Mar 22, 2023 - 0 Comments - Top Stories -

Miami Commercial Real Estate News March 22, 2023: Fed Raises Rate; 512-Unit MF Proposed for Princeton; Three Rental, Condo Projects Approved; $500M Offered for Aging Waterfront Condo; More…

Federal Reserve raises interest rates by a quarter point, keeping inflation in crosshairs

The Federal Reserve is raising its key interest rate by 0.25%, continuing on its crusade against inflation while warning that recent instability in the banking sector could weigh on the economy. In announcing their ninth consecutive rate hike — which increases the benchmark federal funds rate to a range of 4.75% to 5% — Fed officials said in a statement Wednesday that…

Miami board approves three rental, condo projects in Overtown, Wynwood and Edgewater

A pair of mixed-use projects and a mega-condominium development scored Miami board approvals for their designs, a key step toward breaking ground. The Miami Urban Development Review Board on Wednesday gave the green light to three condominium towers, including an Edition-branded condominium in Edgewater, despite protests from neighborhood residents.

Four-Story Time Century Jewelry Center Nears Completion

The Time Century Jewelry Center in downtown Miami is nearing completion, new photos show. The New York Times ran a report on the project in January, which said that more than 60 leases have already been signed in the new complex. Opening was expected to begin last month, phased over a 12 month period, the report said. The former Metro Mall building, which dates to the 1920s…

CC Homes pays $13M for church’s dev site near Coral Gables

CC Homes, the joint venture between powerhouse developers James Carr and Armando Codina, paid $13.2 million for a development site near Coral Gables, after scoring zoning approval for a residential community. A CC Homes affiliate bought 13.5 acres of vacant land at Southwest 72nd Street, also known as Sunset Drive, near the Palmetto Expressway, according to Vizzda and records.

Industrial Real Estate Market’s New Demand Driver Changing Space Requirements

Industrial became the belle of the commercial real estate ball after the pandemic supercharged e-commerce demand and led Amazon to accelerate its already-voracious warehouse expansion. But that party couldn’t last forever. “That was a one-time event. That’s like laying down the railway tracks for the rest of time because you’re building an infrastructure for transportation…

Brickell Megaproject Will Proceed, Developer Says

A proposed three-tower complex in Brickell will proceed as planned following the completion of archaeological exploration, the project’s developer said. Jorge Perez, founder of developer Related Group, wrote in the Herald that they will build a “world-class” residential complex on the Miami River in Brickell. Hundreds of archaeologists have been working to excavate…

To ease rent crisis, Miami looks to co-living development zones

After gaining notoriety as the center of the housing crisis in the US, Miami is looking to co-living developments to calm soaring rent prices. Today (3/23), the Miami City Commission is considering changes to the zoning code to establish regulations regarding co-living. If adopted, the amendment will allow for communal living developments to rise in Miami’s bustling central…

Pickleball tossed into Crandon Park Tennis Center pickle

Pickleball aficionados seeking to use Crandon Park Tennis Center on Key Biscayne are following the same required administrative path as the Miami Open, which tried to expand there and finally was forced to Hard Rock Stadium, where annual tournament play began this week. Commissioners this month voted 12-0 with no discussion to direct Mayor Daniella Levine Cava…

On hold: Miami-Dade’s partial demo of Grove Playhouse foiled by neighbors

Miami-Dade County’s plan to demolish a portion of the Coconut Grove Playhouse in preparation for its redevelopment and restoration is on hold. A Miami board revoked the county’s demolition permit issued administratively by city staff. The Miami Planning, Zoning and Appeals Board on Wednesday sided with Coconut Grove residents Anthony Vinciguerra and Courtney Berrien…

Three-tower Edgewater residences to replace older condos

A large three-tower mixed residential project is planned for property on Biscayne Bay in Edgewater. Called Biscayne 21, when completed the towers will offer about 705 multi-family dwelling units, ground floor commercial space, and more than 800 linear feet of new waterfront promenade. Miami’s Urban Development Review Board recommended approval of the project…

Decade after approval, Overtown project reworked, advances

Significant new housing is coming to Miami’s Overtown neighborhood in the form of a 25-story building with 413 multi-family apartments. Developer RNG Overtown LLC plans to build the project, Overtown Block 19, at 105 NW 11th Terrace. The city’s Urban Development Review Board recommended approval of the project. Along with the new apartments, the building…

Industrial Outdoor Storage Can Be A Siren’s Song, And The Inexperienced Should Beware

Investors today are finding it difficult to resist the siren song of industrial outdoor storage, that alluring array of fenced-in parking lots for trucks. IOS has rapidly become one of commercial real estate’s hottest asset classes as a flood of new money has sent prices sky-high. “You create a buzzword, make it sound sexy and interesting, and everybody wants to have it,” Blau & Berg…

FAA Approves 700-Foot Height For Proposed Worldcenter Project

The Federal Aviation Administration has issued approval for a development at the former Miami Arena site. The determination was made on March 19. According to a letter sent to developer WG 700 North Miami LLC, a proposed maximum height of 685 feet above ground, or 700 feet above sea level would not be a hazard to air navigation. Tower cranes rising up to 794 feet above sea…

New Joint Partner On Beckham Overtown Site Where Stadium Once Planned

A developer appears to have joined as a joint partner on David Beckham’s Overtown property. A stadium was once planned on the site, before the developers decided to build it elsewhere. 8th Street Connections Holdings LLC is said to be a new joint partner on the Overtown land, according to a letter sent to Miami-Dade’s Dept. of Regulatory and Economic Resources…

Centner Academy owners assemble land in Wynwood

The controversial owners of Centner Academy in Miami are assembling land in Wynwood Norte, The Real Deal has learned. Entities tied to David and Leila Centner acquired the adjacent parcels at 3442 and 3490 Northwest Second Avenue for $4.7 million in January, records show. The lots total 0.2 acres and include a 7,660-square-foot building the Centners have been using as storage…

Shoma Bay Planned With 333 Condos & North Bay Village’s First Publix

North Bay Village is getting its first ever Publix. The Publix will be located within the Shoma Bay development, with construction planned to begin in summer 2023. Shoma Bay will rise 24 stories. A total of 333 condos are planned, to be delivered fully furnished. The Publix will be 35,037 square feet. There will also be another 6,325 square feet of retail space, which includes a rooftop…

9 Reasons to Invest in South Florida Commercial Real Estate

On a national and global level, Florida and particularly the South Florida CRE markets has been among the strongest globally, with continually solid returns and safety for the capital of international & domestic investors. US News & World Report currently ranks Florida #8 in fiscal stability and #8 with its economy nationwide. South Florida commercial…

Doral Warehouse/Distribution Facility Within Westport Corporate Park Sold For $6.895M

The Easton Group arranged the sale of a 21,890-square-foot warehouse/distribution facility in Doral at 10655 NW 29th Terrace, just off 107th Avenue, north of the Florida Turnpike. Andrew Easton and Michael Foxwell of Easton represented the seller, PL Developments, a manufacturer and distributor of over-the-counter (OTC) pharmaceuticals and consumer healthcare goods.

Miami Multifamily Report – February 2023

Miami rent evolution, click to enlarge With substantial investment activity and steady rent gains, South Florida’s multifamily market had a solid run in 2022. Rents increased 8.1 percent year-over-year, with the metro ranking fourth nationally for rate improvement. In the last quarter however—as the U.S. economy began to decelerate—rent growth flattened, and the average rate…

Triarch Capital picks up Doral retail plaza for $18M

Triarch Capital Group picked up a fully leased retail plaza in Doral for $18 million. An affiliate of Aventura-based Triarch acquired Shoppes at 41st Street, a two-building complex at 10355 Northwest 41st Street and 10405 Northwest 41st Street, said Ernesto Pentenero with GP Global Group, who brokered the sale. The deal breaks down to roughly $580 a square foot. Spanning nearly 31,000…

Terra offers $500M for aging oceanfront Miami Beach condo building

David Martin’s Terra is offering half a billion dollars to buy out the Castle Beach Club condominium building in Miami Beach, The Real Deal has learned. The offer comes months after condo giant Related Group and 13th Floor Investments withdrew their $500 million bid for the 57-year-old property 5445 Collins Avenue. Castle Beach Club, an 18-story, roughly 570-unit condominium…

Mast Capital, Rockpoint Underway on Nine-Story Multifamily Project in Miami Beach

Mast Capital, in partnership with Rockpoint, is underway on a nine-story, 178-unit multifamily development located at 3900 Alton Road in Miami Beach. Designed by Arquitectonica, the unnamed apartment community will consist of units ranging from studios to three-bedroom apartments sized from 560 square feet to 1,410 square feet. Amenities will include an elevated…

Commercial Borrowers Seek Flexibility Amid Volatile Lending Landscape

By Taylor Williams After eight interest rate hikes totaling 450 basis points over the last 10 months, courtesy of the Federal Reserve’s war on inflation, commercial borrowers can only hope that the fundamental law of gravity — “what goes up must come down” — will start to become reality in 2023.  But the economic clarity that the commercial lending community seeks…

Agreement Signed: ‘Iconic’ 80-Story Brickell Avenue Tower Moves Forward

Brickell Avenue’s First Miami Presbyterian Church has signed an agreement with a developer on a deal that could lead to one of Miami’s tallest buildings being built. The leader of the church has previously said the new tower would be “iconic.” According to a memorandum recorded with Miami-Dade’s Clerk of Court on March 2, the terms of the agreement include: the developer’s…

Miami Population Surge: Traffic Jams Up Sharply Since 2019, Study Says

Traffic has gotten significantly worse in Miami since 2019, according to data published by Inrix. The study is another indicator of Miami’s population surge since the start of the pandemic. According to the data, Miami drivers lost 105 hours to traffic jams in 2022, up 30% since 2019. Miami now ranks worse than Los Angeles – coming in at 9th worst for traffic congestion worldwide…

AMC Development proposes 512-unit apartment complex in Princeton

AMC Development Group wants to build a 512-unit apartment complex in south Miami-Dade County’s Princeton neighborhood. The proposed project, called AMC Park – South Dade, would include four eight-story residential buildings and two four-story garages with 656 spaces, combined, on land at 12501 Southwest 236th Street in unincorporated Miami-Dade, according to an…

Personal injury law firm pays $21M for Miami Lakes offices

The Ward Law Group paid $21 million for a Miami Lakes office complex, with plans to move the personal injury firm’s headquarters. The Kislak Organization, the Kislak family’s real estate investment and brokerage firm, sold the nearly 77,000-square-foot, two-building property at 7900 Northwest 154th Street, according to records. The Ward Law Group provided the purchase price.

How multifamily investors can prepare for a recession

More than half of commercial real estate leaders—including those with multifamily property rentals—believe a recession is likely this year, according to JPMorgan Chase’s 2023 Business Leaders Outlook: Commercial Real Estate. We asked three experts—Al Brooks, Head of Commercial Real Estate for JPMorgan Chase, Victor Calanog, Head of Commercial Real Estate Economics…

Miami ranks as nation’s second most competitive rental market

Miami-Dade County’s rental market ranked as the nation’s second most competitive, according to a newly released report. North Jersey was the most competitive rental market in the nation at the start of the year, according to the report from RentCafe. The North Jersey market includes Jersey City, Newark, Hoboken and Hackensack. The report analyzed 134 markets, calculating…

Atlantic Pacific Opens $34M Fort Lauderdale Affordable Project

Atlantic Pacific Cos. has opened Poinciana Crossing, a 113-unit affordable community in Fort Lauderdale, Fla. The $34 million project was realized in collaboration with the Housing Authority of the City of Fort Lauderdale and Wells Fargo. Michael Marra, director for Well Fargo’s Community Lending and Investment group stated that the bank provided a $25 million construction loan…

NR Investments Lands $51M for Oakland Park Mixed-Use Development

Sky Building rendering. Image courtesy of Walker & Dunlop NR Investments has obtained $51 million for the construction of Sky Building, a mixed-use development in Oakland Park, Fla., that is slated to include 136 affordable and workforce units. A Walker & Dunlop team secured the non-recourse financing execution above 80 percent loan-to-cost. Sky Building is the result…

$13.9M Sale of Retail Center in Sunrise Brokered

A Firm has brokered the $13.9 million sale of The Sawgrass Home Design Center, a retail center located at 13001-13191 W. Sunrise Blvd. in Sunrise, approximately 30 miles northwest of Miami in Broward County. The 45,000-square-foot property was 83 percent leased at the time of sale to tenants including DXL Casual Male, Bella Salon Suites, Lighting Outlet, Compass Research…

PGA Sells Longtime Palm Beach Gardens Headquarters After Move To Texas

After the world’s largest professional golf organization picked up its ball in South Florida and dropped it in Frisco, Texas, it has sold the spot where it landed more than 50 years ago. The PGA of America sold its longtime headquarters in Palm Beach Gardens for more than $12M, but it is keeping a small office space in the building, which sits next to the PGA National Resort…