698 Housing Units Planned at Bend of Miami River
A developer plans nearly 700 residential units in two buildings on a large vacant lot at a bend in the Miami River. The project is to include 1,000 feet of public riverwalk and a small public waterfront park with a playground. The Miami River Commission is expected to review the project, called Miami River Walk, on Dec. 4. The developer made a presentation to a subcommittee of the commission Nov. 15. Spring…
Brazilian developer moves forward on 445-key Brickell hotel
Brazilian developer Galwan is moving forward with its plans to build a hotel tower near Miami’s Mary Brickell Village. Plans for the 445-room, 41-story tower at 88 Southwest 10th Street call for two Wyndham Hotel Group brands, a 200-room Wyndham Grand and a 245-key Tryp by Wyndham, according to a press release. Arquitectonica is designing the building, which is slated to open in late 2019. It marks…
Brickell City Centre’s office space is 100% leased
Swire Properties Inc has announced its 260,000 square feet of office space at Two and Three Brickell City Centre is fully leased. The office space is comprised of 12 floors in each building, with both Arquitectonica-designed towers connecting to the 500,000 square-foot retail center that features high-end shopping and dining. A recent study found the Miami metro area to be the 16th fastest-growing office…
GID partnership scores loan for Windsor at Doral rental community
A joint venture between Orlando-based ZOM Living and GID, a Boston-based real estate investment firm, just scored a $45.4 million mortgage for its Doral apartment community in front of the Trump National Doral Miami, property records show. The lender is a subsidiary of Nationwide Mutual Insurance Company. Officials at ZOM and GID could not immediately be reached for comment.
How the election may affect the commercial real estate industry
The presidential election has the country riveted and divided on several fronts. When it comes to the real estate front, the upcoming election is likely to affect the commercial real estate and residential real estate industry. The economy is still in one of the slowest recovery periods of the past five decades and this has economists scrambling to analyze the outlook for the economy in the long-term.
Large mixed-use project planned in Edgewater
A large mixed-use project is planned for Miami’s thriving Edgewater neighborhood. Located at 1775 Biscayne Boulevard (across the street from Publix), the 53-story development was designed by Kobi Karp and totals 1.36 million square feet, per the architect. The project features 200 hotel rooms, 444 residences, 14,000 square feet of ground-floor retail, 65,000 square feet of office space, a 546-spot…
Miami Plaza proposed for downtown Miami
A 35-story tower with 425 apartments by Melo Group Melo Group continues to invest heavily in the downtown Miami area, with their latest project being the proposed Miami Plaza, a mixed-use 35-story tower with 425 apartments. The Next Miami reports the 370-foot development is planning to rise at 1502 Northeast Miami Place, and will also include over 5,000 square feet of retail and 508 parking…
Miami is the 3rd ‘most sinful’ city in America, study says
Behind Vegas and Orlando Anyone could rightfully assume Las Vegas would be crowned in a study ranking the most sinful cities in America but would you have guessed Miami placed in the top three or that Disney-loving Orlando settled in at No. 2? The humorous study performed by WalletHub sought to “identify the darkest corners of America,” comparing over 180 cities across 32 key indicators…
Watch a drone video of the new Art Miami site in downtown
Featuring a concrete foundation measuring 250,000 square feet With Art Basel a week away from taking over Miami, we thought it’d be timely to check in on the new structures housing the 28th edition of Art Miami and sister fair CONTEXT Art Miami (6th year) this year. While in previous years the events were held in Midtown, this year’s offering moves to the old Miami Herald site in downtown, located…
Downtown Miami is being considered for a new Formula One Grand Prix
In addition to news of Miami Open organizers striking a deal with Miami-Dade’s mayor to move the popular tennis tournament to Hard Rock Stadium, we now learn Formula One is taking a hard look at downtown Miami’s streets for its new Grand Prix circuit track. This would potentially involve the PortMiami Tunnel, the Herald notes, though it’s fair to assume that seems implausible, as county events director…
Mortgage industry latest real estate sector to express alarm over GOP tax bill
Add the mortgage industry to the list of groups concerned about the Republican tax plan. Industry leaders are worried that a provision in the Senate bill changing the time when lenders pay taxes on income they get from managing mortgages could cause some smaller lenders to go out of business, according to Bloomberg. Lenders currently pay taxes on this service as they receive the money…
Generation4 Partners to Build 7-Story Self-Storage Facility in Miami
Commercial real estate developer Generation4 Partners LLC has acquired two parcels in Miami comprising .56 acres on which it intends to build a seven-story self-storage facility. The structure at 644 N.W. 30th St. in the Allapattah neighborhood will comprise 143,080 square feet of climate-controlled storage, including wine storage, according to a press release. The project is expected to break ground early…
South Florida by the numbers: Art Basel and Miami real estate
It’s back! The extraordinary Art Basel returns to Miami Beach next week, bringing with it much of the world’s finest modern and contemporary art. Evolving dramatically since its Miami Beach debut in 2002, Art Basel now draws large and well-heeled crowds throughout the entire region, having spawned a dizzying array of satellite art fairs, dinners, and parties. Miami’s savvy and progressive…
RedSky scores construction loan for Cube Wynwyd
RedSky Capital closed on an $18.27 million construction loan for an office building it plans to develop in Wynwood, property records show. Bank of the Ozarks is providing the financing for Cube Wynwyd, an eight-story office building at 222 Northwest 24th Street. The project, with nearly 80,000 square feet of office space and about 11,400 square feet of retail space, will mark one of the first new office…
To Trigger Home Sales In Its Master Planned Community, This Developer Built A School
In the 1950s, a Florida couple bought 2,400 acres of swampland west of Miami to build a golf course and hotel. They named the area after their first names, Doris and Al. Today, the City of Doral is home to major corporations, a U.S. president’s resort and an exploding residential community, largely because of Codina Partners and its vision for a city center, Downtown Doral. Downtown Doral Elementary…
Development site near Wynwood Arcade hits market, could fetch more than $16 million, broker says
A development site in Wynwood that just hit the market could fetch anywhere from $16 million to nearly $20 million, according to comparable sales in the neighborhood. The 1.65-acre property at 2335 North Miami Avenue is unpriced, but listing broker Mika Mattingly said land on streets away from Wynwood’s main corridor, Second Avenue, is trading for $225 per square foot to $275 per square foot.
Miami Featured Prominently in National Geographic Article on Sea Level Rise
President Trump has dismissed climate change as a hoax. But scientists project that, within the next 100 years, rising sea levels caused by climate change will submerge much of southeast Florida—including Mar-a-Lago, his beachfront Florida “White House.” And a new category of exiles will be created, says Jeff Goodell in his new book The Water Will Come—climate change refugees.
Here’s how the GOP tax plan could impact affordable housing
Affordable housing developments would not fare very well under the Republican tax plan currently winding its way through Congress. The House version of the tax bill, which passed earlier in November, would end the “private activity” bond tax exemption, commonly used by developers of affordable housing to finance projects, according to the Wall Street Journal. This could dramatically slow down both…
Miami board OKs waivers for proposed mixed-use tower in Arts & Entertainment District
An Aventura orthopaedic surgeon and his wife are spearheading plans to convert a prime slice of vacant land on Biscayne Boulevard and 17th Street into a 53-story mixed use tower. Barry J. Silverman and Judy Silverman manage V Downtown Inc., a company that is proposing to build the new high-rise in Miami’s Arts & Entertainment District. Miami’s Urban Development Review Board signed off on several…
Sephora building on Collins Avenue hits the market
Sephora’s Miami Beach location is on the market for nearly $9 million. The 5,400-square-foot building at 721 Collins Avenue was just listed for sale, according to Marcus & Millichap. It’s asking $8.875 million, or about $1,645 per square foot. Property records show CLB Associates Ltd., controlled by Michael Comras of the Comras Company, owns the property. Comras could not be reached for comment.
Parcel in Miami’s Wynwood Neighborhood Up for Sale
For the first time in more than 30 years, a 1.65-acre site in Miami’s Wynwood Arts District is hitting the market. A buyer could build 400,000 to 600,000 square feet at The Oasis, an assemblage of retail and warehouse space at 2335 North Miami Avenue. There is no asking price, though listing agent Mika Mattingly of Colliers International South Florida said land in the area is trading for $200 to $300…
Mast Capital proposes major mixed-use development along Miami River
Mast Capital wants to get in on the Miami River action. The Miami Beach-based developer is proposing to build a massive mixed-use project on a riverfront site at 1001 Northwest Seventh Street, according to documents filed with the Miami River Commission. As planned, it would have nearly 700 residential units, 800 parking spaces and commercial and retail space on the ground level. Records show Rad…
Trucking Company Signs 105,000-SF Warehouse Lease in Hialeah Gardens
Pro Intermodal has agreed to a 104,616-square-foot lease at Miami Industrial Logistics Center, a three-building complex in Hialeah Gardens, FL. The Miami-based freight shipping and trucking company leased half of the 209,232-square-foot MILC I building at 15002 NW 107th Ave. The deal includes a 2,500-square-foot office. Duke Realty owns the 676,835-square-foot property in northwest Miami-Dade…
Lights, camera, action: Historic Greenwich Studios hits the market
The historic Greenwich Studios in North Miami just hit the market for $15 million, The Real Deal has learned. Classic movie and television productions like “Flipper” and “Miami Vice” were shot at the warehouse complex at 12100 Northeast 16th Avenue # 100. Movie producer Ivan Tors founded the studio in the 60’s. It officially opened in 1964. Movies like “The Birdcage,” ”Stuck On You,” and…
Construction starts in South Florida drop in October
Construction starts in South Florida fell 23 percent in October to $1.37 billion, according to a new Dodge Data & Analytics report. Commercial building continues to outpace residential, due in large part to South Florida’s condo market slowdown. Last month, new commercial starts increased 36 percent to about $720 million, while residential starts declined 47 percent to $653 million, compared to…
Investment Firm Buys Miami Office Building for $33 million
Banyan Street Capital paid $33 million, or about $314 per square foot, for the 9350 Financial Centre office building in Miami and plans to launch a renovation of the common areas. Delma Properties sold the 105,713-square-foot building in the Dadeland neighborhood of Miami/Dade County’s Kendall submarket. Delma paid $30.2 million, or $287 per square foot, for the property back in 2006, according…
Tony Cho Planning Microunits In Brickell
The Miami City Commission tentatively approved a measure last week that would change the minimum square footage required for condo and apartment units. Current regulations mandate that they must have at least 400 SF of living space. The new law would reduce that number to 275 SF in certain situations. A final vote on the matter is scheduled for Dec. 14. The Daily Business Review reports tha…
Retail site in heart of Miami’s Design District hits the market
A retail site in the heart of Miami’s Design District just hit the market, asking $8.6 million. The 2,500-square-foot property at 64-66 Northeast 40th Street is owned by artist Enrique Mora, whose Mora Studio + Gallery occupies the existing 1,500-square-foot building. The asking price equates to $3,440 per square foot for the land and $5,733 per square foot for the building. Records show Mora paid…
South Florida Warehouses Big Business for Bridge Development Partners
Bridge Development Partners is bullish on South Florida as an industrial hotbed. The Chicago-based firm says the tri-county region is perfectly positioned as an international trade hub, while steady population growth continues to fuel consumer consumption. And then there’s the e-commerce factor. “Consumers are increasingly demanding next-day or even same-day delivery service, which is, in turn…”
The ntz, ntz, ntz has gotten quieter in Miami’s Park West entertainment district since the city has cracked down on enforcing its noise ordinance. But one club, Heart Nightclub, is suing the city and its residents, claiming they are conspiring to kill the entertainment district, according to the Miami Herald. And tension between the nightclubs and residents could grow as new condo buildings like…
Q&A: Miami Worldcenter Developer Nitin Motwani Outlines Vision
Miami Worldcenter, a $3 billion mixed-use development slated for downtown Miami, is one of the nation’s largest urban projects under construction. The 10-block development, located between Second and Miami Avenues to 11th Street, will feature up to 450,000 square feet of retail, up to 600,000 square feet of offices, as many as 1,700 hotel…
Industrial development in Miami Gardens triggers litigation
EastGroup Properties Inc. faces a lawsuit from a developer who claims the company dropped him as a partner in an 850,000-square-foot industrial development in Miami Gardens. The developer, David Metalonis, alleges breach of a nondisclosure agreement, tortious interference with a business relationship and unjust enrichment in his lawsuit against EastGroup in a lawsuit filed in Miami-Dade Circuit…
Extension of Property Tax Discount in Miami-Dade and Potentially Other Counties
On September 4, 2017, Governor Scott issued Executive Order 17-235 in response to anticipated severe damage across Florida due to Hurricane Irma. The Executive Order granted the Florida Department of Revenue authority to issue an Emergency Order to waive and extend the local taxing authorities’ compliance deadlines related to the budget process and associated setting of millages and special…
CubeSmart self-storage location coming to Little Havana
Atlanta-based Mequity Cos. acquired property in the Little Havana area of Miami for construction of a self-storage building. An affiliate of Mequity bought the development site for $2.3 million from Kay-B LLC, managed by Mario Bramnick. The South Florida Business Journal also reported that Mequity obtained a $20.17 million loan to finance construction of the eight-story self-storage building, which will…
Flexibility And Adaptability Are Key To Miami-Dade Transportation Decisions, Mayor Gimenez Says
Flexibility and adaptability are key for Miami-Dade County’s transportation decisions, Mayor Carlos Giménez told directors of the Downtown Development Authority Nov. 17. He and Alice Bravo, county transportation director, spoke to the downtown group. “We’re on the cusp of a revolution in transportation” with autonomous vehicles and other technologies, including trains with rubber wheels and…
Rental project near Coral Gables expected to open in late 2019
A developer building a Miami residential development on Coral Way, within walking distance of downtown Coral Gables, expects to complete construction in about two years. CADE Capital Partners last month began construction of MB Station, which will have 190 rental housing units and 4,805 square feet of commercial space. CADE also is building a Miami-Dade County fire station on the site.
Why Cold Storage Warehouse Investment Could Be The Next ‘Big Thing’
As grocery chains seek to keep pace with Amazon Fresh and other online-to-door food delivery services by establishing a distribution network to transport perishables, cold storage units are paramount. Since the global financial crisis, temperature-controlled warehouse units have benefited from cap rate compression as warehouse values have skyrocketed, CoStar reports. Currently, market caps in the…
Miami Jewish Health System pushes vast expansion
Miami Jewish Health Systems is moving ahead with its major expansion plans and has earned preliminary approval from city commissioners. Phase I is set to begin next year and include construction of a cutting-edge memory care facility to be called Empathicare Village, a substantial addition to the medical campus in Miami’s Little Haiti neighborhood. The health system has been operating…
Ugo Colombo, partner buy Bay Harbor Islands development site
Developers Ugo Colombo and Valerio Morabito just bought the Bay Harbor Continental site for $20.5 million. Property records show the partnership paid P3 Investments about $400 per square foot for the 1.2-acre development site at 1135 103rd Street in Bay Harbor Islands. It was previously approved for a seven-story, 29-unit boutique condo project designed by Italian design firm Pininfarina. Colliers…
Why Commercial Real Estate Owners Will Salivate Over The Republican Tax Plan
There’s a lot to love in the GOP tax plan for the commercial real estate industry. Commercial property owners would see several benefits under bills from both the House and Senate, including lower taxes on their profits and the ability to avoid a 30 percent limit on interest expense deductions, according to the Wall Street Journal. The Senate bill would also lower the commercial property depreciation period…
Miami River marina plans to add 100-seat restaurant
A marina on the Miami River plans to expand its business with the addition of a restaurant. 5th St Marina LLC is proposing construction of a 100-seat restaurant with some outdoor seating at 341-361 NW South River Drive, next door to 5th Street Marina. The Miami River Commission is expected to review the project Dec. 4. The commission’s Urban Infill and Greenways Subcommittee discussed the plan…
AIDS foundation buys retail building on Biscayne Boulevard
The AIDS Healthcare Foundation is branching out into Biscayne Boulevard, in Miami’s Edgewater neighborhood. Property records show AHF paid $6.8 million for a retail building at 2400 Biscayne Boulevard. The sellers are the owners and managers of KOM, the furniture store that occupies the building. Luis Morales Valerio and Javier Ocampo sold the 8,670-square-foot retail building for about $784 per…
Subcontractors claim they are owed millions for ballpark work
Florida construction projects are often the work of delegation and cooperation. For example, an entity may wish to build a facility and need the help of construction experts. Those experts may take on the great task of managing the project but along the way may hire additional entities to perform work on the project. A project developer may therefore retain a general contractor to manage…
Tibor Hollo Might Start One Bayfront Plaza In 2018, Earlier Than Planned
Several supertall tower planned by Tibor Hollo could still break ground in 2018. Hollo told the Herald yesterday that both One Bayfront Plaza and The Towers By Foster + Partners in Brickell could begin construction in 2018, although it is more likely that work will begin in 2019. Each would be built at 1,049 feet above sea level, making them supertalls. Earlier, the developer had said that construction on One…
Foreclosure fight: North Beach condo-hotel owners rally against $9.4M in assessments
For close to a year, investors have been locked in an epic fight to hold onto their units in a 1990s Miami Beach condo-hotel, amid claims they owe $9.4 million in unpaid assessments. Between December 13, 2016 and October 9, Port Orange, Florida-based Schecher Group has filed foreclosure lawsuits against 65 individuals and companies that own units in the Sixty Sixty Resort at 6060 Indian Creek Drive.