Oct 09, 2019 - 0 Comments - Top Stories -

Miami Commercial Real Estate News October 9, 2019: North Miami Beach Multifamily Project Approved; Esports Arena Coming to Miami; Langford Hotel Trades; More…

Matis Cohen and Galbut family score board approval for North Beach project, to include apartments and micro-units

Matis Cohen and Marisa Galbut with the 72nd and Park rendering Matis Cohen and the Galbut family’s proposal to significantly make over Miami Beach’s Carlyle and Byron avenues scored an important approval Wednesday. The city’s design review board granted two waivers for 72nd and Park, a major mixed-use project the developers propose for North Beach under new development guidelines the city…

World’s First Esports Car Racing Arena Bound For Wynwood

Move over, Indianapolis. Miami is getting the world’s first esports racing arena. Millennial Esports Corp., a publicly traded Toronto-based gaming and data company, announced last week that it will open a 12K SF facility dedicated to simulated car racing in early 2020 in the hip Wynwood neighborhood. “Miami has so much enthusiasm for cars,” Millennial Esports President and CEO Darren Cox said during…

Hotusa Hotels buys the redeveloped Langford for $37M

Stambul sold the Langford hotel in downtown Miami, three years after the development firm completed a major restoration and redevelopment of the former Miami National Bank property. Langford Partners, led by Stambul’s general manager Daniel Peña, sold the 126-room hotel at 121 Southeast First Street to Miami Southern Hotels LLC for $37 million, records show. The buyer, which is tied to…

Developer Valerio Morabito enters Wynwood market with $9M acquisition

Developer Valerio Morabito is planning his first project in Wynwood. His Morabito Properties paid $9.3 million for the building at 2143 Northwest First Avenue, according to Tony Cho, president and CEO of Metro 1. Cho and Andres Nava, his vice president, brokered the sale. The two-story, 26,388-square-foot building sold for over $350 per square foot. Morabito told The Real Deal he signed a long-term…

“Robert is Here” Fruit Stand Leads The Fight Against Development In The Everglades

Bob Moehling had tough luck trying to sell cucumbers to commercial distributors near his farm in Homestead, Florida. He placed the extra produce into a few wooden crates, and set up a roadside stand at the corner of SW 192nd Avenue and 344th Street. He then sent his 6-year-old son, Robert, to run the operation with a sign reading “Robert Is Here.” The date was Nov. 9, 1959. Pretty soon, the young…

University of Miami housing complex moves forward

The University of Miami is steadily pushing ahead with its plans to replace the current student housing, built about 50 years ago, with accommodations that mirror the way young people learn today. “Nothing impacts the quality of life for students who live on campus more than the quality of their on-campus housing,” the school’s housing website says. “As the University of Miami continues to rise…

Marcus Samuelsson’s Red Rooster Overtown restaurant is almost ready

On Monday afternoon, James Beard award-winning chef Marcus Samuelsson and his business partner Derek Fleming gave a sneak peak of his nearly completed Red Rooster Overtown restaurant. Amid dangling electrical wires, unfinished air conditioning ducts and recently installed drywall panels, Samuelsson told attendees he and Fleming were careful not to open another Red Rooster in the U.S. until the…

Jeffrey Soffer in talks to buy 1,000-room Diplomat Beach Resort for under $1B: report

Brookfield Asset Management is in talks to sell its 1,000-room resort in Hollywood to developer Jeffrey Soffer in a deal that would value the property at under $1 billion. Brookfield subsidiary Thayer Lodging Group owns the Diplomat Beach Resort at 3555 South Ocean Drive. Bloomberg reported that Soffer is looking to acquire the property, which would give him control of the second largest hotel in South…

Virgin MiamiCentral station developer and builder to pay $10.5M settlement

A contentious lawsuit alleging mismanagement, project delays and $22.4 million in unpaid work during the construction of the Virgin MiamiCentral train station has ended with steel maker ADF International walking away with a $10.5 million settlement. In the complaint, the Great Falls, Montana-based company claimed critical mistakes and plan revisions by project general contractor Suffolk…

By the numbers: Breaking down national housing agendas from the far left

Just a few months after New York passed historic reforms that infuriated landlords and thrilled tenants — with California following suit — several Congress members and presidential candidates are throwing their weight behind even more aggressive proposals. Mostly promoted by Democrats on the far left, those policies include the mid-September doozy from U.S. Sen. Bernie Sanders calling for…

A look at Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park

At Marlins Park on Super Bowl weekend in February, thousands of aspiring entrepreneurs watch as a black Rolls-Royce SUV with tinted windows roars onto the stage amid a cloud of smoke. Over the loudspeakers, the song “Nuthin’ but a “G” Thang” plays as Snoop Dogg steps out of the driver’s seat. But his passenger is the real star of the day. Donning dark sunglasses along with a black sweatshirt with…

Reassurances, apologies and layoffs: Inside WeWork’s first all-hands post Neumann

In WeWork’s first all-hands meeting since Adam Neumann was ousted as CEO, company executives sought to reassure employees about the strength of the firm’s business model, but made clear that layoffs were coming. Miguel McKelvey, who co-founded WeWork with Neumann in 2010 and now holds the title of chief culture officer, kicked things off by telling employees the company’s recent stumbles…

Investors are doubling their money on charter schools — when they can get ahold of them

In the summer of 2018, the Eagle Arts Academy was in a crisis. Gregory Blount, former model and events producer who founded the Wellington charter school, was accused of siphoning off $150,000 from the school to his personal companies, leaving the school unable to pay its teachers and attorneys. The county declared the school unsafe due to understaffing and shut it down just weeks before the new…

How rent control battles are playing out across the US

Days before Christmas in 2016, Karen Harvey was making plans for the holiday with her daughter when a piece of paper slid under her apartment door. It was an eviction notice. Karen Harvey Harvey and 200 other tenants in Philadelphia’s Penn Wynn apartment complex were told they would have to be out by March. “I was crushed. I felt like I’d been kicked in the face,” said Harvey. “The prospect of…”

21K sf Lease Brokered in Miami’s Four Seasons Tower

Millennium Partners has closed on a 21,000-square-foot lease with Bolton Global Capital at the Four Seasons Tower at 1435 Brickell Avenue in Miami. Principal Wayne Schuchts and Broker Bobby Benton from Avison Young worked on behalf of the landlord, while Savills’ Managing Director Steve Woodworth and Associate Director Tyler Wyant represented the new tenant. Recently, another team from…

Video: Architecture, Engineering, and Design firm Stevens & Wilkonson Chairman Ron Stang Discusses Mixed-use Development in Multifamily Today

In this episode, Ron Stang, Chairman of Stevens and Wilkonson, joins the show’s host Michael Bull to discuss the multifamily property sector, including cycle outlook, generational drivers in the market, new technology for multifamily, issues with affordability, density conditions impacting multifamily, mixed-use development, adaptive reuses, workforce housing, and multifamily construction costs.

Court Strikes Down Miami Beach’s Airbnb Ban

Miami Beach’s ban on short-term home-sharing has been struck down in court. The city of Miami Beach passed some of the harshest penalties against home-sharing in the country in 2016 — it increased short-term rental fines from $500 and $1,500 for multifamily and single-family homes, respectively, up to a whopping $20K. Each subsequent violation was set to increase by $20K. Miami Beach also…

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