Miami Commercial Real Estate News, Trends, Observations • Page 108 of 116

Miami Commercial Property News April 14, 2015

Is CRE Insurance More Expensive in Florida?

With banks and insurance companies also active, real estate lending will remain competitive and favorable for borrowers. What does that mean for the insurance markets in Florida and beyond?

Change orders add millions in airport costs; Is this how Broward should do business?

For the third time in three years, Broward Commissioners voted last week to pay more — $2.5 million this time – to the company that’s managing the ongoing $800 million…

Starwood-led partnership paid $178M for South Florida offices in Duke Realty deal

A partnership led by Starwood Capital Group paid $178.3 million for the Broward County office buildings and land in its $1.1 billion purchase from Duke Realty Corp., according to county records.

Development Update: Almost Sold Out, Centro is Racing to Completion in a Car2Go

Despite some controversy (omitting the construction of a parking garage) and false rumors (some absurdity about discovering Roman ruins at the site), Centro Miami, construction of which is significantly more than halfway towards…

Coral Gables shopping/office center Riviera Plaza sold for $16.5M

A partnership of three Miami-based firms acquired Riviera Plaza in Coral Gables for $16.5 million. 13th Floor Investments, Gadinsky Real Estate, and Echion USA purchased the 45,000-square-foot building at 1542 South Dixie Highway – just south of the University of Miami – from the Martin Herstik Trust. It was…

Moving Day: The Miami Center for Architecture and Design Has to Vacate its Magnificent First Home, in 2.5 Years

The Miami Center for Architecture and Design has two and a half years to find new digs. The landlord, Stambul, has declined to renew the lease on their current location, a grand two floor space in the Old U.S. Post Office which the Miami Chapter of the American Institute of Architecture…

Fun with urban planning: James Corner Field Ops Signed for Lincoln Road’s Big Reno

When Philip Levine became Mayor of Miami Beach a little over a year ago and the guard changed in the city commission chambers, they way the beach undertook its large public works projects seemed to undergo a seismic change as well. Although the international-head…

Construction chugging along at SLS Brickell…

Construction is chugging along at the Related Group’s SLS Brickell tower, where—likely inspired by Miami condo towers built in the 1980s—the undersides of the balconies are getting distinctive color schemes that will be visible from the street level. But here, unlike the rainbow…

Blockbusters: Park Grove Might be the Most Expensive Building in Miami

Beginning at $1,700 a square foot, Tower 1 at Park Grove is the most expensive condo building in Coconut Grove, and may be the most expensive building in the City of Miami, says broker Michael Light. The tower’s lowest priced unit, on the fourth floor, will be $4.2 million.

Stiles sells Fort Lauderdale store to Publix for $22.5M

Fort Lauderdale-based Stiles sold a Publix store to the supermarket chain, according to a deed recorded in Broward County records on Monday. An affiliate of the real estate company sold the 3.5-acre property to Publix Supermarket…

Flagler Street redevelopment site in downtown Miami goes up for sale

A 2.52-acre lot in downtown Miami was just listed for sale, and it’s being marketed as a prime redevelopment opportunity. The property, at 251 East Flagler Street, houses a two-story building with…

Clarion Inks Mega Industrial Lease in Weston

-“The ability of Clarion Partners to creatively structure the lease created a win-win solution for both tenant and landlord.”

It Looks Like ONE Mayor Cares About the Sugar Land Deal

City of Miami Tomás Regalado uses the Bully Pulpit for good. In a letter to the Miami Herald printed Sunday April 12 he said:I want to honor the memory of Miami resident Marjory Stoneman Douglas, who was a staunch advocate and defender of the Everglades. She would have been 125 years old…

Skeptical: Is the Design District going to work?

Miami Today offers a glowing report from the developer’s point of view. The world’s luxury brands, fortified through a business deal between Craig Robins’ DACRA and LVMH, one of the world’s top luxury brand consolidators, have been pumping hundreds of millions into the Design District. Audemars…

Inside Louis Vuitton’s Massive Four Story Design District Store

An LV monogram might be the standout feature to an average person, but a real Louis Vuitton die-hard knows its all in the details. Louis Vuitton opened its massive five-story Miami store in the Design District, and while you may be taken aback by its openness and sheer scale, it’s the elements within that remind you why…

Vintage photos of Lincoln Road

1956. 1957. And again, 1957. Also check out vintage photos of Collins Avenue at night in vintage Miami Beach postcards and Miami Beach ‘Luxurious Hotel Row’ (1950s postcard).

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Commutes to Proposed American Dream Miami Mega Mall & Theme Park

Given the ability of a mall and entertainment complex as significant as the proposed American Dream Miami to draw people to it, we thought it might be worthwhile to take a look at how long it takes to get to the proposed location from key locations. The locations highlighted below consist of population centers, tourist destinations, and other major shopping areas.

We’ve created this post to assist commercial real estate investors in the area with conceptualization, as it were, of the effect on commerce in the area. These directions are to the general area, is in close proximity to the proposed location for the proposed Miami Lakes area mega mall and entertainment / theme park complex. These are not perfect, but seemingly good enough for this purpose.

Before reviewing the commute maps to the proposed location, first consider its general location on the South Florida map:

Notice how it sits nicely smack in the middle of major population centers, tourist destinations, and travel hubs. We this this speaks to the projects potential, and in turn the probability of it coming to pass.

In the maps below, it is worth considering not only how American Dream Miami might pull from these areas, but also how it might affect other shopping areas and tourist destinations. A consumer can visit more than one destination, of course, but if a consumer must choose, he can’t be in two places at once.

Naples – About 1.5 Hours

We always think of Miami with these Miami area shopping destinations, but something as big as this, particularly given that it would sit on the western edge of Miami-Dade county, is bound to pull from the Naples and Fort Myers areas.

Coconut Grove – 40 minutes

Fort Lauderdale Airport – 1/2 hour without traffic

Likewise, the mall is near much of the population base of Fort Lauderdale and nearby Hollywood.

Miami – Half an hour or less for most

How far away this will be depends on what you consider Miami to be and what part of it you are in. From downtown, it will be about 40 minutes away, without traffic. We’re going to call it 1/2 an hour or less, as this will be the case for most that consider themselves in Miami.

Miami Airport – 1/2 hour

Orlando Airport – 3 hours

Many in Miami will be surprised that this is not farther, but consdier that it is already up the road a good ways toward Orlando. This bodes wells for its ability to attract tourists down from Orlando. Miami is a pull itself. Once one adds a theme park for the kids and a mega mall for mom and dad, it is a sure deal.

Tampa Airport – 3 1/2 hours

Yes, this is a ways away, but this is a big potential development, big enough to make the curious travel farther than they otherwise might.

West Palm Beach Aiport – 1 hour

Another map, another major center of population and buying power within close reach…

Boca Raton – 40 minutes

Sawgrass Mills, Sunrise, FL – 15 minutes

Uh-oh, City of Sunrise. If this mall goes forward, it it bound to take business away from Sawgrass. Its proximity may in the end be a good thing, as the NW Miami-Dade and West Broward area may be seen as a regional shopping hub, which it would obviously then be.

Dadeland Mall – 25 Minutes

Another mall that seemingly stands to lose business to this proposed mega mall.

Aventura Mall, Aventura, FL – 1/2 hour

Different mall, same potentially sad story…

Bal Harbour Shops, Bal Harbour, FL – 1/2 hour

This one may be unaffected by this development, as it is so unique in nature. It has its own competitvie challenges on the horizon, but seemingly this is not one of them.

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Development

Yield Curve Quarterly Snapshot – 2015 Q1

U.S. Treasury Yield Curve Nominal and Real Q1 2015 vs. Q4 2014

At the end of the 1st quarter of 2015, U.S. Treasury yields, on a nominal basis, were fairly unchanged in the shortest maturities, a touch higher in the 2-year maturity, and about 20 to 30 basis points higher for all maturities longer than 2 years. On a real basis, these yields dropped similarly, as the inflationary environment was relatively unchanged.

Interest rates affect commercial real estate in numerous ways (see this, this, and this). Borrowing costs are affected directly, with higher rates increasing borrowing costs and thus negatively affecting demand. Cap rates typically move with interest rates, albeit not in lockstep, with considered analyses generally seeming to conclude that cap rates on average move in the direction of 10-year rates, but only about a third as much. Interest rates affect the economy, which in turn affects vacancy and rents. In short, the interest rate environment is highly important to commercial real estate investment.

View more yield curve quarterly snapshots.

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Economy

Commercial Property Profile: Miami Tower

Located in Central Downtown, the Miami Tower is a 47 story landmark skyscraper in Miami, Florida. It was primarily built as an office tower and it is currently the 8th tallest skyscraper in Miami and in the state of Florida as well. The Miami Tower, originally known and still referred to by many as the Centrust Tower, rises 625 feet (191 metres) and it is famous for its dramatic three glass tiers and the extravagant night time illuminations. The building’s architecture was designed by Pei Cobb Freed & Partners. Miami Tower is made up of two seperate buildings, one of which serves as a 10 story parking lot while the other is an office tower that is 47 stories high.

The building that serves as a parking lot was completed in february, 1983 while construction of the main tower began one year later. The Miami Tower was lit for the very first time on December 15th, 1985. In mid 1986, the tower’s exterior was already complete and its grand opening had been scheduled for the same year. Miami tower is unique as it is the world’s first and only skyscraper complex to have an elevated metro station, the Knight Center Station. Miami Center is also famous for its luxurious interior that includes a marble and gold covered lobby and an outdoor terrace that spans 10,000 square feet (930 square meters). The tower’s gym cabinets are made of mahogany which adds onto it’s exquisite and luxurious interior decor.

A pedestrian walkway connects the tower to the James L. Knight Center and on the 1st floor is a green marble covered retail spine. 1,160,000 square feet (108,00 m2) of floor space is divided into a 535,000 square feet (49,700 square meters) parking garage with 1,500 parking spaces and 503,00o square feet (46,700 square meters) of office space.

Miami Tower has unsurprisingly made it to the movies as it appeared in the end credits to the 1986 called Movie Flight Of The Navigator that had an aerial shot of Miami. At the time, the tower was still under construction and this is very visible in the movie as well. Miami Tower was also featured as a set of Gloria Estefan’s video in 1994 for “Turn The Beat Around” as well as the backdrop of The Tonight Show. Miami Tower is most celebrated for its elaborate 1.5 million dollars LED system that was installed in 2012. The tower’s three-tier system allows it to have distinctive color schemes that tribute the respective holiday, season or event.

Several TV shows and video games have also referenced Miami Tower over the years. The most common is the video game Grand Theft Auto: Vice City, that references to Miami Tower as “The Tower At International Place”. I the TV show, Miami Vice, when the tower was sold, the tower is called the “‘Miami Vice’ Tower”. The tower appears in several episodes of the 1980’s TV show and also in a scene of James Bond’s Casino Royale in 2006. Miami Tower’s most recent appearance in the entertainment industry was in FOX’s television series Fringe but its name is changed to the “Boston Federal Building”.

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Property Profiles

News in Miami Area Commercial Real Estate April 11, 2015

Keyes Commercial Realty Offices and James Hawkins - Buy, Sell, or Lease Commercial Property

Offices of Keyes Commercial

Launches and releases: Paraiso’s Fourth Tower, Also by Piero Lissoni, Set for Launch

The Related Group’s fourth (and final?) tower at the Paraiso megaproject in Edgewater, Gran Paraiso, is set to launch soon, and Related is dropping hints with a video about a fancy lunch they had with some of the minor celebrities who have already bought in the other Paraiso buildings as well as…

Portman, RLB Swerdling/Oxford bid for MB Convention Center Hotel

Two bidders, Portman Holdings and RLB Swerdling/Oxford Capital submitted proposals for the Miami Beach Convention Center Headquarter Hotel by the deadline on Friday, The Real Deal has learned. It is a repeat performance for Portman…

Huge price spreads exist between new, existing condos in SoFla

What is the future outlook of the condo market for improved properties compared to the preconstruction boom?
Some four years into this South Florida real estate cycle, the supply of condo units — both new and existing — available for…

SoFla real estate community courting Chinese investors

Paramount Miami Worldcenter has brought in a Feng Shui consultant to design the project. The Estates at Aqualina has named its two towers with lucky numbers in Chinese culture. And Shanjie Li is opening a…

Retail space at 1100 Millecento sells for $10.5M

Retail space at 1100 Millecento in Brickell sold for $10.5 million, The Real Deal has learned. A group of South American investors purchased 17,500 square feet of ground floor and mezzanine retail, Fabio Faerman of FA Commercial Advisors told…

Throw on Your Louis V Millionaires to Kill the Glare of This Shiny New Miami Outpost

Or at least that’s what we think Clipse might advise. Today, luxury French fashion house and rapper favorite Louis Vuitton opens the doors of its latest retail hub in Miami’s thriving Design District. The store presents an austere gallery setting in which to vend its crafted wares. And to enhance the sophisticated museum atmosphere…

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Commercial Real Estate Profile: 1450 Brickell Avenue

1450 Brickell is an all office high-rise in Miami, Florida. This huge skyscraper has a total of 35 floors and stands 165 meters. (540 feet). It is located in the southern Brickell Financial District in Downtown Miami next to One Broadway. It’s precise location is on the corner of Broadway and Brickell Avenue. !1450 Brickell has a total of 54,000m2 (580,000square feet) of office space and was designed by Nichols, Brosch, Wurst, Wolf & Associates, Inc. 1450 Brickell is only one of several office space projects to be developed and opened in Downtown Miami.

This office skyscraper is elegantly designed to have an astounding and artistic quality of light and texture. It makes good use of exquisite finishing materials such as imported stone, polished hardwoods accentuated with stainless steel, and this gives of a unique and beautiful interaction from the natural morning light to the afternoon sunlight. The higher floors offer a breathtaking panoramic view of the Atlantic ocean as well as the city that is arguable one of the best views you can find in Miami.

The ground floor has a cascading fountain that is the foreground to a restaurant that provides a cosmopolitan and outdoor dining atmosphere. The 14th floor of 1450 Brickell features a terrace lounge that was created to temper hectic working hours and offer the ideal outdoor working environment that overlooks the Brickell Business District. The low-rise and high-rise floor plates provide approximately 24,000 to 26,100 square feet of rentable office space that is ideal for a contiguous full floor set-up. The almost column free floors offer an abundance of breathtaking skyline and water views and a core window distance as well.

1450 Brickell will require you to wait 4-6 months from lease signing for this first generation space and occupancy. The minimum lease duration is 5 years. Its adjacency to Four Seasons, W Marriot Hotel and Conrad makes it a prime office location. The building’s unique design was inspired by its location on an acute corner, a 70o angle. This gave rise to the opportunity of giving the building a sharp edge.

Another enterprising feature of 1450 Brickell is that is it a LEED Gold Certified Building and it is especially resilient to hurricanes. Another distinguishing design feature is the impact resistant blue glass that forms the building’s facade. Miami’s building code requires the first thirty floors to have large missile impact resistant glass while higher floors should feature small missile impact resistant glass.

There are a total of 1.200 parking spaces that include on-ramp parking. The parking garage is located on the lower floors and entry is from the Southeast 15th Road. The building ground floor has a breezeway running through the base of the building and connects the driveway entrance with Brickell avenue and features outdoor seating.

Located on the same floor as the terraced skydeck is conference space equipped with videoconferencing technology available to the building’s tenants and a gym. The building’s ventilation, heating and air-conditioning system cleverly includes sensors that help in managing electricity consumption. The sensors are in over 6,000 locations all over the building.

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Property Profiles

Fox Business Video Discusses Sustainability of Miami Real Estate Market

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Analysis

A Flashback Friday Moment to Forget: 1980 Miami Riots

In May of 1980 Miami experienced violent and destructive rate riots were race riots. These followed the acquittal of four Miami-Dade Police officers in the death of Arthur McDuffie, an African-American who died from injuries sustained at the hands of four Caucasian police officers attempting to arrest him after a high-speed chase. These officers were tried and acquitted for manslaughter and evidence tampering, among some other charges. Following their acquittal, a race riot broke out in the predominately black Miami neighborhoods of Overtown and Liberty City.

It all began in the early morning hours of December 17, 1979, when the aforementioned police officers pursued McDuffie, who was riding his Kawasaki motorcycle. McDuffie had not only accumulated traffic citations, he was driving with a suspended license. Police chased him through residential neighborhoods for 8 minutes at speeds in excess of 80 miles per hour.

Ira Diggs, William Hanlon, Michael Watts and Alex Marrero, the four officers involved in the case, later filed a report claiming McDuffie had run a red light and then led them on an eight-minute chase. They also stated that after McDuffie had lost control of his vehicle while making a left turn, he had attempted to run away but was then subdued by the officers. Accused of kicking Diggs during the scuffle, McDuffie, by the time the struggle had ended, had suffered the fracture of his skull “like an egg”, to use the words of the prosecutor at the trial.

McDuffie died four days later of his wounds, with the coroner’s report concluding that he had suffered multiple skull fractures. In 1981 Dade County paid the McDuffie family $1.1 million to settle a civil lawsuit against the officials.

More Resources:

Orlando Sun Sentinel: Cop can’t seem to live down ’80 coverup
Google News Clippings from 1980: Tough Guy Cop Marrero Cries at Trial
Miami News 1980: Officer Diggs Wants Job Back
Miami Beach 411
StreetGangs.com
Southern Changes: The Case Behind the Riots
St. Petersburg Times 1979: Cops Charged in Beating Death
Prezi Slideshow: Tragic Death of Arthur McDuffie
PBS American Experience Transcript Related to Riots
Orlando Sun Sentinel: Cop Involved in McDuffie Beating Arrested on Drug Charges
New York Times: Officer Involved in Beating that Led to Miami Riots Arrested on Drug Charges
Black America Web: Little Known Facts of Miami Race Riots of 1980
The Officers on LinkedIn (is this them?) Today: Alex Marrero; William Hanlon; Ira Diggs
Tampa Bay Times re Officer Hanlon: Whatever happened to redemption?
Polygraph Report on Officer Hanlon

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History

Miami Commercial Real Estate News April 10, 2015

Photos of Construction Underway At Melo Group’s 647-Unit Aria On the Bay

With foundation work underway, Melo Group’s 50-story Aria On the Bay has been added to our TNM Index of projects under construction. At 647 units, it packs one of the highest amount of residential units into a single condo tower of any currently under construction in Miami. Tibor Hollo’s Panorama Tower…

All Aboard Florida Finalizing Plan for 3 MiamiCentral On CRA Property

All Aboard Florida has submitted plans for 3 MiamiCentral, a mixed-use development in Overtown. The project is planned to be built on a CRA-owned 1.89-acre lot located at 160 NW 7th Street. The CRA approved a long term lease with the company in 2013, allowing a project to be built on the site.

Angler’s Hotel Expansion Now Underway In South Beach

Construction is now underway on a project that will expand Washington Avenue’s popular Angler’s Hotel in South Beach. As part of the project, 84 new rooms will be added to the hotel, which currently only has 45 rooms. The expansion also includes 3,000-square-feet of ground floor retail space, as well as 1,250-square-feet of meeting space.

Work Underway At 372-Unit Broadstone Brickell Project

Moss Construction has started work on the Broadstone Brickell project. The project includes 372 rental units. It is being built by Alliance Residential, which also has the 418-unit SoMa at Brickell under construction nearby. Broadstone will rise 24-stories, or 253-feet. Amenities for residents include a pet grooming spa…

52-Story Tower Above MPA Garage In The Works, Would Add 432 Downtown Units

A residential tower that would rise above an existing parking garage in downtown Miami is being prepared for submission to Miami’s Planning Department for review. In 2013, the Miami Parking Authority board approved a deal with Downtown 56, LLC to redevelop the garage, located at 70 SW First Street. The garage is known…

Investigative Report: County gets a slap from the FIND Commission on Parcel B

Parcel BThis is the famous Parcel B owned by the County (The City of Miami sold it to them), always zoned parks. In a referendum to get the Heat Arena property, multi-billionaire Micky Arison promised it would be a soccer field. The County went to the Florida Inland Navigation District (FIND) to get…

Comment of the Day: “In the new plans for Biscayne…

“In the new plans for Biscayne Boulevard, what is happening to the Royal Palms? They were planted in 1926, each in memory of a World War I veteran who died. Any destruction of the Royal Palms of Biscayne Boulevard would be a betrayal. The new plans don’t even have many Royal Palms visible, when…

Marine Stadium Update: With the ‘Friends of the…

With the ‘Friends of the Miami Marine Stadium’ out of the picture, the City of Miami is trying to save the deal to host the boat show there, while preserving the stadium itself and avoiding a lawsuit from traffic-fearing Key Biscayne. A massive asphalt lot the city is building for the boat show could…

Doing it in public: Twenty Interesting Ideas to Improve Miami’s Public Spaces

Miami’s First ‘True’ Public Square? Last week marked the official deadline for The Miami Foundation’s Public Space Challenge. Throughout the past month, Miamians submitted ideas on how to address our city’s lack of functional, communal, and truly accessible public spaces. To compare with global…

Construction Watch: The Frost Museum of Science…

The Frost Museum of Science has surpassed its 50 percent construction mark and is just over a year from its opening season, planned for summer 2016. The planetarium sphere is enclosed, the Gulf Stream Tank is getting shark-ready, and the ‘living core’ is getting ready to host life. New photos from…

Sittin’ on the walk of the bay: Related is Paying for the Biscayne Line, Miami’s Great Baywalk

Three key players behind the Biscayne Line—a name that was originally limited to just the section of baywalk that the Related Group is spearheading through Edgewater but is evolving to mean the entire seven miles of Miami’s future baywalk system, as well as five…

I Cover the Waterfront: In his monthly column in…

In his monthly column in Tropic Magazine, Curbed Editor Sean McCaughan looks at how the past year has been living without a car. The answer: because of living in the right area, services like Uber and Citi Bike, and working out of the house, not bad. Not bad at all…

New rental apartments in Broward outpacing demand: report

The stock of newly built apartments in Broward County is growing faster than demand, and vacancy rates are expected to rise this year, according to a recent report by Marcus & Millichap. With 3,500 new units…

Blackstone, Wells Fargo close to acquiring most of GE’s $30B real estate portfolio

From the New York website: General Electric is close to selling most of its $30 billion real estate portfolio, and top candidates to buy include Blackstone Group…

Duke Realty sells Broward portfolio for $175M

Indianapolis-based Duke Realty recently sold a 940,319-square-foot Broward office portfolio. Duke Realty affiliates sold nine properties to Starwood Capital, Trinity Capital Advisors and Vanderbilt Office Properties for $175…

The Good News About Florida CRE Insurance

Franklin Street’s Tom Kersting gives GlobeSt.com’s Jennifer LeClaire his predictions for the insurance market in Florida in part two of this exclusive interview series….

White Hot South Beach Retail Hits Market

This asset sits in one of the highest barrier-to-entry submarkets in Miami Beach. Get all the…

Duke Trades South Florida Portfolio to Starwood Capital for $178M

Starwood Capital Group closed a deal worth more than $178 million with Duke Realty for an office portfolio in Sunrise and Plantation…

FBI Opening New $194 Million South Florida Office

The FBI is officially opening its new South Florida field office at a suburban Broward County building that consolidates far-flung operations…

Rents Up: Cheaper to buy than rent in Miami-Dade County

Buying a home in Miami-Dade County could be cheaper than renting, according to a new study from RealtyTrac.
The study looked at the affordability of renting versus buying a three-bedroom home, and based its findings on how much each option would cost as a percentage of the median income of an area.

Affordable housing project in Fort Lauderdale to open Friday

The Village Place Apartments, a $125 million affordable housing project for seniors in Fort Lauderdale, is set to open on Friday. The 112-unit project was developed by the Housing Trust Group of Miami, which bought the land in 2013 for $2.8 million and finished construction earlier this year.

Miami the Fifth Least Affordable for Renters

Start to feel nervous around the first of the month when the landlord comes to collect the rent check? You’re probably far from alone in Miami-Dade. It’s no secret that rents have started to skyrocket recently — they weren’t exactly cheap before — but things have gotten so bad that Miami-Dade is now the fifth least affordable county…

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Video Miami Worldcenter New Heart of Miami

This video interviews several Miami area community leaders, all of which seem to feel that Miami Worldcenter, once developed, will be the new heartbeat of Miami. Time will tell, but most certainly this mega commercial real estate development will change the flow of commerce in South Florida.

Some of the comments in this video are:

“Miami is alive today; you just feel its pulse.”

“It’s unbelievable that in the heart of one of the world’s greatest cities there was vacant land—everything around it, everything serving, everything happening except on that site.”

“It’s an architect’s dream.”

“Miami World Center is a very special project from the standpoint that it completes the vision of this part of the city.”

“It will make this part of the city the heart of the city.”

“We are surrounded by an amazing array of assets, and the development of this 30 acres brings everything together in one place.”

“If you closed your eyes and tried to imagine this and you listed all the things that you wished for the center of a city, this has got it all.”

“Miami has a very dynamic profile up in the air, and we surely will contribute to it, but what makes great cities starts from the ground, not from the horizon.”

“The great streets that we are crafting are going to deliver you to signature spaces like this precedent across the water, Lincoln Road, and it has to do with taking back the street and the sidewalks and the open space in Miami for people.”

“The first phase of the project, we’re developing about a million square feet of vertical retail, food and beverage, entertainment, and other things.”

“This is a great thing for Miami because it means jobs, it means income for the city, it means taxes. It has all of the input that will make the city better.”

“We not only have the ground plane, but we also have a sky plane. Another layer on top of the podium are residential developments with about three acres leaving six acres open as a rooftop to be developed, and we have created an amazing parkscape. That parkscape is going to inform all of the facades into an amazing iconic expression which is inspired by Iguazu. Nowhere else in the city will you find this kind of engagement.”

“Miami World Center is truly a city within a city.”

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Development

April 10, 2014 Miami Area Commercial RE News

Miami to vet cost of Tri-Rail link downtown

City officials plan to re-evaluate the price tag to expand Tri-Rail to downtown Miami, Mayor Tomás Regalado said. The $69 million cost was estimated in talks among the South Florida Regional Transportation Agency, Tri-Rail’s operator; All Aboard Florida; the company that owns All Aboard’s rail corridor; and the Florida Department…

Mindboggling Reveals: Wynwood’s ‘First True Mixed-Use’ Building Will Have 101 Underground Parking Spaces

Goldman Properties has proposed ‘Wynwood’s first true mixed-use ground up building’ for a site at 2700 NW 2nd Avenue that would contain 72 residential units, 68 hotel rooms, a little more than 11,000 square feet of retail, a little less than 50,000 square feet of offices, and large panels on the…

Developer Terra buying Miami city garage

A city-owned parking garage in Coconut Grove is being sold to a well-known developer for $16 million. The Miami Parking Authority built and owns the Oak Avenue Garage. On April 1 the city’s Off-Street Parking Board agreed to sell it to Terra World Investments LLC.

Dacra leasing new Design District phase

Bal Harbour Shops just a few years ago was Miami’s ground zero for luxury retail brands, but that has changed. About 18 months ago, pioneering real estate developer Dacra, in partnership with L Real Estate, began plans for Miami Design District, a low-rise shopping enclave that features pedestrian promenades…

Blockbusters: The Most Expensive ‘Tiny’ Home in America is at the Setai

When the Wall Street Journal officially bestows Miami Beach as the city with the most expensive tiny home in America—that ‘tiny home’ being an 800 square foot pied a’ terre at the Setai that’s on the market for $2.5 million—even beating out that epicenter of tiny, ultra expensive…

Health firm leasing in ballpark garage

After a long stretch with no hits, the Miami Parking Authority has connected with a health care company that will bring medical services to the parking garages hugging Marlins ballpark in Little Havana.

Walmart Wars: Oh Good Lord, a Walmart SuperCenter is Coming to the Keys

Walmart is planning to build a 123,000 square foot SuperCenter as part of a 335,000 square foot shopping center on Rockland Key, just a hop, skip, and a jump up the Overseas Highway from Key West. (h/t: The Next Miami) Neighbors are, of course, concerned about traffic and affordable housing for…

Conversions Of Older Office Buildings Are Pushing Prices And Rents Higher

Older office buildings in cities including Chicago, Los Angeles and Miami are being bought for above their replacement costs, with conversion plans that include residential or hotel towers.

Senate Tightens Requirements for Construction Defect Claims

The Florida Senate is following a recent national trend of tightening its laws governing construction defect claims. Currently, under FL. Stat. § 558.004, entitled Notice and Opportunity to Repair, a party claiming a construction defect must serve a notice of claim upon the party whom they have…

Gold Coast Freightways leases Weston industrial building

Clarion Partners has leased its 230,600-square-foot, Class A distribution building in Weston to Gold Coast Freightways, according to CBRE, which arranged the lease. Miami-based Gold Coast Freightways initially occupied half of the building at 3245 Meridian Parkway…

City pushes new Baywalk link

Miami’s growing improved baywalk could be extended to hug the FEC deep water slip and connect Museum Park to land beside AmericanAirlines Arena under a waterways project the city has floated. The city commission has authorized a grant request that would help fund the bulk of the baywalk extension. It was one…

Century 21 Department Store opening at Sawgrass Mills

Century 21 Department Store will open at Sawgrass Mills this fall, marking the retailer’s debut in Florida and its first foray outside the Northeast. The 85,000-square-foot store will serve as an anchor of the Sunrise shopping center as it continues to expand.

Hilton convention center hotel tops off in West Palm

The Hilton West Palm Beach convention center hotel topped off on Tuesday. Miami-based Nichols Brosch Wurst Wolfe & Associates is the architect on the project, a 400-room, 12-story resort that will include 24,000-square-feet of meeting space and…

Avison Wins Mega Office Portfolio Deal

Avison Young just scored the largest Florida office leasing assignment in Florida in recent years. Get all the details…

Coconut Grove Grove retail in turnabout

When the Coconut Grove Business Improvement District began making retail analyses in 2013, there were 21 empty storefronts compared with just eight today, pointing to strong demand for what business leaders and tenants describe as a vibrant, increasingly desirable area.

Palm Beach County Commission allows project near Scripps

To make sure a giant regional headquarters could be built on a site off Interstate 95 and Donald Ross Road, Palm Beach County commissioners voted unanimously Tuesday to lift land-use restrictions that call for the site to be used for bio-science and biotechnology.

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Commercial Property Profile: Four Seasons Hotel Miami

Four Seasons Hotel Miami is a 70 story high-rise with a total of 491 condos in Brickell District close to Downtown Miami. Built in 2004, it is located along 1425-1435 Brickell Ave. Four Seasons Hotel Miami offers incredible views of the bay, the city and ocean views plus an ever refreshing bay breeze all year round. Like its name suggests, the high rising skyscraper is home to the Toronto based Four Seasons Hotel , several residential condominium units on the upper stories as well as prime office space. Rising a total of 789 feet (240 meters) from the streets below, Four Seasons Hotel Miami is the tallest building in Miami as wells the state of Florida. Upon it’s completion in 2004, it became the tallest building in the USA south of Atlanta. Four Seasons Hotel Miami was constructed using high strength concrete designed to have suitable engineering characteristics such as minimum shrinkage and creep by using an optimal alternative to cementitious building materials.

The condos by Four Seasons Hotel Miami offer a fabulous living experience for anyone in the condominium community at the heart of Brickell District in Miami. These condos have an exclusive and unobstructed view of the sunset and you can take a relaxing evening walk or early morning jog on Bayshore Drive. Brickell provides its residents with a tranquil, convenient and scenic living environment. It also has prime residential amenities such as restaurants, markets, beauty salons, dry cleaners as well as florists. Located close to Brickell Avenue is the famous Mandarin Oriental hotel that has an exclusive spa and restaurant. Four Seasons Hotel Miami also has its own private residential amenities that include valet parking, a gym, swimming pool, Jacuzzi, concierge and other amenities.

Bermello Ajamil & Partners, Inc. and Gary Edward Handel were responsible for planning Four Seasons Hotel Miami. Suncoast Post-Tension provided engineering and post-tension reinforcement of the structure. Designed to sustain hurricane force winds, Four Seasons Hotel Miami was constructed using silica-fume concrete and dense steel reinforcement.

Four Seasons Hotel Miami has three separate lobbies. Two lobbies on the first floor are for the health/office club portion well as for the residences of the tower. The re is also a lobby on the seventh floor that is dedicated to the conference and hotel areas.

There are three lobbies. Two separate lobbies on the first floor and one on the seventh floor. The separate first floor lobbies are for the office/health club portion of the tower and the residences. The seventh floor lobby is for the hotel and conference areas. The tower used around 379 million US dollars in construction costs.

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Property Profiles

Miami Commercial Real Estate News April 8, 2015

Keyes Commercial Real Estate Offices

American Dream Miami mall opponents turn to Tallahassee for help

Two South Florida competitors of the proposed $4 billion Miami mega-mall/entertainment center could be turning to Tallahassee for help derailing the massive project before it gets started.

Arrested Development: Brickell’s Wacky, Glamorous Walgreens is, Sadly, Shelved

Architecturally adventurous Walgreens Drug Stores may have to remain a Miami Beach phenomenon for now (see here, and here, for example), as the much anticipated, flamboyant, fabulous Walgreens that was being designed by Demandt Architecture for a site at 296 SW 7th Street has been canceled. One of…

Goldman Properties Submits Plan For New Mixed-Use Project In Wynwood

In Wynwood, Goldman Properties is preparing to build a new development, which they say will be the ‘first true mixed-use ground up building’ in the neighborhood. Plans for the project, to be located at 2700 NW 2nd Avenue, are currently being reviewed by city officials. They call for a project consisting of 72 residential units

Thursday, The Sea Level Rise Committee Will Be Formed for the City of Miami: Call Someone to Appoint You.

This sure came out of the blue… environmental people should apply!!!!! Pass it around.The Sea Level Rise Committee was created to: (1) review any and all available information pertainingto sea level rise;(2) hold public hearings to receive public input;(3) issue a final written report…

Native American Relics: In a brightly painted old…

In a brightly painted old house surrounded by new condo towers, Ishmael Bermudez claims to have discovered Native American relics much like those at the Miami Circle and Met Square and is fighting to save them against encroaching development. There’s also a natural well, and perhaps even a Tequesta …

Photo tour the Completed, Eco-Crazy, 1 Hotel South Beach

News originally broke back in early 2013 that the old rambling barn of a hotel originally known as the Roney Palace when it was built in the 1960s (on the site of the former Roney Plaza, but that’s a story for another day), and then the Gansevoort, was going under the knife for its biggest transformation yet to become the 1 Hotel & Homes…

The Spring 2015 Linneman Letter: Oil Economics

NAI Global’s Chief Economist Dr. Peter Linneman tackles the oil economic questions that everyone has, “What do low oil prices mean?” and “Will they remain low?”not being protected [Miami Herald]3. Touring the completed, eco-crazy, 1 Hotel South Beach…

Retail site for sale near Lincoln Road in Miami Beach

Shopping Center at 1600 Lincoln RoadA retail property on a corner of Alton Road in Miami Beach has come on the market as a potential development site, as the bustle on Lincoln Road continues to spill out to surrounding streets. Plaza 1600 South Beach, a 6,090-square-feet retail building at 1600 Alton Road…

What will become of vacant land along PGA Boulevard?

Six weeks after the sale of a prime piece of vacant land, Palm Beach Gardens officials are still waiting for word on the new owner’s plans. A 5.4-acre site near Downtown at the Gardens and The Gardens Mall sold in February for $8.5 million. The buyer is Gardens Corporate Center, whose owners include developer Guy DiVosta…

Purobeach wants to dive into the Miami market

Purobeach, a luxury beach club with locations from Portugal to Dubai, is scouting sites in Miami-Dade County, with plans to open two hotel locations, The Real Deal has learned. The upscale lifestyle concept feature…

Related Urban, county break ground on affordable housing community

Miami-Dade County and Related Urban broke ground on a public housing project in Miami today.Stirrup Plaza II, a 68-unit community geared toward low-income seniors and the disabled, is the seventh public housing project developed between the county and Related Urban.

Second Hollywood Beach condo tower completed this cycle

A second new condo tower has been completed in the Hollywood/Hallandale Beach market in Southeast Broward County, in this current South Florida real estate cycle that began in 2011. Construction of the new seven-story Positano Beach with 17…

Historic South Beach Hotel Sells

The Marlin Hotel on South Beach“The sale is indicative of the continued evolution of Collins Avenue and the area’s ability to cater to the affluent consumer.”

How Miami Neighborhoods Got Their Names

Ah, Miami-Dade County: the land of dreamers, visionaries, builders, and fabulously peculiar towns and neighborhoods. Before the real estate land boom of the 1920s it was a swampland, but that didn’t stop the country’s rich from coming to make their mark. These early pioneers came with big ideas that would be the beginning…

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Video Profiles Mall Coming to Miami Worldcenter

Check out this promo video for the Mall at Miami Worldcenter, a ten block mixed used development that is one of the largest private master-planned projects in the United States. Very nice.

Below is a satellite view of this development’s location:

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Development

Commercial Real Estate News for South Florida April 7, 2015

Miami, Florida Skyline, Showing Lots of Commercial Real Estate

Commercial Properties Fill the Miami Skyline at Dusk

429-Unit Rental Project Planned At Miami Worldcenter

While sales are already underway for a condo tower at Miami Worldcenter, a second residential tower is being planned as a rental tower. Plans for the 47-story ‘Tower 1′ at Miami Worldcenter show that the high-rise would include 429 apartments. Units would be relatively small, ranging in size…

Design District: Louis Vuitton Opening,…

Speaking of the Design District, Racked Miami reports that Louis Vuitton’s mega multi-story boutique will be opening there this Friday in its own building. Big name boutiques have been opening left and right in the neighborhood, but Louis’ opening is particularly noteworthy. [Racked Miami; Design …

Biscayne Beach Gets FAA Approval

Federal Aviation Administration officials have concluded a study of the Biscayne Beach condo project, resulting in approval for the height of the tower. In a determination issued last week, the FAA approved the 585-foot height that developers had requested for the building. That is in the same range or slightly taller…

Parking Palaces: The Design District’s Silvery City View Garage is Opening Soon

If you’ve driven on the link between Julia Tuttle and 112/I-95 anytime in the past year, or if you’ve been circling the neighborhood for parking lately, you have without a doubt come across the Design District’s brand new City View Garage, tempting but unavailable to park….

Fun with urban planning: In a long piece in the Herald…

In a long piece in yesterday’s Miami Herald on the Downtown Development Authority’s plan to turn Biscayne Boulevard into a Grand Promenade, Andres Viglucci notes that the DDA wants to revisit extending the pedestrianized promenade to the north in the future. For now it stops at NE 5th Street because…

Brickell Heights condo towers land $160M construction loan

The Related Group’s Brickell Heights towers received a $160.5 million construction loan, Miami-Dade County records show. Wells Fargo granted Brickell Heights the mortgage to 9SMA and 9SMA West, LLCs affiliated with Rockpoint Group, a real estate private equity…

Miami-based Coconut Grove Bank filed a lawsuit against 2701 Bayshore Ventures LLC, an affiliate of the Terra Group and the Related Group , seeking to halt work on its Park Grove condominium project.

Pipeline Workspaces valued at $15M, working toward $100M valuation by 2017

Shared workspace company Pipeline Workspaces sold a minority stake, bringing the company’s valuation to $15 million. A member of Pipeline Brickell bought the stake, according to a company press release. Pipeline Brickell is the brand’s first location.

Developers plan 925,000 sf business park for Deerfield Beach

Two developers have announced plans to build a 925,000-square-foot business park on the site of the former Deerfield Country Club in Deerfield Beach. The park, branded as the…

Q&A with Harvey Hernandez of Newgard Development

Harvey Hernandez, president and CEO of Newgard Development Group, has been developing commercial and residential properties in the tri-county region for two decades, most recently with the opening of BrickellHouse in December, which sold 366 of 374 condos as of January.

Anheuser-Busch Picks This Brickell Tower

The high profile lease comes as some are questioning whether Brickell will ever see another office development….

Hovnanian Starting 538-Unit Senior Communiity in Parkland

Groundbreaking is set Wednesday for Four Seasons at Parkland for buyers 55 and up.

Contractor walks away from Keys’ largest redevelopment project

The general contractor installing the infrastructure on the largest redevelopment project in the Keys walked off the job about a month ago and has gone into bunker mode — effectively putting the multimillion-dollar operation on hold once again.

Miami Commercial Property News April 14, 2015

Commutes to Proposed American Dream Miami Mega Mall & Theme Park

Yield Curve Quarterly Snapshot – 2015 Q1

Commercial Property Profile: Miami Tower

News in Miami Area Commercial Real Estate April 11, 2015

Commercial Real Estate Profile: 1450 Brickell Avenue

Fox Business Video Discusses Sustainability of Miami Real Estate Market

A Flashback Friday Moment to Forget: 1980 Miami Riots

Miami Commercial Real Estate News April 10, 2015

Video Miami Worldcenter New Heart of Miami

April 10, 2014 Miami Area Commercial RE News

Commercial Property Profile: Four Seasons Hotel Miami

Miami Commercial Real Estate News April 8, 2015

Video Profiles Mall Coming to Miami Worldcenter

Commercial Real Estate News for South Florida April 7, 2015

Video: American Dream Miami Would be America’s Largest in USA

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