Terra Group Nets Miami Seaquarium Lease In $22.5M Bankruptcy Deal
After seven decades and multiple operators, the Miami Seaquarium is getting a new steward: Terra Group, which struck a $22.5M deal to take over the lease from Miami-Dade County. Terra Group, led by David Martin, has agreed to take over the Seaquarium lease from The Dolphin Co., also known as Leisure Investments Holdings LLC, which filed for Chapter 11 bankruptcy in March…
Kerzner, 13th Floor plan first Siro hotel in the US in Brickell
Forse Holdings, led by Ian Ludmir, also is a project partner Arnaud Karsenti’s 13th Floor Investments is partnering with a Dubai-based hospitality firm to develop the first Siro hotel in the U.S. in Miami’s Brickell. 13th Floor and Ian Ludmir’s Forse Holdings, both based in Miami, are the local partners of Kerzner International’s planned Siro Brickell, Miami tower.
Dubai Hotelier Chooses Local Development Partners To Build Brickell Condo-Hotel
Kerzner International is joining forces with two South Florida developers to get moving on its first Siro-branded U.S. project. Kerzner is partnering with South Florida developers 13th Floor Investments and Forse Holdings to build Siro Brickell, with plans to open doors in 2030, according to a release. “Siro is our disruptor brand; designed to meet the evolving demands…
Workman Real Estate picks up another Miami-Dade warehouse, paying $16M for Miami facility
Seller completed deal despite aggressive tactics by lender seeking repayment of $9M mortgage Workman Real Estate Ventures bought its fourth Miami-Dade industrial property, buying a Miami facility for $16 million. But the deal was almost derailed by an aggressive foreclosure action by a lender seeking repayment of a $9.2 million mortgage debt, court records show.
Dan Kodsi misses deadline in Legacy Miami Worldcenter foreclosure lawsuit
Developer said in July he was working on a $390M refi for the planned condo-hotel tower Developer Dan Kodsi missed a deadline to post a surety bond as part of an agreement reached with his lender, Monarch Alternative Capital, in the Legacy Miami Worldcenter foreclosure. Kodsi’s Legacy MWC Trustee and Legacy MWC Land Trust have been wrapped up in litigation…
“Dominant”: Inside Lennar’s housing empire in south Miami-Dade
Amid South Florida’s boom, Lennar became emperor of housing in south Miami-Dade. Now, it’s pushing an immovable development boundary. When one of south Miami-Dade County’s sprawling suburbs ends, the landscape changes. Streets of master-planned communities level off into a vast expanse of open land and row crops that stretch into the horizon…
Robert Rivani sells another Miami restaurant space for $20M
His namesake firm sold waterfront Edgewater commercial unit leased to Michael Schwartz’s Amara at Paraiso Robert Rivani continued to shrink his Miami commercial condo portfolio with the $19.8 million sale of a two-story space in Miami’s Edgewater leased to a Michael Schwartz restaurant. His Miami-based firm Rivani, formerly called Black Lion, sold the 12,316-square-foot…
Sale of Amara at Paraiso Restaurant Space in Edgewater Closes for $19.8 Million
Robert Rivani, founder of RIVANI, has closed on the $19.8 million sale of the waterfront restaurant space currently home to Amara at Paraiso in Miami’s Edgewater neighborhood. Located at 3101 NE 7th Avenue, the two-story, 12,316-square-foot property was completed in 2018 and is leased to The Genuine Hospitality Group, led by James Beard Award-winning chef Michael Schwartz.
The Closing: A Discussion with Black Lion’s Robert Rivani
The outspoken real estate investor on landing Playboy for his new project, Miami hospitality and fatherhood Robert Rivani, a commercial real estate maverick who bolted Los Angeles for Miami, recently arranged his latest coup: Playboy is moving its Hollywood headquarters to The Rivani, his newly rebranded, seven-story mixed-use project in Miami Beach. Rivani started out…
Redfearn Capital, TPG Angelo Gordon team up for $37M Hialeah & Miami Gardens industrial purchase
JV acquired two warehouses in Miami Gardens and Hialeah from DWS Group Redfearn Capital joined forces with TPG Angelo Gordon to buy two warehouses in Miami-Dade County for $36.7 million. Two entities tied to Delray Beach-based Redfearn, led by Alex Redfearn, and TPG Angelo Gordon, led by Josh Baumgarten and Adam Schwartz, acquired the properties…
Rents down, vacancies up as Trump’s immigration policies hit Doral
Predominantly Venezuelan city sees exodus amid ICE crackdown In Doral, the vacancy rate is up to 6.5 percent, and rents have hit a three-year low. Yes, the Miami market is cooling, but Doral is facing more than just a slowdown. About 40 percent of Doral’s 80,000 residents were born in Venezuela or have Venezuelan heritage, and these families are fleeing…
Tracking recession red flags in Miami
Is the region’s perpetual optimism supported by its economics — or does the real estate industry have its head in the sand? Live by the beach long enough, and you start to ignore the red and yellow flags that come and go with the tides. Those playing in the sandbox that is South Florida’s real estate market today find the signs of danger almost invisible, and talk…
These are Miami’s top construction firms
The city’s op builders kept busy over the past year, according to The Real Deal’s annual rankings, but demand is slowing down For Martin Melo, a principal with Melo Group, a Miami-based development and general contracting firm, the past year signaled a winding down of the city’s most recent development boom. “I think we are at the end of the cycle for projects that began…”
MAGAfied: Ron DeSantis and cabinet members approve Miami site for Trump library
State officials conveyed nearly 3-acre parking lot adjacent to Freedom Tower Florida’s top state officials, including Gov. Ron DeSantis, approved conveying a parking lot next to Miami’s Freedom Tower for a Donald Trump presidential library. As board members of the state’s Internal Improvement Trust Fund, DeSantis, Attorney General James Uthmeier…
Azora Private Solutions picks up two Coconut Grove office buildings for $82M
JV between Miami and Madrid firms bought back two properties one partner previously sold in 2020… acquired two Coconut Grove office buildings for a combined $82 million. Azora Private Solutions… and Madrid-based Advenir Azora, paid roughly $603 a square foot for a total of 136,000 square feet of office space at 3225 Aviation Avenue and 3250 Mary Street.
Moishe Mana expands Wynwood portfolio with $26M dev site purchase
Abingdon Square sold assemblage to Miami neighborhood’s largest landowner Moishe Mana loaded more properties into his Wynwood portfolio in Miami with a $25.5 million development site acquisition. Mana, who is arguably the largest landowner in Wynwood and downtown Miami, acquired…. at 2200-2230 Northwest Second Avenue and 224 Northwest 22nd Terrace…
Newgard, Two Roads score $513M construction loan for Miami River condo project
44-story Lofty tower and 46-story Standard Residences expected to be completed in 2027 Newgard Group and Two Roads Development secured a $513 million financing package for their One Brickell Riverfront luxury condo complex that’s under construction. An undisclosed lender provided a $370 million senior loan and 3650 Capital provided a $143 million mezzanine loan…
Newgard, Two Roads Land $513M for Miami Condo Project
In one of the largest residential construction financing deals in South Florida this year so far, Newgard Group and Two Roads Development have secured $513 million for One Brickell Riverfront, a condominium project in Miami. A private lender issued $370 million in senior financing, while 3650 Capital provided a $143 million mezzanine loan.
Barry Sternlicht and partners abort rezoning request for Standard Miami Beach
Group sought changes to add five-story structure with 50 hotel rooms, six luxury condos and 66 parking spaces A partnership featuring billionaire Barry Sternlicht is putting on hold a request for zoning changes to the site of The Standard Spa, Miami Beach that would have allowed a major renovation of the hotel. The Miami Beach City Commission was set to vote on the rezoning…
Pitbull’s Charter School Acquires Historic Olympia Theater For $10
Miami commissioners voted unanimously last week to transfer ownership of the historic Olympia Theater to Pitbull’s charter school — for $10. Miami’s City Commission voted unanimously last week to give the Olympia Theater to Sports Leadership Arts Management, the charter school co-founded by rapper Armando Christian Pérez, better known as Pitbull.
Pitbull’s charter school taking over Olympia Theater in $10 no-bid deal
Miami city commissioners approved selling downtown Miami landmark to SLAM Academy, which agreed to $77M in repairs and upgrades The Miami City Commission finalized a controversial deal to transfer ownership of the historic Olympia Theater in downtown Miami to a charter school company co-founded by rapper Pitbull, whose real name is Armando Christian Perez.
78,315 SF Office Lease Arranged in Miami for ADP
Blanca Commercial Real Estate (Blanca CRE) has arranged a 78,315-square-foot office lease at Waterford Business District in Miami. ADP, a global HR and payroll solutions provider, will relocate its current Miami office at 10200 Sunset Drive to the Waterford campus at 65th Avenue and 7th Street, adjacent to Miami International Airport. Juan Ruiz, Andres del Corral, Jack Davidson…
56-story Edgewater 608-unit hotel tower advances
A developer plans a new skyscraper for Miami’s Edgewater neighborhood, Edge House Miami, a 56-story building containing 608 hotel units, 296 parking spaces, and related amenities. At a recent meeting of the city’s Urban Development Review Board, many Edgewater residents spoke against the project. After a lengthy review, the board recommended approval…
Education uses shift Olympia Theater to charter school
The historic Olympia Theater in downtown Miami has been sold to public charter school SLAM, which pledges $50 million in planned renovations while preserving the theater as a public and educational venue. During their Sept. 25 meeting, city commissioners unanimously concluded the sale of the Olympia Theater and the neighboring 10-story office building to SLAM…
Perez Art Museum Miami’s mega-billboard will stay, city will be paid
A settlement has been approved allowing the Pérez Art Museum Miami’s (PAMM) 10-story LED billboard to remain operating in downtown under new restrictions on its hours and brightness, with the city receiving $500,000 annually plus a 2% yearly increase. Miami city commissioners voted 4-1 Sept. 25, ending a year-long legal dispute between the city and PAMM…
26-Story ‘The William’ Set for 2026 Groundbreaking at 2040 NE 163rd Street in North Miami Beach
The William, a luxury high-rise condo planned for North Miami Beach, is set for a mid-2026 groundbreaking. The 26-story tower will feature 374 residences, measuring about 550 to 1,410 square feet. Layout plans span studio to three-bedroom models. The smallest residences start at around $380,000, with the largest homes topping out at more than $1 million.
Foundation Pour Completed For The Residences At 1428 Brickell In Miami
Ytech has completed the foundation pour for The Residences at 1428 Brickell, a 70-story luxury condominium tower set to rise along Miami’s Brickell Avenue. The milestone began on September 26 and continued for 33 uninterrupted hours, marking the largest mat foundation pour ever executed in Brickell and reinforcing the developer’s commitment to delivering…
$14.5M Construction Financing Secured or Self-Storage Project in Homestead, Florida
Marcus & Millichap Capital Corp. (MMCC) has secured $14.5 million in construction financing for the development of a 1,038-unit self-storage facility at 1995 N.E. 8th St. in Homestead, about 32 miles south of Miami. The 135,800-square-foot property will operate as an Extra Space Storage facility. Robert Bhat of MMCC’s Miami office arranged the five-year loan through a local bank…
$61.2 Million Predevelopment Loan Secured For The Ritz-Carlton Residences in South Beach
Sobe Sky Development, a partnership between Flag Luxury Group, Ben-Josef Group (BJGH), and Lionstone Development, has secured a $61.2 million predevelopment loan from BHI, the U.S. division of Bank Hapoalim, to advance The Ritz-Carlton Residences, South Beach. The financing marks a significant step forward for the ultra-luxury development, which will bring 30…
Mr. Baker To Open First Hialeah Location At Metro Parc
Baron Property Group and MG Developer have announced the signing of the first retail lease at Metro Parc in Hialeah. Mr. Baker, a Cuban bakery with nine locations across Miami, will occupy a 1,760-square-foot space on the ground floor of the development at the corner of East 25th Street and East 9th Avenue. The bakery is expected to open in late 2026…
Casa Paula Boutique Hotel Approved Beside Historic Villa Paula in Little Haiti
ZIG Investment Group, led by entrepreneur and real estate developer Mike Zikri, has secured approval for a 25-key luxury boutique hotel to rise adjacent to Villa Paula, the landmark 1920s Neo-Classical residence located in Miami’s Little Haiti neighborhood. The City of Miami Planning and Zoning Board voted unanimously in favor of the project, which will expand the site’s role…
Metropica developer revives Sunrise megaproject with new partners
Poag Development, Waypoint join stalled Sunrise mixed-use development Five years after completing the first condo tower at Metropica, a master-planned development in western Broward County, the developer announced he is reviving the project with new partners. Metropica Development CEO Joseph Kavana plans to begin construction on the next phase in October…
Fannie Mae, Freddie Mac block sale of troubled Pembroke Pines condo complex
Stalking horse bidder Integra is the only firm to submit an offer for the 25-acre Heron Pond property Fannie Mae and Freddie Mac blocked the sale of a beleaguered condo complex in Pembroke Pines. The companies’ temporary injunction essentially halts the planned sale of Heron Pond in western Broward County that’s been in the works for a year.
Ares bulks up South Florida industrial holdings with $56M Broward buy
Los Angeles-based firm acquired warehouse in Weston Ares Management added a Broward warehouse to its South Florida industrial portfolio. An affiliate of Los Angeles-based Ares, led by Michael Arougheti, paid $56 million for Meridian at Weston, a 230,976-square-foot warehouse at 3425 Meridian Parkway in Weston, records and real estate database Vizzda show.
CC Homes pays $50M for 151 homesites in Davie
CC Homes paid $50 million for a development site in Davie planned for 151 single-family homes. CC Homes, led by Armando Codina and Jim Carr, bought the 152-acre vacant property on the northeast corner of I-75 and the Royal Palm Boulevard exit ramp. The seller is KBNP, an affiliate of Jackie Soffer’s Aventura-based Turnberry, according to records and real estate database Vizzda.
Foundry, Wheelock pay $66M for shuttered Pompano Beach flea market
JV plans to redevelop 26-acre site into three-building industrial complex Foundry Commercial and Wheelock Capital are teaming up to convert a shuttered indoor flea market in Pompano Beach into an industrial complex. Orlando-based Foundry, led by Paul Ellis, and Greenwich, Connecticut-based Wheelock, led by Rick Kleeman and Jonathan Paul…
Price revealed: Russell Galbut and partners paid $73M for Galleria Fort Lauderdale
Struggling mall was listed without a price, but seller and brokers were targeting $100M-plus Russell Galbut’s GFO Investments, InSite Group, Atlas Hill Real Estate and Prime Finance paid $73 million for Galleria Fort Lauderdale, representing a significant discount off the price the seller was aiming for. The four firms acquired the 800,000-square-foot indoor mall…
YIMBY Scopes View of Construction on Advantis Station at Flagler Village in Fort Lauderdale
Advantis Station at Flagler Village is advancing construction at 333 Northeast 6th Street in Fort Lauderdale’s urban core. Designed by award-winning firm Baker Barrios Architects and developed by Prospect Real Estate Development Group in partnership with Midtown Capital Partners, the 12-story, two-tower mixed-use development encompasses an assemblage of seven…
Industrial Park Intended to Replace Festival Flea Market at 2900 W. Sample Road in Pompano Beach
The former site of Pompano Beach’s Festival Flea Market will soon be transformed into a Class-A industrial development. The Market opened as the Pompano Outlet Mall in 1986 and ceased operations after more than 40 years of operations earlier this spring. Festival Logistics Park will span about 475,000 square feet of new construction, comprising three buildings…
Vertical Construction Ascends on Waldorf Astoria Residences Pompano Beach at 1350 S. Ocean Boulevard
Vertical construction has begun to ascend at 1350 South Ocean Boulevard, where Related Group, widely regarded as Miami’s condo king, and Merrimac Ventures, led by the Motwani family, are developing the Waldorf Astoria Residences Pompano Beach, a 28-story tower that will contain 92 private residences and a suite of resort-style amenities directly…
182-Unit ‘The Satori at Lighthouse Point’ Proposed for 4211 North Federal Highway in Pompano Beach
An affiliate of 1112 Development hopes to move forward with a multi-family housing development in Pompano Beach. The Satori at Lighthouse Point would comprise three eight-story buildings, featuring 182 apartments, 27 of which would be “flex units.” Floorplans would range from studio to three-bedroom layouts, with residences measuring 814 to 1,811 square feet.
Mainstreet at Tuttle developer averts foreclosure auction with bankruptcy filing
Brian Tuttle alleges lender The Fuse Group reneged on agreement to resolve $47M mortgage debt tied to Royal Palm Beach project The owner of the mixed-use Mainstreet at Tuttle development site in Royal Palm Beach narrowly avoided a foreclosure auction by filing for bankruptcy. The courthouse sale of the 38-acre site within the 200-acre Tuttle Royale master…
ComNet Realty sells Delray Beach shopping center for $16M
Eduard Shnayder, owner of New York-based grocery chain, acquired Peachtree Plaza ComNet Realty sold a Delray Beach shopping center for $16.2 million to the owner of a New York-based grocery chain. An entity managed by Eduard Shnayder, founder of NetCost Market, acquired Peachtree Plaza, a 63,176-square-foot shopping center at 5850 Atlantic Avenue and an adjacent…
Honey, I shrunk the kids: Palm Beach County greenlights “micro-unit” apartments geared to post-grads
Kurt Jetta’s Neighborlee Living plans West Palm Beach project with units as small as 240 sf Developer Neighborlee Living, led by Kurt Jetta, won approval from Palm Beach County for a four-story, 38-unit affordable multifamily project with micro-units as small as 240 square feet. The county commission greenlit the project, dubbed Neighborlee Living Westgate, at a zoning hearing…
Lender targets Charles Cohen’s West Palm Beach dev site in $10M foreclosure
Billionaire New York developer still plans 23-story office project on 2.4-acre site A lender is seeking to foreclose on the site of a stalled office project in West Palm Beach by Charles Cohen, adding more woes to the New York-based billionaire developer. On Monday, Union Labor Life Insurance Company sued an affiliate of Cohen’s New York-based Cohen Brothers Realty Corporation…
American Commercial buys Delray Beach mixed-use project for $18M
Palm Beach Gardens-based firm acquired King’s Point Shopping Center and Professional Building American Commercial Realty Corporation bought a Delray Beach mixed-use project for $18.3 million. An affiliate of Palm Beach Gardens-based American Commercial, led by Rick Baer, acquired King’s Point Shopping Center and Professional Building at 6600 West Atlantic…
Related lands $100M construction financing for Riviera Beach workforce housing
Eight-story, 149-unit Residences at Marina Village will be adjacent to Related’s planned 418-unit Gallery at Marina Village The Pérez family’s Related Group landed $100.3 million in construction financing for its planned Residences at Marina Village, a workforce housing project in Riviera Beach. Records show the developer secured $54 million from the Florida Finance Housing…
Phase One of Sundy Village Complete at 22 West Atlantic Avenue in Delray Beach
Pebb Capital has announced the completion of Phase One at Sundy Village, its seven-acre mixed-use campus at 22 West Atlantic Avenue in Delray Beach. The milestone was marked by the receipt of a Temporary Certificate of Occupancy, delivering 100,000 square feet of Class A+ office space, 30,000 square feet of retail and dining, and 268 below-grade public parking spaces.
Construction Starts on ‘Modera Downtown Boca’ at 400 S. Dixie Highway in Boca Raton
Florida YIMBY has an update regarding Modera Downtown Boca, a venture we covered nearly a year ago. Developer Mill Creek has officially broken ground on the multi-family housing project and intends to welcome the community’s first tenants in spring 2028. Upon completion, the 12-story building will feature 306 luxury homes. The studio to three-bedroom residences…
‘Astor Sound at Lake Worth’ Nears Completion at 2201 Tenth Avenue N in Lake Worth
Astor Sound at Lake Worth is nearing the end of construction in Palm Beach County. The multi-family housing development is set to feature 230 units in four two- to five-story buildings. Residences span one-bedroom to three-bedroom floorplans, with layouts measuring 715 to 1,160 square feet. In-unit offerings include a variety of high-end features, such as quartz countertops…
How Mixed-Use Can Build Real Communities
For decades, office life often had a mildly bleak, mundane twist baked in. Think the set of The Office, with coworkers commiserating and bonding through routines around fluorescent-lit cubicles. Retail and residential were, of course, literal miles away. While the live-work-play revolution shook up the old cliches, today’s placemakers are taking the office-anchored mixed-use project…
3 key commercial real estate investing tips
Location is critical in real estate. “Know your market, and have a clear view of why you want to invest there,” Oehler said. “And be able to articulate that—your story is important.” For example, a client might be familiar with a neighborhood where they grew up and want to invest in an apartment on a block with great access to transportation. The hospital two blocks away…
The Zombie Tenant Trap: When Occupancy Numbers Lie
On paper, a building may appear 70 percent occupied. In reality, it may be bleeding cash and barreling toward default. This is the essence of the “Zombie Tenant Trap,” a problem increasingly common in today’s office market. Many properties give the illusion of stability based on headline occupancy, but beneath the surface lies significant financial distress.
Office investor demand was way up in the first half of 2025, according to exclusive data
The recovery in the U.S. office market has been gaining steam this year and may be set to accelerate. While vacancy rates and return-to-office employee volume have been focal points in gauging demand, a new look at interest in office from the capital markets points to an even stronger recovery than previously thought. JLL, a global commercial real estate and investment…