Leste, Brazilian partner plan 500-unit apartment tower in Brickell
Leste Group and Brazilian real estate firm Opportunity Fundo de Investimento Imobiliário plan a 500-unit apartment tower in Brickell, marking the first project in their $1 billion South Florida development pipeline. Through the pair’s newly formed joint venture, LORE Development Group, the partners want to build a 70-story tower on a half-acre parking lot on the southeast…
A New JV Plans to Develop $1B in Florida, Starting with $500M on Brickell
Leste Group, a Miami-based global independent alternative investment manager, and Rio de Janeiro, Brazilian-based Opportunity Fundo de Investimento Imobiliario, a private investment firm, have formed a new real estate development firm, LORE. Its first collaboration is a 500-high-end apartment in Miami’s swank Brickell district, valued at $500 million. Picking Brickell makes sense…
LORE to Develop $500M Multifamily Project in Miami’s Brickell District
LORE Development Group, a newly formed development firm between Leste Group and Brazilian-based Opportunity Fundo de Investimento Imobiliário, has announced plans to develop a $500 million multifamily development in Miami’s Brickell district. Situated near Brickell City Centre, the 442,000-square-foot, unnamed property will be located at 1015 SW 1st Ave.
Udonis Haslem, partners score dev site for Wynwood affordable rentals
Mere days after the Miami Heat’s Udonis Haslem retired, he is getting serious about his real estate game. Haslem and his development partners scored the site for a Wynwood affordable rentals project and plan to start construction by next week. Coral Gables-based Magellan Housing and Haslem plan the 12-story Wynwood Works building with 120 units, Nick Inamdar…
Terra’s $1.2B purchase of Genting’s Miami assemblage called off
Developer David Martin’s record $1.2 billion purchase of Genting Group’s downtown Miami assemblage was called off, The Real Deal has learned. Martin and his firm, Terra, led Smart City Miami, an investment group that was in contract to acquire the 15.5-acre assemblage in downtown Miami’s Arts & Entertainment District. The property is north of the Kaseya Arena, and near…
Miami Freedom Park Sitework Could Begin ‘In The Next Two Weeks’
Sitework at Miami Freedom Park is imminent, according to the Herald. Jorge Mas, the managing owner of Inter Miami, said that permits have been applied for and a green light to begin work is expected “any day now.” He added that he hopes to begin the work, including remediation and utilities, within the next two weeks. Summer or early fall of 2025 is being targeted…
Brightline Completes Construction Of Rail Line To Orlando
Brightline announced today that it has completed construction of its project that will connect Miami and Orlando by rail. A celebration was held at Brightline’s new Orlando International Airport Station this morning. Groundbreaking for the project took place in June 2019. Testing is continuing, with service expected to begin in Summer 2023. Testing at 110 mph through Brevard County…
70-Story Tower Planned On Brickell’s Chicken Lot
Developers have announced plans to build a 70-story tower on Brickell’s chicken lot, according to The Real Deal. Lore Development Group, a joint venture between Leste Group and Brazilian real estate firm Opportunity Fundo de Investimento Imobiliário said that it had acquired the land for $35 million. A new $500 million tower is being designed by Corwil, the developers…
Mixed-Use Development Bolsters Miami Office Pipeline
The metro was in the top 3 gateway cities with largest office pipeline relative to total stock Several large mixed-use projects comprising significant office components broke ground in 2023 First-quarter deal volume dropped significantly on a year-over-year basis Miami had the largest share of coworking space as percentage of total leasable office space among gateway cities…
South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects
Market Snapshot for South Florida Retail Real Estate: Here’s our quarterly summary South Florida commercial real estate focusing on Miami retail real estate. The report includes statistical highlights (cap rates, vacancy rates, absorption, etc), the latest retail transactions, signed leases, retail trends, and current market activity. The retail real estate report is updated by our…
Related Group, LNDMRK Secure Three-Parcel Site In Miami’s Edgewater Neighborhood
Leading developer Related Group, in partnership with Alex Karakhanian of LNDMRK, has acquired an 18,000-square-foot land parcel comprising three contiguous sites in Edgewater, Miami. The prime location of the properties, situated at 519, 525, and 535 Northeast 29th Street, offers stunning views of Biscayne Bay and convenient access to MacArthur Bridge, connecting Edgewater…
Related Group & Lndmrk Buy Edgewater Development Site
Related Group & Lndmrk have just closed on a development site in Edgewater. PPD Edgewater LLC sold the 18,000-square-foot property for $12 million. It last sold for $7.7 million in 2021. The selling entity is managed by Esteban Koffsmon, who is Executive Vice President of Development and Construction for Chateau Group. Koffsmon had plans for a 62-unit luxury condo tower…
Developers Propose Domus Flats II at 221 SW 11th Street in Miami
Developers have proposed a high-rise tower in Miami’s Brickell neighborhood. Domus Flats II could stand close to 340 feet tall, offering more than 450 lodging units in a 29-story building. The Next Miami notes that homes will include studios to two-bedroom units, along with 1,545 square feet of ground floor retail space. There will be 303 studios, 121 one-bedroom homes…
42 Pine Tops Off In Miami Beach
42 Pine has topped of in mid-Miami Beach. The building is on track for completion in Q1 2024, according to a press release last week. A total of 50 luxury condo residences are planned, at prices ranging from $700,000 to $3,000,000. “The pace of construction is impressive, and we are proud to be involved in a project that brings a new level of luxury to the area,” said Allan Lebovits…
42 Pine Tops Off Luxury Residences in Miami Beach
42 Pine, the highly anticipated boutique residential building at the nexus of iconic Pine Tree Drive and 42nd Street, has topped off, marking a milestone along its timeline for completion, which is estimated for Q1 2024. With architecture imagined by renowned firm Arquitectonica, the eight-story building will reflect timeless sophistication…
Construction Tops Off On 42 Pine At 340 West 42nd Street In Miami Beach
42 Pine, the highly anticipated boutique residential building at the prime intersection of Pine Tree Drive and 42nd Street, has reached its topping-off milestone, signaling significant progress towards its projected completion in Q1 2024. Designed by the esteemed architectural firm Arquitectonica, this eight-story structure embodies timeless sophistication, poised to become…
South Florida’s Industrial Developers Bet On Long-Term Rent Growth
As industrial rents continue to rise in South Florida, investors are looking to buy sites and build warehouse space. The only problem is there’s very little land left. Squeezed between the ocean and the Everglades, South Florida’s industrial developers are increasingly turning to smaller sites and footprints as they look for opportunities in a severely land-constrained market.
Rivani’s Black Lion shedding restaurant space, starting at One Thousand Museum
Black Lion Investment Group sold its One Thousand Museum commercial unit, as the firm gears up for a big Miami Beach acquisition. An affiliate of Miami-based Black Lion, led by Robert Rivani, sold the 6,500-square-foot ground-floor space in the Zaha Hadid designed luxury condominium at 1000 Biscayne Boulevard, records show. The buyer, the One Thousand Museum Condominium…
HTG to Build $100M Miami-Area Affordable Project
Housing Trust Group will break ground this month on University Station, a $100 million, fully affordable development in Hollywood, Fla. The project is set to include 216 residential units, as well as Barry University’s College of Nursing and Health Services. Designs were provided by Corwil Architects and ANF Group will serve as general contractor. Completion is expected in the…
$6.7M Sale is Brokered of West Miami Store Leased to Walgreens
Marcus & Millichap has brokered the $6.7 million sale of a freestanding store in west Miami that is leased to Walgreens. The 13,650-square-foot store is located on a 1.4-acre parcel at 16690 SW 88th St. and is an outparcel to Kendall Pointe, a shopping center anchored by Aldi and PetSmart. Built in 2004, the store is subject to a new 15-year triple-net lease with Walgreens.
Team punts 50-year airport hotel deal to county commission
A county committee deciding whether to back the mayor’s aim to award a 50-year lease for a Miami International Airport hotel to the owners of the Miami Dolphins and the Fontainebleau Miami Beach instead punted the ball to the county commission to act. Even deciding not to decide last week demanded two dueling developers’ presentations, nearly three hours of debate…
Partners open Miami-Dade’s largest virtual production studio
Grup Mediapro and BranStar Studios have teamed up to offer the largest state-of-the-art virtual production facility in Miami-Dade County. The virtual production LED wall at 7321 NW 75th St. in Medley will offer immersive real-time environments, Unreal Engine, in-camera motion tracking and real-time rendering. “The ability to combine our expertise of producing over…
MLS stadium site gets airport’s clearance for takeoff
A bid to allow a soccer stadium, hotel and offices on the City of Miami’s former Melreese golf course got a kick ahead last week with the county Airports and Economic Development Committee’s unanimous OK. The 25,000-seat stadium, the offices and the hotel aren’t cited in the legislation. It lists the only uses that could be banned in flight paths of Miami International Airport…
Related, Alex Karakhanian buy dev site near planned Major Food Group tower
Related Group and Alex Karakhanian closed on a development site in Miami’s Edgewater, across from the planned Villa Miami tower, The Real Deal has learned. The Pérez family’s Miami-based Related and Karakhanian’s Lndmrk Development acquired the 0.4-acre assemblage at 519, 525 and 535 Northeast 29th Street, the two firms said. It marks Related’s first new investment in Edgewater…
Lender seeks foreclosure of Henley’s Life House-operated hotels in Miami, Miami Beach
Safe Harbor Equity is seeking foreclosure on two hotels in Miami and Miami Beach that are owned by Henley Investments, tied to a $13 million loan. The properties include the 26-unit Pretty Swell hotel at 321 Collins Avenue and the 33-room Life House hotel at 528 Southwest Ninth Avenue in Miami’s Little Havana. The Miami Beach property is a former hostel.
Reviewing Miami’s Retail Scene: An Overview of the Present Atmosphere
Miami is a vivacious city renowned for its scenic beaches, sunny climate and dynamic nightlife. The South Florida city is also a hub for a flourishing retail industry, which serves an eclectic blend of both locals and visitors. Miami’s retail market is characterized by its diversity, with a broad spectrum of retailers ranging from luxurious, high-end boutiques to small, locally owned businesses.
Mill Creek Residential Files Plans For Modera North Bayshore At 2100 North Bayshore Drive In Miami
Mill Creek Residential has submitted plans for a new apartment building in the vibrant Edgewater neighborhood of Miami. Named Modera North Bayshore, the proposed development is set to impact the local skyline significantly. Standing tall at 31 stories, or approximately 340 feet, the modern contemporary tower will offer residents desirable amenities and living spaces.
Origin Residences Set for 2025 Release at 9760 West Bay Harbor Drive in Bay Harbor Islands
Florida YIMBY has learned of an exciting mid-rise venture tower taking place in Bay Harbor Islands. Meet Origin Residences. It’s a seven-story complex offering 27 homes, measuring 1,367 square feet to 2,328 square feet each. Homes will range from two-bedroom to four-bedroom residences, with the smallest ones starting at $1.4 million. These luxury waterfront homes come…
Developers Seek UDRB Approval For 48-Story St. Regis Residences Miami
Miami-based developers Related Group and Integra Investments have filed plans with Miami’s Urban Development Review Board for the St. Regis Residences Miami, a 48-story condominium tower planned at 1809 Brickell Avenue in the Brickell neighborhood. Designed by Robert A.M. Stern Architects (RAMSA) with Cohen Freedman Encinosa & Associates Architects as the architect…
Eight Retail Tenants Sign Leases to Occupy Promenade Along Lincoln Road in Miami Beach
Eight new retail tenants have signed leases on Lincoln Road in Miami Beach, a South Florida high street that features more than 200 shops, cafés, galleries and restaurants across eight blocks. Paris St. Germain, Habitat Hyett, The Cheesecake Factory, Ecco, BonBon Etc., Osteria da Fortunata, Voyage Luggage and Salt & Straw will open locations at the promenade beginning…
Renderings have been revealed for the highly anticipated 700 North Miami Avenue at Miami Worldcenter, an ambitious three-towered mixed-use complex set to rise on the former site of the Miami Arena. Developed by the renowned Witkoff Group in collaboration with Monroe Capital, this transformative project has unveiled its architectural vision through striking renderings…
Tri-Rail’s First Ever Train To Downtown Miami Approved For Next Week
Tri-Rail has finally obtained approval to test a trainset running into MiamiCentral, according to WLRN’s Danny Rivero. The authorization for testing lasts from June 19 through June 23, a letter from track owner Florida East Coast Railway shows. Additional test dates may be considered based on the results, the letter states. Meanwhile, the actual launch of Tri-Rail’s revenue service…
Investigation into Surfside collapse confirms pool deck flaws
Flaws in the design and construction of Champlain Towers South’s pool deck exposed that portion of the building to “critically low margins against failure,” a newly released investigation found. Designs fell short of building codes, and slab columns and fixtures had “severe” strength deficiencies in several places at the pool deck, according to the National Institute of Standards…
Miami’s Developers Pour Cash Into Mayor Suarez’s Presidential Campaign Committee
Miami Mayor Francis Suarez announced he is running for president last Thursday, and South Florida’s developers are lining up to help fund his long shot bid for the nation’s highest office. A super PAC backing Miami Mayor Francis Suarez, pictured at a Bisnow event in 2018, received around $2.6M from developers in December alone. A super PAC backing Suarez called SOS America…
Housing Trust Group (HTG) has secured financing for University Station, a $100 million mixed-use development in Hollywood, Florida. This significant project, the largest undertaken by HTG to date, is a collaboration between HTG and the City of Hollywood, forming a true public-private partnership (P3). University Station will feature a range of workforce and affordable housing…
Hollywood board OK’s Diplomat Landing project, three rental developments
Related Group and BH Group’s plan for a pair of luxury towers adjacent to the Diplomat Beach Resort, as well as three multifamily proposals by other developers are a step closer to fruition. The Hollywood Planning and Development Board approved the four projects on Tuesday. In the biggest development, the Pérez family’s Related and the Toledano family’s BH want to build…
Crowdfunding start-up FundRebel to buy Hollywood multifamily project for $67M
FundRebel, a crowdfunding real estate start-up, is planning a $67 million purchase of a Hollywood multifamily project as its first deal. The New York-based firm is in contract to buy Nine Hollywood, a 12-story apartment building with 204 units and 7,000 square feet of ground-floor retail, FundRebel CEO Mark Drachman said in an emailed statement. The project at 1809 Jackson Street…
PGIM sells Plantation multifamily complex for $88M
PGIM Real Estate sold the One Plantation multifamily complex for $88.4 million. Chicago-based Waterton bought the pair of 12-story apartment buildings and adjacent garage at 1600-1700 Southwest 78th Avenue in Plantation, according to records and real estate database Vizzda. The deal for the 321-unit complex on 5.6 acres breaks down to $275,337 per apartment.
Fort Lauderdale approves Bahia Mar rezoning and $1B redevelopment
Jimmy and Kenny Tate, Sergio Rok, and the Related Group won rezoning and approval for their $1 billion redevelopment of the Bahia Mar resort on city-owned property in Fort Lauderdale. The developers plan to build as many as 350 condos, and start pre-construction condo sales by year-end. They plan to break ground by 2025 for the first two condo buildings and a new hotel to replace…
Related And BH Group Acquire $28.5MM Loan for Pompano Beach Site On North Ocean Boulevard
Related Group, led by renowned developer Jorge Perez, and BH Group, headed by Isaac Toledano, have secured a substantial $28.5 million loan from Centennial Bank for their latest venture in Pompano Beach. This hidden gem of South Florida has been captivating the attention of real estate developers, restaurateurs, and prospective residents, thanks to its waterfront allure and emerging…
Blackstone, Link pay $29M for Whole Foods warehouse in Pompano Beach
Blackstone and its subsidiary Link Logistics paid $28.6 million for a last-mile facility in Pompano Beach as the investment giant’s industrial buying spree continues in South Florida. The acquisition of the Whole Foods distribution center at 2700 Northwest Street in the Broward County city marks the joint venture’s second tri-county industrial purchase in the past month. Blackstone and Link…
Related Cos. to Build 2 West Palm Beach Office Towers
Image by 652234 via pixabay.com Related Cos. has plans to further expand its West Palm Beach, Fla., footprint with the development of two new office towers totaling nearly 1 million square feet, according to South Florida Business Journal. The developer intends to start construction on the project in 2024 and complete it in 2026. Dubbed East Tower and West Tower, the office…
Related, Rockpoint sell Lantana apartment complex for $138M
Related Group and Rockpoint sold a four-building apartment complex in Lantana for $138 million. An affiliate of New York-based Praedium Group bought Manor Lantana, the 348-unit rental community at 861 Water Tower Way, records and Vizzda show. Praedium paid roughly $396,550 per apartment, and obtained a $75.9 million mortgage from Northwest Mutual Life Insurance.
Video: Seyfarth Partner Ronald Gart Discusses Firm’s Real Estate Market Sentiment Survey 2023
In this video, listen to Ronald S Gart, Partner at Seyfarth Shaw, discuss takeaways from the 8th annual Real Estate Sentiment Survey featuring results from 2,500 commercial real estate professionals, including investors, asset managers, lenders, private equity, and more. Among the topics discussed are interest rates, recession concerns, projections for the length of potential…
Exploring the Pros and Cons of Investing in Commercial Real Estate
Commercial real estate refers to properties that are primarily used for business purposes, such as office buildings, retail centers, industrial complexes, and hotels. Commercial real estate offers a variety of opportunities and difficulties for investors. Before investing in commercial real estate, it’s important to evaluate the positive and negative aspects, regardless of your level of…
Understanding Title Insurance: Why Do You Need It?
When it comes to purchasing a property, whether it’s your dream home or a valuable investment, safeguarding your ownership rights is crucial. That’s where title insurance plays a pivotal role. In this article, we’ll explore what title insurance is, why it is essential, and how ESQ.title, a reputable real estate law firm located in Coral Gables, Florida, can assist you in securing your…
It’s a condo. No, it’s a hotel. Inside the condo-hotel conundrum
When Rasikaran and Jhansi Boaz set out to buy a condo in 2008, they chose an oceanfront Canyon Ranch-branded project in Miami Beach, partly thanks to its amenities. The complex, now called Carillon Miami Wellness Resort, has four pools, a spa and restaurant. “We liked that healthy living concept,” Rasikaran Boaz said. But their dream, and that of other buyers, of a relaxing…