$6.1B In New Construction Added In Miami-Dade Over The Past Year
Miami-Dade County Property values rose significantly last year, and new construction helped add to that growth. Overall taxable values in the county were up 10%, according to an official June 1st estimate released by the county’s Property Appraiser office. Total taxable property values in Miami-Dade are now at $469B, up $43B compared to 2023. Of that increase, $6.1B came…
Sunshine Gasoline Distributors expands storage space in Miami-Dade County
Sunshine Gasoline Distributors beefed up its storage capacity by acquiring a Hialeah warehouse. The Doral-based petroleum company is among the top gas station owners and commercial fuel distributors in Florida. In the tri-county region, Sunshine owns 92 commercial properties, a majority of which are service stations, records show. Recently, Sunshine expanded its…
Pérez family’s Related, partners score $400M construction loan for Six Fisher Island
The Related Group and its partners secured a $400 million construction loan for the Residences at Six Fisher Island, an ultra luxury condominium project. The financing adds to more than $2 billion in condo construction loans that have closed over the past year in South Florida. Miami-based Related, billionaire Teddy Sagi, the Toledanos’ Aventura-based BH Group and Chicago…
Resia advanced plans for a 1,296-unit apartment project in North Miami Beach, amid record multifamily construction in South Florida that threatens market oversaturation. Resia, a subsidiary of Brazilian real estate firm MRV, scored preliminary approval on Monday for the New North Town Center project with five 12-story buildings at 15530, 15540 and 15780 West Dixie Highway…
Winholt Equipment Group To Open Fourth U.S. Manufacturing Facility In Doral
Winholt is set to open a new Florida facility in July. It will become the hot-holding and warming equipment specialist’s fourth national manufacturing facility in the country, adding to existing locations in Pennsylvania, Texas and California. The company said the expansion adds significant manufacturing and supply chain capacity to the Southeast. With the investment in automated…
Retail Asking Rents Trending Up in South Florida
The retail market dynamics in South Florida are pointing to rising rents as available space continues to get harder to find. Robust tourism, including the return of international visitors, and consumer spending that is outpacing the national average are driving the market, with the demand for space outrunning the supply. Retail rental asking rates have increased in South Florida…
Aby Rosen under contract to sell distressed Lincoln Road retail building for $14M
Aby Rosen is under contract to sell his distressed retail building on Miami Beach’s Lincoln Road for $13.6 million, The Real Deal has learned. Ben Mandell’s Tricera Capital is the contract buyer of the one-story building at 318-334 Lincoln Road, according to sources. Tricera has partners on the purchase, but the sources declined to identify them. The deal could resolve Rosen’s…
“Simplistic” and “unremarkable”: Board slams 48-story Live Local Act project proposed in Wynwood
Bazbaz Development’s plan for a 48-story tower in Wynwood, the area’s tallest ever planned building, struck out in front of a Miami review board. The Wynwood Design Review Committee voted against the proposal after a roughly two-hour discussion this week. The committee’s vote isn’t final but merely a recommendation. Sonny Bazbaz’s eponymously named firm…
Jolt EV charging stations promised to Coral Gables commissioners as free to all users
Coral Gables commissioners on Tuesday got the chance to hear about the possibly of having Jolt EV charging stations throughout the city. City officials heard from Jolt EV representatives on how the electric charging stations would offer free energy to every user of the charger, which would be about 7 kilowatt hours of energy per user per day. The free energy would be roughly…
Miami Beach 63rd Street Bridge openings may be cut in half
Miami Beach is asking the Coast Guard to cut in half the openings of the 63rd Street bridge over Indian Creek at Allison Island to alleviate traffic congestion. City commissioners asked administration to work with the office of US Rep. Frederica Wilson “to engage in the formal process with the US Coast Guard to modify the current operating of the 63rd Street drawbridge…
Surging South Florida condo demand pushing multifamily developers to pivot
It was the “right time, right place” for PMG when it decided to convert a planned multifamily tower into condos in downtown Miami about two years ago. Ryan Shear, managing partner at PMG, said that demand for condos drove the company’s decision to convert the under-construction Society Biscayne rental tower into The Elser Hotel & Residences about two years ago.
Unanimous OK for a sister tower for Metro at Edgewater
The end of 2023 saw completion of Metro at Edgewater, a mixed-use residential tower a couple of blocks from Biscayne Bay, and now an affiliate of the developer is bringing plans for the next phase, Metro 2. Metro Tower II LLC is the applicant with a proposal for Metro 2 at Edgewater, a 28-story mixed-use residential tower at 3055 NE Fourth Ave. Metro 2 is to rise adjacent…
$29M Forfeiture Sheds Light On How Drug Money Infiltrates Commercial Real Estate
There are documentaries and books outlining how drugs fueled Miami’s real estate market 40 years ago, but a new report shines a light on how illicit funds continue to make their way through commercial properties in South Florida and beyond. Miami-based real estate investment firm Sefira Capital agreed to forfeit more than $29M in assets in 2021 as part of a settlement…
Beacon Council mission to Spain nets 14 hot prospects to come here
The Miami-Dade Beacon Council continues to pave the way for the county’s future with an economic development mission to Spain. “It’s really to engage Spanish businesses and Spanish business leaders in a way that allows us to showcase Greater Miami,” said Juan Carlos Liscano, American Airlines vice president for Miami, the Caribbean and Latin America and Beacon Council…
UHealth buys naming rights to a Metrorail stop
Capping 16 years of effort, Miami-Dade has sold naming rights to a transit station. It agreed to sell the title of the Civic Center Metrorail Station to the University of Miami’s Health System for just over $2.9 million for 20 years. The station will become UHealth Jackson Station on July 1. By federal rules, funds from a transit naming right sale must go to the county’s…
Short-Term Rental Market Will Continue to Grow, Says Miami Developer
Catering to those who seek flexibility and convenience above anything else, the short-term rental sector has only been growing over the past few years. In South Florida, an area known to be a tourist magnet and a sought-after business destination, condo developers have been increasingly embracing the short-term rental model. Rilea Group has been constructing condo towers…
Signature Bridge in downtown Miami closes its first gap
A massive cobweb of steel rods is being woven together by the work crews building a new highway and Signature Bridge in the heart of Miami. The first of six towering arches that will hold and hug the new roadbed that is I-395 has been connected at the top, and a final concrete pour at the end of June will secure that last section – with five to go. Total project completion…
A new residential development is headed for Downtown Doral. Meet Sevilla, a seven-story apartment building offering 412 homes. Led by Coral Gables-based Codina Partners, the venture would offer one-bedroom to three-bedroom layout plans, with square footage ranging from 720 to 1,708 square feet each. Per the South Florida Business Journal, plans also call for 15,800 sf…
25-Story Residential Tower In Edgewater To Be Named ELLE Residences Miami
Global fashion brand and magazine ELLE has signed its first-ever name branding deal for a condominium project near Miami’s Edgewater neighborhood. Designed by Miami-based Kobi Karp Architecture, ELLE Residences Miami is being developed by Urban Network Capital Group (UNCG) and Vertical Development. The 25-story condo will feature 180 units…
Codina plans another apartment building at Downtown Doral
Codina Partners is ramping up multifamily development at Downtown Doral with a planned mid-rise apartment building. The city of Doral recently approved the Coral Gables-based development firm’s site plan for Sevilla, a seven-story building with 412 apartments on a 4.2-acre vacant lot on the corner of Northwest 53rd Street and Northwest 52nd Terrace, a press release states.
Miami Multifamily Real Estate Report Q4 2021
Market Snapshot for Miami Multifamily Real Estate We’ve compiled key statistics (vacancy rates, absorption rates, and rental rates) and property transactions for Miami multifamily real estate in this report. The Miami multifamily report is updated quarterly by our commercial real estate professionals. We also want to cover the bigger picture and provide some…
Doug Levine continues Wynwood sell-off, listing two office floors for $28M
Doug Levine is on a Wynwood selling spree, listing the majority of a three-story office building after recently unloading a trio of properties in the trendy Miami neighborhood. The Crunch Fitness founder placed the top two floors of Wynwood Sky Office Building at 1900 Northeast Miami Court on the market with an asking price of $27.9 million, an online brochure shows.
Hotel coming to South Beach: Keyah buys Washington Ave site for $20M
Keyah Real Estate Group is planning a seven story, 238-key hotel on South Beach’s Washington Avenue. An affiliate of Aventura-based Keyah, led by Xaver Kriechbaum and Gavin Crescenzo, will tear down a single-story retail building and 13-unit apartment building at 1509 and 1515 Washington Avenue that the firm acquired for $20 million, records show. The seller…
3,233-Unit Project With 6 Towers Marks Miami’s Largest Live Local Proposal To Date
A developer is looking to leverage the Live Local Act to win administrative approval for a six-tower project spanning nearly 12 acres in Miami’s West Little River. The plan to build 3,233 residences on a site at 8400 NW 25th Ave. is the largest development proposed in Miami under the state’s recently created affordable housing law. The towers would reach up to 37 stories…
Total Demolition Permit At One Brickell Citycentre Site Back In Review
There’s activity again on a total demolition permit at the One Brickell Citycentre site. The permit to demolish an office building at 799 Brickell Plaza was submitted for its eighth review cycle on June 3, according to Miami Building Department records. A demolition permit was never issued for that building, although it is vacant. A total demolition permit is active for 700 Brickell…
Lease roundup: Action Black fitness brand coming to Brickell
Fitness concept Action Black will open its first outpost in Florida at Brickell’s Panorama Tower. Action Black leased 8,500 square feet on the second floor of the tower at 1101 Brickell Bay Drive in Miami, according to a news release from the tenant’s broker. The fitness center, which will be Action Black’s flagship Florida outpost, will open next year. Jonathan Rosen of JLL represented…
$34.8 Million Mezzanine Financing Secured For Miami Airport Marriott Connection
Driftwood Capital has provided $34.8 million in mezzanine financing for refinancing Miami Airport Marriott Connection, a Marriott-branded complex with three hotels near Miami International Airport. The financing was provided through Driftwood Lending Partners, LP (DLP), to an affiliate of Cerberus Capital Management and Highgate. Driftwood originated the two-year…
A Southwest Ranches-based developer has filed a pre-application regarding a 0.36-acre site in Miami-Dade County’s Glenwood Heights/Brownsville neighborhood. The unnamed affordable housing complex would measure three stories above grade and offer 46 one-bedroom apartments, measuring 460 to 612 square feet. There would be no major on-site amenities, but plans…
Rivian to open first South Florida showroom at Aventura Mall
Rivian Automotive, Inc. is on track to open its first South Florida retail showroom at Aventura Mall. On June 4, the mall’s owner, Turnberry Associates, received unanimous approval from the Aventura City Commission, to move forward with its plan to welcome another electric vehicle retailer. Turnberry requested permission to open a Rivian location, which would…
Is the Miami hype waning? In South Florida, defaulted debt volume skyrockets by 100%
The financier of a $7.2 million loan on a three-story office building in Lauderdale Lakes was tired of waiting to get paid. His borrower stopped making debt service payments two months after taking out the loan last spring, according to court filings. In May, the lender sued to foreclose on the note. Meanwhile, over at a 38-unit apartment complex in Opa-locka, the lender filed a $3.9M…
Billionaire Family Builds a Real Estate Empire Fueled by Tequila
The heir to a fortune built on Jose Cuervo tequila has plowed cash into US commercial real estate for the past 15 years, quietly amassing a portfolio that runs from Miami to Minneapolis. Juan Beckmann Vidal, the patriarch behind the tequila maker and other spirits housed under Becle SA, has purchased and developed at least 5 million square feet (464,515 square meters) of mostly…
Amazon’s Zoox To Begin Testing Self-Driving Cars In Miami
Another company has chosen Miami as one of its first cities to test self-driving cars. Zoox, a subsidiary of Amazon, said yesterday that it will soon begin testing here. The company won’t be deploying its custom-built vehicles at first, instead sending a fleet of retrofitted Toyota Highlanders. The fleet will be deployed in a small area near the “business and entertainment…”
Amazon Robotaxi fleet to be cruising Miami’s streets by summer
A new fleet of robotaxis will be introduced to Miami streets this summer, allowing the autonomous vehicles to hone their driving abilities before catering to the public. Zoox, an Amazon subsidiary, announced June 5 that it will begin testing its autonomous technology in two new markets, Miami and Austi, TX. The mobility company says it hopes the deployment in Miami’s…
Morgan Auto adds Hollywood Kia to South Florida portfolio
Morgan Auto Group souped up its South Florida portfolio by acquiring a high-performance Kia dealership in Broward County. As a result, Tampa-based Morgan Auto is now Florida’s largest car dealership owner with 77 across the state. A Morgan Auto affiliate paid $22.5 million for Hollywood Kia at 1640 South State Road 7 in Hollywood, records and real estate database Vizzda.
Tishman Speyer drops $100M for Pompano Beach warehouses, marking its Florida industrial market debut
Tishman Speyer dropped $100.2 million for a fully leased warehouse complex in Pompano Beach, marking its first investment in Florida’s industrial market. New York-based Tishman Speyer bought the 35-acre Rock Lake Business Center 3150-3250 Northwest 33rd Street from Atlanta-based IDI Logistics, according to records and real estate database Vizzda. IDI Logistics…
Developer switch: AMAC, ROVR scoop up 285-unit multifamily site in Pompano Beach
Three years after scoring approval for a 285-unit multifamily project in Pompano Beach, Art Falcone opted to sell the development site for $13.5 million. AMAC, led by Ivan and Maurice Kaufman, and Coral Gables-based ROVR Development bought the 6.2-acre property at 3151-3251 North Federal Highway, said Jeremy Forman, vice president of acquisitions at AMAC. The buyers…
Heafey’s Conrad Fort Lauderdale scores $80M refi
Heafey Group secured an $80 million refinancing of its loan backing the Conrad Fort Lauderdale Beach condo-hotel, amid a high interest rate environment that’s made it difficult to refinance and secure new debt. Ocean Bank provided the loan to FLB Hotel and FLB Restaurant, two entities managed by the Canadian real estate firm, records show. The 24-story development…
Preparing for a Highly Active Hurricane Season; Implications for Commercial Real Estate
Hurricanes have multifaceted impacts on commercial real estate. Damage from hurricanes is primarily driven by precipitation, wind and storm surge, which all manifest impact in different ways, causing both direct property damage, as well as indirect regional disruption that contributes to business interruption. Wind is often responsible for damage to a building itself…
The Conversation: Resilience and Revival; Insights from America’s Commercial Real Estate Show In a recent episode of America’s Commercial Real Estate Show, the show host delves into the dynamic world of retail real estate, offering a comprehensive analysis of current trends and future prospects. Among the topics are insights on cap rates, performance…
NYT: What Retail Apocalypse? Shopping Centers Are Making a Comeback.
Shopping center landlords have found themselves in a wholly unfamiliar position: For the first time in 20 years, demand for retail space outstrips supply. That demand has soared recently and, after years of muted construction and a purge of weak-performing properties, met a retail market with less available space. Properties that survived the purge signed up tenants that would draw…
Video: BOMA President & COO Henry Chamberlain on the History of BOMA International
Henry Chamberlain, a notable figure in the building management sector, recently shared an insightful historical overview of the Building Owners and Managers Association (BOMA). Founded in 1907 as the National Association of Building Owners and Managers (NABOM), BOMA has grown into an international powerhouse within the commercial real estate industry. Chamberlain…
How the real estate cycle can inform multifamily investment strategies
In both good and bad economic times, navigating the real estate cycle is critical to multifamily and other commercial real estate investors’ success. “Understanding the real estate cycle can help multifamily investors not only project the income and capital appreciation of their properties, but also use the best investment strategy to maximize returns,” said Matt Felsot, Central Region…
How defeasance works in commercial real estate
Selling or refinancing a multifamily property before its loan matures often involves paying a prepayment premium such as yield maintenance. Defeasance is an alternative that can be an attractive option depending on a commercial real estate investor’s individual situation and market conditions. But multifamily loan defeasance is a more complex process than…
10 Worst Apartment Occupancy Performers Nationally See Vacancies Climb
Vacancies across the South have climbed in the face of a 40-plus year high supply wave. In May, the worst occupancy performers in the U.S. accounted for more than 749,600 apartment vacancies nationally, according to data from RealPage Market Analytics. Heavily concentrated in Gulf Coast states and the southeast, 11 markets logged occupancy at or below 92%.
Florida Rent Premiums Are Fading Fast
Apartment rent in most Florida cities are trading either at a discount compared to long-term pricing trends or premiums of less than 1%, according to researchers at Florida Atlantic University and two other schools. Just a year ago, nearly all the measured Florida metros were at double-digit premiums. The Waller, Weeks and Johnson Rental Index, a part of FAU’s Real Estate Initiative…
What Are the Long-run Trade-offs of Rent-Control Policies?
When economists evaluate policies, they typically find both positive and negative effects. These trade-offs are at the core of economics, where there is generally no free lunch. The role of the economist is to identify these trade-offs; the policymaker can, then—with full information—determine how to weigh one aspect of the trade-off against another. These trade-offs are apparent…