$1.2B Deal Struck For 15-Acre Development Site On Biscayne Bay
The largest piece of undeveloped waterfront in Downtown Miami has found a buyer at a record price. A partnership led by Terra Group and its CEO, David Martin, have agreed to pay $1.225B to purchase the 15.5-acre site at 1431 North Bayshore Drive on Biscayne Bay, where the Miami Herald’s headquarters once stood. Smart City Miami LLC, an entity formed this month…
SmartCity Miami LLC, an investment group led by Miami-based Terra and its CEO, David Martin, has finalized terms for acquiring a 15.5-acre development site on Biscayne Bay in Downtown Miami. The group will purchase the site, previously home to the Miami Herald newspaper offices, from its owner, Genting Group, for $1.225 billion. The site is the largest undeveloped…
Terra-Led Investment Group Pays $1.2B for Miami Waterfront Site
The property formerly housed the offices of the Miami Herald. Image courtesy of Avison Young SmartCity Miami, an investment group led by Miami-based Terra, is acquiring a mixed-use property in downtown Miami from Genting Group for $1.23 billion. The deal is expected to close before the end of the year. The 15.5-acre development known as BayCity Miami, which formerly housed…
SmartCity Buying Genting Site For $1.2B, Planning ‘Something Spectacular’
SmartCity Miami has announced plans to purchase the former Miami Herald property in Downtown Miami from Genting Group. The sale is set to be completed late this year, at a price of $1.225 billion. There were a total of nine bids for the property from all over the world, and five of those bids were over $1 billion. Terra and its CEO David Martin is leading the SmartCity Miami…
Genting Group Agrees to Sell 15.5-Acre Downtown Miami Development Site for $1.2B
Genting Group has agreed to sell a 15.5-acre development site in Downtown Miami for $1.2 billion. The property is the largest undeveloped waterfront property in Miami’s urban core, according to the seller. SmartCity Miami — an investment group led by locally based Terra and the company’s CEO David Martin — will acquire the property in a transaction expected…
Terra-led group is buying Genting’s downtown Miami site for $1.2B
Genting Group is selling its bayfront downtown Miami assemblage to an investment group led by Terra for $1.2 billion, which could mark the most expensive urban land sale in Florida. The Malaysian gambling operator had secured five bidders, each offering more than $1 billion for the 15.5-acre property as of a month ago. The land, at 1431 North Bayshore Drive, hit the market…
BH scores approval for North Miami Beach apartment tower
BH Group can move forward with plans for a 400-unit apartment tower in North Miami Beach. The North Miami Beach City Commission on Thursday voted 5-0 to approve a site plan for the 32-story building that will also have 1,825 square feet of ground-floor commercial space and a 587-space parking garage, city records show. The city commission also granted 10 variances…
Church sells Palmetto Bay campus for $10M to Westminster Christian School
Westminster Christian School bought the property at 14920 Southwest 67th Avenue, according to records. Westminster, a private school that includes a preschool, as well as an elementary, middle and high school, is immediately south of the site. The property consists of multiple one-story buildings, totaling 14,600 square feet, that include the Christ Congregational Church…
New Rendering Showcases Okan Tower’s Tulip-Inspired Design, Set to Rise 70-Stories In Downtown Miami
A captivating new hero rendering has been unveiled for Okan Tower, a 70-story, tulip-shaped mixed-use tower set to become a landmark in Downtown Miami. Designed by Behar Font & Partners and developed by Okan Group, the 902-foot tall megaplex is located at 555 North Miami Avenue, at the crossroads of culture, entertainment, art, fine dining, and Miami’s waterfront.
New Renderings Released Of Riverwalk Planned Behind Hyatt Supertall Site
Developers planning a three-tower redevelopment of the Hyatt Regency site in Downtown Miami have released new renderings of public space planned, including a riverwalk. The developer are requesting city commission approval for a side yard setback waiver. Commissioners are permitted to approve a waiver if it is determined that public benefits are provided.
City To Consider License Agreement For Brickell Park
Miami commissioners are scheduled to consider a new agreement on the status of a park next to Mary Brickell Village. The commission meeting is scheduled for May 22. Below is a text of the proposed legislation: WHEREAS, the predecessor to 1000 Brickell, Ltd. (“1000 Brickell”) deeded to the City in 1974 (the, “1974 Deed”) the Parcels for use as public parks; and WHEREAS…
Atlantic Pacific proposes 124 rentals at Perrine transit village project
Atlantic Pacific Companies is taking on the next portion of its multi-phase Quail Roost Transit Village project in south Miami-Dade County. The Bay Harbor Islands-based development firm proposes a 10-story building with 124 apartments at 10235 Southwest 186th Street for its second phase of the transit village project, according to an Atlantic Pacific filing submitted…
Kushner JV plans mixed-use apartment project in Wynwood
Kushner Companies entered into a joint venture to develop a mixed-use apartment complex in Wynwood, as the New York firm completes its first projects in the neighborhood, sources told The Real Deal. The latest development, to include 325 apartments and roughly 20,000 to 25,000 square feet of retail space, would rise on the Soho Studios event space site at 2136 Northwest First…
Report: $300B AOM Guggenheim Execs Moving To Miami
A co-president of Guggenheim told Bloomberg that “there’s no formal relocation to Florida.” Guggenheim’s billionaire CEO and co-founder Mark Walter also has no plans to relocate, the report said. Crain’s Chicago is reporting that Guggenheim Partners “is on the verge of deciding to move its headquarters to Miami.” The financial services firm has over $300 billion in assets…
Photo: Downtown Miami’s Cultural Center, Planned To Be Demolished
A photo shows the Miami-Dade Cultural Center, which is expected to be demolished as part of downtown Miami’s Metrocenter redevelopment. The new Miami-Dade civil courthouse tower can be seen rising in the background. The Cultural Center was completed in 1983, with a controversial design that is reminiscent of a fortress. In addition to being pedestrian unfriendly…
Tri-Rail ready to come downtown, wants trains on the tracks
Tri-Rail is pouring on the oil as it races to serve downtown Miami Central Station and is itching to get its trains on the tracks. “We’re working with Brightline and FEC to gain physical access to the corridor,” David Dech, executive director of the South Florida Regional Transportation Authority, which runs Tri-Rail, told the Miami-Dade Citizens’ Independent Transportation Trust…
Midrise residence near Midtown and Edgewater win OK
A new midrise mixed-use residential building is planned for an area near Midtown and Edgewater in the City of Miami. Owner-developer TF Edgewater Apartments LLC has presented plans for Residence 27, a 20-story building at 2728 NE Second Ave., to be home to 247 residential units, about 7,800 square feet of retail, and liners around a parking garage podium for 347 vehicles.
Heading to Hialeah: Developers pour over $620M into project pipeline
Business is booming in Hialeah, as developers gobble up land and secure financing for a bevy of multifamily, industrial, and office projects planned for Miami-Dade County’s second most populous city. Nine developers have dropped nearly $250 million for land acquisitions and borrowed almost $378 million for projects in the “City of Progress,” according to The Real Deal’s research.
363K sf UHealth rising in North Miami
The University of Miami Health System is at work on a 363,000-square-foot facility in North Miami that would offer an extensive list of medical specialties and is to hire over 450 new staff, including physicians, nurses, technicians, and support. UHealth, which is powered by the Leonard M. Miller School of Medicine at UM, broke ground last September on this new medical center…
52-story Miami Worldcenter tower adding to project as it rises
The plan to build a new hotel and condo tower in Miami Worldcenter, already under construction, is changing due to the purchase of an adjacent property. Miami Worldcenter Legacy Hotel will rise at 938 NE First Ave. with 52 stories, home to a 218-room hotel and 308-unit residential condominium, along with office space for a medical facility. The project was first approved…
In southern Miami-Dade Costco site debate, four pivotal county concerns at stake
Four classic government dilemmas converged as county commissioners debated the sale of South Dade land they had dedicated two decades ago to vital water and sewer use to developers of a big-box Costco store. Clashing were concerns of have-not areas versus areas that do well economically, the need of government to be a good steward of its properties versus private…
End of the line for Nikki Beach?
Miami Beach elected officials are laying the groundwork to find a new operator for the Nikki Beach property, the longtime restaurant and outdoor club on prime waterfront in the city’s South of Fifth neighborhood. On Friday, commissioners voted 5-2 to authorize City Manager Alina Hudak to enter into a non-binding term sheet with Boucher Brothers to take over the two-story…
Industrial Landlords More Willing To Negotiate Lease Terms, Report Says
Although demand for industrial space remains strong, rising interest rates and a looming recession has offered some prospective tenants more room to negotiate. Uncertainty about the overall economy is making credit even more important to landlords, and tenants with strong credit will have increased negotiating power – within reason. The post Industrial Landlords More Willing…
Dolce & Gabbana Planning Major Residential Project In Miami
Dolce & Gabbana announced plans recently for a “large-scale operation” in Miami’s real estate market. Miami will see a “major residential project,” Dolce & Gabbana said in a social media post. An exact project location was not revealed. The company is partnering with JDS Development Group, according to the announcement. JDS is building the massive 1 Southside Park…
Adapting to challenging market: Developer retools planned Aventura condo tower
The developer of a planned Aventura luxury condo project that launched sales in the fall is expanding the number of units and lowering prices to adjust to the challenging market, The Real Deal has learned. Matthew Rosenblatt’s 2151 Development Group and Efrem Gerszberg’s 2020 Acquisitions will add more than 50 units to Tal Aventura, with less expensive prices…
The Edition Residences Edgewater Planned for 2121 N Bayshore Dr., Miami, Florida, 33137
The Edition Residences Edgewater is slated for a 2026 delivery in Miami-Dade County. It’s the first private residence under the Edition brand. Designed by Arquitectonica, the 55-story tower will offer 185 units, ranging from $1.9 million to $8 million each. Miami Residence notes that homes will measure 1,952 square feet to 3,864 square feet, comprising one-bedroom…
Miami’s Lotus House Breaks Ground on Children’s Village In Overtown, Miami
In a groundbreaking ceremony attended by hundreds of neighbors and community stakeholders, Lotus House, the country’s most extensive women’s shelter, marked the commencement of construction on their Children’s Village. Set in Miami’s historic Overtown District, the five-story facility aims to extend the organization’s impact on the community by focusing…
Redwood pays $30M for townhouses near Opa-locka, plans conversion to workforce rentals
Redwood Dev Co paid $30 million for 75 nearly completed townhouses near Opa-locka, with plans to convert them to workforce rentals. Redwood bought the townhomes on the northeast corner of Northwest 119th Street and West Golf Drive from the developer, Lennar, according to the buyer’s news release. Redwood took out a $23 million loan for the purchase…
In 2019, Urbanica Management purchased a .98-acre site in Miami-Dade County for $40 million––the last vacant site in the area at the time. Now, nearly three years later, the organization hopes to move ahead with plans for a 16-story hotel. The venture is under review from the Miami Historic Preservation Board. If approved, the multi-million-dollar venture could offer…
Forman Capital Acquires $24.1M Loan Secured by Development Site in Miami
Forman Capital, a South Florida-based lender owned by Brett Forman and Ben Jacobson, has acquired a $24.1 million loan secured by a development site in Miami. Charles Foschini of Berkadia arranged the transaction. Located at 2301 N.W. 3rd Avenue, the site was acquired in September of last year by an affiliate of Neology Life Development Group for $32.1 million, with plans…
Forman Capital Acquires $24 Million Note Secured by Miami-Dade County Development Site
Forman Capital, a creative and entrepreneurial direct lender based in South Florida owned by veteran real estate financing professionals Brett Forman and Ben Jacobson, has acquired a $24.1 million fully performing loan secured by a 7.3-acre development site at 2301 NW 33rd Ave. in Miami, Florida. The transaction closed on…
Robert Finvarb and Hidrock plan Wynwood hotel
Robert Finvarb Companies and Hidrock Properties are planning a 115-room branded hotel in Miami’s Wynwood, marking the joint venture’s third project in the artsy neighborhood. An affiliate of Aventura-based Robert Finvarb and New York-based Hidrock bought a 0.2-acre site at 160 Northwest 28th Street for $6.7 million, records show. The seller, an entity managed…
Dude, Where’s My Truck? Parking Shortage Pushing Up Price For Big Rig Real Estate
In the U.S., 18-wheeler big rigs are synonymous with commerce, barreling down the country’s interstate system to deliver goods of all shapes and sizes to stores or straight to buyers’ doors. But while everyone is familiar with these hulking haulers, their role as a demand driver for a class of commercial real estate is more covert. The need for expanded and updated logistics…
Taurus Development Group Proposes 28-Unit Multi-Family Project In Goulds, Miami-Dade County
New plans submitted to Miami-Dade County for an Administrative Site Plan Review reveal Taurus Development Group LLC’s proposal to develop a multi-family residential building in the Goulds Community Urban Center District (GCUC), designed by Conconcreto Designs LLC as the architect, structural engineer, and MEP engineer, and Fecttech Consult, LLC as the civil engineer.
Foreign Direct Investment Resurgent in Miami
Leading the nation in employment recovery, vaccination rates, travel recovery, and leasing rate activity, Miami topped the global real estate brokerage firm JLL’s Most Recovered Market Scale in 2021. This was a welcome indication of the transformation underway. But this initial recovery phase lacked one conspicuous component of Miami-Dade’s historic economic growth…
Demand For Brightline So High That It Just Earned A South Segment Profit: ‘Never Really Intended’
Brightline’s trains are in such high demand that the company’s South Segment was profitable on an operating basis for the first time ever last month, according to the company’s chairman. “We never really intended to make money on that segment on a standalone basis,” Brightline chairman Wes Edens told CNBC. “A year ago we did about 70,000 rides in March, this year…
Socialist Wave Sends Money Flying Out of Latin America; Miami Real Estate Benefits
At the four-star Hotel Estelar la Fontana in Bogotá, a hundred wealthy Colombians are learning how to send their money to the US—and fast. Crammed shoulder to shoulder on leather chairs, the crowd admires slides of waterfront properties in Miami. The real estate could be an investment, a second home or the start of a new life. A one-bedroom sells for $1 million, more than 300 times…
As New-To-Market Tenants Drive Up Costs In Miami, The ‘Sticker Shock’ Is Real
The continued wave of corporate migrations washing ashore in Miami, partly driven by lower costs than traditional business hubs, is pushing those costs up at a rate that has shocked local operators. “Our clients that have come from New York and Chicago and Latin America, they get sticker shock,” Juliana Fernández, who founded an architecture firm called AEI Spaces…
Companies focusing on Florida as a smart place to invest in commercial real estate
Florida continues to be a top destination for investors from all parts of the world. After the pandemic, Florida became a desired place to start a business, thanks in part to the more relaxed Covid restrictions, and being one of the first states that was re-open for business. A total of 318,855 people relocated to Florida in 2022, according to the National Association of Realtors…
Related, Merrimac score $94M construction loan for Miami Worldcenter project
Related Group and Merrimac Ventures landed $94 million in construction financing for a planned 33-story condominium at Miami Worldcenter. Arkansas-based Bank OZK provided the loan for The Crosby, which will have 450 units, according to records. The joint venture acquired the development site at 601 North Miami Avenue in Miami in 2021 for $12 million.
Residences at Shell Bay in Hallandale Beach to Offer Area’s First Golf Course in 25 Years
Twenty stories. One-hundred and eight homes. These are just some words to describe Residences at Shell Bay, a pre-construction residential complex in Hallandale Beach, Florida. Sources report that units start at $2.5 million, with delivery slated for either 2025 or 2026. Condos & Condos notes that homes will measure 1,250 square feet to 2,600 square feet each, ranging…
Nine-Story Salato Pompano Beach Planned for 305 Briny Ave., Pompano Beach, Florida
What’s nine stories and 40 residential units? Salato Pompano Beach in Broward County. The oceanfront venture is “the ultimate expression of coastal luxury living,” offering homes ranging from 2,106 square feet to 3,354 square feet each, per Condos and Condos. Each home comprises three bedrooms and 3.5 bathrooms, costing $1,268 per square foot. Vickie Real Estate notes that…
Developer Seeks Partner With $250M To Launch Massive Project Near Sawgrass Mills
Developer Joseph Kavana is looking to raise more than $250M to construct a master-planned development adjacent to the Sawgrass Mills outlet mall in Sunrise. Kavana is looking for a joint partner to build the project, called Metropica, which is being marketed as a “city-within-a-city” and is expected to include 2,500 residential units, 240 hotel rooms, 480K SF of retail…
Kavana seeks equity partner on stalled Metropica project in Sunrise
The developer of a massive mixed-use community in Sunrise is seeking an equity partner to move the long-planned 4 million-square-foot project forward. Joseph Kavana’s Metropica Development tapped Avison Young and Karson & Co. to find and structure a joint venture partnership for the roughly 48-acre site at 1800 Northwest 136th Street, according to a press release.
Sixth & Rio Planned for 2024 Delivery at 501 SE 6th Avenue, Fort Lauderdale, Florida
Meet Sixth & Rio, a boutique residential venture along the New River. Per Condos & Condos, the multi-million-dollar project will offer 100 homes in a nine-story building. They measure from 930 square feet to 2,300 square feet each, comprising one-bedroom to three-bedroom units. In-home amenities include nine-foot-high ceilings, front desk security, and move-in-ready units.
FoxRock Properties Refinances West Palm Beach Office Building
Courthouse Commons. Image courtesy of JLL Capital Markets FoxRock Properties has received $16.7 million in refinancing for Courthouse Commons, an 85,660-square-foot office building in West Palm Beach, Fla. A JLL Capital Markets team led by Senior Director Jonathan Schneider worked on behalf of the borrower to secure the five-year, fixed-rate loan from Rockland Trust Co.
Judge Rules Commission Was Wrong To Reject Warehouses At Palm Beach Raceway
The Palm Beach County Commission’s decision to deny warehouse development on the site of the former Palm Beach International Raceway was unreasonable, a special magistrate judge ruled Tuesday. The nonbinding decision gives the commission until June 16 to reconsider the issue of whether to approve a plan from the property’s owner, IRG Sports & Entertainment…
Mast Capital JV Breaks Ground on Palm Springs Community
Mast Capital, The Spear Group and Rockpoint have broken ground on a 264-unit multifamily community in Palm Springs, Fla. In November 2022, Santander Bank provided $42.5 million in construction financing for the development. Designed by MSA Architects, the garden-style community will rise on the former 18-acre site of the YMCA of the Palm Beaches. Upon completion…
The Fed on the uneven cooling of the real estate market
There are lots of ways to measure how hot the real estate market is. One is how long houses remain on the market. FRED has such measures for the median house in each state. Above, the FRED map displays this measure for March 2023, the latest month available at the time of this writing. Instead of displaying the raw measure, we show how it changed compared with…
Mila founder to open restaurants, hotel on Miami River
Mila restaurant founder Gregory Galy and his partners plan to open Casa Neos with a boutique hotel and three eateries along the Miami River this year. Riviera Dining Group, led by Galy, along with Pacific Star Capital and a Spanish investor are completing interior and exterior renovations at the four-story building at 40 Southwest North River Drive, Guillaume Vidallet of Riviera Dining…
The Pool of US Commercial-Property Lenders Shrank (Again)
The acquisition of First Republic Bank by JPMorgan Chase & Co. will lead to the consolidation of two of the top 25 commercial-real-estate lenders in the U.S., which may further complicate asset pricing due to changing competition to fill the debt portion of the capital stack. If one is shopping around for a loan and 20 lenders are competing for your business, the likelihood is you…
JP Morgan 2023 midyear commercial real estate outlook
Economic uncertainty remains high for commercial real estate through the rest of 2023. There are plenty of big questions—including the interest rate environment and the future of office space. But there are also positives: Multifamily and industrial continue to perform well, and the industry may have underestimated the strength of neighborhood retail. Keep an eye on these…
Pointe, Allaire pay $31M for Hialeah senior housing, nursing care complex
Pointe Group Care and Allaire Health Services scooped up Epworth Village Retirement Community and Susanna Wesley Health Center in Hialeah for $30.9 million. Affiliates of nonprofit Epworth Village, led by Madelyn Lozano, sold the adjacent properties at 5300 West 16th Avenue and 5345 West 18th Avenue in two deals, according to records and real estate database…
Developing innovative financing strategies for affordable housing
The housing crisis facing our industry and cities continues to grow, with a national housing underproduction of 3.8 million units annually (as of 2019). Addressing and resolving this issue will require collective ingenuity and collaboration of public and private participants at every level. Moderated by Hill, the roundtable included Catherine Buell, former director, Amazon Housing Equity…
The future of the traditional office space is unclear as vacancy rate hits record high
Office spaces continue to struggle as work-from-home trends persist, according to a report from the National Association of Realtors. The office vacancy rate rose to a record high of 12.9% in the first quarter from 12% a year ago, representing 72.9 million more square feet available to lease. “The future of the traditional office space is unclear due to the ongoing impact of COVID-19…
Sun Starts to Set on Once-Hot Sunbelt Office Markets
Office markets in popular Sunbelt cities are showing signs of fatigue, succumbing to economic uncertainty and the persistence of remote work that had already upended major coastal office markets. Fast-growing cities from Miami to Phoenix are still benefiting from businesses moving south, drawn by lower taxes, warmer climates than in the Northwest and Midwest…
Industrial Outdoor Storage: Higher Rents Than Traditional Industrial But Weaker Tenants
Although IOS is seeing growing demand in line with the broader industrial property boom, it is still a volatile market with demand and rents accelerating faster in upcycles but also performing worse during economic downturns. And one of the reasons IOS tends to suffer disproportionately is the overall weaker tenant profile. The post Industrial Outdoor Storage: Higher Rents…
Florida lawmakers tackle affordable housing, condo safety, foreign investment
Against the backdrop of controversial measures regarding permitless carry, a six-week abortion ban and Gov. Ron DeSantis’ feud with Disney, Florida state lawmakers have advanced a number of bills this session that could alter the landscape for developers, brokers and property owners in the Sunshine State. Among the most consequential real estate bills to pass this session…