Crocker Partners Announces 125,000 SF Lease, $20 Million In Renovations At Miami Center

The deal represents one of the largest downtown Miami office lease transactions this year.

Meridian Begins Construction on Distribution Center in West Palm Beach 

Meridian Design Build has broken ground on a 225,198-square-foot sorting and distribution facility in West Palm Beach. The project is a build-to-suit for a global shipping and information services firm. SunCap Property Group is developing the asset, which will be located on a 27…

Spanish biotech company to build U.S. headquarters in Miami

A Spain-based biotech company has decided to lay down its roots in the U.S. with a location within the University of Miami Life Science and Technology Park.  Bird Biotech America LLC will add 10 high-paying local jobs and about $50,000 in new capital investments within three years, the Beacon Council said.

Related Group’s Jorge Perez dishes on real estate, economy

Related Group President and CEO Jorge Perez, the most productive condo developer in Miami, invited a group of journalists to the site of a future project to discuss the real estate market and the economy.Reporters at the National Association of Real Estate Editors conference visited the Related Group’s 444 Brickell building on…

Heavenly Returns: Edgewater Church Plans Sale Of 2-Acre Waterfront Lot

The church had received offers of more than $40 million before deciding to place its land on the market.

One of Coral Gables’ largest office parks to get $7M makeover

The owner of the Douglas Entrance Office Parc in Coral Gables has begun a $7 million renovation.  The 467,325-square-foot property at 800 Douglas Road was acquired for $101 million in March 2014 by a joint venture of Miami-based Banyan Street Capital and Los Angeles-based Oaktree Capital Management. With new office projects…

Arrested Development: End of the Line for the Fairholme Capital Art Museum?

Developer Bruce Berkowitz has thrown in the towel on his project to build a private art museum and headquarters for his financial management firm Fairholme Capital, due to frustrations with the City of Miami’s planning department.  The department, which had been grappling with the unconventional…

Miami Center office tower to undergo $20M renovations after Citigroup renews lease

The 34-story Miami Center office tower downtown is set to undergo $20 million in renovations after main tenant Citigroup renewed its lease.  The banking giant (NYSE: C) will continue to occupy 125,000 square feet at the building, at 201 S. Biscayne Blvd., and will add a retail branch there. Citibank had $3.1 billion in deposits in.

Arrested Development: Miami About to Put the Kibosh on the Miami Innovation Tower

Welp, there she blows. The City of Miami Commission has almost entirely put the kibosh, killed, vanquished, vamoosed, “don’t let the screen door hit you on the way out”-ed the Miami Innovation Tower, that so-called ‘giant LED billboard’ that would be the centerpiece of the high-tech Miami Innovation.

Richman Group nabs $32M apartment construction loan in Miami-Dade

An affiliate of Richman Group Development Corp. obtained a $31.58 million construction loan for a garden-style apartment project in the West Kendall/Tamiami area of Miami-Dade County.  Richman Three Lakes Development Partners, part of the Greenwich, Conn.-based developer, obtained the loan from Synovus Bank.

Miami-Dade foreclosure rate trends lower

The home foreclosure rate in Miami-Dade County is trending lower, real estate research firm CoreLogic reported.
The percentage of Miami-Dade homes in foreclosure dropped to 3.85 percent in April from 4.05 percent in March and 6.93 percent in April 2014.  Irvine, California-based CoreLogic also…

Prive condominium breaks ground with lawsuit pending

The Prive at Island Estate condominium project in Aventura has broken ground, even as a lawsuit from neighboring homeowners aims to halt the project.  Developers Gary Cohen and BH3 are building 160 units at 5000 Island Boulevard, which is a private island in Dumfoundling Bay connected to the mainland by a bridge. That bridge…

Port Everglades wins approval to add cargo capacity

The Army Corps of Engineers approved a dredging plan to make Port Everglades deeper and wider after almost 20 years of reviewing the project and its environmental impact.  To service larger cargo ships, Port Everglades would deepen its main channels from 44 to 48 feet and would deepen…

Ocean Bank wins $29M foreclosure judgment on Miami-Dade land

Ocean Bank won a $29.8 million foreclosure judgement over farmland in Miami-Dade County that was controlled by Sedano’s Supermarket VP Armando J. Guerra, who recently bought a $12.6 million Coral Gables mansion.  The Miami-based bank won the judgment against Krome Gold Ranches II over a $19.1 million mortgage, plus…

Talks advanced for 90% of retail space at Brickell City Centre

Potential tenants are in advanced negotiations to lease 90 percent of the retail space at Brickell City Centre, a $1.05 billion mixed-use development under construction in Miami’s Brickell Avenue financial district.  Scheduled to open in about a year, the…

The Grove Finds Momentum in CRE Cycle

Some say Coconut Grove is following Coral Gables’ momentum. Find out what’s going on there.

Aventura medical building sold to escape foreclosure

A foreclosure lawsuit over a medical building in Aventura was resolved after the property was sold for enough to pay its loan.  U.S. Bank, representing a commercial mortgage backed securities (CMBS) trust, filed a foreclosure lawsuit in 2013 against GSOMR LLC, along with the Biscayne Institutes of Health and Living and Marie Dicowden…

FAA Approves One Brickell City Centre, Will Become One Of The Tallest In The U.S.

Federal officials granted the authority for developer Swire Properties to build up to a height of 1,040 feet above ground level, or 1,049 feet above sea level. After studying the proposal for 20 months, the agency decided that it wouldn’t pose a threat to air traffic.  The project is envisioned as the Brickell Avenue gateway to the…

Brickell City Centre reports strong retail leasing

The majority of the retail space at Brickell City Centre is already spoken for a full two years before the massive urban mall is set to open.  While giving a tour of the under construction project for the National Association of Real Estate Editors, Swire Properties’ retail executive Debora Overholt said 450,000 square foot of the 500,000 square feet…

Doral Commons retail plaza is nearly complete, says Terra Group

Construction is nearly complete on the 140,000-square-foot Doral Commons retail plaza, development firm Terra Group announced.  The plaza is 90 percent leased and is expected to open in the fourth quarter of this year. Rod Castan, president of leasing and management for the Courtelis Company in Miami, is overseeing leasing;..

Coral Gables’ Douglas Entrance Launches Multi Million Dollar Reno

Miami-based Banyan Street Capital, along with capital partner Oaktree Capital Management of Los Angeles, are undertaking the modernization project to restore the property’s iconic status.

Feds OK 80-Story Height For Brickell Tower

The fate of the tower’s height now lies in the hands of Miami-Dade County’s Aviation Department.

Miami Ranks #9 On CBRE’s Annual Green Building Adoption Index

41.6% of Miami office space is considered green.

Preservation Watch: Miami Women’s Club to be Restored with Restaurant, Retail

A part of the Miami skyline since its construction in 1925, the Miami Women’s Club has signed an agreement to lease out its home for 90 years, an agreement that comes with a much-needed restoration for the historic building, reports the Miami Herald.  The Heafey Group…

Mindboggling Reveals: Lincoln Road’s Astroturf Oval Could Become a Big Fountain

James Corner of James Corner Field Operations presented his plans for Lincoln Road last night to about 100 beach residents and stakeholders. There was a mixture of criticism and complements, reports the Miami Herald, and the world finally found out what Corner wants to do with the astroturf oval…

Two Ten-Year Leases Negotiated For Massage Envy Spa

To date, Brandon Weiss and Josh Rodstein have completed over 50 transactions for Massage Envy throughout the state of Florida.

Miami’s Woman’s Club opens doors to real estate suitor

The Miami Woman’s Club said it has agreed to lease space in its historic building at 1737 North Bayshore Drive to the Heafey Group, a real estate investment firm that will upgrade the property.  Heafey, based in…

Don Peebles: Miami market is leveling off

Developer Don Peebles sees the Miami market as leveling off, and predicts an end to the 50 percent deposit requirement on pre-construction condos.  “This market is in for a leveling off, where it will get quiet,” said Peebles, founder, chairman and CEO…

Q&A with Dev Motwani of Merrimac Ventures

Dev Motwani is excited about downtown Fort Lauderdale. The Fort Lauderdale resident and president of Merrimac Ventures grew up in the neighborhood, where his family owned and operated a motel.  Now, Motwani, a supporter of a new master plan for…

The week in real estate reports

Inside the construction site of Brickell City Centre, where two new office buildings are under construction.  Miami construction sees slight decline.  Miami’s construction industry saw a slight decrease during May, largely due to shortened spending on residential contracts.  The month had…

Fidelity, other investors pump $400M into WeWork

From the New York website: Fidelity Management & Research Co. and existing investors pumped $400 million into WeWork in a new fundraising round that values the shared office startup at $10 billion – twice its December valuation.  Following this latest round of funding, only…

Apex Marine relocates from Fort Lauderdale to the Miami River

Apex Marine is taking over the former Allied Marine site along the Miami River, and leaving its Fort Lauderdale location next week.  The major yacht servicing facility, with locations in Pompano and Stuart, signed a lease on the south bank of the…

CVS-anchored plaza in Miami sells at markup

A recently built shopping center in the West Kendall area just sold for $6.45 million — a $2 million premium.  The shopping strip, named CVS Plaza, has 18,214 square feet of retail space and is fully leased. Tenants range from a preschool to a medical…

Trophy Multifamily Asset Up for Grabs

This multifamily community is also positioned to benefit from economic expansion in the immediate area, including the recent $39 million transformation of Broward Mall and other surrounding projects.

This Retail Investment Was a No-Brainer

“This sale is a testament to the strength of the 1031 exchange market which is one of the main factors driving the high velocity for retail properties in Miami.”

What’s Driving Retail Growth in Doral?

If you’ve had your eye on Doral, FL over the past year, it’s time to take another look….

Two Big Concerns About Multifamily Market

Multifamily developers are expected to deliver about 400,000 new apartment homes in 2015. This raises two concerns, according to Ella Shaw Neyland, president of Steadfast Apartment REIT.

How Will This Move Impact Iconic Office Building?

Coral Gables’ famed Douglas Entrance fetched $100.75 million when it traded just over a year ago. Now, its owners are doing something big.

Developer, Contractors Charged in Kickback Scheme

A Coral Gables affordable housing developer is facing up to 45 years in federal prison in a $10 million tax credit kickback scheme.

Developer’s buy of Grove garage almost done

Ground floor retail will remain a fixture at the municipal parking garage on Oak Avenue in Coconut Grove after developer Terra takes ownership this summer.  In fact, Terra says the move will attract new retailers and amenities to the Grove.  The Oak Grove Garage, a public parking facility, is being so…

Go-slow governments create frustrating economic hurdles

Frustration with governments’ snail’s pace has reached the point that critics now sit within government halls.  New bathrooms were due in Coconut Grove’s Kennedy Park two years ago but work hasn’t begun, Miami Commissioner Marc Sarnoff lamented this month, and…

Excellent Infographic About How Technology is Affecting Office Space

This infographic above illustrates how office space is changing in the United States and around the world.  The post Excellent Infographic About How Technology is Affecting Office Space appeared first…

Developer Don Peebles sees trouble in Miami condo market, and other thoughts on real estate

National developer R. Donahue Peebles discussed his views on the real estate market on Thursday at the National Association of Real Estate Editors conference in Miami, a city where he believes the condo boom could encounter problems.  The chairman of CEO of the Peebles Corp. said the 50 percent deposit requirement…

Condo launches slowing

The downtown and Brickell condo market has seen more new units ready to occupy this year than it did this far into in 2014, but the number of units entering the pipeline has slowed, hinting at continued but steadier future growth.  “Fewer units are going to go through the construction pipeline in 2015,” said Anthony M. Graziano…

Miami City Commission to consider three big residential projects

The Miami City Commission will consider three major residential projects at its June 25 meeting, including an apartment tower by Argentinian developers the Melo Group.  The Melo Group wants the height increased to 36 stories at 1410 N.E. Miami Place in the Arts & Entertainment District.  It assembled the 1.23-acre site…

Design flaw stalls Flagler Street revamp

A flaw in design drawings has sidetracked a long-awaited rebirth of Flagler Street from Biscayne Boulevard to the Dade County Courthouse as a pedestrian-friendly promenade.  Told of the snafu, Downtown Development Authority directors vowed to push forward.  “Our biggest concern is that this doesn’t drag out,” Vice Chair Neisen Kasdin…

PortMiami charts course to expand capacity

PortMiami, well aware of its attractive location, has plans to accommodate more ships – and cruise lines.  In 2013, Disney Cruise Line sailed to Miami, bringing 148,000 passengers with it. By 2015, that number had risen to 205,000, according to a port spokesperson.  Virgin Cruises, which announced Tuesday that PortMiami…

Coral Gables approves big mixed-use project Mediterranean Village

Mediterranean Village, a large mixed-use project in Coral Gables, is set to break ground in less than 12 months after receiving approval from city officials.  The project would be located on 6.7 acres at 2801, 2901 and 3001 Ponce de Leon Blvd. It was approved for 227 residential units (214 condos and 15 town homes), 180 hotel rooms…

Prudential takes out $46.8M loan on new Hialeah warehouse

New Jersey-based Prudential Life Insurance Company just took out a $46.8 million mortgage on a huge distribution center in Hialeah, according to Miami-Dade County records. Prudential purchased the Centergate at Gratigny, a one-million-square-foot complex with entrances along East 8th Avenue off the Gratigny Expressway…

New luxury condos on Biscayne Boulevard

A developer plans to construct a mid-rise luxury condominium on busy Biscayne Boulevard with large residential units and a sweeping, curvy façade.  Boulevard 57 is an eight-story mixed-used development planned for a triangular parcel at 5700 Biscayne Blvd. in the MiMo District.  The city’s Urban Development Review Board…

Fencing Coming Down At Worldcenter Property

Finally, some activity at the Worldcenter site.  Yesterday, workers were seen removing gates that for decades have fenced in the mostly barren, surface parking lots where the project will be built. It is the first sign of movement on what would become one of the most transformative projects in downtown Miami’s history.  Records show…

Commercial Broker Closes 25,000 SF In Lease Deals

Berger’s Joseph Byrnes, Keith Graves, St. George Guardabassi, Greg Milopoulos and Jonathan Thiel were involved in the transactions.

Miami Zoning Board Rejects Simkin’s Billboard Tower Project

How will this decision affect Simkins’ Miami Innovation District concept?

PGA Marina Sold to South Carolina Owner for $23M

PGA Marina Center LTD sold the PGA Marina boating center located at 2361-2385 PGA Blvd. in Palm Beach Gardens, FL for $23 million to PGA Marina Partners LLC.  The sales price was allocated as follows: $4.65 million for the land, $3.8 million for the building, an additional $1.4 million for…

Starchitecture Watch: Miami Beach Doesn’t Want to Pay for Zaha Hadid’s Garage

The Collins Park Garage designed for Miami Beach by Zaha Hadid still hasn’t broken ground despite being very behind schedule, and now the city’s contractor is telling them that it will cost $49 million to build, twice the budget of $25 million. The city commission has requested that Hadid’s firm…

Mill Creek Residential buys lot for second phase of Miami apartment project

Mill Creek Residential paid $10.1 million for land to build the second phase of its Modera Station apartment project in Miami-Dade County.  TREO Douglas Station, an affiliate of Miami-based TREO Group, sold the 1.16-acre site at 3734, 3736 and 3750 Bird Road, 3031 S.W. 37th Court, and 3090 S.W. 37th Ave. to MCREF Bird Road…

The Chopping Block: Governor Scott has vetoed spending for S. Florida projects…

Governor Scott has vetoed spending on a wide variety of South Florida projects, including millions for infrastructure work, the Underline, the Ludlam Trail, Vizcaya, the Miami Beach stormwater project, Miracle Mile improvements, and the Boat Show relocation, etc. Luckily, the organizers of the Underline…

In the Rezone: Planning Board Approves 22-Story Tower on the ‘Ocean Drive’ of North Beach

Developer Sandor Scher’s plan to built a mixed-use project which would include a 22 story tower on Ocean Terrace, a two-block-long, low rise stretch of oceanfront street much like Ocean Drive but in North Beach, has taken a big step forward, reports the Real Deal. The Miami…

Hollywood self-storage facility bought for $19M

A self-storage facility in Hollywood was bought for $18.83 million by an Atlanta-based company.  Sheridan Extra Closet, managed by Clausson Lexow of American Storage Systems, sold the two buildings totaling 167,557 square feet to PPF SS 3090 Sheridan Street, an affiliate of Atlanta-based Safeguard Self Storage. This is its 13th location…

Preservation Watch: Little Havana is One of Eleven Most Endangered Historic Sites

Last year the National Trust for Historic Preservation named the midcentury modernist architecture of Bay Harbor Islands’ East Island among the eleven most endangered historic sites in America—a moment which amplified the preservation movement…

New Panama Locks To Open In April, But At Higher Cost

The new locks at the Pacific end of the Panama Canal began to fill with water this week in preparation for months of testing of their new gates before they open to commercial traffic in April 2016. The flooding to the Pacific locks, following that of the Atlantic locks earlier this month, puts the…

Hooters announces plans for five more South Florida locations

South Floridians must love their hot wings and orange shorts, because a Hooters franchisee announced that it will open five stores here in the next six years.  Wings of South Florida, LLC entered into an agreement with Hooters of America, LLC to develop the new locations in the South Florida area, with the first opening June 2016.

Menswear store with roof-top terrace opening off Lincoln Road

Suitsupply, a European menswear brand, will open its first South Florida store on Thursday, taking a top floor space and rooftop terrace off Lincoln Road in Miami Beach.  The shop, which sells men’s suits…

Hotel Indigo in Miami sells to California investors

The Carlyle Group and an investment fund have sold Hotel Indigo, a 120-room hotel in Miami’s Dadeland area for $18.63 million.  Los Angeles-based Integrated Capital acquired the 1.5-acre property at 7600 North Kendall Drive. CRP Cardel Dadeland Hotel, an affiliate of…

Scott vetoes Underline, public infrastructure funding

Out of the $461 million Gov. Rick Scott vetoed from the state budget this week was funding contributing to a number of South Florida projects, including the…

New Coconut Grove townhomes headed to market

Grove Place, a newly announced townhouse project on the northern edge of Coconut Grove (demographics, commercial real estate listings), is gearing up to start selling units next month.  Plans for the project, at 2701 Southwest 28th Avenue, include 21 three-story residences. Eighteen of those units with…

Little Havana on list of endangered historic places

The National Trust for Historic Preservation included the Little Havana section of Miami on its 2015 list of the 11 most endangered historic places.  The National Trust, the primary U.S. preservation group, reported that two thre…

Hotel REIT picks up Hampton Inn Fort Lauderdale for $18M

A Miami-based hospitality group sold the Hampton Inn Fort Lauderdale Downtown Las Olas for $18.1 million, according to Broward County records.  City Center Hotel Group sold the 156-key hotel, which was…

Related’s Ross looking to buy into F1 racing

From the New York website: Related Cos. founder and chair Stephen Ross is teaming with a Qatari sovereign wealth fund to bid for a stake in Formula 1 racing, according to reports.  Ross’ RSE Ventures, with backing from Qatar…

Mediterranean Village at Ponce Circle lands zoning approval

Developer Agave Ponce received final zoning approval from the city of Coral Gables for its 6.7-acre mixed-use development.  Mediterranean Village at Ponce Circle (area demographics, commercial property listings) will include a five-star hotel, Class A office space, high-end retail, 229…

Mill Creek picks up Coral Gables development site

Mill Creek Residential just picked up a $10 million property in Coral Gables for the second phase of an apartment project.  The multi-family builder purchased an assembly of parcels along Bird Road and Peacock…

Swiss Hotel Investor Scores With TotalBank

Karyl Argamasilla, attorney at Bilzin Sumberg and counsel to TotalBank on the deal, tells GlobeSt.om this was a complex deal in many ways.

Port tunnel cuts trucks 80%

Open not quite a year, PortMiami Tunnel has met expectations and has exceeded some of them, said Chris Hodgkins, CEO of MAT Concessionaire LLC, its operator.  The goal was to divert 16,000 vehicles per day – 28% of them trucks – from the streets of downtown Miami to the twin tunnels, and then to speed them to their destinations.

Science museum sprints to finish

With $101 million raised toward a fundraising goal of $135 million and most of the exterior construction completed on the four-building complex, the $300 million Patricia and Phillip Frost Museum of Science is sprinting toward an on-time summer 2016 opening.  In addition to an original gift of $35 million, the Frosts donated $10 million…

Hotel Indigo Miami Dadeland sells for $18.63 million

Hotel Indigo Miami Dadeland has sold for $18.63 million – a 61 percent profit from its previous purchase price.
The six-story, 120-room property was sold to IC – Miami Dadeland LLC, a company affiliated with Integrated Capital in Los Angeles.  The seller, CRP/Cardel Dadeland Hotel LLC, is an affiliate of The Carlyle Group…

Billionaire Richard Branson to launch Virgin Cruises from Miami

After a cloud of red smoke signaled his arrival, Virgin Group founder and eccentric billionaire Richard Branson flew across Biscayne Bay in the belly of a helicopter, waving at reporters as he landed in front of the Pérez Art Museum Miami on Tuesday morning.  The big entrance warranted the big news: Virgin Cruises, the first cruise line…

Hotel occupancy dips slightly in Miami-Dade and Palm Beach counties in May, STR reports

South Florida’s hotel occupancy rates were either down or unchanged in May compared to the same time last year, according to recently released data from STR, Inc.  Miami-Dade County’s hotel occupancy rate in May was 76.5 percent, down 2.5 percent compared to May 2014. The county’s average daily rate was $177.08, up 4.6 percent…

Video: Historic Miami church to sell land, move to another location

An historic church on prime Miami property has decided it’s time to cash in on its land value.  Unity on the Bay, which is surrounded by new condominiums, will be entertaining offers for the first time in its half-century of existence.

Developer breaks ground on 86-unit condo in Miami’s Edgewater

Stripey Development broke ground on its 10-story 26 Edgewater condominium.  The 86-unit project at 321 N.E. 26th Street has one- and two-bedroom condos ranging from 598 to 1,021 square feet. The developer said 80 percent of the units were pre-sold after only 30 days of marketing by Fortune International Realty. They were…

Miami Beach’s Granite apartments trade for $11M

The Granite at Miami Beach apartment building sold for $11.375 million to a group funded by international investors. RJF – 20th & Park LLC, an affiliate of Nashua, N.H. based-R.J. Finlay Management Co., sold the 56-unit building at 337 20th Street (area demographics) to Riviera Plaza Apartments, which is managed by Tulsa…

Israeli developer Mana adds to downtown Miami holdings with $4.5M deal

Israeli developer Moishe Mana added another piece to his downtown Miami holdings (area listings) with a $4.5 million deal on Flagler Street.  The 6,000-square-foot property was sold by 110 E. Flagler Street Inc. to Mana’s 110 East Flagler Realty LLC. It has a 6,194-square-foot retail building developed in 1967. The deal equates to $750…

Sheraton Miami Airport Hotel sold for $42M to New York firm

An affiliate of Dune Real Estate Partners acquired the Sheraton Miami Airport Hotel & Executive Meeting Center for $42.32 million.  THI IV Miami, part of Annapolis, Md.-based Thayer Lodging Group, sold the hotel at 3900 N.W. 21st Street to 3900 NW LLC, part of New York-based private real estate investment firm DREP. Deutsche Bank…

Love Boat: In full over-the-top Virgin style…

In full over-the-top Virgin style Sir Richard Branson, a man who is so obviously not a virgin, announced the launch of Virgin Cruises (again, technically. The first announcement was in December) by helicoptering into Museum Park with probably-also-not-virgin arm candy for a press conference. It…

Amenity Arms Race: An Aromatherapy Trail is Exactly What Your Condo Needs

Your condo loses. The game of amenity one-upmanship has been one-upped yet again. Every rinky-dink building has an art collection, pet spa, and bowling alley these days, but soon a building coming to North Miami Beach will have… of all things… an aromatherapy trail, because who doesn’t like to…

Related Group seeks $12M in funding for affordable housing project in Miami

The Miami-Dade County Commission will consider approving $12 million in financing for the Related Group to build an affordable housing project.  The proposal by Martin Fine Villas, an affiliate of the Miami-based developer, will go before the commission on June 30. The project would help address the major need for affordable housing…

Losing Our Religion: As the Miami Herald points…

As the Miami Herald points out “sometimes even a house God has to know when to cash out,” which is pretty much what Unity on Bay is doing with their fab-u-lous Edgewater property with generous and permanent bay views (the views to the southeast are permanent, and more views to the east are pretty…

Miami Is The Second Most Popular Destination For International Visitors

Miami is among the fastest growing destinations in the U.S. for overseas visitors, as tourists continue to flock to the city. In 2014, international visits to Miami increased 21%, setting a new record. Overall, Miami had the second most visitors from overseas in the U.S., behind only New York City.

$1,885,000 Investment Sale Negotiated In Medley

Lucia Custer and Gabriel Garcia-Menocal, SIOR, negotiated the sale of the 16,650-foot industrial building on behalf of the buyer, DiMaggio Tires.

Investors nab entire block of Washington Ave in SoBe for $36M

Miami Beach-based investment firm Turnbridge Equities has purchased an entire block on Washington Avenue in South Beach for $36 million, with plans to redevelop the property, The Real Deal has learned. The firm…

Surfside hotel owner scores $50M refinancing

An international real estate investor just signed a $50 million refinancing deal for two of his Surfside hotels.  Jacques-Gaston Murray, a European that made his fortune with fire extinguishers and air conditioning, took out the loan on two of…

Midtown Doral moves forward

Doral, a city on Miami-Dade County’s western edge that’s known for its suburbs and industrial market, is getting a modern makeover.  Local developers and industry heavyweights…

Miami home prices climb in May: report

Median prices for single-family homes and condominiums jumped by double digits year-over-year in May, according to a Miami Association of Realtors report released on Tuesday.  Single-family home…

American retail as we know it is dying — and now these industries are taking over

From the New York website: For a long time, malls were dominated by brands like Sears, Gap, and Abercrombie & Fitch. But the tide is turning in retail.  Big apparel brands are grappling with shoppers who increasingly want deeply…

David Edelstein sells Wynwood properties for $13M

David Edelstein’s SBT Wynwood sold two properties on North Miami Avenue in Wynwood for $13 million this week.
Edelstein, who heads New York-based TriStar Capital, sold 2601 and 2637 North Miami Avenue to a partnership between Vitality Holding a…

West Kendall shopping center lands $20M loan

Crossings Shopping Village, a shopping center in Miami’s West Kendall neighborhood, recently obtained $20 million in financing, according to a press release.  The 109,000-square-foot retail site is anchored by Publix Super Market, CVS/Pharmacy and Youfit Fitness Center…

Miami Beach apartments sold for $11M

A 56-unit apartment building in the Museum District of Miami Beach sold for $11.4 million, according to a deed recorded in Miami-Dade County records on Tuesday.  RJF Finlay, a real estate development, construction and management company, sold the…

Altman Companies Bets Big on This Woman

Here’s some of her wisdom: “As long-term owners, we need to make sure that we buy at prices that can be justified so that the market won’t fall out from under us like it did in the last cycle.”…

Publix-CVS Retail Finds Easy Money

How hot are Publix-anchored shopping centers in Miami? Hot enough to get strong terms on financing….

Courier Express/Orlando Leases 25,520 SF In Broward

Michael Scarpino, CCIM, a Senior Associate with NAI Rauch Weaver Norfleet Kurtz & Co., represented the landlord in the deal.

Firm Tapped To Market Apartment Community In Plantation’s Midtown Business District

The gated community at 8000 Cleary Boulevard includes 376 townhome-style units situated in 29 two-and three-story buildings spanning approximately 38 acres.

Credit unions proposed changes to business lending could encroach on banks’ business

The line between credit unions and traditional banks has long been blurry, but it could soon get even blurrier.  The National Credit Union Administration has proposed changes to its member business lending regulations that would make commercial lending easier for credit unions, further chipping away at traditional banks’ business.

Virgin Cruises big announcement coming today

Billionaire entrepreneur Richard Branson will “make waves” with a major announcement about Virgin Cruises today, according to his publicists. The head of Virgin Group said last year that it was partnering with private investment firm Bain Capital to create a new cruise line in South Florida. The plan was to design and construct two cruise…

Miami Beach considers increased development density on Ocean Terrace

Miami Beach could increase the allowable density in the northern part of the city, although it would require a voter referendum. The proposal, set to go before the city’s planning board on Tuesday afternoon, would change the zoning in a 3.55-acre area comprising two square blocks along the Atlantic Ocean. The area is from 73rd Street…

Higher prices, fewer sales for South Florida condos in May

The South Florida condo resale market had strong price growth in May despite fewer sales, while the single-family home market made gains in both areas, according to the Florida Realtors. The tri-county region had 4,542 single-family home sales in May, up 8.2 percent from a year ago. The median sales price increased 7 percent to $290,000.

IMC Properties buys LA Fitness-anchored shopping center for $16M

IMC Properties paid $15.9 million for Tamiami East, a retail center in western Miami-Dade County with LA Fitness as the main anchor. Marcus & Millichap’s Kirk D. Olson, Drew A. Kristol, James Rea and Brian Munn represented both the buyer and seller in the deal. North Miami-based IMC Properties acquired the 54,864-square-foot…

Mana Adds Another Property To Flagler Street Monopoly Board

Israeli Businessman Moishe Mana has purchased 110 East Flagler For $4,500,000.

TriStar Capital turns huge profit on $13M sale in Miami’s Wynwood

Some foresight into the success of Wynwood by David Edelstein and his TriStar Capital turned into a big gain on the sale of two buildings in the street art-adorned Miami neighborhood. SBT Wynwood, an affiliate of New York-based TriStar, sold the buildings at 2605-2637 North Miami Ave. for $13 million to Miami-based MGC Development Corp.

It isn’t easy being green: The Ludlam Trail: 6 Mile Urban Park or 1-House-Wide Suburb?

Spanning all the way from Dadeland to Miami International Airport is a 100-foot-wide, 6.2-mile-long trail; 72 acres of untouched land in a central part of Dade County that connects two major landmarks and employment centers across miles of urban development, which…

Construction Worker Shortage Caused By Real Estate Boom, Developers Say

If you are unemployed and have any construction skills, please report to the nearest job site immediately – contractors are desperate to hire you. Miami’s construction boom has triggered a labor shortage that is driving up costs for developers and contractors. It may have contributed to some projects being delayed or shelved…

Affordable housing project by Miami Heat’s Mourning breaks ground

The team of former Miami Heat center and NBA Hall of Famer Alonzo Mourning and Housing Trust Group broke ground on an affordable housing community in Miami. The 84-unit Courtside Family Apartments are under construction at 1700 N.W. Fourth Ave. in Miami’s Overtown neighborhood. It will have 10 one-bedroom…

Comment of the day re Lincoln Road: “It is not about sameness and…

“It is not about sameness and uniformity. The variety and vitality of Lincoln Road is being reduced to uniform paving, matching umbrellas and follies. Push these designers to build on the beauty of one of the best pedestrian spaces anywhere. It’s about the people and the activity not the design…

Holdouts: Big Tower Will Probably Wipe Out Cute West Avenue Dead-End

Another large condo tower, or hotel, or apartment building (educated guess here: probably a condo tower) appears to be coming to West Avenue in South Beach. JDS Development Group has spent the last two months buying up both sides of the dead-end Monad Terrace in one of the last…

How Millennials Are Impacting Southeast CRE

“There is a lot of talk in the industry about creative office and collaborative environments, but what that means to each company is different.”…

Terra Group Reveals its Secret Sauce

“Some developers build in a vacuum and impart their vision on a neighborhood that already exists.”

How Terra Picks Winning Sites

GlobeSt.com caught up with Terra Group president David Martin to get some solid answers to the tough questions in part two of this interview.

Coconut Grove’s Park Grove Starts Construction

You may have noticed that there are a few more tractors along South Bayshore Drive lately. Yes, construction has officially begun at Coconut Grove’s newest luxury condo project “Park Grove”. They may just be moving dirt around for now, but in the blink of an eye there will be 3 new towers gracing the skyline of Coconut Grove. Designed by…

New Law Allows Electronic Voting by Community Associations

A law taking effect July 1 allowed community association board to adopt e-voting systems that comply with state rules.

Newgard Development proposes tower at Miami Worldcenter

Newgard Development Group has joined the team of builders at Miami Worldcenter, with plans for a mixed-use tower. Located on 27 acres on the north side of downtown Miami, the $1.7 billion Miami Worldcenter is already slated for a 765,000-square-foot mall, the 512-unit Paramount condominium, a 429-unit apartment building…

Forbes: Commercial Real Estate Forecast After The Fed Tightens

Investment real estate has been generally appreciating in this environment of expanding economic activity and low interest rates, but what will happen when the Fed tightens? Commercial investors should be fine for the first and second year of Fed tightening. After that, look for sluggish returns.

Five Commercial Real Estate Market Trends You Can Bank On

The inevitable end of the bull market: With this bull market in commercial real estate now five years old (six for public real estate securities), isn’t it time to be cautious? The bull market’s duration does not, by itself, indicate how long it may last. Only a huge unexpected economic downturn or dramatically rising interest rates could derail…

Medical device firm’s sale of Wynwood facility canceled

The sale of ERBA Diagnostics’ medical device facility in Miami’s emerging Wynwood neighborhood has fallen through. The Miami-based company (NYSE: ERBA) announced in March that its Diamedix Corp. subsidiary signed a deal with an unnamed developer to sell its 52,000-square-foot property for $23 million. The in vitro diagnostics…

Retail Sector Nationally Has a Tough First Quarter, Faces Longer-Term Obstacles

The first quarter was marked by weak economic activity, largely attributable to a confluence of temporary factors, such as port labor disputes on the West Coast, inclement weather, a rising dollar crimping exports and low energy prices resulting in depressed business investment. Against this…

Governor Scott signs law making condo terminations more difficult

Investors and developers looking for distressed condominiums to convert into apartment buildings will have a harder time doing so in Florida. On Tuesday, Gov. Rick Scott signed a new law that grants a slate of new protections for property owners who don’t want to sell their units, but are being forced to sell. The number of optional…

Sale Of Fort Lauderdale Industrial Asset Arranged

CBRE Broward County-based industrial brokers Larry Genet, Tom O’Loughlin, SIOR, and Harry Tangalakis represented the seller in the transaction.

Curbed Inside: Inside the Awe Inspiring Brickell City Centre Construction Site

Whatever you think of Brickell City Centre, the mammoth mixed-use construction project is nothing if not awe inspiring. One of the biggest physical signs of Miami’s growth and prosperity, it’s easy to look at the renderings by architecture firm Arquitectonica and think it’s too huge…

Vroom Vroom: Norman Braman, the billionaire auto…

Norman Braman, the billionaire auto dealer, political activist, fighter of Miami political corruption, Marco Rubio backer, and old man about town (he’s 82) has just opened the gigantic new dealership he’s been building on the prime Biscayne Boulevard/Edgewater site of his old dealership. The new…

Storefronting: Rooftop Men’s Clothing Store Moving a Block Above Lincoln Rd.

For years city planners, developers, urbanists, and commercial Realtors have talked about spreading the urban Lincoln Road retail and restaurant environment beyond the famous and heavily trafficked street. Lincoln Lane North, the alley, is slowly becoming more commercial. Even the…

Lincoln Road Watch: Miami Beach officials and landscape…

Miami Beach officials and landscape design firm James Corner Field Operations will reveal an early draft of the proposed renovations to Lincoln Road this Wednesday, June 24th at 6 PM at the Miami Beach Golf Club, for public input. Or, if you want to see the whole thing beforehand, check out Curbed…

Continental Flowers Constructing Warehouse in Doral

Continental Flowers in Miami is constructing their new warehouse at 8101 NW 21st Street in Doral within Miami International Commerce Center (MICC). The warehouse will be 60,000 sq. ft. in size.

Miami’s 86-year-old drawbridge to be replaced

An aging Miami bridge is finally set for replacement after residents expressed concern about the structure’s ability to handle vehicular and pedestrian traffic. The Florida State Department, in conjunction with…

Amendments to Condominium Termination Law Impede Ability to Terminate

Responding to perceived abuses in condominium terminations, the 2015 Florida Legislature passed Chapter 2015-175, amending the termination provisions of the Condominium Act. This statute clears up certain problems experienced in prior terminations while imposing a number of impediments to future…

Rare South Beach Retail Building Trades

“We see this transaction as a value-add opportunity to acquire, re-tenant and reposition a quality asset in a premier market.”

Unusual Downtown Office Trade Spells Value

Without much office construction in the urban core, investors are looking for good buys to hold. This Flagler property was a nice choice.

Tough Foreclosure Court: Attorney Handcuffed, Jailed

A video shot in court shows a lawyer tussling with bailiffs and being forcibly removed in handcuffs from a foreclosure hearing.

Coming Soon: Mana’s Special Area Plan For Wynwood

Moshe Mana will soon submit a Special Area Plan for about 30 acres that he owns in Wynwood, his architect told a Miami board yesterday. Bernard Zyscovich said that the plan would be commercial oriented, include assembly space, and create jobs. It will be submitted for review in two or three months, he said. Just a handful of Special Area…

Towering Technicolor Infernos: Michael Simkins, the developer of…

Michael Simkins, the developer of the Miami Innovation Tower and Miami Innovation District, is pushing forward with the project even as billboard-wary Miami activists are in full-un meltdown mode and Mayor Regalado talks of slowing him down. The developer has “applied this week to Miami’s building…

Miramar Hilton Garden Inn sold for $22M

MEI Hotels sold the Hilton Garden Inn in Miramar for $22.1 million. Miramar Lodging, an affiliate of Cleveland-based MEI, sold the hotel to an affiliate of Louisville, Ky.-based Schulte Hospitality Group. The price equates to $148,322 per room. The 149-room hotel, totaling 82,393 square feet, was developed at 14501 Hotel Road…

Wynwood in the Rezone: Last night the Miami Planning…

Last night the Miami Planning and Zoning Board unanimously approved a slew of changes to update the zoning code in Wynwood, the biggest step yet towards rezoning the neighborhood from its former industrial to uses more in keeping with Wynwood’s future. The new zoning will lay the groundwork for wide…

Preservation Watch: Mark Soyka is Turning the Bay Shore Pump House Into a Restaurant, and It Will be Glorious

Mark Soyka, the restaurateur behind such iconic and loved Miami haunts as the News Cafe, Soyka, Andiamo, and the former Van Dyke Cafe, and the man who created the 55th Street Station cluster of shops and restaurants, is restoring the historic Bay…

New York developer spends $42M assembling block on South Beach

An affiliate of New York-based JDS Development Group spent a combined $41.9 million during May and June acquiring 13 lots along Monad Terrace in South Beach. The small street is located between West Avenue and the Intracoastal Waterway near 13th Street. It’s on the south side of the Wavery condominium.

Colliers CEO Doug Frye resigns following spinoff

From the New York website: Doug Frye, the former chief executive officer and president of commercial brokerage Colliers International, resigned from his post, according to a press release issued by the company Wednesday.  Several weeks ago, Colliers announced it…

Jeff Greene adds to West Palm portfolio

Real estate investor Jeff Greene added to his portfolio in the Currie Park Corridor of West Palm Beach with the purchase of 0.87 acres, according to a press release. Less than a month after buying 4.5 acres along Flagler Drive for $31 million, Greene…

13th Floor affiliate to build 225 homes in Broward

Central Communities, the home building division of the Miami-based developer 13th Floor Investments, has announced plans to build 225 homes in Tamarac. The company’s announcement comes days after it purchased the 33-acre site of their…

Schulte nabs Miramar Hilton Garden Inn for $22M

A hotel in Miramar was just sold to a Kentucky-based hospitality group for $22 million.  Schulte Hospitality Group, in their second South Florida purchase this month, picked up the 149-room Hilton Garden Inn at 14501 Hotel Road. Garden Inn is…

JDS Development affiliate picks up South Beach site for $15M

A company tied to New York City-based JDS Development Group paid a combined $15 million for two properties in Miami Beach, more than 17 times their last combined sales. Monad Terrace Property Owner paid $9.8 million for a single-family home and $5.22…

Miami sees jump in foreclosure activity: report

Despite a continued trend of national decreases, Miami saw a jump in foreclosure activity during May, according to a RealtyTrac report. Miami saw an annual increase of 17 percent in foreclosure activity, marking the 10th greatest jump in the United States.

Report: Pent Up Demand for This Type of CRE Asset

There’s plenty of talk about luxury condos, multifamily rentals and even affordable housing, but one developer is focused on another residential proposition.

This Dade Office Won Life Insurer’s Confidence

Completed in 2001, the office building is 95% leased to tenants including Symantec, Ingham & Company, and Eastman Chemical.

No Stopping Miami Worldcenter Now

The developers behind $2 billion Miami Woldcenter bought their first parcels of land in the heart of Downtown Miami 10 years ago. Now, they are beginning to see their vision come to pass with construction set to begin in the third quarter.

Miami Neighborhood Transformation: Wyndwood Goes From Industrial Chic to High-Rise Residential

The Miami zoning board unanimously recommended significantly denser zoning in Wynwood’s gentrifying industrial district.

Coral Gables Office Building

Fed says U.S. economy strong enough to handle rate hike

The U.S. economy is growing moderately after a winter swoon and likely strong enough to support an interest rate increase by the end of the year, but concerns remain over the recovery of the labor market, U.S. Federal Reserve officials said on Wednesday.

Verzasca downsizes Sunny Isles condo design to win approval

A development group with Russian investors downsized the design of its proposed condominium building in Sunny Isles Beach to win city approval of the project, The Real Deal has learned. Verzasca Group made changes to an earlier design that would produce “less density and less intensity,” including a reduction in the number of condo units…

Wynwood redevelopment plan gets first approval in Miami

The plan to rezone much of the emerging Wynwood neighborhood is headed to the Miami Commission after the city’s planning board approved it on Wednesday night. Originally a warehouse district, Wynwood now draws throngs of visitors to its restaurants, art galleries, and street art. Retailers are also moving in. However…

Carey Watermark Investors Purchase Ritz-Carlton Key Biscayne for $325M

In a joint venture with the original developer, an affiliate of GB Key Biscayne Holdings, The Ritz-Carlton Key Biscayne was acquired by Carey Watermark Investors I and Carey Watermark Investors II for $325 million. The buyers are two non-traded real estate investment trusts. Built in 2001, the…

Miami Beach Multifamily Sold for $21M

Springhouse Partners and Forte Capital Management LLC acquired the apartment building at 1700 Alton Rd. in Miami Beach, FL from Goldwater Realty, Inc. for $21 million, or $300,000 per unit. The 70-unit, 35,530-square-foot multifamily property was completed in 1923 on one-third of an acre in the…

Revealed: James Corner Field Operations Master Plan For Lincoln Road

An advance copy of the first draft obtained by TNM is riddled with errors and feels underwhelming, but officials emphasize that it is a work in progress. A meeting where the plan will be presented to the public is scheduled for next week, with the goal of finalizing the design by August. Some of the ideas that the architect came up with includes…

County Commissioner: MLS stadium will need better transit

Months after British soccer star David Beckham announceed his interest in starting a Major League Soccer team in Miami, the city has no designated MLS stadium, and therefore no MLS team. For months, the frontrunner for the new home of Beckham’s much-anticipated squad has been the former Orange Bowl site adjacent to Marlins Park…

ChildNet Relocates From Plantation, Occupies 83,000 SF Building

The agency’s facilities were previously located on State Road 7 in Plantation, just north of Broward Blvd.

CBRE Debuts New Online Magazine ‘Blueprint’

Blueprint will feature thought-provoking content informed by urbanists, academics and leading thinkers, as well as CBRE global leaders, all unified by ideas that examine the built environment’s potential impact on business, cities and people.

Northland Floresta Sold for $76M

Northland Investment Corporation acquired the Northland – Floresta apartment building at 400 Via Royale in Jupiter, FL from TGM Associates for $76 million, or about $244,000 per unit. Built in 2003, the 518-934-square-foot multifamily property is comprised of one- to four-bedroom layouts across…

First Look: Bal Harbour Shops’ $400M expansion plan

The owner of the luxury-oriented Bal Harbour Shops released renderings of its proposed $400 million expansion plans. The coastal mall owned by Whitman Family Development for 50 years is the most productive in the U.S., with sales of $3,010 per square foot, according to Fortune. That’s about $900 per square foot ahead of its closest…

AVR Realty Acquires Modera Pembroke Pines Ph II

AVR Realty purchased the 278-unit apartment complex known as Modera Pembroke Pines Phase II located at 10170 SW 7th St. in Pembroke Pines, FL for $62.95 million, or about $226,000 per unit. The buyer previously purchased Phase I of the development in October 2014 for $95.55 million, according to…

Third phase of Miami Avenue Bridge project underway

The next phase of work includes the installation of bicycle-friendly grating and other related work focused on the northbound lanes of the bridge. Detours are still in place. The project is anticipated to be completed in December.

South Florida winning war against saltwater intrusion, but it’s not cheap

Saltwater intrusion leading to contaminated drinking water wells has long been feared in South Florida. But, billions spent on measures to protect our water supply — mostly paid for by utilities and their customers — have paid off so far.

Mindboggling Reveals: Draft Lincoln Road Masterplan is Colorless & Contemporary

The renovation and improvement of the historic Lincoln Road pedestrian mall by landscape designers James Corner Field Operations has been shrouded in semi-secrecy by the City of Miami Beach through the entire process. This puts a big question mark around one of architect Morris Lapidus’ greatest…

Monochromes: The City of Coral Gables Was Built in This Walled Garden

In the 1920s developer George Merrick built Coral Gables on his family’s farm to resemble the medieval villages of Spain and Europe, complete with elaborate gateways and entrances, and supposedly a wall running around the perimeter. The actual wall was never built, but Merrick’s entrances and man…

Sleeping Around: Construction at the Lennox Hotel,…

Construction at the Lennox Hotel, the renovation of the historic Peter Miller Hotel by architect Kobi Karp, is coming along slowly but steadily. It’s been at least three years since the project got underway, and from the looks of things the collection of art deco and mediterranean revival buildings…

Comment of the day: “Oh but yeah, nice bldg. Brickell…

“Oh but yeah, nice bldg. Brickell is Copacabana-ing nicely. I realized recently that’s a better term than Manhattanizing, because NY is dense, walkable, and follows well the principles of urbanism more or less naturally, since they were basically invented there. And Brickell is just a highrise…

Humor From McSweeney’s: Let’s Take This Open Floor Plan to the Next Level

There’s something of a trend war going on today in office layout. Tenants of course want the most from their expensive space, but what does “most” really mean?  Before the rise of the Silicon Valley-style open floor plan layout craze…

What’s Next For West Palm’s Sail Club Lakeside Site?

The hollowed, graffiti-sprayed shells of a low-income complex that never quite got torn down are all that remain of the Sail Club project. They squat behind weeds and “No Trespassing” signs on 11 acres just across Clear Lake from downtown West Palm Beach, a site that once held the…

Bay Harbor Islands historic resource survey faces scrutiny

The Miami Dade Historic Preservation Board unveiled its long anticipated East Island Historic Resource Survey at a crowded and contentious public hearing on Wednesday in Bay Harbor Islands. The survey, which evaluated 264 structures on East Island, found 48 immediately…

Palm Beach Outlets scores $165M in financing

Palm Beach Outlets in West Palm Beach has landed a massive $165 financing deal from an unnamed institutional investor. News of the deal comes just three weeks after the shopping center was purchased for a staggering $278 million, marking…

South Florida by the numbers: Focus on Miami father-son real estate/business combos

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Ah, dear old Dad! Always there for a kind word, sage advice, or just a friendly game of catch. As we celebrate Father’s Day…

AquaLuna in Fort Lauderdale tops off

A shot of AquaLuna as it stands today (left) and a rendering of what the project will look like when completed (right).
AquaLuna, an upcoming condo complex in Fort Lauderdale, has topped off just three months after breaking ground.
Developed by Ocean Land Investments, the five-story project wil…

North Miami Beach offices trade for 3x last sale

An office building in North Miami Beach recently sold at a premium, joining a handful of commercial properties along Northeast 167th Street. The three-story, 45,728-square-foot building, at 851 Northeast 167th Street, sold for $5.6 million, according to…

MGM Grand developer Kirk Kerkorian dies at 98

From the New York website: Billionaire real estate investor and former MGM mogul Kirk Kerkorian died Monday night at his home in Beverly Hills, Calif. He was 98. Kerkorian, who grew up poor in Fresno, Calif., with Armenian immigrant parents…

Miami Association of Realtors and Zillow team up

Miami Association of Realtors brokers will now be able to market their properties directly on Zillow, thanks to a new agreement with the Zillow Group. Using the Zillow Data Dashboard, brokers can update listings within 15 minutes and ensure that they are in…

Green Companies nabs $31M refi for Dadeland offices

The Miami-based Green Companies obtained a $31 million refinancing for Dadeland Centre I, an office tower in Miami. New York Life Real Estate Investors is the lender, according to a press release. HFF arranged the loan for the 130,000-square-foot, Class A office tower. Dadeland…

W.P. Carey Shares Net Lease Strategy

Jason Fox, head of global investments at W. P. Carey, a global net lease REIT, has keen insights into the industry. He shares them in this interview.

First Look: South Florida’s first ice bar to open in Miami Beach

At 23 degrees, the vodka ice bar at Drinkhouse Fire and Ice will be the “coolest” place in Miami Beach to order a drink. The first-of-its-kind venue in South Florida opens July at 1672 Collins Ave. Its ice bar is accompanied by a cocktail “fire” lounge in a separate area at normal temperature for casual visits.