10. Interior framing and mechanical work is underway on levels 8-17.
Downtown Miami’s Okan Tower Reaches 29th Floor, Will Rise 902 Feet
Construction at Downtown Miami’s Okan Tower has reached the 29th floor. According to an email blast sent by brokers for the project noting the milestone, the building is on pace for completion in 2027. Okan Tower is planned to top off at 70 stories, or 902 feet, making it among the tallest buildings south of New York. The complex will include a 316-key Hilton Miami Bayfront…
Citadel Brickell Property Could Include 300 Residential Units, Underground Parking
Additional details have been revealed for potential future development at a Brickell property reportedly owned by Citadel. The new details were filed with Miami-Dade in May, as part of an updated zoning application for the properties at 1250-1260 Brickell Bay Drive, and 1221 Brickell Avenue. The properties are across the street from the 1201 Brickell Bay Drive site…
Brickell Key Bridge work to be linked to Mandarin Oriental project
Overdue repairs are set to begin this month on the only bridge connecting Brickell Key to the mainland, and now the City of Miami is preparing to cement a public-private agreement tied to the project as a new high-end hotel and residential complex rises simultaneously on the island’s southern shore. Today (7/24), city commissioners are expected to authorize the city manager…
Miami-Dade cost of living rise exceeds US average
If you feel like the cost of living in South Florida is rising faster than in the rest of the nation, you’re right – even though the percentage of cost increases has fallen annually for three years. The cost of living in Miami, Broward and Palm Beach counties in June was up 3.1% from a year earlier, while for the nation as a whole the increase was just 2.7%, according to data that the US Bureau…
Vote to fund greenway under I-395 Signature Bridge
As construction surges ahead on downtown Miami’s new I-395 Signature Bridge, the city is securing a critical funding deal for the 33-acre park and greenway planned beneath it. Miami commissioners are set to sign off on a combined $7 million today (7/24) from the Omni and Southeast Overtown/Park West Community Redevelopment Agencies (CRAs), clearing the last major hurdle…
Doral exempted from incinerator site but must pay for it
Doral residents, who for four decades lived near Miami-Dade’s only incinerator, are now assured that the next one, if built, won’t be in Doral. Commissioners last week set a policy that will exclude Doral as the site of an incinerator to replace the county Resource Recovery Facility within the city that burned and was closed two and a half years ago. That won’t let Doral off the hook…
The potential return of the PGA Tour to Trump National Doral in 2026 would be an “extraordinary moment,” Doral Mayor Christi Fraga said in a statement released Tuesday, calling the development a meaningful opportunity for the city and professional golf. “The return of the PGA Tour to Doral would be an extraordinary moment, bringing the tournament back…”
Construction continues to ascend on the Waldorf Astoria Hotel & Residences, a 100-story supertall skyscraper under development at 300 Biscayne Boulevard in Downtown Miami. The tower, which has now surpassed one-third of its full height, is being developed by Property Markets Group (PMG) and Greybrook Realty Partners, in partnership with Mohari Hospitality…
‘Cassa Residences’ to Measure 17 Stories at 2826 NE 187th Street in Miami
Two developers have recently secured approval for a high-rise mixed-use project in Aventura. Cassa Residences will measure 17 stories above grade and replace a retail building constructed in the 1980s. Plans call for 208 residences, 12 of which would be designated as “Hero Housing,” which provides reduced rent for first responders and teachers at city-run charter schools.
MG Developer Secures $41 Million Construction Loan for The George Residences in Coral Gables
MG Developer has secured a $41 million construction loan from Pine Bay Capital for The George Residences, a collection of 13 ultra-luxury townhomes at 717 Valencia Avenue in Coral Gables. This financing marks the next major step toward completing the final project in the developer’s decade-long transformation of the Biltmore Square area….
General Contractor Named for Sevilla at Downtown Doral
Codina Partners has selected ANF Group as the general contractor for Sevilla at Downtown Doral, a two-phase residential development that will bring 412 new units to the heart of Doral. Located on a 4.2-acre site at the intersection of NW 53rd Street and NW 52nd Terrace, the project marks a significant addition to the expanding Downtown Doral neighborhood….
334-Unit Apartment Building Breaks Ground Steps From Brightline Aventura
Developers have secured construction financing and broken ground on an apartment complex near Brightline Aventura, according to the SFBJ. The property is just steps away from the Brightline Aventura station. The station will also become part of the Northeast Corridor commuter rail line planned to run from Fort Lauderdale to Miami (and eventually West Palm Beach).
First Columns Rising at ‘Grand Hyatt Miami Beach,’ One of Miami Area’s Biggest Ever Hotel Projects
The giant Grand Hyatt Miami Beach is beginning to rise vertically, an image from a live construction camera shows. The $600m project is among the biggest hotel developments in Miami’s history. It will include 800 hotel keys (including 52 suites), four floors of meeting and event space, and five food and beverage outlets. There will also be amenities, including a resort style…
Total Demolition Permit Issued at ’14 ROC’ Site, 32-Story Tower Planned
A total demolition permit was issued earlier this month for the 14 ROC site, Miami-Dade records show. A construction permit for the new tower is in process. The development will include a 32-story tower with 283 condos, allowing flexible rentals. Sales for the building launched in July 2024. In October, the developer received FAA height approval for a permanent building height…
Resia Golden Glades, which was built with modular bathrooms and kitchens, has reached completion. It is the first fully-finished project for Resia in the U.S. that utilizes bathrooms and kitchens built at its in-house manufacturing facility. The prefabricated components are inclusive of electrical and plumbing, and were built at Resia’s facility in Fairburn, GA, just south of Atlanta.
Gallery at Little Havana Proposed With 130 Units
A pre-application has been filed for an apartment building in Miami-Dade’s Rapid Transit System-Development Zone. The project name is Gallery at Little Havana and is being proposed by an affiliate of developer Related Group. Gallery at Little Havana is proposed to rise 12 stories and include: 130 apartment units 118-space parking structure. The development is proposed…
Braman Special Area Plan Set For Second Miami City Commission Hearing
Miami’s City Commission is scheduled to have a second reading this week on the Braman Miami Campus Special Area Plan. Commissioners voted in favor of the plan unanimously at the first reading in June. The proposed Braman SAP will reimagine the existing automotive uses by master planning the area into a cohesive, pedestrian-friendly campus, with mixed-use buildings…
Crane Installed At 67-story JEM Private Residences Miami Worldcenter
Vertical construction is underway at the 67-story JEM Private Residences at Miami Worldcenter, with a tower crane now installed. The cranes are approved to rise to heights of 820 and 777 feet above ground during construction. The permanent height of the tower is planned to be around 700 feet. JEM Private Residences will have 259 condos on the upper levels of the building..
$73.27 Million Construction Loan Secured for Nexo Residences in North Miami Beach
Berkadia has announced the successful arrangement of a $73.27 million construction loan on behalf of Fortune International Group and Blue Road to complete Nexo Residences, a 16-story short-term rental condominium tower underway in North Miami Beach. The property will feature 254 fully furnished residences with a flexible ownership model and an EB-5 investment component.
UDRB Unanimously Approves 54-Story Tower For Brickell
Miami’s Urban Development Review Board voted unanimously yesterday to approve plans for a new Brickell tower called Seven Broadway. Developer Ytech is moving forward with plans to build the new tower, which is being designed by New York architect Kohn Pedersen Fox. According to the UDRB filing, Seven Broadway will rise 54 stories, or 682 feet above ground…
Third Arch Of Downtown Miami’s Signature Bridge Nearly Complete
Downtown Miami’s third Signature Bridge arch is nearing completion, according to a FDOT presentation released yesterday. A total of six arches are planned as part of the $840m project, which also includes a rebuild of the I-395/I-95 interchange, among other things. Two of the arches have already been formed, and had their closure pour. The third arch nearing completion…
Construction Crane Approved For Four Seasons Coconut Grove Site
The FAA has approved the height of a construction crane for the site where the Four Seasons Private Residences building is planned. The crane is approved to reach a height of 360 feet above ground, or 374 feet above sea level. The agency issued a determination letter on June 20. The Four Seasons will include around 70 condos, with large unit sizes. CMC Group and Fort Partners are the developers.
$9M Sale of Multifamily Property on Abbott Avenue in Miami Beach Brokered
“7700-7720 Abbott Avenue represented a unique opportunity to acquire 36 contiguous units in Miami Beach with three parcels of land forming a corner lot,” said Joseph P. Thomas, Senior Managing Director Investments. Built between 1940 and 1957, the three properties include 12 studios and 24 one-bedroom units on nearly 17,000 square feet of land.
New Retailers, Restaurants Lease Space on Lincoln Road in Miami Beach
The Lincoln Road Business Improvement District (BID) has announced a new wave of retailers and restaurants opening on Lincoln Road, the retail high street of Miami Beach. The new concepts include All’Antico Vinaio, an Italian sandwich concept that will occupy 1,793 square feet at 647 Lincoln Road; Che by Chelsey, an apparel concept that opened its 675-square-foot boutique at 830 Lincoln…
Lease roundup: Doronin’s OKO opening Wynwood office, PwC moving to Boca Raton
Also, a national law firm will expand to Coral Gables Billionaire developer Vlad Doronin’s OKO Group plans an office at the Wynwood Plaza mixed-use development. OKO Group leased 25,200 square feet at 95 Northwest 29th Street in Miami’s Wynwood neighborhood, according to a Cushman & Wakefield second quarter office report. JLL’s second quarter report also confirmed…
Hersh Equity expands South Florida industrial portfolio with $47M Broward purchase
Boynton Beach-based firm acquired 230K sf of warehouses in West Park Hersh Equity Group bought a warehouse complex in Broward County for $47.2 million, expanding the boutique firm’s South Florida industrial portfolio. Boynton Beach-based Hersh Equity, led by Juda Hersh and Corey Schwartz, bought six warehouses at 5801-5897 Southwest 21st Street, 5901-5981 Southwest 21st…
Kushner files foreclosure on Newgard’s Natiivo Fort Lauderdale site
Harvey Hernandez’s firm allegedly defaulted on $23M loan that recently matured Kushner Companies is eyeing a Fort Lauderdale site where Miami-based developer Harvey Hernandez plans a mixed-use tower with short-term rental-friendly condominiums. An affiliate of New York-based Kushner, led by Laurent Morali and Nicole Kushner Meyer, is seeking to foreclose…
Two-Building ‘Pinnacle at Cypress’ Proposed for 6520 N Andrews Avenue in Fort Lauderdale
With the completion of Fairfield at Cypress, a recently completed multi-family housing development in Fort Lauderdale, developer Pinnacle wants to proceed with the venture’s second phase. The Fort Lauderdale Development Review Committee will consider plans for the project today. Pinnacle at Cypress would comprise two buildings. The largest would measure 11 stories…
Beloved Coconut Grove Restaurants Closing to Make Room for Condos
Two of Coconut Grove’s most beloved neighborhood restaurants are being forced to either relocate or close entirely to make way for a massive mixed-use building that aims to transform the historic neighborhood. Sapore di Mare, one of New Times’ 10 Best Restaurants in Coconut Grove, and the Last Carrot, winner of New Times’ Best Juice Bar 2025, representing both sides…
Pulte plans more than 800 homes on closed golf course in Lauderhill
Homebuilder has 131 acres of the old Inverrary Country Club under contract PulteGroup plans to build more than 800 homes in Lauderhill on nearly half of a former 36-hole golf course that closed in 2020. The Atlanta-based homebuilder also plans to build a new 18-hole golf course next to the site where it plans to build homes at the former Inverray Country Club.
PulteGroup, one of the nation’s largest homebuilders, officially broke ground yesterday, July 17, on The Cottage District, a new standalone workforce housing community in partnership with the Boynton Beach Community Redevelopment Agency (CRA). The development is located within the Heart of Boynton District, just north of downtown Boynton Beach.
A South Florida-based developer hopes to meet the growing demand for pickleball and padel courts in the region. Hy Nissim Developments LLC has proposed a four-story fitness center that would offer pickleball and padel courts, along with coffee/retail space, programming areas, a cold plunge pool, and sauna. The project would require over 40,000 square feet of new construction…
Equinox West Palm Beach to Open in Late 2025 at CityPlace
Equinox is preparing to open its first Palm Beach County location later this year with the debut of a new luxury fitness club in the heart of downtown West Palm Beach. Located at 575 Rosemary within The Laurel, Related Companies’ flagship apartment tower, Equinox West Palm Beach will anchor the evolving CityPlace district—a reimagined mixed-use destination that now…
Developers To Build 13 Condo Projects In Miami’s Biscayne Boulevard Corridor
Developers are planning and or constructing a baker’s dozen number of condo projects in the Biscayne Boulevard Corridor submarket of Greater Downtown Miami. The 13 new condo projects are projected to add nearly 3,300 units to an area that is already struggling with nearly two years of resale supply listed for resale but not transacting. The overall amount of condo supply…
Miami’s Fisher Island is Home to the Most Expensive Zip Code in U.S.
While the rich and famous are busy flocking to Indian Creek Village’s Billionaire Bunker, that one-half-square-mile isle still falls behind the even smaller (0.27 square miles!), ultrarich enclave of Fisher Island off Miami Beach when it comes to the most expensive zip code in Florida. According to a report by the Robb Report, Fisher Island is not only the most expensive zip code…
Billionaire Developer Stephen Ross Closes On A Deal To Buy 45% Of Tennis’ Miami Open
Many people go to Florida to retire — not so with billionaire real estate developer and Miami Dolphins owner Stephen Ross. The 85-year-old is in advanced talks to buy a roughly 45% stake in the prestigious Miami Open tennis tournament. According to Front Office Sports, Ross is finalizing the deal with the current owners, entertainment and media agency Endeavor, RedBird Capital…
Riviera Beach requests more developer bids for Marina Village
Related Urban was deemed the sole responsive bidder, but city want to ensure competition Developers interested in building a mixed-use project with hotels and restaurants on the waterfront just north of the Port of Palm Beach will soon have another chance. Riviera Beach council members, sitting as the board of directors of the Riviera Beach Community Redevelopment Agency…
Starwood Property Trust to Acquire Fundamental Income Properties for $2.2B
Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group with a core focus on real estate and infrastructure, has announced plans to acquire Fundamental Income Properties for roughly $2.2 billion. Starwood Property Trust has entered into a definitive agreement with Fundamental, a fully integrated net lease real estate…
The future of the data center industry is a subject that has stirred up a lot of excitement in recent years. The shift towards digitalization has resulted in an increased demand for data centers to store and manage the vast quantities of data generated by businesses and individuals alike. Interestingly, the conversation is now moving beyond traditional land-based data centers…
Brightline Trains Could Extend to Tampa Within 5 Years
Plans are advancing for Brightline train service running from Miami to Tampa. The train service would run from Miami to Orlando with a number of stops along the way, before continuing on to Tampa. On Wednesday, a Tampa board voted to approve Brightline moving forward with the financing process for the project, according to WTSP. The new station is likely to be in the Ybor City…
Why AI Will Finish The Office Sector Transformation The Pandemic Started
Corporate office occupiers didn’t know it at the time, but the pandemic gave them a head start on the artificial intelligence revolution. AI’s integration into daily workflows is pushing more occupiers into smaller, higher-quality space with a focus on collaborative environments, the same trends that have defined postpandemic office demand. The dynamic is accelerating the bifurcation…
Measuring policy rate uncertainty : Daily data from the Kansas City Fed
Previous FRED Blog posts have discussed how to measure economic and financial uncertainty. Some measures are based on news coverage from a large set of U.S. newspapers, and others are calculated using the prices of financial derivatives. Today, we measure interest rate uncertainty based on daily financial data. Our FRED graph above shows the past five years of daily values…
Florida’s commercial real estate market is as hot as a Miami summer. Across the southern part of the state, office towers are rising faster than a thermometer in July as rents follow suit Fox Business reports. The reason? Tech and finance executives are relocating from New York and California, drawn by a business-friendly environment and a lower cost of living. While the commercial market…
Multifamily Starts Jump 31% Nationally in June
There are some who find it hard to believe that the supply cycle may be turning up again, especially if you don’t trust the Census Bureau’s seasonally adjusted annual rate (SAAR) for multifamily starts. That rate increased 30.6% from last month to 414,000 units in June after falling 26.6% from April to May. Year-over-year, the increase is 25.8%. The 414,000 unit starts figure…
How companies are using body heat sensors to make offices more efficient and hospitable
As more and more employees return to the office, by choice or by force, large companies are more interested than ever in understanding how they use the space. The pandemic fundamentally changed how and where people work, and even in the return-to-office dynamic, there is a greater focus on how to best utilize and monetize office space, as well as make it more energy-efficient.
In the latest episode of America’s Commercial Real Estate Show, the host delves into the current state of the U.S. office market, highlighting its challenges and potential for recover. The discussion is primarily centered around the effects of the pandemic on this sector, and how it has fared in comparison to other sectors within commercial real estate.