Plans Filed For Cranes To Build ‘One Of Greatest Office Buildings In The World’ at Citadel Site
The Federal Aviation Administration received an application yesterday for approval to install construction cranes at the Citadel site in Brickell. According to the June 17 filing, the cranes are expected to reach a height of around 1,301 feet above sea level, or 1,297 and 1,298 feet above ground level, pending approval. The cranes are estimated to be installed beginning around…
Report: One Bidder To Build Massive Metrocenter In Downtown Miami
Miami-Dade received only one bid to build the Metrocenter project, according to a report in The Real Deal. Previously, three separate development teams were said to be working on bids for the project. The sole bid came from a joint venture between Related Urban, 13th Floor Investments, and Merrimac Ventures. A previous report said they had been working with Arquitectonica…
Walker & Dunlop Arranges $125M Construction Loan for Cassi Apartment Tower in Miami
Walker & Dunlop has arranged a $125 million construction loan for Cassi, a 20-story apartment tower located at 91 N.E. 36th St. in Miami’s Design District. Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella and Michael Stepniewski led Walker & Dunlop’s New York Capital Markets team in arranging the financing on behalf of the borrower…
Craig Robins’ Dacra, partners score $125M construction loan for Design District apartment project
Craig Robins’ Dacra and its partners landed a $125 million construction loan for a 107-unit apartment project in the Miami Design District. The deal marks continued flow of financing for South Florida multifamily development, despite a slowdown of leasing and plateauing –– and even slightly declining rents –– compared with recent years’ bonanza.
Partner accuses Canero Group of “fraudulent scheme” involving Miami-Dade projects
Justin Rundle, son of county’s top prosecutor, is suing Miami-based firm and its principals over alleged mismanagement A fallout between Canero Group’s principals and a high-profile partner has sparked allegations of fraud and mismanagement involving six projects in Miami and Homestead. Justin Rundle, a real estate investor and son of Miami-Dade State Attorney Katherine…
Chilean developer proposes 544-unit resi tower on former Mexican Consulate site in Brickell
Ardid family’s Key International signed an agreement last year to purchase property from owner Claudio Fischer A developer proposes a 544-unit residential tower on the former Mexican Consulate site in Brickell, marking a continuing flurry of project applications for Miami’s financial district. The proposal is for a 41-story building with 9,400 square feet of ground-floor retail…
Roble One Breaks Ground In Coconut Grove, Secures $7.87 Million Construction Loan
Roble One, a new boutique condominium development at 3069 Plaza Street in West Coconut Grove, has officially broken ground. The groundbreaking coincides with the closing of a $7.87 million construction loan secured by the project’s developer, SSA Group, from Intercredit Bank. Completion is expected in 2026.
Metro Parc South Breaks Ground at 954 and 934 East 25th Street in Hialeah
Construction has begun on Metro Parc South, a 10-story, 347-unit multifamily development located at 954 and 934 East 25th Street in Hialeah. The project is being developed by Coral Gables-based MG Developer as part of its broader Metro Center master plan, which aims to transform the area with over 2.3 million square feet of residential and retail space….
‘Griffin Parkview Apartments’ Set for 2026 Groundbreaking at 12300 West Dixie Hwy in North Miami
MMG Equity Partners has secured approval for a residential development with workforce housing in North Miami. Griffin Parkview Apartments will measure eight stories above grade, offering a total of 110 units. Of those homes, 40 percent will be deemed workforce housing, designated for households earning up to 120 percent of the area median income (AMI).
Ken Griffin: Miami ‘Unequivocally’ One Of Great Up-And-Coming Cities In The World
Billionaire Citadel founder Ken Griffin is bullish on the future of Miami. “Miami is unequivocally one of the great up-and-coming cities, not just in Florida, not just in America, but in the world,” Griffin said in an interview published today. “This is one of the most fun places you can possibly imagine living in,” he added. “What’s wonderful about being in Miami is you go to dinner…”
Construction Underway On New 35-Story Tower ‘Cadence’ at Douglas Road Metrorail Station
Another transit-oriented apartment tower has broken ground at the Douglas Road Metrorail Station. The new tower will rise 35 stories, and will be known as Cadence. Cadence will include 432 apartments, of which 12.5% will be set aside for workforce housing. It will become part of the Link at Douglas complex, which will include four towers with 1,565 apartments.
Boeing Owned Electric Air Taxi Service Wisk Aero Announces Miami As Launch Market
Miami will be a launch city for a new electric air taxi service. Wisk Aero, which is a wholly owned subsidiary of Boeing, made the announcement during the Paris Air Show. The company said it has now signed agreements with both the Miami Dade Aviation Department and the University of Miami. Miami-Dade will held collaborate on future locations for Wisk operations…
Joule House Wynwood Reaches Completion With 308 Luxury Apartments
Get ready for hundreds more residents to move into Wynwood. The developer of the Joule House complex announced that the building had received a Temporary Certificate of Occupancy from the City of Miami, allowing move-ins to begin. The first move-ins have already been initiated, the developer said. Joule House includes 308 luxury apartments, with interiors by ID & Design…
Residential tower ‘The Aurea’ near Miami Health District wins city OK
A new multi-use residential project, The Aurea, is planned for a site near the Dolphin Expressway and Miami’s Health District. Owner-developer HPM Lot 5 LLC is proposing the 29-story building at 1321 NW Ninth Ave., to be home to 332 multi-family residential units, amenities, and some ground floor retail. In application documents, the project is also called Highland Park Lot 5.
Swiss Pharma Company Galderma Opening Brickell HQ Office With 150 Employees
Switzerland’s Galderma announced today that it will establish a U.S. headquarters office in Brickell. The dermatology focused pharmaceutical company said it will have around 150 employees, including U.S. leadership roles, based in the new Miami office by 2028. The U.S. is the largest region for Galderma’s business, and Miami has one of the highest concentrations…
City board rejects 166 Little Havana housing units
A development team is working to bring more affordable housing to Little Havana, utilizing the state’s Live Local Act. However, a city review board is critical of the plan. The project is designed to include a 23-story mixed-use residential development, home to 166 dwellings, 403 square feet of commercial use on ground level, with associated amenities, with seven levels of parking.
Swire Sells Brickell Property To Developer Planning Possible 40-Story Tower
An affiliate of Habitat Group has purchased a Brickell property from an affiliate of Swire Properties, according to the SFBJ. Abitaro Living LLC paid $7.5m for the property. The company is lead by Santiago Vanegas, and the Abitaro concept is for shared property ownership. The developer is now said to be considering two possibilities for the property.
Exterior Cladding Nearly Complete At NoMad Residences Wynwood
NoMad Residences Wynwood, which broke ground in September 2023, is moving closer to completion. Photos taken last month show that exterior cladding is now mostly in place. The building is scheduled to reach completion in Q4 2025, a representative of the developers said. NoMad Residences will include 329 condos delivered finished and furnished, and allowing flexible rentals.
European Lifestyle Hotel Group Launches Branded Condos In Wynwood
In Wynwood, a new development known as The Cloud One Hotel & Residences Wynwood is now launching sales. The Cloud One Hotels is a Germany-based lifestyle hotel brand. The development is planned to include 85 condo units, starting in the high $500,000s. Unit sizes will range from studios to three bedrooms, including duplex penthouse units with 22-foot ceilings.
New Renderings Of Crown Overtown, Funding Vote Scheduled
The Southeast Overtown/Park West CRA has scheduled a vote on design service funding for the planned Crown Overtown project. The project is split into phase 1 and 2, with a combined 1.6 acres. The first phase is entirely within the 9th Street Pedestrian Mall, with an assumed construction budget of $15m. The design contract is with Hood Design Studio of Oakland California.
South Florida Is a Magnet for Multifamily Owners, Investors and Lenders
South Florida remains one of the most attractive markets for multifamily investment in the United States, driven by population growth, job creation and limited rental supply. While 2024 saw slower transaction volumes, fundamentals suggest a rebound is coming in 2025. This article explores trends in investment sales, debt capital markets and joint venture (JV) equity…
Plans Submitted to Miami’s UDRB For Twenty Sixth & 2nd Wynwood Residences
Plans have been submitted for review to the Urban Development Review Board for Twenty Sixth & 2nd Wynwood Residences, a new eight-story mixed-use development proposed for 2600 NW 2nd Avenue in Miami’s Wynwood neighborhood. A joint venture between PMG and LNDMRK Development, under 2600 NW 2nd Ave Trustee, LLC, spearheads the project.
Two-Tower ‘Arch Creek’ Proposed for 2056 NE 140th Street in North Miami
Developer Arch Creek Equities LLC has proposed a two-tower, high-rise housing development in North Miami. The project, which some sources call “Arch Creek,” would comprise two 10-story buildings. The pair would be separated by a street and feature a total of 293 apartments. The residences would include studio to two-bedroom floorplans, with the minimum unit…
An affiliate of Melo Group has submitted plans for Biscayne 18, a two-tower residential development proposed for Edgewater. Filed under 17 PLAZA LLC, the project is planned for a 1.57-acre city block bounded by Biscayne Boulevard to the west, NE 18th Street to the south, NE 4th Avenue to the east, and NE 19th Street to the north. The Property currently consists of vacant land…
UDRB to Review Plans for Final Phase of Aria Reserve at 500 NE 24th Street in Miami
Miami’s Urban Development Review Board (UDRB) has plans to review the third and final phase of the Melo Group’s Aria Reserve project. Currently, phases one and two are under construction. The last phase, called Aria Reserve Skyclub, will comprise residential, retail, and office space. More specifically, the Next Miami notes that the expansion would measure 49 stories…
Ytech Unveils KPF-Designed Residential Tower ‘Seven Broadway’ in Brickell
Ytech has unveiled plans for Seven Broadway, a new residential tower designed by Kohn Pedersen Fox, proposed for 75 and 41 Southwest 15th Road in Miami’s Brickell neighborhood. The development would rise from a 0.3-acre site located two blocks west of Brickell Avenue and directly across from Cipriani Residences….
Newmark Arranges $111M Construction Loan for Perrin Multifamily Development in Miami
Newmark has arranged a $111 million construction loan for The Perrin, a 310-unit multifamily development located at 901 SW 3rd Ave. in Miami’s Brickell district. Danny Matz of Newmark secured the financing on behalf of the borrower, The Empira Group. Goldman Sachs provided the loan. The 26-story project will feature a mix of studios, one-, two- and three-bedroom floorplans…
‘The Cloud One Hotel & Residences’ Planned for 2215 NW 1st Place in Miami
Construction is slated to start on the Cloud One Hotel & Residences by the end of this year. The luxury venture will measure eight stories above grade, where it will offer 85 condos and 214 hotel rooms. According to the South Florida Business Journal, homes would comprise studios to duplexes; they would span 450 to 2,200 square feet. In-unit features are set to include…
Continental Realty Corp. Acquires CityPlace Doral Retail Development in South Florida for $87.5M
Baltimore-based Continental Realty Corp. (CRC) has purchased CityPlace Doral, a 235,000-square-foot lifestyle retail center located at 8300 N.W. 36th St. in Doral, a western suburb of Miami. CRC financed the $87.5 million acquisition using funds from Continental Realty Opportunistic Retail Fund I LP, a related co-investment and a $58.3 million loan from a regional bank.
A 262-foot-tall mixed-use tower has been proposed for a 61,847-square-foot (1.42-acre) multi-parcel assemblage at the intersection of South Dixie Highway and SW 214th Street in Goulds, a neighborhood in southern Miami-Dade County. The development, led by RCC Developers LLC and designed by Modis Architects, would become the tallest building in the immediate area…
Two-Tower Development Planned for 6100 Caballero Boulevard in Coral Gables
Fortune International Group is moving forward with a residential development that’s been in the works for more than two years. The firm recently acquired Gables Waterway, a development constructed in the 1950s and 1960s, for $37.5 million. The property appreciated in value 87 percent since it last traded hands for $20 million in 2014. The currently unnamed project is set…
Ytech Plans Luxury Brickell Residential Tower ‘Seven Broadway’ Designed By KPF
Developer Ytech is moving forward with development plans for a new luxury residential tower in Brickell called Seven Broadway. The developer is now filing the plans with Miami’s Urban Development Review Board for the new building. Kohn Pedersen Fox of New York is the architect for the new tower. Landscape design is by Enea. “This residential tower is the result of years…
‘Generational-Scale Development’ Planned In Edgewater After $42M Buy
A developer paid $42m for a property in Edgewater, with plans for a massive new development. Trilogy Real Estate Group, a national real estate investment and development firm, is the buyer, according to a press release from broker Colliers. The newly sold property is at 2200 Biscayne Blvd, and will be combined with an adjacent site already owned by Trilogy.
Foundation Pour Completed At 700-Foot Miami Worldcenter Tower
A foundation pour for the JEM Private Residences tower at Miami Worldcenter has been completed, with vertical construction now underway. The 18-hour pour began on May 30, with a total of 840 loads delivered by concrete trucks. There were 120 trucks in continuous use, making multiple trips. JEM Private Residences will rise over 700 feet, with condo residences starting…
Lease roundup: Alo Yoga on tap in Brickell; SoleFly, Japanese pancakes café coming to Doral
Also, a Pilates studio is expanding to Coral Gables Swire Properties’ Brickell City Centre scored eight tenants. In the biggest lease, global fashion label Massimo Dutti will open a 6,100-square-foot store at the mixed-use complex in Miami’s Brickell, according to a Brickell City Centre news release. Alo Yoga leased 3,900 square feet; activewear brand Vuori leased 3,200 square feet…
Hotels hit rough patch but avoid cutting rates
Despite the hotel industry anticipating a slowdown, Miami is expected to overcome headwinds. A lot of uncertainty revolves around the outlook for the summer, said David Whitaker, president & CEO of the Greater Miami Convention & Visitors Bureau. “The good news is, if we’re going to face a period of uncertainty, isn’t it encouraging to come off and have some momentum…
Lynn Torrent: Takes the helm of growing MSC Cruises North America
When Lynn Torrent was named president of MSC Cruises USA in May, it was an important step in a career that’s influenced modern cruising, one that started far from Miami’s sunny shores. Born and raised on Long Island, NY, Ms. Torrent first studied accounting at Long Island University and afterwards moved south in search of tropical weather, earning an MBA…
Florida Attorney General proposes immigrant detention center in Everglades
Florida Attorney General James Uthmeier is calling it “Alligator Alcatraz.” He told Fox Business on Tuesday that Florida is proposing to build a massive immigrant detention center in the Everglades on a large parcel of land owned by Miami-Dade County. The facility, says Uthmeier, would house suspected undocumented immigrants, process immigration cases and easily…
A new residential development has been proposed for 312 NW 7th Street in Fort Lauderdale’s Progresso Village neighborhood. The project, led by Home Venture Investments, calls for an eight-story mixed-use building with 422 apartment units, 1,667 square feet of ground-floor commercial space, and 581 parking spaces. The site falls within the NWRAC-MUE zoning district…
Lennar advances plan to build 50 townhouses in Wilton Manors
Homebuilder expects to price the three- and four-bedroom townhouses above $800K Lennar expects to break ground by year-end on 50 townhouses in Wilton Manors and sell them at prices starting above $800,000. The Wilton Manors City Commission unanimously voted Tuesday to approve the development on 5 acres at 1550 Northeast 26th Street, four blocks west of U.S. 1.
Seritage sells shuttered Sears in Boca Raton to Simon for $23M
Two years ago, seller lost court ruling to redevelop big box store Simon Property Group finalized its takeover of a shuttered Sears store at Town Center at Boca Raton in Palm Beach County. An affiliate of Indianapolis-based Simon, led by David Simon, paid $23 million to an affiliate of New York-based Seritage Growth Properties for the 180,029-square-foot big box store…
Boca Raton approves 289-unit mixed-income apartment project
Seven-story building at Park at Broken Sound will include 44 workforce and affordable housing units Developers can move forward with plans to build a seven-story, 289-unit mixed-income apartment building with workforce and affordable housing in Boca Raton, where a hotel and office complex was originally planned. The amended master plan for the 11.6-acre property…
At Boca Raton redevelopment, CityPickle and partners swing for pickleball center
New York-based group raised $20M for 25-court, 100k sf Boca Paddle The loud pop of plastic pickle balls hitting the asphalt might be a deterrent for some luxury buyers. For others, the sport is such a draw that high-end condo towers are adding courts for pickleball — and its cousin, padel — precisely to appeal to buyers. The latest is from CityPickle and its partners…
Realty Income sells West Palm car lot for $24M to Jon Samuel
Palm Beach County signed a lease to use property for public bus depot Realty Income CEO Sumit Roy with the former car lot at 1200 South Congress Avenue in West Palm Beach. Miami-based investor Jon Samuel paid $24 million for a shuttered car lot in West Palm Beach that was the former headquarters of a defunct auto dealer. Three entities managed by Samuel, who leads…
Griffis drops $87M for downtown West Palm apartment tower
Woodfield Development, Northwestern Mutual Life Insurance sell 223-unit building Griffis Residential’s Ian Griffis with the Griffis West Palm apartment tower at 345 Banyan Boulevard in West Palm Beach. Woodfield Development sold a 223-unit apartment tower in downtown West Palm Beach for $87 million. The deal marks a slight uptick in South Florida multifamily sales…
$600 Million In Construction Financing Secured For South Flagler House In West Palm Beach
Related Ross has secured $600 million in construction financing for South Flagler House, a 500,000-square-foot waterfront condominium development currently under construction in West Palm Beach. The project, located at 1355 South Flagler Drive, will be the developer’s first residential condominium in Florida and is expected to top out later this year…
Pegasus Builders’ David Forkey allegedly forged receipts for millions of dollars, clients say A general contractor that specialized in building luxury Wellington equestrian estates filed for bankruptcy protection, as he faces fraud allegations from clients who say he doctored receipts and did not complete work. Records show both David Forkey and his business, Pegasus Builders…
Palm Beach County’s Rise as a National Innovation Hub
The influx of tech and innovation companies is positioning Boca Raton as an emerging center for high-growth industries. Image by Robert Sadler Clark, courtesy of BDPBC Palm Beach County has long been known for its sandy beaches, gated communities and appeal to retirees. Today, however, it’s quickly being recognized as a center for innovation on the national stage.
Don’t Discount The Older Warehouse
Many of today’s tenants consider older large warehouses—the 100,000-square-foot and above projects built in 2000 and prior—obsolete. Additionally, those tenants’ flight to quality following the pandemic has left these facilities vacant. But a CBRE report said that the older bulk warehouses might have a second chance with the right retrofits and renovations.
Top industrial real estate trends
For years, the rise of e-commerce and demand for last-mile delivery meant industrial properties largely outweighed supply, making them a go-to addition to many investors’ portfolios. As supply and demand begin to even out, industrial may not be commercial real estate’s darling, but the asset class is still highly sought after and continues to perform well.
Video: Foodservice Results CEO Darren Tristano Discusses Restaurants & Real Estate
In a recent episode of America’s Commercial Real Estate Show, the show host engaged in an in-depth discussion with Darren Tristano, CEO of Foodservice Results, about the state of the restaurant industry in the context of commercial real estate. The conversation touched on multiple topics, including the performance of restaurants, different types of restaurants…
How multifamily investors can prepare for a recession
J.P. Morgan Research clocks the probability of a recession occurring in 2025 at below 40%, down from 60% in April. We asked Al Brooks, Vice Chair of Commercial Banking at J.P. Morgan; Tom LaSalvia, Head of Commercial Real Estate Economics for Moody’s; and Ginger Chambless, Head of Research for Commercial Banking at J.P. Morgan, to weigh in on the potential impact…
Estate planning strategies for multifamily property owners
Aside from holding a special place in your family’s legacy, apartment buildings and other commercial real estate can be a uniquely beneficial asset for gift and estate tax purposes. “There may be a chance to pass down properties to children at discounted values that take into account shared decision-making inherent in fractionalized ownership. Targeted giving during times of depressed asset…
Barrons: The Apartment Glut Is Ending and Demand Is Rising. Rents Are Headed Up, Too.
The high cost of buying a home makes renting look good in comparison. As demand intensifies, rent hikes are on the horizon. With house prices still high, mortgage rates stuck just under 7%, and plenty of economic uncertainty, consumers are once again seeing the virtues of renting. Over a third of respondents, 35%, told Fannie Mae in April that they would rent instead of buy…
Multifamily Occupancy Slumps in Major South Region Markets
While apartment demand across the South region has been stout, hefty delivery volumes have continued to weigh down occupancy across the region. Occupancy in the South tightened 170 basis points (bps) to 94.8% in the year-ending May. Still, that rate fell 80 bps below the U.S. norm (95.7%) and ranked the South as the only region with occupancy trailing the U.S.
Florida Engineers Shy Away From Condo Work Amid Litigation, Liability Fears
Boards governing hundreds of thousands of aging buildings have to pay for structural evaluations to comply with the 2022 condo safety law passed in the wake of the Surfside condo tower collapse that killed 98 people. Faced with the possibility of costly repairs, boards are pushing for the cheapest possible inspection, but many engineers — who would be liable in the event of a failure…
The Fed on imports and trade policy uncertainty
Uncertainty surrounding trade policy can significantly affect International trade flows. Our first FRED graph, above, displays an index of trade policy uncertainty and the percent change in imports. The spike in uncertainty starting in late 2024 coincides with the spike in imports, suggesting that US importers preemptively accelerated their purchases as a precaution…