Price revealed: Blackstone pays nearly $300M for East Miami hotel in Brickell
Funds managed by Trinity and Certares sold 352-key tower Blackstone’s purchase price for the 352-key East Miami hotel in Brickell is revealed as nearly $300 million, The Real Deal has learned. Funds affiliated with New York-based Blackstone bought the 40-story hotel at 788 Brickell Plaza from funds managed by Honolulu, Hawaii-based Trinity Investments…
Trinity, Certares Sell 352-Room EAST Miami Hotel at Brickell City Centre to Blackstone
Funds managed by Trinity Investments and Certares Real Estate Management have sold EAST Miami, a 352-room hotel located within the $1.1 billion Brickell City Centre mixed-use development. Funds affiliated with Blackstone Real Estate purchased the hotel for an undisclosed price. Built in 2016, EAST Miami features guest rooms, 89 serviced apartments and Sugar…
Blackstone Buys 39-Story ‘East Hotel’ at Brickell City Centre
Blackstone Real Estate has purchased the 352-room East hotel at Brickell City Centre. The sale price was not disclosed. The 39-story hotel is known to Brickell locals for its popular Sugar rooftop bar. It was built by Brickell City Centre developer Swire Properties in 2016. Swire sold the hotel in 2021 to Trinity Investments and Certares Real Estate Management for $174M.
Blackstone buys 352-key East Miami hotel at Brickell City Centre
Blackstone bought the 352-key East Miami hotel at Brickell City Centre. Funds affiliated with New York-based Blackstone bought the 40-story hotel at 788 Brickell Plaza in Miami from funds managed by Honolulu, Hawaii-based Trinity Investments and New York-based Certares, according to the sellers’ news release. The price wasn’t disclosed. East Miami is home to rooftop venue Sugar…
Lionstone, Flag Luxury and Ben-Josef land $61M loan for Ritz-Carlton South Beach
BHI financing project, includes 30 branded condos and redevelopment of 101-key Sagamore Hotel Lionstone Group, Flag Luxury Group and Ben-Josef Group scored a $61.2 million predevelopment loan for their planned Ritz-Carlton Residences, South Beach project, The Real Deal has learned. BHI, the U.S. branch of Israel’s Bank Hapoalim, is providing the financing, according to a press release.
Integra, Terra in talks to develop 38-acre Miami Seaquarium site
County’s eviction suit against aquatic theme park opened door for secretive proposals Some of South Florida’s biggest developers are in secretive talks to develop a rare, 38-acre waterfront property in Miami. It’s the Miami-Dade County-owned Miami Seaquarium property on Virginia Key in Biscayne Bay, and little is known about proposals so far, according to reporting from the Miami Herald.
One of Miami Beach’s last gas stations just sold. Here’s what’s planned for the site
Arkadia Property Group purchased an option to buy the Sunset Harbour site in 2012 One of Miami Beach’s last gas stations will be redeveloped into a mixed-use Class A office building, The Real Deal has learned. Arkadia Property Group, led by Richard Kilstock and David Aaron, closed on acquisition of the gas station and car wash at 1840 Alton Road last week, Aaron said.
Seagis expands Miami-Dade industrial portfolio with $20M Doral deal
Conshohocken, Pennsylvania-based firm acquired facility from floral importer and distributor that will remain as tenant Seagis Property Group padded its industrial holdings in Miami-Dade County after paying $20.4 million for Doral warehouse. Conshohocken, Pennsylvania-based Seagis, led by John Begier, acquired a 62,000-square-foot facility at 2601 Northwest 104th Court, records show.
Forman Capital seeks foreclosure of dev site in Miami’s A&E District
Lender alleges developer defaulted on $8M bridge loan secured by site of planned condo-hotel Forman Capital is seeking to foreclose on a development site slated for a condo-hotel in Miami’s Art & Entertainment District over an alleged $8.3 million loan default. The project was being managed by developer Dan Kodsi, but he and the borrowers’ attorney Joseph Pardo told…
Here’s what’s happening at the Raleigh Miami Beach redevelopment
Michael Shvo is trying to match a $275M bid from Nahla Capital to keep the project Michael Shvo has had his fair share of issues across his career as a broker and developer, only to walk away unscathed. At 125 Greenwich, a planned 88-story high-end condo tower in downtown Manhattan, Shvo’s partners bought out his interest when he was indicted on tax evasion in 2016.
Astor scores $36M loan for Little Havana apartment project
Ocean Bank provided financing for eight-story, 179-unit building already under construction Astor Companies nabbed a $36 million construction loan for a multifamily project that already broke ground in Miami’s Little Havana. Ocean Bank provided the financing for an affiliate of Astor, a Coral Gables-based firm led by Henry Torres, that is developing Havana Enclave…
An Administrative Site Plan Review (ASPR) application has been submitted to Miami-Dade County for Princeton Apartments, a new residential development at 12999 SW 248th Street in Princeton. The project is being developed by Princeton DCR LLC and designed by PPKS Architects. The property is located within the R-Edge Subdistrict of the Princeton Community Urban Center…
Miami International Airport in vital land expansion deal
Miami International Airport officials are deep in a time-sensitive deal cited as key to the growth of the airport’s airlines and to expanding both passenger and cargo operations. Aviation officials are meeting this week with the tenant of two county-owned hangars to re-acquire the buildings, demolish them, and then expand airport maintenance operations beyond the hangars…
Commercial lending in Miami-Dade remains fluid
South Florida’s commercial and construction lending market has remained healthy and fluid, local commercial lenders say. The commercial lending market is currently seeing plenty of capital in the system, said Greg Freedman, co-founder and co-CEO of BH3 Management. “It’s a very liquid environment in terms of providers of debt, capital for credit, and that market has remained fluid,” he said.
Domus Brickell Center Breaks Ground At 1034 SW 2nd Avenue In Miami
On Wednesday, September 10, North Development celebrated the groundbreaking of Domus Brickell Center, a 35-story tower that will deliver 579 fully furnished residences to Miami’s Brickell neighborhood. The project expands the developer’s Domus FLATS model, which merges modern living with hotel-level services and short-term rental flexibility.
35-Story Domus Brickell Center Breaks Ground
A groundbreaking ceremony was held this morning for Domus Brickell Center. “We are thrilled to break ground on Domus Brickell Center, capitalizing on the success of Domus Brickell Park and further bringing the FLATS vision to life in Miami,” said Ricardo Dunin, Founding Partner at developer North Development. Domus Brickell Center will include 579 fully-furnished residences…
CP Group Signs Leases With Five Tenants at One Biscayne Tower in Downtown Miami
CP Group has signed leases with five tenants totaling nearly 70,000 square feet at One Biscayne Tower, a 692,000-square-foot office tower situated in downtown Miami. FTI Consulting; Nelson Mullins Riley & Scarborough LLP; and Young, Bill, Boles, Palmer, Duke & Thompson renewed their current leases. Meanwhile, Alvarez & Marsal Tax LLC signed a new 23,092-square-foot lease…
Lincoln Road Enters New Era With City of Miami Beach’s $29.4 Million Upgrade At 16th Street
Miami Beach has broken ground on Phase II of its $29.4 million upgrade to Lincoln Road, the city’s iconic pedestrian promenade. A ceremony held on Friday, September 5, brought together city officials, project partners, and community representatives to mark the beginning of construction, which will bring new outdoor seating and an extended pedestrian…
Details have emerged regarding Revault Miami, an upscale car collector community that blends luxury living with climate-controlled storage. The project is being spearheaded by Miami-based Newgard Development Group, the firm behind projects like the Standard Residences Brickell and Natiivo. Spanning 65,000 square feet in two buildings, Revault Miami…
Rhapsody At Rainbow Village Tops Out at 2000 NW 3rd Avenue in Miami’s Overtown
Rhapsody at Rainbow Village, a $185 million affordable housing community in Miami’s historic Overtown neighborhood, has topped out. The milestone was celebrated on September 3rd and marks significant progress on one of the largest affordable housing developments in the region. Developed by Housing Trust Group (HTG), Rhapsody at Rainbow Village is planned to feature…
‘Mama Hattie’s House’ to Now Include Affordable Housing at 430 NW 9th Street in Miami
Girl Power Rocks (GPR), a non-for-profit organization focused on providing services and housing to young, at-risk women, has partnered with Housing Trust Group on a promising endeavor. Initially, GPR envisioned a five-story, 45,000-square-foot residential/educational facility that would exclusively serve vulnerable women. But with Housing Trust Group’s partnership…
Live Local Tower With Flatiron Corner Submitted To Miami UDRB
Plans for a residential tower have been revealed in a new filing with Miami’s Urban Development Review Board. The tower is planned with a distinctive flatiron corner that creates an iconic silhouette, project architect Corwil wrote in a letter to the board. “The tower is defined by curving vertical bands that rhythmically rib the structure, giving the impression of an exoskeletal…”
Miami Beach Wants Workers Living Local Without Giving In To Live Local Act
Miami Beach has been trying to limit hospitality development and push builders to prioritize workforce housing, but it is also at odds with developers who want to build skyscrapers that would include desperately needed apartments affordable for hotel workers. “If you want to destroy Miami Beach, you want to destroy our tourism-based economy, you want to stop Miami Beach…
Waldorf Astoria Supertall Construction Reaches Fourth Cube
A new video released by developer PMG shows how construction continues to advance at the Waldorf Astoria Hotel & Residences in downtown Miami. Construction now appears to have reached cube 4, where the first residential levels are planned on levels 42-49. A total of 9 offset cubes are eventually planned, with a height of 100 stories, or 1,049 feet above sea level.
Swire Partners With Harrods for Brickell Development, Including $50M Penthouse
Swire Properties has announced a partnership with Harrods Interior Design for a development in Brickell, becoming the brand’s first-ever collaboration with a residential development in the United States. The developer is building The Residences at Mandarin Oriental, Miami, which includes two towers. The South Tower will feature 228 residences, while the North Tower…
Uncovered: Miami Beach officials’ texts suggest bias against Nikki Beach Club operator
In group chat, ex-city attorney said he was “having multiple orgasms” about Jack and Lucia Penrod’s disqualification for city-owned land Miami Beach officials are probably wishing they could hit “unsend” on a two-year-old group chat that could boost Nikki Beach Club’s owner’s claims of favoritism against the city. Penrod Brothers, led by Lucia Penrod…
Tower Thirty Six Prana Tentative Plat Filed
Tentative platting documents have been filed with Miami-Dade for an Edgewater property where a mixed-use tower is planned. The filing was received by the county yesterday (September 9). Tower Thirty Six Prana is listed as the name of the proposed subdivision. A mixed-use building with 28,922 square feet of commercial and 373,741 square feet of office is listed as the proposed…
FAA Issues Determination For 3 Towers At Former Miami Herald Site
The Federal Aviation Administration has again issued a positive determination for 650 foot towers at the former Miami Herald property in downtown Miami. A determination letter was issued by the agency on September 8 to sponsor Resorts World Miami (a Genting Company). A description says that the filing is for three separate building structures. They are planned to range in height…
Four years after Surfside collapse, families still waiting for answers
Investigators outline warning signs in the year before the tragedy This means the Champlain Towers South investigation will take longer than the probes into the collapse of the Florida International University pedestrian bridge in 2018 and the World Trade Center twin towers in 2001. With more than $40 million allocated so far, the Surfside investigation also is costlier.
Investigators Say Faulty Pool Deck Likely Caused Deadly Surfside Collapse
Federal investigators say it is highly likely that structural issues in the pool deck caused the collapse of the Champlain Towers South that killed 98 people in Surfside, Florida, more than four years ago. In a presentation released on Tuesday by the National Institute of Standards and Technology to the National Construction Safety Team Advisory Committee, investigators also announced…
Lease roundup: Padel courts on tap in Palm Beach County; tech, music take space in Wynwood
Also, a Panamanian sushi restaurant opened its first US outpost in Doral An indoor padel club will open two Palm Beach County outposts. Xcel Padel leased 45,000 square feet at 17035 Persimmon Boulevard in Westlake, where it will open on Friday, according to the tenant’s news release. In November, Xcel Padel will open a 60,000-square-foot facility at 101 Sansburys Way….
Steve Witkoff Sold $120 Million Stake in His Company, Disclosure Shows
Steve Witkoff, the real estate investor who serves as Donald Trump’s special envoy for peace missions, sold an interest in his eponymous real estate management company for $120 million to resolve potential conflicts of interest, according to a financial disclosure released Saturday. The document doesn’t show whether it’s been approved by ethics officials at the White House…
Alta Developers launches sales for 238-unit Hollywood condo project
Raimundo Onetto ditched plans for 466-unit wellness-focused condo on the site Raimundo Onetto’s Alta Developers is launching sales for a planned 238-unit Hollywood condo project, The Real Deal has learned. The project was initially planned as a two-tower, 466-unit wellness-focused complex, replacing previous plans for a multifamily development. Onetto’s Alta is now…
238-Unit ‘Gaia Residences’ Set for 401 North Federal Highway in Hollywood
Next year, Alta Developers intends to start construction on an 18-story residential venture in Broward County. Gaia Residences is set to comprise 238 luxury condos, with floorplans spanning studio to three-bedroom layouts. Tenants will have the option of having their units come fully furnished. The smallest homes start at $400,000, with the largest units pushing upward of $1 million.
Here are six competing proposals to build Fort Lauderdale’s new city hall
Former government center building was demolished due to damage from 2023 flood Fort Lauderdale is attempting to find a developer for its new city hall, two years after the former government center was damaged in a flood from a historic rainstorm. Six groups filed proposals to build a new city hall at 100 North Andrews Avenue, with some of the applications proffering two…
Downtown Fort Lauderdale is a ‘real powerhouse’ of economic growth, says new report
Downtown Fort Lauderdale has a bigger economic footprint than either the nearby international airport or busy cruise and cargo port. “It’s a real powerhouse you know, packed in a 2.2 square mile site,” said Walter Duke, president of his own commercial real estate valuation firm. Duke led a study of the economic impact of downtown Fort Lauderdale conducted…
Investors sue Vlad Doronin’s OKO over stalled apartment project in downtown Fort Lauderdale
Three years after firm and its partner, Cain International, scored a construction loan, they have yet to select a general contractor, suit says Vlad Doronin’s OKO Group was hit with a lawsuit over its stalled 251-unit apartment project in downtown Fort Lauderdale. More than 40 investors in OKO’s planned 34-story One River tower say that the developer has failed to advance…
Stockbridge dips back into South Florida retail with $118M Uptown Boca purchase
San Francisco-based firm bought Whole Foods-anchored shopping center in Palm Beach County Stockbridge Capital Group picked up a major South Florida retail center with a $118.4 million purchase of Uptown Boca’s shopping component. An affiliate of San Francisco-based Stockbridge, led by Terry Fancher, bought the 150,591-square-foot shopping center anchored by a Whole Foods…
Stockbridge Pays $118M for Boca Raton Retail ‘Uptown Boca’
The Whole Foods Market within the Uptown Boca shopping center marks its seventh location in Palm Beach County. Image courtesy of JLL Capital Markets Stockbridge Capital Group has purchased Uptown Boca, a 194,927-square-foot retail center in Boca Raton, Fla., for $118.4 million. A joint venture of Schmier Property Group, Giles Capital Group, Rosemurgy Properties…
Terra, Frisbie mega-project in Boca Raton heading to referendum
Scaled-back project on public land would include 580 apartments, 160 condos, 80K sf of retail, 250K sf of offices The Boca Raton City Council agreed to wait for a voter referendum before formally approving a 99-year lease that would enable Miami-based Terra and Palm Beach-based Frisbie Group to build apartments, condos, retail, and offices on public land.
Lithia Motors revs up South Florida dealership portfolio with $51M West Palm Beach Purchase
Medford, Oregon-based firm acquired Acura, Hyundai showrooms in West Palm Beach Lithia Motors expanded its South Florida portfolio after paying a combined $51.4 million for a pair of West Palm Beach dealerships. In the larger deal, an affiliate of Medford, Oregon-based Lithia, led by Bryan Deboer, paid $27.9 million for Acura of Palm Beach, a 10-acre car retail site at 6870 Okeechobee…
The Berkeley Palm Beach Secures $62.5 Million Pre-Construction Loan From JVP Management
The Berkeley Palm Beach has closed on a $62.5 million pre-construction loan with New York–based JVP Management, marking a major milestone for the 25-story residential tower planned for 500 South Australian Avenue along Clear Lake in downtown West Palm Beach. “This milestone is more than financing; it is validation of West Palm Beach’s extraordinary trajectory,” said Al Adelson…
Tech Firm ServiceNow to Take 200K SF At Stephen Ross’ Next West Palm Beach Tower
Related Ross signed its first tenant for the under-construction 10 CityPlace office tower in West Palm Beach. ServiceNow, an enterprise software company, inked a nearly 200K SF lease to house its regional headquarters and an artificial intelligence institute at the building. The company plans to open its facility to support startup technology companies by 2028, according to a release.
A prominent tech group is depending on more than $17 million in city and state funding to expand its business and outreach to West Palm Beach, promising hundreds of jobs and boosting the local economy by nearly $2 billion over five years. West Palm Beach Mayor Keith James called the decision “a movement,” as tech, city, and state leaders cements the city’s role as a regional tech…
O’Connor Capital and partners propose 175 workforce housing units, community center in Riviera Beach
Development group includes Urban Farmers and the Riviera Beach Housing Authority Riviera Beach’s Planning and Zoning Board unanimously backed land use changes that would enable a development group led by New York-based O’Connor Capital Partners to build a mixed-use workforce apartment complex with retail and a community center.
Quarterly demand for industrial space nationally falls for the first time in 15 years
Five years ago, when the pandemic pushed e-commerce to new highs, the industrial warehouse space became the biggest commercial real estate play around. It began to slow in 2022, but now economic uncertainty brought on by constantly changing tariff policy and persistently high inflation is taking a greater toll on the previously hot real estate sector. Just 27 million square feet…
In a recent conversation with Diana Olick, Deborah Cafaro, the CEO of Ventas, Inc., a $31 billion real estate investment trust (REIT), emphasized the promising future of senior living real estate. While the senior living real estate sector might have previously been overlooked, Cafaro argues that it is on the verge of a significant boom, primarily driven by the aging baby boomer…
U.S. Apartment Market Softens in August
After showing resiliency in recent years, the U.S. apartment market saw the return of mild annual rent cuts in August as occupancy softened. U.S. apartment occupancy eased a bit to 95.4% in August, according to data from RealPage Market Analytics. That was down 10 basis points (bps) from the July showing but still matched the market’s five-year average. Year-over-year, occupancy was up 130 bps.
Industrial Outdoor Storage Outpaces Bulk Warehouses In Rent Growth, Maintains Lower Vacancy Rates
The often-overlooked industrial outdoor storage (IOS) has recently been taking center stage, appealing to investors with outsized rent growth and lower vacancy rates than more visible segments. The IOS segment has delivered 123% rent growth since 2020, outpacing bulk warehouse, which posted gains of 58% over the same period, according to a report from Newmark.
Video: ICSC President & CEO Tom McGee on Navigating Real Estate Retail Trends
A Deep Dive into Retail’s Resilience and Future In the dynamic industry of commercial real estate, the confluence of retail, real estate trends, economic fluctuations, and business strategies form an intricate web of influences that shape the market’s trajectory. In a recent episode of America’s Commercial Real Estate Show the host engaged Tom McGee…
H1 2025 U.S. Office Market Tech Trends
The technology industry has become a major driver of the U.S. office market over the past three decades. While the San Francisco Bay Area remains the primary hub for tech talent and corporate headquarters, firms have been founded in or expanded significantly into other markets over the last decade to capitalize on lower-cost real estate and labor costs, while still accessing highly…
Duke Energy is looking into building data centers in Florida
With artificial intelligence and other technology driving massive increases in demand for electricity, Duke Energy Florida on Friday filed a proposal aimed at preparing for the possibility of data centers being built in the state. The proposal, filed at the Florida Public Service Commission, came as the issue is also part of a broad Florida Power & Light rate case.
Video: The DeSantis Doge Effort; Examining the Bid to Wipe Out Property Taxes in Florida
Florida Governor Ron DeSantis has recently ignited a conversation around the sensitive issue of property taxes. The governor’s proposed strategy, which he dubs as the ‘Doge effort,’ seeks to reduce costs and improve fiscal responsibility in local government spending. This comprehensive article provides a detailed analysis of this ambitious initiative, its feasibility…
U.S. Retail Monthly Foot Traffic & Sales Analysis August 2025
In August 2025, retail sales rose 3.5% year-over-year, but most of that growth came from inflation rather than higher transaction volumes. Apparel emerged as a standout category, posting one of the strongest performances, while experience-driven retail saw significant declines in visits. This month’s Retail Foot Traffic Analysis explores consumer trends, highlights top-performing…
7 Ways to reduce multifamily operational costs
Uncertain conditions continue to challenge commercial real estate operators. Rising interest rates, inflation concerns and shifting federal policies create an unpredictable environment, while the economy may be headed toward a recession. The evolution of other asset classes, including office, retail and industrial, could further cloud the multifamily outlook.
On America’s Commercial Real Estate Show, the show’s host leads discussions on various topics affecting this sector. A recent episode brought Tim Bodner, global real estate leader with PWC, into the conversation. The discussion centered around the state of the commercial real estate market, the impact of the “One Big Beautiful Bill,” tariffs, and their implications for the economy…
Surveilling Security in Multifamily Properties
Security in multifamily properties is a critical consideration for property owners, managers and residents. Multifamily communities face unique security challenges due to their size, shared common areas and the diversity of people coming and going. Ensuring an effective security strategy in multifamily housing helps keep residents and staff safe while shielding owners from lawsuits.
The Fed’s Beige Book: Southeast Economy Slowed in Recent Weeks
Economic activity in the Southeast declined slightly over the past several weeks, according to the new Beige Book report from the Federal Reserve Bank of Atlanta. Contacts from several sectors reported that business had slowed during mid-July through August: consumer spending softened, leisure travel was down, and demand for both transportation and manufacturing activity fell.