Mar 14, 2017 - 0 Comments - Top Stories -

Miami Commercial Real Estate News March 14, 2017: MDM Closes on Former Arena Site; Staples & Radio Shack Store Closures; More…

MDM Closes On Purchase Of Miami Arena Site, Convention Center Hotel Coming

MDM’s 53- story convention center hotel is one step closer. MDM closed on the purchase of the former Miami Arena site (birseye aerial view) late Friday for $45 million. The developer has issued a press release confirming the purchase. The deed is said to be restricted to only allow a convention center hotel to be built on the vacant lot. MDM has approval to build a 1,700-room hotel with 600,000 square feet of convention center space. The 4.7-acre site at 700 North Miami Avenue last sold for $35 million in 2012. MDM will break..

RadioShack and Staples, with 35 South Florida stores between them, plan rash of store closings

The parent company of RadioShack filed for bankruptcy and plans to close about 200 stores, and Staples Inc. announced plans to close about 70 stores. Neither national retailer identified which stores will be closed. Their websites show that RadioShack has 24 stores in Miami-Dade, Broward and Palm Beach counties, and Staples has 11 stores in tri-county South Florida. RadioShack’s corporate company, General Wireless Operations Inc., filed for Chapter 11 bankruptcy on Wednesday in the U.S. Bankruptcy Court…

Downtown Miami to see surge of nearly 3,500 new condos delivered in 2017 as resale pricing falls: report

As new condo units continue to come online in 2017, resale pricing in Miami’s urban core is reporting a drop for the first time in eight years. Greater Downtown Miami’s condo inventory will grow by 3,456 new units this year, the largest surge of new product expected over the next three years, according to the latest Miami Downtown Development Authority report authored by Integra Realty Resources. That annual growth is expected to fall after 2017: 2,846 units will be delivered in 2018 and 1,960 units in 2019.

Gateway at Wynwood, with over 184,000 square feet of office space, proposed near Midtown Miami

A large modern office building called Gateway at Wynwood was proposed for a 1.1-acre site (birdseye) between Northwest 29th Street and 30th Street on North Miami Avenue, reports the South Florida Business Journal. Planned for 12 stories a couple of blocks south of The Shops at Midtown Miami, the 464,700-square-foot building designed by Kobi Karp would entail over 184,000 square feet of office space, nearly 34,000 square feet of ground-floor retail, 574 parking spaces, and a rooftop amenity deck. Momentum continues…

Port Tracker Report Bullish On Import Growth In Months Ahead

Strong United States-bound retail container imports appears to be in the cards in the coming months, according to the most recent edition of the Port Tracker report issued this week by the National Retail Federation (NRF) and maritime consultancy Hackett Associates. The ports surveyed in the report include: Los Angeles/Long Beach, Oakland, Tacoma, Seattle, Houston, New York/New Jersey, Hampton Roads, Charleston, and Savannah, Miami, and Fort Lauderdale, Fla.-based Port Everglades. Authors of the report explained…

A sneak peek of the Four Seasons Hotel and Residences at The Surf Club, with photos

The Four Seasons Hotel and Residences at The Surf Club will begin welcoming guests on March 27, and at the same time will launch Le Sirenuse Miami Restaurant and Champagne Bar in the revamped historic Russell Pancoast-designed Surf Club. The north tower of condominiums, adjacent to the hotel, also just received its temporary certificate of occupancy, developer Nadim Ashi, CEO of Fort Partners told The Real Deal. He said $1 billion in condos have already been sold and closings are underway. The 72-room hotel…

Four Major Developments Proposed In Miami

The city’s Planning, Zoning and Appeals Board will consider all four applications on March 15. If approved, the applications need to pass two readings before the City Commission.

Miami Amenity Alert: Estates at Acqualina’s ice skating rink, modeled after an underwater cave

Within the 45,000-square-foot amenity complex Miami’s amenity game continues to evolve. Months after Estates at Acqualina in Sunny Isles Beach released renderings of their lobby designed by Karl Lagerfeld (modeled after a Roman piazza) and speakeasy, the $1.5 billion development unveiled a visual…

Block Capital Group buys property in Wynwood for $11M, plans redevelopment

Block Capital Group just closed on a corner property in Wynwood where it’s planning a restaurant and retail project. The firm, led by CEO Martin Miculitzki, paid $11 million for the 12,100-square-foot lots at 285 NW 27th Street and 295 NW 27th Street (birdseye aerial view), Gaston Miculitzki told The Real Deal. The purchase price breaks down to $909 per square foot for the land and $1,144 per square foot for the 9,616-square-foot building. Gaston Miculitzki, of BM2 Realty, said he has letters of intent with deposits…

Time Out Market gets narrow vote of approval from Miami Beach Historic Preservation Board

After more than two hours of contentious debate, the Miami Beach Historic Preservation Board on Monday allowed the developer to apply for permits for the proposed Time Out Market at 1601 Drexel Avenue (45° aerial view), on the ground floor of a parking garage, just around the corner from Lincoln Road. Earlier this month the city’s planning board approved a conditional use permit for the site, but their approval was based on limiting outdoor seating to 120 seats and restricting operating hours to 11 p.m. for outdoor…

Galleria Mall redevelopment plan hits another snag in Fort Lauderdale

A $750 million proposal to redevelop Galleria Mall hit a major roadblock last week when Fort Lauderdale commissioners voted to defer an application from mall owner Keystone-Florida Property Holding Corp. until the commission’s April 4 meeting.

Video: Dr. Victor Calanog, Chief Economist & SVP at Reis, On 2016 Q4 Office Market Trends

In this video, Reis Chief Economist and Senior Vice President Victor Canalog, PhD, provides an analysis of office property market fundamentals for the fourth quarter and year of 2016.  Some highlights from this video include: Vacancies fell by 20 basis points to 15.3%; Year over year vacancies fell…

Construction disputes may require qualified attorneys

High-end commercial and residential companies and contractors may find themselves in the middle of a construction disputes. Construction litigation can get complicated, particularly when large Miami developers are involved. The most common construction disputes often involve a breach of construction…

The Celino South Beach is coming to Ocean Drive

Located at 640 Ocean Drive, the property (birdseye) was acquired for $51 million in 2013, and includes the historic Park Central Hotel, Imperial Hotel, Heathcote Apartments and the plot that will house a new five-story atrium structure. A collaboration between Highgate, ICONINK, Space4Architecture (design architect), Borges + Associates Architects (executive architect), and Navigate Design (interior design), the new development will transform a chunk of South Beach amid a $40 million renovation that will unveil 132…

Market Report – Residential Condo Market in Miami, South Florida – March 2017

The Miami Downtown Development Authority’s Annual Residential Market Study Update for the Greater Downtown Miami area, prepared by Integra Realty Resources (IRR), came out in early February, and is full of interesting/useful information. In this post we will discuss…

The transformation of Miami Beach’s North Shore Open Space Park

mong the new plans for renovating the 28-acre North Shore Open Space Park in Miami Beach’s North Beach neighborhood is increasing the number of entranceways from four to six and including sculptured metal gates, reports The Real Deal. Other details surrounding the $6 million reinvention of the park, which runs from 78th Street to 87th Terrace, include extensive trimming and pruning of the vegetation and adding over 200 trees. Calvin, Giordarno & Associates is the project manager and West 8 is leading the re-design…

Monad Terrace: A new incredible Residential Real Estate Project in Miami Beach!

When we talk about architecture innovation in Miami, “Monad Terrace” is a great example. Located in the wonderful, active and tourist South Beach, this residential complex breaks all schemes by focusing on giving their residents, the privacy of an exclusive environment with the possibility…

Miami Beach mayor says coastal cities need more state and federal help to deal with sea-level rise

Calling sea level rise an “existential threat,” Miami Beach Mayor Philip Levine on Thursday called on federal and state authorities to do more to help coastal cities like Miami Beach deal with rising tides that he says are threatening cities like his. Levine spoke Thursday at a conference of five government agencies that make up the Community Resilience Panel at a meeting at The University of Miami that was sponsored by the Miami law firm Hinshaw and Culbertson LLP. Noting that Miami Beach has raised about $500 million…

Print Friendly, PDF & Email