Mexico’s biggest hotel operator to debut in Miami

Grupo Posadas, a major player in the Mexican hospitality industry, is joining forces with Las Vegas-based private equity firm Bighorn Capital to bring the GP’s high-end boutique hotel brand, Live Aqua, to Miami.  Per its agreement with Grupo Posadas, Bighorn Capital will invest $450 million to develop Live Aqua properties in Miami…

WSJ: Miami Condos Seek Chinese Buyers

Wealthy buyers from Brazil, Venezuela and Argentina have fueled a real-estate frenzy in Miami in recent years, sending luxury-condo prices soaring. Now, Miami developers and real-estate agents are setting their sights on a more distant part of the world: China.  In April, representatives for several Miami condo buildings made…

Site on Miami River near Brickell trades for $18M

The vacant site along the Miami River on the western edge of the Brickell area sold for $18.3 million, or $1,309 per square foot for the dirt.  In a related deal, a Miami Beach mansion traded for $13 million.  The Edge on Brickell, managed by Rafael Aragones, sold the 13,979-square-foot property at 39 and 55 S.W. Miami Ave.to…

Bay Harbor Islands condo project scores $12M construction loan

City National Bank of Florida awarded a $12.335 million construction loan for the Sereno Bay Harbor Islands condominium project.  The Miami-based bank provided the mortgage to Bay Harbor Holdings, an affiliate of Miami-Based developers 13th Floor Investments and Integra Investments. The 38-unit project broke ground…

Israeli investor Mana’s $32M deal is latest in downtown Miami buying spree

Israeli developer Moishe Mana ramped up his buying spree in downtown Miami with the $32 million purchase of a former Justice Building.  Columbus Properties, a New York-based company managed by John DiMarro, sold the office building at 155 S. Miami Ave. and the parking garage at 26 S.E. 1st Street to Mana’s Park Realty…

Hotel Indigo Trades for $18.6M

The Carlyle Group and Rodblu Investment Fund 1 have sold the Hotel Indigo at 7690 N. Kendall Dr. in Miami, FL to Integrated Capital LLC for $18.63 million, or about $155,000 per room.  The six-story, 55,776-square-foot, upscale hospitality building was constructed in 1975 on 1.5 acres in the Kendall…

China’s Biggest Real Estate Developer Could Be Interested In The Health District

The chief executive of Greenland USA that is actively seeking growth opportunities just visited Miami and was especially interested in the UM medical campus.

Chicago doctor sells 12 South Florida apartment buildings

A Chicago doctor just sold off 12 apartment buildings, totalling 115 units scattered around West Palm Beach and Broward Counties, for $8.5 million.  The portfolio was assembled by Dr. Salomon Dayan from 2003 to 2008. The doctor, who is…

Carlyle drops anchor at Lauderdale Marine Center

Miami Everglades campgrounds sell for nearly $10M

A 34-acre campsite in southwest Miami-Dade sold for $9.84 million, according to Miami-Dade County records.  Miami Everglades Resort, at 20675 Southwest 162nd Avenue, sold to MHC Miami Everglades, a Chicago-based company tied to Equity LifeStyle Properties.  Equity…

Sereno Bay Harbor Islands gets $12.3M construction loan

Sereno Bay Harbor Islands, a boutique condo development currently under construction, just inked $12.3 million in construction financing from City National Bank.  The 38-unit project is located at 10201 East Bay Harbor Drive. Its developers…

Walmart Neighborhood Market headed to Davie, gets $13M loan

A new Walmart Neighborhood market will be developed in Davie, Boca Raton-based Atlantic Commercial Group announced this week.  The Walmart is planned for the site on the southeast corner of Pine Island Road and Stirling Road in Davie. The 11.2-acre land sold this…

7-acre oceanfront RV park in Islamorada sells

Arizona-based Carefree RV Resorts closed on the purchase of Seabreeze RV & Mobile Home Park in Islamorada on Wednesday, Seabreeze Associates owner Joe Weiselberg told The Real Deal.  Located at mile marker 87.4, oceanside, on Plantation Key, Seabreeze has 101 RV…

Design District property sells at premium: $24M

A property at 21 Northeast 39th Street has sold for $24 million — up nearly sixfold in four years — as demand heats up in Miami’s Design District, The Real Deal has learned.  A group of investors led by commercial real estate broker and developer…

Mexican hospitality brand to launch in Miami

Mexico’s largest hotel operator is moving into Miami, joining a handful of Latin American hospitality companies in the market.  Grupo Posadas, which has more than 130 hotels in Mexico, is teaming up with Bighorn Capital and Debut Hotel Group to develop…

Why Foreign Investors are Falling Into This Net

“Foreign investors look at opportunities differently than domestic investors.”

CRE firm sells Miami Design District building for $24M

A company controlled by Miami Beach broker/developer Michael Comras sold a retail building in the Miami Design District for $24 million.  MAD DD LLC, managed by Comras, sold the 8,310-square-foot building at 21 N.E. 39th Street to RS JZ NE 39th LLC, an affiliate of Brooklyn-based RedSky Capital. That equates to an eye-popping…

Brickell City Centre reports strong retail leasing

The majority of the retail space at Brickell City Centre is already spoken for a full year before the massive urban mall is set to open.  Swire Properties’ retail executive Debora Overholt said 450,000 square foot of the 500,000 square feet of retail is in advanced negotiations and they plan to…

IMC Property pays $13M for Kendall office/retail building

IMC Property Management acquired a 45,000-square-foot office/retail building in Miami-Dade County’s Kendall market for $13.08 million.  Galloway Development Group, managed by Agusto Gil and Pedro Camejo in Miami, constructed the building at 7190 S.W. 87th Avenue in 2009. It’s just off State Road 874…

Swire Building Sugar, A Rooftop Lounge On The 40th Floor Of Brickell City Centre

Swire Properties has started the build out of a rooftop bar and lounge at Brickell City Centre, construction filings reveal.  The 40th floor restaurant, to be called Sugar, will be located at the top of the EAST hotel, which was the first tower to top off at the project. It will…

Chateau Group proposes 17-story office in Sunny Isles Beach

An affiliate of the Chateau Group wants to build a 17-story office building in Sunny Isles Beach.  Corner House LLC, led by Chateau Group CEO Manuel Grosskopf, has a pending application before the city to build the office tower at 18590 Collins Ave., on the west side of A1A. It would total 58,551 square feet, should the city approve…

Coral Gables Epicure Market to be replaced by furniture retailer Robb & Stucky

Robb & Stucky, a furniture retailer based in Southwest Florida, announced that it will new area showrooms and is actively seeking more locations in South Florida to expand.  One of the showrooms will open in the former space of the Epicure Gourmet Market & Cafe, which was confirmed closed last weekend, according to the Miami Herald.

Atlantic Commercial Group Reps Walmart For New 39,000 SF Supermarket In Davie

The project, which has been dubbed Pine Island Marketplace, will be anchored by Walmart Neighborhood Grocery, with approximately 39,000 square feet.

Restaurant Signs 10,000 SF, 20-Year Lease On Miami River

The new restaurant will be located near the former East Coast Fisheries.

CRE Rauch, Lupo, Robertson & Co. Leases Port Saint Lucie Medical Space to National Tenants

National tenants Hospital Corporation of America (HCA) and Brookdale Corporation have leased space at the new Lake Whitney Medical and Professional Park in Port Saint Lucie, FL. The medical buildings are located at 573 NW Lake Whitney Pl. and 291 NW Peacock Blvd; both are currently under consturction…

Stilwell Joins Konover South

Erika Stilwell has joined Konover South Development Corp. as a vice president of asset management in the firm’s Deerfield Beach, FL office.  Stilwell will be in charge of optimizing the value of the company’s commercial real estate portfolio.  With more than 18 years of experience, Stilwell was…

Fancy Offices: Office Tower With Sexy Pleated Facade Coming to Sunny Isles

The Grosskopfs have proposed a high-end (isn’t everything, these days?) office tower across Collins Avenue from the Porsche Design Tower in Sunny Isles Beach which will likely be approved by the city commission, reports the Next Miami. Designed by Arquitectonica, the 17-story tower will have a…

Parks and Recreation: The Wall Street Journal loves…

The Wall Street Journal loves all the ‘linear parks’ coming to Miami, focusing on the Biscayne Line section of the Bay Walk and the River Landing and One River Point sections of the Miami River Walk. What’s One River Point? Oh, that’s the new name of the Rafael Viñoly-designed tower in the…

Parks and recreation: River Landing Developing 1.5 Acre Park on County Land

Along with dooming the fate of the historic Bay Harbor Continental, Miami-Dade County Commissioners did something arguably more positive last night. They gave an acre and a half of Miami River-front land valued at over $4 million a nonprofit affiliated with the developers of the River Landing mega…

The Bay Harbor Continental’s Historic Designation Was Junked

In an 8-2 vote, Miami-Dade County Commissioners overwhelmingly stripped the Bay Harbor Continental, the first building in Bay Harbor Islands ever to be historically designated, of that designation. The architecturally powerful Continental…

Is An Investment Slowdown A Good Thing?

With so much capital in the market, a potential tapping of the brakes by investors could be a welcome change in the near future, said speakers at RealShare National Investment & Finance. Panelists on the “Power Panel: Direct From the C-Suite” session recognized the next phase of the…

Postponed: rezoning to allow for Design District expansion

A request to rezone residential land in Buena Vista in order to provide parking for the expanding Miami Design District was postponed indefinitely by Miami’s Planning, Zoning and Appeals Board on Wednesday night.  The reason: Miami Design District…

A Tale of Distressed Miami Retail

Talk about a dramatic distressed commercial estate turnaround. Less than 90 days after buying Royal University Plaza, one joint venture did this…

What’s Next Now That County Commissioners Junk Historic Designation in Bay Harbor Islands?

A developer triumphed in a long-running battle with preservationists after Miami-Dade County stripped a Bay Harbor Islands residential building of its historic designation.

Brickell City Centre Could Pave The Way For Taller Towers In The Downtown Area

Taller towers could be in store for downtown Miami, following the Federal Aviation Administration’s decision to approve Swire Properties’ One Brickell City Centre last week.  A height limit that had restricted towers in the area to 1,010 feet is being lifted to 1,049 feet.  Swire had initially proposed to build a tower that reached…

Related Group nabs $118M condo construction loan for Miami tower

An affiliate of the Related Group obtained a $117.5 million loan to help it finish construction of the ONE Paraiso condo tower in Miami’s Edgewater neighborhood.  The waterfront tower at 600 N.E. 31st Street broke ground in December. In late June, Related Group affiliate Thirty-First Street Property Owne

More funds flow for Tri-Rail downtown link

A link to bring Tri-Rail passenger service to downtown Miami is a “no-brainer,” supporters said as the proposal garnered another promise of cash last week.  Miami city commissioners met as the board of the Omni Redevelopment District Community Redevelopment Agency (CRA) on a proposal to…

1060 Brickell Withdraws Appeal Of Ugo Colombo’s Brickell Flatiron

1060 Brickell’s condo association has dropped an appeal that had challenged approval of the Brickell Flatiron condo project.  In a letter to the Miami’s Planning & Zoning Department, the president of the condo association wrote that the appeal had been withdrawn. Becker & Poliakoff, a law firm that had been hired by the association…

Security Building in downtown Miami sold for $23.5M

The 47 office condo units in the Security Building in downtown Miami were sold for $23.5 million.  Metro 1 Commercial’s Tony Arellano represented seller Capital Loft Miami, managed by Guy Sharon in Aventura. Whitehall Realty’s Devlin Marinoff represented the buyer, a partnership between Daniel Gohari, Rory Greenberg…

Addison House signs for space in Miami’s Design District

Upscale furniture retailer Addison House has secured a long-term lease among the luxury tenants of Miami’s Design District for its third South Florida showroom.  The brand’s newest store is expected to open at the corner of 36th Street and North Miami Avenue in the spring of 2016, said CEO Max Alcalay.

Military Museum takes heavy state fire

The South Florida Military Museum suffered another setback last week when Gov. Rick Scott vetoed $1 million in state funding that would have allowed it to finally open its doors, said Anthony Atwood, a Navy veteran who has led the fight to open the museum since 2007.  Work will continue on equipping…

REIT acquires majority stake in The Ritz-Carlton Fort Lauderdale

Carey Watermark Investors Inc. said Wednesday that it acquired a majority interest in The Ritz-Carlton Fort Lauderdale in a joint venture with RCFL Holdco LLC, an affiliate of owners Gencom.  Carey Watermark said the transaction marks its third joint venture purchase with the Gencom family of companies, following…

Island mega-marina’s fluid situation

The city and county are working together to get water and sewer lines to mega resort and marina Island Gardens, under construction on city-owned Watson Island.  Last week, without fanfare or a word of discussion, Miami commissioners approved an agreement with Miami-Dade County to bring public water…

Firm to monitor Miami Worldcenter hiring

The Southeast Overtown/Park West Community Redevelopment Agency has hired a $430,000-a-year consultant to monitor minority job creation at Miami Worldcenter. The developer will pay the bill, said Clarence Woods III, CRA executive director.  The mammoth mixed-use property in Park West is to get tax…

Looking to define trends in Miami’s shifting condo market

You can’t spot a trend on day one. A deviation becomes a trend only if it lasts awhile. Otherwise, it’s just an anomaly, a blip on history’s radar.  That’s what economists said last week when we tried to assess a jobs record in Miami’s financial sector of 78,500, up…

Staybridge Suites hotel proposed in Miami

A 175-room Staybridge Suites hotel has been proposed for a vacant site in Miami.  Germantown, Tennessee-based DAN Trust submitted plans for the 12-story, 31,000-square-foot project, at 19680 W. Dixie Highway, last week. The plans include 9,000 square feet of meeting space, 8,396 square feet of retail and eight townhouse units.

Jeremy Mikolajczak: Making Miami Dade College’s museum prominent

Having grown up in the Midwest and worked for several museums there, Jeremy Mikolajczak was thrilled to arrive in Miami almost four years ago and become the first executive director and chief curator of the Miami Dade College Museum of Art & Design. It’s wasn’t just escaping the long…

How urgent are urgent care facilities?

Urgent care facilities that offer walk-in care for everything from scraped knees to diagnostic tests are a hit with consumers, but one major hospital system hopes a contrarian move will pay off for the institution and its patients.
With 17 urgent-care facilities and 14 diagnostic centers from…

Bay Harbor condo project to proceed after historic designation lifted

The Miami-Dade County Commission overturned the historical designation of a 57-year-old building in Bay Harbor Islands, which should allow a condominium redevelopment project to advance. P3 Investments wants to demolish the 35-unit Bay Harbor Continental co-op building at 1135 103rd Street and build a seven-story condo with 28 units. Italian design firm Pininfarina is the architect on the proposed $100 million project.

Jackson Health System Purchases Land for New Location

Jackson Health Systems, a Florida-based healthcare provider, acquired 27 acres at 7800 NW 29th St. in Miami, FL from AAAA Universe LLC for $38.5 million.  The buyer plans to construct a new hospital facility at the site, which is currently improved with a 180,000-square-foot…

78,000 SF Retail Center Sold

The property was purchased for $17,600,000.

Miami-Dade commission approves funds to extend Tri-Rail to downtown Miami

The Miami-Dade County Commission unanimously approved on Wednesday night its share of funding to bring Tri-Rail passenger trains directly to the All Aboard Florida station in downtown Miami.  Riders of Tri-Rail in Broward and Palm Beach counties currently need to transfer to Metrorail in Hialeah to reach downtown Miami…

Phillips Point Towers Sold for $245.5M

Colonnade Properties LLC and The Prudential Insurance Company of America have sold the Phillips Point office towers at 777 S. Flagler Dr. in West Palm Beach, FL to AEW Capital Management for $245.5 million, or about $554 per square foot.  The East Tower is 18 stories with 216,787 square feet and…

New York investor spends $33M to buy block on South Beach

A company hled by New York developer Eric Birnbaum spent $32.75 million to assemble a full block of Washington Avenue on South Beach.  Washington Squared Owner, a company led by Birnbaum, executed five deeds over the past week to acquire property from 601 to 683 Washington Avenue – the entire block between Sixth and Seventh…

More controversy as Broward looks to begin $800 million school construction program

The controversy surrounding the Broward School District’s $800-million bond construction program continues with an allegation of another Sunshine Law violation, and a question as to why the same company was ranked first for two offsetting contracts designed…

Preservation Watch: The Miami Beach Women’s Club’s Spectacular Restoration

In late 2012, Curbed Miami published a series of photos from the Wolfsonian Museum of the exterior and interiors of the Miami Beach Women’s Club, a beautiful but forlorn structure covered in dust on 24th Street and Pine Tree Drive. But it was…

Resorts World Watch: Construction cranes are onsite at…

Construction cranes are onsite at the huge and barren Resorts World Miami megaproject property downtown. If these were a sign that the project was finally moving forward it would be huge news but, as The Next Miami notes, they’re probably just there to fix the seawall. Genting filed construction…

Archicritics: Alastair Gordon, architecture critic to…

Alastair Gordon, architecture critic to the Miami Herald, gives his take on the planned renovations of Lincoln Road as envisioned by James Corner Field Operations, in a piece that yes Curbed will admit was more diplomatic than ours. Gordon also touches on the ideas to expand Lincoln’s pedestrian…

Worldcenter To Break Ground In The First Week Of August

In recent days, crews have been installing temporary fencing while removing asphalt from the surface parking lots that will become the project site.

4 More Ways to Wring More Value From CRE

“We have to deal with real-world problems, rather than evaluating management teams from afar as many stock and bond portfolio management teams do.”

Miami to consider density boost near Bird Road, parking garage near Design District

Miami’s planning and zoning board will consider two significant proposals on July 1, a major increase in density near Bird Road and a parking garage on the edge of the Design District.  The city’s staff was the applicant for the proposed doubling of residential density in the 3.8-acre area consisting of 17 parcels with various owners. It is just north…

Five major development plans proposed in Miami-Dade, 859-acre urban center out west

Five major development plans were submitted for Miami-Dade County’s annual batch of amendments to its comprehensive zoning plan, with the largest among them an 859-acre urban project on the western edge of the county.  The comp plan amendments were submitted in early June. County staff will publish…

Miami-Dade Commissioner Calls for County-Wide Donald Trump Ban

In the epic fight between Univision and Donald Trump, county commissioner Daniella Levine Cava wants Miami-Dade to officially take sides. She’s introduced a resolution that would forbid the county to hold any officially sanctioned event at any Trump property in Miami-Dade.  The whole fiasco started with Trump claiming…

The Great Outdoors: Icon Bay Park, First New Edgewater Park in a Long Time, Opens

On Friday the Related Group threw a grand opening party for Icon Bay Park, the first new park to be built in Edgewater in a really, really long time and the only neighborhood park between Margaret Pace Park and those little scraps of green space leftover between the…

Sleeping Around: Hotelier and Studio 54 creator…

Hotelier and Studio 54 creator Ian Schrager is down and determined to find sites for two new South Florida hotels of his creation. He thought he had a Fort Lauderdale locale nailed down to build an Edition Hotel, but negotiations didn’t pan out, so he’s looking for something else. Mr. 54 is also…

Miami Office Space Greener Than Most

Miami doesn’t lead the Southeast for green buildings, but it’s still one of the top markets in the nation for LEED buildings.

ComReal Miami Industrial Real Estate Market Report First Quarter 2015

The new year has started very strong for the Miami industrial real estate market. The average lease rates have already increased to $8.53 per sq. ft. and the average vacancy rate fell to 5.2%. The net absorption for the 1st quarter was an astounding 1.4M square feet. The largest lease so far this year…

Tour of Cargo Warehouses at Miami International Airport

Edison Vasquez from the Miami Warehouse Team at ComReal Miami had the opportunity of participating on the tour at Miami International Airport at its cargo facilities. The tour was guided by Mr. Ernesto Rodriguez, MIA Marketing Division.Did you know that Miami International Airport is the…

Citigroup Inks 125,000 SF Lease at Miami Center

It’s one of largest Downtown Miami office lease deals of 2015. What does it say about the current state of Miami’s office market?

Trump, Gimenez Cleared in Golf Course Ethics Flap

Miami-Dade County’s ethics watchdog declines to sanction county Mayor Carlos Gimenez for discussions with Donald Trump about the future of the Key Biscayne golf course.

Total Wine & More Inks Deal For 25,000 SF

The deal increases occupancy at the retail center from 45% to 70% occupied, less than 90 days after the JV acquired it.

CRE Firm Leases 23,000 SF At Golden Glades Office Park

The brokerage firm closed out the 2nd Quarter with nearly 33,000 square feet In lease deals.

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…