Mar 21, 2017 - 0 Comments - Top Stories -

Miami Commercial Real Estate News March 21, 2017: Merrick Manor Rising; Deloitte on Economy; More…

Development by design: Will Miami’s Design District live up to its promise as the city’s premier shopping destination?

The once-gritty Miami Design District is nearing the final stages of its transformation into a luxury shopping destination and cultural hub, filled with designer shops, restaurants, museums, hotels, home furnishings and art collections. Designer boutiques like Louis Vuitton, Hermès, Christian Dior, Tom Ford and Giorgio Armani have opened on mahogany-tree-lined streets, alongside open courts and paseos dotted with such outdoor artworks as Buckminster Fuller’s Fly’s Eye Dome and Xavier Veilhan’s sculpture Le Corbusier.

Merrick Manor in Coral Gables finally begins its rise

Merrick Manor is rising in Coral Gables after years of setbacks, with vertical construction starting at 301 Altara Avenue for the 10-story luxury residential project that’s been planned since what feels like the Clinton presidency. The news comes shortly after a 5,000-square-foot sales gallery was constructed across the street at 4200 Laguna Street, showcasing its model kitchen, bathroom, living room, and master bedroom, with interiors designed by Stephen G. The Astor Companies development is a Mediterranean villa-style building…

Doral Had No Downtown For Nearly 15 Years. Now It Has Two.

Nearly 15 years after it was carved out of a sprawling, disjointed agglomeration of warehouses, gated communities, office parks and strip malls, the suburban city without a focal point finally has not just Downtown Doral but CityPlace .

Miami’s Class A office space, already expensive, will likely get pricier: panel

Rents for Class A office space in Miami are high, at $50 or more per square foot, and will continue rising as the market tightens, real estate experts told attendees at a conference Thursday. Panelists also said that, despite the city’s increasing traffic problems, they expected sustainable demand growth for Miami commercial properties in the future, since the city is an appealing location and a gateway to Latin America. “The market is tightening up,” said Angelo Bianco, managing partner at Crocker Partners during the Bisnow…

Miami’s Upper Buena Vista expected to debut this summer

With more renderings and details of the “pocket village” Set to debut this summer in Miami’s Buena Vista neighborhood will be the mixed-use open-air “pocket village of Upper Buena Vista, which was introduced towards the end of 2015 by BVM Development on a 0.85-acre plot at 184 Northeast 50th Terrace. Located between the neighborhoods of Edgewater and Little Haiti, the development will feature microboutiques to allow for more affordable retail space, offered at 250 square feet and 500…

Miami’s One River Point opens museum-like sales gallery

One of Miami’s most unique pre-construction developments in One River Point has opened an equally distinct sales gallery, one similar to high-end residential projects in New York City, notes Miami Luxury Homes, as it mirrors a museum exhibit. The two-story sales center encompasses 5,000 square feet and is located at 92 Southwest 3rd Street. Co-developed by Shahab Karmely’s KAR Properties, Ackerman Development, and Mink Development, the twin-tower luxury project designed by Rafael Viñoly is comprised of 380 residences…

Miami Hotel Opening: The Hampton Inn & Suites near Midtown

151 rooms Opening just east of Midtown Miami is a Hampton Inn & Suites, a 151-key hotel suited for leisure and business travelers. It’s located on the corner of 35th Street and Biscayne Boulevard, with amenities including an outdoor pool, 24-hour fitness center, complimentary breakfast, meeting space, and business centers. It was co-developed by 3H Group Inc. and Mayan Group Inc., an affiliate of Aztec Group Inc. “With the opening of Hampton Inn & Suites Miami Midtown, we are adding…

Miami-Dade reaches tax agreement with Airbnb

Largely excluding Miami Beach Miami-Dade County has reached an agreement with Airbnb that will net them roughly $8 million in annual tax revenue, after allowing the short-term lodging service to collect a 6 percent county resort tax. The deal is contingent on ratification from the County Commission. Airbnb is likely to deliver over that estimate, as revenues from its near-7,000 hosts in the area rose by 25 percent year over year from January through February. “We commend Tax Collector Marcus…”

Going viral: Zika isn’t the only thing bugging the Miami-Dade hospitality market

From the March issue: The Centers for Disease Control (CDC) still lists all of Miami-Dade County as a cautionary “yellow” Zika area. And Miami-Dade hotels have reported a significant slump in business. But is Zika the main reason for the decline? No, asserted Bobby Bowers, senior vice president at STR, a research company that analyzes hotel data. Bowers said the slump has more to do with an oversupply of new accommodations. About 4,000 hotel rooms were completed in Miami-Dade last year…

Jason Halpern’s partner in Miami Beach deals sues, seeks $10M

Jason Halpern’s silent partner in two Miami Beach deals just sued him, alleging Halpern exploited his role as manager and sold off property on Indian Creek Drive at a below-market price in a sweetheart deal to a colleague. The suit, filed in New York Supreme Court, seeks at least $10 million in damages and to rescind the sale. Investor Dhruv Piplani alleges in the suit that…. Brooklyn-based Longo bought 2901 Indian Creek Drive and 2911 Indian Creek Drive in January for $7.75 million…

Miami’s Omni Park is holding its grand opening tomorrow

Downtown Miami is getting an infusion of green space with Omni Park holding its grand opening tomorrow afternoon. Located at 1234 North Miami Avenue, the new public park encompasses seven acres on previously vacant land near I-395. Some features include a skate park, restaurants comprised of repurposed shipping containers, farmers’ markets, art installations, live concerts, yoga, and other events. The site sits on four city blocks owned by the Florida Department of Transportation, with the project serving…

Three Waterford at Blue Lagoon Bldgs Earn LEED V4

MetLife Real Estate earned the U.S. Green Building Council’s LEED certification for its office buildings located at 6100, 6303 and 6505 Blue Lagoon Drive in Miami. The three office buildings, totaling 495,870 square feet, were constructed between 1991 and 1996 in the Miami Airport submarket. Notable tenants in the buildings include L’Oréal Retail Americas, The Art of Shaving, Zimmer Biomet, Regus, Johnson & Johnson, Discovery Channel Latin America…

Video: Deloitte’s Bob O’Brien Discusses the State of the Current Economic Cycle

Bob O’Brien, Global Real Estate Sector Leader at Deloitte, join The Commercial Real Estate Show to talk about where we stand in the current economic cycle and what we might expect going forward for the office and multifamily sectors. Some highlights include: Low interest rates and lack of new supply driving real estate value increases; Now 8 or 9 years into an 18 year cycle; Prices relative to peaks of prior cycle raise question of whether a downturn might come sooner than normal 18 year cycle…

5 More Apps That are Revolutionizing the Commercial Real Estate Industry

Learn how commercial real estate brokers are leveraging the power of technology to better serve their clients. In a recent blog post, we showcased five smartphone and tablet apps that have drastically changed the commercial real estate industry. But those are by no means all of the technological innovations geared toward CRE; here are 5 additional apps that are also making an impact: Apps that are changing the way that commercial real estate is done: 1. CoStarGo – This tool is a free iPad and iPhone…