Foreclosure Roundup: 3 big South Florida commercial properties head to auction

Headway Office Park in Lauderdale Lakes is headed to auction after its owner lost a $12.9 million foreclosure judgment.  Wells Fargo Bank, representing a commercial mortgage-backed securities (CMBS) trust, won the judgment against SRA/Sunrise Development over a $10.8 million mortgage, plus interest and fees.

Lincoln Road property owners to vote on business improvement district

Lincoln Road property owners will vote this summer to create a business improvement district for the bustling pedestrian promenade.  The Miami Beach City Commission this week agreed to allow a vote of property owners to create the special assessment district. The vote…

Developers propose two big hotel projects in Miami

Plans for two Miami hotel projects with hundreds of rooms between them have been submitted for review.
Norwich Dade Hotel Group LLC, a company affiliated with New Hampshire-based company Norwich Partners, submitted plans for a 20-story Marriott hotel in downtown Kendall.The 19-page application proposes.

Hotel occupancy rises across South Florida in April

Hotel occupancy rates were slightly higher across Miami-Dade, Broward and Palm Beach counties in April than they were during the same time last year, according to recent data from STR, Inc.  Broward County led the region with an occupancy rate of 87.24 percent in April, up 2.1 percent year-over-year. Broward’s average daily rate…

Beckham MLS team narrows choices for Miami stadium, sources say

A David Beckham-led group that wants to create a Major League Soccer stadium in Miami has narrowed its choices, with the site of the former Orange Bowl appearing to have the fewest obstacles, according to a source with knowledge of the situation.Beckham and partner Simon Fuller met with Miami-Dade County Mayor Carlos Gimenez on Friday to discuss possible stadium locations and how the county could assist the proposed .

JLL Tapped To Lease 240,000 SF Office In Boca

JLL’s Alice Lucia and Brady Titcomb will oversee the leasing on behalf of the building’s ownership.

Curbed Asks You: How Should CocoWalk’s New Owners Remake that Odd Mall?

Coconut Grove is one of South Florida’s best loved neighborhoods, but CocoWalk, that odd mall at the center of the Coconut Grove whirl, has stagnated since its early successes after opening in 1990. The somewhat generic mall, with its Cheesecake Factory and new high-end movie theater was purchased…

Development Update: The City of Sunny Isles…

The City of Sunny Isles Beach is conflicted over a tower proposed by the Verzasca Group to be constructed on the west side of Collins Avenue. The 19-story, 71 unit building, with ground floor restaurant represents a “tipping point” as high rises move beyond the oceanfront to the mostly-low-rise west…

CRE sales between $1M and $10M this week

Harbor Place in Fort Lauderdale gets $8.9M.  Harbor Place, a 36,000-square-foot office building in Fort Lauderdale, just fetched $8.9 million last week.  Located at 1600 Southeast 17th Street Causeway, the building was 100-percent occupied…

Prologis picks up Hollywood warehouses for $20M

Three warehouses in Hollywood recently sold for a combined $20 million, according to Broward County records.
The Kelsey Group, which develops, owns and manages industrial properties, sold three of four buildings in its Port 95 Commerce Park to Prologis…

Monty’s in Coconut Grove reels in new owner

Monty’s Raw Bar, the Coconut Grove waterfront stalwart, has traded hands in a deal that transfers the rights to the lease on land owned by the city of Miami.  Aligned Bayshore Raw Bar LLC and Aligned Bayshore Marina LLC, linked to real estate investor Jose…

Hot off the grill: new Paramount Miami Worldcenter renderings

Just in time for Memorial Day, Paramount Miami Worldcenter has served up some fresh renderings of its outdoor barbecue park, The Real Deal has learned.  A side shot of PWC’s grill park.  The park will feature seating area…

CVS launches store brand aimed to attract more Hispanic shoppers

CVS is aiming to lure more Hispanic shoppers into its newly rebranded CVS pharmacy y más stores with a bit of cafecito and conversación.  The 12 stores feature fully bilingual employees, more than 1,500 popular Hispanic products, and yes — cafecito served at the pharmacy between 10 a.m. and 3 p.m. daily.

Development Du-Jour: City of Doral Gets its Very Own Little ‘Midtown’

Move over Midtown Miami, Doral is getting a ‘Midtown’ development of its own. As of September 2014, Phase One for Midtown Doral was about 70% sold and they are moving quickly to complete four of this phase’s 8-story residential buildings, consisting of 509 residential units (starting between…

Condo developer to appeal rejection of Bay Harbor Islands project on historical grounds

Developer P3 Investments plans to appeal the recent rejection of its condominium project in Bay Harbor Islands by the county’s historic preservation board.  Under its plan, the 35-unit Bay Harbor Continental co-op building at 1135 103rd Street would be demolished to make way for a seven-story condo with 28 units that the developer…

Work Finally Beginning On Theater And Restaurant At Met Square

Construction activity appears to be underway at Met Square, where a movie theater, restaurants, and apartment tower will be built.  MDM, the developer, filed a Notice of Commencement last week. The filing, signed for by Luis Pulenta of MDM, says that piling and excavation work is beginning.  Work had been delayed…

Flashback Friday: Photos of Wynwood

The Wynwood neighborhood, a local arts mecca and one of Miami’s hippest neighborhoods, was once known as the “golden gate” for Hispanic immigrants. A melting pot of Puerto Ricans, Cubans, Haitians, African-Americans, Nicaraguans and Dominicans that had been crippled by a bad image and a deteriorating economy.

History Lessons: Igor B. Polevitzky and the Creation of the Habana Riviera Hotel

Leaning outside the window of Miami’s 550 Brickell building, my grandfather William Hamilton Arthur III could see two black sedans waiting for his firm’s client— hotel and casino promoter Meyer Lansky. Meetings were short and the…

Miami a Finalist for 2019 or 2020 Superbowl

Miami hasn’t hosted a Super Bowl since 2010. Which isn’t exactly an astounding drought, but we are Miami. We do things like host Super Bowls. We’ve hosted ten of them in fact, tied for most with New Orleans. But one day the NFL’s top brass decided our little Sun Life Stadium wasn’t up to par anymore, and issued an unofficial…

Comment of the day: “This Miami Beach Convention Center Hotel…

“This Miami Beach Convention Center Hotel is the height of hubris. The City of Miami Beach is notorious for dismissing projects as ‘inappropriate’ and ‘out of scale with their context’ and then proposes what is likely the most inappropriate and out of scale project I’ve seen in all my time here. The…

Miller Time: Miami Drill Down: Picking Up the Scraps of the Financial Crisis

This week, real estate appraiser, Curbed graph guru, blogger, newsletter writer, and columnist Jonathan Miller looks at the real estate scraps of the last financial crisis. As we make our way through the second quarter (more than halfway!), I…

The New Atlantis: With the most at stake…

With the most at stake when sea levels rise, Miami will be the “new Atlantis” says Henk Ovink, a Dutch sea level rise expert. Ovink also says that in addition to trying to keep water out, we should be adopting building methods that incorporate flooding when necessary, like parks in ditches that…

Latest NAR Commercial Real Estate Outlook

Commercial Real Estate Outlook offers overall projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data for metro areas is provided by REIS…

New Times re Miami Beach Late Night Booze Ban

The late-night party is over for Ocean Drive sidewalk cafes. The Miami Beach City Commission voted yesterday to ban all outdoor booze sales after 2 a.m. at the cafes’ outdoor tables, the first of several moves Mayor Philip Levine pledges will usher in a new era for the iconic beachfront boulevard.  Several restaurant owners slammed…

Beckham, Shalala to discuss partnering on football-soccer stadium

Soccer legend David Beckham, outgoing University of Miami president Donna Shalala and Major League Soccer commissioner Don Garber are expected to meet Friday to talk about partnering on a football-soccer stadium.  Beckham has been trying to bring a MLS team to Miami for nearly two years but has run into roadblocks…

South Florida home sales grow in April, yet Miami condo trading slows

Sales of single-family homes and condominiums increased in South Florida in April, but the outlier was the Miami-Dade County condo market where transactions slowed.  Meanwhile, Palm Beach County had the most sales growth.  According to the latest Florida Realtors report, there were 4,455 closings of existing single-family…

Developer Sees LED Billboard Tower As Tech Industry Catalyst

About 4 million square feet of office space will go up around the tower in an environment that tech companies like to work in.

Key Biscayne mayor on boat show: Anywhere but here

The Village of Key Biscayne, in another bid to block the Miami International Boat Show from anchoring at the Marine Stadium, has sent a memo to Miami-Dade County officials urging them to enter the fray on choosing a…

Bahia Mar in Fort Lauderdale brings on Menin Hospitality

Miami Beach-based Menin Hospitality was brought on to manage the food & beverage operations at Bahia Mar, the 39-acre oceanfront development that was acquired last year by a partnership of major Miami real estate players.  The ownership, which includes Jimmy and…

Ritz-Carlton Coconut Grove Hotel takes out $15M loan

Owners of the Ritz-Carlton Hotel Coconut Grove took out a $15 million loan, according to a mortgage recorded in Miami-Dade County on Thursday.  SunTrust Bank granted the loan to Miami-based investment firm Gencom. Gencom purchased the 115-room hotel in a joint partnership…

Miami Beach bans sale of alcohol after 2 a.m. on Ocean Drive

In a move some bar and restaurant operators said would not deter boorish, intoxicated behavior by visitors to Ocean Drive, the Miami Beach City Commission voted unanimously on Thursday to ban the sale of alcohol from 2 to 8 a.m. at all…

TIAA-CREF Pays $90 Mil For Broward Multifamily Asset

The 489,000-square-foot multifamily building was built in 2014.

Riviera Beach Marina redevelopment gets public market

The $375 million Riviera Beach Marina redevelopment project has grown to include a three-story public market for local farmers, food vendors and artisans.  The Riviera Beach Community Redevelopment Agency announced plans for the 50…

Chinese investors can now use Auction.com to buy real estate

From the New York website: Auction.com plans to market U.S. real estate to Chinese buyers.  Shanghai-based Juwai.com, an international property website, has formed a venture that will open up American assets…

Miami’s Hottest (Old) Real Estate Trend

GlobeSt.com caught up with Mike Nunziata, division president for Central Communities, to talk more about a reemerging trend with a new twist in South Florida in part one of this interview….

Why Foreign Consumers Flock to Miami Retail

There’s a bona fide retail construction boom in Miami even as other cities across the nation see a decline of brick-and-mortar stores in an e-commerce age. So what’s fueling Miami’s appetite for retail?

NAI, Avision Young See Executive Shakeup

Jeremy S. Larkin and Edward L. Schmidt, who have held those titles until now, were promoted to the newly created roles of co-chairmen, board members and constitute the company’s executive committee. After driving business to NAI Miami for decades, the duo will focus on revenue production and strategic growth initiatives.

How to Fix the Miami Gridlock Problem

The texting, the honking, the weaving, the confusing interchanges, the road construction, the slow-drivers and the death-wish speeders, the shouts of “come mierda!” muffled by steel, vinyl and tempered glass car windows. These are experiences with which many South Florida drivers are all too familiar when battling Miami traffic.

WSJ: LeFrak and Soffer Property Dynasties Team Up to Fund Miami Project

Developers are digging deep into their own pockets to pull off megaprojects in South Florida.  In the latest example, two prominent families, the LeFraks of New York and the Soffers of South Florida, are teaming up on a $4 billion, 183-acre development on a former landfill and Superfund site in North Miami.

Miami Beach Approves Gigantic Convention Center Hotel

The gigantic Miami Beach Convention Center Hotel plans proposed by Portman Holdings, a 300-foot-tall tower that looks like a bad copy of the Fontainebleau, on steroids, in the middle of South Beach, have been approved by the Miami Beach City Commission. The approval was granted in the City…

Miami self-storage projects land $22M in financing

A local development group landed $21.9 million in financing to build two self-storage complexes in Miami-Dade County.  Cleveland-based Jernigan Capital Operating Partnership gave the mortgages to affiliates of Miami City Self Storage LLC, headed by Jan Massirman, Stephen Garchick and Steve McBride. They will help build…

Under LeFrak & Soffer Families, Biscayne Landing Getting Ever More Gigantic, Renamed SoLeMia

The megaproject formerly known as Biscayne Landing has a new set of developers, the family-run LeFrak Organization (don’t worry, it won’t be called LeFrak City) and Miami’s Soffer Family, and is being renamed SoLeMia. The Wall Street Journal, unfortunately doesn’t explain why it’s being called…

JPMorgan Chase lends $68M to project in Miami’s Midtown/Design District

JPMorgan Chase Bank awarded a big construction loan to the developer of the District 36 residential and retail tower on the border of Miami’s Midtown and Design District neighborhoods.  The bank (NYSE: JPM) granted the mortgage to MREG NE36 Owner, a joint venture between New York developers Mack Real Estate Group…

Casal Group Negotiates Sale Of Doral Industrial Facility

TIAA-CREF Pays $90M for Casa Palma

ZOM, Inc. and AEW Capital Management sold the 350-unit Casa Palma at 6112 SR-7 in Coconut Creek, FL to TIAA-CREF for $89.88 million, or approximately $257,000 per unit.  The 489,000-square-foot multifamily building was built in 2014. It sits on 20.1 acres and has over 600 parking spaces. This…

Preservation Watch: 50 Eggs Headquarters Relocating to Renovated MiMo Hotel

50 Eggs is moving their headquarters to an old motel in the MiMo district, just across from the Vagabond Hotel. The company, who is responsible for starting the chain Lime Fresh Mexican Grill, and other staple Miami restaurants such as Yardbird Southern Kitchen & Bar, Swine Southern Table &am…

Miami Beach commission selects developer for Miami Beach Convention Headquarter hotel

The City of Miami Beach Commission has officially approved the selection of Portman Holdings as the developer for the Miami Beach Convention Headquarter Hotel.  Atlanta-based Portman Holdings revealed its plans for the $405 million, 800-room development earlier this month. The plan was then reviewed by the Miami Beach…

Preservation Watch: The raising stakes of the condo boom…

The raising stakes of the current condo boom have made Miami’s historic preservation battles more vicious and contentious than ever. The designation of Surfside’s modest early-MiMo Seaside Terrace apartments, built in 1948, has just been overturned by the County Commission after having been passed…

Development update: Related Dims the Lights at The Almost-Complete Icon Bay

The bright lights of the big city are a little less bright over in residential Edgewater, where the Related Group has dimmed the rear facade lights at Icon Bay in response to a Curbed Miami reader’s complaint about their glaring brightness just two weeks ago. According to Carlos Rosso, President…

Demolition permit denied for Bay Harbor Continental

After three different votes at a contentious hearing, the Miami-Dade Historic Preservation Board on Wednesday rejected the demolition of the Bay Harbor Continental, a cooperative apartment building with 35 units in Bay Harbor…

Wynwood parking garage passes review board

The Wynwood parking garage proposed by Goldman Properties passed a major hurdle on Wednesday, with a unanimous vote of approval from Miami’s Urban Development Review Board.  The eight-story garage plans to bring 428…

Hot topics in Miami real estate: panel

Anthony Graziano, Jeffrey Oris, Jonathan Cardello, Kevin Tomlinson, Mark Zilbert, Ophir Sternberg.  When the Miami Downtown Development Authority issues its second quarter 2015 report, it will show a continuing decline in real estate sales to international buyers, said Anthony Graziano…

TRD’s South Florida Development Guide

Last month, The Real Deal hosted its Broward Real Estate Forum & Showcase at the Design Center of the Americas in Dania. TRD‘s development guide and program for the event included a comprehensive list of all upcoming condo developments…

Experts: Will U.S. recession spark next SoFla real estate downturn?

South Florida real estate prices have rebounded sharply over the last four years, making many in the industry forget the carnage that preceded.  At some point another downturn will come, though it’s unlikely to be as severe as that of 2007 to 2011. So what will cause the…

Meliá Costa Hollywood Beach Resort tops off

One of two U.S. properties that will operate a Meliá Costa hotel topped off at six stories, developers announced on Wednesday.  The 304-unit Meliá Costa Hollywood Beach Resort is scheduled to open this fall and…

Cigar, whiskey bar signs lease in Miami’s Brickell

Prime Cigar & Whiskey Bar has signed a lease for 4,800 square feet of space in Brickell’s newly built 1100 Milecento residential tower.  The Boca Raton-based company will offer wines, spirits, and 1,000 cigars at the mezzanine level of the 42-story tower at 1100 South Miami Avenue in Miami.

Miami-Dade to keep rent low for waterfront lot next to arena

Miami-Dade County commissioners reportedly voted to maintain the rent on a sizable waterfront parcel behind the American Airlines Arena, despite its appraisal of nearly double what the county is charging.  Commissioners met on Tuesday to discuss a fee…

From Peebles to Baywood: Keys resort likely to be a Hampton Inn

The long vacant Keys Bay Colony Resort in Marathon will most likely be converted into a Hampton Inn, new owner Baywood Hotels told The Real Deal this…

Are Coral Gables Offices Better Than Brickell?

For all the focus on Brickell City Centre and the rising occupancy of office space in the urban core, outlier markets like Coral Gables are nevertheless making a buzz. Is it a better location than the urban core?…

NAI, Colliers See Executive Shakeup

“Our industry is changing rapidly.”

How Port Dredging Will Impact Office Market

“Although the funding sources are still unclear, it is important for the city to look forward.”…

How Avison Young Filled the Amex Void

With American Express moving out of the building after 10 years, Avison Young wasted no time looking for a replacement tenant at Weston Park of Commerce…

Former CushWake Exec Joins One Sotheby’s To Lead New Commercial Division

ONE Sotheby’s International Realty — a brokerage that has so far focused on residential sales — has brought on a 10-year veteran of commercial brokerage Cushman & Wakefield to grow its niche commercial practices.

Pics of Marriott Marquis Miami Worldcenter Hotel to open fall 2018

MDM Group revealed the opening time-frame and a first look at Marriott Marquis Miami Worldcenter Hotel & Expo Center at a media event Tuesday.  The developer says the 1,800-room hotel will be delivered fall 2018 and generate more than $1 billion in local tax revenue over the next 30 years.  Additionally, the project is slated…

Skyrise observation tower reshapes bayfront

For the first time in many years, the Miami waterfront is changing its form.  You can thank developer Jeff Berkowitz, president of Berkowitz Development Group.  Workers are busy reshaping the area that shoots off the northern end of Bayfront Park to accommodate Mr. Berkowitz’s dream project: the 1,000-foot SkyRise Miami observation…

Miami Beach commission to vote on convention center hotel

After a nod from Miami Beach City Manager Jimmy Morales, the city commission will vote Wednesday on Portman Holdings’ proposed convention center hotel, The Real Deal has learned. Morales has added the convention center hotel item to the Miami Beach City Commission’s agenda: “a resolution accepting the recommendation…

Island Gardens scores loan from Dutch bank as Miami super yacht project begins

Flagstone Property Group secured a $22.67 million construction loan from a Dutch bank as it began work on the super yacht marina portion of its Island Gardens project in Miami.  Located on city-leased land on Watson Island between downtown and Miami Beach, the first phase of Island Gardens would have a marina to accommodate…

Skanska Selected to Lead Renovation at Chris Evert Children’s Hospital

Skanska USA has been selected to lead a major renovation at Broward Health Medical Center that will see new state-of-the-art facilities at the Chris Evert Children’s Hospital in Fort Lauderdale, FL.  The plan includes 102,000 square feet of inpatient and outpatient areas across multiple floors and…

South Florida Sea Level Rise: Interactive Tool, Related Resources, Videos

There is an increasing amount of talk about rising sea levels in Miami and other low-lying coast areas. Use this interactive tool to gauge the effect of a one foot rise in an area you choose. Note that the report that has everyone talking projects sea levels rising by 1 to 4 feet by 2100.

Paving Over Parcel B: Parcel B, the empty plot…

Parcel B, the empty plot of land behind the AmericanAirlines Arena that was always promised to Miamians as the site of a future public park, has more asphalt covering it than ever. What used to be a green, if weed-covered, spit of waterfront, is now a strip of blacktop.

Bus factory site hunt in high gear

Plans are moving ahead for two Turkish brothers who plan to open a bus manufacturing facility in Miami-Dade County.  In March, Claude and Jan Nahum of Karsan U.S.A. announced their ambition of establishing a plant to build cost-efficient, eco-friendly buses.  Their introduction into the area’s industrial scene might…

Video: $5.25 Billion Panama Canal Expansion Will Benefit Port of Miami Economy

This video discusses a major update to the Panama Canal, due for completion in 2016, that will allow the world’s biggest ships to use the canal. This is anticipated to be a boost to the Port of Miami, and in turn the Miami area. Commercial real estate in the area likely will benefit from the increased commerce.

Parking Palaces: This is What Wynwood’s Artsy New Garage Will Look Like

Goldman Properties sent over renderings of the new parking garage that they are planning for Wynwood, on a corner lot at 301 NW 26th Street. The facade design, by architect Thomas Faulders of Faulders Studio, consists of organically shaped panels outlined by screened apertures that look into the…

Curbed Maps: And Now an Update to the Curbed Miami Public Art Map

Public art is to Miami what fire escapes are to New York or bright red phone booths are to London, a lovable and enduring part of the cityscape. From the Design District’s growing collection of goodies to oldies like the giant red ‘M’ outside a Metromover station in Downtown…

Massive Miami Worldcenter Project Slated For Groundbreaking After City’s OK

The project will introduce a mall, several residential towers and a convention center hotel on 27 acres of the Overtown neighborhood on the north side of the central business district.

Las Olas City Centre 100 percent leased

Nearly 120,000 square feet in new leases and renewals brings the Bank of America Plaza at Las Olas City Centre to 100 percent leased, according to Stiles Realty.  Early renewals accounted for 80 percent of the leases, Stiles Director of Leasing Norm Adams said…

County won’t seek full rent on land at arena

Miami-Dade won’t collect what an appraisal says is 187% more than it now does on four waterfront acres behind American Airlines Arena. Commissioners were to raise fees Tuesday to do business on the county-owned site called Parcel B, but a number of commissioners voted no, saying that didn’t set a lower non-profit rate.

Watson Island developer obtains $23M loan

Mehmet Bayraktar, the developer behind the planned mixed-use development on Miami’s Watson Island, obtained financing for his $1 billion project.  Bayraktar received a $22.67 million mortgage from Demir-Halk Bank, based in the Netherlands, on May 11, according to…

Courthouse partnership deal advancing

Miami-Dade County officials who have been analyzing the best options for a new civil courthouse now await guidance on public-private partnerships as well as a long-range master plan update of the historic building’s needs.  The county solicited legal and financial advisory services pertaining to public-private partnerships…

Historic designation of Surfside condo building overturned

Alliance Residential takes out $38M loan on Broward site

Alliance Residential, one of the largest apartment builders in the United States, just inked a $37.7 million mortgage on its newly built rental community in Coconut Creek.  The Broadstone Cypress Hammocks complex is a 24-acre development at 5201 West…

South Florida presale condo prices fall in latest survey

As the South Florida preconstruction condo market shows signs of slowing, the minimum asking price for new units being marketed east of I-95 in the tri-county region during this current cycle has decreased by $6 per square foot on a month-over-month basis in Miami-Dade…

$750M Miami Worldcenter Hotel & Expo unveiled

More than 600,000 square feet of meeting and convention space, 1,800 hotel rooms and $750 million. Developers MDM Group, architects and community partners gathered on Tuesday to reveal plans for the Marriott Marquis…

Brickell City Centre Video: Swire Properties – with related links

This well produced video gives one a good idea of what this project will be like once completed. Beautiful.

Massive Miami Worldcenter project slated for groundbreaking after city’s OK

Miami Worldcenter, one of the biggest urban projects in South Florida, is slated to break ground in the third quarter this year after its phase one site plan cleared approval from the city on Monday.  The project will introduce a mall, several residential towers and a convention center hotel on 27 acres of the Overtown neighborhood…

New Tower for Brickell

Miami developer Ugo Colombo is finalizing negotiations to jointly develop a high-end condominium, the Brickell Flatiron, with Russian developer Vladislav Doronin of Capital Group.  A new rendering of the Brickell Flatiron project shows a flowing, curvy structure soaring 65 stories on a triangular…

449-Unit Riverside Tower Getting Construction Ready

River Tower, LLC has been finalizing details needed to start construction of a downtown Miami residential tower known as Riverside Tower.  Last month, River Tower’s Brian Campbell signed a deal to connect water and sewer to the site. The developer will pay a nearly $500,000 connection charge.  Also last month, the developer…

Awesome Facts About Miami that Make it a Great Place to Invest in Commercial Real Estate

Miami has grown by such leaps and bounds in the past decade or so, it is easy to lose track of all the areas where it has attained a leadership position. In the aggregate, these all add up to one word – exciting. Miami is more on the map, as they say, with perhaps the best evidence being that it recently squeaked by Paris on its way to…

Greystone Gets Financing To Build 20-Story Apartment Tower At 2500 Biscayne

Greystone has obtained construction financing to build the 2500 Biscayne apartment complex, according to the SFBJ.  The New York-based developer is said to have received a $27.4 million advance to start work on the 20-story project, where site work began earlier this year. A building dating to 1923 has already been demolished…

Miami Intermodal Center Almost Complete

Now that the PortMiami tunnel has been dedicated and the reversible toll lanes on Interstate 595 have opened, a third major South Florida transportation project is headed toward completion.  The massive Miami Intermodal Center, just east of Miami International Airport, is expected to be ready in the…

Work on Watson Island Must Begin by June 2

Work must begin on the massive Island Gardens mixed-use development on Watson Island by June 2 – a requirement of the latest lease extension – but that cannot happen until state officials reaffirm their approval of the project.  City commissioners will be dealing with the issue this week…

Keeping Track of All Miami Developments

This map of the Miami area shows area developments.  It lists 67 in total, each shown on the map with easy to find color coding.  It appears to cover the area from Brickell to Edgewater.

Breaking! Microsoft Comes to Miami in a Big Way

First Microsoft Innovation Center in the U.S. to Open in Miami.  The following post is from Sanket Akerkar, Vice President of Developer & Platform Evangelism, Microsoft.  On Friday, to kick-off Techweek Miami 2014, Microsoft formally announced plans to open the first U.S.-based Microsoft Innovation…

WSJ: Strong Dollar Makes U.S. Real Estate Less Attractive to Foreigners

A strengthening dollar is putting the haven of U.S. home ownership out of reach for some foreign investors.  After years of finding bargains in a down real-estate market, some purchasers from abroad now face sharply higher housing prices because their nations’ currencies have fallen against the dollar. That could reshape…

BofA loan helps Flagler build warehouse near MIA

Flagler Global Logistics has started construction of a fourth warehouse in the South Florida Logistics Center thanks to a Bank of America loan.  The bank (NYSE: BAC) provided a $15.9 million mortgage to SFLC Building 4, an affiliate of the Coral Gables-based development arm of Florida East Coast Industries. It recently started…

Slowly, Baylink Progresses

The city of Miami Beach may spend $26 million on property in South Beach that could eventually become a transit hub.  City Manager Jimmy Morales on Thursday signed a letter of intent to buy about three-quarters of an acre at 1100 Fifth St. The land, where the MacArthur Causeway dumps thousands of vehicles…

Could Miami’s Skyline One Day Resemble Manhattans?

Icon Brickell, a three-tower complex in Miami’s financial district, was supposed to be a flagship project for the Related Group, the city’s top condominium developer. It would boast 1,646 luxury condos, a 91-metre-long pool, and a hundred 22-foot columns in its entryway. By 2010, however…

New Skyscraper proposed for Alton

Developers are planning to build what could be Miami Beach’s tallest building on the city’s front doorstep — beside the Alton Road flyover at the end of the MacArthur Causeway.  Designed by international architecture firm Perkins + Will, the residential tower would rise 50 stories…

Roche Bobois to open store in South Florida’s ‘next Design District

Roche Bobois may be debuting in South Florida’s next Design District, said Julien Bigan, the company’s U.S. communications director.  The Paris-based, high-end furniture retailer and manufacturer opened its newest showroom near the Aventura Mall on April 20. Since then the location has attracted more clients on…

Industrial developer DCT buys west Miami-Dade site for $12M

An affiliate of developer DCT Industrial Trust acquired a vacant site in western Miami-Dade County for $12.23 million.  Philip L. Brawner, as a trustee, sold the 23.5-acre site at at the southeast corner of Northwest 17th Street and Northwest 130th Avenue to DCT Pan American Southeast, an affiliate of the Denver-based…

Flagler Street in Downtown to get Makeover

Commercial Prices Are Rising

Industry specialists agree commercial land is selling at a robust pace compared with four or five years ago now that investors have more confidence and are seeing the benefits of an improving economy.  An analysis of 537 land sales over the past two years and an average price per square foot on each…

Baptist Health has income halved in fiscal second quarter

Baptist Health South Florida saw its income fall 55 percent in the fiscal second quarter as it incurred greater expenses.  The Miami-based nonprofit hospital and clinic operator – one of the largest employers in South Florida – earned $36.1 million in the quarter ended March 31, down from earnings of $80.6 million in the same period…

Early Renewals Drive Iconic Las Olas Office Building To 100 Percent Leased

Patriot National, Inc., which recently renewed their 36,537-square foot lease at LOCC, also expanded by another 13,592 square feet.

AmEx’s Departure Makes Way For New 52,000 SF Tenant In Weston

After residing in the Weston Park of Commerce for the last 10 years, American Express is leaving its offices behind and a tech company is moving in.

Health care firm leases 53,000 square feet in Weston

Altegra Health signed a 52,960-square-foot lease in Weston to fill space being vacated by American Express.  The company, which provides technology and payment solutions to health plans, will relocate its headquarters from 14261 Commerce Way in Miami Lakes to Weston Park of Commerce at 1725 North Commerce Parkway. Avison…

Flagler Starts Construction Of Fourth Warehouse In South Florida Logistics Center

Bank of America provided a $15.9 million mortgage for the project.

Developer Planning Office Condo In Aventura

At $550 per square foot, the developer states that six of the 9 floors are already sold.

Riviera Point Development Group To Launch Construction Of Third South Florida EB-5 Office Project

The launch coincides with the completion and rapid leasing pace of the developer’s first international EB-5 funded office complex in Broward.

Downtown Miami Retail Building Trades For $27.2 Million

The purchase price of the property, which is located directly opposite the future site of SkyRise Miami, equates to $495 per square foot.

Industrial Developer Picks Up 28-Acre Vacant Lot For $12.2 Million

The developer plans to build and lease a distribution center.

Worldcenter A Go Go: Miami Worldcenter, one of the…

Miami Worldcenter, one of the biggest megaprojects happening in Miami now, has just gotten the A-OK from Miami to begin construction and will break ground in the third quarter of this year. Basically, everyone has a few more months to say goodbye to all of those bleak parking lots behind the ‘Biscayne…

Let’s get the party started: The grand opening of the Faena District…

The grand opening of the Faena District, developer Alan Faena’s very high end neighborhood-sized wonderland, will be “a thousands-strong, district-wide, people-powered processional performance” this November, and they’ve already started planning. Faena held a meeting of cultural movers and shakers…

Miami Worldcenter gets city approval for first phase

The massive mixed-use Miami Worldcenter project is moving forward after it received approval for its first phase from the city of Miami.  Its developers said they will begin to seek building permits for the first phase, which will include the…

W.P. Carey reports lower Q1 net income

W.P. Carey, a New York-based real estate investment trust, on Monday reported $38.6 million in first quarter earnings, down from $117.3 million during the same period of 2014.  In South Florida, W.P. Carey owns 4141 Southwest 30th Avenue…

Miami Worldcenter Hits Big Milestone

“Miami Worldcenter will transform 27 acres in the heart of Miami into a city within a city…”

Is Miami Seeing a Condo Correction or Not?

With a growing number of luxury condo high-rises going up, is there a market correction on the horizon? Does it depend on whom you ask? Yes and no.

Is This a Record for Non-Oceanfront Land?

“This transaction simply supports what an extraordinary site this is, and the high quality development that is forthcoming.”

Keyes Commercial

Codina and Gadinsky sell new Doral shopping center

A partnership between local developers Codina Partners and Gadinsky Real Estate sold the recently completed Doral Signature Shops for $9.1 million.  Marcus & Millichap’s Scott C. Sandelin and Edward Romo were the brokers for seller CC Lakeside OP, managed by Armando Codina, Seth Gadinsky, Daniel Hotte, Justin Schultz…

Fannie and Freddie Hit the Brakes on Multifamily Lending

Fannie Mae and Freddie Mac are trying to reign in robust multifamily lending that has them racing toward their annual production caps very early in the year.  Fannie and Freddie have introduced rate hikes over the past few weeks and tightened underwriting as a means to slow lending activity. The rate increases have amounted…

Foreign Money Is Pouring Into U.S. Real Estate, and It’s Not Just Houses

Blockbuster real estate deals are back and breaking records as cash from around the globe pours into U.S. office buildings, apartment complexes and other investment properties.  Commercial real estate transactions jumped 45 percent by dollar volume in the first quarter, an increase driven by sales of multiple buildings…

Simon Property’s share of Brickell City Centre valued at $100M

Simon Property Group disclosed the value of its investment in the retail portion of Brickell City Centre as $100 million.  The mall giant (NYSE: SPG) announced in April that it joined the team of master developer Swire Properties and Family Development, the owner of the Bal Harbour Shops, as a partner in the 500,000 square feet…

Details of the Design District’s Palm Court

Miami’s Design District has been transformed in the last five years from an industrial center with a few furniture, textile, and design storefronts and to a mega retail center where the shiniest and the most luxurious are setting up shop to sell their wares from Prada to Hublot to Cartier and more.  The Design District of today…

Second phase of Miami Avenue Bridge set to finish in December

Renovations: The Bass Museum of Art Will Close This Sunday for a Year

The Bass Museum of Art will close this Sunday for a year, to undergo the museum’s planned renovation and expansion. The plan, which eliminates the monumental interior ramp and adds 47 percent more programmable space, is by architect David Gauld, who worked closely with Arata Isozaki, the architect…

Miami: A Blank Canvas For Design

Miami is no stranger to the global spotlight. Flashy hotels and nightclubs, celebrity sightings and some of the world’s greatest beaches have long been part of our international brand. But when it comes to winning acclaim for superior architecture, we have long lagged behind design hotspots like Chicago, New York, London and Hong Kong.

CushWake Beats Out Competition for Massive Assignment

“The opportunities are endless in terms of what we can offer to prospective occupiers.”…

TRD insider interview: David Martin talks development in Broward

David Martin, president and founder of Terra Group, sat down with The Real Deal’s Managing Editor Ina Cordle to talk about his company’s upcoming projects in Broward County. Terra is currently working on a 120-acre development in Weston, Martin said, where the group will build estate homes priced…

Can JaxPort Compete With South Florida?

South Florida banking experts speak on the difficulties of vetting foreign funds

Foreign investment is everywhere in South Florida, but in an increasingly strict regulatory environment, banks are having to ramp up Bank Secrecy Act and anti-money laundering departments.  Bank Secrecy Act and anti-money laundering experts broke down the key points of working with foreign investors in South Florida, dealing…

Downtown Miami, FL

Miami Named 7th Best “City of the Future” for Foreign Investment

Miami basically runs on foreign investment, so it’s not exactly a surprise we’ve made “The Cities of the Future” list complied by FDI Intelligence’s, a sub-publication of the Financial Times” FDI, which stands for Foreign Direct Investment — a term for when a foreign business has a controlling ownership stake in an enterprise in another country.

School Board Wants to Develop its Prime Downtown Land, Again

The Dade County School Board is looking at getting into the development game with its ten acres of prime Downtown Miami land. Yep, again. According to the Miami Herald, the department has looked into it multiple times already, twice in 2011, and once in 2014…

Prominent New York investor buys Wynwood property for $10M

Big Business: Miami’s biggest developer, the Related, launching…

Miami’s biggest developer, the Related Group is launching a new “lifestyle” division to manage the restaurants, beach clubs, and fitness centers that it is putting in its residential projects. “It’s more than real estate and selling bathrooms and kitchens” says Related’s condo division president…

Rendering Reveals: Related Drops Renderings of Paraiso Bay Beach Club

The Related Group has dropped renderings of the marquee feature of its four tower Paraiso megaproject, the Paraiso Beach Club, which is going in the Paraiso Park (although it might be the Paraiso Bay Beach Club, going in the Paraiso Bay Park. The wording has been slightly vague for this place)…

Development Update: New Triptych Renders Are of Glassy, Highway-Side Party Tower

The developers of Triptych (because that name totally makes sense), the tower being proposed adjacent to I-195 and North Miami Avenue in Midtown, have dropped new renderings along with formally submitting plans to the city for the project.  The building will be primarily hotel, with 297 rooms of…

CBRE: Technology Workforce Hiring Boosts US Office Leasing

Technology workers are directly related to a national surge in office leasing according to a new CBRE research report, “Scoring Tech Talent”. In this report, the national commercial real estate firm CBRE ranks the top 50 U.S. markets and their…

Wild Ride for Miami Office Landlords

That was the theme for the CIASF Office Report today. I agree but I also want to add that the tenants are sitting right next to landlords on this rollercoaster. Here were three statistics that stuck out to me:  1) 75% of the Class A office buildings in the CBD (meaning Downtown and Brickell) are…

Epic Miami Beach Rooftop for Sale

We are currently marketing Skydeck Miami, the hottest Miami Rooftop, for sale!  Start by watching this short video. 605 Lincoln Road Rooftop – Miami Beach The most exclusive venue of South Beach is now for sale – we are talking both business and real estate.  Located at the…

NAI Miami Shuffles C-Suite, Announces Hiring of Stephen Nostrand as Chief Executive Officer and Chief Operating Officer

Stephen Nostrand served as CEO of Colliers International South Florida, where he lead the client service platforms and 35 brokers in three offices throughout South Florida.

Miami CRE back to healthy growth: panel

Tony Puente, Noel Steinfeld, Stephen Smith and Ana-Marie Codina Barlick.  Miami’s top commercial brokers and developers say vacancy rates are down, lease rates are up and there is a growing lack of quality commercial real estate space — all signs that the once-battered commercial real…

Codina joint venture sells Doral shops for $9M

Seth Gadinsky, Doral Signature Shops and Armando Codina.  Doral Signature Shops, a new 11,110-square-foot retail development, sold for $9.1 million or $820 per square foot, Seth Gadinsky told The Real Deal.  A 50-50 joint venture between two companies, Dassett Ltd. and CC Lakeside OP, sold the shopping…

Related Group to launch new “lifestyle” division

Rendering of Paraiso Bay Restaurant and Beach Club, Carlos Rosso and a SoulCycle (Credit: Miami.com)
Aside from developing dozens of new condominium towers, multifamily and affordable housing projects, the Related Group is now getting into the “lifestyle” property management business…

Design, location key to restaurant development in SoFla: panel

The intersection of food and design was a hot topic at a Bisnow event exploring restaurant and hotel development in South Florida on Thursday.  Elements like reclaimed wood and Edison light bulbs are part of an ongoing design trend in hospitality…