Keyes Commercial

830 Brickell, With Plans For A Ricardo Bofill Condo Tower, Is Up For Sale

Ugo Colombo and Vladislav Doronin have decided to flip land in Brickell where they were considering building a condo tower.  The property is next to Related Group’s SLS Lux project and across from Brickell City Centre. Colombo’s CMC Group had placed signs on the property advertising a 70-story ‘ultra luxury’ tower, in what…

Related Group competes with 13th Floor/Adler Group to build big project at Metrorail station

Two teams featuring Miami’s biggest developers are going head to head as the Related Group is competing with 13th Floor Investments and Adler Group to build a major project at the Douglas Road Metrorail Station.  Miami-Dade County put out a request for proposals to lease the 7-acre site to a developer. Related Group, the condo…

Photos Show Miami’s changing skyline over the decades

Miami’s skyline…a century of change.  “On the Miami River” circa 1900via the Library of Congress.  1910 – “Biscayne Bay through the cocoanut trees.” 1908 – looking east on 12th Street (now Flagler Street) at Avenue D (now Miami Avenue) in downtown Miami. On…

Jackson Health announces plans to open Urgent Care Centers

As promised to Miami-Dade County voters, Jackson Health System is moving forward with its plan to build urgent-care centers in North Miami and Country Walk. Jackson is recommending leases at two sites that, if approved, could open by summer 2016….

Revenge of the megaprojects: Two teams, the Related Group…

Two teams, the Related Group and Adler Group/13th Floor Investments are competing head to head to develop a megaproject at the Douglas Road Metrorail Station. Adler/13th Floor would build almost a thousand residential units on the site while Related proposes university student housing on a massive…

Foreigners swoop into Miami real estate with piles of cash

It’s a scene that’s played out countless times here in recent years.  A working-class couple identify a home they want to buy, they work with their bank on a mortgage and prepare an offer, only to find that the property’s been purchased by a foreigner who plunked down a full cash payment.  “That’s happened to every Realtor in Miami,” said…

Conquistador Apartments sold for $30M to Miami investor

Curbed Inside: Curbed Miami Goes Up the Cape Florida Lighthouse

Built on the tip of Key Biscayne, the Cape Florida Lighthouse is recognized as the oldest structure in South Florida (except for that 800-plus year old Spanish monastery shipped over here by William Randolph Hearst, but that’s another story). The Cape Florida Lighthouse…

Revenge of the megaprojects: ‘Midtown East’ is Moving Forward on Chiquita Banana Triangle

Alex Vadia, the lucky so and so who basically hit the jackpot when he was smart enough to scoop up half of Midtown Miami and the abandoned Chiquita Banana facility to the east for $60 million and then continued buying up adjacent…

US mortgage rates hit 2015 highs on bullish housing data

From the New York website: U.S. mortgage rates rose to 2015 highs this week, with bond investors reacting to positive reports from the housing market.  The average rate for a 30-year fixed mortgage climbed to 3.87 percent from 3.84 percent last week, matching levels seen at the end of 2014, according…

Construction, sales for Gables townhomes on track

One of the City Beautiful’s newest townhouse projects has broken ground and is selling out quickly, according to the developer.  The Santander townhomes, at 625 Santander Avenue in Coral Gables, is a 10-unit development…

Developers expect brisk construction in Broward to persist

Developers behind three of the biggest real estate projects in Broward County are wary of a possible slowdown, but expect the brisk pace of construction in Broward will prove persistent.  “It has some legs,” said Jimmy Tate, president of Tate Capital in…

Q&A with Jeff Greene: “I’m all in on West Palm Beach”

Renowned real estate investor Jeff Greene, who reportedly became a billionaire by betting against sub-prime mortgages in last decade’s real estate crash, is bullish on real estate in West Palm Beach, particularly downtown West Palm Beach.  He has bought land to develop condominiums,..

Super-sized condos emerge as demands shift

Amid a sea of extravagant amenities, starchitects and picture-perfect views, lies an option South Floridians often take for granted: space.  Owners and developers are combining up to five units and cashing in on these mega condos.
Rendering of…

Miami’s Midtown to expand with more resi, restaurants, retail

Developer Alex Vadia has started laying the groundwork for a new residential, retail and restaurant project on nearly seven acres of vacant land just east of Midtown Miami.  At its regular planning and zoning hearing Thursday, Miami city commissioners authorized a request by three…

Miami speeds ahead with plans for boat show

The Miami City Commission on Thursday voted to authorize a 10-year contract with a local company that plans to erect custom tents and temporary structures for the Miami International Boat Show, which next year is moving to Marine Stadium, despite vehement opposition from Key Biscayne. Mayra Lindsay, the opposing…

iPic Theaters nabs $14.5M loan for new Miami-Dade location

iPic Theaters obtained a $1.5 million loan to build out its new movie theater in North Miami Beach’s Intracoastal Mall.  The Boca Raton-based upscale, dine-in theater chain is building an eight-screen, 40,000-square-foot facility that should open this fall. It signed a lease there with Dezer Development in 2014.

Downtown Miami over the years

Various views of Downtown Miami: Flagler Street – 1927; Flagler Street – 1927; Aerial looking west – 1930; Aerial looking northeast – circa 1950’s.

BJ’s-anchored plaza in Miami sells for $42M

A Miami shopping center anchored by BJ’s Wholesale Club changed hands for $42 million. Coral Terrace Commercial, an affiliate of Coral Gables-based Pan American Cos. headed by Carlos C. Lopez-Cantera Sr., sold the property at 7030, 7050 and 7060 S.W. 24th Street to Kireland Coral Terrace. The Aventura-based buyer…

Monty’s Raw Bar and Bayshore Landing Marina in Coconut Grove sold

Monty’s Raw Bar and Bayshore Landing Marina in Coconut Grove were sold this week for $6.95 million.  The deal did not include the land, which is leased by the city of Miami. The lease includes adjacent retail and office tenants. The property was last sold in 2004 for $3 million, according to Miami-Dade County property records.

Considering Miami-Dade Office Property Sales Increases in Recent Quarters

We recently extracted some office building sales data from Costar, specifically sales by quarter. We were looking at sales in units, not dollars, to get an idea of what percentage of properties were turning over. As those in the industry can attest, sales have been increasing.

Miami Beach apartment/retail building sold for $21M to New York investor

A mixed-use building in Miami Beach sold for $21 million to an affiliate of New York-based Springhouse Partners. Goldwater Realty, a Miami Beach-based company managed by Zalman Fellig, sold the building at 1700 Alton Road to AC 1700 Alton Owner, which is managed by Springhouse Partners founder Adam Verner. The buyer obtained a $19.04 million mortgage from Ladder Capital Finance.

Casal Group Negotiates Two Lease Deals Totaling 500,000 SF

The deals are representative of the strength of the South Florida industrial market.

Video: Paramount Miami Worldcenter at Night

This new video shows what Paramount Miami Worldcenter will look like at night. Very cool.  Thumbnail Image from Video of Miami Worldcenter at NightParamount Miami Worldcenter will transform Downtown Miami (view area demographic trends). It will not only offer residents ultra-luxury condos, it will also offer a luxury…

9 Miami-Dade properties linked to FIFA corruption probe

The red cards continue for the Fédération Internationale de Football Association officials named in Wednesday’s 47-count indictment for alleged conspiracy and corruption. If the defendants are convicted on certain counts, the U.S. government could seize assets – including nine Miami-Dade County properties.  The U.S. Department of Justice…

The New Normal: A Miami Association of Realtors Presentation

Ted C. Jones PhD, Chief Economist and Senior Vice President at Stewart Title Guaranty Company, makes some interesting points about commercial and residential real estate in Miami. It is worth taking the time to watch it, particularly for anyone currently invested or considering investing in Miami area commercial real estate…

Miami Design District Property Triples In Three Years

The 5,186-square-foot building at 3620 Northeast Second Avenue sold for $5.5 million, or $1,061 per square foot.

Why You May Want a Non-Traditional Lender

With some condo developers working with traditional financial institutions and other working with non-conventional lenders, we asked attorney Luis Flores what the big differences are….

How Millennials Are Influencing Miami Retail

There’s pent up demand for discount stories, high-street retail, indoor malls, and more. Find out how Millennials fit into Miami retail trends…

Miami Jewish Health Systems plans campus expansion

Miami Jewish Health Systems announced plans to expand its campus with a facility for patients suffering from memory loss.  The non-profit runs assisted-living facilities, nursing homes, rehabilitation centers, and a memory center. The Miami Jewish EmpathiCare Village would house 66 beds for patients dealing with memory loss.

All Aboard Florida unveils fares, expects 5.3M riders by 2020

Ticket prices for All Aboard Florida’s passenger train will range from $11 for a one-way ride between Miami and Fort Lauderdale to $143 for a business-class trip between Miami and Orlando, the company said in a study Thursday. The passenger rail company has not officially released its fare schedule, but President Michael Reininger…

What Makes This Related Group Retail Successful?

Could it be the proven concept from West Palm Beach, the location, the names behind the project? All of the above?

Inside Look: South Florida’s coolest offices

We’ve rounded up photos of South Florida’s coolest workspaces and learned that there’s usually a purpose behind all the alluring artwork, creative designs, unusual furniture, awesome views, scooters, fish tanks and, yes, even the pingpong, pool and foosball tables.  It’s about marketing: making sure you’re customers see success…

Verzasca Group to Develop 19-Story Luxury Tower in North Miami Beach

Verzasca Group will break ground next month on a proposed 19-story, 121,600-square-foot luxury residential tower at 17550 Collins Ave. in North Miami Beach, FL.  No stranger to the South Florida development scene, the buyer has two other projects in development in Bay Harbor Islands, including the…

Melo Group completes construction of condo tower in Miami’s Edgewater

Melo Group finished construction of its 38-story Bay House condo tower in Miami’s Edgewater neighborhood and will begin closing units soon.  The Miami-based developer, which is owned by the Melo family from Argentina, said the 165-unit Bay House is 99 percent sold and only two penthouse units – starting at $2 million…

Candlewood Suites project proposed in Miami

Tamiami Plaza Center Inc. has proposed a new Candlewood Suites hotel in Miami.  The application, filed last week with the Miami-Dade County Department of Regulatory and Economic Resources’ Development Services Division, shows a five-story, 103-room hotel that would be built on a 1.82-acre parcel of land at the southwest…

Miami Design District property triples in three years

Stiles Realty Brokers $4.8 Million Sale Of Former Harley Davidson

Marine Services Company Buys Broward Office Building For $9 Million

Bay House, Melo’s Fanciest Edgewater Building Yet, is Done

Bay House, the Melo Group’s 165 unit, 38 story condo tower in Edgewater and the first building as far as we know that attempted to elevate the developer’s work above mass market monotony in white stucco to somewhat more upscale digs has just received its temporary…

Boom or Bust? Southeast Seeing Some of Both

Atlanta is one of the fastest-growing cities in the Southeast—and the nation. But all Southeast cities aren’t as fortunate. Find how which cities are booming and which are busting in part two of this interview….

These Retail Transactions ‘Increasingly Rare’ in Florida

Grocery-anchored shopping centers are in high demand across Florida, with the demand outstripping the supply. This portfolio sale closed against that backdrop…

After SoBe Launch, Crema Caffeinates Coral Gables

“Coral Gables is the gold standard for urban, walkable, 24-hour neighborhoods in Miami-Dade County.”

What’s Really Driving Miami Retail?

In Miami, there is at least 4 million square feet of retail space in the permitting stages and under construction. What does that say about the Miami’s retail sector?

This Firm Is Pressing Hard Into Industrial

With a limited number of industrial listings in South Florida, the landscape is more competitive than ever. This firm’s Miami office is stepping its game up to meet the intensifying demand…

Miami Retail Investors Can Expect These Terms

“High quality, income-generating properties backed by stable owners are ripe for favorable financing terms in today’s real estate market.”

Amendment 1 Supporters Plan Rallies for Land Buying

Environmentalists plan to hold rallies across Florida this weekend, again calling on lawmakers to boost the amount of money for land acquisition, Everglades restoration and natural-springs protection.

Florida Supreme Court Ruling on Attorneys is Bad News for Condo Associations

Condo association boards hoping to cut legal fees by performing some everyday tasks in-house will need to reconsider after the Florida Supreme Court reaffirmed an earlier opinion that these duties constitute practicing law without a license.  Still reeling from the last housing crash that left some filing for bankruptcy to remain….

FEMA head visits Miami Beach to see how city is dealing with rising seas

As President Obama arrived in the Miami area on Wednesday afternoon, White House officials visited Miami Beach to talk sea-level rise and what the city is doing to prepare.  W. Craig Fugate, head of the Federal Emergency Management Agency (FEMA), and Senior Advisor to the President Brian Deese toured…

Del Junco Joins Cushman & Wakefield

Karina Del Junco has joined the Miami office of Cushman & Wakefield as a property manager with the firm’s investor services group. In her new role, Del Junco will be responsible for a portfolio of 1 million square feet of class A office, retail, and industrial properties within the Miami/Dade…

Mount Sinai Planning To Build A New Eight Story Hospital Tower In Miami Beach

Mount Sinai Medical Center wants to build a new eight-story tower on their Alton Road campus in Miami Beach.  The project includes the renovation of part of the existing facilities, with the new tower above the renovated space. It is a part of a master plan currently being reviewed by the city that also calls for a new employee parking garage.

Doral Makes it on Yahoo’s List of 15 Fastest-Growing Cities In The U.S.

Texas or California; cities in the two states absolutely dominate the ranking of fastest-growing cities with populations of 50,000 or more. Texas and California alone take up half the top 50 fastest-growing cities, with 15 for Texas and 10 for California, according to numbers just released by the U.S. Census Bureau.

Four 60-story riverfront towers move ahead

A large project planned for riverfront property adjacent to I-95 would bring more than 1,600 residential units to Miami.  These new residences would make up the bulk of four 60-story towers, the heart of a mixed-use development named after the body of water it embraces: Miami River.  Along with its size…

Miami Gardens office buildings sold for $12.6M, half off previous deal

Apartment tower to link booming Midtown & Design District

Site work has commenced on a transitional project set to bring nearly 200 rental apartments and new retail shops to Miami as it connects Midtown with the Design District.  The neighboring Wynwood Arts District is also listed as playing a role in the design concepts employed for District 36.  The 19-story tower, rising on a vacant lot…

Plan for 1,237 units at Diplomat and Chateau Square among Hallandale Beach proposals

The Diplomat Resort & Spa’s plan to build 1,237 hotel and condo units and a mixed-use project by condo builder Chateau Group are among five big development proposals recently submitted in Hallandale Beach.  Two of the five proposals are on the agenda of the city’s planning and zoning board on Wednesday evening. See the slideshow…

Wynwood district tries to expand

The push continues to expand the Wynwood Business Improvement District (BID) by pushing out the boundaries slightly but also by including more properties that are already within its geographic area. If the drive succeeds, 130 more businesses might join.  “It’s not going to happen overnight,” said Albert Garcia, BID director…

Miami Mayor on MLS/UM Stadium: ‘Running Out of Time’

Is David Beckham finally going to concrete a plan to build an MLS stadium in Miami and potentially team up with Canes football?  Carlos Gimenez, the mayor of Miami-Dade County, joined WQAM to update South Florida with the latest.  “I think they just want to get a stadium built,” Gimenez said on the Joe Rose Show Tuesday morning…

It’s Offiical: Alton Road’s Big Fancy Whole Foods Got its Big Fancy Approval

The third time was a charm for the 40,000ish square foot Alton Road Whole Foods Market designed by Chad Oppenheim which was officially approved today by the City of Miami Beach. After a disastrous ‘christmas colors’ first try, and a marginally svelter but still rejected revision, developers…

Boot Camp Beach: Miami in World War II Was A City-Sized Bootcamp in Paradise

While the hurricanes of war raged across both oceans, the stateside industrial and human efforts that made World War II possible stormed into Miami with seemingly as much gusto. The city’s grandest resort hotels became war hospitals (some of which never checked out, eventually dooming buildings by…

Comment of the day: “I think thee biggest problem with Cocowalk…

“I think thee biggest problem with CocoWalk is that they crammed too much retail into a site that was too small. Also the 3 levels of retail and restaurants don’t work because the number one rule for business that I know is location (should be on the ground floor). The store on the second level have…

Luxury & Culture Behind Miami’s Growth as a Destination for the Wealthy

The City of Miami continues to emerge as a top global destination for the über-wealthy. According to Knight Frank’s annual Wealth Report (2015), Miami is ranked 6th globally, 2nd in the U.S. and will remain among the world’s top 10 most important cities to Ultra High Net Worth…

Crescent Heights gets planning OK for new Whole Foods in South Beach

Developer Crescent Heights was given the go-ahead on Tuesday by the Miami Beach Planning Board to build a new 50,000-square-foot project that will include a new Whole Foods Market…

Eyewear brand Illesteva sets sights on Wynwood

Illesteva, a New York-based luxury eyewear and accessories brand, will open its first South Florida store in Wynwood, as the neighborhood boosts its retail offerings, The Real Deal has learned.  Jason Weisman, principal of JAW Commercial…

Melo Group completes second new Edgewater condo tower this cycle

A second new condo tower has been completed in the Edgewater neighborhood of Greater Downtown Miami by the same developer that started this current South Florida preconstruction boom in April 2011.  The Melo Group — which constructed the 23 Biscayne Bay condo…

CVS to open 12 Hispanic-themed stores in South Florida

CVS/pharmacy is opening 12 South Florida stores catered toward the Hispanic community, the company announced recently.  The CVS/pharmacy y más locations include 11 remodeled CVS stores and one new store. The pharmacies will feature fully bilingual staffs, more than 1,500…

Miami home prices rank fourth in country for growth

Miami saw some of the country’s largest gains in home prices, according to S&P Case-Shiller’s Home Prices Indices for March 2015.  Home prices in Miami grew 8.7 percent during March compared to the same month last year, outranked only by Denver…

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.