Moinian’s Bezel rental tower at Miami Worldcenter hits market for roughly $300M: sources
The Moinian Group put the Bezel apartment tower at Miami Worldcenter on the market for roughly $300 million, The Real Deal has learned. If it sells at that price, it would mark the biggest South Florida multifamily deal so far this year, as expensive financing costs have led to a dry spell in investment sales. New York-based Moinian and Orlando-based ZOM Living completed…
Revealed: 3 Towers Proposed At Former Miami Arena Property
Plans have just been submitted to the Urban Development Review Board to build three towers at the former Miami Arena site. Three towers are proposed to rise 615 feet, 589 feet, and 577 feet, with the tallest at 54 stories. The proposal includes: 2,346 dwelling units 30,535 square feet commercial 2,078 parking spaces on level 2 through 8 (parking garages to be partially…
Messi to Miami: What that means for real estate
The beautiful game’s most accomplished player has picked Miami as his new home. Real estate cannot wait. For his next act, Lionel Messi turned down a gargantuan offer from Saudi Arabia – reportedly close to half a billion dollars annually – and chose to play for Inter Miami, the soccer club that counts David Beckham as a co-owner. Messi’s move advances Miami’s ambitions…
Messi’s Not Alone: FIFA, Argentina’s National Team Plan Moves To Miami
The greatest soccer player alive, Lionel Messi, is heading to Miami for the next phase of his career, but he isn’t the only international soccer powerhouse looking to put down roots in the Magic City. Lionel Messi’s move to Inter Miami comes as the city is attracting investment from soccer teams and companies. FIFA, soccer’s international governing body, is negotiating…
Miami Offices Defy National Trends
The sunny skies of South Florida appear to be benefiting not just beachgoers but office landlords as well. Rents are up, leasing activity is strong, and net absorption is positive. Nevertheless, clouds on the distant horizon could throw a shadow over the party. Colliers’ report on the Miami-Dade County office market found rents rising 11% from $46.58 in Q1 2022 to $51.70…
Plans Submitted For Modera North Bayshore, With 275 New Apartments In Edgewater
Mill Creek Residential has just filed plans for a new apartment building in Edgewater called Modera North Bayshore. Modera North Bayshore is planned to rise 31 stories, or 340 feet and include: 275 multi-family apartments 363 parking spaces on levels 1-8 Indoor and outdoor amenities, including a swimming pool, are planned on level 31. Mill Creek has already completed…
FAA Green-Lights Proposal To Build Westpine Brickell At 510 Feet
The FAA has just issued a determination that a proposed 43-story residential tower in Brickell called Westpine poses no hazard to aviation. A letter was issued by the agency on June 9 to Timothy Haskin of developer Westpine Brickell, LLC. The FAA approved a structure height of 499 feet above ground, or 510 feet above sea level. Plans submitted to the county in December showed…
Urbana plans 121-unit condo project in Miami’s Edgewater
Urbana Holdings wants to develop a 121-unit condominium that allows short-term rentals in Miami’s Edgewater neighborhood. The Atlanta-based firm plans a nine-story building, called Vida Residences, on 0.7 acres at 410 Northeast 35th Terrace, according to the developer’s marketing materials and records. Urbana bought the development site for $14 million…
One BCC Submitted To UDRB: 977-Foot Tower To Include New Metromover Entrance
Plans for One Brickell City Centre have just been submitted to Miami’s Urban Development Review Board, along with new renderings. The files show that the tower is planned to top off at 59 stories, or 977 feet (supertalls are generally defined as being 300 meters, or 984 feet). A rooftop helipad is planned. Below that is office (no restaurant, bar, or observation deck is proposed…
Caroline Weiss hit with foreclosure lawsuit tied to Blue Lagoon dev site
Developer Caroline Weiss could lose a waterfront development site in Miami’s Blue Lagoon to foreclosure. Lender TIG Romspen filed a foreclosure lawsuit last week in Miami-Dade Circuit Court against Weiss and entities that own the 7-acre assemblage on Northwest 7th Street and Northwest 48th Avenue. TIG Romspen alleges Weiss failed to pay off a $13.1 million mortgage debt…
Miami City Commission Punts Again On Redevelopment Of Downtown Hyatt, Convention Center
The ambitious redevelopment of the Hyatt Regency Hotel and James L. Knight International Center in Downtown Miami stalled at a Miami City Commission meeting Monday, the third time in five weeks the city’s governing body has failed to advance the project. A special meeting was called to discuss and vote on a resolution that would have authorized the city manager to…
DAMAC International has officially submitted its planning application to the Town of Surfside for the former Champlain Towers South site. This application unveils a remarkable Zaha Hadid Architects (ZHA) design, marking the second collaboration between DAMAC International and the renowned British architecture and design firm. ZHA’s first project in Miami, the iconic…
Renderings Revealed For Luxury Condos On Site Of Deadly Surfside Collapse
The Dubai-based owner that bought the site where the Champlain Tower South building collapsed in Surfside, Florida, has submitted plans for a luxury condo development to be built where 98 people were killed. Damac International commissioned the Pritzker Prize-winning architecture firm Zaha Hadid Architects to design the property at 8777 Collins Ave. and has submitted…
Damac plans Hadid Architects-designed condo building on Surfside collapse site
The Dubai developer that bought the Surfside collapse site last summer submitted plans to build an oceanfront luxury condo building on the property, designed by Zaha Hadid Architects. Damac Properties, led by Hussain Sajwani, wants to build a 12-story boutique building with 57 units on the 1.8-acre property at 8777 Collins Avenue, according to a company news release.
Damac plans Hadid Architects-designed condo building on Surfside collapse site
The Dubai developer that bought the Surfside collapse site last summer submitted plans to build an oceanfront luxury condo building on the property, designed by Zaha Hadid Architects. Damac Properties, led by Hussain Sajwani, wants to build a 12-story boutique building with 57 units on the 1.8-acre property at 8777 Collins Avenue, according to a company news release.
PortMiami lures sea-rail freight deals with Mexico
PortMiami and Grupo Mexico Transportes, which acquired Florida East Coast (FEC) Railway, were hosting 120 Mexican companies and government officials at Terminal E this week to promote PortMiami as a preferred gateway for Mexican products, said a PortMiami spokesperson. “We believe these efforts will make the new USMCA Highway a rail/water/rail route to avoid…
Construction Starts on Elemi at Grove Village at 3363 Thomas Avenue in Coconut Grove
Ground has officially broken on Elemi at Grove Village, a multifamily housing complex in Miami’s Coconut Grove neighborhood. The five-story building will offer 46 apartments, ranging from 965 square feet to 1,535 square feet. Layout plans comprise one-bedroom to three-bedroom homes. Renderings suggest that homes come with plank wood flooring, hurricane-grade windows…
Revealed: 29-Story Domus Flats II Planned In Brickell
A developer has just filed plans to build a new project in Brickell called Domus Flats II. The tower is proposed to rise 29 stories, or 336 feet and include: 459 lodging units (with 303 studios, 121 1-bedroom units, and 35 2-bedroom units) 1,545 square feet ground floor food and beverage rooftop pool, bar and grill area 150 parking spaces on levels 1-3 (zero parking is required under…
Surfside Building With Glass Bottom Pool Proposed By Dubai-Based Developer
A Dubai-based developer has just filed plans for a luxury residential project in Surfside – and renderings show what appears to be a glass-bottomed pool at the top. According to a press release from developer Damac, there will be two buildings connected by a 100-foot rooftop pool (another 75-foot exercise pool is planned indoors). The proposal is for the Champlain Towers…
This is what’s next for Damac’s plan for luxury condos on Surfside collapse site
The developer that purchased the Surfside condo collapse site faces a public relations test and a series of town approvals, as it moves forward with plans to build an oceanfront luxury condo on the property where 98 people died two years ago. Damac Properties, led by Hussain Sajwani, wants to build a 12-story, 57-unit boutique condo designed by Zaha Hadid Architects…
Here’s North Bay Village’s pipeline of development
South Florida is booming, and North Bay Village is no exception. The three-island city between Miami and Miami Beach has attracted its fair share of development, promising apartment and condo towers, hotels, and retail and office space in the next few years. Six developers spent $143.5 million on land acquisitions alone, paving the way for nearly 3,000 new condos and apartments…
Miami Ranks #1 In New Index By The Economist: ‘Shift In The Balance Of Power’
The Economist has ranked Miami at the top of a new index that looks at the performance of ten global cities over the past few years. The publication looked at four key measures to create the index: population growth, GDP growth, office vacancies and housing prices, all over the past three years. Miami’s real GDP is said to have increased 10.6% since 2019, while housing prices…
Museum Of Ice Cream To Open Permanent Location At Miami Worldcenter In 2024
Museum of Ice Cream has announced plans to open a permanent location at Miami Worldcenter in 2024. The new location will have two floors and over 14,000 square feet, with an entrance at Worldcenter’s pedestrian promenade. There will be 10 unique, interactive installations inspired by the energy and vibrancy of Miami, including: the Cream Liner, a luxury airliner…
FAA Greenlights 301-Foot-Tall Residential Tower For Civica Center Phase II In Miami
The Congress Group and Taurus Investment Holdings, LLC, Boston-based developers, have secured Federal Aviation Administration (FAA) approval for Civica Center Phase II, a 27-story residential tower set to rise at 1050 Northwest 14th Street in Miami’s Allapattah neighborhood. The 301-foot-tall structure is designed by CUBE3 Architects, with Kimley-Horn serving…
FAA Approves Near-Supertall Tower Across From Brickell City Centre
The Federal Aviation Administration has issued a determination that would allow a near supertall tower to be built across from Brickell City Centre. The FAA had previously approved the same tower height for the property, but that approval had expired. According to the new approval, a tower height of 954 feet above ground or 960 feet above sea level is permitted – identical…
Lynd Miami Worldcenter Approved By FAA At 709 Feet
The Federal Aviation Administration has issued height approval for a new tower at Miami Worldcenter. Apartment developer Lynd acquired the Worldcenter parcel last August, in a $30 million deal. According to the June 9 FAA notification, the building on Lynd’s site is permitted to rise 698 feet above ground, or 709 feet above sea level That would make it identical in height…
Map Shows Train Stations Planned For Northeast Miami-Dade Corridor
A total of seven stations are shown on a map of a new rail line planned from Downtown Miami to Aventura known as the Northeast Corridor. The map is published on Miami-Dade County’s website. It shows the stations are planned at: MiamiCentral Wynwood – NE 29 Street Design District – NE 41 Street Little Haiti – NE 61 Street North Miami – NE 123 Street FIU North Campus…
Concord Summit Capital, LLC (“Concord Summit”) has arranged a $12 million bridge loan for an infill property in Downtown Miami. Managing Director Justin Neelis and Associate Keegan Burger of Concord Summit’s Miami office sourced and advised the loan. The bridge loan is intended to refinance the existing mortgage and provide predevelopment funds…
Argentina-Based Developers Plan Multifamily Project in Miami Beach to Replace SFH
The owners of a 5,650-square-foot property located at 7921 Carlyle Avenue in Miami Beach’s North Beach neighborhood have proposed demolishing a 1940s single-family home to make way for a three-story multifamily development. Denbora Bay, LLC, a Lake Worth, Florida-based company led by a group of individuals from Buenos Aires, Argentina, is identified as the applicant…
Kirkland & Ellis subleasing two floors at Vlad Doronin’s 830 Brickell: sources
Law firm Kirkland & Ellis, which inked a lease for 115,000 square feet on six floors at 830 Brickell in one of the biggest new-to-market office deals in South Florida last year, is subleasing a portion of its space, The Real Deal has learned. The move at the planned tower, a top choice for major tenants, comes amid signs of a South Florida office slowdown. The 13,100-square-foot 14th floor…
Miami “Silicon Valley of the South”? Hardly, data shows
In the past two years, South Florida’s real estate industry has been abuzz over the tri-county region becoming the next Big Tech mecca. Venture capital firms opened offices in Wynwood. Politicians joined the fanfare: Miami Mayor Francis Suarez tweeted “How can I help?” in reference to Bay Area firms moving to Miami. Some even rechristened the city… brokers.
Developer Rishi Kapoor is being investigated FBI, SEC
Another week, more investigations for South Florida developer Rishi Kapoor. The FBI and the SEC have initiated separate inquiries into Kapoor, the Miami Herald reported. The FBI’s criminal investigation centers on the $10,000 monthly payments to Miami Mayor Francis Suarez from a subsidiary of Kapoor’s company, Location Ventures. Agents are looking into whether the…
Sale of a 27-Unit North Miami Beach Multifamily Portfolio Arranged
Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 27-unit apartment portfolio located in North Miami Beach, Florida. The assets sold for $4,850,000. “The sale of the North Miami Beach portfolio is another example of the continued strength…
The City of Hollywood, Florida’s Department of Development Services Division of Planning and Urban Design has released a memorandum detailing a request by HFL Landings Owner LLC, a joint venture between the Zurich-based Credit Suisse Group and Honolulu-based Trinity Investments. The proposal seeks to modify Diplomat Landing’s Planned…
Hollywood building boom? Votes on tap for Diplomat Landing towers, three rental projects
Developers are betting on Hollywood’s multifamily and luxury condominium markets. Three apartment projects that would collectively add nearly 90 units to the city’s rental stock, as well as a two-tower luxury condo and condo-hotel development adjacent to the Diplomat Beach Resort are pending approval by city officials. The Hollywood Planning and Development Board is set…
Midtown Davie Proposed for 6101 to 6143 Orange Drive in Davie
A 1.9-acre site in Davie could soon be home to a multi-family housing development, pending city approval. Midtown Davie would comprise about 290,000 square feet of new construction, measuring four stories above grade and offering 136 apartments. Per the South Florida Business Journal, homes will range from about 670 to 1,220 square feet, offering one-bedroom…
Jim Moran Foundation Starts Construction on New HQ in Fort Lauderdale
The Jim Moran Foundation has offered life-changing services to its community for more than 20 years. Now, after purchasing a 2.43-acre build site in 2021, it’s started construction on a new headquarters. Per the Jim Moran Foundation, the 50,000-square-foot facility will offer class A office space, an archives gallery, and event space. The South Florida Business Journal reports that…
Grover Corlew Welcomes Now Optics To Delray Central Amidst Upcoming Mixed-Use Development
Grover Corlew, a South Florida-based real estate investment group, has announced the relocation of Now Optics to Delray Central. Now Optics, the parent company of leading affordable eyewear brands Stanton Optical and My Eyelab, has moved its headquarters to a 14,438-square-foot space at Delray Central, 1615 S. Congress Avenue. This site will also host a planned…
Atlantic Group of Companies Announces Pearl, Ultra-Luxury, Boutique Development in Palm Beach Shores
The Atlantic Group of Companies has launched sales at its ultra-luxury, boutique oceanfront development: Pearl. Located at 123 Ocean Avenue, in one of the most desirable and serene coastal destinations, Palm Beach Shores, Pearl’s 18 expansive residences will be spread across six stories and offer uninterrupted views of the Atlantic Ocean to the east and beautiful Florida…
Canada’s richest family sells adjoining Wellington equestrian estates for $20M
Canada’s richest family is selling off its Wellington equestrian estates. Records show that representatives of the Thomson family, heirs of Thomson Reuters founder Roy Thomson, sold an adjoining pair of equestrian estates for $20.4 million. The buyer of the estates at 14225 50th Street South and 4775 Stables Way are a pair of Delaware LLCs named for J.R.R. Tolkien’s fictional…
Related, BH secure 99-year ground lease for Marina Village apartment project in Riviera Beach
Related Group and BH Group are adding another planned project to the joint venture’s ongoing pipeline. Late last month, the Riviera Beach City Council, acting as the board of the city’s Community Redevelopment Agency, approved a 99-year ground lease with Related and BH to develop a pair of 20-story buildings with 424 apartments and 8,000 square feet of retail in…
Hotel Owners See Demand ‘Firing On All Cylinders’ As Corporate Travel Finally Returns
Hotel owners and operators are clearing out the final debris from the pandemic-era truck that slammed into the industry. Leisure travel came roaring back in 2021 and 2022 as the health crisis subsided and people booked long-awaited vacations, but the unanswered question that has given hotel executives anxiety over the last year is whether business travel would ever…
WSJ: ‘It’s Not My Responsibility’ to Save the Office Economy
If there’s an overarching truth in the workplace right now, it’s this: Many workers don’t want to go back to the office. Plenty of bosses say they should. The result is a stalemate. Office-occupancy rates have stagnated around 50%, even as more companies step up in-office work mandates. Hundreds of WSJ readers responded to our story about why many workers aren’t returning.
Bargaining Power Is Shifting Toward Tenants As Multifamily Rent Growth Dissipates
After years of unbridled rent growth, a reckoning is on the horizon for U.S. landlords as a softening apartment market and rising expenses push the ball closer to the tenants’ court. New-lease asking rents rose just under 2% during the 12-month period ending in May, down from the double-digit increases seen a year ago and representing the largest deceleration in recent history…
How disruption has impacted cash management for affordable housing
Recent economic disruptions have caused companies to re-examine their financial processes, including treasury and payments. Partner Insights spoke to Angela Kuo, Head of Community Development Banking Treasury Services at JPMorgan Chase, about how affordable housing companies are adapting to our current economic uncertainty. Commercial Observer: How has…
How can a 1031 Exchange Benefit Real Estate Investors?
You constantly search for ways to increase your returns and expand your portfolio as a real estate investor. The 1031 exchange is one effective instrument you have at your disposal. If you’re not familiar with this approach, the reputable Coral Gables, Florida real estate law company ESQ.title can offer the knowledge you need to benefit from its…
If you’re a real estate investor looking to defer capital gains taxes and reinvest your profits into a like-kind property, a 1031 exchange can be an excellent strategy. However, navigating the complex requirements of a 1031 exchange can be challenging without the right guidance. That’s where ESQ.title, a trusted real estate law firm located in Coral Gables, Florida, comes in.
Florida’s Property Insurance Market Confronts a Pivotal Hurricane Season
Florida’s intervention in property insurance has put the state government in the eye of a hurricane-battered market that is uninhabitable for some private insurers and unaffordable for many policyholders. Even as the new hurricane season gets underway this month, the state is still recovering from Hurricane Ian, the Category 4 storm that crushed Southwest Florida last year. Ian has rocked…