Miami & Other Sun Belt Markets Dominate Top 10 ‘Markets to Watch’ in 2023, According to Emerging Trends Report

A variety of Sun Belt markets once again lead the “top markets to watch” in 2023 for overall real estate prospects, with Nashville ranking No. 1 for the second consecutive year in the annual Emerging Trends report issued by the Urban Land Institute (ULI) and PwC US. Using proprietary data and insights from more than 2,000 real estate industry experts across 80 tracked markets in the United States…

South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects

Market Snapshot for South Florida Retail Real Estate A summary of the statistical highlights, latest retail transactions, vacancy / lease trends, and current market activity for South Florida commercial real estate focusing on Miami-Dade County. The retail real estate report is updated every quarter by our CRE experts. The analysis is derived and compiled…

Fed hikes interest rates to 14-year high

Thursday brought more bad news for borrowers, as another rate hike will cause the cost of credit-fueled deals to rise further, but there may be a little light at the end of the tunnel. The Federal Reserve approved a fourth straight 75-basis-point hike to a target range of 3.75 to 4 percent on Wednesday, raising short-term borrowing rates to their highest levels since 2008, CNBC reported. However, the…

Richman scores $44M construction loan for south Miami-Dade rentals

The Richman Group scored a $44.5 million construction loan for a multifamily complex in Miami-Dade County’s Naranja neighborhood. The deal marks a step forward for the project that has been in the works since last year. It also underscores developers’ insatiable appetite to build apartments in the county’s southernmost areas. The financing is for development on 4.7 acres of land in unincorporated…

What it takes to develop a Miami supertall

The developer of Miami’s first supertall broke ground on the project, kicking off one of the most challenging developments in the city’s history. PMG and its partners, Greybrook, Mohari Hospitality, S2 Development and Hilton began construction of the 1,049-foot-tower at 300 Biscayne Boulevard in downtown Miami. The developers are building the Waldorf Astoria Hotel & Residences…

Breaking down the Related-backed Miami Beach Deauville referendum

Billionaire Stephen Ross’ Related Companies pumped nearly $1.3 million into the political action committee backing his plan to develop the oceanfront Deauville site in Miami Beach. And that PAC is securing endorsements from elected officials across the county. Referendum 1 doesn’t mention Ross, Related or the Deauville, but the ballot question…

Chart – Inflation Watch Halloween 2022: TIPS Indicating 2.67% Expected Inflation for Next 5 Years, Down from 3.59% March Peak

Posted above is the chart for the 5-Year breakeven inflation rate, commonly referred to as the TIPS spread, for the five years ending on Halloween, October 31, 2022. A calculation of the difference in the yields, i.e. the spread, between United States Treasury bonds and Treasury Inflation-Protected Securities (TIPS) of the same maturity, this spread is a useful and oft-quoted measure…

What Recession? Miami CRE Leaders On The City’s Economic ‘Halo’

Winter is coming, and with it, a potential recession looms that already has the commercial real estate sector on edge — unless you’re in South Florida. Suffolk Southeast’s George Adornato, Two Roads Development’s Brad Meltzer, Stantec’s Robin Anezin, Butters’ Malcolm Butters and Weiss Serota Helfman Cole & Bierman’s Joe Hernandez speak at Bisnow’s Miami State of…

The Closing: Bjarke Ingels

Bjarke Ingels shakes hands and comments on his clammy palms. Perhaps they will be dry after a few encounters with others, he jokes. He brings his hands together and makes a sound that imitates flatulence and grins, though it is not clear whether the two expressions are related. Within half an hour, he will quote Kierkegaard.  This playful but intense energy is reflected in his architecture firm’s…

Thomas Conway sells Miami Little River multifamily dev site

Investor Thomas Conway parted ways with an Opportunity Zone development site in Miami’s Little River where he had planned a mixed-income apartment project. Conway, through one of his Qualcon Real Estate Fund affiliates, sold the 2.2-acre former Bellsouth telecommunications facility at 8038 Northeast Second Avenue and 165 Northeast 80th Terrace, records show. Three years ago…

“Incredible land grab”: Miami-Dade OKs project outside UDB

It took developers Stephen Blumenthal and Jose Hevia five tries, but in the end they won approval for their controversial proposal to build outside Miami-Dade County’s Urban Development Boundary. Commissioners on Tuesday voted 8-4 to allow the South Dade Logistics & Technology District to be built…

Multifamily sales in “virtual standstill”

Multifamily investment, buoyed through the first half of the year by rising rents, has sunk under the weight of relentless rate hikes. Apartment building sales came to a “virtual standstill” in October, according to the National Multifamily Housing Council’s Chief Economist Mark Obrinsky, as buyers facing higher borrowing costs and slowing rent growth offered lower prices…

Miami Lakes Shopping Center Lands $40M Refi

In the latest example of the appeal of neighborhood shopping centers, Miami Beach landlord Terranova Corp. said Thursday that it closed on a $40 million refinancing of Palm Plaza near Miami Lakes. The 90,621-square-foot property at 16867 Northwest 67th Avenue is 95 percent leased, Terranova Chairman Stephen Bittel said. Navarro Discount Pharmacy, a unit of CVS, is the…

Polish American Club seeks rezoning for Miami River mixed-use project

The Polish American Club wants to build an eight-story, mixed-use project on the organization’s former banquet hall site on the Miami River. The Miami River Commission is set to vote next week on recommending approval for zoning changes to the property at 1250 Northwest 22nd Avenue sought by the club. The requests, which would allow the club to build a high-density project, would a…

Wynwood Norte moves toward increased residential density

The City of Miami commission has passed on first reading an ordinance to increase the residential density in the Wynwood Norte area. Known as Little San Juan from the 1950s through the ’70s, the zone was designated a Neighborhood Revitalization District, or NRD-2, by the commission in March 2021. It’s bordered by I-95 to the west and North Miami Avenue to the east, and Northwest 29th Street…

Tech, finance and dining fuel Wynwood realty

Wynwood commercial real estate continues to flourish as several large tech companies, financial institutions and top food and beverage concepts continue to choose this desired neighborhood as their headquarters. Over the past three to four years, Wynwood has been transformed thanks to vertical development, said Randy Carballo, senior vice president of CBRE Miami Office. With the extended…

Wynwood streetscape plan under city’s microscope

The Wynwood Streetscape Master Plan project is currently under a call cost evaluation by the City of Miami. The streetscape plan was initiated in 2018 by the Wynwood Business Improvement District, which has partnered with the City of Miami, Miami-Dade County and the neighborhood’s private-public property owners. “This is a very ambitious project,” said Manny Gonzalez, the BID’s…

Short-term rentals with speakeasy to rise in Wynwood

A rustic-style 131-unit short-term rental with a speakeasy concept rooftop bar is coming to where Wynwood starts, next to the train tracks, developed by Rilea Group and Ann Arbor, MI-based real estate investors group Promanas, and hoping to break ground late next year. The project, called The Rider, would be at Northwest 29th Street and the Florida East Coast Railway line, expanding on…

Wynwood Works would create eight-story mixed-use site

Construction is expected to begin early next year on a mixed-use residential project in the Wynwood Arts District. Architect Jennifer McConney-Gayoso… would put its completion date at mid-2024. The owner-developer, 26-60 NE 27th Street LLC of Hoboken, NJ, proposes a project called Wynwood Works at 26–60 NE 27th Street, 25 NE 26th Street and 61 NE 26th Street…

Video: RealPage Senior Manager Market Analytics Carl Whitaker Updates on Multifamily Performance, Forecast

Carl Whitaker, Senior Manager Market Analytics with RealPage, joins America’s Commercial Real Estate Show host Michael Bull to share recent performance variances as well as projections for (multifamily) performance and cap rates going forward. This is the latest in an ongoing series of discussions over time by Carl on multifamily properties. All the disruption over the past couple of years makes…

Industrial rents keep climbing as vacancies fall in South Florida

It’s a familiar refrain for South Florida industrial landlords. During the third quarter, asking rents continued on an upward trajectory, as premium warehouse space in the tri-county region remains hard to find, according to a JLL report. New developments in Miami-Dade, Broward and Palm Beach counties are experiencing strong pre-leasing activity,…

Suffolk again sues Estates at Acqualina developer in alleged “Halloween ambush”

Suffolk Construction and Trump Group are both back on the offensive in their battle tied to the developer’s Estates at Acqualina condo project in Sunny Isles Beach. Suffolk reopened its lawsuit against the affiliates of Trump Group, seeking $15 million in damages for allegedly unpaid work at the oceanfront two-tower luxury condo development, where buyers i…

Lease roundup: Rihanna’s Savage X Fenty signs at Miami Worldcenter

The retail and the financial sector have been front and center of Miami’s leasing action as of late. Here’s a rundown of some of the most notable newly signed contracts: Savage X Fenty, Lululemon, Ray-Ban, Posman Books I Miami Worldcenter Rihanna’s lingerie brand Savage X Fenty is among the recently signed tenants at the Miami Worldcenter mixed-use development in downtown.

Cutler Bay approves $100M senior living mixed-use project

An AJP Ventures-led development team can move forward with a $100 million mixed-use complex featuring senior living apartments in Cutler Bay. Last week, the Cutler Bay Town Council unanimously approved The Contemporary & MedSquare, a project with 42,000 square feet of medical office, 19,000 square feet of retail and 196 apartments…

Eyal Peretz’s Fuse gets final OK for multifamily near Flagler Village

Eyal Peretz is adding 480 apartments to an area just west of Fort Lauderdale’s Flagler Village. His Fuse Group submitted plans for an eight-story building that will rise at 640 Northwest Seventh Avenue, or the northeast corner of Sistrunk Boulevard and Northwest Seventh Avenue. The Arcadian project will also include 48 apartments with affordable rents; 15,000 square feet…

Ugo Colombo, Craig Robins reach settlement in feud over private jet

A decade-long dispute over a private jet once shared by two high-flying Miami developers appears to be coming in for a soft landing. Ugo Colombo and Craig Robins have reached a private settlement, court records show, after just two days of trial that would have determined which one of them was on the hook for missed loan payments on a $22 million jet the pair purchased…

Miami Beach Port Royale Condominium evacuated over structural concerns

Port Royale Condominium in Miami Beach at 6969 Collins Avenue (Google Maps, Getty) Residents of a 164-unit Miami Beach condominium were evacuated Thursday after engineers raised concerns about a deteriorated garage beam that they suspect supports the entire building. City officials and the condo board ordered the 14-story Port Royale Condominium at 6969 Collins Avenue…

Metro Miami Affordable Community Gets $25M Refi

Mary Alice Brown Apartments M&T Realty Capital Corp. has provided $25 million in refinancing for Mary Alice Brown Apartments, a 216-unit fully affordable multifamily community in Opa-Locka, Fla. The three-year, fixed-rate bridge loan has a 30-year amortization period. Opa-locka Community Development Corp. is the owner of the property, previously known as Aswan Village Apartments.

Richman scores $44M construction loan for south Miami-Dade rentals

The Richman Group scored a $44.5 million construction loan for a multifamily complex in Miami-Dade County’s Naranja neighborhood. The deal marks a step forward for the project that has been in the works since last year. It also underscores developers’ insatiable appetite to build apartments in the county’s southernmost areas. The financing is for development…

Chart: The Fed, real returns on major asset classes since the start of the pandemic

In the beginning of 2020, as the COVID-19 pandemic seemed likely to spread in advanced economies, financial markets entered a period of turmoil. Some even thought the world was headed for a financial crisis. But after the deployment of major fiscal and monetary policy interventions around the world, among other factors, such a crisis never materialized. In fact, financial…

Peebles affiliate must pay $1M in sanctions over Bath Club dispute

An entity tied to developer Don Peebles is once again on the hook for $1 million after a court denied its latest attempt to fight off sanctions over a dispute at the Bath Club in Miami Beach. Peebles’ Bath Club Entertainment owns the historic and private membership club, which dates to 1926, as well as most of the common areas on the 5-acre property at 5937 Collins Avenue…

NY’s Kalimian family buys South Beach Walgreens for $35M

A member of New York’s Kalimian family made a retail investment at the entrance of South Beach. Debra Kalimian of A&R Kalimian Realty, through an affiliate, bought the 24,000-square-foot Walgreens building at 509 Collins Avenue from New York-based Allied Partners, according to records. The two-story building was constructed in 1995 on 0.3 acres. It’s unclear if the…

Farsighted: Andrew Zobler talks hotel market, surviving the dip and more

Andrew Zobler is back in Miami. The Sydell Group founder and CEO bought singer and songwriter Billy Joel’s Miami Beach home last year and is branding the NoMad Residences project in Wynwood. But despite buying the home, he didn’t relocate to Florida because Zobler says that he “always wants to spend a significant amount of time in New York.” After developing the high-end…

Industrial Wave Triggers Tight Market Conditions in South Florida in Q3

The South Florida industrial leasing market saw another seven-figure performance in the third quarter of 2022, with approximately 1.4 million square feet (msf) of positive net absorption at its close — keeping the region on track for another dynamic annual occurrence. Year-to-date more than 6 msf of industrial space was absorbed throughout the region.

Homeowners drop lawsuit over Ugo Colombo Grove Isle project approvals

A neighborhood association and a group of Coconut Grove homeowners are backing off their lawsuit alleging city of Miami officials improperly approved construction of a proposed waterfront condominium in Grove Isle — at least for now. Last week, Tigertail Association, led by more than a half-dozen individuals, voluntarily dismissed their complaint. The plaintiffs…

The Impact of Flood Risk on Property Values – A Case Study in Miami

Hurricane Ian landed in Florida on Thursday evening, September 29, 2022. According to CoreLogic, estimated losses from wind and flooding damages to residential and commercial properties in Florida, South Carolina and other impacted states are between $41 billion and $70 billion1. It marked the sixth consecutive year that the U.S. has been impacted by a slow-moving tropical…

Corporate Relocations and an Evolving Office Market in Miami

The first topic of the morning was 2020 and the pandemic. Overnight, these industry professionals were faced with the obstacles of price surges, lack of materials, remote barriers, and a decline in revenue. This forced them to focus on efficiency and adaptability. It was pointed out that only the strong businesses survived. Following the pandemic, many people are anticipating a recession…

Henry Pino’s Alta bets on Brickell resi market

Alta Development’s Henry Pino along with 160 and 180 Southwest Ninth Street :Henry Pino has placed an eight-figure wager on the Brickell residential market. His Alta Development bought a half-acre site along Southwest Ninth Street for $15 million, with plans to build a 38-story tower with 320 apartments, according to a news release. Progesti, led by Jose Nunez, is the seller.

Lincoln scores $103M construction loan for Doral apartments

With interest rates poised to continue rising, Lincoln Property Company pulled the trigger on a major construction loan for its planned multifamily project in Doral. The Dallas-based firm secured a $102.9 million loan to build apartments on 3.4 acres at 3450 Northwest 85th Court, the last vacant site at the Park Square at Doral mixed-use development. Santa…

Pembroke Pines approves 410 affordable apartments for seniors

Miami Jewish Health Systems and a partner won site plan approval for 410 apartments in Pembroke Pines with below-market rents for tenants 62 and older who have low or moderate income. Not-for-profit Miami Jewish Health and San Francisco-based McDowell Housing Partners won approval for Douglas Gardens IV a…

Giddyap! Altman plans 286 apartments next to rodeo arena in Davie

The Altman Companies won site plan approval for Altis Davie, a 286-unit, mid-rise apartment complex near the rodeo arena in downtown Davie. Altman plans to build Altis Davie as a four-story, mixed-use development with 1,450 square feet of commercial space, according to a report by the Davie Planning & Zoning Division. The mix of residential units would include 24 studio apartments, 117 one-bedroom…

Quarterly Apartment Prices Nationally Drop for First Time Since Start of Pandemic

U.S. apartment prices tracked by CoStar sank for the first time since the start of the pandemic during the third quarter, setting up a test for the once-hot property type through the rest of the year. Meanwhile, price gains slowed sharply in other property sectors across all regions, according to the latest CoStar Commercial Repeat Sale Indices, which monitor price differences in repeat sales…

Developers plan 300-plus rentals on Fort Lauderdale church site

Buyers and developers Tal Levinson and Eric Malinasky and the First Eben Ezer Missionary Christian Churchat 312 Northwest Seventh Street in Fort Lauderdale: Developers want to build an apartment project on a church site in Progresso Village, which is quickly becoming Fort Lauderdale’s next hot spot. Tal Levinson and Eric Malinasky plan a six-story building on almost a full block on the…

Axonic scoops up Lauderdale Lakes multifamily in $64M deal

Axonic Properties’ Jonathan Shechtman and Clayton DeGiacinto; Integra Investments’ Nelson Stabile; the Bella Vista apartment complex at 3541 Northwest 30th Place in Lauderdale Lakes: Axonic Properties has set its sights on Broward County. The New York-based residential real estate investment firm scooped up the Bella Vista apartment complex in Lauderdale Lakes for $63.6 million…

Prime Acreage In Boca Raton Hits Market For $43M. The Catch? It’s Largely Underwater

A 4-acre piece of waterfront land in Boca Raton is hitting the market for $43M, a development opportunity buyers will have to “sea” to believe. Delray Beach resident, investor and local developer William Swaim has put a 4-acre plot up for sale that is largely submerged under Boca Raton’s Intracoastal Waterway, The Palm Beach Post reports. He told the paper that he is willing…

Related in Talks to Develop South Florida HQ

360 Rosemary NewDay USA has just celebrated taking occupancy at its second headquarters with the unveiling of a new company sign at 360 Rosemary, the Related Cos.’ recently completed office tower in West Palm Beach, Fla. NewDay’s move into a 53,300-square-foot space at 360 Rosemary is just the beginning of a planned expansion in the bustling West Palm Beach office market, as the fintech…

Ohio firm pays $29M for oceanfront co-op in Palm Beach County

Waterfront property in the Sunshine State is still red hot. An Ohio real estate firm paid $29 million for a co-op property in Ocean Ridge that was terminated, paving the way for redevelopment. Edwards Companies of Columbus, Ohio, acquired the 22-unit co-op at 6855 North Ocean Boulevard, property records show. The nearly 2.2-acre property is the latest bulk residential building…

PGIM buys Publix-anchored Miramar shopping center for $62M

Monarch Town Center at 12503-12681 Miramar Parkway in Miramar with PGIM Real Estate’s Eric Adler and Stile’s Kenneth Stiles (Google Maps, PGIM, Stiles, Getty) PGIM Real Estate bought a Publix-anchored shopping center in Miramar for $61.5 million. PGIM, the real estate investment and financing arm of Prudential Financial, bought Monarch Town Center at 12503-12681 Miramar Parkway from…

Electra, BH purchase former Cutler Bay Sears store for $34M

Seritage Growth Properties’ Andrea Olshan and Electra America’s Joe Lubeck with former Sears store at Southland Mall, 20505 South Dixie Highway:  Electra America and BH Group added a former Sears store to the joint venture’s Southland Mall assemblage slated for a $1 billion overhaul. The joint venture acquired the 130,000-square-foot big box building for $34 million from Seritage…

Ugo Colombo and Craig Robins’ trial begins over $19M plane loan

CMC Group’s Ugo Colombo and Dacra’s Craig Robins with a Bombardier Challenger jet (Ugo Colombo, Dacra, Bombardier, Getty) A pair of prominent Miami developers are duking it out again in Miami-Dade Circuit Court in what could be the closing chapter to an epic 12-year-old legal war over a private plane they jointly owned in the late 2000s. Dressed in natty suits, Ugo Colombo…

Pérez’s Related scoops up multifamily dev site in North Miami

Jorge Pérez’s Related Group bought a multifamily development site at the closed Johnson & Wales University campus in North Miami. The Coconut Grove-based firm plans Manor Biscayne, an eight-story building with 382 apartments and 9,000 square feet of retail on a parking lot at 1650 Northeast 124th Street. Yoram Izhak’s IMC Equity Group sold the 3-acre site for $13.6 million…

The Fed’s Beige Book: Worker Shortage Improving, Home Sales Falling

Economic activity in the Southeast expanded “slightly” from the middle of August through September, as a shortage of available workers eased somewhat, according to the Federal Reserve Bank of Atlanta’s Beige Book compilation of reports from business contacts. Most employers said pressure to increase wages remained but had lessened in recent months. Although most…

Ganja time: Miami to vote on medical marijuana dispensary rules

Developer Michael Comras isn’t ready for his medical marijuana dispensary plan to go up in smoke. Comras, of Miami Beach-based Comras Company, is asking the Miami commission to overturn a city board’s decision that shot down his bid to open a store in the MiMo Biscayne Boulevard Historic District. It’s the latest in the drawn-out controversy over dispensaries in the city that…

Mount Sinai cancer center clears Miami Beach hurdle

Mount Sinai Medical Center’s Irma and Norman Braman Cancer Center in Miami Beach is on schedule and projected to open in September 2025. This month, Mount Sinai Medical Center received approval from the City of Miami Beach Design Review Board, which is one of the principal components of getting the cancer center approved from a design standpoint, Gino Santorio…

Coral Gables project adds two parks, swaps historic rights

A 16-story mixed-use development known as 1505 Ponce got the green light to proceed with plans after obtaining a transfer of development rights from seven historic properties and offering to create two permanent parks. On Tuesday, Coral Gables commissioners gave the OK for Location Acquisitions LLC, the contract purchaser of 1505 Ponce de Leon Boulevard, to proceed…

In Coconut Grove, Tigertail building’s strange geometry

A new mixed-use residential project is coming to Coconut Grove, at 2835 Tigertail Ave. Residences in the Grove will offer 174 dwellings, ground floor commercial, and basement parking. The site is north of Tigertail, on the corner of Mary Street. The city’s Urban Development Review Board unanimously recommended approval. Iris Escarra, an attorney representing the developer, explained…

Buyer’s Due Diligence; What Can A Level II Thermographer Do?

Miami-Dade County has made significant changes to the 40-year recertification requirement for commercial buildings since the Surfside condo collapse in 2021. One change includes lowering the age of a building to 25 or 30 years rather than 40, and another significant change is the introduction of an infrared electrical inspection performed by a certified Level II thermographer.

Lease roundup: Link Logistics, Gatsby, Lincoln score tenants

Challenge Warehousing I Port Everglades Distribution Center I Dania Beach Challenge Warehousing moved to Port Everglades Distribution Center in Dania Beach. The firm leased 82,000 square feet of industrial space at 1900 Northeast Seventh Avenue from Blackstone’s subsidiary Link Logistics, according to a news release from the tenant’s broker. JC Conte and Brian Ahearn of Butters…

Video: Federal Reserve Real Estate Subject Matter Expert Brian Bailey Discusses the Fed’s View on Commercial Real Estate 2022

In this video, Brian Bailey, Federal Reserve Real Estate Subject Matter Expert, joins America’s Commercial Real Estate Show to shares view on the commercial real estate market. He discusses expectations for the fed funds rate, then goes on to discuss balance sheet health of banks and the implications for lending. This is a varied discussion that goes from remote working trends…

Growing Wynwood Investment

During the past two years, large tech and venture companies relocated to South Florida, fleeing high-tax locations. The Wynwood BID has been positioning the neighborhood to grow in stature to become a 24/7 mixed-use community. A short list of companies already committing to office space in Wynwood includes Founders Fund, Spotify, Technology SA, Blockchain.com…

Ranaan Katz’s RK Centers buys Aldi-anchored plaza near North Miami

RK Centers’ Ranaan Katz, Seritage Growth Properties’ Andrea Olshan, an aerial of 10790 Biscayne Boulevard and 1290 Northeast 108th Street in Miami-Dade County: Seritage Growth Properties is continuing to retreat from its South Florida retail real estate assets. After the firm’s board recommended this summer that it liquidate its properties, Seritage sold the shopping plaza with…

Canceled: Related, 13th Floor’s $500M Miami Beach condo buyout falls apart

13th Floor Investments’ Arnaud Karsenti and Related’s Jorge Pérez with 5445 Collins Avenue: One major South Florida condo buyout has fallen apart, after a group of unit owners blocked the half-a-billion-dollar deal, The Real Deal has learned. The Related Group and 13th Floor Investments confirmed they pulled out of their proposed purchase of the Castle Beach Club condo in Miami Beach.

Russell Galbut scores approval for Art Deco hotel renovation

Russell Galbut’s Crescent Heights can move ahead with plans to build two additional floors at the Regent Hotel… The Miami Beach Preservation Board on Monday approved a Galbut affiliate’s request to demolish the rooftop pool and deck of the two-story Regent that is adjacent to the three-story Gale Hotel at 1690 Collins Avenue. The two new floor…

Mexican restaurateur sells Edgewater development site for $21M

Mexican restaurateur Juan Carlos Cachoua sold an assemblage in Miami’s Edgewater for $21 million, adding to the buyer’s adjacent portfolio. An entity managed by Maria Menzel in Coral Gables purchased the six contiguous properties totaling 0.8 acres, according to the brokers… The properties include: an 11,000-square-foot retail building at 2699 Biscayne Boulevard…

Video: Senior Economist with Moody’s Analytics Thomas LaSalvia Discusses Retail Real Estate Outlook and Strategies

Thomas LaSalvia, Senior Economist with Moody’s Analytics, joins this commercial real estate show to discuss the latest performance and cap rates for retail commercial properties. Discussions include a forecast for current markets as well as some strategies for retail property investors.The post Video: Senior Economist with Moody’s Analytics Thomas LaSalvia Discusses Retail Real Estate…

Video: John D’Angelo, U.S. Real Estate Solutions Leader at Deloitte, Discusses his Firm’s 2023 Commercial Real Estate Outlook

In this awesome video covered are highlights and takeaways from Deloitte’s annual outlook survey of Real Estate Chief Financial Officers. John D’Angelo, U.S. Real Estate Solutions Leader, joins this commercial real estate related show to discuss this report and planning for 2023 in general.The post Video: John D’Angelo, U.S. Real Estate Solutions Leader at Deloitte, Discusses his…

Rock Soffer, partners bet on Little River multifamily

Turnberry’s Rock Soffer, Native Construction’s Gaudi Castro and Cade Capital’s Jose Vizcarrondo with 123 and 137 Northeast 79th Street: Most developers in Miami’s Little River bet on retrofitting aging buildings into trendy dining and retail spots. But they stop short of ground-up residential construction. Rock Soffer, Gaudi Castro and Jose Vizcarrondo aren’t most developers.

Amid Unyielding Labor Shortage, Construction Leaders Call For Immigration Reform

With billions in federal funding set to flow to infrastructure projects across the country in the coming years, the labor shortage that has long plagued the construction industry could get even direr. In order to build the projects spurred on by the passage of the Infrastructure Investment and Jobs Act, CHIPS Act and the Inflation Reduction Act over the last two years, construction…

Fort Lauderdale developer launches condo project planned as rentals

Ocean Land Investments plans to launch condo sales of Sixth & Rio, a boutique residential building that was planned as rentals. Fort Lauderdale-based Ocean Land, led by founder and CEO Jean Francois Roy, said that construction costs for the 94-unit building were 40 percent higher than originally priced. That prompted the switch to condos for the project planned for 501…

AMAC, ROVR score $41M construction loan for Hollywood project

AMAC founders Maurice and Ivan Kaufman and ROVR Development principals Oscar Rodriguez and Ricardo Vadia with a rendering of Griffin 441: AMAC and ROVR Development broke ground on a 180-unit multifamily project in Hollywood having secured $41 million in construction financing. Ocean Bank provided the loan to the joint venture, according to a press release.

BTI wins key approvals for major downtown Hollywood development

BTI Partners won site plan approval and a rezoning for Block 57, a two-tower, mixed-use development in downtown Hollywood with 856 planned apartments. The Hollywood City Commission granted the approvals Wednesday amid concern about future traffic patterns around the 3.2-acre development site on Young Circle. Along with 856 apartments, Block 57 will have about…

Cymbal DLT lands $31M construction loan for Fort Lauderdale apartment towers

Cymbal DLT Companies nabbed a $31 million construction loan for a pair of Fort Lauderdale towers, but the firm doesn’t expect to break ground until next year. The Miami-based developer and general contractor won financing from 3650 REIT, which also recently funded construction of another Cymbal DLT multifamily project in South Florida, according to a press release. The funding…

Grupo Eco plans 12-story office building in Hallandale Beach

Grupo Eco won a rezoning for its planned 12-story office building in Hallandale Beach, the fourth phase of the mixed-use Atlantic Village development on Federal Highway. The building will have 97,735 square feet of office space on the top five floors, 7,745 square feet of ground-floor retail and restaurant space, and a parking garage with 298 spaces from the ground floor to the seventh…

Developer advances affordable housing project in downtown Hollywood

Hollywood gave conditional approval to a design and site plan for University Station, an eight-story, affordable rental development by Housing Trust Group. The Hollywood City Commission conditioned its approval on a pledge by Coconut Grove-based HTG to restore the curvy architectural style that the developer originally proposed for University Station. The commission also…

Foundry Commercial Breaks Ground on Coral Springs Industrial Park

Osprey Logistics Park groundbreaking event. Image courtesy of Foundry Commercial Foundry Commercial has broken ground on Osprey Logistics Park, a two-building industrial development in Coral Springs, Fla. Slated to rise on 22 acres, the project will bring a total of 427,000 square feet to the South Florida industrial market. Located at the intersection of Northwest 39th street…

Doronin, partner buy aging waterfront Palm Beach co-ops for $147M

OKO’s Vlad Doronin and Cain International’s Jonathan Goldstein with 2730 South Ocean Boulevard and 2720 South Ocean Boulevard: Vlad Doronin’s OKO Group and partner Cain International bought a pair of co-op buildings in Palm Beach for a combined $146.6 million. The purchase comes as real estate investors have targeted aging waterfront structures for redevelopment, following…

Oak Row and Lndmrk pay $23M for Edgewater dev site

Oak Row’s David Weitz and Erik Rutter, Lndmrk’s Alex Karakhanian with 2927 Northeast Fourth Avenue: Oak Row Equities and Lndmrk Development are embarking on another Edgewater joint venture, snapping up a 1.5-acre site for $22.5 million in the booming Miami neighborhood. The joint venture is proposing to build a luxury apartment tower with ground-floor retail, but the partnership is…

Housing Trust Group, AM Affordable Housing Break Ground on $44M Seniors Housing Project in Miami

Housing Trust Group (HTG) and AM Affordable Housing have broken ground on Tucker Tower, a $44 million affordable housing community in Miami for seniors aged 62 and older. Located at 9940 W. Hibiscus St. in the city’s Perrine neighborhood, the eight-story property’s apartments will be reserved for income-qualifying residents who earn at or below 25, 30 and 60 percent of area median…

Renderings Revealed: Miami’s First Supertall, The Waldorf Astoria Hotel & Residences

The Miami skyline is about to change forever with the groundbreaking of the city’s first supertall tower. Developer PMG, along with partners Greybrook, Mohari Hospitality, S2 Development and Hilton, are set to start construction this month on the Waldorf Astoria Hotel & Residences at 300 Brickell Ave. in Downtown Miami, soaring 100 stories and 1,049 feet over Biscayne Bay. The design…

Warehouse Demand Shows Signs of Cooling for First Time Since Pandemic’s Onset

The softening economy is finally catching up with the nation’s industrial real estate as a pandemic-fueled boom in warehouse demand shows signs of slowing. The U.S. industrial vacancy rate ticked up slightly in the third quarter to 3.2% from 3% at midyear as leasing slowed and developers completed a record 148 million square feet of projects, with more than two-thirds of the new space built…

Corporate Migrants Drive Miami Office Rents To New Record As Demand Outpaces Supply

Competition for office space in the most desirable neighborhoods in Miami has pushed rents to levels that experts say would have been unbelievable nearly two years ago. Miami’s Brickell neighborhood has been the epicenter of office activity in South Florida. Direct asking rates for Class-A office space in Miami-Dade County rose 13% year-over-year in the third quarter, increasing more than $7 per SF…

“Embarrassment” to Miami-Dade: Vote on project outside UDB deferred again

From left: Coral Rock Development’s Stephen Blumenthal and Aligned Real Estate Holdings’ Jose Hevia with a rendering of the planned industrial complex outside UDB (Coral Rock, Aligned Real Estate Development) In a push to get their controversial industrial complex approved, developers Stephen Blumenthal and Jose Hevia offered a series of last-minute concessions for their proposal. It wasn’t…

After Ian: South Florida’s construction costs, insurance to rise

(Photo Illustration by The Real Deal with Getty Images) Amid South Florida’s development boom, shell construction contractor L & R Structural has had plenty of work. The firm is slated to start an Edgewater condominium tower and a pair of apartment buildings in downtown Miami early next year. But L & R’s Richard Marquez’s mind isn’t at ease. The company has secured some, but not all…

South Florida office rents climb again

The Fifth Miami Beach at 944 Fifth Street, 830 Brickell at 830 Brickell Plaza in Miami and One Flagler at 154 Lakeview Avenue in West Palm Beach: South Florida’s office rents continued climbing in the third quarter, as landlords remained confident tenant demand justified the hikes, according to a recent report. A booming state economy coupled with continued migration and expansions by out-of-state…

Miami International Airport sees a 50-million-passenger load

With now 93 international non-stop routes at Miami International Airport, international passenger levels recorded high volumes, setting the pace to hit an all-time-high record of 50 million passengers for 2022. Since May, six routes have been added to the international list at MIA, including Fortaleza, Brazil, with LATAM Airlines; San Salvador Island, Bahamas, with Bahamasair; Amsterdam, Netherlands, with…

Brightline bridges the gap in Aventura

Brightline has officially completed its Aventura station structure with the installation of a 68-ton pedestrian skybridge. The 131-foot-long bridge stretches on two 41-foot-high towers and is the final piece of the station’s structuring. Brightline is expected to launch service to the Aventura station at 19796 W Dixie Hwy, before the end of the year. “This topping off is a testament of our team’s dedication to…”

Port Miami sees 3% rise in rail cargo

Rail cargo volume at PortMiami has decreased slightly during the 2022 fiscal year, although it’s still the second largest ever recorded, trailing only last year. For the 2022 fiscal year, beginning October 2021 and ending in September, Florida East Coast Railway cargo volumes at PortMiami have slightly decreased by 1.2% from last year. Despite the decrease, this year’s volumes were the second…

Miami targets even larger billboards throughout urban core

While a city board has caused a major delay to the Miami City Commission’s plan to allow outdoor advertising signs in some of the city’s premier waterfront parks, the commission followed with a vote advancing an even more aggressive measure allowing large digital ad signs on city property. Before the commission Oct. 13 were two related items: The final reading of an amendment to the sign…

Expressways sell land to speed Miami International Airport growth

The Miami-Dade Expressway Authority has authorized the sale of 5.3 acres to the county’s Aviation Department for a $10.1 million tag price. The terrain is to be used as a construction staging area for the Capital Improvement Program of Miami International Airport. The operation is yet to be approved by county commissioners, likely in early 2023, Greg Chin, communications director for the…

Reservations for Full-Service Dining Show Signs of Rebounding From Pandemic

The time-honored tradition of making a restaurant reservation nearly became extinct early in the pandemic, with people hunkering down at home to prepare meals as restaurant dining rooms essentially shut and many eateries turned to carry-out and deliveries. Now the industry appears to have recovered by one measure. More than two years later, dining out as reflected in demand for seated…

Karim Alibhai: Aims to develop notable project at riverfront Hyatt Regency

Karim Alibhai started his career in the hospitality industry over 35 years ago. In 1987 he became the founder and principal of Gencom, one of the leading real estate investment and development firms with a focus on the acquisition, development and management of luxury mixed-use hotels and resorts with some residential components.  Over his career, Mr. Alibhai has led the company through more…

September Jobs Report Sends Positive Signals for Commercial Real Estate

September’s addition of 263,000 payroll jobs underscores the continuing strength of the economic recovery and commercial real estate markets despite the Federal Reserve’s moves to normalize borrowing costs and control inflation. No other numbers are as important as the employment report in assessing overall economic conditions. Job growth has none of the “good news/bad news” ambiguity of…

Downsizing plans: Related, Integra shrink St. Regis Brickell

Related Group’s Jon Paul Pérez, Integra’s Nelson Stabile, and Related Group’s Jorge Pérez with St. Regis Residences: The developers of the waterfront St. Regis Residences Miami are downsizing their plans and increasing condo prices, The Real Deal has learned. Instead of two 46-story towers, Related Group and Integra Investments will build one 46-story tower. And instead of about 330 units, the two…

Suburban Miami Condo Project Moves Forward

Tal Aventura. Image courtesy of Tal Aventura 2151 Development Group and 2020 Acquisitions have received conditional use approval for Tal Aventura, an upcoming 86-unit luxury condo tower in Aventura, Fla. IDEA Architects is behind the design of the 26-story, family-oriented project. Units are set to range between 2,500 and 3,500 square feet, offering roofed porches and views of the nearby…

Integra Investments to Build 338-Unit Mixed-Use Project in North Miami

Integra Investments has received final approval from the City of North Miami to build a 338-unit mixed-use multifamily community located at 13855 N.W. 17th Ave. Called NoMi Square, the project will sit on 7.6 acres and take the form of a seven-story building comprising apartment homes in one-, two- and three-bedroom layouts, as well as four live/work units with commercial space.

Bilzin Sumberg Renews 84,000 SF Office Lease at 1450 Brickell Tower in Miami

Law firm Bilzin Sumberg has renewed its office lease at 1450 Brickell office tower in Miami’s Brickell district. Barbara Black, Matthew Goodman and Jeff Gordon of JLL represented Bilzin Sumberg. The firm occupies 84,000 square feet of space at the 625,000-square-foot tower. Tere Blanca and Danet Linares of Blanca Commercial Real Estate represented the building owner, an entity doing business as…

Law Firm Extends 84 KSF Lease at Miami Tower

1450 Brickell. Image courtesy of Bilzin Sumberg Bilzin Sumberg has renewed its lease of 84,000 square feet at Miami’s 1450 Brickell. The law firm’s initial commitment dates back to 2009, when the 650,000-square-foot office building was nearing completion. The renewal marks one of the largest law firm leases completed in Miami this year. JLL represented the tenant, while Blanca Commercial…

Anchor Health JV Grows Miami Footprint

4675 Linton Blvd. Image courtesy of Anchor Health Properties Anchor Health Properties, in a joint venture with Harrison Street, has acquired a 31,886-square-foot medical office building in Delray Beach, Fla. According to Palm Beach County records, the property sold for $14.9 million and the buyer received an acquisition loan of $15.1 million from Capital One. CommercialEdge data shows that the…

Inflation Is Still High and Widespread

Inflation has remained elevated since early 2021. Annual inflation, measured by the 12-month change in the personal consumption expenditures (PCE) price index, surpassed 2% in March 2021 and has remained above 6% since December 2021. It reached a peak of 7% in June 2022; the latest report, from August 2022, was 6.2%.1 The figure below shows annual inflation rates since 2012 to put the…

Lynd unveils $30M Dadeland self-storage project

Lynd’s David Lynd with project rendering of development site at 9300 South Dixie Highway (Lynd Development Group) Lynd Development Group is jumping into the self-storage sector with a $30 million facility near Dadeland Mall. The San Antonio-based firm, led by CEO David Lynd, acquired a 99-year ground lease to redevelop a 14,500-square-foot office and retail building at 9300 South Dixie Highway…

Industrial project outside Miami UDB hinges on one vote

Coral Rock Development’s Stephen Blumenthal and Aligned Real Estate Holdings’ Jose Hevia along with a rendering of the planned industrial complex outside the Urban Development Boundary (Coral Rock Development, Aligned Real Estate Holdings) Stephen Blumenthal and Jose Hevia are about to find out if a fourth time’s a charm. The Miami-Dade County Commission is expected to vote…

Jeffrey Soffer-led JV plans oceanfront condos in Tequesta

Fontainebleau Development’s Jeffrey Soffer and a rendering of the planned Savoy condominium in Tequesta: Jeffrey Soffer’s Fontainebleau Development advanced plans for Savoy, a 10-story oceanfront condominium in Tequesta that will replace an older building on the site. The project is part of a broader trend of developers targeting aging South Florida condominiums, where increased safety…

Lease roundup: Pubbelly opening in West Palm, Bilzin renews in Brickell

Renderings of Banyan & Olive in downtown West Palm Beach with Banyan & Olive developers Andrew Dance and Adam Demark of Brand Atlantic Real Estate Partners and Chef José Mendín: Pubbelly Sushi I Banyan & Olive I Downtown West Palm Beach Chef José Mendín’s popular Miami Beach restaurant Pubbelly Sushi is expanding north. Pubbelly will open in a 3,200-square-foot space in the third…

Movers & Shakers: Medina, Brandao and Tiné launch Side-backed brokerages

Lauren Pace, Jose Medina, Dexter Brandao and David Moghavem: It’s been a busy week for hiring news in South Florida real estate. Side, the venture-backed startup based in San Francisco, which calls itself a back office for top brokers, scored two new partnerships in Miami. Jose Medina and Dexter Brandao left OnePath Realty to launch their own Chez Realty. The pair said they have closed more than $150…

T-ROC Opens New Logistics Warehouse Facility In Doral To Meet Customer Demand

The Revenue Optimization Companies (T-ROC), the leading provider of people and technology solutions for the global retail market, announces it opened a new logistics warehouse facility in Doral near its headquarters of Coral Gables. The facility features enhanced inventory and shipping tools to further expand its suite of services to T-ROC clients including high demand services like product…

Notable Retail Leases Signed in South Florida Q3 2022

South Florida Retail Real Estate Leases 2021 – 2022 We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during 2022 so far and throughout 2021. This quarter was busy overall, especially considering the current pandemic, and saw several big box leases signed and sealed. Despite the sentiment… Read more » The post Notable Retail Leases Signed in…

Jeffrey Soffer’s Fontainebleau Miami Beach getting new event center

Jeffrey Soffer with 4360 and 4370 Collins Avenue (Getty) In an effort to boost business conference bookings at Fontainebleau Miami Beach, Jeffrey Soffer’s firm has begun construction on a new five-story event center on a former surface parking lot adjacent to his iconic oceanfront resort. The 50,000-square-foot building at 4360 and 4370 Collins Avenue will connect to the historic hotel’s Tresor Tower…

Lurra Capital drops $43M for apartment complex near Coral Gables

Greystone’s Stephen Rosenberg with 1501 Southwest 37th Avenue: Lurra Capital paid $42.5 million for a 100-unit apartment complex near Coral Gables, as the Swiss firm continues to dive into South Florida’s multifamily market. Lurra, a Zurich-based private equity firm led by founder and CEO Tyron Birkmeir, acquired Blume Coral Gables at 1501 Southwest 37th Avenue in Miami, according to a press release.

Midtown, Prospect plan second Flagler Village apartment project

From left: Prospect Real Estate Group’s Michele Zahn and Richard Zahn Sr., Midtown Capital Partners’ Alejandro Velez, and a rendering of the planned Flagler Village apartment project (Baker Barrios Architects, Prospect Real Estate Group, Midtown Capital Partners) Midtown Capital Partners and Prospect Real Estate Group are making their second bet on Flagler Village’s multifamily market. The developers…

In Grove playhouse drama, lawsuit is latest act

Miami-Dade County Mayor Daniella Levine Cava with 3500 Main Highway: The drama over the Coconut Grove Playhouse project hasn’t reached its final act. The controversial plan to demolish part of the property — but preserve the historic theater — was in the clear this summer when a major legal pushback led by Miami Mayor Francis Suarez ended. But a new lawsuit has rekindled opposition to the…

Lawsuit Once Again Snares Plan To Redevelop Historic Coconut Grove Playhouse

The debate over the historical Coconut Grove Playhouse project has taken center stage once again. The disputed proposal to knock down a majority of the building but preserve the historic theater had cleared legal challenges from Miami Mayor Francis Suarez but is now back in court, facing a new lawsuit filed by 14 neighbors, Miami Today reports. The residents sued Miami-Dade County, claiming the…

Victory in North Bay Village for billionaire Ansin family’s Sunbeam Properties

The billionaire Ansin family’s Sunbeam Properties secured the final vote needed to build a taller 7.3 million-square-foot development on 13 acres it owns in North Bay Village. Despite residents’ opposition to the height increases, North Bay Village commissioners voted in favor of three ordinances, on second reading after midnight Tuesday. The ordinances allow the developer to build up to 650 feet high…

Harvey Hernandez’s firm picks up three more lots for Brickell megaproject

Newgard’s Harvey Hernandez with aerial of 66 SW 6th Street, 625 SW 1st Avenue and 69 SW 7th Street: Newgard Development Group fattened up its assemblage for a Miami River megaproject by picking up three more redevelopment properties near Brickell City Centre. Miami-based Newgard, led by founder and CEO Harvey Hernandez, paid a combined $7 million for a trio of small commercial buildings…

Downtown Hollywood project with 856 rentals up for approval

BTI Partners’ Noah Breakstone with rendering of Block 57 (BTI Partners) Downtown Hollywood may be poised for more development with a proposed major mixed-use project. Fort Lauderdale-based BTI Partners’ plan for an 856-unit apartment development, called Block 57, will go before the city commission on Wednesday. BTI Partners proposes a site plan for the two-tower development on the east…

Mesirow bets on Coconut Creek apartments with $132M deal

Broadstone Cypress Hammocks apartment complex at 5201-5381 West Hillsboro Boulevard in Coconut Creek with Mesirow Financial’s Natalie Brown and PGIM Real Estate’s Eric Adler (Google Maps, Mesirow, PGIM) Mesirow Financial continues to bet on Broward County’s multifamily market. The firm paid $132 million for the Broadstone Cypress Hammocks complex at 5201-5381 West Hillsboro Boulevard…

Estate scores approval for pair of Hollywood rental projects

With its first Hollywood apartment building under construction, The Estate Companies is embarking on two more projects in the city. Estate will develop a 12-story building at 2001 Van Buren Street and an eight-story building at 2000 Van Buren Street, according to the developer’s news release. The projects, which will be part of Estate’s Soleste brand, are dubbed Soleste Hollywood Village North…

Stockbridge JV pays $59M for Deerfield industrial site

Industrial Outdoor Ventures’ Thomas Barbera and Stockbridge Capital Group’s Terry Fancher and Sol Raso with 2501 Wiles Road: Stockbridge Capital Group and Industrial Outdoor Ventures dropped $59 million for a Deerfield Beach industrial development site. The pair bought the 22.7-acre property at 2501 Wiles Road from an affiliate of West Palm Beach-based construction firm Vecellio…

Miami accounting firm pays $17M for Blue Lagoon office building

Accounting firm Benitez & Co.’s principals rang up a $16.9 million purchase in Miami’s Blue Lagoon neighborhood, acquiring a four-story office building with a helipad. Juan and Maria Benitez bought the roughly 61,000-square-foot Waterford Corporate Centre at 5835 Blue Lagoon Drive, said their broker, Manny Chamizo III with One Sotheby’s International Realty.

Russell Galbut wants to heighten South Beach hotel, add rooms

Russell Galbut’s Crescent Heights wants to stack two more floors on top of an Art Deco building that is part of the Gale South Beach hotel at 1690 Collins Avenue. The addition would house 12 new guest rooms and four meeting rooms to help accommodate spillover business from a nearby convention center hotel that is under construction. The Gale’s owner…

South Beach office project backed by Google ex-CEO Eric Schmidt launches leasing

Ex-Google CEO Eric Schmidt and his New York-based partners are ready to start courting high-profile, deep-pocketed tenants for a planned office project… In a statement, Schmidt’s partners Sumaida + Khurana and Bizzi & Partners… with 3,125 square feet of ground-floor retail on two vacant lots at 944 Fifth Street and 411 Michigan Avenue. It is not yet under construction.

Inside look at planned Edgewater mixed-use condo tower

From left: Ansorg Development’s Karl-Ulrich Ansorg, Tulip Group’s Kobi Elbaz, and Ofir Gabriel in front of 234-264 Northeast 34th Street in Miami: A partnership of four developers wants to build a mixed-use tower with condominiums in Miami’s Edgewater neighborhood. Karl-Ulrich Ansorg, Yakov Elbaz, Ofir Gabriel and Amit Kort plan a 44-story building…

Shvo wants to redevelop aging Lincoln Road clock tower building

Shvo is betting big on Miami Beach. Michael Shvo’s firm is seeking to redevelop a 13-story office tower at 407 Lincoln Road, according to plans filed with the city. The aging tower is one of the tallest office buildings in Miami Beach and is known for its clock display on the top. It sits directly in front of SoundScape Park. The tower would mark Shvo’s third office…

Major Food Group to open Contessa in Miami Design District

Major Food Group is opening Contessa in the Miami Design District, marking its 10th South Florida restaurant. The New York restaurant group, whose partners have relocated or expanded to Miami over the past couple of years, inked a long-term lease on the northeast corner of Northeast 41st Street and Northeast First Avenue, said Major Food Group partner…

Inside Ytech’s plans for 70-story Brickell condo tower

Developer Yamal Yidios revealed plans for his luxury condominium tower on Brickell Avenue, a 70-story building with 80,000 square feet of amenities partially powered by solar energy. Milan, Italy architecture firm ACPV Architects, led by Antonio Citterio and Patricia Viel, is designing the 189-unit tower, called The Residences at 1428 Brickell.

Residential tower advances on scarce Midtown land

A development planned for one of the last undeveloped parcels in Miami’s Midtown neighborhood is moving forward. A mixed-use residential tower at 3001 NE First Avenue. is proposed by owner-developer PPF AMLI 3001 NE 1ST Avenue LLC. Under the Miami 21 zoning code, approval of a Major Use Special Permit (MUSP) would allow the construction of a 31-story…

Doral transit-oriented development near groundbreaking

One of the largest transit-oriented developments to date is about to break ground. Developers of Upland Park, a project with almost 2,000 residential units, a hotel, retail space, and general office space adjacent to Miami-Dade County Smart Plan’s Dolphin rapid transit station, are working with the county to get the necessary permits and close the lease on phase one…

Lawsuit could set back Coconut Grove Playhouse reopening

A plan to revive the Coconut Grove Playhouse is back in court as a group complained to the 11th Judicial Circuit against Miami-Dade County. The 14 plaintiffs, represented by attorney David Winker, argue the county is violating the Florida Constitution by using public funds at the closed playhouse contrary to what voters authorized. The filing seeks a…

Newgard Acquires Key Miami Parcels

Three Miami, Fla. land parcels have been acquired by Harvey Hernandez’ Newgard Development… master-planned three-tower residential and marina project in the city’s Brickell… the parcels commanded a $7 million purchase price. That brings to $57.5 million… the parcels are 66 SW 6th Street, 625 SW First Avenue and 69 SW Seventh Street  in Brickell…

As Miami targets lighted ad signs for parks, bigger signs sought elsewhere

Miami city commissioners today (10/13) are prepared to give final approval to a measure that will allow outdoor advertising signs in three of its premiere parks, while one of the commissioners has introduced a much more aggressive proposal that would allow digital advertising signs on city-owned properties. On today’s agenda are two related items: The second…

Leading Swiss investment firm Lurra Capital completes $42.5 million multifamily acquisition in Miami

“This is another strategic acquisition in Miami within…” Located at 1501 SW 37th Avenue in Miami, Blume Coral Gables is a boutique, Class-A, 100-apartment high-rise community that was developed in 2019. The property has large floorplans—almost 900 square feet—with a mix of lofts, one-, and two-bedroom units, along with 6,191 square feet of ground floor retail.

Drawn-out negotiations over purchase agreement result in extensive litigation

A recent case weighed the extent to which a purchaser was able to negotiate terms when exercising a purchase of property under an option in a lease. The litigation began when, after the tenant/buyer exercised its purchase option, the landlord/seller refused to honor it. The case went to trial and the buyer won, with the trial court ordering the buyer to draft…

Record rent hikes had slowed. Ian may change that

South Floridians had begun to see a slowdown in record apartment rent hikes. Now Hurricane Ian could change that. After the deadly Category 4 storm pummeled much of southwest Florida, some seasonal residents are expected to opt out of the Gulf Coast and make a beeline for South Florida, the Miami Herald reported. “We can expect some temporary…”””

North Bay Village commissioners to decide fate of Sunbeam’s multi-tower project

North Bay Village commissioners will take a final vote Tuesday on zoning changes that would allow for up to 650-foot towers in Sunbeam Properties’ bayfront assemblage. Sunbeam, led by president and CEO Andrew Ansin, is a subsidiary of Sunbeam Television. It is the owner of WSVN-Channel 7, whose headquarters is in North Bay Village, which is part of the…

Miami-Dade faces suit over water park, hotel project near zoo

Michael Diaz Jr., Bernard Zyscovich, Paul Lambert and renderings of the Miami Wilds project: After years of delays, plans for the controversial Miami Wilds water park gained ground this summer when the developer leased the project site. But a new lawsuit adds another twist to the proposed development that has been in the works for a decade. Developers Paul…

Lease roundup: PMG’s Elser, Terra’s Doral Square nab tenants

Property Markets Group’s Ryan Shear, Kevin Maloney, Dan Kaplan and Greybrook’s Peter Politis with Elser Hotel & Residences; Terra’s David Martin and Doral Square: Sky Technologies I The Elser Hotel & Residences I Miami Smart-home technology firm Sky Technologies leased an office and roof signage space at one of downtown Miami’s newest towers. Rani…

Inside James Batmasian’s complicated legacy

James Batmasian was ready to give most of his wealth away.  In 2019, the real estate investor and developer applied to join a campaign established by Warren Buffett and Bill Gates that encourages the world’s wealthiest people to contribute the majority of their riches to philanthropic causes of their choosing.  Three years later, his photo still isn’t among the more than…

Renaissance Properties buys Boca Raton offices for $51M

Renaissance Properties’ Bradley Fishel and Kenneth Fishel with Penn-Florida Companies’ Mark Gensheimer and 1515 South Federal Highway:  More than a year after selling the Aventura Corporate Center, Renaissance Properties New York scooped up an office property in Boca Raton for $51 million. The Fishel family’s New York-based company bought the…

Core pays $45M for West Kendall shopping plaza

Core paid $44.8 million for a fully leased, grocery-anchored shopping center in West Kendall. The Miami-based retail real estate investment firm picked up Deerwood Town Center, a retail complex spanning more than 205,000 square feet at 11905 Southwest 152nd Street and 12107 Southwest 152nd Street, according to a press release. Core, led by managing principals…

Inside Robert Rivani’s wild Beverly Hills mansion

The castles in the seven kingdoms of Westeros can’t compete with the lavish palace that retail real estate investor Robert Rivani and his wife Krystal have curated in Beverly Hills. “Being ‘extra’ is everything to us,” Krystal Rivani told the Wall Street Journal for a profile on Castle Rivani, a 1.7-acre, chateau-style compound the couple bought for $13.7 million…

Centner Academy owners sell Edgewater dev site

David and Leila Centner, owners of a controversial private school in Miami, sold a development site in an Opportunity Zone in Edgewater. Amit Kort and his investment partners, through an entity called Tulip Developments Group, bought the almost 1-acre property on the southwest corner of Biscayne Boulevard and Northeast 34th Street in Miami for $16.5 million…

Alchemy plans mixed-use project on Salvation Army parking lot in Wynwood

Alchemy-ABR Investment Partners wants to develop a Salvation Army parking lot in Wynwood into the firm’s first Miami project. An affiliate of the New York-based developer paid $18 million, or about $526 a square foot, for the 0.8-acre development site at 18 Northwest 23rd Street, records show. Israel Discount Bank of New York provided…

South Florida Is the Office Market’s Bright Spot

South Florida’s regional office market continued to improve from the impacts experienced as a result of the COVID-19 global pandemic. All three counties, in fact, recorded more than 100,000 square feet (sf) of positive net absorption during the third quarter of 2022, bringing year-to-date net absorption to more than 1 million square feet (msf). Overall vacancy…

Related-led team wins approval for oceanfront Bal Harbour tower

Jorge Pérez’s Related Group, Two Roads Development and Rockpoint Group scored approval from a Bal Harbour board for their plans for the oceanfront Carlton Terrace property. The Bal Harbour Architectural Review Board voted unanimously in favor of the planned Residences at Bal Harbour, a 24-story, 61-unit luxury condo tower that would be built…

Bridge bets on Miami Gardens’ Palmetto Lakes Industrial Park

Already among the biggest South Florida industrial real estate players, Bridge Industrial further extended its empire with the purchase of a pair of Miami Gardens buildings. Bridge, headed by Steve Poulos, bought the fully leased properties at 16175 Northwest 49th Avenue and 16250 Northwest 48th Avenue that sit on 6 acres at the Palmetto Lakes Industrial Park…

Bridge Industrial Acquires Miami Warehouse Properties For $26.26 Million

Chicago-based Bridge Industrial recently acquired a 6.19-acre warehouse property in Miami for $26.26 million. The property at 16175 N.W. 49th Ave. in Palmetto Lakes Industrial Park consists of two warehouses totaling 123,814 square feet and 200 parking spaces. The acquisition was financed by a loan provided by Chicago-based CIBC Bank USA. Jose Sasson of…

888 Brickell Supertall Developer Files Revisions; New Rendering Released

JDS Development Group has filed revised plans with Miami-Dade County for the 888 Brickell tower. The tower is still planned to rise to a supertall height of exactly 1,049 feet, the maximum permitted in the area. With the revisions, 888 Brickell is now planned to include: 259 residential units; 52,144 square feet of health/fitness; 38,727 square feet of food and…

Developer Pitches 70-Story Brickell Condo Tower With Solar Panel Windows

Yamal Yidios’ Ytech is launching an ambitious project on the site of its current offices, planning a high-end, 70-story condo tower slated to be run partly on solar power generated by the building’s glass facade. The 850-foot-tall Residences at 1428 Brickell will offer 189 for-sale apartments and be designed by Arquitectonica and Italian firm ACPV Architects, which…

Analysis Shows Most Office Spaces, Even Fancy Ones, Are Vastly Underused

The return-to-office in the wake of the pandemic has happened in fits and starts, but a consistent theme is that offices are far less full than they once were. While building swipe data from Kastle Systems has shown that office occupancy nationally is still less than half of the pre-pandemic average, a new analysis by proptech firm Density shows how spaces inside the…

South Florida Based Talkin’ Tacos to Open in Wynwood; Will be Third Corporate Location

Talkin’ Tacos, a food truck turned fast-casual Mexican eatery based in South Florida, will open their third corporate restaurant in Wynwood located at 172 NW 24th Street, on October 7. The growing Miami sensation serves scratch-made, innovative and Instagram-worthy Mexican dishes. The new 1,600 sq. foot restaurant will provide the same authentic halal Mexican…

Hotel in Lauderdale-by-the-Sea approved to replace aging inn

Lauderdale-by-the-Sea approved a site plan for Sea Glass Beach Place, a three-story, 31-room hotel that would replace a one-story inn built 70 years ago near the beach. The town’s commission voted last week in favor of the plan to build the 21,990-square-foot Sea Glass Beach Place after demolition of the aging Dolphin Harbor Inn. The current three-building, 21-room…

Covenant bets on Margate multifamily with $61M deal

The Blue Isle apartment complex at 5100 West Sample Road in Margate, FL and Covenant Capital Group’s Frederic Scarola and Govan White: A Nashville-based multifamily real estate firm scooped up an older apartment complex in suburban Broward County for $60.9 million. Covenant Capital Group, through an affiliate, bought the Blue Isle community at…

Key International to build 377 apartments on former Publix site in Coral Springs

Key International advanced its plan to build a mixed-use project with 377 apartments on the former site of a Publix supermarket in Coral Springs. Publix Super Markets demolished its former Coral Springs supermarket at 9201 West Sample Road, on the northeast corner of West Sample Road and University Drive, in 2007 after Hurricane Wilma damaged it in 2005…

Aventura officials give thumbs-up to 86-unit condo tower

A 26-story condo project is moving forward in Aventura after developers scored a key approval from the city. The Aventura City Commission voted to grant a conditional-use permit for an 86-unit condo tower proposed by a joint venture between 2151 Development Group and 2020 Acquisitions. The tower, dubbed Tal Aventura, will be located at 2785 Northeast 183rd Street.

FTX Swaps Windy City For Magic City, Relocating To Miami From Chicago

Cryptocurrency exchange service FTX appears to be the latest corporate powerhouse to swap Chicago for South Florida, hot on the heels of Citadel Securities announcing a similar move in June. FTX CEO Sam Bankman-Fried said the Bahamas-based financial company would move its U.S. headquarters to Miami via Twitter Tuesday, also announcing the…

Texas restaurant group inks first deal in Miami

Clé Group is opening a restaurant in Wynwood — the Houston-based hospitality company’s first expansion beyond Texas as out-of-state operators continue to migrate to Florida. The company inked a 10-year lease for the building at 2600–2610 North Miami Avenue, Hidrock Properties’ Steven Hidary said. Clé will lease the entire space, nearly…

Sizing up the booming global market for trophy real estate

A mansion in Dubai won’t be completed until next year, but it already holds the title of the emirate’s priciest home. A mystery buyer recently dropped 302.5 million dirhams — the equivalent of $82.4 million — for a villa on Dubai’s Palm Jumeirah, a tree-shaped artificial island jutting into the Persian Gulf. Though it stands as Dubai’s most expensive home sale…

Deauville owners offer $200M for historic Casablanca Miami Beach

The Meruelo family, owners of the Deauville property in Miami Beach, want to buy the historic oceanfront Casablanca resort for $200 million, The Real Deal has learned. The condo-hotel at 6345 Collins Avenue, with about 350 residential and commercial units, was developed in 1948 on a nearly 2-acre site in North Beach. It hit the market this summer. Still, certain events…

Churchill’s Pub in Little Haiti hits market

Little Haiti real estate investor Mallory Kauderer is looking to offload Churchill’s Pub, the legendary bar known for its raucous punk and heavy metal shows…  marketing the 5,000-square-foot live music venue at 5501 Northeast Second Avenue in Miami and an adjacent 7,000-square-foot parking lot at 5431 Northeast Second Avenue….

US retail real estate rises from the ashes

The onset of the pandemic sent retail real estate through the ringer, first with lockdown-imposed closures before the rise of e-commerce inspired predictions of doom. But the market climbed to new heights earlier this year as asking rents are soaring and vacancies are declining across the country, according to a second quarter report from Cushman…

Real Estate’s Florida Migrants Undeterred By Hurricane Ian’s Devastation

The pandemic supercharged a mass migration from the Northeast to Florida — and a bevy of New York real estate players shifted their business to follow suit. Hurricane Ian, one of the costliest storms in U.S. history, which displayed the ever-worsening threat of the climate crisis on the Sunshine State and threatens the state’s teetering insurance market…

Nine hurdles delaying arrival of Tri-Rail downtown

Steps needed to bring Tri-Rail trains into Miami Central Station are complex. They won’t be arriving for another year, as David Dech, new executive director of the South Florida Regional Authority, told two public meetings last week. The project was to be completed in 2017 but several factors have delayed completion of a link to the Brightline station.

College, without a lease, seeks alternative to Tower Theater

Miami Dade College is searching for alternatives after 20 years of operating the Tower Theater art cinema, where Miami city officials decided to terminate the college’s lease. For the past 20 months the college has been trying to negotiate, in good faith, to renew the operating agreement with the city before it expires on Jan. 2, 2023, said Nicolas Calzada, MDC…

Muriel Siebert & Co. moving NY headquarters to Miami Beach

A financial institution founded by the first woman to purchase a seat on the New York Stock Exchange is relocating to Miami Beach, thanks to the city’s job creation incentive program. Muriel Siebert & Co., which offers investment and other financial advice, portfolio management, and personal and commercial insurance, was founded in 1969 and its current…

Miami applies for Coconut Grove Playhouse building permit

Miami-Dade County has applied with the City of Miami Building Department to obtain the permits and begin reconstruction of the Coconut Grove Playhouse, Chief Operations Officer Jimmy Morales confirmed to Miami Today. Once the county gets the necessary city permits, the county can begin site preparations, procure the construction contract…

Bridge Industrial Acquires Two Miami Gardens Industrial Facilities Totaling ±124,000 SF

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, announced the acquisition of two, well-located industrial facilities totaling 123,814 square feet situated on a strategically located, 6.2 acre site in central Miami-Dade County. The properties are located just south of the Palmetto…

Doral adding new trolley corridor to new UHealth center

Doral residents and commuters will soon have access to a new trolley corridor and a state-of-the-art UHealth center. Miami-Dade County and the City of Doral are partnering to widen Northwest 84th Avenue from Northwest 58th to 74th streets in Doral. The route expansion design would accommodate new bus-only lanes that will be used by Doral’s trolley…

In eviction case, trial court wrongly made landlord produce leases with other tenants

IIn eviction case, trial court wrongly made landlord produce leases with other tenantsn a recent decision, the Second District Court of Appeal indirectly addressed an issue that comes up from time to time in landlord-tenant litigation: whether the landlord must produce in discovery documents relating to other tenants. The facts are…

Insured losses from Hurricane Ian could reach $40B

As emergency responders continue their search and rescue efforts in the aftermath of Hurricane Ian, a clearer picture of property damage is beginning to emerge, with one rating company estimating insured losses of up to $40 billion. Hurricane Ian made landfall on Wednesday afternoon at Cayo Costa in southwest Florida, with 155 mile-per-hour winds…

“We’re not sort of in — we’re all in:” A look at Ken Griffin’s plans to reshape Miami

Billionaire Ken Griffin revealed details of his plans to put his stamp on Miami — including a waterfront office tower with a helipad, marina and restaurants — that could cost the Citadel founder and CEO $1 billion to develop. It’s well known that Griffin and his companies, Citadel and Citadel Securities, are relocating from Chicago to Miami. The office tower…

Eichner launches sales for second La Baia building in Bay Harbor Islands

Ian Bruce Eichner is launching sales for the second building in his waterfront La Baia Bay Harbor Islands condo project. The developer, who heads New York-based Continuum Company, kicked off sales for the eight-story, 57-unit La Baia North at 9481 East Bay Harbor Drive, with prices starting at $1.3 million, according to a press release. The building will…

Ronny Finvarb proposes new resi project in Sunset Harbour

Developer Ronny Finvarb is returning to the Miami Beach Design Review Board with plans for a new project in Sunset Harbour. At next week’s meeting, the board will vote on plans for the developer’s mixed-use project at 1790 Alton Road in the Sunset Harbour neighborhood. Finvarb previously sought to build a hotel on the property, but the city…

The Fed: Peaks in Housing Construction as a Recession Signal

Economists have long known that trends in housing construction and sales are important indicators of future real gross domestic product (GDP) growth. The 2001-09 housing boom and bust was the latest example of this phenomenon. Indeed, some economists have gone so far as to claim that “housing really is the business cycle.” One key measure of U.S. housing…

Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M

A joint venture bought the Hilton Garden Inn Miami Beach from Baywood Hotels for $28 million. Montford Group and Opterra Capital, led by Sunju Patel and Glenn Alba, respectively, bought the eight-story, 96-key hotel at 2940 Collins Avenue, records show. The price equates to $292,000 per room. The partnership secured a $20.2 million mortgage from Georgia-based…

PMG, Greybrook score $235M refi of downtown Miami project

Property Markets Group and Greybrook secured a $235 million refinancing for the Elser Hotel & Residences condo tower in downtown Miami. Franklin BSP Realty Trust is the lender, with the debt fund RMWC also providing a $25 million mezzanine loan for the recently completed 49-story, 646-unit condo-hotel at 398 Northeast Fifth Street, according to a press…

Mortgage rates climb to 15-year high

Mortgage rates hit their highest level in 15 years, continuing a surge that’s likely no longer a big surprise in the market, but not any less painful. The average 30-year fixed mortgage rate reached 6.7 percent, according to Freddie Mac’s weekly survey of lenders reported by the Wall Street Journal. The figure marks the sixth straight week the average increased and the…

South Florida by the numbers: Living on the Edge(water)

It wasn’t so long ago that Miami’s Edgewater neighborhood was a faceless, unappreciated section of the city, known for disjointed streets and deteriorating homes and apartment buildings. But as neighboring areas such as Wynwood, the Design District, and the Arts District enjoyed massive redevelopment and rebranding success, the neighborhood bordered…

Chetrit’s lender scores victory in South Beach hotel foreclosure

The lender for the Chetrit Group’s Tides South Beach hotel notched a win in its $45 million foreclosure case. Safe Harbor Equity’s affiliate sued CG Tides and other companies linked to New York-based Chetrit Group over the long-shuttered Tides, a 45-key hotel at 1220 Ocean Drive in Miami Beach. The lender’s suit, filed in February 2021, alleged that Chetrit stole $2 million…

LA investor pays $30M for aging 90-unit Fort Lauderdale rental portfolio

A Los Angeles-based investment firm scooped up a 90-unit portfolio of older apartment buildings in Fort Lauderdale for just under $30 million. George Coloney of The Keyes Company (The Keyes Company) Cochise Capital bought the Cordova Arms building at 1401 Southeast 15th Street for $19.5 million and The Isle at 1300 Northeast Third Street for $10.1 million…

Alta pays $21M for downtown Fort Lauderdale multifamily dev site

From left: Alta Developers’ Raimundo Onetto, Bizzi & Partners’ Davide Bizzi, and Silverback Development’s Josh Schuster with 100 Southwest Sixth Street: Raimundo Onetto’s Alta Developers bought a downtown Fort Lauderdale development site, taking over construction of a long-planned — but never built — 35-story apartment tower. Alta purchased the 1-acre…

Apollo wins approval for multifamily project in Dania Beach

A developer won site plan approval for a 12-story, 278-unit apartment building in Dania Beach. The Dania Beach City Commission voted 4-1 on Tuesday to approve a variance from zoning rules and a site plan proposed by the Apollo Companies, an Aventura-based firm led by CEO Edward Abbo. The property is near the intersection of Stirling…

Ross’ Related nabs $243M construction loan for West Palm offices

Stephen Ross nabbed a $242.5 million construction loan for One Flagler, marking a major boost to the developer’s plans for office towers in downtown West Palm Beach. Ross’ New York-based Related Companies scored the financing from an affiliate of MSD Partners for the 25-story tower under construction at the foot of Royal Park Bridge overlooking…

Baptist Health sells Doral data facility for $34M

American Tower, a global communications infrastructure real estate investment trust, bought a data center in Doral from Baptist Health South Florida for $34 million. Records show American Tower bought the data center at 2100 Northwest 84th Avenue from Miami-based Baptist via a Delaware LLC. American Tower is a publicly traded REIT headquartered…

Related Breaks Ground on $190M Miami Development

Related Urban Development Group, in a partnership with Miami-Dade County and Miami-Dade Public Schools, has broken ground on The Gallery at West Brickell, a 29-story mixed-income development with 465 units in the West Brickell neighborhood of downtown Miami. The $190 million project marks the largest single-phase public/private development in the county.

Trio of Boutique Miami Beach Hotels Sells for Combined $100M

Ahead of Florida’s peak winter tourist season, a trio of historic, boutique Miami Beach hotels traded hands during the past week for a combined $100 million, property records show. In the most recent sale that closed last week, Boca Raton-based investor Opterra Capital paid $28 million for a Hilton Garden Inn-branded hotel in the Mid Beach neighborhood…

Developers propose mixed-use luxury rentals in Coral Gables

Constellation Group and the Boschetti Group are proposing a 15-story, mixed-use luxury rental project near the Shops at Merrick Park in Coral Gables, where development has boomed in recent years. The city’s development review board will review plans for 4241 Aurora Street on Friday, Constellation Group Principal Eduardo Otaola said…

Midtown Miami Mixed-Use Lands $17M Refi

Cymbal DLT Cos. has landed a $17.5 million refinancing loan for an upcoming mixed-use development comprising 203 multifamily units in Midtown Miami. Provided by New Wave Loans, the loan enables Cymbal to buy out its partner and advance the project toward groundbreaking, set for late 2023. Enrique Norten of Mexico-based Ten Arquitectos is the…

Oceanfront Casablanca condo-hotel in Miami Beach for sale

Unit owners of the oceanfront Casablanca condo-hotel in Miami Beach are seeking a bulk buyer who could redevelop the historic structure and expand it. Colliers was tapped to list the property at 6345 Collins Avenue unpriced, according to the brokerage’s website. The 200,000-square-foot condo building, on a nearly 2-acre site in North Beach, was built in 1948.

Inside RH’s plans for $100M renovation of Miami Beach hotel

The high-end furnishings retailer formerly known as Restoration Hardware planned to spend $100 million to renovate and brand the historic Savoy hotel in Miami Beach. RH, led by CEO Gary Friedman, was finalizing a lease for the entire Savoy Hotel & Beach Club. RH planned to convert the Ocean Drive property into a “state of the art” hotel with retail space…

Swire megatower on Brickell wins final city OK

Miami has approved Brickell City Centre’s planned 2023 work on a vast tower with what the developer says are the largest office floor plates in the region and a temporary fire station within the mixed-use complex. A unanimous commission vote Sept. 22 amended the Special Area Plan for Brickell City Centre and OK’d a development pact with Swire Properties…

Amtrak trains may soon reach Miami International Airport

Amtrak trains might soon come into the Miami Intermodal Center, just east of the airport, as the Florida Department of Transportation District Six has resumed talks with the company. Both parties are currently negotiating the lease and an acceptable termination clause, Nilia Cartaya, model development office administrator for the department, told the Sept. 22…

Downtown Miami Tri-Rail connection delayed again, to 2023

“We will not be in downtown Miami station in November,” said David Dech, executive director of the South Florida Regional Transportation Authority, running operations of Tri-Rail. “We will not be there this calendar year,” he added at the Sept. 23 board meeting. The remarks come only one month and a half after he joined the authority, and four months after former…

Ex-Southland Mall getting billion-dollar reinvention under new name Southplace City Center

Southland Mall in Cutler Bay will be getting a huge makeover to become a new multi-use facility with shops, residential spaces, workspaces and recreational space. This project will be called Southplace City Center, a $1 billion reinvention of what was once a troubled mall. Owners envision Southplace City Center as “a city within a city” that will use up the…

Downtown Miami paves way for 15,000 more housing units

Task Force has pinpointed land use exchanges to create a pool of credits to allow 15,000 or so more downtown residential units, which are already over the development limit. The memorandum by North Carolina-based planning, engineering and design consultant Kimley-Horn on July 21 summarized potential rebalancing scenarios for the development…

Miami adds Virginia Key Park to parks billboards plan

Miami commissioners have approved the first step toward allowing advertising billboards in three of the city’s larger waterfront parks. On Sept. 22 the commission unanimously approved on first reading an ordinance that allows outdoor advertising signs at Bayfront Park, 301 Biscayne Blvd., and Maurice A. Ferré Park, 1075 Biscayne Blvd., and Virginia Key Beach…

The Fed: Is the U.S. in a Recession? What Key Economic Indicators Say

A common rule of thumb for identifying recessions is experiencing two consecutive quarters of negative gross domestic product (GDP) growth. The release of U.S. GDP data for the second quarter of 2022 showed the second consecutive negative GDP growth rate, leading many to believe that the country is now in a recession. However, the National Bureau of…

Toronto firm picks up Ocean Drive hotel for $39M

A Toronto-based investment firm paid $39.3 million for the Lord Balfour hotel on Ocean Drive in Miami Beach. The property, now called the Balfour Hotel… also at the center of a lawsuit filed last year by its former co-owner and operator, Life House hotels. An entity led by Marcos Lima of Moto Capital Group sold the 81-key hotel at 350 and 344 Ocean Drive to Catalyst…

Zoning, infrastructure limits are squeezing US land supply

The latest shortage wreaking havoc on the country? Land. Developers are increasingly struggling to find suitable land for residential developments, the Wall Street Journal reported. Land-use restrictions such as zoning and infrastructure issues are among the challenges making it difficult to find sites near major metropolitan areas. With scarcity comes inflated prices.

Lease roundup: Quest takes space at One Biscayne Tower & more

CP Group scored two leases for its One Biscayne Tower in downtown Miami. Co-working space provider Quest Workspaces took more than 26,000 square feet for its flagship Miami office, and logistics company CMA CGM Group renewed its 20,000-square-foot lease, according to a CP news release. The tower at 2 South Biscayne Boulevard is now 77 percent…

Despite A No Vote, Controversial Plan To Build A Warehouse On Protected Miami-Dade Wetlands Remains In Play

A controversial plan to build a sprawling warehouse distribution center outside Miami-Dade County’s urban development boundary remains in play after a divided county commission first voted to reject, then defer the project on Thursday, Sept. 22. The flip-flopping vote is the third time the request from developers to build on wetlands and farms increasingly…

Miami-Dade Rejects Downsized South Dade Logistics Park, Again

The real estate development company submitted a revised proposal for a massive logistics center in South Dade — cutting its footprint in half — in an effort to secure necessary approvals from Miami-Dade officials that it’s been seeking for two years. However, Miami-Dade commissioners vetoed an approval to expand the county’s urban development border (UDB)…

Starwood snaps up Florida affordable housing portfolio

Barry Sternlicht’s latest affordable housing play in Florida stretches beyond Lake Worth. Starwood Capital Group spent $91.8 million for a 669-unit affordable housing portfolio in the state, Multi-Housing News reported. Comprising four different communities, the transaction breaks down to roughly $137,000 per unit. All four assets were completed…

Truist Buys, Leases Back Quirch Foods’ Medley Site

JLL Capital Markets closed the sale-leaseback of a mission-critical cold storage facility totaling 178,428 square feet in Miami. JLL represented the seller, Quirch Foods, in the sale. Quirch Foods occupies the facility. The property, which is located on 15 acres at 7600 NW 82nd Place in Miami, has excellent access to Florida’s Turnpike, US-27, and…

MG Developer, partner score $148M loan for Hialeah apartments

MG Developer and Baron Property Group secured a $148 million construction loan for a nearly 600-unit planned apartment complex in Hialeah… Coral Gables-based MG Developer, led by CEO Alirio Torrealba, and New York-based Baron Property Group, led by Matthew Baron… development planned for 955 East 25th Street and 980 East 26th Street…

Judge orders Codina Partners’ affiliate to pay Grycon $8M in damages

Codina Partners now has a $7.8 million bill for allegedly refusing to pay a general contractor that built a Downtown Doral condo project. Last week, Miami-Dade Circuit Court Judge William Thomas entered a final judgment in favor of Grycon, a Fort Lauderdale-based construction firm that won a non-jury trial in July against Codina affiliate 5350 Park for wrongful…

Swire, Related score approval to widen planned Brickell office tower

Swire Properties and Stephen Ross’ Related Companies can expand their planned One Brickell City Centre skyscraper, a move they say is geared toward attracting top tenants. The Miami City Commission approved an amendment to Miami-based Swire’s special area plan allowing for larger floor sizes. Commissioners also approved…

Sabet buys development site in Miami’s A&E District

The Sabet Group is the latest out-of-town multifamily developer to plant a flag in South Florida… redevelopment site in Miami’s Arts & Entertainment District. An affiliate of Sabet, a Los Angeles-based and New York-based multifamily development firm led by Andre and Edward Sabetfard, paid $14.3 million for the 0.5-acre property at 1600 Northeast Second Avenue…

Rents fall nationally for first time in 9 months

Ten bucks is a small amount, but it was big news in the rental market last month. The median rental price in the U.S. fell by $10 month-over-month in August, the first monthly decline since November, according to a Realtor.com report. It was also the first time since then that the median rent — which came in at $1,771 — didn’t hit a record high. In other bad news…

Robert Rivani’s Black Lion snags One Thousand Museum restaurant space

Black Lion’s Robert Rivani with One Thousand Museum On the prowl for South Florida retail condo properties, Robert Rivani nabbed prime restaurant space at One Thousand Museum. Black Lion Investment Group, Rivani’s Los Angeles-based firm, paid $6.4 million for the 6,500-square-foot commercial condo on the ground floor of the luxury condominium…

Busch family partners with Assouline Capital to buy Red South Beach hotel

Tom Assouline and members of the Busch beer family hope to make a splash in Miami Beach with their purchase of the Red South Beach hotel for $33 million. A joint venture of Assouline Capital and Busch Real Estate, led by August “Gussie” Busch, paid $300,000 per key for the 110-room hotel at 3010 Collins Avenue, they said. Michael Dell’s MSD…

Hot deal for cold storage: Truist buys, leases back Quirch Foods’ Medley site

Truist Securities paid $59.4 million for a national food distributor’s cold storage facility in Medley. An entity managed by Allison Mcleod, a managing director for the Atlanta-based investment banking firm, acquired the 178,000-square-foot warehouse at 7600 Northwest 82nd Place, records show. Led by CEO John Gregg, Truist Securities is part of Charlotte-based…

Development bonanza: Four Miami projects nab approval

Miami’s skyline continues to fill up. Four proposed Miami projects won approvals on Wednesday, but one developer’s planned tower hit a snag during a city board meeting. Related Group and Merrimac Ventures’ condominium at Miami Worldcenter, AMLI Residential’s second apartment project in Miami, Rilea Group’s mid-rise rental building near the airport…

Berkadia Arranges $11M Construction Loan for Boutique Office Conversion Project in Miami

Berkadia has arranged an $11 million construction loan for the redevelopment of Wyncatcher, a former warehouse in Miami’s Wynwood district that was converted into a boutique office property. Knotel, a flexible workspace platform founded in 2015, is slated to occupy the entire 46,072-square-foot property located at 2143 Northwest 1st Ave. Scott Wadler…

Developer Lands Financing To Build New Knotel In Wynwood

Knotel, the flexible office company that was bought out of bankruptcy by Newmark in 2021, is opening a location in an adaptive reuse property in Wynwood. Developer Morabito Properties scored an $11M construction loan for the Wyncatcher building, a warehouse it is turning into office and retail with a rooftop balcony overlooking the Wynwood Arts District…

City Axes Miami Dade College’s Contract to Run Tower Theater

After 20 years of supporting art-house cinema and performance at the Tower Theater on Calle Ocho, Miami Dade College will no longer operate the historic venue. The City of Miami sent Miami Dade College (MDC) a notice last week that the college’s management contract for the Tower Theater will be terminated as of January 2, 2023. “The City would like…”

Invesca scores $77M construction loan for Plantation rentals

Invesca Development Group secured the funding it needs to move forward on a Plantation apartment complex. The development firm scored $76.5 million to build the 330-unit Pixl complex on a 6.7-acre site it owns at 4300 Northwest Ninth Court, according to a notice of construction commencement filed this month. An affiliate of New York-based…

Motwanis win approval to expand planned Fort Lauderdale condo project

Merrimac Ventures won approval to expand its planned boutique condo development near the beach in Fort Lauderdale. Fort Lauderdale commissioners on Thursday approved a site plan amendment that adds 11 units and a fourth floor, to create a four-story, 32-unit building at 530 North Birch Road. Asking prices for condos will top $1,000 per square foot…

Wurzak buys Deerfield Beach DoubleTree for $27M

Wurzak Hotel Group is bringing a little Philadelphia-style hospitality to Deerfield Beach. The firm bought the DoubleTree by Hilton Hotel Deerfield Beach-Boca Raton for $27 million, marking its fourth hotel acquisition in Broward County. Led by the father-son duo Howard and Jake Wurzak, the Philadelphia-based firm bought the 221-room hotel at 100 Fairway Drive…

The Growing Power of Tech on Miami’s Commercial Real Estate Market

Miami’s exploding tech footprint landed it on the list of emerging tech hubs according to our recently published blog, Tech Markets to Watch and Why the Field’s Getting Competitive. Throughout the past decade, tech companies and venture capitalists migrated in droves to Miami, surging population growth numbers as a result. Fintech – or financial technology…

NY AG files civil fraud suit against Trump, children and company

The New York attorney general made a long-awaited move on Wednesday, filing a civil lawsuit against Donald Trump, the Trump Organization and some of the former president’s children. In the 220-page lawsuit, Letitia James alleged large-scale fraud by Trump and his organization, claiming property values were inflated to land more favorable loans or lower taxes.

Terra, AB Asset plan 174 apartments in Coconut Grove

After embarking on projects throughout Miami-Dade County, David Martin’s Terra is making another play on a market it knows well: Coconut Grove. Miami-based Terra and Miami Beach-based AB Asset Management want to replace The Malone hotel at 2835 Tigertail Avenue in Miami with a five-story apartment building, according to city records. The Residence…

Electra America JV plans $1B mixed-use redevelopment of Southland Mall

An Electra America joint venture is planning a $1 billion overhaul of Southland Mall in Cutler Bay. Electra, its multifamily affiliate Tampa-based American Landmark, and Miami-based real estate firm BH Group are planning to add mixed-use components to the 80-acre site. They will include a 150-key hotel, 60,000 square feet of medical office space, 150,000 square…

Electra America, BH Group Unveil Plans for $1B Redevelopment of Southland Mall Site in Miami-Dade County

A few months after purchasing the former Southland Mall site in Cutler Bay for $100.4 million, owners Electra America (and affiliate American Landmark) and BH Group have unveiled plans for their $1 billion redevelopment of the 80-acre campus in Miami-Dade County. Named Southplace City Center, the mixed-use development will feature 4,395…

Plans Unveiled for $1 Billion Redevelopment of 80-Acre Southland Mall Site in Miami-Dade County

Electra America, a real estate private equity firm focused on value-add and opportunistic investment in the Sun Belt region of the U.S., along with its U.S.-affiliate, American Landmark, and BH Group, a Miami-based private real estate investment and development firm, today unveiled preliminary plans for the redevelopment and reinvention of the Southland Mall…

Duncan Hillsley drops $18M on bulk condo purchase of South Miami student housing

Duncan Hillsley Capital dropped $17.5 million on a bulk purchase of condos geared toward college students in South Miami, two months after it settled a lawsuit with the seller. Records show a Delaware LLC linked to the investment firm bought 70 units in Valencia, a 301-unit condo building at 6001 Southwest 70th Street. The seller is MHS Valencia LLC. The buying…

Original vision of Triple Five Group’s American Dream Mall awakens

Canadian developer Triple Five Group, whose American Dream Mall is to rise in Northwest Miami-Dade, is still working on the design for a site plan application to deliver to the county in December, returning to its original concept after considering major changes last year. Over the past year, the developer has been meeting with staff from the county Department…

No-bid deal may darken films mecca Tower Theater

The home of the Miami Film Festival in Little Havana where Miami Dade College also operates South Florida’s highest-grossing art house cinema could be turned over to the Bay of Pigs Veterans Association by a Miami City Commission vote today (9/22). Another vote would turn over to the association in a second lease the adjacent theater parking, where…

Jungle Island expansion advances with water/sewer deal

Miami city commissioners have approved a resolution expected to lead to a new water and sewer deal with the county for expansion of Jungle Island, with details on the size of the proposed new uses, including restaurants. Jungle Island, formerly Parrot Jungle, was a zoological park relaunched as an eco-adventure park on Watson Island. The City of Miami owns the…

Healthcare commercial lending market grows

As commercial loan transactions are slowing down a bit due to the rise in interest rates across financial institutions, healthcare commercial lending is becoming a growing market in South Florida thanks to the increased number of physicians licensed and the expansion of Florida’s population. City National Bank is adding a medical division within its private…

Peter Thiel on Florida real estate: “becoming like California”

Even tech billionaire and Republican mega donor Peter Thiel thinks housing prices and rent are too damn high in Florida. Thiel, a Miami Beach transplant from Silicon Valley, warned conservatives that soaring real estate prices in Florida make the Sunshine State more like California than they would like to admit. Speaking at the National Conservatism…

Investor seeks $50M for allegedly botched Ocean Drive hotel repairs

Allied Partners is seeking $50 million from an architect and an engineer who allegedly tore down portions of a historic Miami Beach hotel without the owner’s authorization. In two separate lawsuits filed in Miami-Dade Circuit Court last month, an Allied entity sued Kevin Gore, an architect based in Palisades Park, New Jersey; and Miami-based engineer Elvis…

Owners Of Savoy Hotel & Beach Club Sue For $50M Over Unauthorized Demolition

Real estate investment firm Allied Partners is suing an architect and engineer who it claims demolished parts of an iconic Miami Beach landmark without its consent. It’s asking a Miami-Dade Circuit Court judge to award it $50M. New York-based Allied owns The Savoy Hotel & Beach Club on South Beach… at 425 and 455 Ocean Drive.

Grand Peaks proposes 26-story apartment tower in Brickell

Grand Peaks Properties doesn’t want to be left out of the Brickell bonanza. The Denver-based multifamily firm proposes a 26-story apartment tower on an acre, spanning two adjacent lots at 901 Southwest Third Avenue and 244 Southwest Ninth Street in Miami, according to Miami records. Grand Peaks has the property under contract for…

Lease roundup: AJP, Mas fully lease Kendall medical offices

Cardiovascular Centers of America, HCA Florida Institute for Gynecologic Oncology I MedSquare Health I Kendall A year after finishing a Kendall medical office plaza, AJP Real Estate and Mas Group fully leased the property. http://therealdeal.com/miami/tag/kendall/ In the recent flurry of deals, Cardiovascular Centers of America took 8,000 square feet; Centers…

Richard LeFrak On Peers Moving To Miami And Watching His 184-Acre Megaproject Hit Critical Mass

This year marks a decade since the LeFrak family, which for the past century has amassed one of the largest portfolios of New York-area real estate, made its splashy entrance in Florida with the purchase of more than 180 acres in North Miami. Ten years after Richard LeFrak, the CEO and third-generation leader of the family business, bought the smelly…

5 minutes with developer, broker Edgardo Defortuna

Fortune CEO Edgardo Defortuna Developer and broker Edgardo Defortuna is carefully choosing which projects his firm, Miami-based Fortune International Group, picks up amid a flood of new development in the pipeline. He’s also keeping a close eye on still-rising construction costs and supply chain issues, as well as the affordability crisis in South Florida.

Industrial Real Estate Demand Strong Heading Toward Final Months Of Tumultuous Year

The nation’s industrial real estate market is headed toward the closing months of 2022 with strong demand overcoming uncertainty about the course of the global economy. Leasing of logistics, manufacturing and warehouse properties has been hitting records during the third quarter as businesses and investors also build and buy industrial properties at…

Restoration Hardware’s Miami Design District deal implodes

Restoration Hardware’s foray into the Miami Design District was supposed to jump-start the redevelopment of a less glamorous part of the high-end retail and dining neighborhood. But now the deal has turned into a train wreck. Restoration Hardware is suing its landlord, an entity connected to Apollo Commercial Real Estate and Michael Comras, alleging that the…

Winn-Dixie sues landlord over leaky roof at South Miami store

A leaky roof forced Winn-Dixie to close a South Miami store at 8710 Southwest 72nd Street, and now the grocer wants landlord Robert Balzebre to pay up. In a lawsuit filed in Miami-Dade Circuit Court last month, the Jacksonville-based grocery chain is seeking a court order to force Balzebre, principal of Miami-based Balzebre Investments, into fixing the roof of…

Biscayne Boulevard’s New World Tower Could Get Rapid Transit Zoning

A developer who has been assembling several Biscayne Boulevard properties where a supertall tower is possible has requested Rapid Transit zoning designation, according to a county memo. The properties being requested for inclusion include the 30-story New World Tower on Biscayne Boulevard, and the adjacent Yve Hotel. The New World Tower dates to…

Another Wynwood dev site hits market asking above $30M

In a span of weeks, a second Wynwood development site is hitting the market with an asking price above $30 million. Miami-based real estate investor Joseph Cohen is listing the 1-acre assemblage of 2100 Northwest Miami Court, 2101 Northwest First Avenue and 2127 Northwest First Avenue with an asking price of $35 million, according to Juan…

South Florida office sales falter, despite strong leasing

Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B…

Starwood, Related Launch Venture To Sell EV Chargers, Solar Panels To Big Landlords

Property giants Starwood Capital Group and Related Cos. have joined forces to create a new endeavor to sell clean energy products to other large real estate owners. Through the companies’ energy subsidiaries — Starwood Energy and EnergyRe — the two firms launched a new venture dubbed Radial Power to sell solar panel installations, electric vehicle charging…

School of Whales Investors Now Own a Piece of the Historic Post Office in Downtown Miami

This week School of Whales announced a new addition to its diversified commercial real estate investment portfolio: 100 NE 1st Ave—The Historic Post Office building in Downtown Miami. School of Whales investors now own a piece of this trophy property. The stunning 36,500 square foot 1912 Neo-classical building is currently being transformed into a 4-level…

Shoma launches sales of planned North Bay Village condos

Shoma Group is pivoting its plans from apartments to condos at a North Bay Village site it acquired earlier this year. Shoma, led by Chairman Masoud Shojaee and President Stephanie Shojaee, is launching sales of the Shoma Bay condos, with prices starting in the $400,000s, according to a press release. The Coral Gables-based developer tapped…

The Boom Times in Industrial Real Estate Are Far From Over

Industrial real estate has been the standout sector in real estate for close to a decade, and the pandemic only further entrenched its position. While other sectors of the economy ground to a virtual halt, consumers’ accelerated shift toward e-commerce made industrial one of the few assets to benefit from lockdowns and social distancing.

Tiendamia Inks 33,000 SF Industrial Lease In Medley

Xipron, Inc. d.b.a. Tiendamia has inked an industrial lease at 8404 NW 90th Street in Medley. Tiendamia signed a long-term lease for approximately 32,670 square feet in the recently completed Building 11 which fronts NW 90th Street. The Butters Realty & Management Industrial Brokerage Team of JC Conte, SIOR and Brian T. Ahearn…

Video: The New Retail World with Macerich featuring Macerich CEO/Director Tom O’Hern

Tom O’Hern, CEO and Director of Macerich, one of the largest retail REITs in the world with 48 million square feet of property, joins America’s Commercial Real Estate Show to discuss how large retail properties have performed, leasing activity, and mall property conversions. Macerich, a real estate investment trust (REIT) that invests in shopping centers, is the…

Fisher Island’s Last Development Site Sells for $123M

The Related Group, in a joint venture with Teddy Sagi, Wanxiang America RE and BH Group, has acquired the last available development site on Miami Beach’s Fisher Island for $122.6 million, Miami-Dade County records show. Tara Bernerd and Partners and Kobi Karp Architects will design the project. The 6 Fisher Island Drive development will offer 50…

No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access

At an oceanfront Hilton-branded condo hotel in Fort Lauderdale Beach, developers Joseph Cabanas and Jose Luis Zapata are allegedly blocking a group of investors from renting and selling their units, according to court documents and interviews with some of the owners. It’s a nasty fight that’s ignited a series of lawsuits over the last two years against Q Club Hotel…

Prospect plans Lauderhill project with up to 275 apartments

The developer of an apartment complex with as many as 275 units in suburban Lauderhill is targeting tenants priced out of downtown Fort Lauderdale. Young professionals and young families “who can’t buy a house and can’t afford the downtown Fort Lauderdale rents, that’s the group we’re kind of pinpointing,” Navish Chawla, a…

LM Restaurants plans waterfront eatery, hotel in Deerfield Beach

The Moshakos family’s LM Restaurants wants to open a waterfront dining and hotel venue next to an eatery it owns in Deerfield Beach. LM Restaurants, through an affiliate, bought the 1.7-acre vacant development site at 1755 Southeast Third Court for $10 million from an entity led by Phillip Schuman, according to records. The property is just south of…

American Landmark sells Boynton Beach apartments for $71M

American Landmark sold a Palm Beach County apartment complex for $71 million, nearly 70 percent above its purchase price four years ago. An entity managed by Zoe Buchard of Kent, Washington, and Gary and Susan Burchard of West Palm Beach bought High Ridge Landing at 3609 High Ridge Way in Boynton Beach, records show. The buyer obtained a $37.5…

Babak Ebrahimzadeh proposes West Palm office project

Babak Ebrahimzadeh is the latest investor and developer to bet on the growing West Palm Beach office market. Through his Miami-based Florida Mastermind, Ebrahimzadeh wants to build a 12-story office building with 150,000 square feet of space at 1545 Centrepark Drive North, he told The Real Deal. The project, to be called The Contemporary, will be within…

Cold Storage Sale-Leaseback Closed in Southeast

JLL Capital Markets has closed the sale-leaseback of two cold storage facilities totaling 262,904 square feet, in Miami and in metro New Orleans, for Quirch Foods. JLL represented Quirch in the sale to an undisclosed third party. Quirch occupies both facilities. Financials on the deal were not disclosed. The Miami property is on 15 acres at 7600 NW 82nd Place…

Starwood checks out of Westlake shopping center for $20M

Sarry Sternlicht’s Starwood Property Trust is the latest landlord to cash out of a grocery store-anchored shopping center in South Florida. An affiliate of Starwood, based in Miami Beach and Greenwich, Connecticut, sold Grove Market, a 77,000-square-foot shopping center at 5060 Seminole Pratt Whitney Road in Westlake, for $19.5 million, records show. The deal…

Stephen Ross bets on West Palm office development — again

Stephen Ross can’t get enough of downtown West Palm Beach. Already the biggest office property owner in the city, Ross’ Related Companies now plans a 25-story building that will bring 456,000 square feet of work space and 15,000 square feet of retail to downtown West Palm, according to a company news release. The tower, called 515 Fern, will rise next to the…

Pérez and Sagi’s Transit Village in West Palm Beach advances

It’s not unusual for ambitious projects to stall for years and then to fizzle out entirely, due to financial woes or the hassle of government approvals. Yet, a project lingering for almost two decades making a major comeback is rare. That’s the story of Transit Village, a planned, massive mixed-use development that would…

Related Group, partners close on $100M-plus Fisher Island development site

Jorge Pérez’s Related Group and its partners closed on their purchase of the last condo development site on exclusive Fisher Island in Miami Beach. Miami-based Related, billionaire Teddy Sagi, BH Group and Chicago-based Wanxiang America RE Group paid more than $100 million for the property at 6 Fisher Island Drive. The Related-led group entered into contract…

Lissette Calderon pays $32M for development site near Beckham soccer stadium

Lissette Calderon is casting a wider net along the Miami River, purchasing a development site further west than most of her other projects on the waterway. Calderon, through an affiliate, bought a 7.3-acre site at 2301 Northwest 33rd Avenue for $32.2 million from an entity tied to Chicago-based Oak Street Management, according to records. The buyer took…

Moishe Mana’s downtown Miami tenants allege fraudulent eviction

A group of Moishe Mana’s downtown Miami tenants filed a lawsuit against the developer’s companies, alleging they were fraudulently evicted from their spaces, The Real Deal has learned. Las Hermanas Restaurant Corp., Vive Cafe Restaurante, Golden Palace and Isabel Alteration sued Mana Miami Management LLC and 48-76 East Flagler Realty LLC on Tuesday.

Beckham’s mixed-use Miami soccer complex scores final zoning OK

Miami Freedom Park, the sprawling, mixed-use soccer stadium development planned for the Melreese Country Club site, secured its final zoning approvals. The Miami City Commission voted 4 to 1 in favor of the planning ordinances, allowing the developers to move forward with the project planned for 1400 Northwest 37th Avenue, near MIA…

‘The Cat Has Come Out Of The Bag’ As Developers Descend On Hialeah

Factories, one-star motels, strip joints, warehouse outlets, and botánicas selling religious and spiritual goods have long defined the city of Hialeah. For decades, there was almost no development to speak of. But things are changing fast in “The City of Progress.” The predominantly Cuban neighborhood is the sixth-most populous in Florida, but almost 60% of…

The Fed: Beige Book Picks Up Mixed Signals from the Southeast Economy

The regional economy expanded in recent weeks, but mixed signals characterized anecdotal reports from across the Southeast compiled in the Atlanta Fed’s section of the newest Beige Book. For example, labor markets remained tight, and several business leaders said they continue to automate certain tasks so they can operate and grow with fewer workers. Contacts…

Miami Beach OKs apartment building conversion to boutique hotel

An investor plans to convert an Art Deco apartment building in Miami Beach back to its original use as a hotel. The Miami Beach Historic Preservation Board on Tuesday approved plans for the Henry Hohauser-designed property at 1360 Collins Avenue. The owner, led by Jim Cavanaugh of Miami Beach, plans to redevelop the 25-unit building into a hotel with…

Michael Shvo plans second Miami Beach office project

Michael Shvo is doubling down on Miami Beach’s office market. Fresh off obtaining city approval for an office project along Alton Road, Shvo has filed plans for a six-story office building at 1665–1667 Washington Avenue, according to city records. The Kobi Karp-designed development would have 21,000 square feet of offices on the top five floors, 58 parking spaces…

Former WeWork CEO Adam Neumann’s $350M fundraise came with a catch

The big investment Adam Neumann received for his latest real estate venture came at a cost: the keys to a portion of his apartment portfolio. The former WeWork chief executive agreed to hand over part of his real estate holdings for the $350 million investment, the Wall Street Journal reported. The unusual arrangement puts venture capital giant Andreessen…

Shore Club to become Auberge: Witkoff, Monroe’s redevelopment approval stands

Witkoff and Monroe’s plans to redevelop the Shore Club — and rebrand it as Auberge — are moving forward. The Miami Beach Historic Preservation Board on Tuesday voted against a rehearing of the redevelopment proposal that the board had approved four months ago. The developers’ attorney Michael Larkin revealed the Auberge branding at the…

Inside Adam Neumann’s WeWork-ification of residential real estate

Adam Neumann, Society Las Olas at 301 Southwest First Avenue in Fort Lauderdale, and the Stacks on Main at 535 Main Street, Nashvill: Adam Neumann’s comeback story sounds a bit like his coming-up story. He has the backing of a name-brand venture capitalist. He has grand plans to transform real estate. He is, once again, preaching the gospel of…

Fire station issue stalls signature Brickell City Centre tower

Miami city commissioners have delayed a final vote on Brickell City Centre’s latest expansion, while directing city staff to get to the bottom of why a promised fire station has not been built as part of the sweeping mixed-use development. At a rescheduled regular meeting on Tuesday, commissioners were to hold a second and final hearing on two planning and zoning…

9 Key Statistics for the Miami Commercial Real Estate Market

The Miami commercial real estate market offers a wide range of interesting projects, assets, and property types due to its advantageous location and pivotal access as an Atlantic coastal town. Its geographic position near Central and South America is a big reason for the overall growth and culture in the area. These factors give Miami…

Block Capital proposes 17-unit Wynwood apartment project

Block Capital Group, a prolific Wynwood developer and investor, is continuing to bet on the neighborhood. The Miculitzki family’s Block Capital wants to build a five-story, 17-unit residential building at 91 Northwest 27th Street with 3,000 square feet of retail, according to an application filed to a Miami project review board. The units will be apartments, a Block….

Jeffrey Soffer’s Fontainebleau Development buys North Miami marina

Jeffrey Soffer’s Fontainebleau Development picked up a North Miami marina for $10.1 million, more than $9 million above the property’s last sale price 27 years ago. An affiliate of Aventura-based Fontainebleau acquired PowerHouse Marina at 13255 Biscayne Boulevard, records show. The seller, an entity led by David A. Marcus, purchased the…

Lease roundup: Rentals manager Belong moves HQ to Brickell

Belong I Brickell I Miami Belong, a rental homes management company, is moving its headquarters from California to Brickell in Miami. The company will occupy a 7,000-square-foot space at the Brickell City Tower at 80 Southwest Eighth Street, according to Owen Savir, co-founder of Belong. It is renovating the space and working out of a temporary office at the…

Doral Considers Trump Proposal For New Towers

Former President Donald Trump has another real estate venture in Doral. The city is considering an application submitted on a plan to build gleaming luxury towers with more than 2,000 units proposed at the Trump National Doral Miami property. The project includes more than 185,000 square feet of amenities and retail in the property at…

MG completes Miami apartments dev site assemblage

MG Developer added the final piece to its Miami development site puzzle, allowing it to move forward on a two-tower multifamily project. The Coral Gables-based firm and its partner, New York-based Baron Property Group, bought an acre at 3191 Southwest 39th Avenue and 3160 Southwest 38th Court from AMR Investment, which is led by Armando Rouco, for $16…

Investors spent $5B on South Florida rentals in the first half of the year

Investors spent $5 billion on South Florida multifamily properties in the first half of the year, the second-highest total on record, according to Cushman & Wakefield. It could be secure in that spot for some time: Demand in the area’s rental market is showing signs of slowing, despite continued rent growth in Miami-Dade, Broward and Palm Beach counties.

Terranova plans retail-and-office project on Coral Gables’ Miracle Mile

Stephen Bittel’s Terranova Corporation plans to redevelop a former pharmacy in downtown Coral Gables into a four-story retail-and-office building. The Arquitectonica-designed project at 93 Miracle Mile will include a 6,700-square-foot restaurant on the ground floor, 9,700 square feet of retail on the second and third floors and 7,300 square feet of…

Mortgage rates hit 14-year high

Mortgage rates hit yet another new high and may continue to rise as the Federal Reserve looks to tackle inflation. The average rate on a 30-year fixed mortgage hit 5.89 percent this week, according to a Freddie Mac survey reported by the Wall Street Journal. Rates are roughly double from what they were a year ago and exceeded a recent pandemic high set…

Inside Griffin’s billion-dollar South Florida property play

Ken Griffin epitomizes the South Florida more-is-more real estate philosophy. The billionaire founder of Citadel just raised the bar on his record-setting portfolio. Griffin, who is worth about $31 billion, now owns at least $1.3 billion of residential and commercial real estate in South Florida, on top of luxury homes in New York, Chicago, London and…

Embattled developer Metronomic’s Coconut Grove rentals head to auction

Metronomic once had grand plans to redevelop a large area of Coconut Grove. Now it might lose its only completed project there. Four years ago, the Coral Gables-based developer announced a $74 million mixed-use project in the neighborhood, with nearly 300,000 square feet of apartments, retail, offices and a hotel. But it soon became saddled with debt, filing…

Video: Global Chair of Counselors of Real Estate Marilee Utter Discusses Top Ten Issues Affecting Real Estate 2022-2023

Marilee Utter, 2022 Global Chair of the Counselors of Real Estate, joins the host of America’s Commercial Real Estate Show to share and discuss highlights from the Counselors of Real Estate annual Top Ten Issues Affecting Real Estate. Topics (issues) discussed include inflation and interest rates, geopolitical risk, hybrid work, wupply chain disruption, energy…

Rotem Rosen, Anand Mahindra finally close on $30M Edgewater site

It took more than four years, but Rotem Rosen and billionaire Anand Mahindra’s MRR Development sealed the deal on a $30 million Miami assemblage. Javier Cervera Companies led by investor Javier Cervera Jr. sold the 1.4-acre site at 1801 Northeast Second Avenue, north of downtown Miami, to MRR. The land covers the majority of the city block between…

Prestige sells Hialeah apartments for 30% markup

Marty Caparros’ Prestige Companies sold a multifamily portfolio in Hialeah for 30 percent more than it paid for the properties a year ago. Affiliates of Miami-based Puchero Corp., managed by Alberto Arceo, bought the four small apartment complexes at 565 West 51st Place and 643, 651 and 725 West 29th Street for $17.2 million, according to records. The 1960s-era…

How Hamid Moghadam made Prologis the world’s largest industrial landlord

Fresh off a trip to Stanford, Hamid Moghadam was pulling up to his house in San Francisco’s tony Pacific Heights neighborhood when a car stopped right behind him.  Out jumped two men, armed with guns. They moved in on Moghadam, grabbed his Patek Philippe watch and fled. “They were attacking me,” Moghadam told the San Francisco Business Times.

Rising sea levels put Miami, New York at biggest risk for severe and extreme flooding at commercial properties

Billions of dollars worth of office buildings, retail centers and apartment buildings in coastal U.S. cities sit in the path of major flooding as sea levels rise, according to a new DBRS Morningstar report. The credit rating agency looked at a snapshot of roughly 47,000 buildings that it monitors out of the roughly $670 billion commercial mortgage bond market and found…

Pulso Capital pays $22M for Pompano Beach complex

A Fort Lauderdale-based multifamily investment firm padded it’s portfolio with a $21.5 million Pompano Beach acquisition. Stellar at Palm Aire now belongs to a Pulso Capital Group affiliate. The firm paid $22 million for the 39-unit rental townhome complex at 4091 Seina Circle, 4081-4099 Sunset Way, 700-706 Stellar Court, 4082-4098 Highland Oaks Drive, records…

Lyon Living Pays $33M for Sunrise apartment complex

A garden-style rental community in Sunrise traded for $13 million above its previous sale price three years ago. An affiliate of Lyon Living, a Newport Beach, California-based multifamily real estate investment firm, paid $33.1 million for Courtyards at Sunrise, a 128-unit apartment complex at 4108 Pine Island Road, records show. The buyer obtained a $28 million loan…

Dependable Equities proposes 47-story Fort Lauderdale tower

Dependable Equities is proposing a 47-story rental tower in downtown Fort Lauderdale, adding to the Brooklyn developer’s pipeline of projects. The plan by Dependable Equities, led by Isaac Schlesinger and Rabsky Group co-owner Simon Dushinsky, will go before the Fort Lauderdale Development Review Committee Tuesday. The developer is seeking site plan review…

Carlyle pays $33M for Boynton Beach shopping center

Carlyle Management doubled its Boynton Beach retail holdings with a $33 million purchase of Sprouts-anchored shopping center. An affiliate of Katonah, New York-based Carlyle acquired the retail component of Mainstreet at Boynton at 6405 Boynton Beach Boulevard, according to a press release. The deal breaks down to $630 a square foot. The 52,000…

Lincoln Property pays $194M for newly built Boca apartments

Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group’s Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne: Lincoln Property Company beefed up its South Florida multifamily portfolio. The firm bought the newly built Manor Broken Sound apartment community in Boca Raton…

El-Ad nabs $100M construction loan for Alina condos in Boca

El-Ad National Properties’ more than 300-unit condominium project in Boca Raton just got a major financial boost. The developer, through an affiliate, scored a $100 million construction loan for the second phase of its Alina Residences project from UMB Bank, according to records. The pair of condo buildings, already under construction, comprise the final portion of…

Pan Am Equities lists Little River business park for $39M

For the second time in two years, Pan Am Equities is looking to cash out of an office business park in Miami’s Little River. Affiliates managed by Scott Solomon, president and CEO of Pan Am, a New York-based real estate development and management firm, recently listed Rail 71 at 7205 Northeast Fourth Avenue with an asking price of $39 million, according…

After $39M sale, Robert Shor picks up another South Beach retail property

Investor Robert Shor just can’t keep himself away from South Beach. Three months after selling a retail strip along Alton Road to Michael Shvo for $39.3 million, Shor is back to buying, scooping up a vacant retail property across the street for $10 million. Through an affiliate, Shor bought a commercial condominium at 1665 Alton Road from an entity tied to…

Ken Griffin buyer of Adrienne Arsht’s $107M estate: sources

Hedge fund billionaire Ken Griffin is the mystery buyer behind last week’s $106.9 million deal for Adrienne Arsht’s waterfront Miami estate, sources told The Real Deal. Griffin, who has spent hundreds of millions of dollars purchasing South Florida real estate over the last decade, acquired Arsht’s 4-acre Coconut Grove estate at 3031 and 3115 Brickell Avenue. The deal…

Jetport in Everglades could be urban air mobility test site

A Miami-Dade test site for unmanned urban air mobility aircraft is on the runway and awaiting takeoff with a county commission vote directing the mayor to find a site for flight tests and report to commissioners in 45 days. The legislation from Commissioner Jean Monestime cited the Everglades Jetport – officially the Dade-Collier Training and Transportation Airport…

40-story Edgewater office-residential tower wins backing

A mixed-use residential tower is planned for the heart of the Edgewater neighborhood in the City of Miami. Developer 2600 Biscayne Property LLC is proposing a 40-story tower at 2626 Biscayne Blvd. The city’s Urban Development Review Board voted unanimously to recommend approval. At the board meeting, attorney Iris Escarra on behalf of the developer…

Miami Office Transaction Volume Was Low in H1

Year-to-date through June, Miami’s office transaction volume reached $995 million, the lowest figure among gateway cities, according to CommercialEdge data. Miami’s deal volume in the first half of the year shrunk significantly compared to last year’s findings: at the same point in 2021, office sales in the South Florida metro amounted to $1.25 billion.

Sylvester Cancer research building wins review board OK

The University of Miami’s cancer research center is expanding. Plans for a new state-of-the-art Sylvester Comprehensive Cancer Center – Transformational Cancer Research Building (TCRB) were recommended for approval by the City of Miami’s Urban Development Review Board. The university is proposing a new building consisting of medical office…

Prestige acquires Hialeah Park dev site, plans 343 apartments

It’s the corner stretch for Prestige Companies’ plan to redevelop an unused portion of Hialeah Park race track into a 343-unit apartment complex and a charter school. An affiliate of Miami Lakes-based Prestige paid $13.7 million for a 13.1-acre vacant lot on the 200-acre property that’s home to the historic Hialeah Park Racing & Casino, records show. The seller is an…

North Carolina firm plans 141-unit Wynwood apartment project

Evolve Companies wants to build a 141-unit apartment building in Wynwood, marking unceasing appetite for development in the artsy Miami neighborhood. The firm paid $9.8 million for roughly an acre on the northeast corner of Northwest 35th Street and the I-95 northbound exit ramp, with plans for an eight-story building, according to Evolve. The site…

Lease roundup: Miami Worldcenter, Banyan Street nab tenants

From left: CIM Group’s Shaul Kuba; Miami Worldcenter Associates’ Nitin Motwani and Art Falcone; Miami Worldcenter: Sports & Social I Miami Worldcenter | Miami Dining and entertainment venue Sports & Social will open at the $4 billion mixed-use Miami Worldcenter project. Sports & Social will open a 20,000-square-foot location in the glass-encased “Jewel Box…”

Back to school: Aging college campuses draw developers

PPG Development’s Ari Pearl, MC Equity Group’s Yoram Izhak, Related Group’s Jorge and Jon Paul Pérez and Tate Capital’s James Tate with the closed Johnson & Wales University and Nova Southeastern University campuses: At a busy intersection in North Miami, a vacant four-story former student-housing building painted in white, citron yellow and…

Florida Department Of Revenue Takes 29K SF At Doral Center

The State of Florida Department of Revenue is relocating within Doral, Florida. The governmental department inked a 28,610-square-foot lease at Doral Center, the landlords’ broker announced. The tenant plans to move in next summer. The tax administrator is now based at the Office Park at MICC complex, situated 2.7 miles south from the new office. It’s unclear…

Empira Group Acquires Miami Development Site

Switzerland-based Empira Group has purchased CoralGrove Brickell, a residential development site in Miami. JLL Capital Markets represented the seller, an unnamed South American investor. Located between Brickell and Coral Gables, Fla. at 3051 SW Third Ave., the property is slated to encompass 85 units. The 0.53-acre plot is in proximity of Vizcaya Metrorail Station…

Highgate sells two Miami-Dade La Quinta Inn hotels for $33M

Highgate Capital Management sold a pair of La Quinta Inn by Wyndham hotels in Miami-Dade County for a combined $33 million. Affiliates of Highgate, an Irving, Texas-based hospitality real estate firm, sold the La Quinta at 7401 Northwest 36th Street near Doral for $15.5 million, as well as the La Quinta at 3501 Le Jeune Road in Miami Springs for $17 million…

The world is running out of sand, and it’s already affecting real estate

Sand used for constructing buildings and producing glass needs to be mined from riverbeds or beaches, quarried from open pits or blasted from rock formations. This higher-quality sand is running out. Crown Prince Mohammed bin Salman dreams of building two 100-mile-long skyscrapers in the desert, a pair of mirror-encased, parallel lines running through…

Ronny Finvarb and Joe Chetrit nab Miami Beach Macy’s for $16M

Ronny Finvarb and Joseph Chetrit paid $15.5 million for the Miami Beach Macy’s store off Lincoln Road, one of the oldest retail buildings in the city. Sobe Park, An entity managed by Finvarb, principal of Bay Harbor Islands-based Finvarb Group, acquired the 96,610-square-foot department store at 1675 Meridian Avenue, according to…

Unpacking Miami-Dade mayor’s $85M housing affordability kit

Miami-Dade County Mayor Daniella Levine Cava proposed an $85 million spending plan to tackle the housing affordability crisis that seemingly has no end in sight. The mayor’s HOMES Plan is the latest salvo in a flurry of programs by her administration aimed at alleviating the unprecedented increases in the costs of homebuying and renting. Arguably, Miami-Dade…

SecureSpace pays $23M for Coral Way self-storage facility

It’s move-in season for real estate investors pursuing self-storage… An affiliate of SecureSpace, led by Nathan McElmurry, paid $22.7 million for a six-story self-storage building at 2811 Coral Way and 2749 Southwest 22nd Street near Coral Gables, records show. The buyer took out a $22.7 million loan from Goldman Sachs. The deal broke down to $194 a square foot.

Ytech buys historic Brickell château, plans restoration

Developer Yamal Yidios acquired a historic Brickell Avenue château, with plans to restore and renovate the property. Yidios’ Ytech bought the Château Petit Douy at 1500 Brickell Avenue in Miami by purchasing the company that owned the real estate, records show. The seller is an affiliate of Cheval Holdings, which had partnered in 2019 with Chef Clay Conley’s…

Legal battle ramps up at waterfront Bal Harbour condo building

Current and former unit owners at a boutique waterfront building in Bal Harbour allege that the condo board president has illegally obtained control, with the goal of ultimately terminating the association and redeveloping the property. Litigation between Water’s Edge House condo board president Joseph Swedroe and former unit owner Marlene…

South Miami-Dade Development Assemblage Trades for $3.375M

A 2.63 acre (114,588 square feet) development assemblage at approximately 16001 SW 117th Avenue in unincorporated Miami-Dade has traded. The property, which sold for $3,375,000, is zoned IU-C (Miami-Dade). The seller of the property was Woodspring Commercial Park LLC, which had purchased it in May of the preceding year for $2,298,000 from Nava…

ZOM Living Completes MiLine Miami Phase I

Multifamily housing developer ZOM Living, along with partners Mattoni Group and AEW Capital Management LP, have completed MiLine Miami’s first phase. This initial portion of the mixed-use development in West Miami-Dade County features 338 midrise apartments, along with 4,600 square feet of retail space that incorporates a brewery, a beer garden…

Joint Venture Opens Phase I of MiLine Miami, Including 338-Unit Apartment Community and Brewery

A joint venture between ZOM Living, Mattoni Group, Scout Capital and AEW Capital Management has completed the first phase of MiLine Miami, a mixed-use development in Miami spanning 11.4 acres. Phase I includes the delivery of a six-story, 338-unit apartment community, 4,600 square feet of retail space and 1,300 linear feet of the Ludlam Trail. Apartments come…

Commercial real estate landscape remains in flux, experts say

An unstable economy and its impact on commercial real estate makes institutional investors nervous, South Florida innovator Stephen Bittel recently shared with FIU Business real estate students. “Inflation is a big problem,” said Bittel, chairman of commercial real estate developer Terranova Corp. “We’re set for a repricing on all of our asset classes.”

Wynwood Haus Tops Off

Black Salmon, a national commercial real estate investment and development firm based in Miami; Lineaire Group, a Miami-based real estate investment and development firm focused on urban infill projects; and Bridge Investment Group, a leading, national real estate investment and property management firm, announced today that Wynwood Haus…

Lender Wins Foreclosure Auction On South Florida Mall With $43M Bid

Plantation’s Broward Mall has been taken over by its lender after the investors in a commercial mortgage-backed securities trust made the winning bid in a foreclosure auction this week. The 470K SF mall, which was built in 1979 and sits on a 30-acre site, was put on the block Tuesday and sold with a $43M credit bid by the CMBS trust…

Château sells Hallandale retail plaza it planned to redevelop

Château Group’s Manuel Grosskopf and Pacific Star Capital’s Aria Mehrabi with 600 East Hallandale Beach Boulevard: Manuel Grosskopf’s Château Group sold a Hallandale Beach shopping plaza that the developer had planned as the site of a major mixed-use project. Pacific Star Capital, through an affiliate, bought the 65,000-square-foot retail center at 600…

Rags to riches: Upscale spa planned for former Hollywood homeless shelter site

In a major redevelopment move, investors plan an upscale spa for the former site of a homeless shelter just north of downtown Hollywood. Aventura-based investor Yevgen Yatsenko leads a group that expects to acquire the city-owned vacant half-acre of land for $1.8 million in early October, according to a contract that city staff negotiated with Yatsenko…

James Batmasian pays $16M for Palm Beach County industrial portfolio

James Batmasian is continuing his summer hot streak, wheeling and dealing for South Florida commercial properties. The Boca Raton-based real estate investor paid $15.5 million for a portfolio of three industrial sites in Palm Beach County, records show. Batmasian acquired Fairfax Center at 6758 North Military Trail in Riviera Beach, Hopo Center at 1101 53rd St…