Mar 13, 2019 - 0 Comments - Top Stories -

Miami Commercial Real Estate News March 13, 2019: Magic City Innovation District Investor Indicted; Kushner Launching $550 Mil Project in Edgewater; More…

Kushner Launching First Miami Project: A $550M Apartment Complex

The Kushner Cos. is launching a major apartment project in Miami, Bisnow has learned, the first in Florida for the third-generation real estate business. Courtesy of Dorsky + Yue International Rendering of 2000 Biscayne Boulevard, an upcoming project in Miami from Kushner Cos. Kushner Cos., the business now led by the brain trust of Charles Kushner, Nicole Kushner Meyer and Laurent Morali…

A main investor in Magic City Innovation District is among those indicted in major college admissions fraud scheme

Three real estate developers and investors were among the 33 parents indicted in the Justice Department’s largest-ever college admissions investigation, which federal prosecutors revealed Tuesday. Miami developer Robert Zangrillo and Los Angeles developers Bruce Isackson of WP Investments and Robert Flaxman of Crown Realty were charged in the scandal, which involved parents allegedly…

South Florida’s Dominant Grocer Trying To Outmaneuver Whole Foods, Trader Joe’s

Like a lion who dominates the savannah with no predators in sight, Publix for decades enjoyed a comfortable spot atop the South Florida grocery hierarchy. Winn-Dixie shriveled and died in the shadow of the clean and friendly Publix, and specialty or Latin-focused grocers never came close to matching Publix’s numbers. But little by little over the past 10 years, competitors have set up shop, and now…

Foot bridges, tunnels to link to Hard Rock Stadium

Construction linking pedestrians to Hard Rock Stadium is a go, as Miami-Dade lawmakers have granted an aerial easement allowing one of two planned foot bridges to be built over a county-owned roadway in Miami Gardens. By September – just in time for the onset of the NFL regular season and five months before the stadium hosts Super Bowl LIV – the bridges over an adjacent Florida Turnpike exit and…

Florida Bill Would Create Commissions For Opportunity Zones

Every year, Florida’s state legislature meets for a single, 60-day session. This year’s session began March 5, and among the bills being considered is House Bill 481, which would create development agencies for each opportunity zone in the state. The bill — a revival of the Florida Enterprise Act, which applied to enterprise zones — was introduced by Democratic state Rep. Anika Omphroy from western…

Commissioner probes details of David Beckham group deal

Miami Commissioner Manolo Reyes wants a status report from administrators on their negotiations with the David Beckham group for a long-term lease of a city-owned golf course adjacent to Miami International Airport. Mr. Reyes also wants to be able to vote on the lease before the November election, in which he will be running to keep his position. These desires are woven into a proposed resolution on…

Little Haiti development back on Miami’s agenda

A controversial development planned for Little Haiti that has deepened the divide on the Miami City Commission is back before commissioners today (3/14). Three planning and zoning items for the planned Magic City Innovation District are again on the commission’s agenda, after a tumultuous marathon meeting Feb. 28 ended with infighting and use of two rare procedural rules that…

Biggest cruise terminals deal ever a public-private win-win

PortMiami, which is already setting cruise and freight records, is poised to multiply the bounty with the world’s largest contractual guarantee between a cruise line and any seaport. A resolution in county committee this week would see the county-owned port and the world’s largest privately-owned cruise line, MSC Cruises, move toward a contract that would have the line at its own expense create…

Cocowalk’s transformation rolling forward

Visionaries behind CocoWalk’s transformation say they are on track to debut the outdoor mall in the spring of 2020 as construction continues and tenant leases prove to be fruitful. The development team – the Comras Co., Grass River Property and Federal Realty Investment Trust – are adapting the 29-year-old center for the uses of residents and visitors. They are swapping the Mediterranean…

Wave of redevelopment engulfs North Miami Beach

A wave of redevelopment spurred by zoning changes enacted by the City of North Miami Beach has ushered in new market-rate housing, expanded commercial development, and even the prospect of a Brightline station. “It’s our time,” said Mayor Anthony F. DeFillipo. “We’re extremely excited and expect phenomenal things to take place in the next three to five years.” Founded as Fulford-by-the-Sea in 1926…

Ben Carson says HUD will give preference to developers who build affordable housing in Opportunity Zones

Housing and Urban Development Secretary Ben Carson said the agency will give preference to developers and investors who build affordable housing in federal Opportunity Zones when it comes to certain grants. In an interview with The Real Deal on Tuesday, Carson said HUD will give added weight to proposed affordable developments in the Opportunity Zones, looking to make that construction…

Developer battles with troubled partners on North Bay Village condo project: lawsuit

Miami developer Javier Lluch, known chiefly for his planned Glasshaus boutique condominium development in Coconut Grove, is continuing to fight a five-year battle against investment partners he recruited for a new project that stalled in North Bay Village. Lluch filed his second lawsuit in Miami-Dade Circuit Court last month over the planned luxury condo project, known only as 7940 West Drive…

Hunt Real Estate Provides $52M Refinancing Loan for Manufactured Housing Property in Metro Miami

Hunt Real Estate Capital has provided a $52 million Fannie Mae refinancing loan for Lil’ Abner, a manufactured housing property in Sweetwater. The 30-year fixed-rate loan features a 15-year period of interest-only payments and a 30-year amortization schedule. Consolidated Real Estate Investments has owned and operated Lil’ Abner since 1981. Of the asset’s 908 pads, 64 percent are intended…

45 KSF Coworking Lease Facilitated in Miami

CBRE has represented Industrious, a flexible workspace provider, in the 45,000-square-foot lease at Sabadell Financial Center, a 539,000-square-foot office building in Miami. Senior Vice President Zach Wendelin and Senior Associate Will Portfolio facilitated the deal. The new location will be known as Industrious Miami – Brickell and will offer both coworking and private office spaces, with a slated completion…

Major Miami Investor Charged for Paying Bribe to Get His Daughter Into USC as Part of National Scandal

Robert Zangrillo, a prominent Miami investor and real-estate developer currently proposing a massive, controversial luxury project in Little Haiti, was charged today as part of a sweeping national college bribery case that has ensnared major college coaches and at least two Hollywood actresses. Prosecutors alleged Zangrillo illegally paid what amounted to a $50,000 bribe to get his daughter into the…

South FL Amazon-Leased Warehouse Changes Hands

Dalfen Industrial has acquired Golden Glades Fulfillment Center, a 201,491-square-foot multi-tenant industrial building in Miami Gardens, Fla. According to Miami-Dade County records, owner Bristol Group Inc. sold the South Florida property for $24 million. Located at 15600 N.W. 15th Ave. in the North Central Miami-Dade submarket, Golden Glades Fulfillment Center is within 2 miles of the Florida Turnpike…

Real Estate And Construction: A Dynamic Force In Doral

The cranes are everywhere in Doral. The city is experiencing an unbelievable construction boom never seen before in its 16-year history. commercial spaces, new hotels, industrial warehouses, residential communities, and more. Demand from businesses and residents is at an all time high, and as a result, Doral is the fastest growing city in Florida and one of the fastest in the nation. Growth is in the DNA of the…

Investors launch leasing for Allapattah micro offices

A Miami investment group is beginning leasing of a micro office development in Allapattah as the area heats up with new projects. Central Commercial Real Estate launched leasing at the Allapattah Building, a renovated 14,520-square-foot building at 804 Northwest 21st Terrace in Miami, just west of Wynwood. Monthly rents, which are double net, start from $621 and go up to $1,190…

Playing Sim City taught a generation of planners how to design cities

When the city-building game “Sim City” was released in 1989, video games were largely considered a leisure activity at best. But the groundbreaking city-planning simulator has influenced scores of players to become city planners, transit advocates and to run for office over the years. These professionals told the Los Angeles Times they found their calling through the game franchise, which puts the…

WeWork investor SoftBank launches $5 billion Latin America fund led by former Sprint CEO

SoftBank is launching a $5 billion fund to invest in technology startups across Latin America. Marcelo Claure, the former CEO of Sprint and a partner in the David Beckham-led venture to build a Major League Soccer complex in Miami, will run the fund. The new fund will focus on investments in e-commerce, health care, digital financial services and others industries throughout Latin America, according to…

Law firm will be the largest tenant of office building above Brightline train station

Law firm Carlton Fields leased 50,000 square feet in an office building under construction on top of MiamiCentral, the Brightline train station in downtown Miami. Carlton Fields will be the largest tenant and sole law firm at 2 MiamiCentral, which is 86 percent leased and scheduled for completion within the next six months. The law firm, which has about 150 lawyers and staff members based in downtown…

Downtown Miami WeWork building expected to sell as part of massive cryptocurrency auction

A downtown Miami office building leased to WeWork is expected to sell for $65.5 million in a deal that will be financed through one of the largest known cryptocurrency real estate auctions of its kind. Andrew Joblon, founder and managing principal of Turnbridge Equities, and his partners…  are selling the nearly 93,000-square-foot building at 117 Northeast First Avenue. The buyer is…

Kushner Cos. plans 1,100-unit rental project in Miami Opportunity Zone

Kushner Companies is planning to develop an 1,100-unit apartment project in Miami’s Edgewater neighborhood, marking its first in South Florida. The company, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali, is under contract to buy a site at 2000 Biscayne Boulevard from investor Enrique Manhard, according to Bisnow. Manhard paid $13.1 million to buy the…

Miami Design District building allegedly lost $5M in value due to billboard ban: lawsuit

The owner of a commercial building in the Miami Design District is suing the city for approving a billboard ban that allegedly sunk the value of the property by nearly $5 million. Karenza Apartments LLP, which owns the building at 100 Northeast 38th Street, alleges it also lost a lucrative contract with a billboard advertiser after city commissioners passed the measure that prohibits billboards north of I-95…

Miami board votes against Coconut Grove Playhouse redevelopment plan

Miami-Dade County’s plan to revitalize the Coconut Grove Playhouse has fallen through after years in the making. Miami’s historic preservation board voted 6-4 against the plan that would have demolished the playhouse’s auditorium, according to the Miami Herald. The move comes just two years after the city approved a $20 million master plan that would have replaced the playhouse’s…

Video: An Updated on Multifamily Finance from Grandbridge Real Estate Capital SVP Tom Walsh

Tom Walsh, SVP of Grandbridge Real Estate Capital LLC, joins this commercial real estate video cast to talk about how multifamily properties are performing ,lender sentiment for financing such properties, and expectations for the multifamily financing environment, including interest rates, in 2019. He notes that multifamily financing remains “very much of a Fannie and Freddie world, referring to the…

Video: Highlights of Deloitte, NAR, and Situs RERC Produced Report, Expectations and Market Realities Outlook Report 2019 ~ Uncharted Territory, are Discussed by NAR’s George Ratiu

George Ratiu, Director of Quantitative & Commercial Research with the National Association of REALTORS (NAR), joins the host of America’s Commercial Real Estate Show to discuss in some depth the annual Market Expectations and Realities Outlook Report for 2019 ~ Uncharted Territory, just published by NAR, Deloitte, and Situs RERC. They’ve elected to add “Uncharted Territory” to the title of this…

Almost 600 Family Dollar stores will disappear this year

Dollar Tree is going to shut down or rebrand almost 600 Family Dollar stores this year. The company has booked an impairment charge of $2.73 billion during the fourth quarter to lower Family Dollar’s value, according to the Wall Street Journal. It had purchased the chain in 2015 for almost $9 billion after a bidding war. Dollar stores overall have enjoyed a decade of strength as consumers focused on buying…

Focus On Miami Disappearing And Cities Overwhelmed By Mass Migration Due to Climate Change, Not Trump, Former UN Secretary General Tells Real Estate

Former UN Secretary General Ban Ki-moon urged the real estate industry to reject the thinking of the developer who became president and show leadership in combating climate change. In a keynote address to open the Mipim property conference in Cannes, France, Ban said the real estate industry will be hit particularly hard by the financial impact of climate change and had a key role to play in reducing…

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