Pre-Application Filed For 280-Unit Multifamily Tower Near Arsht Center
A pre-application was filed with Miami-Dade planners yesterday for a downtown Miami residential tower. The building is being proposed under the county’s Rapid Transit Zone zoning code. The new tower is planned to rise 26 stories, and will be a multi-family residential building, according to a letter from the developer’s representative. Plans for the tower include 280 dwelling units…
Developers Plan 2025 Groundbreaking For Downtown Miami Riverbridge Supertall Tower
The developer of the three-tower Miami Riverbridge megaproject has revealed details on when they plan to obtain a construction permit and break ground. The first phase of the project will include an 87-story (1,044 feet) supertall tower and another 62-story (734 feet) tower attached by skybridge. Representatives of the developer told the Miami River Commission that they anticipate…
Here’s How Many Passengers Are Taking Tri-Rail’s New Downtown Miami Train Service
Tri-Rail has released the first ridership numbers for its new train service to MiamiCentral. A total of 300 passengers per day are now using the service, an increase from the 100 per day that were using it following a January 13 launch. A change of train is required for passengers travelling to or from MiamiCentral, since the downtown Miami station has stricter emission standards…
856 Apartments Planned At Earlington Heights Metrorail Station, Designed By Arquitectonica
Plans have just been filed with Miami-Dade County for a large residential complex at the Earlington Heights Metrorail station. In a letter, a representative of the developer said the residences would be workforce multifamily. Two 15-story towers are planned on property currently occupied by bus bays. Earlington Metro, LLC is developing the property in cooperation…
Alirio Torrealba’s MG Developer Tops Off 559-Unit ‘Metro Parc’ Apartments Hialeah
MG Developer, led by CEO and Founder Alirio Torrealba, has officially completed the topping off of Metro Parc, marking MG’s first transit-oriented multifamily community in the City of Hialeah and the tallest residential building in the City of Progress. Located between 955 East 25th Street and 980 East 26th Street, this 10-story building will offer 559 units. As a mixed-use…
MG Developer Tops Off 559-Unit Metro Parc Apartment Development in Hialeah, Florida
MG Developer has completed the vertical construction of Metro Parc, a 559-unit transit-oriented apartment community located in Hialeah, approximately 13 miles outside Miami. Upon completion, the two-tower building will feature residences with two bedrooms and two bathrooms ranging from 500 to 800 square feet. Amenities at the community will include coworking space…
North Miami Beach’s Mall at 163rd Street sells for $46M
Four companies teamed up to buy North Miami Beach’s ailing Mall at 163rd Street for $46 million, The Real Deal has learned. Taillard Capital, Tuesday Properties, Ark Ventures and Strategic Capital Alliance acquired the 24-acre retail site at 1205 Northeast 163rd Street, said Matt Press, a principal with Tuesday Properties. The joint venture “will ultimately redevelop the property…”
Rock on? Rilea launches sales of rock ‘n’ roll-themed condos in Wynwood
Rilea Group is hoping to tap into buyers’ rock ‘n’ roll energy with its latest condo project, where buyers and residents can drive a fleet of Harley-Davidson motorcycles and relax in a vinyl record lounge. The Miami-based firm is launching sales of a short-term rental-friendly project in Wynwood called The Rider at Wynwood, according to Rilea President Diego Ojeda. Ojeda said he even…
Abingdon Square lists Wynwood blocklong dev site for $31M
A 450-foot tall building in Wynwood? Abingdon Square Partners is dangling that possibility to incentivize a buyer for a blocklong development site listed for $31 million. New York-based Abingdon Square is telling prospective buyers that a 0.7-acre assemblage at 2200 and 2230 Northwest Second Avenue and 224 Northwest 22nd Terrace could potentially accommodate a skyscraper…
Icon Padel Aventura Proposed Atop Parking Garage at 18851 NE 29th Avenue
Pickleball isn’t the only popular sport emerging in South Florida. Icon Padel Aventura could soon bring additional padel courts to the region. Proposed by local developer Paddle Park Aventura LLC, the complex would comprise seven courts and a 1,325-square-foot clubhouse. The clubhouse would offer a pro shop, juice bar, warmup area, showers, and lounge. Icon Padel…
Ytech has surpassed significant financial and sales milestones for The Residences at 1428 Brickell, securing $104 million in financing and exceeding 40% in sales within a year. Designed by Arquitectonica, with interiors by ACPV Architects and landscaping by Arquitectonica GEO, this 70-story, 860-foot-tall development positioned at one of Brickell Avenue’s most coveted locations…
The Residences at 1428 Brickell Passes 40% Sales Mark, Secures Financing
Developer Ytech said it has hit sales and financing milestones at its planned 70-story Brickell tower. More than 40% of The Residences at 1428 Brickell has been sold within a year, according to the announcement. Ytech has now secured $104 million in financing. That includes a $78 million refinancing of a first mortgage at 1428 Brickell Avenue facilitated by Linkvest Capital, replacing…
Ytech Secures $104 Million In Financing For 70-Story ‘The Residences at 1428 Brickell’ In Miami
Miami real estate developer Ytech has secured $104 million in financing for The Residences at 1428 Brickell, a 70-story residential building planned for 1428 Brickell Avenue in the heart of Miami’s Brickell Financial District. Designed by Arquitectonica, with interiors by ACPV Architects and landscaping by Arquitectonica GEO, this 861-foot-tall project has already surpassed…
Ytech scores financing for 1428 Brickell condo tower, historic properties
Developer Yamal Yidios’ Ytech secured $104 million in financing for the planned 1428 Brickell condo tower and adjacent historic properties. The new debt includes a $78 million refinancing from Linkvest Capital of the original $20 million acquisition loan for the property at 1428 Brickell Avenue. It also includes $26 million in first mortgages from Banesco for Ytech’s…
Harry Macklowe wants to sell Miami development site near Dadeland Mall
New York developer Harry Macklowe is looking to sell one of his development sites in Miami, The Real Deal has learned. The 1.7-acre sliver of land, fronting U.S. 1 between Simon Property Group’s Dadeland Mall and Jeff Berkowitz’s Dadeland Station, marked Macklowe’s first major purchase in South Florida when he acquired it about two years ago. The property is approved for 770…
Biden budget $263.7M for Miami-Dade Northeast Corridor Rapid Transit Project
President Joseph Biden has recommended in his 2025 budget $263.7 million to help fund the Northeast Corridor Rapid Transit Project, one of six legs in Miami-Dade County’s vaunted Smart Program to develop new rapid mass transit to relieve traffic congestion. The Northeast Corridor rail line is to provide commuter rail 19 hours a day and seven days a week starting in…
Bal Harbour gives final approval to rules that could hamper Whitman’s Live Local Act project
Bal Harbour gave final approval to development regulations that could foil Whitman Family Development’s proposed Live Local Act project. Village council members unanimously passed the ordinances last week, after they preliminarily approved the regulations last month. The vote marks the latest in the heated battle between the village and Whitman Family Development…
Miami-Aventura Train Service Gets Key Federal Funding Recommendation
The proposed Northeast Corridor commuter rail line received a major boost yesterday when the Biden administration announced it is recommending federal support for the project. The feds would fund $263.7 million. The total budget is $538 million, with Miami-Dade and FDOT already committed to fund the remainder ($171m from the county, and $104m from FDOT).
County may yank Miami’s power to OK mega-billboards downtown
Miami-Dade is moving to yank from the City of Miami the power to erect huge billboards that have been contentious among downtown residents. Meanwhile, the city today (3/14) is to act on its sign ordinance created under powers the county seeks to rescind. The county last week passed 11-0 a preliminary vote to “reassert county jurisdiction over signage within the City of Miami…
Billboards Fight Pits PAMM and Arsht Center Against Residents
For his first major initiative as Miami’s District 2 commissioner, Damian Pardo is on a mission to short-circuit plans by the Pérez Art Museum Miami (PAMM) and the Adrienne Arsht Center of the Performing Arts to erect 10-story LED billboards facing Interstate 395. He’s one step closer to accomplishing his goal. Miami City Commissioner Damian Pardo has made it his…
City seeks funds for Miami Marine Stadium upgrades
Miami is seeking over $2 million from the state to reimburse itself for ongoing improvements at city-owned waterfront properties including Morningside Park and the Miami Marine Stadium. Today (3/14), the Miami City Commission is to vote on resolutions that would authorize the city manager to apply for six grants to the Florida Inland Navigation District (FIND)…
As big banks swallow smaller ones, South Florida choices dwindle
For years, an ongoing cycle has been seen of small banks being acquired or merging with other banks. Today, there seems to be a slowdown. “There are very few small community banks left to be acquired,” said Bowman Brown, a partner at Shutts and Bowen LLP who specializes in banking matters. “The number has diminished very significantly, so that there just aren’t that…
Miami may swap taller MiMo buildings for public amenities
To remedy a parking shortage in the Biscayne Boulevard historic district, the City of Miami is considering increasing building height as an incentive for developers in exchange for infrastructure improvements. The Miami City Commission is to hear the first reading of an ordinance today (3/14) that would permit new building projects an additional 20 feet above the maximum height…
234-Unit ‘Trinity Sierra Bay’ Proposed for 11770 SW 214th Street in Miami
A South Florida-based developer hopes to get approval for Trinity Sierra Bay, an age-restricted housing development in Miami’s Goulds neighborhood. The complex would offer 234 apartments split between two buildings, measuring five and seven stories above grade. Units would span about 600 to 800 square feet, offering one-bedroom and two-bedroom floorplans. The South Florida…
The challenges swirling around a skyscraper known as One Brickell City Centre, which at around 1,000-feet high would be Miami’s tallest corporate tower, show how the city’s once-sizzling office market is starting to cool. New York developer Related Cos. and Swire Properties, an international development firm founded by the British Swire family, are struggling to find an anchor tenant…
2600 Biscayne, ‘One Of Most Pre-Leased Office Buildings In Miami’s History,’ Gets $181M Financing
Developer Oak Row Equities has obtained a $181m construction loan to build the 2600 Biscayne tower, with strong pre-leasing activity reported. The developer said in a statement that it is one of the most pre-leased new construction office buildings in Miami’s history. More than 50% of the proposed 187,000 square feet of office and retail was leased before breaking ground.
Oak Row scores $181M construction loan for mixed-use Edgewater tower
Oak Row Equities secured a $181 million construction loan for a planned mixed-use apartment and office project in Miami’s Edgewater neighborhood. The financing, from Bank OZK, adds to the more than $2 billion in construction loans that have closed in recent months in South Florida, despite the challenging lending environment. New York and Miami-based Oak Row…
Report: Swire & Related Restructuring One Brickell City Centre Deal
The deal to build the One Brickell City Centre near-supertall is being restructured, according to the WSJ. A demolition ceremony was held at the site in May 2023, and plans for the 59-story, 977-foot tower were submitted to Miami’s Urban Development Review Board in June. Miami Building Department records show that a demolition permit was issued for one of the older buildings…
Citadel Eyes Luxury Hotel Atop $1B Miami Headquarters
Citadel isn’t planning on just hosting its hedge fund staffers at its planned headquarters on the waters of Biscayne Bay. The company is planning to include a luxury hotel on the upper floors of its upcoming $1B headquarters project, The Wall Street Journal reports. The Ken Griffin-led firm has tapped Foster + Partners to design the tower, which is expected to be one of the tallest…
Hyatt to Renovate, Rebrand 354-Room Hotel in Miami Beach
Hyatt Hotels Corp. plans to renovate The Confidante Miami Beach, a 354-room hotel that comprises three towers overlooking the Atlantic Ocean. The hotel giant is rebranding The Confidante as Andaz Miami Beach and plans to debut the overhauled hotel in the fourth quarter. The hotel’s owner, Sunstone Hotel Investors Inc., will suspend operations from late March through the end of…
Another: Worldcenter Tower With 606 Units Breaks Ground
Construction is now officially underway at 600 Miami Worldcenter. A groundbreaking ceremony for the 32-story tower was held at the project site on Friday, according to social media posts. Merrimac Ventures and Aria Development Group recently obtained a $95 million construction loan for the new tower. The condos are 100% sold, with Merrimac’s Nitin Motwani saying it was…
Colonnade pays $76M for Douglas Entrance in Coral Gables
Colonnade Properties scooped up Douglas Entrance in Coral Gables for $76 million, a nearly 25 percent discount off its previous sale price a decade ago. An affiliate of New York-based Colonnade, led by President Joseph Sambuco, acquired the five-building office park at 800 Douglas Road, records and Vizzda show. The deal breaks down to $160 a square foot for the 474,109-square-foot…
Report: Apple Store Is Coming To Miami Worldcenter
An Apple Store is coming to Miami Worldcenter, according to Commercial Observer. The report said a lease agreement has been filed with Miami-Dade. Two people involved with Worldcenter are also said to have confirmed it. The Worldcenter Apple store will be in a standalone building next to Worldcenter’s Jewel Box building. Renderings of an Apple Store on the site were…
Post-Messi, Global Interest for South Florida Multifamily Is Skyrocketing
The arrival of Argentine soccer sensation Lionel Messi to South Florida last summer isn’t just about more thrilling matches on the field—it’s also stirring up the region’s real estate landscape. The buzz surrounding Messi’s move to Miami continues, and it’s evident that his presence transcends the sports scene. Alongside other major events like Formula 1 and Art Basel, the upcoming…
Brickell’s Tallest Office Building 830 Brickell Nears TCO
830 Brickell is expected to receive its TCO by the end of the first quarter or the beginning of the second quarter, according to Miami Today. Tenants have started to build out their offices inside the building, so you’ll soon be seeing hundreds more office workers in the area around Brickell City Centre The 55-story tower stands at 724 feet, making it the tallest office building in Brickell.
Bye Staples, hello Kia: Johnson Automotive pays $25M for Edgewater dev site
Auto magnate Norman Braman is getting some new competition in his neighborhood. Raleigh, North Carolina-based Johnson Automotive Dealership Group paid $25 million for a development site at 2121 Biscayne Boulevard in Miami’s Edgewater that is currently home to a Staples store, records and Vizzda show. Johnson Automotive plans to convert the property into…
Apple store coming to Miami Worldcenter mixed-use complex
Apple will open at Miami Worldcenter, confirming months of speculation that the tech giant is on tap at the mixed-use megadevelopment. The store leased a one-story, 15,000-square-foot building that is under construction on a 0.4-acre lot at 725 Northeast First Avenue, according to records. An entity tied to Miami Worldcenter developers Nitin Motwani and Art Falcone filed…
Crescent Heights Announces Commencement of ‘Track & Field’ Mural at Edgewater’s Forma Miami
Crescent Heights has announced the commencement of an expansive art project in the heart of Miami’s Edgewater neighborhood. Renowned artist Arturo Herrera was commissioned to create a 9,350-square-foot mural named Track & Field, which will grace the east podium façade of Forma Miami, a 39-story, 588-unit residential tower designed by Arquitectonica with ODP…
Two Roads Development has revealed a first look at the interiors and amenity spaces at the EDITION Residences, Miami Edgewater (The Residences) – the global hotel brand’s first independent collection of fully serviced luxury condominium residences, located in Miami’s Edgewater neighborhood. Designed by architect Bernardo Fort-Brescia of Arquitectonica with interiors imagined…
Buyer In Contract For Miami’s Most Expensive Home Ever, a Shore Club Penthouse at Over $120M
A South Beach penthouse is in contract for over $120 million, according to the WSJ. The condo is being built in a new tower at the Shore Club and includes around 10,500 square feet of interior space. Robert A.M. Stern Architects is designing the new 18-story tower, known as the Shoreclub Private Collection. The record price for a Miami condo was set by Ken Griffin, who paid $60m…
Shore Club PH in contract for over $120M, setting a condo price record in Miami-Dade
A penthouse at the planned Shore Club project in Miami Beach is reportedly in contract for more than $120 million, a sale that would set a price record for condos in Miami-Dade County — if and when it closes. Witkoff and Monroe Capital are developing the Shore Club Private Collection, an Auberge Resorts Collection-branded condo and hotel project at 1901 Collins Avenue.
Riviera Horizons And Pagani Team Up For The World’s First ‘Pagani Residences’ in North Bay Village
Miami-based developer Riviera Horizons and Italian Hypercar brand Pagani have announced the world’s first Pagani Residences, a boutique luxury residential building set to be completed in 2027 at 7940 West Drive in Miami’s North Bay Village. Designed by Revuelta Architecture International, with interiors curated by Pagani Arte – the newly established, Made in Italy interior…
Azora, a private equity manager based in Madrid, has purchased an industrial outdoor storage facility located on a 2.6-acre site in Miami. The undisclosed seller sold the property, which features a bus maintenance facility, for $12.8 million. Situated near Miami International Airport, the facility was delivered in 2016 as a build-to-suit for Greyhound Lines, which will continue to use…
Upper East Side Residents Haggle Over MiMo
The city of Miami is addressing community concerns on a proposed height increase in the MiMo Biscayne Boulevard Historic District by proffering somewhat of a compromise, one that’s been met with varying levels of satisfaction. As reported in last month’s Biscayne Times cover story, city manager Art Noriega applied for a resolution to be passed at the Jan. 9 Historic and Environmental…
Renaissance on Main Highway: Coconut Grove Is Evolving, but Isn’t Changing
Locals know Coconut Grove as a historic neighborhood of lush greenery, unique restaurants, and eclectic shops, unlike any other part of Miami-Dade County. It is also the oldest continuously inhabited neighborhood in Miami, having been established in 1873. Although the neighborhood is something of a nexus of the city proper, it has long retained an aura of separateness, thanks to its…
Doral Industrial Space Leased to GSO Aviation
“The versatility and attributes of the property matched well with the needs of the tenant. The building can provide heavy power, fire suppression systems, ample parking, and abundant workspace for employees. This space gives the tenant what they need at a great rental rate of $21.50 PSF, NNN,” said Eckstein, Partner of NAI Miami | Fort Lauderdale. “The landlord, BRE Investment…”
Flatline: North Shore Medical Center on Life Support
Located at 1100 NW 95th St., North Shore Medical Center has been serving the diverse clientele of neighborhoods such as North Miami, Miami Shores, El Portal, Little River and the Upper East Side since 1953. It’s a staple in the community, one where generations of families have been born and sought care, creating somewhat of a legacy on the more than 29-acre lot of land.
Surfside pool deck had “severe distress” weeks before deadly collapse
Surfside found that three weeks before the tragedy, signs of “severe distress” were present in the pool deck. Photos of the pool deck prior to the collapse show cracks in planters, indicating structural issues, according to an update on the National Institute of Standards and Technology’s investigation. NIST found a history of water seepage into the garage, which sat below…
Regency Development launches sales of third Bay Harbor Islands condo project
Regency Development Group is launching sales of its third Bay Harbor Islands condo project, the La Maré Bay Collection. The Chicago-based developer, led by Alex Troyanovsky, Michael Troyanovsky and Igor Michin, announced plans to build an eight-story, nine-unit waterfront condominium at 10301 East Bay Harbor Drive, with prices ranging from $4 million to $9 million…
Rishi Kapoor wants authority to sell Location Ventures HQ himself
Rishi Kapoor believes he can sell Location Ventures’ headquarters for more money than the offer that is currently on the table. Last week, the court-appointed receiver managing Coral Gables-based Location Ventures revealed she had negotiated a settlement to sell the company’s office building at 299 Alhambra Circle to Stephen Bittel’s Terranova Corporation via a pending…
Nearly two dozen development sites across Miami-Dade County have hit the market since December. Though the condo market is still booming*, and apartment builders continue to forge ahead with projects, some are ditching their plans and listing sites for sale as the market begins to correct itself. What’s driving that? It’s a combination of high interest rates, rising construction…
Lease roundup: Jetset Pilates opening at Midtown Doral, Presidente Supermarkets in Cutler Bay
Century Town Center mixed-use complex in Midtown Doral scored two tenants. Jetset Pilates took 2,200 square feet, and Tropical Smoothie Cafe took 1,400 square feet at the development, which opened this year, according to a Century Town Center news release. The project is at 8175 Northwest 107 Avenue in Doral. The leases come on the heels of Rumble Boxing, My Salon Suite…
Video: The NW 54th Street Revival; History of Liberty City ~ Docu-Series, Ep. 1
In a heartfelt conversation that spans generations and experiences, a group of individuals reflects on the past, present, and future of Liberty City, a neighborhood in Miami known for its rich cultural heritage and struggles. Through their words, we see the evolution of a community, the challenges it has faced, and the hope for its revitalization. The dialogue begins with a poignant…
Miami Marine Park Owner Vows To Fight Eviction From County-Owned Site
The Miami Seaquarium has been evicted, but its owner doesn’t plan to leave. The operator of the 38-acre marine park on Virginia Key sent a letter Monday to the county mayor’s office saying it will fight the county’s plan to force it to close by April 21. The nine-page letter also pushes back against allegations of animal mistreatment and poorly maintained structures at the park.
A Miami-based hotel operator was fined $1.2M by New York City last week for illegally operating short-term rentals in New York City for more than three years, but its potential troubles are far from over. LuxUrban Hotels, which bills itself as an “asset-light” hotel chain because it master leases hotel buildings rather than buying them, has been hit with several lawsuits from landlords…
Davie City Officials to Consider Soleste Reserve I and Soleste Reserve II Multifamily Developments
A South Florida-based developer hopes to get approval for two apartment complexes, named Soleste Reserve I and Soleste Reserve II. Combined, the two would bring more than 600 residential units to Davie, Florida. Davie’s Planning & Zoning Board is set to hear the proposal for Soleste Reserve I next week. If approved, the venture would measure eight stories above grade…
The Estate Company plans pair of multifamily projects with 663 units in Davie
Estate Companies plans a pair of multifamily projects with a total of 663 units in Davie, marking developers’ continued bet on South Florida’s rental market. The South Miami-based firm wants to build the eight-story, 353-unit Soleste Reserve I building on 2.5 acres at 5079-5081 Southwest 48th Street, and the eight-story, 310-unit Soleste Reserve II building on an adjacent 2.6 acres…
Stiles pays $28M for Pompano Beach shopping center with future Publix
Stiles Corporation picked up a Pompano Beach shopping center that will soon be anchored by a Publix store. An affiliate of Fort Lauderdale-based Stiles paid $27.5 million for Shopper’s Haven at 3301 and 3371 North Federal Highway, and 3500 Northeast 16th Terrace, records show. Stiles, led by CEO Kenneth Stiles, also obtained a $36.4 million mortgage…
Miami-Based Developer Rez Se Land Proposes the Forest Apartments at 787 S State Rd 7 in Margate
Rez Se Land LLC, a Miami-based developer, has proposed the Forest Apartments, a 300-unit residential complex in Margate, FL. Homes would measure about 740 square feet to 1,160 square feet each, with the residences themselves divided amongst five five-story buildings on a 7.14-acre plot. They would comprise one-bedroom to three-bedroom floorplans. Communal amenities…
Developers Get Approval For Second Tower At Diplomat Landing In Hollywood, FL
Developers Related Group and BH Group have received approval for the second of two planned towers at Diplomat Landing, a mixed-use development planned for to enhance the Hollywood area. Situated at 3451 to 3690 South Ocean Drive, this 42-story tower is designed by Miami Lakes-based Cohen Freedman Encinosa & Associates, with landscape architecture by Witkin Hults + Partners…
Related, BH win approval for 500-key hotel across from Diplomat Beach Resort in Hollywood
Related Group and BH Group won approval to build a 500-key hotel on a site across the street from the Diplomat Beach Resort in Hollywood. Coconut Grove-based Related and Aventura-based BH paid $21.5 million in December to acquire the 4.4-acre site at 3451-3690 South Ocean Drive from the owners of the Diplomat hotel, Honolulu-based Trinity Investments…
Developers advance 22-story condo project in downtown Hollywood
A development group advanced plans for a 22-story, 248-unit condo project called Star Hollywood just north of Young Circle in downtown Hollywood. Prices for the condos would start in the $400,000s, Miami-based developer Alejandro Ensinck told The Real Deal. Ensinck, who owns the 1.2-acre development site on North Federal Highway through a limited liability…
Tie-dye apparel execs scoop up Coral Springs warehouse
Elion Partners sold a warehouse in Coral Springs, as South Florida industrial deals continue despite elevated interest rates. Tie-dye apparel company executives Mordechai and Shlomo Hasson, through an affiliate, bought the building at 11705-11713 Northwest 39th Street from North Miami Beach-based Elion Partners, according to records and real estate database Vizzda.
Pantzer buys 245-unit rental complex in West Palm Beach for $84M
Pantzer Properties bought a 245-unit apartment complex in West Palm Beach for $83.5 million, marking the first major multifamily deal this year in South Florida. The New York-based firm purchased the property at 7130 Okeechobee Boulevard consisting of six four-story apartment buildings, one clubhouse and three one-story garages from Cottonwood Residential, according…
CarMax pays $16M for Jupiter site slated for automobile auction lot
CarMax picked up 24 acres of vacant industrial land in Jupiter for $16 million. An affiliate of CarMax, a Richmond, Virginia-based used automobile dealer led by CEO William Nash, acquired the property at 15920 and 15959 Corporate Road North, records and Vizzda show. The seller, an affiliate of Fairfield, New Jersey-based Woodmont Properties, made a significant gain on its…
Video: RealPage Director of Research and Analysis Provides Multifamily Market Update & Forecast
The Conversation: Navigating the Real Estate Landscape: Insights from Industry Experts In the realm of commercial real estate, staying informed about market trends, performance metrics, and investment opportunities is essential for both seasoned professionals and newcomers alike. Recently, a conversation on “America’s Commercial Real Estate Show” delved into the…”
The Fed: Has the U.S. Economy Transitioned to a Higher Long-run Real Interest Rate Regime?
In a September 2015 speech, then-Minneapolis Fed President Narayana Kocherlakota argued that the long-run financial market real interest rate had declined sharply relative to levels that prevailed from 2004 to 2011. He argued that the decline in the long-run real market interest rate likely reflected both a decline in the long-run neutral real interest rate…
Redfin Reports USA Multifamily Asking Rents Climb 2% in February, Biggest Gain in Over a Year
The median U.S. asking rent rose 2.2% year over year to $1,981 in February, the largest gain since January 2023, and increased 0.9% from a month earlier. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Asking rents hit a low point last February, which is one reason for the sizable year-over-year increase this February.
Industrial Property Nationally Expected to Remain Resilient This Year
Expect continued resilience but on a muted scale for industrial assets in 2024, according to Newmark, which said in a recent report that economic uncertainty continues to exert pressure on consumers, developers, occupiers, and investors. “Unpredictability in the global supply chain will drive long-term demand for industrial space due to the need for diversified sourcing and ports…”
Amazon To Roll Out Smaller-Format Whole Foods Concept
The next locations of the Amazon-owned grocery store Whole Foods will be smaller and have more streamlined offerings in an attempt to capture business from urban shoppers looking to get in and out of the store quickly. Called Whole Foods Daily Shop, the stores will measure just 7K SF to 14K SF and won’t feature self-serve buffets or meat counters. Shoppers will find a…
HUD Secretary Marcia Fudge To Resign
After three years leading the Biden administration’s housing efforts, Marcia Fudge, secretary of the Department of Housing and Urban Development, is stepping down. Fudge announced the resignation, which is to take effect March 22, on Monday, eight months before the 2024 presidential election. She was the first Black woman to lead the department in four decades.
Advantages of digital banking platforms for commercial real estate
While payments and treasury services span multiple industries, commercial real estate has unique considerations, including managing liquidity, sending payments, receiving rent and complex account structures. “Commercial real estate organizations of all sizes can benefit from JPMorgan Chase’s digital banking platforms. We’re focused on industry-specific issues—and solutions—to help…
JP Morgan on serving vulnerable populations in affordable housing
The affordable housing crisis impacts countless families and individuals across the nation—and it disproportionally affects the most vulnerable populations. Many populations face unique, complex challenges related to their health, circumstances or trauma, including: Seniors; Youth transitioning out of foster care; Farmworkers; Individuals with special needs, including disabilities…
MSCI’s Jim Costello: Not Every Bank Is at Risk from CRE Lending
Commercial-property prices are falling, and lenders, investors and especially regulators are fearful of the impact on the broader financial system. The risks in the system today are not the same as those seen during other crisis events, however. Making the assumption that all banks will face the same challenges as in other downturns may lead one down a path to bad decisions. In this paper…
Commercial appraisers find their work at the center of one of the largest real estate stories of the moment: the fate of the office market. Their decisions of value will have enormous sway on when properties sell, how and when transaction volume restarts and even who controls key assets. “There’s a lot of money and control rights at stake, all depending upon the appraiser’s…
If approved as written, the bill would reinstate a 12.5% boost for the 9% version of the LIHTC that was implemented in 2018 but expired in 2021. The bill would allow states to allocate more credits for affordable housing projects, effective for taxable years beginning after Dec. 31, 2022. It would also lower the threshold of 4% state and local tax-exempt bond financing a project has to…
JP Morgan: Global inflation forecast: Will prices come down in 2024?
J.P. Morgan Research forecasts global core inflation will remain sticky at around 3% in 2024. In the U.S., inflation has cooled significantly but still remains above target. Against a challenging growth backdrop, the road to lower inflation also looks bumpy in the U.K. and the Euro zone. In China, deflationary pressures will likely ease in 2024, with headline CPI inflation trending up modestly…
Florida legislature passes bill allowing demo of aging coastal buildings
Florida lawmakers approved a controversial bill that would make it easier to demolish some coastal buildings, many of which are aging, and redevelop the sites. The proposed legislation pitted property owners and developers against preservationists who decried the potential demolition of structures that embody the old-Florida character, including buildings that have…
Newgard hires VP of development, project manager
South Florida real estate firms keep hiring. Harvey Hernandez’s Newgard Development Group hired Ivan Heredia as vice president of development, according to a press release. Heredia will oversee Newgard’s planned Natiivo Fort Lauderdale, a 40-story tower with 384 fully-furnished units designed for short-term rental. Miami-based Newgard also hired Mercedes Egana as…