Co-Living Community ‘i5 Wynwood’ Reaches Completion At 51 NW 28th Street In Wynwood
i5 Wynwood, a newly completed co-living community in Miami’s Wynwood neighborhood, is now welcoming its first residents. Located at 51 Northwest 28th Street, between North Miami Avenue and Northwest 1st Avenue, this 9-story residential building was designed by Arquitectonica and has interiors by Michael Wolk. Developed by Related Group and W5 Group, i5 Wynwood…
i5 Wynwood Co-Living Community Reaches Completion With 215 Suites
Hundreds of new residents are about to begin moving into a newly completed co-living building known as i5 Wynwood. Leasing and move-ins for i5 Wynwood have now begun, according to a press release. Residents will have their own private bedroom and ensuite bathroom, inside a 3 or 4 bedroom apartment. The living area and kitchen will be shared. Prices start at…
35-Story Domus Brickell Center Announced, With Sales Now Underway
Developers have announced plans and launched sales for a new 35-story tower called Domus Brickell Center. Domus Brickell Center is planned to include 579 fully finished and furnished units allowing short term rentals. Prices range from the $500,000’s to $1.5 million. Brickell’s Metrorail and Metromover stations are a block away from the project site. The Domus concept…
Ricardo Dunin, Peruvian partner launch sales of second Domus-branded Brickell condo project
Ricardo Dunin and his Peruvian partner, Juan Carlos Tassara, are launching sales of their second Domus-branded short-term rental-friendly condo tower in Miami’s Brickell neighborhood. Dunin, CEO of Miami-Based Oak Capital and co-founder of North Development, his joint venture with Tassara, said his aim for Domus Brickell Center, as the project is named, is affordability…
Three Proposers Shortlisted For Downtown Miami 24-Hour Metrocenter Project
Downtown Miami’s Metrocenter development is advancing. The county has now shortlisted three prequalified proposers for the project, according to a memo to commissioners dated last week. Multiple county properties are planned to be redeveloped to make way for Metrocenter. Plans call for around 27 acres in the downtown government center area be redeveloped into…
The Gale Miami Hotel & Residences will open on June 1, according to the Herald. The 51-story tower, formerly known as Natiivo, broke ground in February 2021, so construction took a little over three years. The 160 hotel rooms at The Gale will be offered for both short and long-term stays. The building also includes restaurants (one of which will open in July), 125,000 square feet…
Refinancing for 352-Room EAST Miami Hotel Arranged
Colliers’ Hospitality Practice Group has arranged the refinancing for EAST Miami Hotel, a 352-room hotel located in Miami’s Brickell district. The property is part of Swire Properties’ $1 billion Brickell City Centre development, which features more than 500,000 square feet of shops and restaurants. EAST Miami Hotel opened in 2016 and features meeting rooms, a fitness center…
Wynwood’s tech office boom hits a short circuit
New York-based R&B Realty wrapped a large vinyl sign around the ground-floor windows of Gateway at Wynwood recently. The advertisement is meant to draw the attention of prospective tenants to the 13-story mixed-use building’s 3,500 square feet to 30,000 square feet spaces that are available for lease. Some suites are move-in ready, and an entire floor is available…
Integral Group Breaks Ground on 99-Unit Affordable Seniors Housing Community in Opa-Locka
The Integral Group has broken ground on Wellspring Apartments, an affordable seniors housing community in the Miami suburb of Opa-Locka. Wellspring Apartments will feature 99 units, 67 of which are reserved for residents earning below 50 percent of the area median income (AMI), and the remaining 32 units are for residents earning below 60 percent AMI. The 81,350-square…
Resia scored a $71 million construction loan for a 420-unit apartment complex in Golden Glades, as South Florida continues to defy the nationwide financing slump. The development firm plans four five-story buildings and a 705-space garage on a 7.1-acre site between Northwest 159th Street and Northwest 161st Street, immediately east of I-95 in unincorporated Miami-Dade County…
PortMiami Increases Economic Impact
PortMiami’s economic impact has increased by 48% to US$61.4bn in eight years, according to a study conducted by Martin Associates, which accounts for 4% of the state of Florida’s US$1.6tn Gross Domestic Product (GDP). The study used the same methodology that was carried out in the 2016 report and measured PortMiami’s impact in terms of jobs, business revenue…
Fisher Island potential dev site hits market, bids starting at $200M
Just when it seemed like Fisher Island was tapped out of development sites, a nearly 10-acre fuel depot on the exclusive enclave is now in play. TransMontaigne Partners, a Denver-based energy company that operates fossil fuel storage terminals, is putting its facility at 1 Fisher Island Drive on the market, according to an offering memorandum obtained by The Real Deal. The asking…
MetroCenter development of 17 downtown acres advancing
Miami-Dade County’s $10 billion downtown utopian vision, MetroCenter, had a little more money thrown at it last week. The project, Mayor Daniella Levine Cava said in a presentation last August, is a “transformative redevelopment of the … government center campus.” The county’s Infrastructure, Operations and Innovations Committee voted unanimously to send a resolution…
Miami Downtown Development Authority adds to expansion incentives
Miami’s Downtown Development Authority (DDA) is offering $1.1 million in incentives for businesses to expand operations in the area, stimulate the economy and attract high-quality jobs for local talent. The grant program expands previous incentives and includes funding for ground floor retail, start-up operations and mid-size businesses seeking to move or grow in downtown’s…
South Florida price rises slowing, but still outpace nation
South Florida’s cost of living as measured by the Consumer Price Index is still rising faster than in the nation’s urban areas as a whole, but that pace continues to decline from the soaring inflation of recent years, new federal data reveal. While urban inflation across the nation was 3.4% in April, South Florida inflation grew faster, a 4.5% annual pace, data from the US Bureau of Labor…
FAA Approves Summit at Brickell Tower To be Built At 765 Feet Above Ground
The Federal Aviation Administration has approved construction of the Summit At Brickell tower after a relatively short review process. The project height was filed with the FAA on April 5, with an approval letter issued this morning. Summit At Brickell is planned to rise 765 feet above ground, or 769 feet above sea level at its highest point, according to the approval letter. The 60-story…
Photo: Nearly Completed Arch At Downtown Miami’s Signature Bridge
A photo shows a nearly completed arch at the Signature Bridge under construction in Downtown Miami. The Florida Department of Transportation is spending $840m on a rebuild of the I-95 highway interchange, where it crosses I-395 and the 836 expressway. As part of the project, six arches are being built as a design feature next to the overpasses passing through Miami’s…
Urban Development Review Board Votes In Favor Of Massive 1.8M sf Mixed-Use Development In Overtown
The Urban Development Review Board (UDRB) has voted in favor of a mixed-use development project at 650 Northwest 8th Street and 678 Northwest 7th Street in Overtown, Miami. The planned project, a collaboration between 0101 Miami Properties, LLC, led by Jorge and Jose Mas, and 8th Street Connections Holdings, LLC, an affiliate of Terra, will encompass over 1.8…
1,219-Unit Overtown Development Approved, Construction Timeline Announced
Miami’s Urban Development Review Board has voted in favor of a massive Overtown development, and a construction timeline has been announced by the developer. The UDRB vote 4-0 last week to recommend approval as presented. Developer Terra is working in partnership with an entity controlled by the Mas family on the new community. Three phases are planned.
Miami board green-lights plans for Overtown, Midtown and downtown Miami towers
Developers David Martin, the Más family, Michael Simkins and Gil Blutrich received the green light from Miami’s Urban Development Review Board last week for planned residential projects from Overtown to Midtown Miami. Board members called the three projects “beautiful.” The UDRB unanimously recommended approval of all three developments at its meeting last…
Space Availability in Large Industrial Properties Continues To Rise in South Florida
The slump in industrial leasing continues into 2024, with all South Florida markets seeing slight upticks in vacancy and slowing rent gains. Annual leasing activity has dropped between roughly 20% and 35% below levels achieved during the peak of the pandemic, and except for Fort Lauderdale, leasing activity also remains depressed relative to pre-pandemic average trends.
Vantage Capital pays $21M for 108-unit Hialeah rental complex amid investment sales slowdown
Vantage Capital Partners scooped up a 108-unit apartment complex in Hialeah for $20.6 million, marking one of the few multifamily investment sales this year. Coconut Grove-based Vantage bought the San Sherri Apartments at 1310–1345 West 29th Street from a pair of affiliates tied to Brooklyn-based Freshwater Group, according to records and real estate database Vizzda..
Miami A Launch Market For Uber’s New Shuttle Service
Uber has announced plans for a new shuttle service, and Miami will be the first to experience the new service. Uber said it is partnering with Hard Rock Stadium to launch the new service for concerts this summer. Miami is one of four launch cities named for Uber Shuttle, and the only one with a confirmed destination announced. Exact routes to and from the stadium haven’t…
28-Story Kendall Apartment Tower Shoma 88 Announced Under Live Local Act
Miami-based developer Shoma Group is planning a 28-story apartment tower in Kendall, thanks to Florida’s Live Local Act. The Live Local Act overrides many local zoning rules statewide, if developers commit to building 40% of units as workforce housing. The new Kendall project is known as Shoma 88. “Kendall holds a special place in our hearts,” says Masoud Shojaee…
Construction Progress: Airstream Trailer Amenity Installed At Wynhouse Miami
Construction continues progressing on Wynhouse Miami, an 8-story mixed-use building at 2200 Northwest 1st Avenue in the heart of Miami’s Wynwood neighborhood. Designed by Nichols Architects with interiors by ID & Design International (IDDI) and developed by Fisher Brothers, the recently topped-off, approximately 115-foot-tall structure will deliver 308 rental residences…
Tenant rumble at Robert Rivani’s Wynwood Jungle in Miami
Robert Rivani’s Black Lion is in a legal tussle with a tenant that allegedly backed out of opening a restaurant at Wynwood Jungle in Miami. An affiliate of Columbus, Ohio-based restaurateur Brian Swanson last week sued an affiliate of Miami-based Black Lion Investment Group that owns the 23,000-square-foot retail and restaurant building at 50 Northwest 24th…
Atlantic Pacific, nonprofit partner plan 124-unit apartment project for disabled adults in Kendall
Atlantic Pacific Companies and nonprofit Casa Familia will develop a 124-unit apartment complex in Kendall for tenants with intellectual and developmental disabilities. The Village at Casa Familia will be developed in three phases on 9 acres at 11025 Southwest 84th Street in unincorporated Miami-Dade County, according to a project filing submitted to the county last week. The first phase…
Alta Development Plans ‘SoMi Walk’ for 5959 SW 71st Street in Miami
Alta Development, led by Henry Pino, has plans for a 15-story complex. Upon completion, the proposed SoMi Walk condo would feature 310 units, measuring 490 to 800 square feet each, with prices from $500,000 to $860,000. The development, designed by Miami-based Architecture Form Group, includes a host of communal amenities, such as indoor pickleball courts…
Retail Rents Rise in South Florida as Demand Continues to Outpace Supply
The retail sector in South Florida is undergoing adjustments that reflect the region’s dynamic economic landscape and evolving consumer preferences. One notable trend is evident in the restaurant sector, where owners increasingly aim to expand by opening new locations and entering lucrative markets. This trend is primarily driven by consumer spending, particularly the continual…
33 Alhambra ProCo, LLC, an affiliate of a joint venture partnership between local developer MG Developer and Peru-based VYV, has submitted plans for an 8-story mixed-use development known as Alhambra Parc, also referred to as 33 Alhambra, in Coral Gables. The project aims to develop the 1.12-acre site at 33 Alhambra Circle, which was acquired in 2022 for $19,250,000.
CP Group, DRA Advisors Execute 40,000 SF of Office Leases at Miami Tower
CP Group and DRA Advisors have executed nearly 40,000 square feet of office lease transactions at Miami Tower, a 47-story, Class A office tower located at 100 S.E. 2nd St. in downtown Miami. The executed deals include two lease renewals (H&R Block and Transwestern), one expansion (law firm Assouline & Berlowe) and seven new leases, all of which were for Miami…
850-Foot Residences At Mandarin Oriental on Brickell Key To Break Ground In 2025
Swire Properties has launched sales for The Residences at Mandarin Oriental, Miami and released additional details on the development. Two towers are planned, connected by a landscaped podium. The South Tower will rise 66 stories, or 850 feet, while the North Tower will rise 426 feet. Both are being designed by Kohn Pedersen Fox. The South Tower will have 228 condos…
1,000-Foot Cranes Approved At Cipriani Construction Site In Brickell
The Federal Aviation Administration has approved the heights of several tower cranes planned at the 80-story Cipriani Residences construction site in Brickell. The first crane is now approved to reach a height of 1000 feet above ground, or 1003 feet above sea level. The second crane is approved to reach a height of 980 feet above ground, or 983 feet above sea level. The permanent…
Deal For Brightline To Build Commuter Rail System Nearly Ready
Negotiations on a deal for Brightline to build a commuter rail system on its tracks are “advancing very nicely,” according to a recent report on the SFBJ. Miami-Dade commissioners will probably vote on the deal in June or July, the report said. While Brightline will build the system, it will likely be operated by the South Florida Regional Transportation Agency, which operates Tri-Rail.
Construction Dates & Additional Details Released For Midtown Miami’s Tallest Tower Ever
The developers planning the Midtown 1 tower have announced an expected construction start date and additional details. The tower is proposed to rise 48 stories, or 596 feet above ground, making it the tallest ever in Midtown Miami. There will be 329 luxury condominium units, according to a statement released by the developers. Arquitectonica is designing the building…
New York Hotel Operator Proposes Two New Hotels At 5101 Blue Lagoon Drive Near Miami Airport
New York-based hotel owner MCR, under the M2 Miami Airport Blue Lagoon, LLC, has unveiled plans for two new hotels adjacent to its Hilton Miami Airport Blue Lagoon. The proposal filed as a pre-application with Miami-Dade County officials concerns the 20.6-acre property at 5101 Blue Lagoon Drive, which currently hosts the 14-story, 508-room hotel developed…
WeWork will hold onto its leases for most of its South Florida co-working spaces, while the future of its South Beach and downtown Miami outposts remains in doubt. The firm, which filed for Chapter 11 reorganization in November, is working to emerge from bankruptcy by the end of May, most recently filing a plan to keep 89 co-working spaces in the U.S. and Canada.
3 firms to relocate to recently renovated Doral building
Three companies secured a total of 14,201 square feet in a Doral office building that recently underwent a multimillion dollar renovation. Grupo Eulen, Vanderweil Engineers, and Trust Lending have signed leases and will relocate to the Offices at Doral Square, a 141,246-square-foot building at 8600 N.W. 36th Street. Grupo Eulen will move its Miami office into a 6,026-square-foot…
Developer plans 245-unit senior living facility in Weston
South Florida developer Terry Salzman won site plan approval for the development of a six-story, 245-unit senior living facility in Weston. Fort Lauderdale architecture firm Synalovski Romanik Saye LLC designed the 325,808-square-foot building with 113 units for independent living, 108 for assisted living, and 24 for memory care. A resident of Weston for the last 25 years…
286-Apartment ‘Cypress Crossing’ Could Replace Park-and-Ride in Fort Lauderdale
Oakland Park’s Development Review Committee will review a proposal for Cypress Crossing tomorrow, May 23rd. The mixed-use venture would replace a park-and-ride lot, comprising three buildings: one eight-story building and two 7,500-square-foot retail buildings. According to the South Florida Business Journal, the mid-rise building would offer 286 apartments…
Mixed-Use, 71-Apartment ‘1435 ArtXchange’ Set for 1429 to 1435 Sistrunk Boulevard in Fort Lauderdale
Sirrom Commercial hopes to move one step closer to accomplishing 1435 ArtXchange, a mixed-use project in Fort Lauderdale. The city’s Community Development Agency (CRA) board will consider a $6 million forgivable loan for the workforce housing development which, upon completion would deliver 71 apartments, 5,844 square feet of commercial bays (five total), and a 218…
NRIA’s successor proposes 48-story apartment tower in Fort Lauderdale
The successor to the formerly embattled National Realty Investment Advisors proposed a 48-story, 429-unit apartment tower in Fort Lauderdale’s Flagler Village area. A city review panel told a subsidiary of AIRN Holding Company on Tuesday to consider redesigning the proposed multifamily tower to address excessive podium height and add visual drama to the roofline.
Former funeral home site in Wilton Manors to be redeveloped as boutique hotel with 123 rooms
The owners of a former funeral home in Wilton Manors won city approval to redevelop the property as a 123-room boutique hotel called the Wilton Hotel. The Wilton Manors City Council unanimously approved a rezoning of the hotel development site during the council’s meeting Tuesday night, along with a developer’s agreement and deed restrictions on the development site.
New Renderings Of Broward Elevated Light Rail That Could Eventually Reach Sawgrass
The Sun Sentinel has published new renderings of a people mover system and an elevated light rail system to be built in Broward County. The light rail system is planned to be elevated. It will run 3.5 miles in a first phase, from an intermodal center at Fort Lauderdale airport to the Broward County Convention Center and Port Everglades. Eventually, it could be extended to Sawgrass Mills.
A low-income apartment project for senior residents in Pompano Beach landed a $27.5 million construction loan package, as affordable housing remains immune to the multifamily financing slump. The Housing Authority of Pompano Beach and Jacksonville-based apartment developer Vestcor are building the 100-unit Provident Place with a pair of three-story buildings…
Ares drops $140M for Boca Raton apartments in biggest South Florida multifamily sale this year
Ares Management bought a 284-unit apartment building in Boca Raton for $139.7 million, marking the biggest multifamily sale in South Florida so far this year. Los Angeles-based Ares scooped up the eight-story Ceru property at 5205 Congress Avenue from Fort Lauderdale-based Mainstreet Capital Partners, according to records and real estate database Vizzda. The sale defies the…
Brookfield has agreed to pay US$1.55bn for a 7,300-unit apartment portfolio concentrated in Florida and Texas, Green Street News can reveal. The investment behemoth is buying the 23-property package from Starwood Capital, which evidently pieced the portfolio together over the last five years. The deal values each apartment at US$212,000. It’s not clear if Miami Beach-based…
Lease roundup: Financial firms lease at Steve Ross’ West Palm towers, Pura Vida is in expansion mode
Steve Ross’ Related Companies signed six new tenants in downtown West Palm Beach, amid the developer’s hefty bet on the area’s office market. JPMorgan Chase leased space at the 20-story 360 Rosemary building at 360 South Rosemary Avenue, which Related completed in 2021, Bloomberg reported. Also, billionaire hedge funder John Paulson’s Paulson Capital and private equity…
What’s Trending In Industrial Space? Automation In Towering Cold Storage Boxes
Many in the cold storage space are using ASRS to more strategically manage their inventories. In one instance, an occupant called AmeriCold constructs their new buildings around such a system, and in many cases, they stretch 150 feet in height. To put this in context, that is approximately 12 stories high, and roughly four times the height of the modern concrete…
The Supermarket Rental Sweep: Analyzing Multifamily Rent Premiums Generated by Grocery Store Anchors
Across the country, both urban centers and established suburbs have contended with a mismatch between the desire to densify with contemporary mixed-use development and their existing land use patterns of single-use, low-density development. In particular, many grocery stores were built as sprawling, low-density stores in central locations that today present an inefficient…
Multifamily Distress Rate Nearly Doubles Nationally In April
The worst isn’t over for the distress-riddled multifamily industry, according to new monthly financial indicators. The overall distress rate set a new record of 8.35% in April, according to real estate data firm CRED iQ, with multifamily leading the increase. Multifamily’s distress rate increased from 3.7% in March to 7.2% in April, CRED iQ reported. The jump was led by a loan…
DeSantis Signs Live Local Amendments, Boosting Tax Breaks For Developers
Florida Gov. Ron DeSantis signed into law changes to the Live Local Act that are meant to clarify its rules while providing a boost for developers looking to build affordable and workforce housing. The amendments were one of 11 bills DeSantis signed into law Thursday. Among the changes, which are seen as largely favorable to developers, are increased tax breaks for affordable…
Live Local changes could propel workforce housing boom in South Florida
A “coming soon” sign posted at the construction site of an affordable housing development in Hollywood, a market brimming with new projects, prompted an unexpected response. More than 21,000 people applied to live in the 113-unit future development, called Pinnacle 441. Pinnacle opened a lottery for the units March 15 and closed it 10 days later. It’s no secret that South Florida…
The Weekly Dirt: It’s go time for Live Local projects
Gov. Ron DeSantis signed long-awaited amendments to the Live Local Act into law last week, a relief for developers banking on the changes. Senate Bill 328 generally boosts and clarifies developer incentives under the workforce housing law that the Florida Legislature passed in 2023. It took more than two months for the latest bill to make it to DeSantis’ desk in early May.
The recent Yahoo Finance episode of “Wealth!” featured Morgan Stanley Real Estate Investing Co-CEO, Lauren Hochfelder, who provided an in-depth analysis of current real estate investing trends amidst a volatile market. With shelter prices rising by 5.5% year over year and high mortgage rates coupled with low housing inventory, investors face a challenging landscape. Hochfelder…
How to use the debt service coverage ratio in real estate
The debt service coverage ratio, or DSCR, is a useful metric for assessing a borrower’s ability to cover debt obligations. In real estate, it can measure how easily the net income a property generates can cover its mortgage. The DSCR is one tool real estate investors often use when evaluating potential investment properties. It’s also an important factor lenders consider when investors…
Innovative financing for workforce housing
Half of all U.S. renter households spent more than 30% of their income on rent in 2022, according to the Harvard Joint Center for Housing Studies. In many markets, families are spending the majority of their income on housing costs, leaving limited resources for other needs. When cost burdens are that widespread, low-income renters aren’t the only ones struggling…
U.S. Apartment Transactions Nationally Slump to Lowest Level Since Pandemic
Investments in U.S. apartments continued to decline in 2024’s 1st quarter amid the high cost of borrowing and economic uncertainty. Though the asset class remains an attractive commercial real estate investment, sales have fallen well below pre-pandemic levels. Nearly 1,040 apartment properties changed hands at a value of $20.6 billion during 1st quarter 2024, according…
Bank OZK Has Dominated Construction Lending. Its CEO Has No Plans To Slow Down
No one has handed out more U.S. construction loans over the past year and a half than a midsized bank in Little Rock, Arkansas. In fact, no entity is even close. Bank OZK handed out more than $3B in real estate construction loans in 2023, while its closest competition, JPMorgan Chase and Wells Fargo, each originated less than $2B, according to MSCI. As most banks are pulling…