Aimco’s waterfront Brickell office and apartment towers hit the market for $650M: source
Brickell hit the market for roughly $650 million, marketed as a possible redevelopment opportunity, The Real Deal has learned. The Denver-based real estate investment trust wants to sell the 32-story Brickell Bay Office Tower at 1001 Brickell Bay Drive and the 31-story, 357-unit Yacht Club Apartments at 1111 Brickell Bay Drive, according to a news release from the listing brokers…
28-Lane Lucky Strike Opens At Miami Worldcenter As Project’s Next Phase Being Planned
Bowlero’s Lucky Strike opened this week at Miami Worldcenter, while the next phase of the development is being planned. Lucky Strike Miami is located at Worldcenter’s Jewel Box and features 28 lanes, including a VIP room with six private bowling lanes. The 30,000 sq. ft. facility also features an arcade, a craft cocktail bar, and culinary offerings. Bowlero first announced the…
Lucky Strike Returns to Miami After a Decade
After closing a decade ago in Miami Beach, Lucky Strike has returned with bowling, arcade games, and, of course, a food and cocktail menu that screams Miami — this time, in downtown Miami. Over a decade ago, the bowling venue was a popular venue just off of Lincoln Road in South Beach, but it closed down in December of 2014. Years later, in September of 2023, Bowlero…
R&B Realty’s Gateway at Wynwood hit with foreclosure lawsuit
The owner of a fairly new Wynwood office building is facing foreclosure over an alleged $101 million mortgage debt. Wilmington Trust NA, as trustee for Boise-based A10 Capital, sued an affiliate of New York-based R&B Realty for allegedly defaulting on two loans by failing to make monthly… The mortgages are secured by Gateway at Wynwood at 2916 North Miami Avenue in Miami.
$113M Foreclosure Suit Filed At New York Developer’s Wynwood Office
The developer of a recently completed Wynwood office building is at risk of losing control of the property after falling behind on mortgage payments, according to a foreclosure suit filed this week. New York-based R&B Realty Group was sued Tuesday, with its lender claiming it hadn’t made a payment since November on two mortgages totaling $113M tied to The Gateway at Wynwood.
New Construction Hotel Proposed In South Beach With 238 Rooms
An application has been filed with Miami Beach planners for a new hotel on Washington Avenue. Renderings show the hotel will be named The Cloud One. The chain has locations in New York, Hamburg and Nuremberg. The new South Beach hotel will rise 7 stories and have 238 hotel keys, with a rooftoop pool deck and lounge with outdoor seating, along with a ground floor…
Miami-Dade Breaks Ground On Dadeland South Intermodal Station
Miami-Dade County held a groundbreaking ceremony yesterday for the Dadeland South Intermodal Station. The Station is the southernmost end of the existing Metrorail system and is the northern terminal station of the South Dade TransitWay. The $66m project includes enhancements at the 40-year-old Dadeland South Metrorail station, as well as new connectivity to the…
South Florida MF Rents Rise Dramatically Since COVID, While Bay Area Stagnates
In the four years since the global pandemic began and caused massive swings in the U.S. apartment industry, average effective rents have climbed approximately one quarter nationwide. Two regions of the country, however, demonstrate the two extremes of that rent change. In South Florida, which is comprised of three markets including Miami, Fort Lauderdale…
South Florida and Bay Area Truly a Tale of Two Apartment Markets
Population growth and employment gains have combined to create the greatest disparity in rent growth percentage between key apartment markets since the pandemic, according to RealPage Analytics. While in South Florida apartment growth is climbing – performing better than in any area in the country – the opposite is the case for the Bay Area in Northern…
CREI Holdings has secured a $67 million construction loan from Centennial Bank to build an affordable workforce housing mid-rise building at 455 Northwest 114th Avenue in the City of Sweetwater, Miami-Dade County. Construction of Li’l Abner III is set to begin in the second quarter of 2024 and be completed in the second quarter of 2026. Prospective tenants can now register…
CREI lands $67M construction loan for Sweetwater apartment building
CREI Holdings nabbed $67 million in construction financing to build an $83 million multifamily project with 326 apartments in Sweetwater. Conway, Arkansas-based Centennial Bank provided the construction loan to Sweetwater-based CREI, a press release states. The developer is planning to break ground next quarter on Li’l Abner III, an eight-story building with the one…
Developer Files Pre-Application for 856-Unit Complex at the Earlington Heights Metrorail Station
A developer has filed a pre-application for a workforce housing complex at the Earlington Heights Metrorail Station in Miami-Dade County. The unnamed project would require close to 945,000 square feet of new construction, comprising two 15-story buildings, connected by an amenity deck. Together, they would feature 856 residences, and they would measure 441 sf…
Judge Nixes Approval Of Miami-Dade UDB Expansion For Industrial Megaproject
The decision marks the latest chapter in the controversial proposal for the 5.9 million-square-foot South Dade Logistics and Technology District on the southeast corner of the Florida Turnpike and Southwest 122nd Avenue in an unincorporated area of southeast Miami-Dade. The post Judge Nixes Approval Of Miami-Dade UDB Expansion For Industrial Megaproject appeared…
Design review board approves Art Falcone’s condo-hotel at Miami Worldcenter
Art Falcone’s planned Miami Worldcenter condo-hotel and two other mixed-use projects got the green light from the city’s architecture panel. In addition to Falcone Group’s 53-story tower, the Miami Urban Design Review Board approved Dulce Vida, a planned eight-story apartment building in Allapattah to be developed by Coral Rock Development, and a planned 35-story high-rise…
Top Off Ceremony Held For 39-Story Downtown Miami Tower
A top off ceremony was held earlier this month for a 39-story downtown Miami that is being built without a parking garage, according to contractor Craft Construction. A total of 343 condos are being built, which will be permitted for rental on a short term basis through platforms such as Airbnb. All of the condos are sold out. Foundation work began in July 2022, with the first tower…
Construction Underway On $136M Parking Garage At MIA
A new parking garage is now under construction at Miami International Airport. The new Park 6 garage is being built adjacent to the existing Flamingo Garage, and will have 2,240 spaces. Miami-Dade County says it is spending $136 million on the project. That equates to a cost of around $61,000 per space. Both passenger and employees will use the new 7-story garage, the county…
HTG, AM Affordable Housing Open $44M Tucker Tower Senior Apartments in Miami
Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have opened Tucker Tower. The $44 million affordable housing community for seniors age 62 and older is located in the Perrine neighborhood of southern Miami. Tucker Tower, the eighth joint venture…
Japanese drugmaker Noven gets county aid to expand in Miami-Dade
Miami’s pharmaceutical world is gearing up for an expansion of Japanese-owned Noven Pharmaceuticals Inc. as county commissioners last week approved a $709,420 incentive to grow Noven’s South Dade operations. The company plans to add 24,500 square feet to its current operations in 118,600 square feet at 11960 SW 144th St. and increase employment by 10 persons to…
Plans for Avenues elite private school in Miami “indefinitely suspended”
Avenues The World School “indefinitely suspended” its planned development of a $180 million private school campus in Miami, more than five years after acquiring the site. A lack of demand for an elite private school like Avenues wasn’t the issue. Top private schools across South Florida have reported long wait lists for enrollment, with private school acceptance becoming…
Elite Private School Backs Out Of $180M Miami Campus
Wealthy new Miamians who are desperate to place their children in private schools have one less option to hold out hope for. Avenues: The World School has canceled its plans to build a campus in the city’s Little Haiti neighborhood that could have accommodated 2,500 students, the private school confirmed to Bisnow. Avenues had a deal in place to build a $180M, 717K SF facility…
Ronald Wasson: Aventura city manager seeks to develop parks, open spaces
For the past six years, Ronald Joseph Wasson has been running the City of Aventura as the city manager – putting the residents’ quality of life first. Mr. Wasson says he plans to continue to provide beautiful landscaping, open spaces and parks along with negotiations for a new school development and maintaining the most qualified city staff. With over 35 years of executive-level management…
Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, are excited to announce the completion of Tucker Tower, a new $44 million, 120-unit affordable housing community for seniors aged 62 and older at 9910 Hibiscus Street in the Perrine neighborhood…
Turnberry scores $172M construction loan for SoLé Mia condo tower in North Miami
Turnberry secured a $172 million construction loan for One Park Tower at SoLé Mia, a planned luxury condo tower. Bank OZK, one of the largest construction lenders for South Florida projects, is providing the financing for the planned 33-story, 292-unit building at 2411 Laguna Circle in North Miami. A Berkadia team led by Scott Wadler and Alec Fox arranged the loan, which closed…
Photo: Equipment At Miami Freedom Park Stadium Construction Site
Equipment can be seen at the Miami Freedom Park construction site, where a 25,000 seat stadium is planned for Inter Miami. Multiple construction permits are now in process for the site, including phased foundation and vertical permits. According to Miami New Times, Miami-Dade commissioners voted in December to ask for $5 million of state taxpayer funding to clean up…
Short-Term-Rental-Friendly 172-Unit Domus Brickell Park Breaks Ground
A short-term-rental-friendly condo project has broken ground in Brickell and obtained construction financing. Domus Brickell Park is planned to include 172 condo units in a 12-story building. North Development, a joint-venture between Ricardo Dunin’s Oak Capital and Peru-based Edifica, led by Juan Carlos Tassara, held a groundbreaking ceremony at the construction site…
North Development Secures $70 Million Construction Loan, Breaks Ground On Domus Brickell Park
North Development has begun construction on Domus Brickell Park, a new addition to Miami’s Brickell Financial District known for facilitating short-term rentals. The project, a collaborative venture between Oak Capital’s Ricardo Dunin and Peru’s Edifica led by Juan Carlos Tassara, secured a $70 million construction loan from Forman Capital and Core Capital. Designed…
Ricardo Dunin, Peruvian partner score $70M loan for Domus Brickell
Developers Ricardo Dunin and Juan Carlos Tassara secured a $70 million construction loan for Domus Brickell Park, a short-term rental friendly condo development in the works. Forman Capital and Core Capital provided the financing to North Development, a joint venture between Dunin’s Oak Capital and Tassara’s Edifica, for the planned 12-story, 172-unit Brickell-area building…
Beitel lists Edgewater dev site for $75M, but is it really for sale?
An out-of-town developer boasts he’s still committed to building a mega-project in Miami. So why would Ben Beitel go through the trouble of hiring a commercial brokerage to market his entire blocklong site? In a recent phone interview, Beitel insisted his eponymous Brooklyn-based firm is not really interested in selling the nearly 3-acre development site in Edgewater.
Aria Development Group, Largo, and Place Projects Announce Groundbreaking Of 2200 Brickell
Aria Development Group, Largo, and Place Projects have announced the official groundbreaking of 2200 Brickell, a luxury 5-story residential development at 2200 Brickell Avenue in the heart of Miami’s Brickell neighborhood. Designed by Revuelta Architecture International, with interiors by the award-winning team at ODA New York, this building will offer 105…
Craig Robins and partners add retail building to Miami Design District portfolio
Craig Robins and his partners have a new addition to their Miami Design District portfolio, picking up a retail building for $18 million. An affiliate of Miami Design District Associates acquired a 5,668-square-foot store at 80 Northeast 40th Street, records and Vizzda show. Miami Design Center Associates is a partnership between Robins’ Miami-based Dacra, L Catterton Real Estate…
2200 Brickell Development With 105 Luxury Condos Breaks Ground
The developers of 2200 Brickell held a groundbreaking ceremony this morning. The 5-story development includes 105 luxury condos priced from $1.2 million. Aria Development Group, Largo, and Place Projects are the developers. Revuelta is the architect, with interiors by ODA New York. Completion is planned for 2026.
New Tower At Miami Worldcenter’s Block C Approved
Miami’s Urban Development Review Board voted yesterday to recommend approval of a new tower at Miami Worldcenter’s Block C. The board praised the clean and elegant design of the tower, according to architect Nichols. The new tower is planned to rise 53 stories, or 632 feet above sea level at the roof, and include: 280 hotel keys 351 multifamily units with multiple amenity levels bar…
Miller Construction Delivers 143,571 SF Industrial Facility in Medley
Miller Construction Co. has delivered a 143,571-square-foot warehouse located at 7290 N.W. 77th Court in Medley, a town in Miami-Dade County. Woods Grove Capital is the developer of the Class A industrial facility, which features 36-foot clear heights, 42 columns with 54-foot spacing, 37 dock doors and two drive-in ramps. The project team includes IBI Group’s RLC Architects, Puga…
South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects
Here’s our quarterly summary South Florida commercial real estate focusing on Miami retail real estate. The report includes statistical highlights (cap rates, vacancy rates, absorption, etc), the latest retail transactions, signed leases, retail trends, and current market activity. The retail real estate report is updated by our CRE experts who focus on the retail real estate sector. The analysis…
It May Be the End of an Era for Duffy’s Tavern in Miami
Just on the edge of Coral Gables lies Duffy’s Tavern, a quirky, cash-only Irish sports bar that has served beer, loaded sandwiches, soups and chili, fish dip, and burgers to a sports-loving crowd for almost 70 years. It’s been the place to go to when you want to cheer a local team on, especially the Hurricanes or the Dolphins because every inch of wall space is lined with a sports banner…
Lease roundup: Mac & cheese restaurant moving HQ in Boca Raton, Raccoon Coffee opening in Miami
Raccoon Coffee leased 1,800 square feet at 23 Northeast 17th Terrace in Miami, marking the first retail tenant at the development, according to the landlords’ news release. Wynwood Haus is in the Arts & Entertainment District, which is south of Wynwood. Raccoon Coffee will operate a full-service food truck in front of its space until the interior buildout of its new space is finished…
Why there’s confidence South Florida is (mostly) immune to a commercial real estate correction
Whatever the national real estate market experiences, South Florida’s market overdoes it. That’s the usual playbook. But commercial real estate experts here and elsewhere think the region’s commercial real estate market should be largely immune to the difficulty other areas are experiencing. And there are plenty of worries about commercial real estate and the risks it may pose to the…
Fort Lauderdale-based BTI Partners has reached a significant milestone with the topping-off of The Bread Building, a 25-story apartment tower at 1740 South Young Circle in downtown Hollywood. The redevelopment of the former Hollywood Bread Building site will bring 362 luxury apartments and 16,000 square feet of retail space to the city’s vibrant heart. Modis Architects…
Kushner buying dev sites near Hard Rock Hotel & Casino in Hollywood
Kushner Companies is under contract to buy a land assemblage in Hollywood near the Seminole Hard Rock Hotel & Casino, The Real Deal has learned. New York-based Kushner, led by Charles Kushner, his daughter Nicole Kushner Meyer and Laurent Morali, is buying the two adjacent plots at 4220 and 4231 North 58th Avenue, according to sources. The sites are just south of Stirling…
37-Story ‘Icon Beach’ To Offer 350 Condos At 3724 South Ocean Drive in Hollywood
Sales have launched for a 37-story condo in Hollywood, Florida––despite not breaking ground yet. Icon Beach is set to offer 350 condos, ranging from one-bedroom to three-bedroom floorplans. The Real Deal reports that homes would span 950 to 2,600 square feet, with ownership starting at $825,000. In addition to the residences, Icon Beach would offer 30,000 square feet…
Construction Starts on ‘The Tropic’ at 1744 N. Federal Highway in Hollywood
Construction has started on The Tropic, a 224-unit development in Hollywood, Florida. The 18-story workforce housing project will comprise one-bedroom to three-bedroom homes, with half intended for those making at or above 100 percent of the area median income (AMI). At the time of publication, Broward County Affordable Housing noted that the AMI for 2022 in Broward…
Stiles, PGIM’s new apartment building in Plantation hits market for $150M
Stiles and PGIM Real Estate’s 315-unit Ellsworth apartment building in Plantation hit the market for roughly $150 million, The Real Deal has learned. Fort Lauderdale-based Stiles and Newark, New Jersey-based PGIM want to sell the property, which is 93 percent leased, according to a source, who also confirmed the asking price. Ellsworth offers one-bedroom to three-bedroom units…
The FAT Village master plan, a collaborative effort between Hines and Urban Street Development, has broken ground, setting the stage for vertical growth within the 5.6-acre site in Fort Lauderdale. This expansive urban redevelopment aims to transform the FAT Village district with an influx of new housing, retail options, dining venues, Class AA office spaces, and entertainment…
Developer Proposes 189-Unit Complex for 700 N.W. First Avenue, Fort Lauderdale, Florida
Blue River Realty hopes to get approval for a multi-family housing development in Fort Lauderdale. The unnamed venture would measure 12 stories, requiring 280,972 square feet of new construction. Upon completion, it would offer 189 apartments—offering studios and two-bedroom units. Per the South Florida Business Journal, they would span about 490 square feet to 1,355 square feet…
FAT Village Breaks Ground in Fort Lauderdale, to Have 850 Residential Units
Fort Lauderdale’s FAT Village has broken ground after developers secured $220m in construction financing. The development site spans 5.6 acres over two city blocks, and will include: 850 residential units 200,000 square feet of Class AA office space 80,000+ square feet of food, shopping, entertainment, art studios, and galleries 1,200 parking spaces Completion is planned in 2026.
Trinsic plans 340-unit apartment building in Fort Lauderdale’s Cypress Creek area
Trinsic Residential Group plans to build a 340-unit apartment building with an affordable housing component on a parking lot next to a Westin hotel in the Cypress Creek area of Fort Lauderdale. Trinsic hopes to break ground on the 12-story apartment building by the end of this year and will operate the building under its Aura brand, said Chad Bradshaw, Trinsic’s managing director…
DigitalBridge Signs 79 KSF Delray Beach HQ Lease
Sundy Village will consist of 180,000 square feet of office space and 30,000 square feet of retail. Image courtesy of Pebb Capital Sundy Village will consist of 180,000 square feet of office space and 30,000 square feet of retail. Image courtesy of Pebb Capital Sundy Village will consist of 180,000 square feet of office space and 30,000 square feet of retail. Image courtesy of Pebb Capital…
Related Group & BH Group Unveil The Ritz-Carlton Residences, West Palm Beach
Miami-based real estate developers Related Group (Related) and BH Group have unveiled The Ritz-Carlton Residences, West Palm Beach (The Residences) at 1717 North Flagler Drive. Envisioned by an award-winning team that includes design luminaries Arquitectonica and Rockwell Group, The Residences reflect the highest expression of the brand in a boutique setting – offering…
Tiger Woods-Backed Golf League Rolls Out New Stadium Plans Following Collapse At First Arena
After heavy storms led to the partial collapse of its under-construction arena, a virtual golf league backed by Tiger Woods and Rory McIlroy is taking a mulligan with a more resilient design. The league, called TGL presented by SoFi, revealed design renderings and plans for a new stadium in Palm Beach Gardens, Florida, on the Palm Beach State College campus. The league is expected…
Lotis scores $44M construction loan for Wellington mixed-use project
Lotis Group scored a $44 million construction loan for the first phase of its massive planned Wellington mixed-use project. Lotis, led by John Markey, Adam Freedman and James Gielda, plans The Square & Residences at Lotis Wellington, as the first phase is named, with 372 apartments in garden-style complexes; 60,000 square feet of medical offices and 61,400 square feet…
Trump Plans Office Building at his Jupiter Golf Course as $454M Judgement Looms
With New York’s attorney general preparing to potentially seize Donald Trump’s properties, the former president is planning to build a new office at his golf course in Jupiter, Florida. Plans call for a three-story office building on a parking lot at Trump National, the golf club north of Palm Beach that the former president has owned since 2012. The 45K SF building could cost up to $15M..
Industrial Market Will Resume Expansion In 2025, Experts Say
NAIOP pinpoints 2025 as when the industrial market will start to expand. It estimates that quarterly net absorption of industrial space will average 14 million square feet per quarter over the next two years, or 62.8 and 49.1 million square feet in 2024 and 2025, respectively. This forecast represents a relative “cooling” trend following what had been a protracted period of above-average…
Video: Seyfarth Partner Ron Gart Presents 2024 Real Estate Sentiment Survey
The Discussion: Navigating Commercial Real Estate Trends; Insights from the 2024 Market Sentiment Survey In the ever-evolving landscape of commercial real estate, staying ahead of market trends is paramount for professionals across the industry. To shed light on the current sentiments and expectations within the sector, the 2024 Real Estate Market Sentiment Survey…
How technology can help optimize multifamily operations
“Embracing technology unlocks efficiency and sustainability across all industries, particularly in the multifamily space,” said Witness Yi, Central Region Treasury Services Manager for Commercial Term Lending. “In today’s world of growing competition, operational bottlenecks and rising costs, leveraging technology not only keeps our clients’ costs in check but differentiates…”
Florida Gov. Ron DeSantis signed into law a controversial bill that will make it easier to demolish aging coastal properties, another major win for developers from the Florida Legislature. Senate Bill 1526 strips local municipalities of their authority to ban, restrict or prevent the demolition of “nonconforming” and unsafe structures. The exceptions are for buildings individually placed…
The developer of the planned Edition Residences in Miami’s Edgewater is on unforeseen footing after a recent ruling that could cost it millions of dollars, and alter the landscape of future condo buyouts and terminations statewide. Two Roads, a Miami and West Palm Beach-based development firm led by Reid Boren and Taylor Collins, completed a bulk $150 million purchase…