Downtown Miami

Rumormongering: Is Brickell’s Biggest Hole Getting Miami’s Tallest Building?

The Chinese consortium that bought the former Capital Brickell Place site, which has been sitting empty for years and as of right now is the biggest open hole in the ground in Brickell, is claiming on its website that they are building the tallest building in Miami there, according to The Next Miami…

300-foot-tall convention center hotel proposed for Miami Beach

Portman Holdings unveiled its plans on Thursday to build a 300-foot tall, 800-room convention center hotel on top of the Fillmore Miami Beach’s parking lot by November 2018 — if, that is, it’s approved…

Florida’s Recovering Banking and Financial Services Industry

As the banking and finance sector continues recovering from the Great Recession, there’s been a shift in recent leasing activity with banks and financial services seeking reductions in their office and retail footprints, according to a new JLL report. JLL’s 2015 North American Banking…

PortMiami and Port Everglades rank in Top 15 for shipping by CBRE

CBRE considers PortMiami and Port Everglades among the Top 15 ports in North America for cargo logistics.  In its first annual “North America Ports Logistics Annual Report”, the brokerage firm evaluated the ports based on their infrastructure and the surrounding real estate market. All but two ports in the Top 15 are in the United States.

Retail space in downtown Miami condo sold for $27M

Market Reports: Miami is the 8th Most Expensive Metro to Rent, Unsurprisngly

According to real estate rental listing site Zumper, Miami is the eighth most expensive metro area in the United States to rent, with median rents at $1,800 a month. This figure includes all the listings that Zumper tracks, which admittedly is only a slice of the picture and might not…

Owner of commercial buildings in Fort Lauderdale files Chapter 11

A Chapter 11 filing by the owners of two commercial buildings in Fort Lauderdale has stalled a foreclosure auction with taxpayer dollars at stake.  Davie-based Regent Bank previously won foreclosure judgments of $2.1 million and $304,250 against MJ Investment Holdings, Sixth Street Plaza and managing member Maria J. Freeman.

Buena Vista Homeowners Object to Replacing These Three Blah Houses With a Sculpture Garden

Some Buena Vista East homeowners aren’t too happy about the encroachment of the new Institute of Contemporary Art on their neighborhood, a symbol of the perceived expansion of the Design District into the historic residential area. At yesterday’s Planning, Zoning, and Appeals…

North Miami Beach apartments sold for $21.5M

Wynwood Art District Photos: From industrial center to hipster haven

When visitors come to Miami’s Wynwood neighborhood, they may come for the shops, they may come for the coffee or the bread or the beer. But before the shops and food, there was the graffiti, acres of it lining the walls of the neighborhood.

Pinecrest Shopping Center Trades For $32 Million

The 96,075-square-foot shopping plaza that sits on a 5.2-acre lot last sold in 2005 for $21.5 million.

Ram, Pinnacle announce plans for former Hollywood mobile home park

Ram Realty Services and Pinnacle Housing Group announced plans to build a luxury rental community and a 6-acre public park in Broward.  The development will replace an existing mobile home park that sits on 21 acres in Hollywood.  Sheridan Station will be the first large…

Nakash family takes out $17M mortgage for Setai units

The Nakash family, which purchased the Setai Hotel for $90 million in December, has just taken out a $17 million mortgage on nine units from the building’s condo portion.  Nakash Holdings, Joseph Nakash, Ralph Nakash and several LLCs obtained a mortgage from…

D.R. Horton picks up 12.5 acres in Broward for $6M

41National homebuilder D.R. Horton bought 12.5 acres in Oakland Park, Broward County records show.  Eastside Village Lofts sold two vacant lots along North Dixie Highway for $5.9 million, according to a deed recorded Thursday. Scott Brenner…

North Miami Beach apartment portfolio sells for $28M

Three apartment complexes in North Miami Beach sold for $28 million, according to Miami-Dade County records.
The acquisition was carved out of a portfolio of nearly 700 rental units, listing agent Roy Faith of FIP Realty told The Real Deal…

Downtown Miami condo supply can weather looming bear market, experts say

Two months after Miami’s Downtown Development Authority released a report signaling a slowdown in the downtown condo market, its author told The Real Deal that there’s enough buyer demand to keep up with the current inventory of units until the latter part of 2016.

Institute of Contemporary Art, Miami faces criticism

Rendering of the Institute of Contemporary Art Miami, designed by Madrid-based Aranguren & Gallegos Arquitectos
The Institute of Contemporary Art, Miami’s plans for a new 37,500 square-foot-home and 15,000 square-foot adjoining sculpture garden in the Design District is being met with stiff…

The X Factor for Distressed Condo Investors

Will it be business as usual for distressed bulk condo investors in the face of these factors or will it deter savvy players from entering the market?

Bills Spell Bad News for Bulk Condo Investors

Pending legislation before Florida lawmakers could dissuade bulk condo investors from betting on distressed assets. Find out what you need to know…

Chief Executive Magazine Lists Florida as 2nd Best State for Business

Check out this list.  Chief Executive magazine (published since 1977) is the definitive source that CEOs turn to for insight and ideas that help increase their effectiveness and grow their business. Chief Executive Group also produces e-newsletters and online content at chiefexecutive.net and manages…

Keyes Commercial Realty

Cofe Properties sells Pinecrest shopping center for $32M

A shopping plaza in Pinecrest that houses local offices for brokerages Coldwell Banker and EWM Realty was just sold for $32 million.  The Pinecrest Town Center, at 12651 South Dixie Highway, is a 96,075-square-foot shopping plaza that sits on a 5.2-acre lot. It houses mostly…

Q&A with Aventura ParkSquare’s Victor Ballestas

Vacant land is scarce in Aventura, where Integra Investments will develop an 8.5-acre mixed-use community, complete with condos, senior living, a select-service hotel, offices and retail, slated to open in early 2017.  Integra Principal Victor Ballestas…

China City Construction Completes Preliminary Approval At Brickell Site Where They Plan Miami’s Tallest Building

It isn’t Easy Being Green: Related Donates Icon Bay Park to City, Makes Millions Off Deal

Edgewater just got its first new park in a long time and, designed by Arquitectonica, it’s small but quite pretty. There’s a dog park, a sculpture garden, the works. The Related Group has just officially donated the almost-complete Icon Bay Park to the City of Miami according…

Starchitecture Watch: Hey, Let’s Examine Rafael Viñoly’s Miami River Waterfall

The 30 foot tall, three story waterfall that starchitect Rafael Viñoly has designed for the as-yet-unnamed tower (River Village is a working title) that Kar Properties is building on the Miami River will appear to fall out of the building’s amenity deck pool, and sort of give the impression…

Get ‘Er Done: Baylink Planners Don’t Want to Blow Four Years to Study It

The Baylink task force, the committee of South Florida government leaders tasked with planning the Miami-Miami Beach rail link might not pursue an environmental impact study for now because that study would take four years, and instead want to separately study light rail in each city, with a…

Real Estate Crowdfunding Company Fundrageous Launches At eMerge

Bernie Navarro, president of Miami-based private lender Benworth Capital Partners, introduced conference attendees to Fundrageous, a platform that will allows accredited investors to participate in first mortgages for residential investment or commercial properties.

Matsuri sushi to roll into Coral Gables

A new restaurant is joining Miracle Mile, The Real Deal has learned.  Matsuri Japanese Sushi Restaurant signed a seven-year lease at 230 Miracle Mile and will replace 100 Montaditos, Terranova Corp. told TRD.  The Japanese eatery will occupy 2,840 square feet and will include…

Related donates Icon Bay park in Edgewater to city of Miami

The Related Group donated a park to the city of Miami, adjacent to the 42-story, 301-unit Icon Bay development.
Icon Bay Park, at 455 Northeast 28th Street, will be designed by ArquitectonicaGEO, and will include water fountains, and exotic and native plants, according…

Renovated Plantation office park gets 55,400 sf in new leases

TRD insider interview video with Carlos Melo: Recognizing potential in real estate

As real estate professionals mingled at The Real Deal‘s Broward Real Estate Forum & Showcase, TRD’s Managing Editor Ina Cordle discussed the industry with developer Carlos Melo of the family-operated Melo Group.
Melo talked about seeing potential in Miami’s Edgewater…

Avison Snags Heavy Hitting JLL Duo

“In order to remain at the forefront of our highly competitive industry, Avison Young recognizes the need to continually add new resources to the company.”

Downtown Miami

TotalBank lends $34M to build hotels in west Miami-Dade

TotalBank granted a $34.27 million mortgage to affiliate of Boca Raton-based Procacci Development to build a pair of hotels near the Dolphin Mall in Sweetwater.  The Miami-based bank made the mortgage to Procacci Dolphin and Procacci Sweetwater. They started construction in late 2014 on a Hilton Garden Inn and a Homewood Suites…

Developer Of Twin Miami River Towers Spending $6.2 Million To Add Density

Kar Properties will pay $6.2 million to purchase additional development rights for their proposed 60-story twin tower project on the Miami River, a representative of the developer told a review board last month.  The purchase will allow for an additional 480,000 square feet to be built on the top 24 floors of the towers.

Grow America Act could fuel highways

By all accounts, the economic success of South Florida depends in large part on the efficiency of its transportation infrastructure and needs adequate funding for maintenance as well as new projects, which the proposed Grow America Act promises to ensure through steady funding.

Related Group hands Miami a park for free

As developer The Related Group is busy putting finishing touches on its waterfront condo tower Icon Bay, work in also progressing on a new adjoining park – a public park.  The developer dedicated a portion of land as a park, and gave it to the City of Miami.  City commissioners recently accepted the land and approved a new plat…

Repossessed Plantation Crossroads sold at 51% discount

The Plantation Crossroads office and retail center sold at a 51 percent discount to its foreclosed mortgage.
An affiliate of a commercial mortgage-backed securities (CMBS) called JPMCC 2004-CIBC10 Plantation Complex seized the property at 1802 through 1876 N. University Drive, and 7811 West Sunrive Blvd. in Plantation…

Five significant developments proposed in Miami Beach

Five significant renovation and expansion projects are slated to go before the Miami Beach Historic Preservation Board, including big changes at two longstanding hotels and a museum.  These items are on the board’s May 12 agenda to consider their impact on historical structures. If approved, they would need other city boards…

Fond Farewells: This Saturday, the venerable Art Gallery at 800 Lincoln Road…

This Saturday, the venerable Art Center South Florida had the last opening ever at its 800 Lincoln Road location. The art center was a big part of South Beach’s resurgence in the 1980s and 90s. The building was originally Burdines Department Store’s first Lincoln Road location, and will be converted…

Miami Museums building new facilities

Miami’s reputation as an emerging world-class cultural hub is gaining strength as museums and galleries work on new facilities for even better display of their collections.  On the horizon is the Cuban Museum, scheduled to open Nov. 20 at 1200 Coral Way with an inaugural exhibit once the complete overhaul of its building is done.

Preservation Watch: Lincoln Road Church Development Lawsuit Thrown Out

The lawsuit filed by historic preservationists to stop developer David Edelstein from building a multi-level retail building in the courtyard of the Miami Beach Community Church has just been dismissed by the judge, and the developer hopes to start construction in 16 weeks. The courtyard is not…

Reasons Why One JV Paid $88M For CocoWalk

Surrounded by new residential towers, hotels, offices, schools, parks and marinas, CocoWalk’s tenants serve more than 150,000 Coconut Grove residents and millions of visitors each year.

Back to the drawing board for Crescent Heights’ SoBe project

Members of the Miami Beach Design Review Board on Tuesday rejected new proposals submitted by mega-developer Russell Galbut and called for design changes to be made to a mammoth, planned South Beach condo project…

Report: Miami home prices keep going up

March marked yet another month that home prices in Miami rose, according to a report from CoreLogic released Tuesday.  The report stated that the city’s home prices jumped 7.1 percent when compared to March of 2014. Prices also grew 1.1 percent…

Proposed legislation could alienate bulk condo buyers

A new law designed to protect property owners being squeezed out of their homes could scare away bulk condo investors from Florida, some prominent Miami-based real estate attorneys told The Real Deal.  Last week, the state Senate and House approved legislation that tightens the screws…

TRD insider interview video: Why Fort Lauderdale?

Following a lively panel discussion, at The Real Deal‘s Broward Real Estate Forum & Showcase, TRD South Florida‘s Managing Editor Ina Cordle sat down with Bradley Deckelbaum of Premier Developers to weigh in on the amenities that Broward, and specifically Fort Lauderdale…

How Key Biscayne is Dealing With Rising Sea Levels

Why One JV Paid $88M for CocoWalk

Coconut Grove posts some of the strongest year-round income demographics in South Florida. That’s just one of the reasons a three-way joint venture grabbed an 80% stake in the asset….

Why Greater Miami Needs Key Biscayne

“There are few major cities with an island destination like Key Biscayne so close to a growing urban core.”

Keyes Commercial Real Estate

Codina Breaks Ground On 2020 Salzedo, A 213-Unit Rental Project In Coral Gables

In Coral Gables, developer Armando Codina has commenced construction on 2020 Salzedo.  The project will include: 213 apartment units in a 16-story tower; 53,452 square feet office space in a six story building; 4,334 square foot retail space; 566 parking spaces in a seven story garage.  Codina is asking $45 per square foot…

Sky’s the limit on land prices

Land-hungry developers from around the globe are buying up sites in Miami-Dade County for tens of millions of dollars per acre, spurring record sales.  Among the sky-high prices: nearly $75 million paid for 2.4 acres in Brickell, $64 million for 7.4 acres in Miami’s Arts & Entertainment District, and $75 million for 4.5 acres in…

Proposed Alton Road Crescent Heights Wave condo project to expand

A fifth building is being added to Crescent Heights’ Wave condo project in South Beach, by the Alton Road flyover.
The design of the proposed 60-foot tall, 96,105-square-foot condo at 659-737 Alton Road will be presented…

The Great Outdoors: Donald Trump Trumped for Crandon Park Golf Course Bid

Donna Shalala Rekindles Discussion of Hurricanes Playing in Beckham’s New Stadium

The Miami Hurricanes play in a professional stadium that’s probably twice as big as what they need. David Beckham has a proposed MLS franchise that needs a new, smaller stadium of its own to call home. It’s been apparent to some any new stadium should be a mid-sized building that could fit both teams.

Miami Loop: Linking together the proposed Underline,…

Linking together the proposed Underline, Ludlam Trail, and Miami River Greenway with a fourth section that runs from the Miami River to the Ludlam head, south of Miami International Airport, and a complete-loop is created which could be the basis for a network of bicycle and walking trails around Miami…

Judge Tosses Lawsuit Over Retail Center Next To Lincoln Road Church; Construction Could Begin In Weeks

A developer has been cleared to begin work on a new retail center next to Lincoln Road’s historic church, after a Dade judge dismissed Miami Design Preservation League’s lawsuit this week that challenged the approval process.  The legal battle may not be over, however. MDPL’s Daniel Ciraldo told TNM that the League may…

Rendering Reveal: New Renderings, Developers, Name for ‘Boulevard 57’ Condos

The boomerang-shaped condominium planned for Biscayne Boulevard and 57th street that was designed by Sieger Suarez has a new name: Boulevard 57, and is launching sales September 1st. The 107 unit building will be developed by its owners, Unitas Development Group, instead of former management firm…

Homestead Office Building

Construction Accelerates At 51-Story Biscayne Beach, Where 95% Of Units Have Been Sold

With Miami real estate prices on the rise and inbound investment pouring into the market at record pace, East Edgewater newest luxury condominium is moving onward and upward. Vertical construction at Biscayne Beach, a 51-story waterfront tower located at 711 NE 29th Street along Biscayne Bay, is well underway…

CocoWalk sells to Federal Realty, local partners for $87.5M

Commercial firms embrace Instagram

From the New York website: Residential brokerages awakened to the benefits of Instagram ages ago. But recently, commercial firms have begun harnessing the power of snapshots to promote their brands, too. CBRE Group, JLL and Cushman & Wakefield have all…

Sales heat up in area from Wynwood to Design District

Vacant 6-acre Miami River site on the market

Swing and a miss: Trump drops proposal to manage golf course

Donald Trump has reportedly backed out of his offer to renovate and manage the Crandon golf course on Key Biscayne.  Trump proposed a $10 million makeover for the course on his dime, in exchange for a 99-year contract where he would manage the golf course.

Baptist picks up Coral Gables office building for $12.5M

Co-working space WeWork opening in Miami Beach in July

WeWork, a New York-based company that operates dozens of co-working spaces in three countries, will open its first venture in South Florida this summer.  And, when WeWork does open, it will have a “pool party” and beach-goer ambiance, according to Karen…

Key Biscayne Dukes it Out With Miami Over This Site

The City of Miami wants to convert the public waterfront land to year-round commercial event space, which would include the Boat Show. Key Biscayne’s major doesn’t think that’s such a good idea.

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…

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…

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…

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

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…