Miami Commercial Real Estate News May 4, 2015
Faena Miami Beach lands $80M construction loan
Alan Faena’s Miami Beach development received an $80 million construction loan, The Real Deal has learned. HSBC granted the mortgage to 3420 Collins Avenue LLC, a company tied to Faena and his Saxony Hotel, according to Miami-Dade County records. Faena Miami Beach spans from 32nd Street to 36th Street. It includes the Faena…
ComReal Miami Industrial Real Estate Market Report First Quarter 2015
The new year has started very strong for the Miami industrial real estate market. The average lease rates have already increased to $8.53 per sq. ft. and the average vacancy rate fell to 5.2%. The net absorption for the 1st quarter was an astounding 1.4M square feet. The largest lease so far this year…
Related Group’s Sonia Figueroa Named 2015 Woman of Influence
After 17 years shaping Miami’s skyline, now as senior vice president of development at The Related Group, and previously in the public sector with Miami-Dade County, Sonia Figueroa isn’t just influencing the city—she’s creating it. Describe your work in the public sector: I started in the planning department. It was…
The Secrets to the Galbut Family’s Success
The Galbut family’s love affair with Miami Beach began in 1931 when Abraham and Bessie Galbut moved to the city, opened Al’s, a shop that was equal parts drugstore, tag agency, notary public, and restaurant, and immersed themselves in the community. Their grandsons, Russell Galbut and Bruce Menin, cofounded with…
Bayfront Park Polluted with Lead and Arsenic; Needs Cleanup Pre Ultra 2016
Comment of the day (re 633 Observation Tower): “This is one of those rare times when…”
“This is one of those rare times when you can say “it’s all a façade” without any irony. I’m not the least bit against architecture for the sake of architecture, but to me this looks like something made to resemble a functional skyscraper but it’s totally empty. So long as you’re making a…
Maison & Objet, world’s top luxury decorative arts trade show, launches in Miami Beach
Design lovers in Miami will be treated to a delectable taste of France in May. Maison & Objet, the must-see event for design cognoscenti around the globe, has stood as the world’s premier luxury decorative arts trade show since it was founded 20 years ago. Serving up a selection of the finest furniture, objects, lighting, tableware, and accents…
Miami: The Next Global Frontier
Miami’s second annual eMerge Americas Conference marks another milestone in the city cementing itself as a hub for tech startups and entrepreneurs. In the last 18 months, Miami has established and cemented many of the key components it will need to continue to mature as a global hub for…
Coconut Grove Office Space: Follows Gables With Big Mo
Last year, I reported about how Coral Gables, FL is gaining office leasing momentum. Now, it seems Miami’s Coconut Grove submarket is following suit with investor interest…
0 Comments
Flashback Friday: Hurricane Andrew, As it Happened
At the time of its occurrence in August 1992 the costliest hurricane in United States history, Hurricane Andrew was the fourth tropical cyclone and the first hurricane of the Atlantic hurricane season in 1992. It originated from a tropical wave over the central Atlantic. Initially, strong wind shear prevented it from developing too much intensity. However, increasingly favorable conditions followed that allowed the system to become a tropical storm on August 17, and a minimal hurricane six days later.
After turning to the west, Andrew entered a period of rapid intensification, strengthening into a Category 5 hurricane close to the Bahamas on August 23. It momentarily weakened to a Category 4 hurricane over the Bahamas, but then regained its Category 5 intensity on August 24 before making landfall at Elliott Key and then later in Homestead, just south of Miami, Florida.
Hurricane Andrew Bears Down on Miami
Miami would be forever changed, as it navigated the effects of this ravaging storm, both through the night of the storm itself, and in the weeks and years that followed. Among the many effects were changes in construction that would forever affect real estate construction costs and thus values, as the cost of adding supply to the market was permanently increased, and increases in the cost of insurance that was further exacerbated when Hurricane Katrina became an even costlier hurricane when it made landfall near New Orleans.
0 Comments
Miami Commercial Property News May 1, 2015
Keyes Commercial Real Estate
Developer Submits Plan For 649-Foot Tower On City Hall Site In Edgewater
The Federal Aviation Administration is now reviewing a developer’s plan to build what could become the tallest building in Edgewater. If approved, the tower would rise to a height of 643-feet above ground, or 649-feet above sea level. It would be built on the property where the City Hall restaurant is now operating, at the corner…
Miami Taxpayers Help Jogre Perez Get Rich Off Affordable Housing
This past March 3, local officials gathered to celebrate the opening of a 34-unit affordable-housing apartment complex in the leafy, middle-class Miami neighborhood of Shenandoah. County Commissioner Bruno Barreiro and Cuban radio personality Martha Flores snipped the red ribbon.
Proposed rooftop lounge on Lincoln Road up in the air
Plans for a new lounge at the former Sony building at 605 Lincoln Road hit a snag at Miami Beach City Hall Tuesday afternoon. Michael Wilkings, a London-born entertainment executive from Toronto, told The Real Deal his company Howard Hospitality Group has a contract to buy 605 Lincoln Road’s rooftop space from the current owner…
Best Western’s Hipster Boutique Vib Coming to Edgewater
Think of Best Western and you think, “Well, that’s a hotel….” Best Western operates an approximate 4,000 hotels across the globe. Its portfolio includes everything from roadside motels to four-star European resorts, but every single last one of them is called Best Western (or BWs in some markets). Nicer ones are dubbed…
Up in Lights: Technicolor Tower of Lights Will Crown a New Silicone Beach
Developer Michael Simkins’ recently-announced Miami Innovation Tower, which local media has been sloppily characterizing as a ‘giant LED billboard’ planting a stake in the desolate, long-neglected Overtown/Park West neighborhood, will be the centerpiece of a 7 million square foot…
Light Up Tourist Traps: 633-Foot Media Tower Will Boast Observation Deck, Shopping
The 633-foot tall digital media tower that developer Michael Simkins and SHoP Architects are bringing to Overtown will, somewhat unsurprisingly, have multiple restaurant levels at the middle and top, as well as an observation deck above the middle clump of restaurants, within the structure, which…
Sleeping Around: Best Western going boutique with Vib, opening in Omni District…
Best Western, the hotel chain that just kind of blends in to the woodwork, like, in every way, is launching their best effort at a boutique hotel chain in the Omni District. The new hotel will be called Vib, pronounced Vibe, and will look just like every other Vib, according to a generic rendering…on [South Florida Business Journal]3. Grove Isle resort to close amid controversy over private island’s future…
Two Coconut Grove office buildings sold for $42M
Put up your dukes, developers: Paramount Miami Worldcenter gets boxing ring
Got a dispute with the Paramount Miami Worldcenter’s condo association? Lace up your gloves and step into the ring. The pre-construction luxury tower is adding another feature to its long list of amenities: a boxing ring…
Miami ranks in top 10 global cities for prime RE: Christie’s report
In Miami, foreign buyers purchasing second homes represented 40 percent of luxury sales in Miami last year — compared to 44 percent in London. That’s according to a Christie’s International Real Estate report released Thursday, which states that Miami is among the top…
Faena Miami Beach lands $80M construction loan
Alan Faena’s Miami Beach development received an $80 million construction loan, The Real Deal has learned.
HSBC granted the mortgage to 3420 Collins Avenue LLC, a company tied to Faena and his Saxony Hotel, according to Miami-Dade County records. Faena…
Doral mayor’s son buys Buena Vista church near Design District
Equity One, Duke Realty, Franklin Street Properties REITs report mixed Q1 earnings
Real estate investment trusts Equity One, Duke Realty Corp. and Franklin Street Properties reported a range of first quarter earnings this week. Each of the REITs has significant interests in South Florida. Equity One reported $8 million or 6 cents per…
0 Comments
Non-Financial Reasons to Invest in Real Estate in Miami
There are numerous reasons why Miami has increasingly become a financial destination. However, just as important are the non-financial reasons why you should invest in Miami’s real estate. Miami has very lucrative investment opportunities and despite the gradual increase in Miami’s prices, investors are still making money through good investment choices.
Putting aside all the financial benefits to invest in Miami, the city’s other attractions have also made it famous. Miami is famous as a retirees attraction, spring breakers and South Beach models, as well as a culture, fashion and arts center.
Arts and Design
Miami has recently become a prime destination for art and design enthusiasts. Miami hosts the annual Art Basel show, which is an international art event that attracts a large number of art lovers from all over the world with the number of visitors increasing every year. In addition to Art Basel, Miami city also plays host to Art Miami, Context Miami and AQUA Art Miami as well as several other art fairs and exhibitions all held in December.
Wynwood art walk is another fairly new and very high demand art event. It takes place every second Saturday of the month and features Art Institutions, Retail Businesses and Art Galleries. The streets are normally filled with large crowds out to have a fun night out while enjoying the creative juices of the city’s Art Scene.
Miami opened the Perez Art Museum Miami – PAMM in 2014. PAMM is a contemporary and modern art museum that is dedicated to collecting international art from the 20th and 21st centuries.
Culture
Miami is host to a variety of film festivals that serve almost every possible genre you can think of. The most famous is the Miami International Festival that boasts both emerging and established film makers. The Miami International Film Festival aims to foster a transformative film industry by covering a vast array of topics, and they seem to be doing this quite successfully. The Miami International Film Festival takes place in early March in theaters around the city and is produced and presented by the Miami Dade College. Other famous film festivals that take place all year round include Brazilian Film Festival of Miami, Miami Gay and Lesbian Film Festival, The Miami Jewish Film Festival, The Italian Film Festival, Women International Film and Arts Festival, DocMiami Film Festival, European Film Festival in Miami, Miami Short film Festival and a lot more.
Fashion
Miami has witnessed a recent upsurge in the fashion industry and it is now home to several high-end fashion stores. The most recent of these is the Miami Design District that is a creative and chic fashion neighborhood that includes several design stores, high-end restaurants and some of the worlds most luxurious fashion brands such as Louis Vuitton, Celine, Cartier, Pucci and Hermes. Apart from also being home to numerous high-end retail shops and the Miami Design District, some large-scale mixed-use urban projects such as the Miami World Center and Brickell City Center are also coming to town.
Restaurants
Foodies in Miami are treated to most if not all of the world’s most famous restaurants. Name any famous restaurant and we can guarantee it can be found in Miami. Miami is the place to be for foodies with big names such as Nobu, Mr Chow, Cipriani, Zuma, and the soon to be opened Bagatelle Miami.
The Job Market
Miami is more than a great holiday destination. It has a thriving business community and several business centers as more and more international companies set-up shop in the city as their prime South American hub. Miami’s economy was once famous for plastic surgeons and real estate agents but many young and educated professionals are slowly moving to Miami.
A Bloomsberg business report claimed that well over 700 multinationals have set up in Miami over the last 25 years drawn in mostly by Miami’s proximity to the Caribbean, Latin America and its multilingual workforce. Some famous multinationals you can find in Miami include Diageo, SAP, Mastercard, SAB Miller, Sony, Novartis, the BBC, L’Oreal, Maersk, Adobe, Burgerking and Siemens.
Miami is home to several international banks and has the largest concentration of international banks south of New York city. Consequently, there is a brain influx in Miami that has seen Miami’s Brickell nicknamed the “Manhattan of the South”. The banking industry normally attracts very bright minds from all over the world especially specializing in wealth and investment banking.
CareerBliss, a career site conducted a survey based on 8 factors that influence an employees contentment and concluded that Miami is the happiest place to work in the United States. The factors considered in arriving at this decision were work-life balance, general work environment, employees relationship at eh workplace with colleagues and bosses, compensation, company culture, resources and career advancement opportunities.
Sun Sand and Sea
Taking all the above points into consideration and adding the sun, the beaches and the majestic Atlantic Ocean into the picture, Miami is literally paradise.
Looking for more about Miami that is awesome? Check out our post with a video that highlights some of the amazing facts about the city of Miami.
0 Comments
Miami Comm’l Real Estate News April 30, 2015
Downtown Miami at Night
Man-Made Beach in Miami’s Urban Core Turning Heads
Miami real estate prices are rising and investment is pouring into South Florida at a rapid clip. It’s against that backdrop that East Edgewater’s newest luxury condo continues its ascension. Vertical construction at Biscayne Beach, a 51-story waterfront tower located at 711 NE 29th Street along Biscayne Bay, has surpassing…
Developer plans six self-storage facilities in Miami-Dade
A developer announced plans to build six self-storage facilities in Miami-Dade County. Miami City Self Storage LLC, headed by Jay Massirman, Stephen Garchik and Steve McBride, said each building would be about 100,000 square feet with about 1,000 climate-controlled storage units.
The Donald faces rejection from Miami-Dade on Key Biscayne golf course offer
Donald Trump’s offer to manage the Crandon Park Golf Course on Key Biscayne has drawn a proposed rejection from Miami-Dade County Commission Chairman Jean Monestime. The New York billionaire’s Trump Acquisition made an unsolicited offer in July 2014 to sign a 99-year management deal for the public golf course on Key Biscayne and invest $10 million into upgrading it. The deal would be another jewel in Trump’s South Florida golf club portfolio, which includes Trump National Doral, Mar-a-Lago and the Trump International Golf Club West Palm.
Pacific National Bank Moves To Create ‘Center Brickell’ By Combining With Neighboring Property
Next Generation of Arquitectonica Taking on the Grove
Aloft South Beach hotel announces opening date
Aloft South Beach will officially open May 28, representatives from the hotel announced this week.The 235-room hotel was built on the foundation of the historic Ankara Motel at 2360 Collins Avenue in Miami Beach and was expected to open Feb. 26. But construction delays pushed its grand opening back, said…
Synergy Workspaces to open shared office space in downtown Miami
Synergy Workspaces will open an executive office suites center at One Biscayne Tower in downtown Miami. The company signed a 26,144-square-foot lease for the entire 32nd floor of the building and will open on April 30. Taylor & Mathis’ Brian Gale and Ryan Holtzman represented the landlord for the 14-year, $13.5 million deal…
Miami and Miami Beach Considering More Trolleys
Both the City of Miami and the City of Miami Beach are considering expanding their free, and popular, trolley systems with new routes and more service. Miami is looking at adding a new route into Little Havana, while Miami Beach is considering aggressively expanding what was originally meant as a…
Margaritaville Resort construction loan boosted to $55M
The developer of the Margaritaville Beach Resort in Hollywood got a boost to its construction loan as the project nears completion. Bank of the Ozarks (Nasdaq: OZRK) recently added $19 million to the mortgage it granted the project in 2013 to bring the loan up to $54.6 million. Given that it’s been described as a $147 million project…
Rumormongering: Marshalls is Following Ross to Lincoln Road, Most Probably
Lincoln Road has gone to the discount-loving, suburban, bridge-and-tunnel, outlet mall-patronizing, Olive Garden-eating masses. Hot on the heels of the announcement that Ross is coming to Lincoln Road, it looks like that other discount-bin purveyor, Marshalls, is coming too.
Comment (re sea rise) of the Day: “Well a study by the university…
“Well a study by the university of Miami has shown that the sea has risen 3.7 inches since 1996. Also NASA is predicting 30 inch rise or 2 and a half feet in the next 100 years. I should mention that all of NASA’s previous predictions about climate change have been wrong but that was because the…
Store it Real Good: Miami’s booming condo market good for storage biz
Miami’s booming condo market is good news for the self-storage industry, because people always need someplace to store their junk. And in Miami we have a lot of junk. Miami City Self Storage just picked up six primo parcels around Miami in their plan to develop 1 million square feet of storage space…
PortMiami Generates Double-Digit Cargo Container Growth In First Half Fiscal Year
Containerized cargo shipments through PortMiami increased 12 percent during the first six months of fiscal 2015. The government-run port said it handled 477,400 TEUs (twenty-foot equivalent units) through March, up from 426,000 during the same period last year. That number is expected to grow substantially…
Noble Investment Group buys Fort Lauderdale Marriott Renaissance for $48M
Canvas nabs $75M construction loan, now converting to contracts
Canvas, a 513-unit condominium tower planned for Miami’s Arts & Entertainment District, has secured a $75 million construction loan and will begin converting reservations to contracts, The Real Deal has learned.
The proposed 37-story building is now 39 percent…
Trump faces resistance for proposed Crandon Golf Couse takeover
The Donald doesn’t take no for an answer — but a county commissioner is looking to change that. A year after Donald Trump submitted an unsolicited plan to upgrade and manage the Crandon golf course in Miami-Dade, commission chair…
Investors snag site north of Design District as area expands
Proposed rooftop lounge on Lincoln Road up in the air
Plans for a new lounge at the former Sony building at 605 Lincoln Road hit a snag at Miami Beach City Hall Tuesday afternoon. Michael Wilkings, a London-born entertainment executive from Toronto, told The Real Deal his company Howard Hospitality Group has a…
North Miami Beach Based REIT Equity One profits fall in Q1 on lower revenues
Equity One saw a decline in earnings in the first quarter despite an increase in shopping center occupancy.
The North Miami Beach- and New York-based retail REIT (NYSE: EQY) generated $44.2 million, or 32 cents per share, in funds from operations in the period, which was in line with analyst expectations. Yet, that was down…
NY investor plans luxury North Beach apartments with car lift
A New York investor was given the green light to build a luxury apartment building in Miami Beach’s suddenly hot North Beach neighborhood, thanks to the Miami Beach Planning Board’s 7-0 vote. Guy Smilovich, principal of Sterling Holdings…
How Cresa is Filling a Global Void for Space Occupiers
Cresa Argentina, formerly One Side Argentina, is a leading corporate real estate advisor firm that exclusively represents tenants and occupiers of space. So what does that mean for Cresa South Florida?
Kolter to start construction of Boca Raton town home project this summer
Kolter Group said it plans to begin construction of a 75-unit town home project in Boca Raton in June or July.
The Ravella Townhomes project is located at the northeast corner of North Military Trail and Northwest Spanish River Drive. Officials from West Palm Beach-based Kolter said it would have 12 buildings…
KBS buys Financial Center at the Gardens for $63M
KBS Realty Advisors paid $63 million for the Financial Center at the Gardens, a “Class A” office complex in Palm Beach Gardens, according to industry sources. Cushman & Wakefield’s Mike Davis, Michael Lerner, Rick Brugge, Mark Pateman and Tara England represented seller 3801 PGA Acquisition Co., institutional investors…
0 Comments
Video Highlights Awesomeness of Miami Area, Commercial Developments
There is an abundance of quick facts about Miami in this video that do a nice job of highlighting how awesome the area has developed leadership positions in so many areas. Some of the facts include:
- Largest concentration of international banks in the USA
- Latin American HQ for 1,400 international corporations
- 50 new skyscrapers under construction (as of March 2014)
- Airport the 2nd largest entry-port in the USA – 40 million passengers annually
- Largest international freight airport in the USA
- 4.3 million cruise passengers annually
- 14 million international visitors annually
- $22 billion tourism industry
- Warmest average temperature in the United States (75 degrees Fahrenheit)
- #5 on Christie’s Top 10 International Luxury Real Estate Markets List
- Named richest city in the U.S. by UBS
- World’s largest collection of art deco buildings
- Home to largest dance event (Ultra Music Festival) in the world
- Largest population of international born residents in the USA
- Home of Art Basel, referenced in the New York Times as “Cannes Film Festival of Art,” drawing 75,000 collectors, visitors, and investors, with 18 satellite art fairs and 250 concurrent art gallery shows
- Over 70 galleries and museums
- Home to area NFL, NBA, MLB, NHL, (and soon) MLS teams, major tennis and golf tournaments
- Second largest performing arts center in the United States
Thumbnail from Video Highlighting Awesomeness of Miami and Commercial Real Estate Developments
Toward the end of the video it ties in Brickell CityCentre, who published this video to promote their development. Included among the mentioned features is their Climate Ribbon, a 150,000 square feet feature designed to create a “microclimate” underneath it, providing shade from the sun, collecting rain water for reuse, and creating air flow, harnessing breezes from the bay to keep air flowing at a moderate pace in public spaces. Quite cool (pun intended).
0 Comments
Miami Commercial Property News April 29, 2015
City Within A City: Miami Worldcenter To Eventually Have Almost 8,000 Residential Units
Miami Worldcenter finalized an agreement last week with Dade’s Water and Sewer Department that will bring enough utility capacity to the site for 7,780 residential units. To date, there are only two residential towers going through the city approval process. The Paramount condo tower will have 513 units, while a rental…
60-story towers due on river, to connect at top
Dual 60-story towers planned for the north bank of the Miami River are to include residential units and exclusive hotel rooms. The towers would connect at the top and bottom and be open in the middle. Plans calls for about 400 residential units, including two 5,182-square-foot penthouses that each have a terrace and pool.
Developer Avra Jain now active in 60 to 70 locations
Avra Jain is known for complete restoration of the Vagabond Hotel and being a woman in the predominantly male world of Miami development. What people might not realize is her generosity of spirit, evidenced by her pointing to others’ hard work that she says paved the way for her and the admiration she has for other developers…
Historic Edgewater site could get 36-story tower
Coral Gables office building bought by Texas developer known for knocking ’em down
A Coral Gables office property could be redeveloped after being acquired by a Texas developer known for knocking down buildings. errick Partners, a Miami-based company managed by Steven Schiff, sold the office buildings at 4015 and 4131 Laguna Street for $11 million to Terrace Mountain Investors IV, managed by Frank Trabold…
Surfside site under contract for $40M, new oceanfront hotel and condos planned
Marlins Site Remains Most Likely Stadium Site for David Beckham’s MLS Team
At an event late last week, Miami-Dade Commissioner Xavier Suarez once again showed off his office’s…
Big-name developers Related, Adler 13th Floor, vie to build at Coconut Grove Metrorail
Developers behind some of the most notable projects in Miami-Dade County are vying to build out an area adjacent to the Douglas Road Metrorail station near Coconut Grove. Miami-Dade government requested proposals for transit-oriented development near the station. Two groups responded, Miami Today learned through a public…
Young downtowners OK with less space
Not surprisingly, people are moving into residences they can afford and then adjusting to the size of their home, although residential brokers are noticing first choices often depend on the age group. “Buyers are going with what’s available to them,” said Daniel Quintana, managing broker of Merca Real Estate…
More Free Trolleys Coming to Miami
Miami leaders are preparing to expand their free trolley system, which averages 12,000 riders daily. Commissioner Frank Carollo said the rubber-tired trolleys have met great success since they started rolling in 2012. “I want to extend that success into Little Havana,” he said. On April 23, he moved to add a route into East Little Havana…
Miami CRA defers vote on giant LED billboard tower
The Southeast Overtown/Park West Community Redevelopment Agency has delayed its vote on plans for an electronic billboard tower that could grant millions in incentives to the Miami agency in exchange for approval.
Miami Beach Ritz Carlton Residences Construction Moving Along
Construction is moving forward on the Ritz-Carlton Residences Miami Beach at 4701 N. Meridian Ave., at the site of the former Miami Heart Institute. The seven-acre waterfront project comprises 111 condominium units and 15 single-family homes that will be priced from $2 million to more than $40 million. Delivery is expected in 2016…
Miami retail climbs higher up national index
Miami moved up one spot to rank 11th in Marcus & Millichap’s National Retail Index for 2015, climbing from 12th place last year, among 46 major retail markets based on a series of 12-month variables including employment growth, vacancy, construction and rents. Miami nearly cracked the top 10 – led by San Francisco, New York…
Toxic Soil Found at Bayfront Park
In the 80’s they decided that Bayfront Park was too flat and added fill to make it a bit more interesting. DERM has now found that the fill added is toxic and must be removed or capped. DERM decided to test all City parks after they found toxic material in other parks.The areas in question in…
History Lessons: The Boulevard Was Carl Fisher’s Last Miami Beach Hotel
Of developer Carl Fisher’s original Miami Beach hotels, including the more well known names like the Flamingo, the Nautilus, the Lincoln, and the King Cole, the least known, and the last one he ever built here, was The Boulevard.
According to the Wolfsonian Museum…
Sleeping Around: The new Aloft South Beach, on…
The new Aloft South Beach, on its spectacularly unusual Lake Pancoast location, is opening next month, reports the Real Deal. The project includes the restoration of the historic Ankara Motel, along with significant additions, including a new tower and new levels on the existing structures.
Development Update: Design District/Midtown Link to Break Ground Next Month
District 36, the mixed-use residential/commercial/retail project that will be sort of a link between the Design District and Midtown because of its location on the north side of 36th Street, between NE 1st Avenue and NE 1st Court, will break ground next month Michael Comras told the Miami Herald….
Come Hell or High Water: Will You be Underwater When Sea Levels Rise?
A web app created by professors and students at the FIU School of Journalism and Mass Communications, merging data from the Google Elevation Service with calculations made by scientist Peter Harlem at FIU’s GIS Center, shows the potential effects of sea level rise across South Florida in…
Storefronting: The new Lincoln Road Apple…
The new Lincoln Road Apple Store is finally open, and Racked Miami has some interesting tidbits on the design, which recalls an auto dealership that was originally located on the site in 1935. Oh, and it’s three times bigger than the old one.
Equinox fitness chain is taking the over the industry and will be part of Brickell Heights
The chain of luxury gyms will have nearly 80 clubs by the end of 2015 and has announced plans to launch a chain of upscale hotels with focus on physical health in Los Angeles and New York. “Our client has a lifestyle of high performance,” said the head of marketing for Equinox Carlos…
Boca Raton’s Arvida Park of Commerce rebranded to welcome residential uses
The Arvida Park of Commerce in Boca Raton has been rebranded as the Park at Broken Sound as it transitions from a traditional business park to a live/work center with residential units. The two property associations for the 750-acre property hired Fort Lauderdale-based ID & Design International to create a new logo and signage…
Retail Pre-Leasing At Brickell City Centre Weak, Simon Brought In To Help Market Space
Swire Properties has signed a deal with Simon Property Group to help lease the retail space at Brickell City Centre, in a three-way partnership with the Whitman family. The move comes weeks after the developer revealed in a conference call that just 25% of non-anchor space had been leased, a disappointing number. In 2013…
Royal Palm ownership approved, will become first Tribute by Starwood
Almost two months after the $278 million sale of the Royal Palm Hotel in Miami Beach, the new operators affirmed they would abide by the terms of a four-year-old conditional use permit given to the previous owner by the city’s planning board…
Israeli firm pays $13M for Fort Lauderdale’s Merrill Lynch Plaza
Arvida Park of Commerce renamed Park at Broken Sound
The Arvida Park of Commerce has been renamed the Park at Broken Sound as developers prepare to build residential units and retail stores at the 700-acre commercial park in northwest Boca Raton. Two associations of property owners at the 37-year-old development…
Developer plans 1M sf of self storage for Miami-Dade
Could self storage be the next big thing in real estate? At least one development firm thinks so. Miami City Self Storage, which develops in-fill storage facilities throughout South Florida, just picked up six parcels in Miami-Dade County as part of its plan…
JMH Development’s Aloft South Beach to open next month
Aloft South Beach — developed by Jason Halpern’s New York-based JMH Development, Madden Real Estate Ventures and Starwood Hotels & Resorts, announced Tuesday that it will open on May 28. The hotel, at 2360 Collins Avenue, will have…
First new Fort Lauderdale condo project completed this cycle
A developer has completed the first new condo project in the downtown Fort Lauderdale and Beach market during this current South Florida real estate cycle that began in 2011. A Fort Lauderdale corporation — Grupo Alco International LLC with Gustavo…
Apple’s New Lincoln Road Store Is Three Times Larger
e new Apple Store is officially open on Lincoln Road, and it is HUGE. According to 7 News, hundreds lined up to see its sleek new abode, which was designed by Touzet Studio, the same local architecture firm that created the Gap’s two-story, light-flooded Lincoln Road store. The first 1,500 customers received a limited edition T-shirt…
Texas developer picks up Coral Gables buildings for $11M
A Texas developer acquired nearly half a block in Coral Gables recently, Miami-Dade County records show.
Miami-based Merrick Partners sold the 1-acre site on Laguna Street and Altara Avenue, three blocks west of developer Ugo Columbo’s…
South Florida home prices keep rising: S&P/Case Shiller
South Florida again ranked among the highest metropolitan areas for rising home prices, according to the S&P/Case Shiller Home Price Indices released Tuesday. In February, the Miami area’s ranking was up 9.2 percent, year-over-year, and up 0.6 percent from January.
Net Leased Best Buy Sale Proves Theory
“Buyers looking to purchase net-leased investments should look for these and other attributes like rent- to-store sales ratio when evaluating these type of opportunities.”
Rare Retail Center Sells for $54M
“Opportunities of this quality in South Florida are rare and Wellington Green Commons should remain a dominant and highly productive center for years to come.”
Casa Palma apartments in Coconut Creek sold for $90M
A new South Florida apartment complex once again traded for top dollar as the Casa Palma in Coconut Creek sold for $89.88 million. MCA Casa Palma Owners, an affiliate of Boston-based AEW and Orlando-based Zom Holdings, sold the property at 6112 to 6252 N. State Road 7 – just north of the Sawgrass Expressway – to Teachers…
Miu Miu’s Design District Location Very Serious About Fashion
Picture Miu Miu and Prada as two sisters walking down the street. One wears a Peter Pan collar dress with milkmaid braids and a set of loafers, skipping happily along, the other a pencil skirt with an intricate bejeweled blouse and stacked heels, barely cracking a smile. Miuccia Prada herself has noted the distinction between her two…
0 Comments
Watch this: The SkyRise Miami Presentation
Skyline Miami Proposed Commercial Development in Miami Video Thumbnail
0 Comments
Miami Commercial Real Estate News April 28, 2015
Keyes Commercial Realty
Shopping Center & Office Tower in The Works At 3000 Biscayne?
A mixed-use retail and office project could be in the planning stages at 3050 Biscayne Boulevard. Crescent Heights, the company that owns the land, posted renderings of the new development on their website. A caption under the rendering cryptically refers to 343,000 square feet of retail, along with 180,000 square feet…
Mindboggling: Wild New Architecture Coming to the Design District
The next phase of the Miami Design District redevelopment has just been formally announced—an extension of the Paseo Ponti pedestrian mall and a northern plaza to be called Paradise Plaza along with new residential an a hotel—and along with it comes…
Planning Department Approves 2121 Wynwood Lofts/Retail project
A mixed-use Wynwood project was approved by Miami’s Planning Department last week. 2121 Wynwood is to include 7,200-square-feet of retail space on the ground floor, according to marketing material. It will also include ten residential lofts on several levels above the retail space. The property is located at 2121 NW 2nd Avenue.
Development Update: Bjarke Ingels’ Marina Lofts Towers to Go Condo, Partially
Asi Cymbal, the developer of starchitect Bjarke Ingels’ Marina Lofts on the south side of Fort Lauderdale’s New River, told the Real Deal that the project will now be a mixture of rental apartments and condominiums, instead of being entirely rental. The three-tower project was designed with a…
Historic downtown Coral Gables building trades hands
One of the City Beautiful’s oldest commercial buildings sold for nearly $2 million, Sperry Van Ness Commercial Realty announced Monday. Tenants of the 4,933-square-foot building at 290 Aragon Avenue in Coral Gables include Space Coast Credit Union and…
Miami Industrial Real Estate Market Report First Quarter 2015
The new year has started very strong for the Miami industrial real estate market. The average lease rates have already increased to $8.53 per sq. ft. and the average vacancy rate fell to 5.2%. The net absorption for the 1st quarter was an astounding 1.4M square feet. The largest lease so far this…
Florida bill could make it tougher for developers to terminate condo associations
Matching bills in the Florida Legislature would make it more difficult for developers to terminate condominium associations, a practice that can force some residents to lose title to their units against their will. A condo termination often occurs when a developer that owns the majority of the units wants to sell the property…
Math professor multiplies SoFla holdings with Walgreens purchase
Best Western boutique brand “Vib” to debut at 7.4-acre Edgewater site
Best Western’s new boutique brand will make its South Florida debut in Miami’s Arts and Entertainment District.
Vīb, short for vibrant, will one of two properties in the U.S. Best Western will team up with Richard Meruelo, who purchased the 7.4-acre…
Comment of the day (re LED tower): “It is perfect. It will be…
“It is perfect. It will be visually stunning and New Yorkers will be a bit upset that their favorite architect du jour is busy ennobling Miami. Best of all: the message it projects will be supremely vulgar. The cost of advertising on this monster will be so high, it will set superbowl standards for…
Miami’s Habitribe Fund seeks $50M through crowdfunding for real estate investment
Miami-based Habitribe Fund I has launched on the SBREfunds.com crowdfunding market place with the goal of raising $50 million. The crowdfunding platform run by Portland, Or.-based Fairway America is for accredited investors that can anonymously review opportunities…
0 Comments
Miami Commercial Property News April 27, 2015
Simon Property Group joins Brickell City Centre mall project
Mall giant Simon Property Group has joined the team developing the 500,000-square-foot retail component of Brickell City Centre. Master developer Swire Properties previously brought Whitman Family Development, the owner of the Bal Harbour Shops, in on the deal, and now Simon (NYSE: SPG) has become the third partner…
Proposed Condo Developments Could Transform Little Havana
Little Havana was an abandoned commercial district in the 1950s. A decade later this blue collar neighborhood became home to many exiled Cuban immigrants following the 1959 Cuban revolution. Now, this Hispanic community has become a vibrant commercial district and tourist destination. The neighborhood has…
Miami commercial real estate rally rolls on
All appears to be well in Miami-Dade’s commercial real estate world. Transactions involving trophy office buildings in downtown Miami and Brickell have been spurred by dropping vacancy rates and rising rents, thanks to a lack of inventory. The hotel sector continues to sizzle with eye-popping deals including the sale of the Miami Beach…
Four major development projects on Broward agenda
The Broward County commission will give four big development proposals their first hearings at its April 28 meeting. Walmart Stores East (NYSE: WMT) and Aventura-based Master Development want to build a shopping center in Miramar.
Weston charter school campus turned over to former owner
A Weston property that serves as the home of Imagine Charter School was turned over to its former owner as part of the consideration for releasing a mortgage. Dr. Lloyd A. Moriber, of Bal Harbour, sold the 67,759-square-foot campus on 7.65 acres at 2420 and 2440 Glades Circle to Weston Office Properties for $12.5 million.
Is the “Miami Innovation Tower” Right for Overtown/Park West?
Taller than the Space NeedleA 600 foot tall advertising tower in Overtown/Park West may dominate the landscape in years to come that will top off the insult to Overtown itself that has was long ago done with the construction of I-95. Is this really any path of progress towards racial or economic…
Laquer scores legal victory in fight for piece of Miami Worldcenter
Real estate broker Edie Laquer’s lawsuit, seeking an ownership stake in the $1.5 billion Miami Worldcenter project, has been revived after an April 22 ruling by Florida’s 3rd District Court of Appeal. The mixed-use project, on 27 acres on the north side of downtown Miami, is one of…
Eleven In The Roads, A Brickell-Area Residential Project, Set To Break Ground Next Week
Construction is about to begin on Eleven In The Roads, a residential project in the Brickell area. Just 24 units are being built at Eleven, in two separate three-story buildings designed by architect Kobi Karp. The 24-unit project is being marketed as a luxury project with high-end appliances and finishes, at prices averaging $425 per square foot.
Another Broward Schools whistleblower alleges misconduct, this time in land sale
A senior property coordinator for Broward County Schools who resigned last month claims district administrators appear to have violated state law by not telling the school board about a bidder that offered to pay a higher price for surplus school land….
Architectural Craziness: What are the ‘8 wackiest South Florida…
What are the ‘8 wackiest landmarks dreamed up for South Florida’? Here are a few contenders, although better ones are no doubt out there: The Miami Marlins’ home run sculpture, Gulfstream Park’s giant pegasus, SkyRise Miami, an indoor ski slope on a superfund site, Resorts World Miami, and of course…
Sleeping Around: South Beach’s Morris Lapidus-designed Nautilus set opening date…
South Beach’s Morris Lapidus-designed Nautilus Hotel has finally set an opening date, or at least a soft opening date. Reservations on its website are being accepted as of July 6th. There’s also one rendering of a hotel room interior, which HotelChatter generally complements except for saying “what…
Giant billboard tower could grant millions to Miami CRA for approval
The developer of a proposed electronic billboard tower that would be about as tall as the Gateway Arch in St. Louis could grant millions in incentives to a Miami community development agency in exchange for approval.
Starchitecture: Bona-fide Starchitects are Designing That Giant LED Tower
This morning the Miami Herald updated the article we reported on yesterday about the giant Miami Innovation Tower that developer Michael Simkins is proposing for Miami’s Overtown neighborhood with two new renderings and a rather interesting piece of information: it’s being designed by SHoP…
Revenge of the megaprojects: The Design District Pedestrian Mall Will Extend to 42nd Street
DACRA has formally announced the next phase of the Miami Design District’s big expansion in today’s Miami Herald: the extension of the pedestrian Paseo Ponti two blocks north where it will terminate in an art filled plaza. According to guide maps that plaza will be called Paradisea…
Miami Emerges as Promising Tech Cluster
Miami, long known as the gateway to Latin America, is fast becoming the technology hub of the region, according to CBRE.
Swire, Simon and Whitman Tag Team on Brickell Retail
You might call them the Big Three. No, it’s not Wade, Bosch and James. It’s Swire, Whitman Family Development and Simon Property Group. Find out what they are up to…
0 Comments
Flashback Friday 1984: WTVJ Previews Then Soon to Premiere TV Show Miami Vice
As much as Miami Vice highlighted the unseemly side of the city, many believe it served to put Miami on the map. If so, it may be the foundation of Miami’s rise to global prominence, including its recent passing of Paris on it way to the rank of sixth on the Knight-Frank list of cities most important to ultra-high-net-worth individuals, and the resultant massive commercial real estate developments in the area.
0 Comments
Miami Commercial Real Estate News April 24, 2015
New York developer buys building in Miami’s Edgewater for $19M
A partnership between Terra Group and Avra Jain sold an office building in Miami’s Edgewater neighborhood for $18.75 million to a New York developer. Terra Skylar 3550 Investments, a joint venture between Miami-based Terra Group and hotel owner Jain, sold it to MREG 3550 Biscayne Owner, an affiliate of Mack Real Estate Group…
New shopping center bulking up with a gym in North Miami-Dade
UFC Gym will open its first location in Miami-Dade County at La Fontana Shops, a new shopping center under construction on Biscayne Boulevard in Miami, The Real Deal has learned. The fitness center, which operates locations in 28 states…
Developer of Miami-Dade mega-mall closes land deal
Triple Five Group closed on the purchase of 82 acres in northwest Miami-Dade County as the first piece in its plan to build the largest mall and theme park in North America. Miami-Dade County sold the land near the southwest corner of Interstate 75 and the Florida Turnpike for $12.3 million to International Atlantic LLC, an affiliate…
NY investors pick up Miami Gardens shops for 3x last sale price
AMLI buys second Miami-Dade apartment project for over $100M
From Russia, etc., with less love; an infographic of reduced foreign money
As the U.S. dollar continues to gain strength in a growing economy, the buying power of the primary foreign investors helping to fuel South Florida’s current boom cycle is sputtering. Currency devaluations along with other destabilizing economic and political factors in Latin America, Europe and Russia are making it harder…
Eleven In The Roads, A Brickell-Area Residential Project, Set To Break Ground Next Week
Construction is about to begin on Eleven In The Roads, a residential project in the Brickell area. Just 24 units are being built at Eleven, in two separate three-story buildings designed by architect Kobi Karp. The 24-unit project is being marketed as a luxury project with high-end appliances and finishes, at prices averaging $425 per square foot.
Miller Road Publix opens in Miami after rebuild, expansion
Lifestyles of the rich and richer: Miami Has 3 of the 15 Most Expensive Streets in the Country
According to data crunched by Zillow of “streets with at least ten homes”, three of the fifteen most expensive residential streets in the country are in Greater Miami, including the top spot, Indian Creek Island Road, the only street in the rarified enclave of Indian Creek…
Here’s Tommy: Tommy Hilfiger is Building a Party Pavilion at the Raleigh
The City of Miami Beach approved Tommy Hilfiger’s plans to restore and upgrade South Beach’s super-duper iconic Raleigh Hotel last week. The highlight of his plans, which are being designed by Touzet Studio, is a new structure behind the pool which is designed to reflect the…
Billboard Wars: Gird Your Loins, the Giant Digital Billboard Wars Are Back
The giant digital billboard wars are back, people, and this time it’s for a site in Overtown just outside Miami Worldcenter where the city has supposedly considered building a media tower since 2009. Now developer Michael Simkins wants to build a 633 foot media tower with five huge digital signs…
Buzzkills: Miami Beach proposal to close clubs by 2 AM…
Miami Beach proposal to close South Beach clubs by 2 A.M. is just the latest in a long history of silly fun-killing laws the city has enacted, or come close to. Sunscreen, rubber food, bathing suits, and ‘boogie-woogie’ music were all considered menaces to society at one point or another.
NAI Miami Negotiates Sale Of Fort Lauderdale Industrial/Flex Building
Edward Schmidt, CCIM and Timothy Merriman represented the seller in the sale of the 16,413-square-foot building located at 1341 Southwest 21st Terrace.
Broward becomes its own destination: TRD panel
Broward County has grown to rival its bigger brother Miami-Dade as a destination for living, investing and developing, according to panelists at The Real Deal’s Broward Real Estate Forum & Showcase. The county was stagnating a decade ago…
Panel: SoFla can still count on foreign buyers — just not as much
South Florida is more of a “think tank” and less of a “drink tank” these days, a contributing factor to increased domestic and foreign investment to the region, according to developer David Martin, a panel…
Whole Foods Market-anchored center in Wellington sold to Weingarten for $54M
Weingarten Realty Investors acquired a Wellington shopping center anchored by Whole Foods Market and three out-parcel buildings for $53.55 million. The property is just south of the Mall at Wellington Green along U.S. 441/State Road 7. The transaction was recorded in two deeds.
Photos on the scene at Related Group, Books & Books series
The Related Group and Books & Books recently held book signings and talks at two South Florida Related projects.
Juan Carlos Botero signed copies of his book, The Art of Fernando Botero, at both events…
New Lincoln Road Apple Store to open Saturday
The new Apple Store on Lincoln Road will open this Saturday at 10 a.m., when it will host “a grand re-opening celebration.” Apple will close its current longtime store, at 738 Lincoln Road, two hours earlier than usual, at 9 p.m. on Friday, to…
Fortress affiliate buys Palm Beach County retirement home for $24M
Holiday Retirement, a portfolio company of Fortress Investment Group (NYSE: FIG), acquired the Windward Palms independent living facility near Boynton Beach. Boynton Beach Retirement Residence, an affiliate of Seattle-based Hawthorn Management Services, sold the senior center at 8440 S. Military Trail for $24.08 million…
President Obama, South Miami Mayor Philip Stoddard, and FPL Nuclear
In great environmental battles — like the one to determine whether FPL will be the first utility in decades with the permit to build two new nuclear reactors — there is always a turning point. That turning point may have occurred the other day when a camera caught South Miami Philip Stoddard…
The Stage Miami closes in May, seeks space to relocate
The Stage Miami, a live music venue in Miami’s Design District, will close its doors early next month because of what it says are “dramatic changes in the area.” The building and land where The Stage is located will be sold, and the venue’s lease will not be renewed, the company announced on its Facebook page on April 15.
0 Comments
Miami, One of the Most Important Cities to Ultra High Net Worth Investors
Moves Up Ranking Of Most Important Cities For Ultra-Wealthy
It only takes a short walk around Miami to see that just how much this magical city attracts wealthy residents and investors from all over the globe. Miami’s luxury evolution has seen it constantly attract high net worth individuals (HNWIs) and this seems to be on the rise. Miami’s attraction of HNWIs has a direct effect on its Real Estate Investors. UK based Global Wealth Researchers Knight Frank made an attempt to answer this question in regards to Miami’s quality of life and several other indicators.
Why is Miami an Important City for HNWIs
The research by Knight Frank considered a number of factors in determining which cities play an important role for the world’s ultra rich.
• Each city’s individual Ultra High Net Worth Individuals (UHNWIs) population count – As of this writing, only about 229 UHNWIs resided in Miami. This is significantly lower than other cities like New York, San Francisco, Boston, Chicago and Houston. Miami is however on fast and gradual rise in this luxury cities list and considering it only started getting attention recently, its increase in popularity is an important factor. There is an increase in the number of Latin Americans and Europeans who are permanently establishing themselves in Miami and as a result, we can expect the number of UHNWIs to increase.
• The Cities’ Important Economic Activity and Business Links – Miami is famous for its “Fun in the sun” but has gradually transformed into a Global Business Hub promoting itself as both a business hub and holiday destination. South of New York City, Miami has the largest concentration of international banks as well as an ever increasing number of international establishments setting up their headquarters and Latin American Hubs in the city of Miami.
• Quality of Life / Lifestyle Offer – Miami earned it’s famous for one main reason, it’s lifestyle. Miami follows the “work hard, play hard” and true to this,, it is rated by Forbes as the happiest place to work in the United States. Miami has amazing nightlife, beaches, all year sunshine, amazing real estate industry and high end restaurants. Miami’s has a recently budding luxury fashion scene and many international events are now being held in Miami.
Real Estate Investments and Ultra High Net Worth Individuals
The 2014 Wealth Report, more than half of all the wealth advisors who took part in an Attitude Survey were keen to predict that UHNWI investing in Miami’s real estate would increase, and true to this, 40% of the respondents confirmed that this had actually happened. Private investors make up a quarter if all investments into commercial property. They hold the same quota for residential investments as well.
The Unites States enjoy particular interest from Chinese and South American investors. Miami in particular has sparked a lot of interest from Latin American private investors. Demand is mainly focused on the real estate industry but there is a gradual rise in interest towards commercial properties. Miami is also under the radar of wealthy Chinese investors stealing interest from Brisbane, Frankfurt, Manchester, London, Sydney and New York. Real Estate prices in Miami are lower than those in Shanghai, China by 25%. A key component of Miami is the cultural diversity and the quality of life that is on offer, and this serves as an important attraction feature for Chinese investors.
Miami is considered an affordable destination compared to other luxury destinations around the world. It also provides some of the best ocean views in the entire list of the world’s luxury destinations. Miami also has lower real estate taxes and attractive apartment and condominium prices that is making the city attractive to New Yorkers. The United states has the highest interest from wealthy private investors after Singapore and London. Miami is a key destination and as a result, benefits from Latin American and Chinese investors.
0 Comments
Miami Commercial Property News 4/23/2015
Keyes Commercial Office Building
Goldman team growing Wynwood again
One of the first projects to bring hotel rooms to the bustling Wynwood Arts District is planned by Goldman Properties, a key player in the area’s metamorphosis. And, no surprise, the project will showcase plenty of art. G40 Wynwood aims to mix 72 residences, 68 hotel rooms, about 11,000 square feet of ground floor retail and…
Parking Palaces: The Design District’s high design…
The Design District’s high design City View Garage, with its huge art installation by John Baldessari, is now open for business. This adds 558 parking spaces to the 303 spaces in the underground garage that is accessed through the Fly’s Eye Dome, to the Design District’s total count.
Track cleared for All Aboard Florida
All Aboard Florida is moving ahead with the northwestern portion of its MiamiCentral plan, which will bring a new grocer to the urban core. The project, 3 MiamiCentral, is planned for a block hugged by Northwest Sixth and Seventh streets and Northwest First Court and Second Avenue. The city’s Urban Development Review Board…
Finito: Related’s/Pininfarina’s Beachwalk Hallandale Beach is Finito
Closings at the Related Group’s Beachwalk Hallandale Beach have begun, marking the completion of the 25th condo tower “completed east of I-95 in the South Florida tr-county region” since the the market crash, the Great Recession, and this real cycle began in 2011. Miami’s real estate rebound has…
Economy Watch: Growth in the Euro Zone Might Benefit US Real Estate via “Miami Effect”
Should the disruption of the euro zone cause enough uncertainty among investors, one of the assets they’ll turn to is American commercial and residential real estate. Call it the “Miami effect”.
Jade Signature photos, before and after
Construction at the Jade Signature in Sunny Isles Beach is going strong. Crews recently poured the concrete slab for the tower’s ground floor, topping off a massive endeavor to create one of South Florida’s biggest underground garages. Here’s an inside look at construction progress…
Report: Miami, Atlanta Key Investor Targets
Half of all real estate investors in North America plant to amp up commercial real estate buys in 2015. Four Southeast markets are high on the list. One is Miami.
Edie Laquer Wins Appeal in Beef With Miami Worldcenter Developer
Miami power real estate broker Edie Laquer wins an appeal in a fight with Miami Worldcenter developer Art Falcone over her claim to a share of the transformative project.
All Aboard Florida and It’s Connections
Watch on YouTubeK.C. Ingram Traylor on All Aboard Florida. I wrote about the Hedge Fund — Fortress — that owns All Aboard Florida in relation to their plans to convert Natural Gas to LNG in Medley.
0 Comments