Macy’s site on Miami Beach under sale contract
Sale of the Macy’s department store site on Miami Beach is currently in process. The site is under contract, with Marcus & Millichap commercial brokerage managing the sale. The Macy’s building itself at 1675 Meridian Ave. is a two-story square building that sits on 50,000 square feet, but the buyer has the option to expand development because a total of 137,000 square feet is available, with only…
92 to 100 story downtown tower work to begin next year
Florida East Coast Realty plans to demolish its downtown tower at 100 S Biscayne Blvd. by 2019 and build a new 92- to 100-story downtown tower to open in 2023. The building at 1,049 feet above Biscayne Bay would be the tallest in the area with 360-degree, panoramic views and over 3 million square feet of office, residential and hotel space. “We are starting to put our tenants on notice…
As Port Expands, Miami’s Industrial Market Attracts Investor Attention
Miami’s industrial market, currently enjoying record low vacancy of about 4.5 percent, is attracting more powerful investors who want to buy in as demand overwhelms supply and new Panamax-sized ships pull up to the newly expanded port. Florida has one of the most dynamic industrial markets in the country, being the only state almost completely surrounded by the ocean, but known primarily for its…
Family that owns Channel 7 buys land in Miramar from Walmart for $14M
The family of billionaire Edmund Ansin, which owns South Florida television station WSVN-Channel 7, bought 28.7 acres in Miramar from retailer Walmart for $14 million. Walmart sold the vacant land at the northeast corner of Flamingo Road and Miramar Parkway to the Ansin Family Trust, headed by Andrew Ansin, the son of Edmund Ansin who runs the Miramar Park of Commerce, a business park with…
Video: Tim Bodner and Byron Carlock of PwC Discuss Tax Act Impact on Retail Properties
Leaders Tim Bodner and Byron Carlock of global accounting and professional service company PwC appears on The Commercial Real Estate Show with its host Michael to discuss the impact of The Tax Cuts and Jobs Act on the Retail Sector. Among the topics they discuss are trends today in retail centers, customer experience in retail, economic risks for retail and overall, interest rate increase projections…
Video: David Kessler of CohnReznick on Tax Reform’s Impact on Commercial Real Estate
National Director of Real Estate Practice at CohnReznick David Kessler appears with show host Michael Bull to talk about the impact that tax reform is having on commercial real estate. They go into topics including predictions for repatriation of monies, individual interest deductions, employment, qualified business income deductions, entity deduction qualifications, and carried interest. CohnReznick…
Video: David Kessler of CohnReznick Provides Current Commercial Real Estate Strategies
David Kessler, National Director of Real Estate Practice at CohnReznick, a New York based national professional services firm that is the tenth largest public accounting firm in the United States (2013), appears with show host Michael Bull to discuss some current strategies for commercial real estate in the midst of tax reform. Together they discuss topic including interest rate increases, infrastructure…
The Tower Hotel in Little Havana is almost ready for its next chapter as a boutique hotel
Little Havana’s Tower Hotel at 1450 SW 7th Street is about to be reborn as a boutique hotel – a hotel that draws heavily on its storied history. The Miami Herald breaks down everything the building’s been in the past from a WWII hospital to a jazz venue that hosted Billie Holiday… The property’s redevelopment is thanks to a partnership between the Barlington Group and NYC-based hotel company Selina…
Video: Moody’s Analytics Senior Economist Adam Kamins on Opportunities Provided by the Tax Act
Adam Kamins, Senior Economist with Moody’s Analytics, appears on America’s Commercial Real Estate Show with its host Michael Bull to discuss opportunities in real estate created by The Tax Cuts and Jobs Act. Other covered topics include multifamily market projections, market prices, interest rate changes and predictions, commercial real estate sector favorability, and favorable provisions for REITS…
Tom Walsh, Senior Vice President at Grandbridge Real Estate Capital, joins host Michael Bull on his show, America’s Commercial Real Estate Show, to discuss various tips and strategies for real estate financing today. Among topics discussed are the private equity source market, real estate crowdfunding performance, impacts of loan default, tips for refinancing commercial properties, and tips for getting….
Economics shelves FPL nuclear units at Turkey Point
Nuclear units Florida Power & Light was to build at Turkey Point have been delayed indefinitely as it’s too expensive to compete with natural gas, FPL says. In 2010, the county agreed with FPL to build two new nuclear units at Turkey Point and treat 90 million gallons daily of reclaimed water to cool them. But “conditions have changed, and the units will not be constructed in the foreseeable future,” Mayor…
20 largest Miami-Dade office buildings paid $51 million in taxes
Property owners might gain new appreciation for large office buildings nearby as a result of new research that indicates office towers offset real estate tax obligations for surrounding properties while also providing revenue for the county. Thomas Dixon of Dixon Commercial Real Estate finds the largest office buildings contributing about $51 million to Miami-Dade in 2017 property taxes.
Brightline’s service to Miami is expected to begin by end of April
Ridership is three times larger than expected, according to Brightline’s president High speed rail service will be in Miami before you know it. At a lunch with the Greater Miami Chamber of Commerce last week, the South Florida Business Journal reports that Brightline CEO Patrick Goddard said that the train’s service to Miami is expected to start by the end of April. The 75-mile-per-hour trains will travel…
Apartment building that can convert to short-term rentals sells in Miami Beach’s South-of-Fifth
Fresh from undergoing a multi-year renovation, a 27-unit apartment building in Miami Beach’s South-of-Fifth neighborhood just sold for $14.6 million, property records show. The developer, TwoFifty Collins LLC, managed by Alessandro Renzetti, listed the property at 250 Collins Avenue for $22 million with Gary Hennes Realtors in 2016 – meaning the building sold at about a 33 percent discount off its…
Jugofresh past its expiration date
Jugofresh is no more. Owner Matthew Sherman announced the cold-pressed juice company shut down on Tuesday, closing all of its stores and ending its partnership with Whole Foods Market. Sherman wrote in an email blast that his “lack of experience and rapid expansion are what ultimately led us to close.” The company grew quickly in its six years, with up to eight locations in South Florida…
Soffers, Simon Property want $2 billion to refinance Aventura Mall
The Soffers and Simon Property Group are seeking $2 billion to refinance Aventura Mall. The loan, if granted, will be used to pay off a $1.2 billion commercial mortgage-backed securities loan that the joint venture between Turnberry Associates and Simon Property secured in 2013. An additional $167.4 million in financing was used to…
Privé developers to collect $21.6M settlement, ending legal battle
Developers of the completed Privé at Island Estates have agreed to collect a $21.6 million settlement from the Williams Island Property Owners Association, ending years of litigation over the construction of the luxury two-tower condo complex in Aventura. Williams Island Property Owners Association had filed suit in 2013, seeking to stop the development. A jury in Miami-Dade Circuit Court on…
Development team’s office complex project near Aventura wins approval
A joint venture just won approval for a nine-story office complex that will rise near Aventura, set to break ground soon, The Real Deal has learned. The developers: BM2 Realty, MG3 Developer Group, Scheck Group and Solomon Capital Management will build 188 Aventura Centre, a 290,000-square-foot office building. The project, which just received site approval from the City of Miami, will include about 53…
The future is now: Driverless cars could upend the real estate market
The mass adoption of driverless cars could shift some of the traditional rules that govern real estate values, particularly those concerning access to mass transit. Fully driverless cars are heading to California’s streets in April, following state approval, so that future could be a lot closer than it seems. Having a driverless option could make using — and living and working near — mass transit less appealing to those…
Investors pick up development sites in Allapattah and Miami River
Two development sites on the Miami River and in Allapattah sold to developer Enrique Manhard and real estate entrepreneur Spencer Waxman, respectively. Property records show Mapocho Development LLC sold the 1.55-acre waterfront lot at 1690 Northwest North River Drive to River and 16th Property LLC for 6.4 million. The buyer is controlled by Manhard, a developer in Hallandale Beach. The site is…
Ed Morse scores $114M refinance for 10 Florida dealerships
Auto titan Edward “Teddy” Morse III just scored $114.3 million in financing for 10 of his dealerships in Florida. Midvale, Utah-based Ally Bank is the lender, according to property records. The bank assumed a $95 million mortgage from Bank of America in 2015 and increased the loan to $114.3 million. It covers dealerships in Brandon, Tampa, Lakeland, Port Richey, Delray Beach, Riviera Beach, Fort Lauderdale…
Going up: Elevator technology is reaching new heights in skyscrapers across the globe
During the next two years alone, 187 skyscrapers are expected to pop up across the globe — each of which will rise 820 feet in the air. As developers look to build taller and taller, some elevator companies are exploring ways to revolutionize vertical travel. A recent report by Bloomberg examined new technologies addressing speed, capacity and, in some cases, direction in skyscrapers of the future.
Soffer family wants $5 million bond for Opa-Locka Executive Airport expansion project
The Soffer family is requesting a $5 million bond grant to expand its jet center at Miami Opa-Locka Executive Airport. Turnberry Airport Holdings is seeking approval of the grant from Miami-Dade County’s Economic Development and Tourism Committee on Thursday and then from the county commission in April. The billionaire family would use the county bond for a $27.6 million project at the airport…
InterContinental Miami among U.S. hotels that Chinese regulators may sell
The insurance regulatory agency in China is considering offers to buy luxury U.S. hotels it has seized, including the InterContinental Miami hotel in downtown Miami. The agency has seized Beijing-based Anbang Insurance Group Co. and has taken ownership of more than a dozen U.S. hotels that Anbang acquired. In 2016, Anbang paid $6.5 billion to buy a portfolio of 16 high-end hotels from New York-based…
South Florida is the unofficial epicenter of condos bearing luxury brands
Real estate developers put luxury brands on their buildings in other metropolitan areas, but nowhere is the practice more fashionable than in South Florida, where five branded condominiums are expected to open by 2021. The large international segment of the condo market in South Florida is one reason why developers there are forming partnerships with luxury brands for automobiles and apparel.
Codina lands $54.3M of bank financing for Hialeah industrial development
Coral Gables-based Codina Partners landed $54.3 million of bank financing for its development of an industrial park on 72.2 acres in Hialeah. Codina Partners, led by developer Armando Codina, got a $23.1 million acquisition and development loan and a $33 million revolving line of credit to fund construction from Weston-based Florida Community Bank. The Coral Gables-based company assembled…
City council will consider proposed 401-home development in Miami Gardens
The Miami Gardens City Council will consider an application to build 401 homes just west of State Road 7. The city council will consider the application from Arlington, Virginia-based Graham Holdings Co. on Wednesday. Miami attorney Graham Penn is representing Graham Holdings in the application process. A subsidiary of Graham Holdings paid $5 million in 2014 for the proposed 37-acre development site…
Claire’s Stores plans Chapter 11 bankruptcy
Claire’s Stores Inc. is preparing a Chapter 11 bankruptcy filing as the retailer of costume jewelry and ear-piercing services looks beyond malls for high-traffic store locations. Filing a Chapter 11 bankruptcy would allow Claire’s to continue operating with protection from creditors while it tries to resolve its debt problems. Claire’s is struggling to repay $2 billion of debt that Apollo Global Management LLC…
Wynwood takes a page from the Netherlands with a street shared by cars, bikes, and pedestrians
A “woonerf” is in the works Miami commissioners approved a contract yesterday with a Brooklyn firm to design the “city’s first true shared street” in Wynwood, reports Andres Viglucci of the Miami Herald. It’s a design concept borrowed from the Dutch: a “woonerf” is a street that’s mainly for pedestrians but also fare game for cars and bikes, with planters and landscaping to slow down drivers and provide…
Miami’s urban core is growing at a faster rate than most major US cities: CoStar
Office and apartment development in Miami’s urban core is outpacing other such areas in 11 major U.S. markets, according to recent data compiled by CoStar Group. Miami’s urban core, which includes downtown, Brickell, Edgewater, Midtown Miami and Wynwood, accounted for 40 percent of new office construction in the city since 2010, which is higher than Boston, Chicago, Atlanta, Houston, Washington…
Miami commission awards nearly $1 million for Wynwood streetscape
Wynwood may be the Miami neighborhood with the most foot traffic, but it is considered far from pedestrian-friendly. Two recently approved city measures championed by Wynwood developers and property owners aim to fix that conundrum. The Miami City Commission this week approved a contract with Arquitectonica GEO to develop a streetscape and tree canopy master plan for Wynwood…
Norwegian Cruise Line will build a futuristic new terminal at PortMiami
See renderings of what’s being called the “pearl” of Miami In 2019, vacation-goers on Norwegian Cruise Line will depart Miami from a futuristic new terminal at PortMiami. That’s the plan for Norwegian Cruise Line Holdings Ltd., which just unveiled the design for its dedicated Norwegian Cruise Line terminal at the port. Miami-based firm Bermello Ajamil & Partners, Inc. dreamed up a LEED-Silver…
Hurricanes may buffer South Florida from Trump’s new tariffs, experts say
Hurricanes may have protected the South Florida construction industry from feeling the full force of President Trump’s new import taxes.
The president’s newly announced tariffs on imported steel and aluminum are not expected to have much impact on the local construction industry because in order to withstand hurricane-force winds, local developers say, structures are primarily built with concrete and…
Publix bags shopping center in Hialeah
Publix Super Markets just purchased a shopping center it anchors in Hialeah for $15.7 million. The Lakeland-based grocer paid about $245 per square foot for the 64,260-square-foot Paraiso Plaza shopping center at 3339 West 80th Street, according to property records. The seller is an affiliate of DDR Corp., a publicly traded retail-focused real estate investment trust. DDR paid $9.65 million for the 7.3-acre…
Trump’s steel and aluminum tariffs would hit Florida, 3 other states hardest: report
President Donald Trump is expected to sign his controversial steel and aluminum tariffs plan today, a move that could slam businesses in a handful of states the hardest, including California, New York and Florida. Experts say the tariffs could start a trade war, raise prices and lead to a drop in new construction. Businesses in 10 states would pay around two-thirds of the $9 billion that the right-leaning Tax…
Those student condos planned near FIU? They’re becoming rentals, instead
The developer of a planned student housing condo tower near Florida International University is switching gears and turning the project into rentals, instead. Unlike other developments that have been canceled or converted to rentals because of the weak condo market, University Bridge Residences had secured more than 200 buyers for the 492-unit, 20-story tower, according to Alicia Cervera Lamadrid…
Positive signs for CRE lending in 2018 amid strong market: report
The delinquency rate on CMBS loans came in nearly a full percentage point lower than a year ago, a positive indicator for lending in the year ahead, and bucking the gloomy predictions the industry has long been hearing. The rate in February was 4.51 percent, down from 5.31 percent in February 2017, according to CMBS analytics firm Trepp. That’s despite a wave of maturing CMBS loans packaged in…
‘Still Super Early’ in CRE Expansion?
Panelists (left to right) Tony Arellano, Joe Furst, Avra Jain, Alex Karakhanian and Jonathan More discuss the Miami real estate market Thursday at an event held by the Commercial Industrial Association of South Florida. Photo Credit: CIASFSome commercial real estate observers in South Florida are convinced that the longtime mark…
A Color Coded Map of Miami-Dade 2017 Vacant Commercial Land Sales PSF in Miami-Dade ~ Interactive
Above is a color coded (by PSF price range) chart of vacant commercial land sales per square foot in 2017 for land located within Miami-Dade. Below this is another map with the same properties mapped, but with each icon containing links to detailed information about the properties. This data aset was prepared using data from Costar. It is not comprehensive as not all land sales are recorded in this data…
Development plans are in the works for historic downtown Macy’s building
Aetna Realty Group is planning a mixed-use project What’s going to happen to the landmark Macy’s building downtown once it closes. Miami Today spoke with David Braka, vice president of Aetna Realty, about the company’s plans to renovate the Flagler Street store. The plan could involve building two adjacent 50-story or 55-story towers on either side of the Macy’s building. The project would be…
47-story Una condo tower will rise on Brickell Waterfront
It’s the second Miami project from OKO Group Missoni Baia is still under construction, but OKO Group and developer Vlad Doronin are unveiling a new luxury condo project. OKO Group will partner with international real estate investment firm, Cain International, to develop the 47-story Una on the Brickell Waterfront. The soaring tower will be designed by Adrian Smith + Gordon Gill Architecture, the firm…
The Europeans are coming: Continental banks double down on CRE lending
European banks are doubling down on real estate lending, and a growing chunk of the money is flowing into the U.S. “We have capital and we have appetite,” Deutsche Bank’s head of commercial real estate Roman Kogan told the Wall Street Journal. As of September, German banks held $24 billion in U.S. commercial mortgages on their books, according to Trepp, up from $14 billion a year earlier.
Warnings push Miami to monetize its land holdings
Commissioner Joe Carollo is warning of dire days if the City of Miami doesn’t find fresh and fruitful revenue streams soon. He stressed the prophecy during talk of a potential deal to offer city land to David Beckham’s group for a soccer stadium and much more in exchange for a sizable financial return. Mr. Carollo says the city has serious financial obligations, from the need for affordable housing to shoring up…