Where Miami might undo development to deal with sea-level rise
Shorecrest might become the first neighborhood in Miami where efforts to deal with sea-level rise would include demolishing structures in areas prone to flooding and returning the land to nature. Scientists and government officials who participate in the Southeast Florida Regional Climate Change Compact have considered alternatives to installing pumps and raising streets to protect such low-lying neighborhoods as the Arch Creek area of North Miami, Lower Matecumbe Key…
Not one, but two dueling Chinatowns proposed in neighboring Miami-Dade cities
Dueling Chinatowns in Miami-Dade County? After years of false starts by other municipalities, it seems there will be two Chinatowns in the county, one in North Miami and another next door in North Miami Beach. The proposed Chinatowns are fueled by Chinese investors’ appetite for South Florida real estate and commerce, plus, the two cities’ desire to create tourist destinations, among other factors, proponents say. As The Real Deal has reported, the latest version of North Miami’s…
Verzasca files plans for former City Hall restaurant site at 2000 Biscayne
A year after buying the City Hall restaurant building on Biscayne Boulevard, the Verzasca Group just filed plans to develop the property into a rental tower, The Real Deal has learned. Verzasca closed on the $13 million purchase of the 32,775-square-foot site at 2000 Biscayne Boulevard in March 2016, but has remained quiet on its plans. The Edgewater project calls for a 36-story, 393-unit apartment tower with 25 studios, 175 one-bedrooms, 181 two-bedrooms, 12 three-bedrooms and an…
South Carolina Trucking Firm Pays $774 PSF For Warehouse Near MIA
The appetite for industrial real estate is strong in the Miami Airport West submarket due to a scarce supply of land for development and the increased demand of industrial assets.
The Miami market, which comprises Palm Beach, Broward and Miami-Dade counties, is also experiencing exceptional population and job growth, along with strong property fundamentals. The three-county Miami region, with more than 6 million residents, is the state’s largest consumer market, and population is projected to grow by 1.2 percent in the coming years, according to a CBRE report. Tourism, financial services and logistics will continue to drive economic growth, with predicted…
Miami in article re five hottest markets for retail commercial real estate – and the five coolest
Florida was hit particularly hard by the country’s housing bust that spanned from 2006 through 2012. The flow of people moving to the state from the Northeast and Midwest slowed considerably. “(People) couldn’t sell their homes, there were no jobs, (a move) didn’t look attractive because economies weren’t robust, etc., so population growth slowed, which of course is not a good thing for retail,” Muoio said. Since the bust, though, Florida’s housing market has improved, the labor…
Real estate experts rally behind proposed EB-5 legislation
Real estate experts in the EB-5 visa field strongly believe new legislation governing the controversial immigration program that rewards foreign investors with permanent U.S. residency will pass by the end of September. “Either Congress will pass a new EB-5 law, which will be the best news,” said H. Ronald Klasko. “Or the U.S. Citizenship and Immigration Service will pass regulation that will have a significant impact on the EB-5 program.” Klasko, who heads Klasko Immigration Law…
City Of Miami Inches Closer To Multimillion-Dollar Riverfront Development Deal
The City is closer to landing a new administrative building while facilitating the construction of a $465 million mixed-use project, dubbed Nexus Riverside Central, on its current Miami River headquarters site.
$465M Miami River project now entails 1,500 units
Miami voters could have the final say on Nexus Riverside Central Adler Group’s plans for Nexus Riverside Central, a $465 million mixed-use project on the riverfront site of the current City of Miami administrative headquarters, have become more ambitious. Within the Miami Herald’s latest report, which states the City Commission “authorized the appointment of a special estate counsel in the city’s proposed deal to lease its riverside administrative center to property developer Adler Group…
Facebook alum pulls curtain on TheVentureCity, launching in Miami
Former executives of Facebook, Google, eBay and other hyper-growth companies have come together to form a global “city” with everything a startup needs to scale internationally. Co-founding the unique venture, called TheVentureCity, is Laura González-Estéfani, former director of international business development and mobile partnerships for Facebook, and Clara Bullrich, a 20-year private banking and asset management veteran. They call it an accelerator for the global tech…
Ronny Finvarb sells 5th Street lot in South Beach for $6M
Ronny Finvarb just sold a vacant lot at 803 Fifth Street in South Beach for $5.965 million — six times the price he paid six years ago, The Real Deal has learned. The 9,000-square-foot property at 803 Fifth Street, at the corner of Meridian Avenue, can be developed for commercial use. It sold for $667 per square foot. SOBE 5, LLC, led by Finvarb, sold the property to The Fifth Hotel LLC, Finvarb told TRD. The buyer is linked to Urbanica Management, led by Carlos…
Market Trend: Select Top Five South Florida Office Leases Signed in Q1 2017
The select top office lease signed during the first quarter of 2017 in the South Florida market was at The Village of Merrick Park in the Coral Gables submarket. Bayview Financial renewed its 88,047-square-foot lease there. JLL represented the tenant, while CREC represented the landlord. Avison Young represented a tenant in a lease deal for 60.648 square feet at the Sawgrass Pointe II office building in the Sawgrass Park submarket. Hamilton…
Video: Previewing the American Dream Miami Mega Mall
Bob Gorlow and Edgar Jones present their plans a major development in North Miami called American Dream Mall. This is a must see for everyone in Miami. Once completed, it is sure to change the retail and entertainment landscape in South Florida.
Brickman to Reposition Miami Office Towers
Brickman has selected architecture and interior design firm MKDA to renovate Courthouse Tower at 44 West Flagler Street and 200 Southeast First Building, two Class A office towers in downtown Miami. When complete, the renovated assets will feature modern architecture, top-rate service and operations, abundant amenities, and New York-inspired spec suites. Courthouse Tower is a 162,500-square-foot property with 25 floors of office space and ground-level retail.