Rental apartment building proposed on shore of Miami River
A developer is proposing to construct a rental building with 63 market-rate apartments on the south shore of the Miami River at 1515 NW South River Drive. Antonio P. Pardo of 1515 Miami River LLC is requesting land use and zoning changes on the property from the City of Miami. The Miami River Commission has recommended approval of the project, with several conditions. The land use and zoning…
Miami apartment honoring Celia Cruz breaks ground in Little Havana
Plaza Celia, a 16-unit boutique apartment building at 2640 Southwest 12th Street, broke ground recently in Little Havana, with Miami Mayor Tomás Regalado on hand for the ribbon-cutting ceremony kicking off construction. The development’s name honors the late Cuban-born singer Celia Cruz, the Queen of Salsa and an advocate for freedom and justice for the Cuban people. The lobby will…
Another one bites the dust: HFZ cancels Fasano condo project at Shore Club hotel
HFZ Capital Group is canceling Fasano Residences Miami Beach, a 67-unit luxury condo project planned for the Shore Club hotel property, The Real Deal has learned. The New York developer began reaching out to buyers on Friday and is in the process of returning deposits, Jay Parker, CEO of Douglas Elliman Florida, told TRD. Elliman’s Jorge Sanchez, the sales director, confirmed the sales center is closed.
Committee backs downsized Miami Beach convention center hotel
More than a year and a half after voters rejected a 288-foot tall convention center hotel in Miami Beach, an ad hoc committee is recommending a proposal for a hotel capped at 185 feet with up to 1,000 rooms, according to a recently released report. At a Miami Beach City Commission meeting on Tuesday, commissioners deferred a discussion on the committee’s findings until a later, as yet…
Miami rents dip in October, rank 9th nationally
Miami rents moderately dropped last month, according to reports by both Zumper and Abodo. The former says one bedroom median rent in Miami, which continues to rank ninth nationally, decreased by 2.8 percent to $1,750 while the national one bedroom median rent dipped by 1.4 percent to $1,175. It was the largest decrease by a city ranked in the Top 10 outside of Seattle, which dipped by 3.7%…
Wage slowpoke Miami suddenly leads the national pack
The labor market puzzle just got more perplexing. Job demand is growing, unemployment is falling, yet wages seem stuck in place. Or are they? “Jobs Rebound, Wages Stand Still” was the Wall Street Journal’s banner weekend headline as it reported a 17-year jobless low yet a national annual wage increase of only 2.4%. What’s really happening? In the Miami region, what’s happening is that we have in just…
Wynwood brewery building sells to Brooklyn investor
The building leased to Veza Sur Brewing Co. in Wynwood just sold for $4.5 million, or nearly $1,200 per square foot. Property records show Wynwood Warehouse 25th St. LLC sold the building at 55 Northwest 25th Street to an entity controlled by Philip Knoll, a Brooklyn-based investor. The off-market deal was brokered by Alex Sherman of Affinity International Realty and Dov Tepper of Forte Capital…
Miami doesn’t crack Top 25 in new Amazon HQ study
A new study by real estate research firm Reis looking at the best cities for Amazon’s second headquarters didn’t so much as sniff in Miami’s direction as a legitimate option. Instead, New York, San Francisco, and Washington D.C. paced the list, which was comprised of 25 metro areas across the nation. Amazon has received proposals from over 200 cities and the project would create roughly 50,000 jobs.
Watch: South Florida’s top developers size up Miami’s post-boom market
Edgardo Defortuna, David Martin and Art Falcone joined The Real Deal’s Hiten Samtani for a discussion on Miami’s post-boom market at TRD’s fourth annual showcase and forum last week. The panel touched on the challenges of a slow market, land banking, financing and more. Falcone, co-founder and managing principal of Encore Capital Management, said the key to developing a major mixed-use project…
New York firm scores loan for project in Miami’s Upper East Side
A company tied to New York-based Knickpoint Ventures just secured $13.75 million in financing for a Class A self-storage facility in Miami’s Upper East Side, property records show. Florida Community Bank provided the loan to Bel Air Crest LLC. Records show the entity paid $840,000 for the 29,000-square-foot lot at 7865 Northeast 10th Avenue in 2003. Knickpoint was founded this year by Zain Koita…
Florida Blue Relocates Within Doral, Marking South Florida’s Largest Office Relocation Of 2017
Cushman & Wakefield and Behar Real Estate Group, Inc. announced today that it has negotiated an ±81,000-square-foot relocation lease with Florida Blue at Doral Court. According to Cushman & Wakefield research, this the largest office relocation lease of 2017 in Miami-Dade, Palm Beach and Broward Counties. Managing Director Gordon Messinger negotiated the lease on behalf of a joint venture…
Developer Funding For Underline Could Result In Larger, Taller Projects Along Metrorail
Developers building projects along or near the Underline could be allowed to go bigger if they contribute funds for the city of Miami’s portion of the planned 10-mile long linear park. Under a proposal crafted by the clty’s planning and zoning department, projects within a half-mile radius of Metrorail stations could get an increase in height from eight to 12 stories, as well as a floor lot ratio bonus increase…
Miami’s Wynwood Walk begins construction
A new retail and restaurant space in Wynwood Thor Equities announced the beginning of construction on Wynwood Walk, a large restaurant and retail space set to rise in the booming Miami neighborhood. The 63,000-square-foot project is located at 2800 Northwest 2nd Avenue and was designed by Oppenheim Architecture. Details include a green rooftop, a paseo, 300 feet of retail frontage on…
Bayside Marketplace tenants accuse ownership of dirty dealings
The owners of Bayside Marketplace at 401 Biscayne are embroiled in a very ugly legal war with a small group of tenants and ex-tenants that were evicted from the open-air mall in recent months, according to court documents filed in Miami-Dade Circuit Court. In separate counterclaims and responses to eviction lawsuits filed by Bayside Marketplace LLC, two retailers and two restaurant operators accuse…
Arbor Coconut Grove to break ground tomorrow
A 52-unit boutique condo Miami’s latest condo to break ground will be the 52-unit Arbor, which plans to begin vertical construction tomorrow morning in the heart of Coconut Grove, per developers Urban Atlantic Group and Oak Ventures. The five-story project designed by Behar Font Architects will rise at 3034 Oak Avenue and features interiors by New York-based Samuel Amoia. The site is located just…
330-unit apartment building near Miami airport secures $52M in construction financing
Soleste Blue Lagoon is planning to break ground early next year Expecting to begin vertical construction in the first quarter of next year is a 330-unit apartment development just south of Miami International Airport. Estate Investment Group has closed on $52 million in construction financing from Florida Community Bank for Soleste Blue Lagoon, which will rise eight stories at 5375 Northwest 7th Street.
Developer nabs construction loan for Blue Lagoon apartments
Estate Investment Group just closed on $52 million in construction financing for a new project near Miami International Airport. The developer, led by founder and principal Robert Suris, secured the loan from Florida Community Bank for the 330-unit Soleste Blue Lagoon luxury complex, at 5375 Northwest Seventh Street in Miami. It’s expected to be completed by mid 2019, according to a news release.
New Miami food halls set to open in Wynwood and Aventura
1-800-LUCKY and Treats Food Hall Miami’s culinary scene continues to explode with the announcement of two food halls that are both expected to open this month. First, a marketplace called 1-800-LUCKY is set to open in Wynwood at 143 Northwest 23rd Street. It’s located next to The Butcher Shop and sits a block away from Coyo Taco; whose team of Sven Vogtland and Alan Drummond, in…
Wynwood Park to blend retail with curated food
Wynwood Park, a mixed-use project by ASG Wynwood LLC, an affiliate of ASG Equities and the Gindi Family, which is set to open in early 2019, has set its sights on creating a retail experience focused on international curated food and beverage options combined with progressive retail. “It’s all about the experience,” said Tony Arellano, executive vice president at Metro 1 Commercial. “We are looking to…”
Watch: Experts talk climate change and its impact on the real estate industry
Francis Suarez, Patrick Murphy, Kobi Karp and Bruce Mowry discussed what rising sea levels mean for the real estate industry in South Florida at The Real Deal’s Fourth Annual Miami Real Estate Showcase & Forum in October. The group, moderated by TRD’s Editorial Director of Digital Hiten Samtani, spoke candidly about encouraging resilient buildings, changing city codes, engaging politicians and…
Thor starts construction on Wynwood Walk
Thor Equities is beginning construction on its planned retail and restaurant development Wynwood Walk, after securing construction financing, The Real Deal has learned. New York-based Thor won approval from the Wynwood Design Review Committee in May for the project at 2800 Northwest Second Avenue, to be built on 2.3 acres the firm owns in the artsy neighborhood. The developer recently…
Bad news for the rental market: Millennials have finally started buying homes
Sorry, apartment landlords, but it looks like millennials are interested in settling down and buying houses after all. According to the U.S. Census Bureau, homeownership rose to 63.9 percent in the third quarter of the year, the highest rate it has reached since 2014, the Wall Street Journal reported. This is partially due to millennials hitting that age where a house and a family start to seem more appealing than…
Mattoni Group closes on commercial units at 1010 Brickell
The developers of 1010 Brickell just sold two commercial units to Mattoni Group for $10.5 million, property records show. Mattoni put the units under contract about three years ago, president Ricardo Caporal said. They total 11,283 square feet with an additional 1,976 square feet of outdoor space. Mattoni secured leases with the Halal Guys of New York City, an undisclosed national tenant and an undisclosed…
Miami-based real estate tech startup Gridics closes $1.6M seed round
Gridics just raised a $1.6 million round of seed funding, led by South Florida developer BH3. The Miami-based real estate tech startup will use the investment for development and sales of its Zonar.City platform, according to a news release. Dune Road Capital is also an investor. Since it was founded in 2015, Gridics has raised $3.735 million, according to co-founder and director of business development…
Housing, E-Commerce Driving Industrial Boom in Miami
Robust demand for industrial properties was the biggest buzz among brokers and other professionals on NAIOP’s annual commercial real estate bus tour in Florida’s Miami-Dade County. Close to one-third of the 25 featured properties during the daylong event on Nov. 2 were recently completed or under-construction projects. One of the first stops was the South Florida Logistics Center, where owner JP Morgan…
College Nannies Sitters and Tutors Secures Space for New South Florida Location
An approximately 1,087 square feet retail space has been secured in the Miami, Florida suburb of Coral Gables for a new College Nannies Sitters and Tutors location. The space sits within Gables Ponce, an 84K sf retail and residential property on 2.32 acres just off US Highway 1 and Le Jeune Road. The College Nannies Sitters and Tutors location at 4583 Ponce de Leon…
Video: Trademark Property Group CEO Terry Montesi Talks Retail Development Today
Terry Montesi, CEO at Trademark Property Group, joins America’s Commercial Real Estate Show to chat about forecasts in the retail market, what appears to be trending amongst millennials, changes happening in parking structure for retail properties, changes in food and beverage and entertainment, and general tips for tenants, commercial real estate investors and retail industry professionals.
Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Best Bets
Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: affordable housing; construction costs and labor; opportunities in retail; best investment bets.
Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Top Cities
Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: the top 78 cities to invest in; where capital is going; sectors; opportunities.
Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Part 3
Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: Residential and multifamily housing stock; investments in the market for new construction; retail direction with e-commerce…
Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Part 2
Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: generational procession; technology impacting generations; generations in the work force; multifamily expectations; supply in…
Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Part 1
Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: what is Emerging Trends; how results are formulated; business profitability expectations; measure of sentiment; economic expansion…
Capital controls strangle Chinese investment — but some firms find ways around them
Beijing’s capital controls continue to cut into Chinese investment in U.S. real estate. Overseas real estate investment from China totaled $19.7 billion in the first three quarters of the year according to Real Capital Analytics – a far slower pace than 2016, when Chinese firms bought $36.8 billion in properties during the entire year. “One thing that’s concerned the regulators, these rich entrepreneurs were…
There have always been investors who value profitable opportunities that create a positive social and economic impact on communities and the environment. In Miami, the market I serve, impact investment in new-construction projects is an increasingly popular choice for investors who embrace this noble creed. The investment opportunity is a result of an aged housing stock within stable and desirable…
Miami Parking Cost Well Down the List Versus Other Cities Globally
All prices were calculated as the mean of corresponding parking rates for all publicly available off-street parking facilities in a city center based on Parkopedia’s global dataset of parking in 6,500 cities across 75 countries. 2 hour parking: 2 hour stay on a weekday. Day parking: 8 hour stay on a weekday. Monthly parking: Unreserved monthly rate (a space is guaranteed but it is not a dedicated space).
How do I negotiate a commercial lease?
Commercial leasing is an important concern for many businesses and companies. As a result, it can be helpful to understand the different aspect of a commercial lease and how to negotiate a commercial lease to help avoid commercial lease litigation. Commercial leases are commonly negotiated and most all of the terms of the lease may be negotiated but tenants negotiating a commercial lease may wonder…