Miami Developer Charged in Bribery Case Wants to Funnel Magic City Money to His Kids Too
This past Tuesday, Miami developer Robert Zangrillo was charged with crimes as part of a national FBI investigation into rich Americans who bribe colleges into admitting their spoiled, underperforming kids. Zangrillo allegedly paid an intermediary to make it appear as if his daughter, who had failed an art history class among other lackluster achievements, deserved to get into the University of Southern…
Miami Industrial Sale Arranged
Cushman & Wakefield has assisted DFJ East Properties LLC in the sale of Miami 25 @ MIC, a 77,820-square-foot small-bay flex industrial property. The asset traded for nearly $8.6 million. Located between 3901-3977 NW 25th and 3900-3960 NW 26th streets in Miami, the property is located near Miami Intermodal Center and just 1.7 miles east of Miami International Airport. MIC is a multi-modal ground…
Wawa to Open Its First Three Miami-Dade Stores This Spring
Wawa has announced it plans to hire 150 workers as it prepares to open its first stores in Miami-Dade this spring. The popular Pennsylvania-based chain of convenience stores has a loyal following of fans who flock to the well-lit shops for their fast-casual menu of freshly prepared foods, made-to-order hoagies, specialty beverages, and breakfast items, along with fuel services and surcharge-free…
Ram Tool Signs Long-Term Lease Deal At Doral’s International Corporate Park
Ram Tool Construction Supply Company, a specialty construction supply distributor, inked a long-term, 30,465-square-foot lease at 1600 NW 102nd Avenue in Doral, within International Corporate Park. The 30,465 square foot facility includes ±8,674 square feet of existing office and is situated on a ±4.02 acre site. The new location, which was needed due to the…
Fed Reserve holds rates steady amid weakening housing market
The Federal Reserve said it will hold rates steady and signaled it would likely not raise rates for the rest of the year amid worries over economic growth. In a statement, the Fed stressed again that it will remain patient in making future rate changes. The decision marked a change from the past few years. The Fed increased rates four times in 2018 and and nine times overall since December 2015. It said in…
Real Estate Marketing Exec Andrea Greenberg’s ex-boyfriend dies in apparent suicide
Alejandro Aparicio, the ex-boyfriend of the real estate marketing executive Andrea Greenberg who was charged with stealing from her estate, died on Sunday in an apparent suicide. Aparicio rammed his motorcycle head-on into an 18-wheel truck in the Everglades, sources told The Real Deal. The Miami-Dade Medical Examiner confirmed Aparicio’s death, but spokesperson Martha Diaz said the case is under…
Linkpoint sells Chase-occupied building in booming Miami River District
Linkpoint Properties sold a Miami River District building that could be ripe for redevelopment, as investors continue to target the area for new projects. Investment firm Inversiones Sion LL paid $7.9 million for the 11,577 square-foot building with a parking lot. The property is on 1.67 acres, and is located at 1400-1404 Northwest 17th Avenue in Miami. Built in 1975, the building is occupied by a JPMorgan Chase…
Experts Round-Up: Uses for Filling Vacant Retail Space
The retail landscape is constantly changing, and retail companies as well as landlords have to stay on top of current trends in order to stay competitive with their retail spaces. This is especially due to shifts in shopping trends, particularly with e-commerce impacting the industry. To put things into perspective, retail sales in the U.S…
‘Fantastic deal’ with Federal Express at Miami International Airport ~ land lease, development
In what Miami-Dade Aviation Director Lester Sola described as “a fantastic deal,” county lawmakers have approved a 32-year, $111 million land lease and development agreement with Federal Express and landlord Aero Miami FX at Miami International Airport. Commissioners unanimously and without discussion OK’d the deal March 19, just six days after it cleared the county’s Transportation and the Ports…
Public marinas in City of Miami in murky waters
The fate of the public marinas in the City of Miami remains unclear as city officials debate the best practices that would bring in the most revenue to a city facing growing financial challenges. Beginning in 2018 and spilling over into this spring, commissioners are discussing the operations at city-owned and operated marinas, and those on city-owned land but managed by a private company. The venues…
Miami Beach OKs bonds for 38 projects
Miami Beach has approved the first tranche of $153 million of a $439 million general obligation bond issuance. The city plans to undertake 38 of the 57 projects the entire bond program is to fund. The tranche is to fund 38 projects across the city. The budget from the bonds for the next two to three years includes $87.7 million towards parks, recreational and cultural facilities; $36.9 million for police…
Juggernaut mall touted to replace Miami golf course
Miami Commissioner Joe Carollo is convinced a mall built beside Miami International Airport on city-owned land that today is a golf course would become one of the nation’s most successful commercial ventures and a huge financial boon to the city for decades. Mr. Carollo’s determination that Melreese Golf Course be redeveloped was apparent after he commented on legislation to push the…
Surprise move unsnarls Miami-Dade transit surtax
After a decade of subsidizing existing services, the surtax known as the “half-penny” this October will return to its original purpose: paying for additions, improvements and expansion of transportation, transit and infrastructure across Miami-Dade. In a surprise move Tuesday, Commissioner Rebeca Sosa withdrew an item she’d sponsored that would have postponed unwinding half-penny dollars from the…
Waterfront apartment building in Edgewater hits market for $5M
A 10-unit waterfront apartment building in Miami’s Edgewater neighborhood is listed for sale for $4.9 million, marketed as a development site for a condo tower. Miami-based Sky Beach Realty is listing the apartments at 530 Northeast 29th Street. The seller, King Me 29 Street LLC, is led by Rommey Bahhur. Bahhur bought the small apartment complex on the 6,300-square-foot lot in 2016 for $2.7 million…
George Ratiu, Director of Quantitative & Commercial Research with the National Association of Realtors® (NAR), appears on this commercial real estate related talk show to talk about the annually issued report, Market Expectations and Realities, a combined effort of NAR, Deloitte, and Situs RERC. In this episode office, industrial, and retail properties are discussed, as well as the economy overall and…
New 2018 Report Outlines Doral’s Flood Protection Efforts
In an effort to improve public safety and protect Doral’s buildings, properties, and residents, the City of Doral recently conducted a Community Rating System (CRS) 510 Progress Report for Fiscal Year 2018. The objective of the CRS Activity 510, Floodplain Management Planning, is to credit the production of an overall strategy of programs, projects, and measures which will reduce the adverse impact of…
Sons of “love hotels” magnate set to redevelop part of Miami real estate portfolio
The heirs to a popular chain of couples’ hotels are planning to redevelop one of their Miami properties at 4601 Southwest 8th Street into a 96-unit apartment building, signaling the continuing attraction of multifamily investments in the city’s outer neighborhoods. Applicants Julio del Rey, Jr. and Jorge del Rey filed plans with the city of Miami last week to build an eight-story multifamily…
Miami taps Urban Land Institute to evaluate sea-rise plan, infrastructure investment
Taking a cue from Miami Beach, the city of Miami is hiring the Urban Land Institute to study its master plan and infrastructure projects designed to address the impacts of sea level rise, especially in waterfront neighborhoods from Coconut Grove to Edgewater. The Miami City Commission last week approved a $135,000 contract that calls for a ULI panel to recommend ways that the city and the private…
As developers descend on Little Haiti, nonprofit plans affordable housing
A Haitian American nonprofit plans to construct a 96-unit mixed-use apartment building in Little Haiti. The Haitian-American Community Development Corp. filed the plans with the city of Miami for a new eight-story building at 181 Northeast 82nd Street, the site of the organization’s current headquarters. The local nonprofit, which focuses on building affordable housing in the area, also included 8,000…
North Miami gives nod to $50M mixed-use senior apartment project
The North Miami City Council gave the green light to Residences at NoMi, a planned $50 million mixed-use senior apartment complex. The 175-unit project, developed by Trise Development, has been in the works for three years. It has been delayed due to neighborhood objections to the original plan which many residents considered too… Residences at NoMi, at 950 Northeast 124th Street…
What is the Miami Sea Level Rise Plan?
The question arises in connection with the calls made about sea level rise and the alarms that ignite every time a hurricane passes near its shores. The floods and devastation that climate change is causing worldwide, are not so far from Miami. The effects of climate change are beginning to worry investors and Miami authorities because of the city’s location. Despite being surrounded by water, Miami has been…
Baptist Health enters joint venture to develop senior living center in Coral Gables
Baptist Health South Florida and Belmont Village Senior Living formed a joint venture to develop senior living centers in Coral Gables and elsewhere in South Florida. Baptist and Houston-based Belmont plan to develop their first South Florida senior living project at 250 Bird Road in Coral Gables. Construction is expected to start in mid-2020 and conclude within two years of the groundbreaking. Belmont…
Brenda Nestor’s Islamorada property is hitting the market in a bankruptcy sale. The 8.4-acre stretch of oceanfront land on Windley Key is zoned for residential development. Avison Young’s John K. Crotty, Michael T. Fay, Jay Ziv, David Duckworth and Brian C. de la Fé are handling the sale of the vacant Islamorada property on behalf of the U.S. Bankruptcy Court. Qualifying bids of at least $1.835 million…
Ken Griffin considered moving Citadel to NYC, until backlash against Amazon
Ken Griffin, the billionaire CEO of Citadel, considered uprooting the Chicago-based hedge fund and moving to New York — until the backlash against Amazon’s plans for a new campus in Long Island City. The political backlash against Amazon in New York “has dramatically reduced our interest in moving our headquarters here,” Griffin told Bloomberg. He called the e-commerce empire’s…
Fifield Companies plans 500-plus unit apartment tower at Miami Worldcenter
Another developer is joining the action at Miami Worldcenter. Chicago-based Fifield Companies filed plans for a 533-unit rental tower at the mixed-use project in downtown Miami. Fifield is proposing a 47-story, 738,000-square-foot building with about 15,000 square feet of retail space on the northeast corner of 10th Street and First Avenue. The developer will go before the city’s Urban Development Review…
Matheson family sells industrial property near Coral Gables
of the Matheson family sold an industrial property near Coral Gables for $13 million. Brooks and Joan Matheson, whose family was once one of the largest property owners in Key Biscayne, sold the 43,785-square-foot property with a small building at 3898 Shipping Avenue for $296 per square foot for the land. The buyer, 3898 Shipping Ave LLC, is tied to Maira and Hector Castellon. The lot totals about 1…
Congress re-examines bill that would expose beneficial owners of LLCs
A bill that would require anonymous LLCs to disclose their beneficial owners is back on the table. Congresswoman Carolyn Maloney, of New York’s 12th congressional district, presented a draft of the Corporate Transparency Act of 2019 during a congressional hearing on Wednesday. Under the bill, corporations and LLCs would be required to disclose their beneficial owners to the Financial Crimes…
Boardwalk Properties seeks sale of South Beach apartment portfolio
A portfolio of more than 100 apartment units in South Beach is hitting the market and is expected to sell for $27 million according to Cushman & Wakefield, The Real Deal has learned. Boardwalk Properties owns the six renovated properties at 1501 Michigan Avenue, 1100 10th Street, 942 Lenox Avenue, 1606 West Avenue, 1135 Eighth Street and 1521 Michigan Avenue, property records show. Cushman…
Miami-Dade ethics commission dismisses complaint against Beckham group
The Miami-Dade Commission on Ethics and Public Trust dismissed an ethics complaint tied to Miami Freedom Park and Miami Beckham United’s plan to build a multimillion-dollar mixed-use complex with a Major League Soccer stadium. Attorney David Winker filed the complaint days before Miami residents were set to vote on a referendum that would allow the David Beckham-led group to begin…
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…