Genting wants over $1B for waterfront Miami site
Malaysian gambling operator Genting Group is looking to cash in on its bet on Miami — while holding onto some of its chips. Genting is seeking more than $1 billion for its 15.5-acre waterfront assemblage, Bloomberg reported and sources confirmed to The Real Deal. The land at 1431 North Bayshore Drive in downtown Miami’s Arts & Entertainment District represents…
Genting Seeking $1B or More for Some Miami Property Holdings
Malaysian conglomerate Genting Berhad is reportedly marketing some of its Miami property holdings at north of $1 billion. That’s as the company focuses on other casino gaming ventures in the US.Genting is looking to sell 16.5 acres of prime, undeveloped real estate along Biscayne Bay if it’s able to command $1 billion or more. It will have more than quadrupled its investment after…
Bazbaz buys Wynwood development site for mixed-use project
Bazbaz Development can finally scratch a seven-year itch and move forward on a mixed-use project that’s been in the works in Wynwood. An affiliate of the New York-based developer paid $12 million for 1.5 acres at 2134 North Miami Avenue, records show. The seller is an entity managed by Brett Lang, a commercial real estate…
Treo sells Hialeah warehouses, doubles its investment
Interest rates are rising, recession fears abound and some property types are experiencing a decline in investment sales. None of this concerns South Florida’s industrial market. Case in point: Treo Group sold an industrial property in Hialeah at 1100 East 41st Street, as well as at 4005, 3965 and 3925 East 10th Court, for $19 million, or more than double what the Miami-based firm…
Hyatt Plans to Acquire Dream Hotel Group for $125M
Chicago-based Hyatt Hotel Corp. (NYSE: H) has agreed to acquire Dream Hotel Group’s lifestyle hotel brand and management platform, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. Upon closing, Hyatt will pay a base purchase price of $125 million, plus up to an additional $175 million over the next six years as new developments open.
South Florida by the numbers: Art Basel at 20
“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. The incomparable Art Basel (and Miami Art Week) return this week, marking the true start of “the season” with a fantastic cornucopia of festivals, exhibitions, conferences, dinners, and parties. Celebrating its 20th anniversary…
Lawsuit targets Miami Beach deal with Bulgari hotel developers
Miami Beach’s deal to hand over a public right-of-way to the Bulgari hotel developers violated the city charter, a recent lawsuit alleges. The lawsuit, filed against the city of Miami Beach in Miami-Dade Circuit Court two weeks ago, claims government officials unlawfully sold the public right-of-way for $7.4 million so the developer could increase the footprint of the proposed…
Three-tower project OK’d for Biscayne Boulevard
A new set of mixed-use residential towers and a companion office building are proposed for Biscayne Boulevard, to be known as 3333 Biscayne. Owner-developer 3333 Biscayne Boulevard LLC plans to build the structures at 3333 Biscayne Boulevard and 300 NE 34th St. in Edgewater. The city’s Urban Development Review Board recommended approval. The residential towers…
Tri-Rail tearing down nine barriers to enter downtown Miami
Nine hurdles stalling the $70 million project to bring Tri-Rail trains into Miami Central Station are being cleared, says David Dech, executive director of the South Florida Regional Transport Authority, long after the original completion date of 2017. Several factors have delayed completion of a link to the Brightline station. The tax-funded project is to add more…
Mega Signature Bridge project now targets delayed 2026 finish
Construction has begun on massive and distinctive arches that will support the new “Signature Bridge” coming to life on I-395 in the heart of Downtown Miami. The Florida Department of Transportation (FDOT) reports continued progress on the sprawling I-395/SR 836/I-95 Design-Build Project, a partnership between FDOT and the Miami-Dade Expressway Authority and…
Shake-a-Leg gets 25 more years to serve handicapped on bayfront
Shake-A-Leg Miami, a non-profit striving to give disabled and disadvantaged communities access to adaptable water sports, renewed its license with the City of Miami and will stay afloat at its prime bayfront location in Coconut Grove. Shake-A-Leg’s license agreement for use of city-owned waterfront at 2620 S Bayshore Drive was to expire 30 years after the non-profit found a…
Developers, brokers pursue wealthy art buyers during Miami Art Week
It’s that time of year: Developers and brokers throughout the Miami area are once again tapping into the art world in the hopes that wealthy buyers will open up their wallets to purchase real estate. The Related Group, Dezer Development, Douglas Elliman, One Sotheby’s International Realty, and projects like Miami Worldcenter and Standard Residences are hosting…
$4B Miami Worldcenter Debuts Public Art Program Ahead Of Art Basel
The developers of the $4B Miami Worldcenter project launched a 27-acre outdoor museum as Art Basel and Miami Art Week festivities take over Magic City for the next month. The $5M outdoor museum stretches along Northeast Second Avenue in Downtown Miami. Curated by international art dealer and curator Jeffrey Deitch and Miami art curatorial collective Primary…
South Florida Self-Storage Performance Signals Continued Robust Growth
Self-storage properties in Florida throughout the third quarter maintained a good velocity in sales, as sellers rushed to close deals before interest rates were raised further. And though economic headwinds impacted rent, sale price and occupancy, seller sentiment with regards to cash flow or profits was positive. Properties maintained high occupancy rates, coming in at 93 percent…
Alta kicks off plans for second rental building near Dadeland Mall
Alta Developers is diving into the final portion of its multifamily project near Dadeland Mall. Raimundo Onetto’s firm filed plans for a second 18-story building directly south of its first that’s under construction at 9600 South Dixie Highway, according to the application submitted to Miami-Dade County last week. The 2-acre development site is in an unincorporated…
Video: CCIM Economist KC Conway Discusses What Lies Ahead
KC Conway, aka The Red Shoe Economist, joins Americas Commercial Real Estate Show to discuss expectations for interest rates, pricing discovery, and opportunities in the current commercial property market. The discussion begins with frustration expressed about the Fed’s actions to date. He notes that the Fed is essentially, by its actions, telling lenders to quit lending because…
The Fed’s Beige Book: Tepid Growth, Tough Times for Low-Income Households
Economic activity in the Southeast grew tepidly during October and the first half of November, according to the Federal Reserve Bank of Atlanta’s new Beige Book collection of anecdotal reports from business contacts. Labor market conditions remained tight, though pressures eased somewhat, contacts reported. Nevertheless, many executives said attracting and retaining…
Two of Miami’s longest-running art non-profits have revealed plans to relocate to the city’s Little River neighbourhood over the next two years. Their moves to the district, situated just north of Little Haiti, bring new momentum to the area, which has been primed for an art-centric transformation by the local community and outside forces. Locust Projects, an alternative art…
$10.5M Sale of Seven-Building Multifamily Portfolio in Miami Brokered
Colliers has facilitated the sale of a multifamily portfolio comprising 42 units and seven buildings located at 10710, 10742 and 10752 S.W. 5th St. in Miami. An entity doing business as San Miguel Investments Ltd. sold the properties for $10.5 million to an undisclosed buyer. Mitash Kripalani of Colliers represented the seller in the transaction, and Virgilio…
Aria Dev and Merrimac Buy Last Miami Worldcenter Site for Condo Project
Miami Worldcenter, the 27-acre megadevelopment in Downtown Miami, is officially all booked. Aria Development Group and Merrimac Ventures paid $17 million for the last available parcel, a 24,000-square-foot site between 33 and 55 NW Sixth Street, one block east of the Miami Central station, the joint venture announced.
TA Realty Pays $241M for Miami Industrial Park
Medley Commerce Center. Image courtesy of CBRE TA Realty has acquired Medley Commerce Center, a 1 million-square-foot industrial park in Medley, Fla. According to CommercialEdge information, LACERA sold the asset for $241 million or $227 per square foot, marking one of South Florida’s largest warehouse transactions this year. The property had previously changed…
The Fed: How Supply Chain Disruptions Contributed to Inflation in 2021
Producer price index (PPI) inflation increased rapidly during the COVID-19 pandemic, with an uneven impact across industries. PPI inflation is the change in input costs to producers. How much did disruptions to supply chains contribute to this increase in inflation? Research Officer Ana Maria Santacreu and Research Associate Jesse LaBelle examined this question in…
Cañero proposes rental complex in south Miami-Dade
The Cañero Group is the latest developer to target south Miami-Dade County, with plans for a multifamily project. The Coral Gables-based firm wants to build a 247-unit complex at 24735 South Dixie Highway in the Princeton neighborhood in an unincorporated area of Miami-Dade, according to an application filed to the county in late September. Cañero Group has the….
Boich, Beal and Mathias score approval for Sunset Harbour project
A group led by Wayne Boich secured approval from the city of Miami Beach for a commercial project in Sunset Harbour. The Miami Beach Planning Board unanimously approved conditional use permits with some conditions for the planned five-story, 50,000-square-foot-plus office and restaurant project at 1920 Alton Road in Miami Beach…
This Week’s South Florida Deal Sheet
Boston-based TA Realty has closed on one of the biggest industrial deals to date in South Florida, acquiring a 12-building industrial park in Medley in Miami-Dade County for $241M. The 1M SF complex, located at 9701-9793 Northwest 91st Court, was sold by DWS, an Illinois-based global asset management company, according to CBRE, which represented DWS…
Miami Sued For $76M Over Allegedly Overcharging For Building Permit Fees
A property owner has sued the city of Miami, alleging it has been overcharging commercial real estate owners for building permit fees and illegally hoarding $76M that should be refunded. In a lawsuit filed this month in Miami-Dade County Circuit Court, the owner of a small retail property in Little Havana sued the city, claiming it has been charging owners unwarranted…
Married to the Job: Craig Robins and Jackie Soffer On Love, Art and Miami
Every industry has its power couples. The music industry has Beyonce and Jay Z. Among business titans, billionaire Barry Diller and fashion designer Diane von Furstenberg come to mind. For the real estate industry, at least in South Florida, it’s Craig Robins and Jackie Soffer. The two — each in their own right — are giants of Miami’s booming retail landscape…
13th Floor JV nab $102M construction loan for Delray project
13th Floor Investments’ Arnaud Karsenti and Key International’s Inigo Ardid and Diego Ardid with rendering of southwest corner of South Congress Avenue and Old Germantown Road: Arnaud Karsenti’s 13th Floor Investments and its partners scored a $102 million construction loan for their master-planned, mixed-use multifamily complex in Delray Beach. 13th Floor…
Two Roads’ suit spells trouble for Frisbie’s West Palm condo project
Two Roads Development’s Reid Boren and Taylor Collins with Frisbie Group’s Dave, Rick and Robert Frisbie Sr. and renderings of South Flaglar House: When Frisbie Group launched its high-end West Palm Beach condominium project this year, the hype was near deafening. Unit asking prices reached $75 million, promising a new level of luxury living in the city. The project marks…
MG3 drops $78M for Walgreens distribution facility near Jupiter
MG3 Group is upping the stakes on its industrial real estate wager. The firm’s real estate investment trust, or MG3 REIT, dropped $78 million for the Walgreens Distribution Center, an industrial facility that spans 98 acres in west Palm Beach County, according to the buyer’s news release. The property at 15998 Walgreens Drive is west of Jupiter, near…