Flashback Friday: Cassius Clay Knocks out the Beatles in Miami Beach
Yes, this is just for fun, but there is a commercial real estate angle; look at what the area looks like today.
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Miami Commercial Real Estate News April 17, 2015
Related Group To Launch Sales For Gran Paraiso Next Month, With Interior Design By Piero Lissoni
Related Group is preparing to launch sales for the fourth tower at the Paraiso Bay complex. Details of the project haven’t been released yet, but sales will launch in early May. The developer has approval to build one more 52-story tower on the site, with 345 units. The newest tower will likely retain the exterior Arquitectonica design…
Thor Equities buying big in Wynwood: nearly a square block for $29M
New York-based Thor Equities has signed a contract to pay $29 million for nearly a square city block in Miami’s hot Wynwood neighborhood, The Real Deal has learned. The property, at 2801 Northwest Third Avenue, includes seven parcels that occupy the majority of the space between Northwest 28th Street and Northwest 29th Street…
El Portal trailer park residents sue to stop wrecking ball
Barbara Falkinburg is suing El Portal and the new owner of the Little Farm Trailer Park to stop the demolition of her mobile home. Three residents of the Little Farm Trailer Park in El Portal are suing the village, as well as the property’s previous and current owners, to stop the demolition…
Under-the-radar players
Amenities at The Crimson will include a large swimming pool, landscaped sundeck, gym and a business center.
South Florida has a wealth of prominent real estate developers and other industry professionals whose names frequently surface in headlines, and sometimes on buildings. Yet other, lesser-known…
Paramount Miami Worldcenter’s sales gallery to make its debut
Inside Paramount Miami Worldcenter’s new sales gallery, 3-D videos pop on a 36-screen wall, creating a backdrop for a huge scale model that arrived this week from Mexico. Outside, a disco ball…
Espirito Santo Plaza on Brickell for sale
Developer plans live/work lofts and boat storage project on Miami River
A group of developers is preparing a plan for live/work loft units and a boat storage facility with a marina along the Miami River. Chapman Ducote, the managing member of the development group, said he’s planning two buildings at 600 N.W. Seventh Ave. One would be a dry stack for boat storage attached to a high-end marina.
Will This New Condo Trend Take Off?
Some developers are doing away with studios and one-bedroom floor plans. Is it legal? And who’s buying?…
Starwood Hotels Giving Activists Reason to Check in
Starwood owns high-end hotel chains such as W and Westin, but analysts say it would benefit from some lower-cost hotel brands to keep up with rivals.
Beyond condos: 13th Floor aims for diverse approach to development
Miami-based 13th Floor Investments is mostly known for condo development, but its portfolio reflects diverse projects. The firm jumped into the high-end condo tower business with 100 Brickell and 400 Sunny Isles, and it also has the smaller-scale Sereno condo in Bay Harbor Islands. It’s building single-family homes in Tamarac…
Mixed-Use Development is Going North of the Design District
Just north of the rapidly densifying Design District, the historic Buena Vista neighborhood, is getting a mid-rise, mixed-use residential development to add to its mix of mostly single family houses on tree-lined streets. Along with SLH Investment Group, Groupe Terrot and UPSIDE Investments, Metro…
Tommy Hilfiger’s Raleigh Hotel Private Club Officially a Go
The City of Miami Beach has officially approved Tommy Hilfiger’s plans to revamp the Raleigh Hotel, which are being designed by Touzet Studio. The historic main structure will, of course, be preserved, with extensive renovations focused on the hotel’s cocktail bar and a…
Miami City Commissioners discussed a congestion toll…
Miami City Commissioners discussed a congestion toll, which is basically charging cars to enter a city center to alleviate gridlock and encourage mass transit use, at the last city commission meeting. Most of the discussion was centered around the perpetually backed-up US-1 south of Downtown, which…
NAI Miami Represents Landlord In 10-Year Lease At Campbell Plaza Outparcel In Homestead
The deal was negotiated by Spencer Young, Jeremy Larkin and Joseph Gallaher.
Residential market strong in Miami: report
Residential sales in Miami are up significantly, according to Douglas Elliman’s first quarter report released today.
The average sales price increased on a year-to-year basis by nearly 25 percent, to $393,343, and the percentage of closed sales increased by 12.6 percent, to 4,344…
Photos from Fendi Chateau’s Miami Open lounge
A number of tennis players and celebrities stopped in at Chateau Group’s lounge at the Miami Open tennis tournament during its two-week run. The developer was a sponsor of the tournament, and…
Broward retail center sells for $10.5M
The Shoppes of Hillsboro, a 61,165 square-foot retail center in Deerfield Beach, has sold for $10.5 million.
Marcus & Millichap’s Douglas K. Mandel, first vice president of investments, and Barry M. Wolfe, vice president of investments, both with the firm’s Fort…
South Florida by the numbers: Focus on Miami’s Health District
“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Very quietly, the emergence of the Miami Health District has become one of South Florida’s m…
BB&T sells 14-acre office site in Fort Lauderdale for $21M
BB&T sold the former BankAtlantic headquarters, a 185,000-square-foot office building at 2100 West Cypress Creek Road next to the Fort…
Burger & Beer, Sushi Siam among CityPlace Doral restaurants
CityPlace Doral, a massive mixed-use project in the city known for its industrial warehouses and suburban communities, announced its retailers recently. Pie Bar, Salsa Fiesta, Kings bowling alley, Mixtura, Angelo, Tommy Bahama-Island, Cooper’s Hawk, Burger & Beer…
GE’s $23B deal with Blackstone took just three weeks: Jon Gray
From the New York website: If you think the $23 billion price tag the Blackstone Group paid for most of General Electric’s real estate assets is an impressive figure, try this one on for size: three. That’s the number of weeks the private equity…
Are Brazilians Still Buying or Not?
Peggy Fucci, CEO of OneWorld Properties and Fernando de Nunez y Lugones, executive vice president of ONE Sotheby’s International Realty’s development division give GlobeSt.com their thoughts in this exclusive story…
FPL’S Nuclear Expansion Plan Could Ruin the Underline
Biking along a tranquil, green path in South Miami sounds pretty enjoyable. Next to a series of massive, ten-story nuclear power transmission lines? Not so much. That’s a real possibility facing the Underline, a project to transform the underutilized land below Miami’s Metrorail from the Miami River to the Dadeland South Station…
Millennials needed to uplift housing market, and other insights from Fannie Mae’s chief economist
Fannie Mae Senior Chief Economist Doug Duncan told a Fort Lauderdale audience that the millennial generation has been lagging behind in home ownership and their participation is crucial to uplift the housing…
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News Related to Miami Area Commercial Property April 16, 2015
The American “Wet” Dream Mall Miami Project. What do CEO’s in Miami Think?
What do Miami Dade County CEO’s think of the new American Wet Dream Mall proposed for the Miami Dade County/Broward line? A portion of our public land was just approved in the State Legislature to be given to that zany Persian-Canadian family — the Ghermezian — who are going to put submarines in…
Downtown condo rents may have peaked
Brokers say condo rental rates in Brickell and downtown are largely the same as six months ago and expect they will remain so or even trend down a bit as new units come on line. The market is strong with a high concentration of young professionals ages 30 to 40 renting in this part of the city, said Jonathan Garcia, broker for ONE Sotheby’s International Realty.
Starchitecture Watch: A Slightly Closer Look at Rafael Viñoly’s Miami River Tower(s)
Plans for starchitect Rafael Viñoly’s Miami River tower have been officially submitted to the City of Miami Planning Department by the developer, Kar Properties, reports the Next MIami. The design is basically two rectangular towers placed at ninety degree angles to each other and…
Construction Continues On Island Gardens, The Only Super-Yacht Marina In North America
Despite lawsuits by opponents of the project, construction is proceeding on the Island Gardens super-yacht marina on Watson Island. In a press release last week, Technomarine USA, a marina construction company, said that it had been awarded a $12 million contract to build the marina. The total construction cost of the marina is estimated…
Latin American buyers pick up West Grove site for 10x last sale price
Sleeping Around: Miami is the Heart of the Funky ‘Lifestyle Motel’ Craze
Two of Miami’s restored mid-century mod motels on Biscayne Boulevard, The Vagabond Motel and The New Yorker Boutique Hotel, are prime examples of the “emerging lifestyle motel segment…for consumers seeking vintage style, indie personality, low rates and close…
Nothin’ but net: The big new Nike Store…
The big new Nike Store planned for Lincoln Road just received anonymous approval by the Miami Beach Historic Preservation Board, rooftop basketball court and all. Designed by Touzet Studio, the front of the facade will be sheathed in a concrete screen – not metallic mesh, like we previously thought…
Construction Watch: Downtown Miami’s 36-story Met 3 Residential Tower Tops Off
Met 3, a.k.a. Monarc at Met 3, a.k.a. that 32-story residential rental tower being built on top of the already-open Whole Foods Market in Downtown Miami, has topped off, according to its general contractor, Suffolk Construction. So, if a Downtown yuppie on her way to buy some fresh kale were to…
Theme park sets sights on Coast Guard land
County officials are studying sites where US Coast Guard operations could move to make way for a theme park in South Miami-Dade. “We have a lot of work to do to come up with the best strategies for addressing the Coast Guard’s needs,” Senior Advisor to the Mayor Michael Spring said.
11 new downtown hotels will nearly double rooms
If all are built as planned, 11 new hotels going up in Miami’s central business district over the next three years will nearly double the number of hotel rooms – from the current 3,632 to 6,640. Of these, the largest, and also furthest out from delivery, is the Marriott Marquis adjacent to the Miami Worldcenter complex in the Park West district.
Thor Equities buying big in Wynwood: nearly a square block for $29M
Tiger Woods will move his headquarters to Jupiter
Famous and infamous golf superstar Tiger Woods is reportedly opening his international headquarters in Jupiter this summer. Woods signed a lease for his company, Tiger Woods Design, at the Harbourside Place entertainment complex, a publication reported. The company…
Jugofresh to make a splash in Coral Gables
Jugofresh, the local juice, smoothie and vegan foods brand, is opening its Coral Gables store in early May.
The 975-square-foot shop is at 2516 Ponce de Leon Boulevard is the sixth jugofresh, according to a press release. Other locations include Sunset Harbour, South…
Miami Beach’s Raleigh Hotel set to begin renovations
Homebuilder exec nabs 14-acre site along Okeechobee Boulevard
A company tied to an Ansca Homes executive paid $7.2 million for a 14-acre vacant site in West Palm Beach, The Real Deal has learned. Ansca’s Charles M. Scardina Jr. acquired the site, which is next door to Land Rover Palm Beach…
State OKs land deal for American Dream mega-mall
Developer Triple Five’s dream of bringing the largest mall in the nation to Miami is one step closer to being reality.
Gov. Rick Scott and the four-member Cabinet voted unanimously on Tuesday to approve the deal, which would allow the developer to purchase…
Miami Beach Nike goes retro Deco
It’s not every day that the Miami Beach Historic Preservation Board endorses the demolition of a building on the city’s pedestrian-only retail juggernaut, Lincoln Road, but Nike is not your average retailer. Nike’s plans to demolish…
Could Hollywood be the Next South Beach Destination?
In the new wave of condo development, we’re seeing some interesting twists. One developer is looking to push Hollywood to South Beach entertainment status….
Newgard Still Betting on Foreign Condo Buyers
Despite fewer Latin America buyers, Newgard is betting international investors will still take interest in its latest condo project….
Developer proposes 32-story condo in Fort Lauderdale
A developer wants to build a 32-story condo tower near downtown Fort Lauderdale. Third Avenue Development, an affiliate of Sunny Isles Beach-based Taho Group, proposed constructing 217 condos and 3,200 square feet of restaurant space at 401 N.E. 3rd Ave., which is just north of downtown and west of the Flagler Village area.
CRE Prices Continue Advance Across More Markets and Building Types
Continuing the broad recovery across all property types and throughout most U.S. markets, commercial real estate prices again moved upward in February, reflecting solid occupier demand as well as widening investor interest in smaller properties outside the largest U.S. metros.
Sovereign Wealth Funds Continue to Ramp Up Property Allocations
The proportion of global sovereign wealth funds (SWFs) allocating capital to commercial real estate rose from 54% in 2013 to 59% last year, despite the fall in price of oil, a major capital source for funds in the Middle East, Asia and Europe, according to a new report by London-based Prequin.
Wells Fargo Is King of the Hill in CRE Lending Playground
Wells Fargo & Co. escorted one of its bigger competitors out of the $400 billion U.S. commercial real estate lending market this past week after the San Francisco-based bank and The Blackstone Group teamed up to purchase most of the assets of GE Capital Real Estate in a global transaction valued at $23 billion.
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Miami Commercial Real Estate Headlines April 15, 2015
Keyes Commercial Real Estate
American Dreamin’: The biggest mall in America…
The biggest mall in America is one step closer to being built way out in Miami Lakes. Governor Rick Scott and his cabinet have unanimously approved the sale of 82 acres of state lands to Triple Five, the developer who plans to build the 200 acre American Dream Miami megamall, complete with indoor ski…
Revenge of the megaprojects: The developer of the megaproject around Galleria Mall…
The developer of the megaproject that will surround and connect to Fort Lauderdale’s Galleria Mall is presenting revised and scaled down plans today for the seven tower project which will now have “1,250 residential units, 163 hotel rooms, 105,796 square feet of office space, 51,345 square feet of…
Construction Watch: Rem Koolhaas’ Faena Forum Arts Center Begins to Take Shape
Curbed reader Ramon Garcia sent in these photos of construction at the Faena Forum arts center in Miami Beach, showing the progress that has been made so far on the structure, designed by Rem Koolhaas/the Office for Metropolitan Architecture. The distinctive form of the…
Miami River property rescued from foreclosure by race car driver
Miami Rescue Mission lists part of Wynwood land for sale
Preservation Watch: Exploring the Painstaking Restoration of the Venetian Pool
SunTrust building in downtown Miami completes $15M revamp
With Algorithms Buying Homes, What Could Go Wrong?
The Wall Street Journal reports that big players in the real estate industry have started to embrace quantitative data analysis and mathematical modeling, utilizing algorithms to evaluate how homes are scouted and purchased. For instance, Blackstone Group’s…
Development Update: Roman & Williams Hired for Chetrit’s Giant Miami River Project
Miami’s Urban Development Review Board will meet tomorrow to vote on updated designs for the Chetrit Group and JDS Development Group’s massive Miami River development, which is still going by the hyper-generic working title ‘Miami Riverwalk’, or something. The Next Miami took some cellphone snaps…
Why the Strong Dollar May Not Hurt Miami CRE
Anita Funtek, CEO of Miami New Construction Show, has some strong opinions about the area’s condo market. Do you agree with…
Coral Gables Rises on Investor’s Radar Screen
“There is wealth of opportunity for both office and retail tenants looking for a centralized location and access to a strong consumer base in Coral Gables.”
Obama to Remove Cuba from State Sponsor of Terror List
President Barack Obama will remove Cuba from the list of state sponsors of terrorism, the White House announced, a key step in his bid to normalize relations between the two countries.
Attorney Closes 1031 Exchange With Doral Acquisition
Manny Vadillo represented the seller of a Doral office building in a $23.5 million transaction…
Block in Downtown Miami Up for Grabs
A retail parcel spanning an entire block in downtown Miami on Flagler Street, a block west of Biscayne Boulevard, just hit the market.
Here Is Why Rent Will Probably Rise Again This Year
Living in an apartment? Expectrent to go up again. Here is why…
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Brickell Avenue – The Manhattan of the South
Brickell at Night
Brickell is a popular and urban neighborhood in Miami, Florida, United States. Brickell is famous for being South Florida and Miami’s main financial district and it has a large infrastructural network to support this. Brickell’s modern settlements have their roots in the mid 1800s and it grew to become Miami’s prime “Millionaire’s Row” in the early 1900s. This was after the development of lavish mansions and homes along Brickell Avenue. Hotels, office Towers and apartments had replaced the historic mansions by the 1970s and as of today, Brickell stands as the prime financial district in Miami overtaking the historic central business district that is located to the north. Brickell is now the largest financial district in the United States. As a result, it is the fastest growing residential hub with a dense neighborhood whose population was 31,000 in 2010.
Brickell’s population has a high concentration of rich Colombian, Nicaraguan, Venezuelan, Argentine and Cuban residents who mostly live and work in the trade and financial sectors or live part-time in Brickell. Brickell has many upscale and luxurious apartments and condominium. It is a dense, flamboyant high-rise residential and financial district often referred to as the “Manhattan of the South”. It has the largest concentration of international banks in the entire country mostly situated along Brickell’s main north south avenue, Miami avenue and Brickell Avenue. These streets are also home to the most popular Miami Shops, restaurants and entertainment spots. Located on the northeastern side of Brickell is an upscale, hotel towers and high-rise residential island known as Brickell Key.
Brickell, with its signature buildings including the Four Seasons Hotel, 1450 Brickell Avenue, and the soon to be addition of Brickell City Centre, is South Florida’s main financial district at at the core of Miami’s investment, financial and banking sectors. It is situated in Miami’s 33131 zip code, with demographics evidencing its affluent, professional population. Pput together with Downtown Miami, it has the largest number of foreign state consulates including Brazil, Argentina, Chile, Ecuador, Dominican Republic, France, Guatemala, Great Britain, Japan, Netherlands, Mexico, Peru, Trinidad and Tobago, and Peru, among many others.
Brickell’s transportation system is served by Metromover’s Brickell Loop that has 5 stations and the Miami Metrorail at Brickell Station. Public transportation is a vital part of the Brickell community and the Brickell station serves a key role in Miami’s heavy railway system. Metromover trains run 3 lines in Downtown Miami. They are the Omni Loop, the Brickell Loop and the Downtown Loop. Roughly every two blocks, you will run across a Metromover station which makes it very accessible to the residents of Brickell. On the other hand, Metrorail provides direct access to all Miami Dade County bus lines, Tri-Rail, Miami International Airport and Amtrak.
Biking is also very popular among Brickell’s residents and as a result, the city of Miami introduced bicycle initiatives through bike lanes and city wide bike parking areas. This has consequently made biking even more popular. Taxis are also very common in Brickell. They mainly run from Brickell to Design District, Coconut Grove or South Beach. Most Brickell residents prefer not to own cars and this makes taxis very common for rides withins Brickell’s Downtown. Their popularity increases after midnight when the Metromover closes down for the night.
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Considering Miami-Dade Office Property Sales Increases in Recent Quarters
We recently extracted some office building sales data from Costar, specifically sales by quarter. We were looking at sales in units, not dollars, to get an idea of what percentage of properties were turning over. As those in the industry can attest, sales have been increasing.
Office Building Sales Annualized by Percentage of Properties Miami-Dade County
After hovering at around or just over 2% throughout 2010 and 2011, sales began to pick up pace in Q2 of 2012. Early on the increase was notable, as sales more than doubled to more than 4% annually. Beginning in 2014, however, sales really picked up steam, passing “notable” on their way to “jeepers” with annualized sales around 8% or more, even 13% in one quarter, four to six times the rates in the aforementioned 2010 to 2011 period. This growth in the number of properties that sold matches up well with the growth in dollar volume of sales of commercial property.
Office Building Sales Volume Miami-Dade County
After hovering around a billion dollars per year in 2005 to 2008, sales of office properties did their best Tom Brady imitation as they went off a cliff to around $100 million in 2009. From there, they climbed, but only steadily and incrementally, not reaching their billion-ish level again until 2013. In 2015, they climbed further to near $1.5 billion, and appear on track for another $1 billion plus level in 2015.
What gives?
It is always a bit of a guess as to why certain property types turn over more than others in different periods. One reason for the momentum in office buildings may be the pain of recent years, with higher vacancy rates and lower rental rates during this time causing pain, combined with recent improvements in these measures now providing a means for exiting that which caused the pain. This can be felt rather clearly when one considers vacancy and rental rates in recent years.
Office Building Vacancy Rates and Rental Rates PSF Miami-Dade County
Office vacancy rates, after sitting at single digits in 2005, 2006, and 2007, began their steady and painful climb to 15%, then stayed at double digits thereafter. Most recently measured at around 12%, they are at their lowest level since 2008. This vacancy rate placed and kept tenants in control of pricing, causing gross rental rates to decline from the lower 30s peak in 2008 to a rough in 2011 to 2013 around $29 psf. Of late, they are on a firming trend, something likely not overlooked by buyers as sales prices firm up since 2011.
Office Buildings Sales Price PSF Miami-Dade County
All this is a graphic history of pain for office property owners, followed by a better opportunity than there has been in a while to divest of the asset(s) that caused the pain. At the same time, Miami is increasingly on the mind of investors as a place of opportunity for commercial real estate, with that opportunity driven by economic growth, foreign inflows of investor capital, and recognition of the area’s lifestyle benefits. Office property construction also is not at high levels, further garnering the attention of buyers.
Office Buildings Under Construction Miami-Dade County
Sales of office properties are increasing, whatever the reason. As to whether this is an indication to buy or sell yourself, the answer is the proverbial (and our standard) “yes.”
A PDF of this piece is available here.
Charts and data courtesy of Costar.
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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…
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
Flagler Street redevelopment site in downtown Miami goes up for sale
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:
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.
Likewise, the mall is near much of the population base of Fort Lauderdale and nearby Hollywood.
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.
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.
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.
Another map, another major center of population and buying power within close reach…
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.
Another mall that seemingly stands to lose business to this proposed mega mall.
Different mall, same potentially sad story…
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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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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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.
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.
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News in Miami Area Commercial Real Estate April 11, 2015
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
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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