Mar 27, 2019 - 0 Comments - Top Stories -

Miami Commercial Real Estate News March 27, 2019: Judge Upholds MLS Stadium Referendum; Hotel Rooms May Double; More…

Tommy Hilfiger to close stores in NY, Miami Beach

Another Fifth Avenue fashion titan has announced it will shutter its flagship on the famed shopping strip, serving a reminder of the decline of brick-and-mortar retail. Tommy Hilfiger will close its 22,000-square-foot store at 681 Fifth Avenue, according to Women’s Wear Daily. The company will also reportedly close its store on Collins Avenue in Miami at the end of April. In a statement to WWD…

Miami seeks proposals for major bayfront development

Maurice A. Ferré, a long-time City of Miami mayor, is not happy that the city that just renamed a waterfront park in his honor plans major redevelopment of adjacent city-owned property, including what’s known as the FEC Slip downtown. In a March 25 letter to the mayor and city commission, Mr. Ferré voices objections to a plan to put a Ferris wheel at Bayside Marketplace, and to an active request for…

American Airlines club deal nets county $80 million

A deal to expand American Airlines’ VIP club space at Miami International Airport (MIA) by more than 52% and yield Miami-Dade County more than $80 million over a decade is one vote from approval. County lawmakers in a tourism committee last week forwarded a 10-year lease agreement with the air carrier to a final April 9 vote. If given the OK, the new deal, sponsored by Commission Vice Chairwoman…

Ready Capital Provides $8M Acquisition Loan for Vacant Retail Property in Miami

Ready Capital has provided an $8 million acquisition, renovation and lease-up loan for an 8,000-square-foot, vacant building in the Miami neighborhood of Wynwood. Ready Capital provided the nonrecourse, interest-only, floating-rate loan that features a 36-month term with two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant…

Alton Gateway changes marching forward

The Alton Gateway developers have proposed changes in their original plans for the condominium tower, park and retail off the MacArthur Causeway entrance to Miami Beach. The amendments passed a first reading this month and are due a final vote in April. The Alton Gateway Development is to bring a luxury condo, three-acre park and retail behind Bentley Bay Condominiums and the Floridian.

University of Miami dorms learning sites

When the University of Miami administration decided to replace its 50-year-old dorms with two sleek new clusters of mixed-use buildings, the focus changed. “This isn’t just housing; it’s an extension of the learning environment,” said Jim Smart, UM’s executive director of Housing and Residential Life. Buildings in each cluster feature housing on the upper floors and classroom, office, recreational, study…

Logistics Company Renews 364,608 SF Industrial Lease in Miami

Ceva Logistics, a global logistics supply chain company, has renewed its long-term, 364,608-square-foot lease to fully occupy 5601 NW 72nd Avenue in Miami. The industrial property is situated about seven miles west of Miami International Airport. Thomas Kresse, Ben Eisenberg Walter Byrd and Carlos Gaviria of Transwestern Commercial Services represented the landlord, Clarion Partners, in the lease…

Ex-Mayor Maurice Ferré pleads to bar bayfront Ferris wheel

One of Miami’s most revered and celebrated former mayors, Maurice A. Ferré, this week delivered a strong message to current leaders at City Hall: Save the waterfront. In a detailed, four-page March 25 letter sent to Mayor Francis Suarez and all five commissioners, the long-time mayor and community leader pleaded with them to protect public open spaces and parks. Mr. Ferré specifically opposes a…

Insurance premiums could rise as more extreme storms hit coastal markets

It’s no secret that coastal homes are becoming more vulnerable to extreme weather and other effects of climate change. But the cost of living on the coast has remained relatively stable in waterfront areas of Miami Beach and the Northeast. That’s partly due to an influx of capital in the insurance industry that has increased competition and kept premiums artificially low, Bloomberg reported. At the…

Brickell House condo owners reach $32M settlement over failed robotic parking

When Brickell House opened in 2014, condo owners thought they were buying into an ultra-modern luxury tower with panoramic views of Biscayne Bay and a new state-of-the-art robotic car elevator that would bring them their cars within 10 minutes. Shortly after closing on their units, however, buyers realized the dream of hassle-free smart parking wasn’t to be: The technology flopped, the elevator’s…

Baywood buys Red Roof Inn near MIA

Baywood Hotels paid $13.1 million to buy a Red Roof Inn near Miami International Airport, amid a growing hotel market. The Maryland-based company bought the 200-room hotel at 3401 Northwest 42nd Avenue for $65,500 per room from Ontario, Canada-based Westmont Hospitality Group. Westmont Hospitality Group previously paid $7.35 million for the 83,765-square-foot building in 1996…

“We’re losing money every day”: Moishe Mana urges patience on downtown Miami plans

Moishe Mana wants you to be patient. Mana, downtown Miami’s biggest landlord with roughly 45 properties on and near Flagler Street, said he’s finally ready to move forward with his plans for the area. Over the past several years, he’s spent at least $350 million acquiring real estate in downtown Miami, in addition to the land he owns in Wynwood. But he has made little progress on launching an art and…

Downtown Miami’s Hotel Sector Shines On

Downtown Miami has recorded a 37 percent increase in overnight stays over the past five years, according to a recent tourism report released by the Miami Downtown Development Authority. This is due to the region’s growing appeal as a leisure destination, growth of passenger volume at Miami International Airport and PortMiami, as well as the area’s enhanced business activity. More than six million…

David Beckham’s Soccer Club Tries To Win Over Miami While Flirting With Fort Lauderdale

David Beckham’s new Major League Soccer team, Inter Miami, has gone through a lot — multiple proposed-then-nixed stadium sites, a key public vote, legal challenges and scads of political battles — to get where it is now: negotiating to build a 25,000-seat stadium and $1B mixed-use project on a city-owned golf course. In the meantime, because the team is scheduled to start playing in 10 months, it…

New apartments near Coral Gables hit the market with rents starting at nearly $2,000

New York City-based Greystone Development started leasing The Aura, a new 100-unit apartment building near Coral Gables with monthly rents starting just under $2,000. Greystone is offering one-bedroom, one-bathroom units for $1,995 to $2,280 per month. Two-bedroom units with two or two-and-a-half bathrooms are available for $2,700 to $3,190 per month. The company currently…

Judge upholds Miami referendum on land lease negotiations for soccer stadium project

A judge upheld the result of a Miami referendum authorizing the city to negotiate a lease for a stadium where David Beckham’s Major League Soccer team would play. The ruling by Miami-Dade Circuit Judge Mavel Ruiz preserved the outcome of the referendum in November, when 60 percent of Miami voters authorized the negotiation of a 99-year lease for the development of a stadium and…

Video: Discussion of Multifamily and Housing from Expectations and Market Realities Outlook Report of NAR, Deloitte, & Situs RERC

Observations and expectations related to multifamily and housing as discussed in the report, Market Expectations and Realities, a combined effort of NAR, Deloitte, and Situs RERC, are discussed, The discussion is held by George Ratiu, Director of Quantitative & Commercial Research with the National Association of Realtors® (NAR). He talks about the continued strength in the multifamily…

Mo Vaughn’s firm sells Miami River affordable housing building

A company led by former Major League Baseball All-Star Mo Vaughn sold an affordable housing building in the Miami River District for $6.8 million. An affiliate of Vaughn’s Omni New York sold the 61-unit Temple Court Apartments at 431 Northwest Third Street for $111,475 per unit. The buyer is an affiliate of the Atlantic Housing Foundation, a Dallas-based affordable housing…

Miami’s Next Generation: 5 30-Somethings Doing Big Real Estate Deals

Not all millennials are crying into their avocado toast over their crushing student loan debt — some of them are already out developing real estate. Of course, it helps to have been born into the business, like Related Group Vice President Jon Paul Perez or hotel scion Dev Motwani of Merrimac Ventures, two of six men who made up a lively panel discussion during last week’s Bisnow Fort Lauderdale State…

Arbor Coconut Grove nabs construction loan

The developers of the Arbor Coconut Grove, a boutique luxury condo project, closed a nearly $21 million loan to complete construction. Property records show 3034 Oak Park LLC closed on the $20.7 million in financing, which adds to a $2.3 million bridge loan from 2017. trez Forman Capital is the lender. Trez Forman President and CEO Brett Forman arranged the financing, according to a press…

Miami to see oversupply, high vacancies in CRE and multifamily by 2020: report

Between now and the end of next year, urban neighborhoods from Brickell to Midtown Miami will see the completion of several signature mixed-use projects. Yet, as a result, Miami’s urban core is going to experience an oversupply and high vacancy rates in the retail, multifamily and office markets, according to a recent CoStar report. The report, prepared for the Commercial Industrial Association…

Save Thousands With an ADA Inspection

As the owner of a commercial building, making sure that your investment is ADA compliant is your responsibility. But ADA compliance is about more than ramps and parking spots. There is a long list of standards that your building must meet in order to be ADA compliant. And the only way to make sure that you’re adhering to those standards is to get a professional ADA inspection. Can You Afford…

Zom partnership plans mixed-use project on Ludlam Trail

Zom Living, Scout Capital and Mattoni Group paid $36 million for a portion of the Ludlam Trail in Miami, where they plan to build a mixed-use project. Florida East Coast Industries sold roughly 13 acres of land to the joint venture, which includes 6 miles of unused rail tracks and a 100-foot right of way where the tracks previously were, according to a release. Zom and its partners plan to build 950…

Downtown Miami’s hotel pipeline could more than double existing supply: report

Developers are banking on rising demand for hotels in Greater Downtown Miami, where the pipeline of new development includes more than 12,000 hotel rooms spread across 43 projects. A new report from the Miami Downtown Development Authority found that the number of rooms planned – nearly 4,000 – and the number of rooms proposed – roughly 8,200 – would lead to more than doubling…

Miami investor buys industrial site next to Florida Turnpike

Investor Peter Greither sold an industrial property next to the Florida Turnpike in Miami to an affiliate of Rodan Property Management for $12.25 million. Greither’s Greither Holdings LC sold the 5.8-acre property at 14121 to 14267 Southwest 119th Avenue. The buyer is Rodan X LLC, which is tied to Alireza Shadravan of Coconut Grove, according to Central Commercial Real Estate. Enrique Jordan of Central…

Here are South Florida’s top 5 retail sales from February

Commercial real estate firm KLNB paid $18.3 million to buy a CVS-anchored building on Washington Avenue in Miami Beach, two years after it hit the market. KLNB bought the two-story,12,443-square-foot building at 983 Washington Avenue for $1,470 per square foot, records show. Club Invest Group LLC, which is managed by Eugenio Marrapodi, sold the property to the Washington, D.C.-based…

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…

Late Real Estate Exec Andrea Greenberg’s sister, friends speak out over ex-boyfriend’s death

New alleged details surrounding the death of Andrea Greenberg and the recent apparent suicide of her ex-boyfriend are being unveiled by Greenberg’s sister and former friends of the couple. Alejandro Aparicio died earlier this month in an apparent suicide after he rammed his motorcycle head-on into an 18-wheel truck in the Everglades. He was facing charges of grand theft, organized fraud and forgery for…

Real Estate 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…

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…

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