American Dream Miami developer picks up more land for mega-mall
Developer Triple Five Group just paid $10.8 million for land in northwest Miami-Dade County, where it plans to build the American Dream Miami mega-mall, property records show. Coral Gables-based Genesis Partner Development Enterprises LLC sold four parcels on Northwest 170th Street and Northwest 97th Avenue, just west of I-75. Gilberto Cerda of Genesis signed the deed transfer of ownership.
American Dream Miami battles land use, zoning issues, as it fights toward goal of 2023 completion
Triple Five Group, developer of the proposed $4 billion American Dream Miami “mega center” in Northwest Miami-Dade, hopes to get its entitlements squared away by the end of this year in order to complete the project in 2023, says Miguel Diaz de la Portilla, a land-use attorney representing the project. “We have a pending master plan application that we’ve been working on for the past couple of years,”
45-story condo designed by Carlos Zapata planned for downtown Miami
The latest residential building planned for downtown Miami’s bustling Arts and Entertainment District is a 45-story, 457-unit condominium designed by Carlos Zapata, reports the SFBJ. Developed by NR Investments, the project is located at 31 Northeast 14th Street, which is just west of Melo Group’s Square Station, a 710-unit apartment that topped off a few weeks ago. The plans also call for…
South Beach’s Monad Terrace secures $62.5M in construction financing
Monad Terrace in Miami Beach secured $62.5 million in construction financing, JDS Development announced, paving the way for vertical construction to begin next year. Construction is well underway at the anticipated but delayed project set to rise along West Avenue (just south of the Waverly) with the foundation soil mixing more than halfway complete. A VIP groundbreaking ceremony is planned for…
Jamestown picks up shopping center in northwest Miami-Dade for just over $34 million
Jamestown just closed on a Publix-anchored shopping plaza in northwest Miami-Dade for $34.25 million, property records show. The Atlanta-based investment and management firm paid $314 per square foot for the nearly 109,000-square-foot Country Club Plaza shopping center at 18454 Northwest 67th Avenue, near Miami Lakes and Hialeah. An affiliate of Deutsche Asset Management’s RREEF…
Before and after images show North Beach’s potential transformation
One of the key measures on Miami Beach’s upcoming ballot is item #82, which would allow North Beach to move forward on the key facet of a master plan for revitalizing a 10-block district along 71st Street between Collins Avenue and Indian Creek Drive. If approved by the majority of Miami Beach voters, the initiative would adopt an ordinance increasing FAR (floor area ratio) in the town center zoning…
North Beach vote allowing for mixed-use district gains momentum
Just two years after Miami Beach voters rejected a density increase for an oceanfront neighborhood in North Beach, a similar ballot measure is gaining momentum as it nears a Nov. 7 vote. Miami Beach voters have had to approve any increase in Floor Area Ratio or (FAR), the maximum density or allowable square footage of a structure, since the 1990s. Nearly all efforts to get voters to approve an…
Flagler Street upgrade downtown delayed once again
The glacial pace of Flagler Street’s renovation downtown has built frustration since the project was proposed in 2011. Last week, directors of Miami’s Downtown Development Authority agreed to another delay, this one for three months. Supporters say it’s a good thing. “The task force is recommending a 90-day pause,” said Brian Alonso, who co-chairs the Flagler Street Task Force with Neisen Kasdin, authority…
Light at end for tunnel under the Miami River
New developments should encourage proponents of a tunnel under the Miami River. On Monday, the county’s Transportation Planning Organization (TPO) released a study by Doral-based Atkins engineering firm. The study for the TPO, dated August, said in part, “The potential impact of the Miami River tunnel is significant in terms of relief to surface-street congestion in the vicinity of the Brickell…”
Walgreens on Lincoln Road hits the market
Walgreens’ retail space on Lincoln Road just hit the market — as a ground lease priced at $78.9 million. The 19,000-square-foot retail space at 1 Lincoln Road, at the corner of Collins Avenue, is on the ground floor of the Ritz-Carlton South Beach. The 129-year ground lease has 111 years remaining, according to an offering memorandum from Chicago-based Stream Capital Partners, obtained by…
Plan for Fort Dallas Park, on the Miami River, evolves
A proposal from a private company to redevelop city-owned Fort Dallas Park, on the Miami River downtown, has evolved. The unsolicited proposal still pushes for a public-private partnership with the City of Miami, but instead of building a new 250-seat restaurant the developer is proposing a revitalized riverfront hosting several local small businesses. These would be “more mom and pop” type…
NY based LargeVista buys into mixed-use development in Overtown
LargaVista Companies, a New York-based development and investment firm, just bought into a mixed-use project in Overtown, the company announced on Monday. LargaVista also broke ground on the development, a 55,000-square-foot, two-story retail and office building on Northwest Eighth Street. Lyric Point will be built next to the historic Lyric Theater in Overtown and across from MiamiCentral.
Bridge Development buys dev site in Miami Gardens
Chicago-based Bridge Development Partners just paid $28.2 million, or $152,000 per acre, for a large swath of land in Miami Gardens where it plans to build a spec industrial park called Bridge Point Commerce Center. Bridge Development acquired 185 acres at 3900 Northwest 215th Street, Kevin Carroll, Bridge Development Florida principal, said. Manheim Auto Auctions of Atlanta is the seller.
Miami-Dade, Palm Beach retail markets soften in Q3: report
South Florida’s retail markets were a mixed bag in the third quarter amid mass closures of big box retail stores across the country, according to tri-county reports from Colliers International South Florida. Retail vacancy rates rose slightly in Miami-Dade and Palm Beach counties while asking rents increased, compared to the third quarter of 2016. In Broward, the average vacancy rate fell while the asking…
Doral one of 238 cities duking it out to be the site of Amazon’s new $5 billion headquarters
The numbers are in, and they’re a doozy. Amazon says it has received 238 proposals from cities wanting to host the company’s new headquarters. Proposals came from 54 states, provinces, and districts. All US states except Arkansas, Hawaii, Montana, New Hampshire, Wyoming, and North and South Dakota submitted bids. Provinces and territories in Canada and Mexico also submitted bids that will be…
Developer sells 3rd rental building in West Miami since 2016
A developer got $59 million for selling its third new apartment building in West Miami since the summer of 2016. Miami-based Estate Investment Group (EIG), led by founder and principal Robert Suris, sold the 221-unit Soleste West Gables II for about $267,000 per unit. The sellers included EIG partners Fortune Capital Partners and Mattoni Group. The buyer, Chicago-based investment firm Waterton…
Upland building in Miami Beach Listed for Sale
A company tied to Crescent Heights wants to sell a mixed-use building in South Beach, home to the popular Upland Miami restaurant. The four-story at 49 Collins Avenue, nearly 32,000-square-foot building, which includes the 7,500-square-foot restaurant and 180-space parking garage, hit the market unpriced, but listing brokers Scott Sandelin, Drew Kristol and Alejandro D’Alba of Marcus…
The owner of a $38 million real estate portfolio in South Florida allegedly made his fortune as part of a corrupt elite law enforcement team in Russia, according to a Miami Herald investigation. Former Russian general Anatoly Petukhov has been accused of shaking down investors as a trade for protection from criminals. In court filings, Petukhov, who broke ground about a year ago on a $17 million spec…
Class A office space absorption is on the rise in Miami and Fort Lauderdale: Report
Class A office space absorption is on the rise in Miami-Dade and Broward counties, according to a newly released third quarter research report by commercial real estate firm JLL. Overall office vacancy rates fell to an average of 12.9 percent in Miami, compared to 12.7 percent in Fort Lauderdale, the report shows. Miami: The Coral Gables submarket saw the highest Class A absorption at 130,000 square…
South Florida lease roundup: One Biscayne Tower scores 65,000 sf of leases & more
Several companies have signed leases at One Biscayne Tower in downtown Miami, according to the firm that brokered the deals.
Combined, the leases take up more than 65,000 square feet of office space at the tower at 2 South Biscayne Boulevard. Cushman & Wakefield’s Brian Gale, Andrew Trench, Ryan Holtzman and Jeannette Mendoza represented the building owner L&B Institutional Fund.
Doral In Fierce Competition With Miami And 100 Other Cities For New Amazon Headquarters
Last September online retail giant Amazon announced it was looking for a new site to build a second headquarters that would involve a $5 billion investment and could generate 50,000 new jobs. The e-commerce and computer services company is headquartered in Seattle, Washington, but Amazon founder Jeff Bezzos said “we are eager to find a second home.” This attracted the attention of more than 100…
Hersha’s Courtyard Cadillac Miami Beach to become an Autograph Collection Hotel
Hersha Hospitality Trust is rebranding its Courtyard Cadillac Miami Beach Hotel, at 3925 Collins Avenue, under Marriott’s luxury chain banner, Autograph Collection Hotels. Neil Shah, Hersha’s president, revealed his company’s plan during a hospitality luncheon on Thursday hosted by Marcus & Millichap. Before a small crowd of hotel executives and industry players at the Miami Hilton Airport…
Miami Based Monument Capital Management Adds New CFO
Monument Capital Management, a fully integrated real estate investment company, appointed José Gonzalez as chief financial officer. In this new role, Gonzalez will be responsible for directing all the firm’s financial operations and support activities, including accounting, investor reporting, human resources and IT. He will be based in Monument’s corporate offices in Miami. Gonzalez brings more than 35…
HES Group scores loan for mixed-use hotel in Midtown Miami
HES Group just closed on a $9.5 million loan for its mixed-use hotel development in the Midtown Miami neighborhood, property records show. The lender is 21 Brands S.A., which lists a Panama address. HES has been quiet when it comes to Triptych, a 20-story tower planned for 3601 North Miami Avenue. Last year, JQ Group of Companies purchased a stake in the project. At the time, the developers said they…
Miami Beach boards approve North Beach boutique hotel
16 hotel rooms and a rooftop deck A 16-room boutique hotel has been approved by the City of Miami Beach’s Design Review Board and Planning Board to rise at 7128 Indian Creek Drive in North Beach. The hotel will be developed by IC Property Capital Corp and includes underground parking and a rooftop pool deck. The architect is Miami Beach-based Laure Tirouflet and Jose Carlo. It will be built…
Miami’s MB Station breaks ground on Coral Way
A mixed-use project with a fire station at the base MB Station just broke ground at 3170 Coral Way. Developed by CADE Capital Partners, the mixed-use project will include 190 rental units, 4,805 square feet of ground floor retail space, and a fire station, Shenandoah Fire Station #14, at the rear base of the building. The 17-story building’s amenities include an outdoor courtyard with a pool, a community…
REITs are buying US properties at a steady clip, but selling less
Listed real estate investment trusts are acquiring U.S. properties at a steady clip, but they’re selling less than they did last year. Listed REITs bought $44.6 billion worth of assets so far this year through Oct. 23, according to data from Real Capital Analytics, the Wall Street Journal reported. That’s pretty much in line with the $47.9 billion worth of assets they bought in 2016. But on the sales side, there…
Developer scores approval for North Beach hotel
A French developer is moving forward with its plans to build a boutique hotel in North Beach. IC Property Capital Corp., led by Lucas Mattout, secured approval from the Miami Beach Design Review Board for a 16-key hotel at 7128 Indian Creek Drive, according to a press release. It will feature a rooftop pool deck and underground parking, the latter of which will be covered by a graphic mosaic on the…
Numerous Projects Under Construction Signal Ongoing Office Boom in Tri-County Region
With vacancies hitting single digits across South Florida’s Tri-Counties region and financing easier to get while the red-hot condominium market takes a breather, developers are again putting shovels in the ground to build office projects that largely have been on the shelf since the Great Recession. As many as 52 buildings are currently underway in Miami-Dade, Broward and Palm Beach Counties, according…
Florida’s Associated Grocers, Owner of 1.5 Million Square Feet of Commercial Real Estate, Acquired by SuperValu for $180 Million
SuperValu, a grocery wholesaler and retailer, has entered into an agreement to acquire Associated Grocers of Florida in a deal valued at approximately $180 million. Associated Grocers, based in Pompano Beach, FL, is a retailer-owned co-op that distributes groceries and merchandise to independent retailers, mostly across South Florida. It owns about 1.5 million square feet of commercial real estate.
Q&A: Colliers Executive Addresses Need for Non-Traditional Office Markets in South Florida
The South Florida office market has been on a tear in recent years, with class A rents rising and vacancy rates approaching all-time lows. Still, to fuel continued growth, the market needs to evolve, and that includes tapping areas that haven’t traditionally been thought of as office hotspots, said Ken Krasnow, executive managing director for Colliers International in South Florida. Krasnow has spent more…
Video: ICSC VP Stephanie Cegielski Provides Holiday Shopping Forecast
Stephanie Cegielski, V.P of Public Relations at ICSC, joins host The Commercial Real Estate Show to talk about retail property cap rate trends, rising interest rates potentially affecting cap rates, and future forecasts impacting the retail property market. Highlights include:
Forecasting 3.8% year over year growth in holiday sales this season across all mediums, i.e. both online and brick and mortar; 96% of…