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.

Offices of Keyes Commercial Realty

Giant Mediterranean Village Coral Gables project gets ‘Go’

The developers of Mediterranean Village at Ponce Circle finally have the go-ahead from the Coral Gables City Commission for their mixed-use project after years of work that included 20 public meetings, others before various boards, peer reviews and conversations with city staff as well as business and neighborhood associations.

New Zoning For Wynwood As Neighborhood Evolves From Industrial Roots

Later this week, Miami’s Planning, Zoning and Appeals Board is scheduled to vote on a plan that would radically alter permitted uses for property in the area. City officials say that if approved, the new rules would allow Wynwood to transition from an industrial zone into ‘a diverse, mixed-use, residential neighborhood.’ Over 18 months…

Building in Miami’s Midtown set for retail renovation after $7M purchase

The buyer of a daycare center in Miami’s Midtown neighborhood plans to redevelop it into retail. Nonprofit Kidco Child Care sold the 9,000-square-foot, two-story building at 3630 Northeast 1st Court for $7 million to Lomback LLC, a Houston-based company managed by Eric Villasenor. Fifth Third Bank provided a $5.61 million loan…

Morays Jewelers makes deal to relocate headquarters to Coral Gables

Morays Jewelers will move from downtown Miami — its home since 1994 — to Coral Gables. The new headquarters and its accompanying retail store are expected to open by the first quarter of next year. Morays is leaving the historic Alfred DuPont Building at 50 N.E. 2nd Ave. where the company had part ownership, according to its website.

Video of Implosion at Versailles Hotel in Miami Beach

Watch this video of the implosion of 1955 boxy addition to the Versailles Hotel in Miami Beach.  The addition was imploded, but the original Versailles structure, built in 1940, was retained. The partial demolition was approved by Miami Beach’s Historic Preservation Board last …

Broker Completes Two Record-Breaking Commercial Transactions

The deals mark the highest price per square foot for commercial property in Little Havana and Miami’s Design District, according to a release.

Executive Airport Business Center sold out of foreclosure

The repossessed Executive Airport Business Center in Fort Lauderdale has been sold for more than its former mortgage. A commercial mortgage-backed securities (CMBS) seized the two office buildings totaling 73,216 square feet at 5101 N.W. 21st Ave. in 2014 after foreclosing on the $4.39 million mortgage of Airport Executive…

Mall Overhauls: Bal Harbour Shops Expansion Refined, Detailed in New Renders

Bal Harbour Shops has released new renderings of the mall’s planned expansion, which would include a land swap with the Village of Bal Harbour that still has to be approved by voters, a new mall entrance, more generous public amenities, new boutiques, expansions to both existing department stores…

Behind the scenes: Progress at Brickell City Centre, the mixed-use project reshaping Miami’s business center

Miami’s Brickell City Centre is well on its way to completion, and the Business Journal was invited to check up on the progress of the $1.05 billion mixed-used project that will redefine the live, work and play environment in Brickell. Phase I of the project is expected to be completed in the third quarter of this year. The 263-room hotel…

Kung Pao Chicken with a Side of Dust: Dadeland’s Food Court Is Undergoing Major Renovations

We’re not gonna lie– Dadeland has the best food options out of all the malls in this cityand it’s about to get better, at least aesthetically. The mall’s food court is undergoing an extensive renovation, and it should wrap up in November right in time for the holidays. From the renderings, it looks like this new pavilion will be focused…

AC Hotel planned for Aventura

A week after Florida’s first AC Hotel opened in Miami Beach, another South Florida location has been announced. Miami’s Zyscovich Architects said its client, Norwich Aventura II, LLC, approved the design of the 233-room hotel on Tuesday. The hotel will open in the Aventura Corporate Center.

Mall Overhauls: Dadeland Mall is transforming its…

Dadeland Mall is transforming its food court into more of a ‘dining pavilion’ with new seating and congregating areas, a very upgraded look, and snazzier bathroom facilities. South Florida’s boom in new mall construction and old mall renovations continues unabated.

Development Du-Jour: Palm Tree-Inspired Solitair Tower Breaks Ground in Brickell

Last week Solitair, a vertiginous new all-rental rental high-rise soon to shoot up in Brickell courtesy of developers, ZOM and AIG Global Real Estate, broke ground. The ADD Inc.-designed, 50-story tower will include 438 residential rental apartments and over 7,500 square feet of ground-level retail…

Doral Cooler Warehouse Sold to Freshworld Logistics

The ComReal Companies are pleased to announce the sale of the Americas’ Gateway Park Building located at 1800 NW 89th Place in Doral, Florida. The property consists of 110,500 sq. ft. building with a refrigerated warehouse and 30% office space. The sales price was…

Congress Moving To Block EPA Regulation Of Streams, Wetlands

The Senate Environment and Public Works Committee approved legislation that would force the EPA and the U.S. Army Corps of Engineers to withdraw and rewrite rules that clarify which of those smaller bodies of water are regulated under the Clean Water Act.

Sunset of Distressed Condominium Relief Act Extended

The Distressed Condominium Relief Act enacted as Part VII of the Condominium Act in 2010 (“Act”) was a temporary measure to encourage absorption of unsold condominium units arising as a result of the Great Recession. This legislation attempted to allay the fears of potential investors…

Take a look at Brickell City Centre’s construction progress

The finish line is in site for Brickell City Centre, which is on track to hit its completion date of 2016.
Developer Swire Properties, which put up all $1.05 billion needed to fund the 5.4 million-square-foot pro…

Whitman releases new renderings of Bal Harbour shops

Whitman Family Development revealed new renderings of upgrades to Bal Harbour Shops and Village on Tuesday.
The renovations and expansion, valued at $400 million, will include a proposed land swap between Bal Harbour Village and Whitman. Voter…

Flagler Street building in downtown Miami sells at premium

An office building on Flagler Street in downtown Miami sold for nearly three and a half times its previous sale in 2009, The Real Deal has learned. On Thursday, the property at 219 East Flagler Street, sold for $9 million or $213 per square foot, Marcus & Millichap commercial…

Taubman Centers could back out of Miami Worldcenter: report

Taubman Centers could end up pulling out of the massive Miami Worldcenter project, according a Goldman Sachs report. Sachs analysts said competition from Brickell City Centre, which has its own major shopping component a few miles away…

Investment partners buy Fort Lauderdale offices for $4.6M

Two Chicago-based investment firms teamed up last week to purchase a commercial property adjacent to the Fort Lauderdale Executive Airport for $4.6 million. The property is located at 5101 Northwest 21st Avenue and…

City of Miami, Village of Key Biscayne fail to reach agreement

In a Miami-Dade College conference room stacked with attendees wearing white T-shirts with slogans supporting the Miami International Boat Show, elected officials from the city of Miami and the Village of Key Biscayne failed to reach a compromise regarding…

Rare Lender Disposition Offers Investor Upside

“Within the Commercial Boulevard office submarket, this property has perennially out-performed the broader office submarket.”

Meet Publix’s next big threat: Lidl, the German grocer with big U.S. expansion plans

A European discount grocer with plans to expand in the U.S. could pose a “formidable” threat to grocers like Publix Super Markets Inc. Lidl chose the metro D.C. region over downtown Charlotte for its U.S. headquarters, reports the Washington Business Journal, a sister news organization. It will open a distribution center in Spotsylvania…

Could plans change for the 2016 Miami International Boat Show?

After two lawsuits and months of public back-and-forth, officials from Key Biscayne have agreed to work with Miami on crafting a compromise for next year’s Miami International Boat Show at Virginia Key. That could mean changes are in store for the event’s expected move to the Miami Marine Stadium property in 2016.

Report: Downtown Miami Condo Market Shifting

Fewer foreign buyers are doing all cash deals or hefty deposits, but Integra Realty Resources points to an emerging buyer group that’s helping to pick up the slack….

Miami Worldcenter developer settle litigation with broker Laquer

Real estate broker Edie Laquer’s long-running lawsuit against the developers of the $1.5 billion Miami Worldcenter project has been resolved, but the parties aren’t saying on what terms. The mixed-use project featuring retail, restaurants, residential and a convention center hotel on the north side of downtown is one of the largest developments in Florida.  Miami…

Implosion At Faena’s Versailles In Miami Beach

For the first time in 60 years, the original Versailles Hotel in Miami Beach stands alone – without a boxy addition that was added 15 years after it was built. The 1955 addition was imploded on Saturday, while the original 1940 Versailles structure was retained. Miami Beach’s Historic Preservation Board approved the partial demolition…

NY investors sell Publix-anchored shops for $17M

An affiliate of New York-based Blackpoint Partners sold the Polo Grounds Mall in West Palm Beach for $16.67 million, according to Palm Beach County records. FREP III-Polo Grounds, a company tied to Tampa-based Forge Capital Partners, acquired the 132,241-square-foot shopping center, which sits on…

Hialeah retail plaza sold for $11M

Ready Shopping Center in Hialeah sold for $11 million to a local company. The Cayon Family L.P. No. 2, led by Maurice Cayon in Hialeah, sold the 60,938-square-foot shopping plaza to Doral-based W 12th Ave Investment. Marcus & Millichap’s Drew A. Kristol and Kirk D. Olson represented the seller while Miami Gables…

Dadeland Mall to renovate food court, add restaurants

Dadeland Mall will renovate its food court in time for the holiday season, Simon announced on Monday. The multimillion-dollar renovation will span 19,298 square feet and include additions such as new vertical louvers, light fixtures on an existing rotunda, a skylight, and new furnishings.

Sapir, Rosen to launch luxe Surfside hotel with Turkish partners

Israel-based ASRR Capital, controlled by Alex Sapir and Rotem Rosen, and Istanbul-based Suzer Group have announced a partnership with prominent Turkish businesswoman Ozlem Onal to create a high-end luxury hotel at the oceanfront building they purchased in Surfside last week…

Executive Airport Business Center Sale Closes

The asset was purchased by a joint venture between two Chicago-based investment firms.

Weston retail plaza Waterways Shoppes II escapes foreclosure with new loan

The Waterways Shoppes II in Weston resolved a foreclosure lawsuit after finding a new lender. The 33,617-square-foot retail center at 2310 Weston Road was hit with an $11.6 million foreclosure lawsuit in 2013. The loan was subsequently sold to CF Waterway Holdings, an affiliate of Coral Gables-based Continental Real Estate Cos. (CREC).

14,000 SF Deal Inked At Flagler Station

The deal represents the telecom’s first Miami location, which will serve as part of its expansion into the Latin American market.

Is Miami Worldcenter Mall’s Developer Getting Cold Feet?

A report from Goldman Sachs suggests developer Taubman Centers may be getting cold feet about the 765,000-square-foot mall, but the company said it remains committed to the project.

Lifestyles of the Rich and Richer: How Much It Costs to Rent or Buy in One of Miami’s Luxe Hotels

Ever wondered how much it costs the select few who get to live in Miami’s top hotels? Back in April, we caught a glimpse of “America’s priciest tiny home” in none other than Miami Beach’s Setai. Here’s how much it costs to live in Miami Beach’s highest style, from the St. Regis to the Setai.

Public Art: The Design District Has the Coolest Mall Guide Map Ever

It may not list stores or have a bright red star with ‘you are here’ written next to it, but this little model of the Miami Design District which is located prominently by the entrance to the Palm Court’s underground parking garage and likely made out of bronze may be the…

It isn’t easy being green: Parks advocates went to Parcel…

Parks advocates went to Parcel B, the waterfront swath of grass and asphalt behind the American Airlines Arena, Saturday morning to unofficially dedicate it Dan Paul Park, drawing attention to the 20 year old problem. According to Channel 10, the Miami Heat, which promised to turn it into a park 20…

On the Market: Now that Trolleygate has been…

Now that Trolleygate has been over for about a year, with the Coral Gables Trolley Terminal securely back in the Gables, the terminal and maintenance facility that developer Henry Torres built in the West Grove is for sale. “Maybe to make it up to the community, our Commissioner should turn it into…

Miami Real Estate Brokers Headed to China

Real Estate is among the fast growing industries in the world; most people have invested in real estate as an individual or a company. Miami Real Estate Brokers’ motivation to…

Another Historic Miami Art Deco Hotel Trades

“This is the third hotel that Think Group has purchased with us in the last two years.”

Buyers Maintain Discipline Amid Deal Flow

Investors in 2015 are being “very disciplined in the way they deploy their funds, whether it’s debt or equity,” Akerman LLP’s Richard Bezold tells GlobeSt.com.

Check out the Porsche Tower’s Dezervator in action

The Dezervator, arguably one of the Porsche Design Tower’s most talked-about amenities, has been patented, proven and is almost ready for use. Engineers recently put the finishing touches on a nine-story miniature of the final product in Chicago, and have since been putting the concept through…

Cash Sales Made Up 35 Percent of All Home Sales in March 2015, Down from 39%

Cash sales made up 34.6 percent of total home sales in March 2015, down from 39 percent in March 2014. The year-over-year share has fallen each month since January 2013, making March 2015 the 27th consecutive month of declines. Month over month, the cash sales share fell by 2.8 percentage points. Due to seasonality in the…

Trophy Offices Open Up Historic 77% Rent Gap

Every major market in North America has its trophy spaces, the premier office towers with the best views, the most amenities and the highest rental rates. But the gap in rental rates between trophy space and all the rest has reached historic proportions. The most expensive offices now garner 77% more than non-trophy space, according to…

Clinton Hotel South Beach sells for $28.5 million

Clinton Hotel South Beach has sold for $28.5 million. The buyer calls itself Stellar Clinton LLC and is affiliated with New York company Stellar Management and Shawn Vardi. SM Think Clinton LLC also owns a 10 percent interest in the property, according to records. According to reports, Miami Beach-based Think Hotel Group…

WSJ: Builders Debate Merits of Raising Ceilings for Warehouses

Higher ceilings are the latest trend in warehouse real estate, but some builders say they could do more harm than good. Speaking on a panel at the NAIOP Commercial Real Estate Development Association’s Industrial Conference in Long Beach, Calif., on Wednesday, executives from Prologis Inc., DCT Industrial Trust Inc., Panattoni…

Miami Boat Show Director Lashes Back

The Village of Key Biscayne and the City of Miami are duking it out in a legal battle over the Marine Stadium site on Virginia Key. The village offered its side of the story in May. Now, Cathy Rick-Joule, the director of the Miami International Boat Show, is offering her side. In part one of this exclusive interview, we get some background…

Not Dead Yet: Malls are Adapting

Maybe it’s that reporters don’t like malls. After all they tend to be young, highly urban, single, and highly educated, not the key demographic at your local Macy’s, much less H&M. But for years now, the conventional wisdom in the media is that the mall—particularly in the suburbs—is doomed. Here a typical sample from…

West Palm Multifamily Property Trades In 1031 Exchange Deal

Associate Mitash Kripalani, CCIM negotiated the sale of the 27-unit multifamily asset for $4.25 million, or approximately $157,400 per unit.

The Fed fears lifting interest rates, ex-insider says

An expert who’s been involved in internal debates at both the Federal Reserve and the European Central Bank says the U.S. central bank is already behind the curve in lifting interest rates. Athanasios Orphanides, now a professor of global economics and management at MIT, was head of the Central Bank of Cyprus for five years, ending in 2012.

Two Tenants Relocate From Within Brickell To Four Seasons Tower

Cushman & Wakefield Director Gordon Messinger represented building owner Millennium Partners in the deals, which totaled 14,174 square feet.

Ecuadorian Flower importer buys Doral complex for $10M

A flower importer from Ecuador purchased a warehouse/office complex building in Doral for $10 million.
Peter F. Ullrich, of Amelia Island, sold the 102,310-square-foot Americas’ Gateway Park at 1800 N.W. 89th Place to G&G Cargo Service, led by President and CEO Jorge Garces. The price equates to $92 per square foot.

Century Homebuilders Group lands $11M construction loan from Apollo Bank for Sweetwater Development

Century Homebuilders Group landed its first major construction loan post-recession thanks to Apollo Bank.  The Doral-based company led by Sergio Pino and Tatiana Pino was among the largest homebuilders in Miami-Dade County in the last real estate boom, but it got hit hard in the…

Mindboggling Reveals: Behold, the Porsche Design Tower’s Great Glass Dezervators

While construction of the incredibly over-the-top Porsche Design Tower in Sunny Isles Beach steadily continues, developer Gil Dezer has had a team hard at work engineering the three fully-automated car elevators that will whisk residents’ vehicles up to their private ‘sky…

It isn’t easy being green: Fed Up That Parcel B Still Isn’t a Park, Activists Will Dedicate it Anyway, Tomorrow

For two decades, since the construction of the AmericanAirlines Arena, Miamians have been promised a waterfront park behind the arena on a plot of land called Parcel B. The park was part of the deal with the Miami Heat for the arena, which the county never held the Heat ac…

Miami Beach condo-hotel approved for 70 units

A group of Argentinean developers announced the 70-unit condo hotel 6080 Collins Avenue Beach House. Alex Rakover and Pablo Hoberman, of Urbis Real Estate, and Domus Group’s Flavio Rossato are the developers of the six-story project. Units start at $263,000. The studio units average 385 square feet and the one-bedroom units…

Should the Boat Show be Moved or Not?

There’s a tit for tag growing between the Village of Key Biscayne’s mayor and the Miami International Boat Show’s director. Who’s right?