Pics of Marriott Marquis Miami Worldcenter Hotel to open fall 2018

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

Skyrise observation tower reshapes bayfront

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

Miami Beach commission to vote on convention center hotel

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

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

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

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

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

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

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

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

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

Bus factory site hunt in high gear

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

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

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

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

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

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

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

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

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

Las Olas City Centre 100 percent leased

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

County won’t seek full rent on land at arena

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

Watson Island developer obtains $23M loan

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

Courthouse partnership deal advancing

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

Historic designation of Surfside condo building overturned

Alliance Residential takes out $38M loan on Broward site

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

South Florida presale condo prices fall in latest survey

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

$750M Miami Worldcenter Hotel & Expo unveiled

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

Brickell City Centre Video: Swire Properties – with related links

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

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

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

New Tower for Brickell

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

449-Unit Riverside Tower Getting Construction Ready

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

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

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

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

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

Miami Intermodal Center Almost Complete

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

Work on Watson Island Must Begin by June 2

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

Keeping Track of All Miami Developments

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

Breaking! Microsoft Comes to Miami in a Big Way

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

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

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

BofA loan helps Flagler build warehouse near MIA

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

Slowly, Baylink Progresses

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

Could Miami’s Skyline One Day Resemble Manhattans?

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

New Skyscraper proposed for Alton

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

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

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

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

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

Flagler Street in Downtown to get Makeover

Commercial Prices Are Rising

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

Baptist Health has income halved in fiscal second quarter

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

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

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

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

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

Health care firm leases 53,000 square feet in Weston

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

Flagler Starts Construction Of Fourth Warehouse In South Florida Logistics Center

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

Developer Planning Office Condo In Aventura

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

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

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

Downtown Miami Retail Building Trades For $27.2 Million

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

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

The developer plans to build and lease a distribution center.

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

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

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

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

Miami Worldcenter gets city approval for first phase

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

W.P. Carey reports lower Q1 net income

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

Miami Worldcenter Hits Big Milestone

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

Is Miami Seeing a Condo Correction or Not?

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

Is This a Record for Non-Oceanfront Land?

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

Keyes Commercial

Codina and Gadinsky sell new Doral shopping center

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

Fannie and Freddie Hit the Brakes on Multifamily Lending

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

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

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

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

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

Details of the Design District’s Palm Court

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

Second phase of Miami Avenue Bridge set to finish in December

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

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

Miami: A Blank Canvas For Design

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

CushWake Beats Out Competition for Massive Assignment

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

TRD insider interview: David Martin talks development in Broward

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

Can JaxPort Compete With South Florida?

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

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

Downtown Miami, FL

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

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

School Board Wants to Develop its Prime Downtown Land, Again

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

Prominent New York investor buys Wynwood property for $10M

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

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

Rendering Reveals: Related Drops Renderings of Paraiso Bay Beach Club

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

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

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

CBRE: Technology Workforce Hiring Boosts US Office Leasing

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

Wild Ride for Miami Office Landlords

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

Epic Miami Beach Rooftop for Sale

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

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

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

Miami CRE back to healthy growth: panel

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

Codina joint venture sells Doral shops for $9M

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

Related Group to launch new “lifestyle” division

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

Design, location key to restaurant development in SoFla: panel

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

Keyes Commercial Realtors

Developer details plans for office condo in Aventura

The developer of the Aventura ParkSquare mixed-use project has revealed more about its office component.  The 100,000-square-foot, ‘Class A’ office tower ParkSquare Signature is being sold as commercial condo units, Integra Investments Principal Victor Ballestas said. Already six of the nine floors have been sold…

Preservation Watch: Shore Club Can’t Demolish Historic Cromwell Hotel

The Shore Club was denied a demolition permit for the historic Cromwell Hotel, an eight story structure on the northern portion of the property yesterday, while the rest of the project was generally give a thumbs up. After a heated meeting with neighbors at the Setai, to the north…

Developer to break ground on 19-story tower in Miami’s Midtown/Design District

A 19-story residential and retail tower is about to break ground on the border of Miami’s Midtown and Design District neighborhoods.  ADD Inc., now part of Stantec, is the architect and interior design firm on the District 36 project by MREG NE36, a joint venture of New York developers Mack Real Estate Group and…

Karp family picks up Biscayne office building, plans renovation

Revenge of the megaprojects: The Island Gardens superyacht marina,…

The Island Gardens superyacht marina, now under construction on Watson Island, will be ready the first week of December, a.k.a. Art Basel, says Mehmet Bayraktar, developer of the marina. The rest of the project, including the commercial and residential components (condos you’ll apparently be able…

Florida Real Estate Case Law Updates

The Court considered whether Florida’s Rule of Civil Procedure allowing for corrections of “clerical mistakes,” encompasses authorization to supplement a final deficiency judgment by clarifying the party…

Manufacturing Company To Build HVAC Plant That Could Create 200 Jobs In Miami-Dade

The Malaysia-based HVAC firm plans to form a joint venture with Miami-based HVAC/R International and build a 50,000-square-foot facility in northwest Miami-Dade County.

Silverspot Opening Our Downtown Movie Theater At Met Square In Fall Of 2016

Silverspot Cinema’s downtown Miami movie theater is scheduled to open in Fall of 2016, the company said in a release yesterday.  That means that the theater will likely open on the lower levels of Met Square prior to the completion of an apartment complex on the upper floors of the project.  A similar construction schedule…

Maison & Objet attendees

South Florida’s most prolific condo developer is more determined than ever to place art — paintings, sculptures…

JMH Development gets the go-ahead for Indian Creek project

New York-based developer Jason Halpern’s JMH Development has been given the go-ahead to carry out a rare demolition in South Beach, in a bid to build a 35,000-square-foot condo building at 2901 Indian Creek Drive. Halpern paid $5.65…

Industrial developer picks up 28-acre vacant lot for $12.2M

A 28-acre tract in western Miami-Dade just sold for $12.2 million to an industrial developer.
The vacant plot, located just west of the Dolphin Mall, will be transformed into a distribution center with warehouses by its new owner DCT Industrial. The company…

Skanska signs $33M contract to renovate Broward Health children’s hospital

Skanska USA signed a $32.7 million contract to renovate the Chris Evert Children’s Hospital at Broward Health in Fort Lauderdale, the company announced Wednesday.  The overall plan includes 102,000 square feet of inpatient…

Watson Island marina to open during Art Basel, developers say

Island Gardens, the planned mixed-use development on Miami’s Watson Island, will open its marina in time for Art Basel this year.  The $1 billion project, designed by Nichols Brosch Wurst Wolfe & Associates, will include two luxury hotels, a residential building…

Dadeland Mall announces new stores, expansions

TRD Forum: Crowdfunding competition heats up

Marty Burger, Dan Miller, Rodrigo Nino and Allen Shayanfekr at The Real Deal’s New Development Showcase and Forum.  Spend enough time around tech startups, and you will inevitably hear some pretty violent analogies. The business…

What CRE Owners Need to Know This Hurricane Season

Hurricane season is right around the corner and forecasters are predicting the most active and dangerous spell in three years. Are you ready?

Design District land prices soar

Commercial land prices have gone sky high in the Design District over the past year or so, industry experts say, because it’s finally becoming a destination.  There was talk among developers a while back that this small Miami neighborhood – about 10 square blocks – could never be an area of the city where people would…

Casino won’t gamble on construction now

As owners await new Florida gambling legislation, it will probably be another year or more before commercial land across the street from Magic City Casino in Miami sees a construction crane.  That’s the assessment from Isadore Havenick, vice president of political affairs for Magic City Casino.  The vacant parcels have been used…

Miami design board to consider big projects in Midtown, Wynwood

Two major projects in Midtown and Wynwood will go before the city of Miami’s Urban Design Review Board on May 20 for approval.  A hotel with retail and office space has been proposed on the north side of the Midtown Miami retail center. Aventura Hotel Properties, a Miami-based company managed by Francisco…

RREEF Pays $111.6M for Miami’s 800 Brickell

Codina/Carr file plans for 150 apartments in West Kendall

CC Residential, led by Armando Codina and James Carr, filed an application for the second phase of their apartment project in West Kendall.  The Coral Gables-based developers are already building 396 apartments at the southeast corner of Kendall Drive and Southwest 172nd Avenue. The second phase would be on the west side of the property.

Doral becomes high-end office haven

The West Dade office market, which years ago comprised buildings near Miami International Airport with small pockets near Dadeland and Kendall, now has coalesced around the Doral area, observers say, where class A space is in strong demand.  “We have the only true class A building in Doral,” said Masoud Shojaee, president…

Parking Palaces: Eight-Story, Art-Covered Parking Garage Planned for Wynwood

Goldman Properties wants to build an eight-story parking garage in Wynwood that would be covered in big murals. According to renderings that dropped on The Next Miami, the building looks big and blocky, with sort of black and white, also blocky, murals dressing up the facade. A little color…

Kendall Regional Medical Center proposes expansion

Comment of the day: “This project [The Miami Beach Convention…

“This project [The Miami Beach Convention Center Hotel] fails on a number of levels – I’m in a rush, so: 1. Its massively out of proportion with its environment. 2. It situates its mass (towers) on the street side of the project – if it were rotated 180 and the height was pulled back from 17th…

Beach offices win in niche environment

Miami Beach’s office market is evolving along with the city itself, say brokers who work there.  “Miami Beach was one of the pioneers of walkability and urbanism,” said Tere Blanca, founder, president and chief executive officer of Blanca Commercial Real Estate Inc., who has two floors of an iconic building at 605 Lincoln Road…

It isn’t easy being green: Icon Bay Park is Almost Finished

The Related Group has almost finished building the City of Miami’s Icon Bay Park, and you know what, it’s looking pretty darn green. The nice, roomy waterfront pocket park with a condo tower on top, held up by piloti, would make the great French architect Le Corbusier very proud. Isn’t this pretty…

Local Investors Nab Retail Site Off Of US 1 In Miami

The 6,000-square-foot building sold for $4.25 million — three times the price the 19,000-square-foot lot last sold for in December 2012.

Vote paves way for Bass Museum to expand

The Bass Museum of Art on Miami Beach will close Sunday until fall 2016 to increase programming space by 47.5% on its existing footprint with a $7.5 million city grant.  The Miami Beach Historic Preservation Board voted 6-0 Tuesday to approve the partial demolition, renovation and expansion of the two-story structure at 2100 Collins Ave.

How Developers Should Respond to New Energy Codes

TLC Engineering for Architecture’s Al Lapera tells GlobeSt.com’s Jennifer LeClaire the key for developers achieving the required goals is energy modeling under new, stricter codes in part two of this interview….

Will This Aventura MXD Win With Tenants?

You don’t see a lot of development in Aventura anymore—or a lot of significant trades. How will this mixed-used development fare?

China City Construction In Talks To Buy Worldcenter Development Site

China City Construction Holding Group Company is looking to add a second development site in downtown Miami.  They could be buying a piece of the Miami Worldcenter project. China City has held talks with the owners of Worldcenter, and negotiations are said to be ongoing.  Worldcenter’s Nitin Motwani recently met…

Cushman & Wakefield Set To Merge with DTZ

DTZ has confirmed it will buy rival Cushman & Wakefield from Exor, the investment company of Italy’s billionaire Agnelli family, in a deal which will create one of the world’s largest global real estate services companies.  DTZ owners, TPG Capital, PAG Asia Capital and the Ontario…

Indigo Hotel To Be Built In Brickell With 230 Rooms

HES Group and Sunview Companies are in the final stages of permitting for a new Indigo Hotel in Brickell.  The hotel will include 230 rooms, according to an application filed this month (that is an increase from the 130-room, 24-story tower that the developers said they were building last year.) It is to be located at 145 SW 11th St.

Miami-Dade could sell land for FedEx distribution center

Miami-Dade County could sell land near the Homestead Air Reserve Base to the developer of a FedEx distribution center.  The county commission’s Economic Prosperity Committee will consider a deal on May 14 to sell 48.9 acres to SunCap Property Group for $4.45 million. The Charlotte, N.C.-based company plans to build…

Retailer picks up Brickell building for $5.45M

Independence Realty Agrees To Acquire Trade Street Residential

Independence Realty Trust Inc. and Trade Street Residential Inc. signed a definitive merger agreement under which IRT will acquire all of the outstanding common stock of Trade Street for a mix of cash and stock, creating a leading, regional market focused, multifamily REIT.

The Wolfsonian Museum’s New Director Wants to ‘Expand the Physical Museum’

The Wolfsonian-FIU Museum has appointed a new director who promises to expand access to the museum both digitally and physically, including building an expansion to the physical museum, according to a press release. Dr. Timothy Rodgers is coming from the Scottsdale Museum…

Towering Ambitions: This Blobby Image Could be Miami’s Next Tallest Building

Anonymous real estate news website The Next Miami has just released this fuzzy (but probably authentic) rendering of a project on the Capital at Brickell/Capital Brickell Place site; a project which they claim could be the tallest building in Miami, despite Federal Aviation Administration…

Preservation Watch: The Shore Club Will be the Next Big Preservation Showdown

Historic preservationists, as well as neighbors to the north in the Setai, are up in arms against the latest proposed alterations to the Shore Club. The old plans, by architect Isay Weinfeld and architects of record ADD Inc. (renderings above and below), were deferred at last month’s preservation…

Apartment building in Wynwood trades for 2.5x last sale price

BBX gains traction as a real estate developer

Fort Lauderdale-based BBX Capital, the rebirth of the former bank holding company known as BankAtlantic, has graduated from a caretaker to an active developer of South Florida properties that the former bank repossessed.
A broad recovery in…

Global Investors Wanted This Kendall Retail Asset

As the retail market in Miami continues tightening, investors are finding it more difficult to find prime acquisitions in hot submarkets. There was plenty of competition for this Kendall shopping center…

Warning: Energy Codes About to Get Tougher

Al LaPera is working to spread the word and offers some exclusive insights for GlobeSt.com readers in part one of this interview.

Groovy Slideshow: South Florida Communal Office Space Attracting Techies

The new wave of Miami-area shared office space operators create value for their clients by providing connections in their networks and valuable services to their tenant communities.

Wynwood V. Design District: Different Strategies for Thor

It looks like New York’s Thor Equities LLC won’t be bringing bulldozers into Miami’s Wynwood neighborhood, where it has acquired whole blocks the past two years.

Keyes Commercial Offices

Market Trend: South Florida Office Vacancy Decreases to 12.4%

The South Florida Office market ended the first quarter 2015 with a vacancy rate of 12.4%.  The vacancy rate was down over the previous quarter, with net absorption totaling positive 222,580 square feet in the first quarter. That compares to positive 1,185,983 square feet in the fourth quarter…

South Beach retail project scores $18M construction loan

Terranova Corp. received an $18.25 million construction loan for its retail project on Lincoln Lane in South Beach.  PNC Bank (NYSE: PNC) awarded the mortgage to PPF 723 Lincoln Lane LLC, an affiliate of the Miami Beach developer led by Stephen Bittel, for the 20,563-square-foot site. After acquiring it for $33.2 million…

Miami Beach Convention Center hotel plans revealed

Portman Holdings proposed its $405 million plan for the Miami Beach Convention Center headquarters hotel to the city on Thursday.  The plan for the 800-room resort, which is now being reviewed by a Miami Beach evaluation committee, includes several pools, a fitness center, spa and business center. Guest rooms will “float” over…

JV Acquires 80% Interest in Miami’s CocoWalk

Federal Realty Investment Trust (NYSE: FRT) along with local market partners Grass River Property and The Comras Company have acquired an 80% interest in the CocoWalk lifestyle center at 3015 Grand Ave. in Coconut Grove, FL for $70 million. The purchase price was based on a total valuation of the…

Publix Purchases Fort Lauderdale Location for $22.5M

Financial Center at the Gardens Sold in PBG

JPMorgan Investment Management recently sold the Financial Center, a 188,772-square-foot office building at 3801 PGA Blvd. in Palm Beach Gardens, FL. The building sold for $63 million, or approximately $334 per square foot, to buyer KBS Realty Advisors, a private equity real estate company founded…

EDENS Acquires Whole Foods in Downtown Miami

South Carolina-based Edens, Inc. has purchased the recently-opened Whole Foods supermarket at 299 SE 3rd St. in Miami, FL from P & G Development, Ltd. for an undisclosed price.  The retail property is part of the MET 3 development currently underway. Construction has started for 462 residential…

Market Trend: South Florida Industrial Vacancy Decreases to 5.8%

The South Florida Industrial market ended the first quarter 2015 with a vacancy rate of 5.8%.  The vacancy rate was down over the previous quarter, with net absorption totaling positive 2,137,539 square feet in the first quarter. That compares to positive 1,654,923 square feet in the fourth quarter…

Mercantil Commercebank sells 14 acres in repossessed Miami-Dade land

Mercantil Commercebank unloaded 14.3 acres of land it repossessed in the Naranja Lakes community of southern Miami-Dade County.  The Coral Gables-based bank received 51.1 acres in two locations from Veranda Holdings and Naranja Lakes Holdings, both managed by Jupiter developer George de Guardiola, in 2013 in exchange…

20-Property Health Care Portfolio Sold For $117M

A private non-traded REIT has purchased a portfolio of 20 radiation oncology centers in Florida, California, Nevada, West Virginia and Kentucky for just over $117 million.  A group of physicians affiliated with the portfolio’s net-lease tenant, 21st Century Oncology, sold the medical office building…

Proposed Miami Beach Convention Center Hotel Design Towers Over All of South Beach

Portman Holdings, the only team bidding for the Miami Beach Convention Center Hotel RFP, has unveiled their proposed design for the hotel. Located between the convention center and the Fillmore Jackie Gleason Theater, the structure is designed as a single curved slab shaped like the Fontainebleau…

Is Urban Renewal Miami’s Next Economic Engine?

Miami may soon join the ranks of other major U.S. metropolises boasting innovative urban trail projects that have transformed neighborhoods and ignited a firestorm of private investment. The Underline, a proposed development catalyzed by the nonprofit group Friends of the Underline in partnership…

Thor Equities leases 10K sf Wynwood property to La Embajada

New York-based Thor Equities leased one of its Wynwood properties to a restaurant, coffee bar and venue.
La Embajada will lease 5,000-square-foot building with 150 feet of frontage on Northwest 28th Street and Northwest…

Downtown Doral’s first resi tower, 5252 Paseo, is sold out

The first residential project of Codina Partners’ Downtown Doral is sold out, The Real Deal has learned.
5252 Paseo, a 203-unit 20-story tower sold mostly to foreign investors from Latin America, Codina Partners CEO Ana Codina Barlick told…

18 townhouses proposed for U.S. 1 get first nod

A redevelopment plan to raze four single-family homes along a small stretch of U.S. 1 near the Miami Science Museum to make way for an 18-unit townhouse development cleared its first hurdle recently.  At its regular meeting on May 6, the Miami…

Terranova gets $18M construction loan for Lincoln Lane

As development ramps up for the former home of H&M and Gap pop-up stores off of Lincoln Road, the developer, Terranova Corp., received an $18.25 million construction loan this week.  Terranova’s plans for Lincoln Road’s spillover expansion into Lincoln Lane…

What Gives BAC Colonnade an Office Edge

GlobeSt.com caught up with Danet Linares, vice chairman of Blanca, to get her thoughts on how BAC Colonnade is keeping up with newer buildings in part one of this interview.

Miami-Dade College Reaches $33.5 Million Settlement Over Garage Collapse

The settlement with Ajax Building Corp. and 21 other subcontractors, which includes $26.5 million plus forgiveness of a $7 million contract balance, was reached after a year of mediation.