Swire sells Miami site planned for office supertall to Melo for over $200M
Swire Properties sold the site of its once-planned office supertall in Miami’s Brickell to the Melo Group for more than $200 million in an all-cash deal, The Real Deal has learned. : The real estate arm of Hong Kong developer Swire sold the property at 700-799 Brickell Avenue, just months after canceling plans for the 1,000-foot-tall One Brickell City Centre high-rise, according to sources.
Kushner scores $115M construction loan for Surfside project
Kushner Companies nabbed a $115 million construction loan for a luxury apartment development it is building in Surfside, The Real Deal has learned. New York-based Kushner, led by CEO Laurent Morali and President Nicole Kushner Meyer, secured the financing from Arbor Realty Trust’s Arbor Realty SR, according to a source. The developer broke ground on the planned three-story…
Newmark Arranges $77.2M Refinancing for Aventura Office Property Onyx Tower
Newmark has arranged a $77.2 million loan for the refinancing of Onyx Tower, a 28-story office tower in Aventura, a northern suburb of Miami. The borrower, an entity doing business as Onyx Tower LLC, delivered the tower in 2023. The building is one of two towers on the site. Jordan Roeschlaub, Jonathan Firestone, Nick Scribani and Chris Lozinak of Newmark secured…
Onyx Tower in Hallandale Beach trades for $52M, buyer scores $77M loan
28-story office tower in Hallandale Beach traded for $52.2 million, and the buyer landed a $77.2 million loan. Aventura-based Inmobiliaria Brom, through its affiliate Optima International North, sold the 285,400-square-foot Onyx Tower at 1010 South Federal Highway to an entity that also ties to Inmobiliaria Brom, according to records. The buyer scored the financing from Barings…
Bridge Industrial scores $78M refi for warehouse complex near Miami-Opa locka Executive Airport
Bridge Industrial scored a $77.6 million refinancing for its warehouse complex near the Miami-Opa locka Executive Airport. State Farm Life Insurance Company provided the loan for the three-building industrial development that’s on the northeast corner of Northwest 57th Avenue/Red Road and Northwest 135th Street, according to records. The complex, called Bridge Point AVE…
Genting sells piece of downtown Miami assemblage to Opportunity Zone fund partnership
Malaysian casino conglomerate Genting Group sold a piece of its downtown Miami land holdings. An affiliate of Kuala Lumpur-based Genting sold the 0.8-acre, six-parcel assemblage at 1515 and 1525 Northeast Miami Place, 75 Northeast 15th Street, and 1502, 1512 and 1516 Northeast First Avenue in Miami to a partnership led by an Opportunity Zone fund, according to a press release.
Foundation Pour Completed for JEM Private Residences at Miami Worldcenter
The foundation pour has been completed for JEM Private Residences, a 67-story residential tower under construction at 1016 Northeast 2nd Avenue in Downtown Miami. Overseen by Coastal Construction, the operation began at 9:00 p.m. on May 30 and spanned approximately 18 continuous hours, requiring 8,400 cubic yards of concrete delivered via 840 truckloads.
Four years ago, Justin Podolsky’s proposed massive mixed-use project in Miami’s Little Haiti overcame a major hurdle. The 5.9 million-square-foot development made it past a city review board in 2021, after delaying voting on it since 2018. The stall was partly due to an outcry from board members and the community over traffic, gentrification and displacement of low-income…
Panattoni offloads former Miami Herald HQ at a loss for $26M
Panattoni Development is abandoning plans to redevelop the Miami Herald’s former home in Doral, selling the 9-acre site at a loss for $25.9 million. A trust affiliated with Los Angeles-based Ares Management, led by Michael Arougheti, bought the property at 3511 Northwest 91st Avenue for $4 million less than the seller paid less than a year ago, records show. Atlanta-based Panattoni…
Brickell condo sales slump as South Americans hold back
During the current presidential administration, the condominium real estate market in Brickell is not seeing much action, according to local real estate experts. Brickell’s biggest condo-buying clientele are mostly South Americans, who are holding back due to ever-changing regulations coming from the presidential administration, said Oliver Ruiz, a Brickell-based…
South Florida by the numbers: Condo buyout buzz
In the wake of the tragic Champlain Towers collapse, Florida legislators overhauled the state’s condo laws to mandate much stricter financial and structural oversight. Many industry observers and experts predicted that these changes would produce a wave of condo terminations or “buyouts,” with ambitious and deep-pocketed developers snapping up outdated units…
Keystone plans 212-unit office-to-resi conversion near Dadeland Mall
Keystone Development + Investment is planning to create 212 apartments in Kendall through office-to-residential conversions, a rare adaptation in South Florida. Across the Northeast, developers have jumped on retrofitting office buildings into apartments, partly due to the growth of hybrid work. It’s especially common in New York, where projects are aided by tax breaks.
Aconcagua proposes 239-unit multifamily project in Naranja
Aconcagua proposes a 239-unit multifamily project in Naranja, amid continuing development in south Miami-Dade County. The Brickell-based firm wants to build a seven-story building with 4,500 square feet of retail and a two-story parking podium on the 3-acre vacant site on the northeast corner of South Dixie Highway and Southwest 264th Avenue/Bauer Drive in an unincorporated…
Miami Beach seeks to resurrect long-shuttered Roosevelt Theater
Miami Beach continues to explore options to facilitate the resurrection of the Roosevelt Theater. The long-shuttered theater at 770 Arthur Godfrey Road opened in December 1949 with “Battleground” featuring Van Johnson, John Hodiak, Ricardo Montalban and George Murphy. “It’s a beautiful property right off the water as you drive down 41st Street,” said Miami Beach Mayor Steven Meiner.
526 Residences move ahead at historic Salvation Army Citadel
A developer with a plan to reactivate the rehabilitation of Miami’s historically designated Salvation Army Citadel building and the redevelopment of the adjacent property is moving ahead. Owner-developer 49 NW 5th Street LLC is proposing the major rehabilitation of the historic site at 49 NW Fifth St. and 50 NW Sixth St. The company plans a complete restoration…
Miami, Broward may open Coastal Link commuter rail simultaneously
Miami-Dade and Broward are coordinating to simultaneously open both Northeast Corridor commuter rail from Miami to Aventura and its continuation up the coast into the heart of Broward County in a Coastal Link line, a new report revealed. At the same time, the counties expect within four months to pick an operating entity to run the rail line. That entity would then choose…
Construction has officially topped off at Nexo Residences, a 16-story short-term rental condominium development located at 13899 Biscayne Boulevard in North Miami Beach. Designed by Carlos Ott in collaboration with Frankel Benayoun Architects Inc. and developed by Fortune International Group and Blue Road, the project is steadily progressing toward its anticipated 2026 completion.
Raimundo Onetto’s Alta Developers scored a $94.2 million construction loan for a 174-unit condo project in Coral Gables. The loan underscores how financing continues to flow in South Florida, despite elevated interest rates, skyrocketing insurance and other economic headwinds. Miami-based Alta started construction of the 12-story Cassia – The Residences at Coral Gables…
Raoul Thomas’ troubled CGI Merchant Group sold 65 distressed commercial units in a Coral Gables mixed-use building for $28.5 million, staving off a pending foreclosure, The Real Deal has learned. Miami Beach-based Elysee Investments, led by CEO Haim Yehezkel, bought the units, consisting of retail and office spaces on the first three floors of Ten Aragon…
Integral seeks county lease to develop $159M Coconut Grove multifamily project
Integral Group is close to securing a 99-year ground lease to build a $159 million multifamily project in Coconut Grove. The Miami-Dade County Commission is set to vote Tuesday on an agreement with an Integral Group affiliate to redevelop a 24-unit Section 8 housing community at 3666 Day Avenue in Miami. Integral, led by Chairman Egbert L.J. Perry…
SSA launches sales for short-term rental-friendly Coconut Grove condos
Venezuelan developer SSA Group is launching sales for a planned short-term rental-friendly condo project in Coconut Grove. The firm, led by founder Maximo Sacchini, is planning the three-story, 16-unit Roble One at 3069 Plaza Street in Miami, according to a press release. Sacchini tapped Compass’ Opes Group, led by Joanna Jimenez, Michelle Cardenas and Daisy Bilba, to helm sales…
Link Logistics Sells Miami Industrial Portfolio
The light industrial portfolio is minutes from the Miami International Airport. Photo courtesy of JLL. East Capital Partners has acquired Airport Trade Center, a three-building light industrial property in Miami. Link Logistics was the property’s seller, according to CommercialEdge. JLL Capital Markets represented the seller in the transaction and secured the acquisition financing.
East Capital Partners Acquires Airport Trade Center in Miami
JLL Capital Markets announced today that it completed the sale of Airport Trade Center – a 371,976-square-foot light industrial portfolio in Miami, Florida. JLL represented the seller to complete the sale to East Capital Partners. Working on behalf of the new owner, JLL also secured acquisition financing. The portfolio is situated on a 13.8-acre site and consists of three, highly functional…
Three 45-Story Towers Proposed With 1,363 Units in Miami’s Wynwood Arts District
Brooklyn-based LivWrk is advancing a major mixed-use residential development in the Wynwood Arts District. Designed by MKDA, the project—referred to as LIVWRK Wynwood—calls for three 45-story towers rising 465 feet. The proposal is one of the largest filed under Florida’s Live Local Act and would introduce the neighborhood’s first true high-rise buildings.
LivWrk proposes 1,363-unit Live Local Act complex with three towers in Wynwood
LivWrk wants to build a 1,363-unit Live Local Act project in Wynwood, as developers continue to supersize their proposed projects under the state’s affordable and workforce housing law. The Brooklyn-based firm wants to develop three 45-story towers with 23,200 square feet of retail and 912 parking spaces on a five-lot assemblage on the northwest corner of North Miami Avenue…
Zach Vella-led partnership could lose Wynwood buildings to foreclosure
In July of last year, the Vella-led entity paid an affiliate of New York-based East End Capital $12.3 million for the properties at 325 Northwest 24th Street, 339 Northwest 24th Street, 282 Northwest 25th Street and 292 Northwest 25th Street in Miami, records show. Combined, the buildings have roughly 16,000 square feet of retail space. The buildings on 24th Street…
The West Leads in Micro-Housing, Miami Cracks Top 20, San Francisco And Seattle at The Forefront
Still, Miami, FL, managed to crack the top 20 large cities for micro-housing, as public opinion has been favoring building smaller units in the face of the city’s continued apartment shortage. Not only has this densely packed city made strides in the construction of tiny homes in the past few years, but it’s also slated to expand its inventory of micro-units this year.
Construction Starts on ‘Visions at Brickell Station’ at 1120 SW 3rd Avenue in Miami
Construction has commenced on Visions at Brickell Station, a multi-million-dollar venture that Florida YIMBY first covered in 2023. The eight-story project will comprise 110 condo/hotel units; the fully furnished condos will span 490 to 675 square feet. Floorplans include studios, junior suites, and suites. In-unit features include open-concept designs, kitchens, and dining spaces.
Challenges ahead after a record-breaking year for Miami-Dade tourism
Last year was another record year for tourism in Miami-Dade County. Over 28 million people visited the county in 2024. That represents one in five tourists to Florida who spent some of their trip in Miami-Dade. The Greater Miami Convention and Visitors Bureau announced its annual data Thursday. Tourists from other states increased 2%. The county hosted 4% more international…
Developer Proposes 18-Story Residential Tower for 190 NW 79th Avenue in Miami
Keystone Midway LLC, a branch of developer Keystone Holdings, has proposed a mixed-use venture that would replace a church in Miami-Dade County. Our sources report that the unnamed venture would rise 18 stories above grade, requiring close to 720,000 square feet of new construction. It would comprise 477 apartments, 40 percent of which would be designated as workforce…
Can South Florida’s commercial real estate market moderate without breaking?
South Florida has weathered a storm that has wreaked havoc in San Francisco, Chicago and New York. The value of some office buildings in those central business districts has plummeted in recent years as companies made hybrid work permanent, vacancies increased and higher interest rates made refinancing mortgages more expensive. But Miami, Fort Lauderdale and West Palm Beach…
Fortune International JV Tops Off North Miami Beach Tower Nexo Residences
A joint venture between Fortune International Group and Blue Road have topped off Nexo Residences in North Miami Beach, Fla., a 16-story 254-unit, short-term rental condominium. The property is expected for completion next year. Upon completion in Nexo Residences will offer a variety of studio to three-bedroom floor plans. Also offered will be an array of three…
Redwood Dev Co drops $80M on Lennar townhomes
David Burstyn and Brian Sidman’s Redwood Dev Co bought 223 newly built townhomes in two projects for $80 million. Miami Beach-based Redwood bought the 174-unit Mariner’s Cove and 49-unit Lime Grove townhome developments from Lennar, one of the nation’s largest homebuilders, according to a press release. Lennar, led by executive chairman and co-CEO Stuart Miller…
Miami-Dade’s taxable property values reach $512B, as growth slows
Taxable property values in Miami-Dade County keep growing, but momentum is easing — and condos are dragging down the market, according to the property appraiser’s latest estimates for 2025. The estimated taxable value for real estate countywide reached $511.8 billion, an increase of 8.5 percent, year-over-year. That includes an additional $40.2 billion in taxable…
Inside Russell Galbut’s plan to sell floating luxury condos
For centuries, real estate was tangible, actual, genuine land to inhabit and build on and buy and sell. Developers found ways to trade swampland, coastline and air rights and to market the ground separately from the building above. Bankers financialized real property into abstract products; start-ups sold shares in second homes. But the oceans remained everybody’s…
Robins family dynasty fractured by dispute over patriarch’s assets
The Robins name resonates through Miami Beach like an emergency siren when a hurricane makes landfall — clear, insistent, impossible to ignore. For decades, Gerald “Jerry” Robins, the patriarch, helped shape the city’s skyline; his business acumen matched only by the devotion he showed to his family. But when Jerry passed away on Oct. 2, 2022, after a 20-year battle with cancer…
Private credit takes center stage in South Florida real estate
Developer Asi Cymbal was looking for a real estate loan at a bad time. After finishing a 341-unit apartment complex in Miami Gardens in the spring of 2024, he needed to pay off its $102.5 million construction debt and bolster the project’s cash reserves. But with the impending presidential election, elevated interest rates and slow multifamily lease-ups in South Florida, uncertainty loomed.
Lease roundup: Sweat440, Warby Parker on tap at Nora District, law firm Littler moving Miami office
Miami Tower scored two new tenants. San Francisco-based labor and employment law firm Littler Mendelson will move to the 47-story tower at 100 Southeast Second Street in downtown Miami in the third quarter, according to the landlords’ news release and the law firm’s Porpoise Evans. Littler’s current Miami office is at the Wells Fargo Center at 333 Southeast Second Avenue…
Second Multifamily Building Tops Out at FAT Village in Downtown Fort Lauderdale
Construction has officially topped off on the second residential building at FAT Village, marking a key milestone in the ongoing transformation of the 5.6-acre mixed-use district in Downtown Fort Lauderdale’s Flagler Village. Developed by Hines and Urban Street Development, the topping off signals continued momentum on the $500 million redevelopment…
Grover Corlew scores $92M construction loan for 312-unit apartment project in Fort Lauderdale
Grover Corlew scored a $92 million construction loan for a 312-unit apartment project in Fort Lauderdale. The deal comes as lending continues to flow in South Florida, despite elevated interest rates, skyrocketing insurance and the threat of higher construction costs due to tariffs. Boca Raton-based Grover Corlew plans the seven-story building on a 3.7-acre site at 6261 Northwest…
Greystar picks up Coconut Creek industrial dev site for $31M
Greystar is jumping into Broward County’s industrial submarket after paying $30.5 million for a Coconut Creek development site. An affiliate of Charleston, South Carolina-based Greystar, led by CEO Bob Faith, acquired roughly 36 acres on the corner of Lyons Road and Atlantic Boulevard, records and real estate database Vizzda show. The buyer also obtained a $63.1 million…
Atlanta-based Portman Holdings intends to move forward with an eight-story housing project in Pompano Beach. The unnamed development would comprise 397 apartments, with the studio to three-bedroom homes spanning about 540 to 3,400 square feet. According to the South Florida Business Journal, the venture would feature more than 8,100 square feet of interior amenities…
Barry Sternlicht’s Starwood sells West Palm retail center for $133M
Barry Sternlicht’s Starwood Capital Group sold a Whole Foods-anchored shopping center in West Palm Beach for $133.2 million. An affiliate of Atlanta-based Invesco purchased The Marketplace at the Outlets at 1821 Palm Beach Lakes Boulevard in West Palm Beach, records and real estate database Vizzda show, The buyer, led by CEO Andrew Schlossberg, also assumed a $79 million…
Governor DeSantis signs bills targeting squatters in commercial properties, hotels
Floridians will have more tools to remove unwanted, nonpaying occupants from their properties. Last year, Gov. Ron DeSantis signed legislation aimed at speeding up the process of removing squatters from residential locations. On Monday, he signed a pair of bills expanding that focus to commercial properties and hotels. “Under current law, the remedies to remove…
The real estate industry is in the throes of a transformative evolution, driven by emerging technologies like artificial intelligence (AI) and robotics, according to VettaFi’s Senior Research Analyst Zeno Mercer. His insights, shared in a recent interview with Josh Lipton on Yahoo Finance’s Asking for a Trend, reveal the potential of these technologies to revolutionize every stage…
The FRED Blog has discussed initial claims for state unemployment insurance benefits (initial claims, for short) as an economic indicator. Today, we discuss whether initial claims above 400,000 signal weakening labor market conditions. Our FRED graph above shows weekly initial claims data reported by the US Employment and Training Administration from January 1967…
Report: Most Net-Lease Tenants Only Moderately Exposed To Tariffs
Sector-specific tariffs, along with the potential for higher country-specific duties that could come as early as July, are already impacting retailers’ operations and business decisions, according to Marcus & Millichap’s first-half 2025 single-tenant net-lease retail national report. Food-related retailers have experienced only mild impacts, while department and auto parts stores are…
Just How Slow is Commercial Real Estate Nationally?
One key metric we closely track for commercial real estate activity is loan growth. Real estate relies heavily on debt, so it’s logical to expect loan growth to align with an expanding economy. Surprisingly, the data reveals that loan growth in 2020—amid the pandemic turmoil—outpaced that of 2024. Honestly, I wouldn’t have expected it until I reviewed the numbers myself.
The U.S. Government Won’t Track Billion-Dollar Disasters. Expect Insurance Costs To Rise
With hurricane season just days away, property insurance providers will be without a critical piece of information this year that they use to inform their pricing decisions. Earlier this month, the National Oceanic and Atmospheric Administration announced it would stop tracking the cost of extreme weather. Commercial property insurers rely on federal weather data to assess risk…
Three tips to increase a property’s climate resiliency
Natural disasters and severe weather are increasingly destructive —and expensive. According to Gallagher Re’s Natural Catastrophe and Climate Report: 2024, disasters and weather cost the global economy $417 billion, $154 billion of which were insurance costs. “Whether you own or operate an apartment complex, mixed-use development or retail property…
May Multifamily Occupancy Holds Nationally as Rent Recovery Falters
U.S. apartment occupancy held firm in May after a steady climb throughout the early months of 2025. At the same time, rent change in market-rate apartment units, which had been trending up slightly after months of stagnation, backtracked from last month. Occupancy in the U.S. apartment market registered at 95.7% in May, in line with last month’s reading (95.7%) and…
Video: AFIRE CEO Gunnar Branson Discusses International Interest in U.S. Commercial Real Estate
One recent episode of America’s Commercial Real Estate Show focused on the findings of a bi-annual survey, the 2025 Q1 AFIRE Pulse Report, conducted by AFIRE (Association of International Real Estate Investors). The survey monitors the preferences and strategies employed by international institutional investors in the U.S. real estate market.
JP Morgan provides 3 tips for navigating commercial real estate syndications
Syndicated loans are an essential tool for financing large commercial real estate projects. Choosing the right lead arranger and administrative agent is critical to a deal’s success—particularly in light of recent volatility in the bank market. “You want to work with a lender that’s going to stay in the market, where you have a strong relationship with senior management…