To play in a game!
April Fools? That was too easy.
Now that you’re here, check out some Miami area related commercial headlines for today or other days – no fooling.
April 1, 2015 Miami Commercial Real Estate News
Keyes Commercial Real Estate
1st Quarter 2014 Industrial Market Report for Miami-Dade County CRE
Total Industrial inventory in the Miami-Dade County market area amounted to 229,374,658 square feet in 8,790 buildings as of the end of the second quarter 2014. The Flex sector consisted of 16,908,307 square feet in 600 projects. The Warehouse sector consisted of…
Sixth new condo tower of this cycle completed in Greater Downtown Miami
The sixth new condo tower of this current South Florida real estate cycle that began in 2011 has been completed in Greater Downtown Miami. Construction of the new 35-story Nine at Mary Brickell Village (area demographics & economic data, commercial property listings) with…
Raising Money through Real Estate Syndications – Recent Law Changes to the Rule 506 Exemption
The Jumpstart Our Business Startups Act, known as the Jobs Act, has changed the way to raise money from groups of investors to purchase commercial and investment real estate properties. Many forget that raising money from multiple investors is often viewed as…
Stuck in Traffic: Miami-Dade County Public Transit is…
Miami-Dade County Public Transit is becoming, in the eyes of many, the most obvious solution to Miami’s really bad traffic, but—surprise of the century!—existing transit fares come nowhere close to paying for operation, the half cent sales tax increase that was supposed to save it all…
Investing in NNN Triple Net Leased Commercial Real Estate Properties
Not all real estate investors are created equal. A large number of them simply are looking to place their hard-earned money into a safe haven to avoid the often unpredictable nature of the…
Commercial Real Estate – Terms & Definitions
Commercial Real Estate – Terms & Definitions: Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet. Available Space: The total amount of space that is…
Partition of Florida Real Estate
Joint property ownership is a partnership at its core. Partnerships are great tools to save money, promote economies of scale, and better utilize resources. However, in situations where more than one party owns property, decision-making may become cumbersome, partners may…
Office Space, Hotel Rooms, And Residential Units Planned At Miami International Centre
Across from the Miami Intermodal Center, investors are eyeing the former Bertram Yacht Facility as the potential site for a megaproject. Alecta, a Swedish pension fund, bought the 22-acre property in 2011 for $17 million. Soon after, Bertram moved out.
Understanding Florida’s Commercial Real Estate Sales Commission Lien Act
Pursuant to Florida’s Commercial Real Estate Sales Commission Lien Act, a commercial broker has a lien upon the owner’s net proceeds from the sale of commercial real estate for any commission earned by the broker under a written broker’s agreement.
In suburban Doral, developers bank on an urban future
Life in Doral is getting a major update: Prominent local developers are building mixed-use projects they say will help turn this industrial, traffic-clogged suburb in west Miami-Dade into a walkable, shop-able city.
Are You Entitled to Receive a Real Estate Commission?
As the amount of South Florida real estate transactions continue to reach new records, real estate brokers and agents find themselves in more and more commission disagreements. As such, we thought it would be a good idea to post a new article on the doctrine of proc…
Thor Equities Pays $16M To Complete Miami Design District Assemblage
The New York-based developer acquired a key piece for its upscale retail project in the Miami Design District in a long-delayed deal.
Miami’s Green Spaces Are Prime Assets for Public-Private Partnerships
On March 29, 2015, the Transportation and Infrastructure Committee of the Greater Miami Chamber of Commerce, of which Bilzin Sumberg is a member, hosted an event that discussed infrastructure plans that would increase Miami’s walkability and bikeability. In addition to increasing modes of…
Miami Ranks High in Real Estate’s ‘New Dawn’
Miami was just named among the 12 cities investing and occupying world city real estate by Savills World Research. At a glance, the report calls out Miami for tourism, construction, and Latin American regional headquarters.
Verzasca Group to launch tower on Denny’s site in Sunny Isles Beach
Former Sunglass Hut exec sells Brickell home to Miami developer
A former Sunglass Hut owner sold his Brickell mansion — after it spent more than 1,200 days on the market — to Terra Group’s David Martin and his wife Christina. Dean and Jania Ziff sold the 2-acre estate at 2999 Brickell Avenue for $14 million…
Atlanta firm picks up West Palm Beach community for $112M
An Altanta-based real estate company just purchased the Resort at Laguna Lakes — an 812-unit multifamily community in West Palm Beach — for a total of $112 million. The development is split into two phases: Arium Laguna Lakes, which was built in…
Photos of 10 brilliant ideas for the skyscraper of tomorrow
A design by Shi Yuqing, Hu Yifei, Zhang Juntong, Sheng Zifeng, He Yanan, China (Credit: eVolo Magazine)
From the New York website: The sky is the limit. Literally. The winners of the 2015…
Office building near Fort Lauderdale airport sells at $4M loss
Privé developers receive building permit from city of Aventura
Privé at Island Estates, a 160-unit luxury development, can begin construction now that developers received their building permit from the city of Aventura. The twin, 16-story tower development is expected to be completed during the second quarter of 2017….
Miami among top cities with highest gains in home prices: S&P Case-Shiller
Miami reported one of the highest gains in home prices, according to S&P Case-Schiller’s Home Prices Indices for January 2015. The city reported the second highest year-over-year gains of 8.3 percent over the last 12 months. Denver led the country with 8.4 percent…
Plantation offices fetch $52M in sale
A Plantation office complex recently sold for $52 million to a New York-based trust. The two-building complex, at 1600 and 1601 Southwest 80th Street, was reportedly sold to the Gramercy Property Trust in New York, which specializes in buying and leasing out…
What Tere Blanca Sees in Miami’s Office Market
“All of this spells opportunity for businesses looking to enter the Miami market and expand here.”
Kelley/Uustal to Get New $10M High-Tech Fort Lauderdale Law Office
The Fort Lauderdale plaintiffs firm will move into a $10 million downtown office with a state-of-the-art mock courtroom.
Brickell Condo Project Bucs Norm of Putting 50% Down
A condo in Brickell City Centre can be bought for 20 percent down at the purchase contract, with an additional 15 percent due 120 days after signing.
Students Criticize Arquitectonica’s Design For New School Of Architecture Building: ‘Looks Like A Bunker’
Arquitectonica’s plan for a new 20,000-square-foot design studio building at the University of Miami’s School of Architecture is drawing criticism from students there. An article in The Miami Hurricane quotes several students who are dissatisfied with Arquitectonica’s design.
Florida Crystals lands $38M loan to build Kendall apartments
The residential development arm of sugar producer Florida Crystals secured a $37.75 million construction loan for an apartment project in western Kendall.
Palm Beach Gardens condo project to break ground
The Azure condominium project along the Intracoastal Waterway in Palm Beach Gardens has gotten the green light to break ground.
Office Markets in Tech-Heavy Cities Lead 2015 Pack
The U.S. office market continued its slow-and-steady recovery in the first quarter, with technology-heavy markets leading an overall modest growth of rents and occupancies. U.S. employers added 6.4 million square feet of space in the first quarter, causing the vacancy rate to tick down to 16.6% from 16.7%…
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Miami Commercial Real Estate News March 31, 2015
Why Miami’s CBD Office Market Delivers
Steady and growing positive net absorption has fueled a rapid recovery of the office market in the last three years. JLL’s Donald Cartwright tells GlobeSt.com’s Jennifer LeClaire what’s attracting tenants…
An Idea To Mitigate Rising Seas In Miami Beach: Lift The Entire City
One way Miami Beach might prepare for the threat of rising sea levels is to elevate the whole city. “The only tried and true solution to combating rising sea levels is to raise with it,” says Eric Carpenter, public works director for the City of Miami Beach.
Coral Gables: Proposed Development Mediterranean Village and the Mayoral Election
Voters Beware! … in Coral Gables where a 1.2 million square foot “Mediterranean Village” is being proposed that makes the Village of Merrick Park look like a single-family residence. The proposers are the well financed, or better said, the self-financed Agave LLC, an affiliate of…
On the seaman’s market: Boca Chica Key’s Old Submarine Pits Want $21.2 Million
Sleeping Around: ‘Resort Fees’ Are an Insufferable Epidemic for Miami Hotels
It’s not exactly news that typical hotel room guest rates in Miami and Miami Beach are sky high. So high, in fact, that the average rate is higher than anywhere else in the U.S., at $249/night, according to a report released by Bloomberg last year. Then there’s the resort fee. Here’s the real…
Where You Get Your Retail Traffic Numbers Can Be More Important Than What They Say
Keeping an eye on national retail trends is made much easier with a subscription to the excellent RetailCustomerExperience.com, who graces us this morning with an eye-opening piece on the dangers of misinformation lurking in various retail traffic measurement…
Miami Ranks High in Real Estate’s ‘New Dawn’
Savills Research just named Miami among 12 cities that are manifesting the American Dream in the new dawn of real estate…
Developer could redevelop Biscayne Mobile Home Park after $14M purchase
Mayor requests funds to buy back pine rocklands
Mayor of Miami-Dade county Carlos Giménez and Commissioner Dennis Moss asked Gov. Rick Scott for Amendment 1 funding to buy back property containing an endangered pine rockland habitat from RAM Realty Services (RAM). This move would put the land under county control.
Chetrit Preparing Miami River Project For Review By UDRB
Joseph and Meyer Chetrit’s plan to build the Miami River project continues to move through the approval process, and could be ready for review by Miami’s UDRB as soon as next month, according to a city source.
All Aboard Florida closer to getting $1.75 billion in tax exempt bonds
All Aboard Florida is closer to getting the money it needs to finish its Miami-to-Orlando passenger rail after Friday appointments made to a board charged with deciding whether it will receive $1.75 billion in tax exempt bonds.
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Suburburbanization: Coining a Term Relevant to Miami Commercial Property
In the spirit of classic and irreplaceable words like “educatamify,” “trainify,” and “splendific,” today I’d like to publicly claim a term I’ve been using, “suburburbinization,” defined as the trend toward the development of urban mini hubs in suburbs surrounding urban centers. In the Miami area, we have a few of these. I’m going to use one, Dadeland, as an example.
Downtown Dadeland Area (1 mile radius) Office Space Deliveries
Downtown Dadeland Area (1 mi. radius) Office Space PSF Sales Prices
A similar story exists with multi-family properties, likewise illustrated with charts of deliveres and prices, in this case per unit prices. Deliveries skyrocket as high-rise developments come on line. Sales prices likewise increase dramatically. To be sure, some of this rise, much perhaps, is due to ever nicer properties being developed. However, it is the case that the area has become more desirable as it has developed its own “suburburban” flair.
Downtown Dadeland Area (1 mi. radius) Multi-Family Deliveries
Downtown Dadeland Area (1 mi. radius) Multi-Family Sales Price Per Unit
To find these new “suburburban” areas, just look at the horizon. Wherever you see a new small skyline, you are likely viewing a developing “suburburban” community.
Charts couresty of Costar.
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Larger than Life extravaganza planned in Miami is bigger and better (?) than Mall of America
Mall of America is a whopping more than four million and two hundred thousand square feet with over five hundred and twenty stores, and is considered to be the largest destination for shopping in the history of the world. This mall is owned by Alberta- Triple five group, which just announced last week that they are starting a new project in the Miami area that will be even bigger than their Mall of America in every way.
Above: Satellite View of Proposed Location for American Dream Miami Mega Mall and Theme Park / Entertainment Complex
The project is prjected to cost more than four billion dollars total. Below are some of the features to be included:A water park
- Ski slope
- Submarine ride
- Sea lion show
- Bowling
- Miniature golf
- Tons of different restaurants
- Cinema
- Ice rink
- Performing arts theater
- Ferris wheel
- Roller coaster ride
- Numerous hotels
- Various condominiums
American Dream Miami, as it is being called, is proposed to be built in an area of Miami-Dade county that is not incorporated and is towards the northwestern corner of the country, near Miami Lakes. These plans may seem like something so extremely vast as to be unlikely, but considering that Triple five is the developer, don’t count it out.
A few (other) examples of plans for retail development in Miami include:
- By the end of the year of 2015, what is known as Midtown Dural will have an added three hundred thousand square feet to it thanks to Optimus International Developers
- By the end of the year of 2016, in what is known as Brickell City Centre, also known as the main financial district in Miami, will have an added five hundred and sixty five thousand square feet of space for retail to it thanks to Swire Properties; a developer from Hong Kong as well as Saks Fifth Avenue
- By the end of the year of 2017, the heart of downtown Miami also known as the Mall at Miami World Center, will have an added seven hundred and sixty five thousand square feet to it that is made up of space for retail, entertainment and restaurants.
Speculation as to whether or not Miami will be able to fully support all of this new retail space is on the minds of many. Clearly it will have an affect on existing retail centers, which may find it difficult to compete against such an all out assault on the sector. In any case, tons of jobs will be created, and the stops and businesses in other centers are always free to move into the new center, if so desired.
Triple Five is really going all in on this. Some of the moves that they are making may be risky, but they are betting that having everything anyone could really want in one area will pay off. Hence they are pursuing this concept, with a places where you can go shopping, eat, sleep and stay as well as places where you can go to be entertained such as a wide variety of activities like movies, parks, rides, arcade games, miniature golf and more. Time will tell.
A development like this does not happen overnight, and may not happen at all, of course. Consider that Triple Five had similar plans with a mall in New Jersey that was supposed to be done back in the year of 2010. It is still waiting for necessary approvals.
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7 Simple Steps to Owning Your Own Commercial Real Estate Property
1. Ask Yourself these important up front questions
Knowing yourself, your situation and what you are looking for is the first step to owning your own commercial real estate property. Below are some questions that you should ask yourself:
• What type of commercial real estate property are you looking for?
• What is your intended use for the commercial property, is it house a business, build equity, rent it out or something entirely different?
• What locations do you consider prime for your intended use of the commercial property?
• Are you willing to buy or lease a commercial property?
• Are you willing to get a partner in owning or leasing the property?
• Are you able to finance the property or make an initial down payment?
• To what extent are you willing to take risks?
• What is your time commitment to the property?
• What knowledge and skills do you have?
• Do you need to hire experts with specific a knowledge-base?
• Are you willing to undertake the responsibilities of a landlord?
• Do you need a property manager?
• Are you ready and willing to make such as huge financial investment for a commercial real estate property?
2. Learn Vocabulary Associated with Commercial Real Estate – and appreciate the learning curve
There are plenty of professional terms associated with commercial real estate that you may be unfamiliar with. It is advisable that you get familiar with the real estate industry. Te get you help started, here is a list of common terms that you are likely to encounter:
LTV (Loan to Value) – This is the ratio of how much money you are borrowing verses the total value of what you want to buy.
Debt Service Coverage (DSC) – This is the operating income over the total debt amount. It basically shows how much debt you can cover with each year of income.
Capitalization Rate – This is the property’s income over the value of the commercial property.
Cash on Cash – This is the total annual before-tax cash flow to the total amount of cash invested. The amount invested can sometimes be just the initial down payment.
Vacancy Rate – This is the percentage of the property that is vacant within the given property area.
Usable Verses Rentable Square Feet – Refer to the article on Usable Vs. Rentable Square Feet
Ad Valorem – This is the tax amount that is based on the property value.
3. Do Your Homework on a Number of Properties and Visit Each One of Them
You should consider a number of properties and ensure that you visit each one of them before settling on one. Find out the pros and cons for each of the properties and consider important factors about each of them such as price, condition, location, and allowed uses for each of the properties. We cannot stress this enough, that properties located near hospitals, universities and downtown areas will sell more quickly and have a higher value.
You should research and settle for a property that best fits your needs. Your requirements are unique to you and the property you settle for should fit your intended use, price, location and investment that is required.
The key calculation for a good property should be in the black after deducting the principal amount, interest, tax and insurance (PITI) from the annual rental income.
Here is a list of a number of questions that you should consider for any property that you are interested in:
• What is the property’s current use?
• What can or can’t the property be used for?
• What rental income does the property generate on an annual basis?
• What kind of property taxes does it incur?
• Are there any repairs and replacements pending or will be needed soon on the property?
• Why is the property being sold by its current owner?
• What is the property’s current environment and are there any major changes expected soon?
4. Seek Expert Help
The process of buying commercial property is often a complex process and expert opinion can help in some important steps and make the entire process much easier. The experts to hire and their expertise will largely depend on the type of property that you are going to buy.
You might need to get a commercial real estate lawyer, an accountant, a commercial realtor, as well as a mortgage broker. For complicated properties, you might require the services of a tax expert, lawyers, accountants, appraisers, environmental specialists, engineers and notaries.
There are a number of things that you can research and do on your own , but it does not hurt to get an expert and for the amount of investment you are about to make, it is always advisable to do so.
5. Determine Your Financing
Like most people, you will most likely require some sort of financing for your property. Whether you are seeking help from banks, home mortgage companies or credit unions, you will need to determine what kind of credit you have, what you can get and the interest it accrues.
In a case where these traditional methods of financing do not apply to you, there are always alternative methods of financing or purchasing a property. You should be familiar with terms such as subject-to, seller carry-back, lease options and second mortgages.
6. Upon the Approval of your Lawyer, Make an Offer.
Never sign any documents without the consent of your lawyer. Your lawyer will guide you through signing your letter of intent, and any contracts involved in the entire process. The letter of intent generally highlights the terms of the transactions and it is not normally a binding agreement. Your lawyer should explain in detail the particulars of all written agreements so that you are fully aware of you rights and obligations during, before and after the tenure of the contract.
7. Escrow and Due Diligence
This is where an actual transaction takes place and things get a bit more real. You might require to order an American Land Title Association Order which is used as part of the due diligence. This survey provides vital property information regarding building locations, boundary lines, improvements and easement identifications (These are the access rights by utility and service companies such as telephone, gas, water, railway, etc).
Some transaction use the services of an escrow officer who acts as an unbiased third party to oversee the transaction. An escrow officer ensures all parties and protected during the transaction and helps with the transfer of funds and deeds.
The documents that will be included in the final closing escrow may include the title affidavit, a quitclaim deed, bill of sale, a non-foreign affidavit, assignment and sale of contracts, supplier guarantees and warranties.
As the buyer of a commercial property, you should observe due diligence in due time in ensuring that all property documentation is correct and up to date. Triple check everything about the property including utility and service contracts, environment reports, surveys, rent rolls, restrictions, covenants, etc. In case of any disparity with what the seller initially promised or stated about the contract, you have the right to cancel the transfer of funds.
Following these steps can make the process of buying a commercial real estate property much easier and smoother.
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Miami Commercial Property Related News 3/28/2015
CVS Commercial Property Near Downtown Miami
Despite Lack Of Land, Miami’s Population Growth Ranked Eighth Last Year
The Miami metro area added 66,361 people between July 1, 2013, and July 1, 2014, ranking eighth highest in the nation. Overall, six of the nation’s 20 fastest growing metropolitan areas were in Florida, with Miami growing more than any other Florida metro. On a percentage basis, Florida’s The Villages grew fastest…
Construction Watch: Gulfstream Park’s 110 Foot Bronze Pegasus is Looking Fierce
It’s been a little while since Curbed last checked in on the construction of Gulfstream Park’s 110 foot tall bronze sculpture of Pegasus, the winged horse of Greek mythology, killing a dragon. Both beasts appear to be nearing completion, while construction workers are…
Latin buyers fueling SoFla real estate boom, China emerging: Chamber summit
The South Florida real estate market experienced its fourth straight year of record-breaking sales, fueled by a continuing surge of wealthy Latin America buyers, according to a report released Friday, conducted by the National Association of Realtors for the Miami Association of…
Work Underway On 70-Unit Island Living Project In Overtown
Miami Beach tourism photos from the files of the MIami Beach News Bureau – 1950s and 60s
Pepi Hauseman, beach modeling scene (Feb. 1956). Cars on Ocean Drive with beach in background. (Feb. 1955) Loretta Larsen, beach modeling scene (Aug. 1955). Lummus Park beach scene (Feb. 1960). Pier Park beach….
Big Sugar, pressing forward to privatize Florida’s water supply
For Big Sugar, the exploitation of Florida taxpayers is a ceaseless enterprise. Its success is measured in hundreds of millions of dollars. However much money Big Sugar makes — dominating Florida — it is never enough.With profits virtually guaranteed by federal farm bill policy, Big Sugar freely…
Comment of the day re Biscayne Green: “The plan does need some amendments,…
“The plan does need some amendments, but over all, it is a very solid initiative. It doesn’t really matter what they put in-between the lanes of traffic as long as it is well landscaped and inviting (the attractions are already on both sides of Biscayne Boulevard) the most important factor is to…
Going Up: Construction at Midtown 5
Construction at Midtown 5 (or is it 5 Midtown? At least they stuck to Midtown’s existing numbering sequence, instead of naming the building something totally different, like Hyde) has (A) begun and (B) gone vertical, with two cranes appearing at the site. When completed, the 24 story tower will…
Infrastructure Watch: It Looks Like Tri-Rail Just Might Get its New Station, After All
Tri-Rail went to yesterday’s Miami City Commission meeting asking for $11 million from the city’s coffers to help fund the commuter rail line’s portion of All Aboard Florida’s MiamiCentral station complex in Downtown Miami. Instead, they got at least $5.5 million in transportation taxes, as well a…
Revenue Reserve: Because Things Go Wrong
This one’s a new one on me: a premium feature documentary film framed squarely on commercial real estate, its promises and pitfalls, complete with stirring music, a well-composed visual sense and heavy hitters from NAR, CCIM, IREM and others sharing hair-raising war stories and sage advice.
Will Rising Dollar Hamper Office Leasing?
We know that the Miami condo market is seeing a healthy correction thanks to, in part, a strengthening US dollar. Is that trickling down to office…
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Brickell City Centre Rising to Meet Growing City’s Needs
Brickell City Center is a strategically located $1.05 billion mixed-use development at the center of the Brickell financial district. It is Miami’s largest mixed-use urban development, and while it is still under construction, it is shaping Miami’s future. Brickell City Centre boasts an inspiring design and meticulous urban planning that will seamlessly integrate the project into the existing urban fabric and infrastructure. It will link up with every aspect of Miami’s metropolitan and uniquely vibrant lifestyle.
An impressive 565,000 square feet is at the heart of Brickell City Centre’s shopping center. The shopping center creates the perfect mood by combining Miami’s outdoor lifestyle and the beautiful weather. This multi-level experience and impressive sophisticated design is replicated in the world’s greatest shopping capitals. It will offer an elegant and chic climate where consumers can interact with brands and connect.
The Brickell City Centre project is anticipated to bring an entire new concept of sophistication and urban living to Miami. Some of the highlights of the project include:
- It occupies a total of 9.1 acres between Eight Street and Sixth Street, along South Miami Avenue
- It will incorporate and integrate Miami’s key transportation centers with the Miami Metromover as well as offer easier access to Interstate 95.
- An innovative climate control system built into the architectural design will offer an environmentally progressive Climate RibbonTM that will allow shoppers comfort between shopping stores and restaurants.
- A total of 5.4 million square feet of residential, office, hotel, entertainment and retail space as well as a two level underground parking garage that is as big as 7 acres.
Brickell City Center was proposed as an urban complex consisting of for skyscrapers in downtown Miami. Despite being approved by the Federal Aviation Administration and the City of Miami, it was canceled in 2008 as a result of poor market conditions. Swire Properties revived the Bristol City Center project in June 2011.
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Flashback Friday: the Mariel Boatlift
In 1980 there was a sharp downturn in the Cuban economy. This led to significant internal tensions in the country, and an attempt by up to 10,000 Cubans to gain asylum in the Peruvian embassy. The government of Cuba soon after announced that anyone who wanted to leave could do so. A massive exodus by boat began shortly afterward.
The exodus was organized by Cuban-Americans with the consent of Cuban president Fidel Castro. It had negative political implications for the (also otherwise embattled) United States president Jimmy Carter when it came out that a number of these exiles had been released from Cuban mental health facilities and jails, immortalized in the early scenes of the 1983 movie Scarface. It is estimated that between April and October of 1980 as many as 125,000 people participated in the Mariel Boatlift, which was named for Mariel Harbor, their departure point in Cuba. Most ended up in Miami, which rather heroically bore the responsibility of absorbing the immigrants. The boatlift was ended by the end of 1980 agreement between Cuba and the United States.
Related Resources:
- Cuban Information Archive Photos
- Coast Guard Archives
- Wikipedia
- History Channel
- New Times: Miami Filmaker Tony Mendez’ Short on Mariel Boatlift to Screen at Cannes
- Palm Beach Post: Mariel boatlift tested Miami’s strength, then made it stronger
- GlobalSecurity.org
- OnThisDay
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March 27, 2015 Miami Commercial Real Estate News
Downtown Miami at Dusk
American Dream Mall: Urbanists, predictably, aren’t very happy
Urbanists, predictably, aren’t very happy with the announcement that the country’s biggest mall, American Dream Miami, is coming to Miami. However, it has prompted an admission of sorts that shopping malls aren’t actually a dying building typology but are in fact thriving, despite the oft-repeated …
South Florida Office Market Tightens On Limited Construction
Lenders have little appetite for the office sector now that residential projects are selling at a record pace and multifamily units across the region are trading at prices 14 percent to 27 percent above 2012 levels.
Miami commission approves $5.5M for Tri-Rail’s downtown project
Miami’s City Commission on Thursday approved a measure that would commit the city to spend a minimum of $5.5 million to link Tri-Rail commuter trains between North Miami and a new privately financed rail hub in downtown Miami. The vote came after Miami Mayor…
Mexican investors to open Hallandale Beach bowling alley
A private group of Mexican investors is gearing up to open their first bowling alley in South Florida: Strike 10 in the Village of Gulfstream Park. The bowling alley will be housed in a newly constructed 15,000-square-foot building and is set to have…
Brilliant App Reveals What Your Exact Location Looked Like in the Past
Many recent multimedia projects have tried to present a “then and now” look at different cities by mashing up current images of buildings and streetscapes with historical visuals like old film footage, 18th-century paintings, or classic album covers. Now, an app called Pivot…
‘Sky’s the limit’ in South Beach
By all accounts, South Beach is teeming with tourists, shoppers and happily-situated condo owners from all over the world, but the robust economy in this part of Miami also brings traffic, crowds and rising prices that don’t suit everyone’s needs.
Are Rising Rents Causing CBD Tenants to Scatter?
JLL’s Donald Cartwright tells GlobeSt.com’s Jennifer LeClaire what he sees companies basing locational decisions on–and what role rising rental rates play….
How Rental Rates Impact Renewals
There are a whole lot of office space renewals going on in South Florida and beyond. JLL’s Donald Cartwright tells GlobeSt.com’s Jennifer LeClaire how rental rates are impacting renewals…
Miami’s Design District continues to grow its drawing appeal and now its boundaries. City commissioners recently gave final approval to three zoning matters that green light expansion of the Design District to the north
Who Claims What Property Seized in Cuba? Fact and Figures
Soon after Fidel Castro came to power, his government seized the refineries, hotels and sugar plantations that were the most visible signs of the American hold on the island’s economy.
Mayor Regalado Opposes Miami Grand Central Station’s Tri-Rail Coastal Link
You’ve heard the buzz. All Aboard Florida (AAF) is coming, and along with it – the game-changing MiamiCentral station, destined to revitalize our beloved downtown. However, our esteemed Mayor Tomas Regalado seems intent on throwing a wrench in the plans. One of the most promising aspects…
Miami Downtown Development authority’s ‘Santa list’
Spurred by a report that the City of Miami is in the process of initiating a general obligation bond issue, directors of Miami’s Downtown Development Authority drew up a wish list of projects they would like to see at least partially funded.
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Considering Cap Rates in Miami Area Commercial Real Estate with Related Links
To view this piece in its entirety, click through to the PDF of the report; Considering Cap Rates in Miami Area Commercial Real Estate. It begins with:
Commercial real estate investors and professionals tend to discuss cap rates like bond yields, frequently losing track of the underlying risk premium and growth potential factors that drive them. In a city like Miami, on the radar of global investors for its potential, this misses much of the… (more)
Links related to this report include:
Cap Rates & Real Estate Cycles – This research paper by Babson Capital offers a nice historical perspective on cap rates during cycles as far back as the late 1970s.
Cap Rates & Interest Rates; Some Observations – This piece from CBRE does a nice job of considering what happens to cap rates in different interest rate environments, graphically representing how cap rates historically have tended to absorb interest rate increases.
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Miami Commercial Property News 3/26/2015
Miami Downtown Commercial Buildings at Night
ZOM Developing 391-Unit Met Square As Rental Apartments
Apartment developer ZOM will develop the second phase of downtown Miami’s Met Square as a 391-unit apartment building, TNM has learned. This would be the third major project for ZOM in the downtown area. In total, ZOM will have 1,291 rental apartments in the pipeline for downtown Miami.
Biscayne Green is a Big Step Toward Miami’s Walkable Future
The Atlantic’s City Lab, which is headed by that part-time Miamian and full-time urbanist Richard Florida, raves about the Miami Downtown Development Authority’s plan to turn the stretch of Biscayne Boulevard from SE 1st Street to NE 5th into a ‘Biscayne Green’, saying it’s a huge…
Construction Watch: Golden Dusk Photography got out…
Golden Dusk Photography got out their drone and did a fly by over the construction at the new Ritz-Carlton Residences Miami Beach. The project is mid-way through its radical conversion of an old hospital into a fabulously opulent Ritz-Carlton. Do have a peek…
Railroading: Will Somebody, Anybody, Please Fund Tri-Rail Downtown
Tri-Rail could come to Downtown Miami (downtown Miami zip code 33132 demographics and economic data), an essential element of Miami and South Florida’s transportation future, if somebody, anybody (come on, we’re desperate here!) ponies up the cash to pay for Tri-Rail’s portion of All Aboard Florida’s Downtown Miami station. Funding has to be secured in less…
CMBS, Shadow Lending: Where The CRE Money Is
Shahram Siddiqui, a partner at Berger Singerman, discusses the benefits and drawbacks of tapping two distinctly separate and different sources of capital.
Game, set, match: Paramount Miami Worldcenter unveils tennis courts
Lobbing on the Miami Open, Paramount Miami Worldcenter on Wednesday unveiled a rendering of its purple planned tennis courts — the same color as at the Crandon Park tournament now underway on Key Biscayne.
The two hard-court…
Photos of Panorama Tower concrete pour
Construction workers broke Florida records on Saturday when they undertook the largest concrete pour in state history. The workers were forming the foundation of Panorama Tower, an upcoming mixed-use project…
Holdout condo owners could get more for their units
Two bills in the Florida House of Representatives and Senate could close a legal loophole that had some condo owners selling their units for under their original purchase price. The bills targets bulk buyers of condo complexes who seek to convert the buildings into apartments.
Compson Associates releases plans for Boca Raton condos
A Boca Raton-based developer has announced plans to build a 170-unit condominium tower in its hometown.
Tower 155 will be adjacent to Mizner Park in the city’s downtown area. It is being developed by Compson Associates, which also built the mixed-use…
Q&A with Robert Hill of the InterContinental Miami
Developer launches sales for AquaBlu in Fort Lauderdale
Four days after breaking ground on AquaLuna, developer Ocean Land Investments has launched sales at another of its condominium projects in East Las Olas — AquaBlu. The 17-story building will house 35 units ranging in size from 2,136 square feet to 4,295 square feet and…
West Brickell Reemerging on Multi-Family Scene
Public Art Preservation: Google has added the murals of Wynwood…
Google has added the murals of Wynwood to the Google Art Project’s Street Art Collection. Only a few murals have been added so far, but using their Street View technology, art lovers everywhere will hopefully soon be able to explore a broad catalogue of Wynwood’s preserved visual culture, with audio…
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Commercial Property Profile: Marquis Residences
Marquis Residences is a multi-award winning residential development. It won two top honors at the Developers & Builders Alliance Community Advancement Awards in 2007. Marquis Residences is 67 stories high and located in the lucrative and its prime location in Downtown Miami gives it unparalleled views of Miami’s skyline, the Atlantic Ocean, Miami Beach and Biscayne Bay. Marquis Residences is often considered the “Crown Jewel” of Miami.
Marquis Residences is comprised of Tempo Miami’s 70-unit boutique hotel and 292 residences operated by Rock Resorts with restaurants, bars and premier spa. The condos range from 1477 to over 800 square feet with a choice of one+den, two, three and four bedroom condos. These Downtown Miami condos reflect extraordinary style and richness of their prime location at the heart of Miami’s natural, cultural and infinitely entertaining unique lifestyle.
Hotel guests and residents are a few steps away from Miami’s famous Design District, Adrienne Arsht Center for the Performing Arts and Museum Park. Brickell Avenue’s Mary Brickell Village, the American Airlines Arena and the inimitable cuisine, music and dance of South Beach and just minutes away by car.
Marquis Residences was designed by the world renowned architectural firm Arquitectonica. It was built by Leviev Boymelgreen Marquis Developers, LLC and was completed in Spring 2009. A world of sheer elegance can be found inside this high-rising skyscraper. Some of it’s facilities include:
• Private residences with world class interior finishes and floor-to-ceiling windows
• A European-style boutique hotel coupled with a 8,000 square-foot spa that offers spectacular views of Biscayne Bay
• An Asian-inspired water gardens that tops off the open-air Sky Pool Deck
• Premium restaurants with outdoor and indoor seating
• Five-star concierge, housekeeping, valet, and in-suite dining services for house guests and residential owners.
As it towers over Downtown Miami and Biscayne Bay, Marquis Residences is an ideal spot to enjoy Miami’s exclusive lifestyle for art lovers, social urbanites and epicurean aficionados of South Florida.
Some of the prime amenities in Marquis Residences are:
• 24/7 doorman, security, valet, concierge and bellman
• Housekeeping, room service, private drivers, car washing and dog walking
• RockResorts signature spa and fitness center with sauna, plunge pools, team room and Whirlpools, a state-of-the-art fitness center with a training room, yoga/spinning studio and team room as well as separate men and women changing rooms.
• A cocktail lounge
• private, touch-pad controlled elevators that are ultra-high-speed
• high-speed wireless Internet
• A club room with a full gourmet kitchen
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Miami Commercial Real Estate News | March 25, 2015
Brickell Office of Keyes Commercial Real Estate
Fun with urban planning: Miami Beach Really Wants to Revamp Washington Avenue
A push to initiate an urban transformation for Washington Avenue is in the works. Interested parties are voicing their concerns to end the widely used avenue’s fall into what many consider to be disrepair and tawdriness, with its tacky tourist t-shirt shops and a…
Sleeping Around: After its mucho mucho renovation,…
After its mucho mucho renovation, and the inevitable delays, the 1 Hotel & Homes South Beach will open for business tomorrow, with some local dignitaries on hand and an ‘unveiling’ of the hotel’s “1” coral stone sculpture (which has been visible for weeks by anyone passing by). The interiors, so…
Railroading: Finally, Tri-Rail Coming to the MIC “In The Coming Weeks”
Well folks, it’s been years, and finally Tri-Rail will be coming to the ‘Miami Central Station’ portion of the Miami Intermodal Center “in the coming weeks” tweets Tri-Rail, marking the completion of the transit hub. This will give Tri-Rail users direct access to Miami…
Wynwood Land Sells For $15M — A Fivefold Increase In Three Years
New stores to open at the Colonnade Outlets at Sawgrass Mills
Several first-in-market outlet stores will soon open at the Colonnade Outlets at Sawgrass Mills, as the Sunrise shopping center continues its expansion. Sawgrass Mills, which has more than 350 stores and restaurants, said new to market outlet locations to open include Ted Baker…
New York-based investors buy another property in red-hot Wynwood
100 new condo towers now under construction in South Florida
Some four years into this current real estate cycle, developers now have at least 100 new condo towers under construction east of I-95 in the tri-county South Florida region. The 100 towers categorized as under construction are slated to result in more…
Corcoran sues Compass for “brazenly” raiding its talent pool
From the New York website: The Corcoran Group, which has been hemorrhaging agents to startup brokerage Compass in recent months, slammed the rival brokerage with a lawsuit alleging it “brazenly and intentionally” r…
H&M to open in Boynton Beach Mall
Popular fashion retailer H&M is gearing up to open a store at the Boynton Beach Mall. The 19,000-square-foot location will open this fall and include subsections for maternity, lingerie, sports apparel and a plus-size line of clothing, a publication reported. The mall…
LeFrak, Starwood’s 1 Hotel South Beach to open Wednesday
1 Hotel, the 426-room joint venture between Starwood Capital Group’s Barry Sternlicht and developer Richard LeFrak, opens Wednesday. Developers, Miami Beach Mayor Philip Levine and celebrity restaurateur Tom Colicchio will attend the opening, which will…
Interest rates rising? Better refinance now, developers say
Amid uncertainty about the Federal Reserve’s timetable for raising interest rates, the first three months of 2015 has seen a flurry of refinancing deals involving some signature projects in Miami-Dade County. In January, Agave…
Sunny Isles Condo Wins $137M Construction Loan
“Many condo projects are in the planning stages in Miami but not all of them will be able to secure construction financing,” attorney Luis Flores tells….
They’re already trophy buildings, but some of South Florida’s Class A office towers are getting mulitimillion-dollar upgrades as investors compete for wealthy tenants. Plus, the South Florida office market is tightening and Brickell construction sets the bar high. …
Chinese Drywall Found in 25 Condos at 500 Brickell
Mekka Nightclub Cloing: WMC, WorldCenter Construction to Blame
Mekka, the long-standing Park West nightclub, will close its doors after Winter Music Conference 2015. Owner Michael Slyder confirmed the news to New Times this morning via email, saying, “Our landlord, Miami Worldcenter, is set to begin construction in April or May, and our building, along with many others, will be demolished.”
JLL Named to Fortune Magazine’s 2015 Most Admired Companies List
JLL has been named to FORTUNE magazine’s 2015 Most Admired Companies list. FORTUNE and global management consulting firm Hay Group survey top executives, directors and financial analysts each year to compile the list of companies that enjoy the strongest reputations within and across…
Braman Motor Cars seeks approval for Porsche, Bentley dealership in West Palm Beach
Braman Motor Cars has applied to redevelop a 10.58-acre site into a dealership with five buildings and multiple brands including Audi, Porsche, Bentley, Rolls-Royce and Mini.
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Miami Commercial Real Estate Headlines for March 24, 2015
Swire Trying To Sell Brickell Condos In Hong Kong, Opens Sales Center
Swire Properties opened a sales center this week in Hong Kong for the 390-unit RISE condo tower at Brickell City Centre. Since launching sales of REACH in Miami last November, the developers have sold 65 units, or an average of one unit every other day. At the first tower, RISE, 304 of 390 units have been sold…
$136M Construction Loan Approved for Sunny Isles Condo Complex
Arnstein & Lehr works the $136.5 million financing for the 320-unit Parque Towers, which received funding from Wells Fargo…
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