Two South Florida real estate firms have assembled a significant plot of oceanfront land for an upcoming development. 13th Floor Investments and Opera Acquisitions paid $73M for a 46-unit oceanfront timeshare property at 3611 Collins Ave., adjacent to a condo building the group had previously acquired in Miami Beach. The South Florida-based investment and…
Terreno Realty, VSRE Break Ground on Two Hialeah Industrial Buildings Totaling 364,000 SF
Terreno Realty Corp. has broken ground on two industrial buildings totaling 364,000 square feet in Hialeah, roughly 13 miles outside Miami. Situated within Countyline Corporate Park, the warehouse buildings, dubbed Building 39 and Building 40, are scheduled for delivery in the first quarter of 2024. VS Real Estate (VSRE) is developing the facilities on behalf of Terreno…
Meruelo backs out of $200M bid for Casablanca Miami Beach
The Meruelo family backed out of a $200 million buyout offer for the historic oceanfront Casablanca resort in Miami Beach, The Real Deal has learned. The condo-hotel at 6345 Collins Avenue, with about 350… units, had the buy-in from more than 95 percent of unit owners, according to a letter brokerage Colliers sent to owners officially informing them that Richard Meruelo canceled the deal.
Centennial Bank has announced a substantial construction financing loan of $60.7 million for Flamingo Village. This multifamily development marks a significant milestone as the first of its kind within the historic 200-acre Hialeah Park Race Track in Hialeah. Flamingo Village is a joint endeavor between the Brunetti Organization, the owner of Hialeah Park, a renowned…
Cornerstone affiliate buys Little Havana dev site for $15M
Brookstone Partners, an affiliate of The Cornerstone Group, paid $15 million for a Little Havana development site approved for a mixed-use project. Brookstone, led by Cornerstone principals Leon Wolfe and Jorge Lopez, acquired the 2.4-acre assemblage at 805 to 861 West Flagler Street and 826 to 860 Northwest First Street, according to records and Vizzda. The deal includes…
430 new Seybold Canal residences to include 37 micro studios
A developer is proposing a new mixed-use residential project that will include some micro living units near Spring Garden and the Health District, and in the shadow of the 836 highway. Owner-developer 1010 Spring Garden LLC plans the structure at 1150 and 1180 NW 11th Street Road, and 1080 Spring Garden Road, in Miami. The waterfront site is on the Seybold Canal, north…
Russell Galbut, David Martin’s proposed South Beach condo project meets opposition
Russell Galbut and David Martin failed to get a development agreement for a condominium project in South Beach nearly a year after scoring referendum approval, due to various issues in dispute with the city. On Wednesday, Miami Beach commissioners deferred a decision on Galbut and Martin’s proposal to build a 150-unit condo building between Alton Road and West Avenue…
Allen Morris reworking plans for project near the Plaza in Coral Gables
The Allen Morris Company is returning to the drawing board after failing to secure approval, downsizing proposed plans for a condo development near The Plaza megaproject in Coral Gables… The site includes 3000 Ponce de Leon Boulevard, 216 and 224 Catalonia Avenue, 203 University Drive and 225 Malaga Avenue. Spencer Morris, president…
Kenneth & Winston Fisher Led Fisher Brothers Management bag $118M loan for Wynwood project
Fisher Brothers Management can begin construction of an eight-story multifamily project in Wynwood after securing a $117.5 million loan. An affiliate of Los Angeles-based Canyon Partners provided the construction financing for Wynwhouse, a proposed development with 312 apartments, 27,500 square feet of restaurant and retail space and 120 parking spaces, records show.
Autos to take back seat in downtown Miami transportation plan
In a year or so a new transportation master plan should help speed more mobility in downtown Miami for the decades ahead. Automobiles take a back seat in the plan’s aims, with pedestrians at the forefront. A $170,000 study upon which to base the plan won unanimous Transportation Planning Organization approval with aims far broader than the most recent plan….
South Dade rapid transit will be rapid in only one direction
South Dade Transitway promises may exceed what users will get: it won’t offer true Bus Rapid Transit all the time, the Citizens’ Independent Transportation Trust heard last week. The 20-mile route targets a 60-minute ride each way with signal preemption parallel to US 1. But as trust member Robert Ruano asked how the BRT will cross 46 road intersections on the 14-station…
Michael Lewis: Costco land deal would cost county too much, yield too little
Some deals are too good to miss. Others are too bad to consider. A deal Miami-Dade is to weigh this week to sell vital land falls into the latter category. Unfortunately, this very bad deal is not only under consideration, but Mayor Daniella Levine Cava faces a commission order to rush to negotiate it because its backer says it’s too good for economic development to miss.
Lefferts Partners with Cervera for its New Surfside Condominium Tower, 72 Park
Lefferts, a real estate development firm specializing in high-quality residential and commercial properties in Miami and New York City, has announced market brokerage leader Cervera Real Estate will be the exclusive sales and marketing partner for its new condominium tower, 72 Park, in Miami Beach, just south of Surfside. Slated for completion in early 2024,……
Sonder Holdings Inc. (NASDAQ: SOND; “Sonder”), a leading next-generation hospitality company that is redefining the guest experience through technology and design, is launching four new properties across Florida. This will bring the company’s footprint in the state to 930 live units across hotel, resort and multi-unit serviced apartment properties, hosting…
Gritty Overtown getting big lift with $350 million housing, retail, office project
Construction has reached the top floor on a $350 million high-rise residential, retail and office complex in Overtown that will bring 578 much-needed apartments for senior citizens and 1,100 jobs. Block 55 at Sawyer’s Walk, which is being developed by Swerdlow Group and built by Coastal Construction Group, is situated near a major public transit hub and Interstate 95. The transit…
Miami-based Terra, in partnership with Lion Development Group, has closed on the $40 million purchase of a prime 1.6-acre piece of property located at 3501 NE 1st Avenue in Miami. Plans call for an iconic luxury condominium tower designed by Miami-based architect Arquitectonica and international design studio Yabu Pushelberg set……
MG Developer And Baron Property Group Unveil Transformative Plans For Hialeah’s Metro Center
Hialeah-based MG Developer, in partnership with Baron Property Group (BPG), a New York-based development company, unveils their ambitious plans for Hialeah’s Metro Center. This transformative project will encompass approximately 2.3 million square feet of upscale apartments and retail space, revolutionizing urban living in the heart of Hialeah….
MG, Baron plan $600M, three-building rental project in Hialeah
MG Developer and Baron Property Group are ramping up work on their $600 million Metro Center project in Hialeah, with plans to start construction on a pair of rental buildings next year. Coral Gables-based MG and New York-based Baron are developing Metro Center on nearly 9 acres between East 26th and East 25th streets, and between East Ninth and 10th avenues…
Unit owners at Miami Beach condo allege Mast Capital is dragging out buyout, holding them “hostage”
A group of unit owners at an oceanfront Miami Beach condo building allege that Mast Capital has dragged out a planned buyout, tying up the majority of residents and leaving them in limbo, The Real Deal has learned. The fallout at Amethyst highlights what can happen when deals between a major developer and condo owners begin to sour. In the two and a half years since…
Student housing developer moves forward with Coral Gables project
A student housing developer plans a mixed-use apartment project that would replace a retail center along U.S. 1, across from the University of Miami in Coral Gables. Athens, Georgia-based Landmark Properties is in contract to buy the property at 1250 South Dixie Highway, home to longtime tenants that include Bagel Emporium and TGI Friday’s, according to a proposal…
LOFTY Brickell Unveils Plans for its Skydeck Activation
Forward-thinking real estate developer Newgard Development Group continues to differentiate its LOFTY Brickell condominium project with unique features and innovative concepts. In the latest example, Newgard is unveiling its plan for the building’s skydeck– a versatile rooftop space that will be available as a venue for private events and will be an additional building amenity…
LOFTY Brickell Sets New Heights With Innovative Skydeck Addition
LOFTY Brickell, the waterfront luxury condominium project by Newgard Development Group at 99 Southwest 7th Street, continues to push boundaries with its latest offering. The development unveils its ambitious plan for a unique skydeck on the 44th floor, exclusively dedicated to LOFTY unit owners. This versatile rooftop space, spanning approximately 10,000 square feet…
Plans Unveiled For Rooftop Skydeck At Lofty Brickell
Developer Newgard Development Group has unveiled plans for a 44th floor rooftop skydeck at the Lofty tower it is building in Brickell. The approximately 10,000-square-foot area is designed to accommodate private events ranging from small corporate gatherings to wedding receptions. The rooftop will feature lush landscaping, modular furniture, portable bars, a catering…
Nakash, partner pick up Ocean Drive hotel in Miami Beach
The New York-based Nakash family and a partner paid $23.5 million for a hotel on Ocean Drive, adding to the Jordache Jeans’ owners holdings in Miami Beach. South Beach Properties II, led by investor Michael Palmer, sold the 80-room, five-story Beacon South Beach Hotel building at 720 Ocean Drive, property records show. A company managed by Salem Mounayyer of Nakash Holdings…
Lionstone, Flag, Ben-Josef plan condo project between their South Beach hotels
The three families that own the Sagamore Hotel and adjacent Ritz-Carlton, South Beach propose a 15-story condominium on a portion of their hotels’ lots, as part of a larger aim to breathe life into a two-block stretch of Lincoln Road. The Lowensteins’ Lionstone Development, the Kanavos family’s Flag Luxury Group and the Ben-Josefs’ Ben-Josef Group want to build the 30-unit…
South Florida office leasing and asking rents stagnant in second quarter
It was a stagnant second quarter for South Florida’s office market, a recently released report shows. Vacancy rates crept up in some areas, asking rents mostly stayed flat and net absorption hit negative territory across Miami-Dade, Broward and Palm Beach counties, according to Colliers. The negative absorption rate in the tri-county region is largely due to new pre-leased buildings…
Developer Rishi Kapoor, Under FBI Scrutiny, Has Miami Beach Project Halted
Miami Beach officials ordered a halt to construction at a short-term rental condo project being built by embattled developer Rishi Kapoor, who’s also the subject of local and federal investigations into his Miami business dealings. The stop-work order was first reported by the Miami Herald and was issued a day after the publication inquired to city officials about construction work…
Miami Beach shuts down construction at Rishi Kapoor’s co-living project
Embattled developer Rishi Kapoor’s troubles keep piling up. Miami Beach building officials issued a stop work order at Kapoor’s Urbin Miami Beach co-living project at 1234 and 1260 Washington Avenue due to a lack of permits, according to the Miami Herald. The city also hit an affiliate of Location Ventures, the Coral Gables-based development firm led by Kapoor, with a…
Rishi Kapoor’s Urbin Miami Beach project hit with over $1M in liens
Unpermitted construction isn’t the only thing slowing down progress at Rishi Kapoor’s co-living project in Miami Beach. This month, six companies — including the project’s architect — filed liens in Miami-Dade Circuit Court against the Kapoor entity that owns the Urbin Miami Beach development site at 1234 and 1260 Washington Avenue. The half-dozen firms are claiming a…
Rishi Kapoor enlisted Francis Suarez to draft unsuccessful co-living law
Before hiring Francis Suarez as his paid consultant, developer Rishi Kapoor helped Miami’s mayor draft legislation that would have benefited his Coconut Grove project. The proposed measure was never approved, but Suarez’s involvement reveals a deeper connection between the mayor and Kapoor, CEO of Coral Gables-based Location Ventures, according to the Miami Herald.
Waterford Business District scores five new tenants
The Waterford Business District near Miami International Airport scored five new tenants (HNTB, Ready Mortgage Lenders, John Paul USA, Prudential Insurance Company, The Miami Herald) and seven lease renewals (Toyota Tsusho America, Alka Trading, Diaspora Talktime, Bristol Hospice, CareCloud Health, Jamaica Tourist Board, Terra Flowers). Engineering firm HNTB will move from…
Blackballed: Tobacco, vape shops, souvenir and vitamin stores face possible ban in North Beach
Stores selling tobacco, vape products, souvenirs, t-shirts, vitamins and pawned goods could become a thing of the past in a large swath of Miami Beach. Miami Beach officials are considering expanding a ban on retail shops that sell such products in the city’s North Beach neighborhood. They are also seeking to cap the number of tattoo studios and check cashing, convenience and…
Profit squeeze pumps the brakes on Miami’s new dev condo market
Luxury amenities and high-end finishes are on the chopping block in condo projects across South Florida as developers grapple with shrinking profit margins. That top-of-the-line Italian kitchen, those marble floors, even previous window choices could fall victim to historic inflation and the rising costs of construction, insurance and other line items. Developers are tweaking…
Chilean 3D Visualizations Firm PLANGO Showcases New Aerial Renderings Of Oasis Hallandale
Chile-based 3D visualizations, photography, and design firm PLANGO has unveiled a set of new renderings of the third phase at Oasis Hallandale, a pair of 25-story residential towers now under construction at 1000 East Hallandale Beach Boulevard. Designed by renowned architectural firm Arquitectonica and developed by Hallandale Oasis 2019 LLC, led by Giuseppe Iadisernia…
Federal Capital Partners Picks Up 220-Unit Fort Lauderdale Luxury Apartment Complex
Avana Cypress Creek. Image courtesy of FCP Federal Capital Partners has expanded its portfolio of multifamily properties in the Florida with its purchase of Avana Cypress Creek Apartments, a nine-building 220-unit luxury apartment community located in North Lauderdale. FCP acquired the property from Eaton Vance Investment Managers, according to Yardi Matrix data. The buyer…
Federal Capital Partners Acquires 220-Unit Florida Property Avana Cypress Creek Apartments
Avana Cypress Creek Apartments. Image courtesy of FCP FCP has acquired Avana Cypress Creek Apartments, a 220-unit multifamily community in North Lauderdale, Fla., from Eaton Vance Investment Managers. The asset previously traded in 2019 for $46 million, according to Yardi Matrix. CBRE Vice Chairmen Robert Given and Zachary Sackley brokered the transaction.
Triarch Capital Group Sells Plantation Medical Office Park
Manage Solution has acquired Plantation Medical Office Park, a 63,319-square-foot medical office facility in Plantation, Fla. Triarch Capital Group sold the Class B asset for $15.5 million. The property previously traded in 2019, when Triarch Capital Group purchased the facility from The Kislak Organization for $11.3 million. The asset was also subject to a $7.4 million loan that same year…
Pompano Beach gives final approval to Cavache’s 319-unit multifamily project
Cavache Properties scored final approval for its second Old Town Square multifamily project in Pompano Beach. Called Old Town Square II, the 319-apartment development will rise on the site of a closed Christ United Methodist Church building at 210 Northeast Third Street, as well as on part of the parcels to the north and south of the church. The development will consist of a 10-story…
Kohl’s plans to anchor Sawgrass Mills in Sunrise
National department store Kohl’s is preparing to become an anchor tenant at Sawgrass Mills shopping center in Sunrise, according to plans filed with the city. A roughly 64,000-square-foot Kohl’s department store is coming to the so-called “Anchor G” location at Sawgrass Mills, formerly occupied by Century 21 Department Store. The Sunrise City Commission on Tuesday approved…
Blackstone sells pair of Hyatt hotels in Dania Beach for $40M
Blackstone sold a pair of adjacent Hyatt-branded hotels in Dania Beach for a combined $40.1 million. Delray Beach-based Kolter Group’s hospitality real estate division bought the 143-key Hyatt House Fort Lauderdale Airport at 90 Southwest 18th Avenue, and the 149-key Hyatt Place Fort Lauderdale Airport at 91 Southwest 18th Avenue, according to records and real estate database…
BlackRock lists downtown Delray Beach apartments for roughly $130M: sources
BlackRock is putting its Worthing Place apartment building in downtown Delray Beach on the market for roughly $130 million, The Real Deal has learned. The listing is another sign of renewed confidence in South Florida’s multifamily market. Deal activity picked up in recent weeks following a dry spell caused by expensive financing costs. A downtown Miami apartment tower also…
Harbor Group International Buys Newly Built West Palm Beach Multifamily Property
Harbor Group International has acquired Pine Ridge, a 288-unit multifamily community in West Palm Beach, Fla., that came online this year. The seller was Resia, the developer. Newmark brokered the sale. The asset is subject to a $37.2 million construction loan from Truist Bank, originated in 2021, according to Yardi Matrix data. The buyer assumed the floating-rate debt and plans…
South Florida by the numbers: Not so sleepy summer in Palm Beach
The tony and tiny town of Palm Beach, famous for its lavish and plentiful wintertime soirees, is also known for being a ghost town in the dog days of summer. With so few residents to serve, many area businesses run on shortened hours or close their doors altogether this time of year. But with a flurry of big-ticket deals in recent weeks (involving some internationally known names)…
DOJ says Florida law restricting foreign national real estate buys unconstitutional
The Department of Justice has weighed in on Florida’s controversial new law — which prohibits nearly all Chinese citizens and businesses based in China from purchasing real estate in the state — saying that it violates the constitution and federal law. The DOJ said in a statement of interest filed in federal court in Florida that Senate Bill 264, which was signed by Gov. Ron DeSantis…
‘Power Is The New Parking’: What Companies Want Most In Their Industrial Space Is Rapidly Shifting
As developers try to build industrial properties that will last half a century or longer, they are increasingly thinking about how to turn warehouses into what owners and tenants will want in the future. “What we’re telling all of our clients is you need to be cautious about that older stuff in the logistics environment, because we view the future of logistics similarly to the future of…”
The Fed: Commercial Real Estate Market Stress Poses a Challenge to Banks
A variety of factors—rising interest rates, persistent inflation, concerns about a potential recession and pandemic-related changes in where people work—have prompted concerns about the health of commercial real estate (CRE) properties and the bank loans that support them. Supervisors and economists at the Federal Reserve actively monitor CRE market conditions…
Chart: Trends in the construction of multifamily housing : The missing middle
The FRED Blog has discussed the relationship between single-family housing starts and completions and also how changes in overall housing market prices are measured. Today we build on the topic of housing by comparing trends in the type of residential constructions erected. The FRED graph above shows data from the US Census and the US Department of Housing and…
Exploring the Different Types of Properties Eligible for a 1031 Exchange
A 1031 exchange can be a useful tool for increasing your prospects for real estate investing. You can sell an investment property and use the money to buy another one while delaying capital gains taxes thanks to this tax-deferred transaction. To ensure compliance with IRS rules, it’s crucial to know which kinds of properties are eligible for a 1031 exchange. In Coral Gables…