$600M Transit-Oriented Development Announced In Hialeah
Developers have announced plans for a transit-oriented development called Metro Center in Hialeah. The development is being built a short walk away from the Metrorail and Tri-Rail Transfer Station. Metro Center is planned to include 2.3 million square feet in several buildings, including: Metro Parc, a 559-unit, 10-story building (broke ground in 2022) Metro Parc North…
MG Developer, Baron Property Group to Develop $600M Residential Campus in Hialeah
Locally based residential development firm MG Developer and partner Baron Property Group have announced plans for a $600 million residential development in the Miami suburb of Hialeah. The transit-oriented campus, dubbed Metro Center, will span 2.3 million square feet and feature more than 1,500 new apartments and 35,000 square feet of retail space. The project will be…
Witkoff, Swire, Related, Eden, Dermot and Jenny Bernell gain project approvals
Several big name developers scored design approvals for major projects in Brickell, Overtown and Wynwood. On Wednesday, the Miami Urban Design Review Board handed out unanimous yes votes to a proposed office tower at Brickell City Centre by Swire Properties and New York-based The Related Companies; a three-building apartment complex planned by New York-based…
With Messi Incoming, Inter Miami Faces One Last Hurdle For New Stadium. It’s Been Kept Quiet
Jorge Mas, the managing partner of Major League Soccer’s Inter Miami, told reporters last week that the start of construction for the team’s new stadium complex was “imminent.” But the club, which Mas co-owns with David Beckham and just signed Argentinian superstar Lionel Messi, has yet to secure the necessary zoning changes that would clear the way for the 73-acre Miami…
Futuristic New Saudi City ‘Competing With Miami’, Crown Prince Says
Construction is underway on a futuristic city in Saudi Arabia that will compete with Miami – at least in some ways. Saudi Crown Prince Mohammed bin Salman said in in interview that he wants the new Neom smart city project to match Miami in terms of excitement. “I have a friend who moved to Miami. In Miami, when you get out from your office, you are on vacation immediately…”
In partnership with Lion Development Group, Miami-based Terra has acquired a prominent 1.6-acre property at 3501 Northeast 1st Avenue in Miami for $40 million. The site’s strategic location will transform into an iconic luxury condominium tower at the intersection of highly sought-after neighborhoods, including the Design District, Midtown, Wynwood, and Miami Beach. T
Swerdlow Group Tops Off Miami Mixed-Use Project Block 55 at Sawyer’s Walk
The Swerdlow Group has topped off Block 55 at Sawyer’s Walk, a 578-unit mixed-use affordable housing development in Miami. Coastal Construction Group serves as general contractor. According to Yardi Matrix data, financing sources for the project include: $25 million construction loan from the Swerdlow Group originated in 2020 $167.5 million in bond financing issued by…
Top-Off Ceremony Held At Downtown Miami’s Block 55; 1.4M Square Feet Being Built
Contractor Coastal Construction says it has topped off Block 55. A ceremony to mark the occasion was held on June 15, with a a raffle, prizes, music and a luncheon for the entire project team. The mixed-use project is being built in downtown Miami, and will have 1.4 million square feet. Block 55 is planned to include: 578 affordable apartments for seniors, with state-of-the-art…
Construction Tops Off At Block 55 In Downtown Miami’s Sawyer’s Walk Development
Coastal Construction Group has achieved a significant milestone at Block 55 in downtown Miami’s Sawyer’s Walk development. This 18-story mixed-use project, designed by Arquitectonica and dedicated to affordable housing for low-income seniors, has reached its top floor. On Thursday, June 15, the traditional topping-off ceremony was commemorated at the 249 Northwest 6th Street…
Tri-Rail seeks development along tracks to build revenue
Even while Tri-Rail last week was undertaking long-awaited tests of an 8-mile stretch of tracks to be able to bring its passenger trains for the first time into downtown Miami, its executive director was telling transportation planners that the rail line has a long way to go in other directions too. One of those directions is strictly business. The government-owned line that serves…
Miami Worldcenter gets net-zero emissions boost
As Miami pushes environmentally responsible building to reduce greenhouse gas emissions in the city, which has been called ground zero for climate change problems, the city commission amended the zoning code for the 25-acre Miami Worldcenter district just north of downtown. The change approved July 22 allows for building and design modifications to achieve net-zero emissions…
Six-story Doral UHealth hub on track for opening
With the exterior structure of the new University of Miami Health System (UHealth) building at Doral installed, the construction process of the healthcare center that will include 33 exam rooms, 33 clinical trials unit, and eight operating rooms, among services from several specialties, is well underway for its 2024 opening. The recruitment of healthcare providers for the new six-story…
West Flagler three-building complex gets go-ahead
A major mixed-use development bringing apartments, office space and commercial uses to West Flagler Street in Miami moved ahead after the Planning, Zoning and Appeals Board approved an exception and six waivers. The project changing nearly a full block hugged by West Flagler and Northwest First streets is composed of three buildings: Flagler Oasis Residences, which is…
Helicopter pad, Metromover entryway OK’d for Brickell City Centre
Two major developers have won approval of several enhancements to their plan for a signature office skyscraper in Brickell, including a helicopter pad and a new entrance to the Brickell City Centre Metromover Station. One BCC will be a 59-story glass and steel tower at 700 Brickell Ave., which will finally connect Brickell City Centre with Brickell Avenue in the City of Miami.
Aztec Group Provides $22.3M Refinancing for Oak Plaza Apartments in Miami Health District
Aztec Group has provided a $22.3 million Freddie Mac loan for the refinancing of Oak Plaza, a 156-unit apartment community in Miami’s Health District. The borrower, locally based Melo Group, delivered the property in 2012. Peter Mekras of Aztec Group originated the 10-year, fixed-rate loan on behalf of Melo Group, the third transaction between the two firms in the past 12 months.
Swire Properties Gets FAA Approval For Planned One Island Drive Towers On Brickell Key
Swire Properties has achieved a crucial milestone with the approval from the Federal Aviation Administration (FAA) for their ambitious two-tower development on Brickell Key in Miami. This significant achievement paves the way for Swire Properties to proceed confidently with its visionary project, known as One Island Drive. The development promises to be an architectural marvel…
Swire Gets FAA Approval For ‘Architecturally Spectacular’ Brickell Key Towers
The Federal Aviation Administration has just given the green light to two towers on Brickell Key proposed by Swire Properties. According to a letter issued this morning (June 22), the towers have been determined to not be a hazard to air navigation. Tower 1 is approved up to height of 1,044 feet above ground, or 1,049 feet above sea level. Tower 2 is approved up to height of 691 feet…
Massive mixed-use project pitched for Miami-Dade mobile home park
A mobile home park between Miami and El Portal could soon be the site of a massive mixed-use project anchored by nearly 4,000 apartments. Affiliates managed by David Mordekhay in Hollywood and Tom Grinberg and Gary Otto in Miami are seeking Miami-Dade County’s permission… to tear down the Soar Mobile Home Park at 8050 Northwest Miami Court. The 22-acre trailer…
Developer proposes multifamily project in south Miami-Dade’s Goulds
Ricadri Group, led by Adriana Guerrero, wants to build a multifamily project in Goulds, marking developers’ continued wager on south Miami-Dade County’s residential market. The firm proposes a 93-unit multifamily development on 2.6 acres at 21300 and 21320 Southwest 112th Avenue in unincorporated Miami-Dade, according to an application submitted to the county…
Blackstone sells Hialeah Gardens cold storage facility for $43M
Blackstone sold a fully leased Hialeah Gardens cold storage facility for $43 million. A Blackstone affiliate sold the 115,741-square-foot industrial building at 13801 Northwest 112th Avenue, records and Vizzda show. The buyer is Boxer US, a Miami-based entity incorporated in May by attorney Lourdes Cambo, but with no managing member listed in corporate documents.
Terra & Lion Say They Will Develop Iconic, Luxury Condo Tower In Midtown Miami
An iconic, luxury condominium tower will soon begin construction in Midtown Miami, developers announced today. Miami-based Terra, in partnership with Lion Development Group said in a press release that they closed on the purchase the 1.6-acre Midtown Gateway site for $40 million. The partnership obtained $30 million in financing from Metropolitan Commercial Bank, which…
Terra, Lion pay $40M for condo tower dev site in Midtown Miami
David Martin’s Terra and Michael Simkins’ Lion Development Group bought a site in Midtown Miami for $40 million, with plans for a condominium tower. The joint venture scooped up 1.6 acres at 3501 Northeast First Avenue, and scored a $30 million loan from Metropolitan Commercial Bank for the purchase and initial site development, according to a Terra news release.
13th Floor, Opera pay $73M for oceanfront Miami Beach timeshare resort
13th Floor Investments joined with Opera Acquisitions to buy a Miami Beach timeshare resort for a combined $73 million. A 13th Floor affiliate purchased Westgate South Beach Oceanfront Resort, a 46-unit oceanfront building at 3611 Collins Avenue, Opera President Valerio Spinaci told The Real Deal. The sellers are an affiliate of Orlando-based Westgate Resorts, and the…
Holland & Knight Signs 121,032 SF Office Lease Renewal in Miami
Law firm Holland & Knight LLP has signed 121,032-square-foot office lease renewal at 701 Brickell in Miami’s Brickell financial district. The tenant will continue to occupy six floors of the building, which spans 33 stories and is currently 96 percent occupied. Brian Gale and Edward Quinon of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations.
Law Firm Holland & Knight Re-Ups for 121 KSF Miami Lease
Law firm Holland & Knight LLP has signed a 121,032-square-foot lease renewal at Nuveen Real Estate’s 701 Brickell in Miami. Cushman & Wakefield brokered the deal on behalf of the landlord, while CBRE represented the tenant. Holland & Knight will continue to occupy six floors of office space at the 33-story tower. Nuveen acquired the Class A property in 2002 for $172 million…
Miami Continues to See Flight to Class A Offices Amid Record Rental Rates
A wave of new-to-market office tenants — specifically legal tenants following the influx of financial firms and tech companies — continue to expand their presence in Miami. The trend further solidifies the city’s spot as a top destination for companies seeking reduced taxes, strong talent and vibrant communities. Looking back at the first quarter of 2023, net absorption totaled over…
A Look Inside THE WELL Bay Harbor Islands Designed by Arquitectonica and Meyer Davis
Located in Miami’s Bay Harbor Islands, THE WELL Bay Harbor Islands is the nation’s first THE WELL-branded condo building and is at the forefront of supporting an ultimate holistic, 360-degree wellness lifestyle. With a harmonious design by Arquitectonica and interior spaces carefully curated by Meyer Davis in collaboration with THE WELL, THE WELL Bay Harbor…
Lucid Motors Opens Retail Studio at Miami Worldcenter in Downtown Miami
Lucid Motors, a luxury electric vehicle company producing the state-of-the-art Lucid Air, is now open at Miami Worldcenter – the $6 billion, 27-acre mixed-use development transforming the heart of Downtown Miami. Located at 951 NE 1st Avenue, the nearly 23,000-square-foot space – Lucid’s largest location in Florida – includes a Lucid Studio, which…
Lucid Motors Opens 23,000-Square-Foot Location At Miami Worldcenter
Luxury electric vehicle manufacturer, Lucid Motors, has opened its newest facility at Miami Worldcenter, a transformative mixed-use development in Downtown Miami. The location, spanning nearly 23,000 square feet, features a Lucid Studio where customers can experience the brand’s luxury electric vehicles, including the award-winning Lucid Air sedan.
Plans have been filed for a 12-story multifamily development named Aventura Station II at 2541 Northeast 192nd Street in Ojus, Miami-Dade County. Adam America Real Estate and Stellar Communities spearhead the project under Ojus Assemblage TIC LLC and Ojus Assemblage PO LLC. The development, designed by ODP Architecture & Design, aims to offer 223 multiple-family…
1.24-Acre Development Site Primed For 44 Residential Units On The Miami River Hits The Market
A prominent vacant 1.24-acre development site has made its way to the bustling Miami River District market. Colliers, a leading real estate firm, is pleased to announce the opportunity to acquire The River Line at 678-720 NW N River Drive. This exceptional property offers unparalleled Miami River access and is listed for $26 million. The site, represented by Colliers Vice President…
Leste Group Partners and Brazilian Firm to Invest $1B in Miami-Dade and Around Florida
Global investment manager Leste Group has partnered with Opportunity Fundo de Investimento Imobiliário, a Brazil-based private investment firm, to form a new real estate development company, LORE Development Group. The new firm will primarily focus on developing upwards of $1 billion in multifamily and condominium projects in South Florida over the next five years.
Majorca Investment Properties hopes to get approval for an outpatient surgery center in Kendall, Florida. The venture would comprise two phases. Per the South Florida Business Journal, the first phase could offer a 117,000-square-foot building, measuring four stories above grade and offering a fitness center, recovery rooms, imaging machine suite, and eight operating rooms.
428 Residential Units Proposed In Spring Garden with 900 Feet Of Waterfront Walkway
Plans have been submitted for a residential project in Spring Garden. The project name is listed plans as 1010 Spring Garden. It is planned to rise 12 stories and include: 428 residential units (37 micro-units) 602 parking spaces from ground through fourth floor (10% waiver from Miami 21 zoning requirements has been requested) more than 900 lineal feet of “inviting” public waterfront…
SmartCity $1.2B Bid for Genting Owned Property Cancelled, For Now
SmartCity Miami has ended its bid for the former Miami Herald property in Downtown Miami now owned by Genting, according to an announcement. Genting said in statement that the buyer had requested an extension of the exclusivity period and sought amendments to the terms of the purchase agreement for the site. The requests were not granted by Genting, so the buyer elected…
$1.2B Deal For 15-Acre Downtown Miami Site Falls Apart
The planned $1.225B sale of a 15.5-acre site in Downtown Miami is on hold after the buyer failed to secure financing in time or an extension on an exclusivity period on the deal. Smart City Miami LLC, a partnership led by Terra Group and its CEO, David Martin, agreed to purchase the site — which sits on Biscayne Bay and includes the former Miami Herald headquarters…
What Terra’s exit from record $1.2B Miami land deal signals for the market
The shock is wearing off from developer David Martin’s decision to pull the plug on a record $1.2 billion purchase of a waterfront assemblage in Miami. A reality check dusted with disappointment is setting in, brokers say. Smart City Miami, the Terra-led group that canceled its contract to acquire Genting Group’s 15.5-acre partially bayfront property north of downtown Miami…
Proposal Submitted With ‘Signature Towers’ Rising Up To 50 Stories Near El Portal
An application has been filed with Miami-Dade County that could see multiple towers rising as tall as 50 stories near El Portal. The combined proposal (most of the site is overseen by county zoning, with a small portion under city purview) would include: 4,276 multifamily units 121 live/work units 312 hotel keys 293,043 square feet commercial 5,219 parking spaces…
ANF Group Begins Construction on 332-Unit Affordable Housing Development in Miami
General contractor ANF Group has begun construction on Southpointe Vista, a two-phase affordable housing development in Miami that will total 332 units. McDowell Housing Partners is the developer of the two 10-story residential towers, which will be connected by a central paseo. Located at 21255 117th Court in the city’s Goulds neighborhood, the towers will feature…
The US commercial real-estate market has seen deepening gloom in recent quarters, but investors can still find pockets of value in the embattled sector, according to the chief investment officer at Nuveen Real Estate. In an interview with CNBC, Carly Tripp said it’s clear there’s a lot of distress in the office property segment, which saw troubled assets hit $64 billion in the first quarter…
Spain’s Mediapro Opens Miami Production Studio near Hialeah
Spanish multimedia heavyweight Grup Mediapro and South Florida-based BrandStar Studios opened a 10,440-square-foot production studio in Miami-Dade County this week. Located at 7321 NW 75th Street, at the intersection of the Hialeah and Palmetto expressways, the facility includes 1,000 LED panels that are 22 feet tall and 3D creation tools to aid editing and post-production…
Developers Build Thousands Of Miami Condos With Investors, Not Homeowners, In Mind
Tourists headed to Miami for vacation have no trouble finding a place to stay. For residents of the city, the story is a little different. Short-term rentals have proliferated across Miami as developers race to meet demand that surged during the pandemic. More than a dozen properties have been proposed or broken ground, even as the state and local governments work to incentivize…
Miami apartment complex sold to Magnum Holding
Cervera Real Estate Ventures, led by Javier Cervera Jr., sold a 90-unit apartment complex near Miami International Airport to a firm owned by Montreal-based Trams Property Management. Magnum Holding Company, Trams’ U.S. subsidiary, paid about $20 million for Mia Airport Villas at 4325 to 4335 Northwest South Tamiami Canal Drive, according to a press release. The deal breaks…
Brightline Celebrates Completion of Construction to Orlando
Brightline, the only provider of modern, eco-friendly, intercity rail in America, celebrated the completion of construction to Orlando, paving the way for the launch of service between Central and South Florida this summer. To mark the completion of construction, mayors representing Brightline station cities along with Brightline Orlando construction team…
Brightline Celebrates Completion Of Construction For Orlando Expansion
Brightline, the premier provider of modern, eco-friendly intercity rail in the United States, recently marked a significant milestone with the completion of construction in Orlando. This achievement sets the stage for the highly anticipated service launch between Central and South Florida later this summer. To commemorate this achievement, a gathering of mayors from Brightline station…
FundRebel to Acquire Nine Hollywood Mixed-Use Development in Metro Miami for $67M
FundRebel LLC is under contract to acquire Nine Hollywood, a mixed-use property currently underway in Hollywood, for $67 million. Situated on a 36,000-square-foot parcel, the development features 204 multifamily residential units, three levels of integrated parking and more than 7,000 square feet of retail space. Residences include apartments in studio, one- and two-bedroom layouts.
FundRebel Acquires Hollywood Property for $67M
FundRebel has agreed to acquire Nine Hollywood, a mixed-use property in Hollywood, Fla., for $67 million. The project, which was acquired from Romagnole Investment Properties, according to Yardi Matrix data, is under construction and will be located on a 36,000-square-foot parcel of land near the beach. The community will offer 204 rental units, three levels of integrated parking…
Waterton Acquires 321-Unit Multifamily in Plantation
Waterton, a national real estate investor and operator, announced it will expand its footprint in South Florida with the acquisition of One Plantation, a 321-unit apartment community at 1650 SW 78th Ave. in Plantation, FL. Built in 2013 as part of the 860-acre Plantation Midtown master plan, the 12-story apartment…
Connor Group pays $121M for Coral Springs apartment complex
Six months after buying its first South Florida multifamily property, The Connor Group is coming back for seconds. The Dayton, Ohio-based firm bought The Villas at Wyndham Lakes, a nearly 20-acre complex at 11500 Northwest 56th Drive in Coral Springs, for $121 million from AEW Capital Management, according to records and real estate database Vizzda. The buyer…
Morgan Auto pays $42M for Coconut Creek car dealership
Morgan Auto Group is expanding its South Florida portfolio with a $42 million dealership purchase in Broward County. The Tampa-based car retailer bought Al Hendrickson Toyota at 5201 and 5401 West Sample Road in Coconut Creek, records and Vizzda show. Morgan secured a $113 million mortgage from Bank of America that is also backed by a Fort Myers car dealership the…
Earlier this month, Village of the Arts, Ltd., affiliated with Dania Beach-based MJDC, filed plans for Village of the Arts, a 6-story mixed-use project at 543 Northwest 5th Avenue in Fort Lauderdale’s Progresso Village neighborhood. Designed by Cohen Freedman Encinosa & Associates Architects with Architectural Alliance Landscape as the landscape architect and Botek Thurlow Engineering…
Harbor Group pays $106M for West Palm Beach apartments
Harbor Group International is adding to its already massive South Florida multifamily portfolio, picking up a newly completed West Palm Beach apartment complex for $105.5 million. The Norfolk, Virginia-based investment firm purchased the Locklyn West Palm, a 280-unit property at 3590 Village Boulevard, from an affiliate of developer Alliance Residential Company and private equity…
Hotel Sector Soars on Longer Stays, Increased Demand
The average length of stay in hotels has undergone a notable shift since the onset of the COVID-19 pandemic. Many travelers have opted to extend their hotel stays for longer durations. According to industry reports, the average length of stay in hotels has increased by approximately 20 to 25 percent compared to pre-pandemic levels. This trend has been observed across various…