Big ideas abound for better Miami-Dade transit service, South Beach apartments trade at 10 times prior value…and more

Big ideas abound for better Miami-Dade transit service
1. Big ideas abound for better Miami-Dade transit service — but how to pay for it? [Miami Herald]2. South Beach apartments trade at 10 times prior value [South Florida Business Journal]3. ALTA Developers dedicates Habitat home [GlobeSt.com…

Settlement approved in Turnberry’s Fontainebleau Las Vegas bankruptcy

Jeffrey Soffer
A Miami bankruptcy judge has approved a settlement in the  litigation against former officers and directors of the Fontainebleau Las Vegas, topping off years of legal wrangling related to the failed project spearheaded by Aventura-based Turnberry Associates’ CEO Jeffrey Sof…

Hunt Construction withdraws from Miami Beach convention center project

Miami Beach Convention Center rendering
Hunt Construction Company formally withdrew its bid for the $500 million renovation and expansion of the Miami Beach convention center, The Real Deal has learned.
In a memo obtained by TRD from Miami Beach City Manager Jimmy Morales to Mayor Philip Levine and …

Miami Beach plans to raise West Avenue due to rising sea level

South Beach
In anticipation of rising sea levels, Miami Beach city officials want to raise West Avenue — one of the lowest points of Miami Beach —between one-and-a-half to two feet, during the next few years. The first phase is expected to begin in February and last until Augus…

Howard Tullman Of 1871 Talks Office Space, Workforce Mobility

At RE/Journal CRE Forecast Conference this week at Chicago’s Hyatt Regency, the proceedings kicked off with a one-on-one with Howard Tullman, CEO of 1871, the non-profit startup hub located in Chicago’s Merchandise Mart.
1871′s reputation as a hotbed of technology startu…

2015 Economic Outlook. Blue Skies Ahead.

Renowned economist Hugh F. Kelly (PhD, CRE), Clinical Professor in New York University’s Schack Institute of Real Estate and the 2014 national Chairman of The Counselors of Real Estate, led a discussion at a CREW-Miami luncheon regarding issues affecting the commercial real estate market in 20…

Paramount Miami Worldcenter: new soccer field rendering

Paramount Miami Worldcenter’s soccer field rendering
Heading toward its goal of creating a soccer field on Paramount Miami Worldcenter’s ninth floor, the project’s developer just released the first rendering of the amenity, complete with players and spectators.
Daniel Kodsi, develo…

Movers & Shakers

Metro 1 promoted Stacey Glassman Mizener as the company’s first community executive director. Mizener is now responsible for all fundraising and programming for the company’s community outreach br…

South Florida by the numbers: 2015 look ahead edition

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.
The past is prologue, and Miami’s future is so bright, we gotta wear shades. (Especially in this “hot even by Florida standards” winter!) As we …

City of Miami trying to annex 1,600 acres

Miami River
This week, the city of Miami began a lengthy process of trying to annex about 1,600 acres near the Miami River and Miami International Airport — including valuable neighborhoods that are home to about 100 international corporations such as Burger King and Toyota.
The areas aff…

Akoya condo site in Boca Raton sells for $13.5M

Akoya rendering and Siemens CEO Richard Siemens
A Boca Raton developer paid $13.5 million for the site of the Akoya condo project.
An affiliate of the Boca West Country Club sold the 6.8-acre site to a Siemens Group affiliate, the South Florida Business Journal reported.
Akoya, expected to break gro…

Wynwood ranked SoFla’s hottest neighborhood

Wynwood and Redfin chief economist Nela Richardson
Wynwood is the hottest South Florida neighborhood in 2015, according to a Redfin ranking released Thursday.
Coral Terrace, South Golden Glades, Buena Vista and Golden Pines followed. The median sales price in the Wynwood Art District was $373,0…

Massive Edgewater Development Site Sells

MIAMI–This deal marks one of the largest non-waterfront land transactions in the Edgewater area….

Plenty of Capital Options for Wynwood Developers

MIAMI–Just after a Wynwood asset sold at near record price, construction is soon getting underway at 250 Wynwood….

Datura Place Purchased for $6.5 Million

Read on…

Iconic Miami Tower’s Broken Elevators Anger Tenants and Law Firms

Tenants at the iconic 47-floor landmark are irate about broken city-owned elevators serving the office building’s garage. Twenty-minute waits have become commonplace.     …

Panorama Tower to boast views as far as Bimini

Panorama Tower to have views of the Bahamas
The 83-story Panorama Tower in Brickell will feature expansive views from the top floor – reportedly all the way to Bimini.
The $800 million building – the tallest on the East Coast outside New York – is to rise to 830 feet aft…

New York’s Quality Meats opening in South Beach in February

A rendering of Quality Meats in Miami Beach and the restaurant in New York
New York restaurant Quality Meats is launching its first eatery in Miami Beach in the former Bancroft Hotel, now under renovation.
The restaurant, which will open in late February, will represent the second location for Quali…

Miami Beach Art Deco hotel to reopen as The Hall

Guest room at The Hall
A landmark Art Deco hotel in Miami Beach will reopen this summer as The Hall.
Formerly the Haddon Hall hotel, the Commune Hotels & Resorts property and adjacent apartment building will become a 126-room hotel, according to a news release.
The building was designed by famed…

Vanguard Logistics to relocate to Flagler Station

Aerial of Flagler Station
Vanguard Logistics Services has leased 135,000 square feet at Flagler Station in Miami.
Vanguard, a supplier of warehousing, inland distribution and cross-dock services, had been looking for a single site to incorporate all of its operations, which had been housed in two bu…

County recommends turning lot on Miami River into greenspace

Rendering of River Landing’s retail space
Miami-Dade commissioners have reportedly recommended handing over a county parking lot on the Miami River to the River Landing Conservation Foundation so that it can be developed into a public green space.
The foundation, affiliated with…

CREW-Miami Recognizes Local Leaders

MIAMI–The Commercial Real Estate Women recently handed out its top awards, including the Deal of the Year honor which was shared by the $49-million sale of The Atrium office property in Coral Gables and the $18.2-million sale of Distribution Center at NW 33rd Street and NW 91st Avenue in Doral….

Vacant Edgewater lot sells for $64M

Aerial of Rebuild Miami-Edgewater’s site, formerly owned by BDB Miami (via CBRE)
The city of Miami’s oldest cemetery will have an upcoming neighbor, after investors bought an adjacent site for $64 million.
A Miami-based company purchased the vacant lot north of the City Cemetery in …

$10M subsidy approved for Miami Ocean Studios

Rendering of Miami Ocean Studios complex in Miami Gardens
County commissioners reportedly voted to approve $10 million subsidy for the planned Miami Ocean Studios in Miami Gardens.
Once the $265 million project, which includes a hotel, sound stages and a huge water tank for filming underwater scenes…

Coconut Grove retail and office site sells for $14M

3444 Main Highway in Coconut Grove and Peter Gardner
Pointe Group Advisors, a Miami-based real estate company, purchased three Coconut Grove parcels last week for $14 million.
The commercial properties, totaling 1.4 acres along Main Highway,  were sold by Grover Commercial Enterprises.
&ld…

Downtown Miami Office Sale May Signal Redevelopment

Aztec vice president Jason Katz says Miami’s central business district is “one of the last bastions of dealmaking with Miami locals.”     …

Miami Free Zone Brands Itself Anew

Entering its 36th year, the Miami Free Zone has been re-branded from a trade zone to an international trade facility…

Transit Oriented Development Critical to Metropolitan Growth

Urban Development: Faster Greener Commutes Key to Sustained City Growth, a report released in October 2014 by Cushman & Wakefield, provided insight into Transit Oriented Development as it explored “the consequences of rapid population growth in 10 major North American cities”—w…

Rick Case auto group to open world’s largest Kia store in Sunrise, over 300,000 square feet of retail proposed in Palm Beach County site…and more

Rick Case auto group to open world’s largest Kia store Sunday in Sunrise
1. Rick Case auto group to open world’s largest Kia store Sunday in Sunrise [Sun Sentinel]2. Over 300,000 square feet of retail proposed in Palm Beach County site [South Florida Business Journal]3. Wawa to unveil Pa…

2015 report ranks South Florida high in job growth

Marcus & Millichap’s 2015 National Apartment Report  shows economic and investment conditions in South Florida and nationwide are the healthiest they have been in years.
Fort Lauderdale ranked 4th, and Miami 7th, in markets with the highest expected 2015 employment growth. Fort Lauder…

Miami real estate agent and former “Amazing Race” contender in bitter divorce battle

Lisa Thomson (credit: CBS) and Drew Rosenhaus
Miami-based sports agent Drew Rosenhaus filed for divorce Tuesday in Miami to end his 13-month marriage to real estate agent and former “The Amazing Race” contestant Lisa Thomson.
Rosenhaus said he has claim to their Miami Beach home, accordi…

Wynwood condo development nearing sell-out as area heats up

Rendering of 250 Wynwood
An 11-unit, upscale condo project under construction in the heart of Wynwood has sold nine, or 82 percent, of its units, underscoring demand for residential developments in the burgeoning, artsy Miami neighborhood.
Among the units placed under contract at 250 Wynwood &n…

$26M Design District sale sets record

3800 Northeast Miami Court in the Design District
A $26 million sale in the Design District reportedly sets a record for the last four years.
Chicago-based real estate investment firm L3 Capital closed on the 22,248-square-foot two-story retail building Wednesday, according to a press release.
The c…

Comcast to lease office space in West Palm Beach

1700 Palm Beach Lakes Boulevard in West Palm Beach
Comcast will be leasing office space at a West Palm Beach office center.
The media giant will occupy the 11,500-square-foot space at 1700 Palm Beach Lakes Boulevard on May 1.
The property was built in 1988 and was recently acquired by Breaker C…

Walmart opens in Liberty City area of Miami-Dade

Walmart at 3200 Northwest 79th Street in Miami
Walmart opened a new 182,000 square-foot store in the Liberty City area of Miami on Wednesday, saying it is the first new development in the neighborhood in decades.
Walmart has been opening new stores in South Florida at a rapid pace and bought the 23….

Lantana shopping center plans submitted

Lantana site aerial view
Kenco Communities submitted its plan for the former A.G. Holley State Hospital site in Lantana last week.
The 72.79-acre development will include a commercial area of 34.36 acres lining Lantana Road, with restaurants, a grocery store, a pharmacy, a fitness center and a bank….

Developer seeks approval for $70M Broward high-rise

Rendering of Riva Residences
A 100-unit mixed-use development went before the Fort Lauderdale planning and zoning board this week.
Premier Riva’s $70 million Riva Residences would be built on 15,000 square feet at 1180 North Federal Highway. The project would be a redevelopment of a vacan…

This 100-Acre Industrial Park Demands Attention

MIAMI–Dubbed the Florida Commerce Park, it’s is one of the largest non-residential land developments in recent South Florida history. Get all the details….

New Northside Miami Walmart Opens

MIAMI–The new Walmart at 3200 NW. 79th St in North Miami opened for business after a ribbon-cutting ceremony today…

Adler Group Expands Third-Party Brokerage

MIAMI–Adler Realty Services, a division of the Adler Group, has expanded its third-party brokerage team and looks to more than double its team by the end of this year….

Shocking Accusation: Activists Say Miami Allows Developers to Displace Poor

As the real estate boom makes Miami increasingly unaffordable, activism around affordable housing and gentrification is heating up.     …

Miami Merchandise Mart Heads To Auction With Over $8M In Taxes Owed

Advertised as low as $2,000 per unit, with sizes ranging from a few hundred square feet to 5,000 square feet, the 325 retail units are up for auction on Jan. 21 and 22. CLICK ON THE HEADLINE FOR MORE…

Real Estate Joint Venture Tips

A recent New York Times article described the increased presence of New York developers in the South Florida condominium market. The fact is that Miami real estate market has always been a seductive one for out of state developers, and the upside in the development opportunities in the South Fl…

Sun Life Stadium renovations in high gear, real estate broker sent to prison for fraud…and more

Sun Life Stadium renovations are in high gear
1. Sun Life Stadium renovations in high gear [Sun Sentinel]2. Real estate broker sent to prison for fraud [South Florida Business Journal]3. Baha Mar mega resort in Bahamas to open — finally — in March [Miami Herald]4. Fines piling up against…

Gooal! Next in amenities — a soccer field at Paramount Miami Worldcenter

Paramount Miami Worldcenter
How’s this for a different kind of luxury condominium amenity to appeal to Latin American buyers? An outdoor soccer field.
Daniel Kodsi, developer of Paramount Miami Worldcenter, unveiled plans to The Real Deal for his 60-story project, which will include a soccer f…

All Aboard Florida hires Fort Lauderdale contractor

Rendering of the All Aboard Florida station in West Palm Beach
Fort Lauderdale-based Moss & Associates is all aboard as the general contractor for two South Florida stations of the planned high-speed rail service.
Construction on the West Palm Beach and Fort Lauderdale stations is expected …

Palm Beach Shores condo complex 50 percent sold

Rendering of Ocean Eighteen
Ocean Eighteen, an 18-unit boutique condo development in Palm Beach Shores, is reportedly 50 percent sold.
The three-story project, developed by Prodesa U.S., will have oceanfront units of approximately 1,700 square feet priced between $769,000 and nearly $…

Q&A with Ezra Katz: Notable deals and what lies ahead

Ezra Katz
Ezra Katz has handled multi-million dollar transactions in South Florida, ranging from the Fontainebleau Hotel financing (twice) to portfolios of office buildings in Miami-Dade and Broward counties.
Katz, the founder and CEO of the Aztec Group and Mayan Properties, sat down with …

Investor to auction Miami Merchandise Mart units

Miami Merchandise Mart
Like the saying goes, get ‘em while they’re… saddled with liens?
Miami Merchandise Mart investor Robert Wohlfeld is auctioning off 325 retail units on Wednesday and Thursday. But future buyers might be paying much more than the advertised…

Metrorail bike path redevelopment plan in the works

Rendering of the Underline at the Metrorail University Station and Miami-Dade Mayor Carlos Gimenez, who has backed the proposed redevelopment.
The paved path that runs underneath the Metrorail, from Brickell to Dadeland, might finally be transformed into Miami-Dade’s equivalent of the Hig…

Developer plans Pembroke Pines townhome project

Villas at Antique Row in West Palm Beach and developer Harry Posin
A developer in Pembroke Pines has plans for a townhouse project that mirrors those in West Palm Beach.
Harry Posin, president of Label & Co. Developments Inc., is planning an 89-unit townhome development in eastern Pembroke Falls…

Marina Palms condo project taps Coastal Construction for second tower

Marina Palms Yacht Club & Residences
Marina Palms Yacht Club & Residences, which is nearing completion on its first condominium tower in North Miami Beach, said it is sticking with Coastal Construction to build its second tower. Groundbreaking is expected in mid-February.
Coastal Constructio…

Naples’ Most Dramatic Turnaround Story

MIAMI–13th Floor Investments principal Michael Nunziata tells GlobeSt.com’s Jennifer LeClaire how his firm repositioned this distressed asset for success….

Beware: Construction Costs Rising Rapidly

MIAMI–“We anticipate that today’s robust South Florida construction demand will intensify in private and public sectors throughout 2015,” Miller’s Brian Sudduth tells GlobeSt.com’s Jennifer LeClaire….

3 Land Use Legal Battles Worth Noting

MIAMI–Attorney Manny Farach points to the battle over waterfront rights and two other land-related legal battles that shaped the industry in 2014….

Bankruptcy Court Approves Canyon Ranch Sale

MIAMI– Will the new owner fare better than Lehman?…

Moss & Associates to Build 2 All Aboard South Florida Stations

The general contractor will supervise construction of All Aboard Florida stations in Fort Lauderdale and West Palm Beach.     …

Plan calls for Miami-Dade mayor to take reins on sea rise, New Whole Foods under an active construction site…and more

Flooding in Miami Beach in 2013
1. New plan calls for Miami-Dade mayor to take reins on sea rise [Miami Herald]2. Yes, the new Whole Foods is under an active construction site [Curbed]3. Original Brooklyn Water Bagel Co. to open two stores in Broward County [South Florida Business Journal]4. Delray …

Sunset Harbour Shops to add three new restaurants and market

Sunset Harbour Shops in Miami Beach
Miami Beach’s Sunset Harbour Shops, developed by Scott Robins Companies in a public/private partnership, has signed leases with new retail and restaurant tenants to reach 100 percent occupancy.
The property, in the hot Sunset Harbour neighborhood, will soon …

Concrete Beach Brewery to open in Wynwood

Concrete Beach Brewery bar and Amicon CEO Adam Mopsick
The concrete has been poured, now it’s time for the beer.
Amicon Construction, which specializes in upscale commercial interiors, is completing Concrete Beach Brewery in Wynwood.
The brewery, located at 235 Northwest 24th Street, was a vac…

Lincoln Road building looks for buyer for flagship retail space

311 Lincoln Road and Jason Rubell of the Rubell family that owns the site
311 Lincoln Road is prime for a flagship retail store – and the property’s owners are looking for a buyer to redevelop its existing office and retail space.
The building, attached to the Albion Hotel and owned…

Luxury communities, without the golf, on the rise

A 4,700-square-foot Seven Bridges home
Back in 2010, Sunrise-based builder GL Homes kept hearing from buyers of all ages that they wanted a country club setting — except without golf, and its fees, ranging from $1,000 to $4,000 a month.
So GL built The Bridges in Delray Beach,&n…

A closer look at Jeff Greene’s $195M Beverly Hills listing

From left: Jeff Greene and Palazzo di Amore
From the New York site:  Billionaire real estate tycoon Jeff Greene calls it a “reasonable” price. Real estate experts say it’s a marketing tactic. Either way, its $195 million asking price makes Greene’s sprawling Beverly…

Atlantic|Pacific Companies buys six multifamily communities

Carrington Green, Shiloh Valley and entrance to Shiloh Valley
Bay Harbor Islands-based real estate firm Atlantic|Pacific Companies said Monday that it has expanded its properties with the acquisition of six Class A multifamily communities, totaling 1,941 units, in Georgia and Texas. The total cost o…

48-story Solitair in Brickell to begin building soon

Rendering of the Solitair
A 48-story apartment tower near Brickell City Centre will reportedly begin construction soon.
Solitair Brickell, at 86 Southwest Eighth Street, is approved for a height of 555 feet.
The Orlando-based developer, ZOM, has a permit to demolish a ramp that connec…

Convent in Palm Beach County sells for $6M

Cenacle Sisters of Lantana convent at 1400 South Dixie Highway
A recently sold convent in Palm Beach County will be developed into a waterfront residential and retail project.
Cenacle Convent of Palm Beach County sold the nearly 10-acre site to a subsidiary of Trinsic Residential Group on Jan. 8, Pa…

Outlook strong for Lincoln Road, Doral’s 2015 retail, Scott recommends $100M for Florida charter schools…and more

Lincoln Road’s retail outlook in 2015 is strong.
1. Lincoln Road, Doral’s 2015 retail outlook is strong. But why? [Daily Business Review]2. Scott recommends $100 million for Florida charter schools [Miami Herald]3. Boca Raton office building faces $9M foreclosure [South Florida Business …

Furniture manufacturing company wants $126K in incentives

An anonymous outdoor furniture manufacturing company, going by the identity of “Project Trooper,” wants to create 21 jobs in a new 100,000-square-foot facility in Miami-Dade County. It just needs incentives to do so.
According to published reports, it is seeking $126,000 over six years t…

eMerge Announces Major Partnership

Once again, Miami is making headlines as it continues to establish itself as a burgeoning tech hub. The upcoming 2nd annual tech conference eMerge Americas, scheduled to take place on Miami Beach on May 1-5, 2015, has a new partner: On Wednesday, NBC Universal and Telemundo announced a mul…

West Palm CRA to hear former City Hall site plans

Former West Palm Beach City Hall
Proposals for the former West Palm Beach City Hall site will be heard at a Community Redevelopment Agency meeting on Tuesday.
The CRA’s director said it’ll be an easy pick, according to published reports, but did not specify which of the two pitches …

5 Real Estate Law Cases You Should Remember

MIAMI–Manny Farach, an attorney with the West Palm Beach office of law firm Richman Greer, is pointing to several significant cases highlight issues and trends the Florida real estate lawyer must know in this EXCLUSIVE interview….

Bankruptcy Court Approves Canyon Ranch Sale

MIAMI– Will the new owner fare better than Lehman?…

US Container Volume Forecast To Rise In First Half Of 2015

According to the latest National Retail Federation report, import volume through the top U.S. port gateways is expected to increase 6.8 percent the first half of 2015 compared to 2014. CLICK ON THE HEADLINE FOR MORE…

NAI Miami Brings 10 Year Lease To Coconut Grove

With the signing of this lease, only two storefronts remain available for retailers and restaurants at Oak Avenue Plaza. CLICK ON THE HEADLINE FOR MORE…

Notorious Miami-Dade psychiatric jail ward finally shuttered, Skyline bling: A $430M hairpin tower bid for tourism…and more

A Miami-Dade County jail
1. Notorious Miami-Dade psychiatric jail ward finally shuttered [Miami Herald]2. Skyline bling: A $430M hairpin tower bid for tourism [Daily Business Review]3. U.S. eases travel and trade restrictions to Cuba [Miami Herald]4. South Florida rated worst for science, technology…

County on its way to accepting bids for courthouse

Miami-Dade County Courthouse
A proposal for a new Miami-Dade County courthouse and jail won initial support on Wednesday thanks to the county commission’s public safety committee.
Private contractors and investors would build some, or all, of the justice-system’s facilities for the count…

Deadline looms for West Palm mayor and developer over 2.4-acre site

Rendering of proposed medical complex at downtown West Palm Beach “tent site”
The clock is ticking for a West Palm Beach developer and the city’s mayor.
Developer Michael McCloskey reportedly has two weeks left to reach an agreement with Mayor Jeri Muoio on his proposed office…

Fort Lauderdale Strikers looking at potential stadium sites

Plans for the Strikers new stadium, location to be determined, and former soccer star Ronaldo.
Former soccer star Ronaldo Luis Nazário, also known as Ronaldo, is looking at potential sites for a new stadium and soccer academy in Broward.
A new member of the Fort Lauderdale Strikers ownership,…

Historic Lincoln Road building to be recreated

Historic Lincoln Road renderings
The rather glum-looking storefront of artist Romero Britto, which has graced Lincoln Road for years, is getting a facelift in reverse to look a lot like the facade it had back in 1935.
The original design by Miami architect Russell Pancoast consisting of shiny black …

N.Y. Rubin Museum of Art founders buy $9.6M Continuum unit

Continuum South and Shelley Frost Rubin
The mysterious couple who recently bought a Continuum Miami Beach unit for $9.6 million is Shelley Frost Rubin and Donald Rubin, art collectors and founders of the Rubin Museum of Art in New York City.
Shelley Rubin bought unit 2904 in the Continuum South on D…

Lennar nets $81M more in fourth-quarter earnings

Lennar Corp. development
Miami-based homebuilder Lennar Corp. reportedly increased its fourth-quarter earnings by about 50 percent.
Lennar, the biggest U.S. homebuilder by market value, sold more homes at higher prices, bringing in about $245 million in the fourth quarter from $164 million a year ea…

Palm Beach affordable housing project files Chapter 11

School at 675 Auburn Avenue
The developer of a Delray Beach affordable housing project filed Chapter 11 last week.
Developer Auburn Trace’s largest creditor is Iberiabank, which filed a foreclosure lawsuit in October with a claim of $4.2 million — targeting the 157 affordable h…

Miami Beach to analyze MacArthur traffic for Flagstone project

A rendering of the hotel, retail and mega-yacht marina project proposed by Flagstone Island Gardens
Miami Beach residents spoke out against the controversial Flagstone Island Gardens project — a mix of luxury hotel, upscale shops and a yacht marina on Watson Island — at a …

Where CMBS Fits Into Retail Lending

MIAMI–Aztec Group’s Jason Shapiro tells GlobeSt.com’s Jennifer LeClaire what options retail property owners face as billions in CMBS-backed debt comes due in the years ahead in part two of this EXCLUSIVE interview….

You Just Have to See Kluger Kaplan’s Art Collection, It’s a Feast For the Eyes

Miami law firm Kluger Kaplan plans tours of the renowned Latin American artwork that now adorns its new space at the Miami Center in Downtown.     …

Commercial Real Estate News Roundup For January 14, 2015

View image | gettyimages.com

Vegas rents are rising, cheap oil from the fracking boom is having unintended consequences in Houston, and home ownership’s biggest cheerleader, Freddie Mac, says renting is less popular than we thought. Quelle surprise! It’s all here in the la…

January 2015 Florida Real Estate Case Law Updates

By: Daniel T. Pascale, Esq.
Adverse Possession Under Color of Title
Frazier v. Goszczynski, 39 Fla. L. Weekly D2133, (Fla. 5th DCA 2014)
Goszczynski owned certain real property. He became delinquent in paying the ad valorem taxes. Frazier, as grantor, quitclaimed the property to himself and his moth…

Site in Miami’s Wynwood sold for $11M to Brooklyn and London investors, more…

Site in Miami’s Wynwood sold for $11M to Brooklyn and London investors (credit: Phillip Pessar)
1. Site in Miami’s Wynwood sold for $11M to Brooklyn and London investors [South Florida Business Journal]2. Strong housing prices might dip [Miami Today]3. Building trade group sues 80 c…

Z Capital completes purchase of Canyon Ranch Miami Beach

Canyon Ranch and Z Capital CEO James J. Zenni
Z Capital Partners on Wednesday completed its acquisition of Canyon Ranch Hotel & Spa in Miami Beach, now the Carillon Hotel & Spa.
In a letter emailed to residents last week, obtained by The Real Deal and confirmed in a statement Thursday, …

Florida leads with number of foreclosures in 2014, report says

A study released Wednesday revealed Florida had the highest number of foreclosures in 2014.
The silver lining? Foreclosures are decreasing across the country by 35.5 percent from 2013  — at less than 575,000, the lowest level in seven years.
Florida was at the top of completed …

Privé developers suing city of Aventura for $200M

Privé and its developers from left: Charles Phelan, Gregory Friedman, Gary Cohen (sitting) and Daniel Lebensohn
Developers of Privé at Island Estates, a condo project in Aventura, have filed a $200 million lawsuit against the city of Aventura to ensure construction begins on schedule.
…

Broward office building sells for $9.8M

A Fort Lauderdale office building sold for $9.75 million on Jan. 5.
The site, located at 1508 to 1512 East Broward Boulevard, sold for a 30 percent increase from its last sale in February 2012 of $7.5 million, Broward county records show.
Colee Hammock I sold the 95,486-square-foot property to Laude…

Brickell Bay Tower completes 15 leases to reach 93% occupancy

Brickell Bay Office Tower in Miami
In a sign of rising demand in Miami’s financial district, Brickell Bay Office Tower said it completed 15 leases totaling nearly 53,000 square feet in 2014.
The 32-story, 280,500 square foot building at 1001 Brickell Bay Drive said the deals included six new l…

Former Doral pharmaceutical plant to become mixed-use project

8800 Northwest 36th Street in Doral
New owners of the site of a former pharmaceuticals plant in Doral have plans to develop it into a retail, hotel and commercial project.
Affiliates of the Israeli-based Teva Pharmaceuticals sold the 78,130-square-foot building to Houston-based Hines affiliate for $…

Developer Files $200M Lawsuit Against Aventura

MIAMI–“We had no choice but to go to court to have our development rights enforced– rights which we have had indisputably for 40 years,” says Gary Cohen, a principal of Privé….

Will Burbs Draw From Brickell Office?

MIAMI–Just how hot is Brickell office space? One building alone inked 15 leases–including nine renewals and expansions–totaling nearly 53,000 square feet. But competition from the suburbs is rising….

We Object: Miami Beach Beefing About Miami’s Watson Island Plans

Miami Beach wants Miami officials to reconsider the scale for a major hotel-marina project planned on Watson Island.     …

$72M Theft Claim Against Venezuelan Bankers, Including Hugo Chavez’s Top Opponent, Resurrected

Two companies charge two former Venezuelan bankers living in the United States defrauded them out of $72 million in U.S. Treasury bills.     …

NAI Miami Names Jackie Larkin Marketing Manager

Joining NAI Miami in 2010 as Marketing Assistant. Jackie’s impressive track record makes her a natural choice for the position. CLICK ON THE HEADLINE FOR MORE…

Doral mayor takes back Trump offer for key to city…and more

Garage under construction for the 192-unit Jade Signature condo at 16901 Collins Avenue
1. Drill, baby, drill: You won’t believe how many feet this Sunny Isles Beach garage goes down [Daily Business Review]2. Doral mayor: ‘Trump doesn’t deserve my key’ [Miami Herald]3. &lsquo…

REIT IPOs raise more than $4B in 2014, study shows

Six U.S. real estate investment trusts completed initial public offerings in 2014, raising more than $4 billion. That’s substantially fewer IPO debuts than the previous year, when 13 U.S. REITs were publicly traded for the first time for an aggregate of $4.9 billion.
A study by SNL F…

Courtyard Marriott in Broward sells for $7M

Courtyard Marriott in Coral Springs
A Courtyard Marriott hotel in Coral Springs has traded hands for $7 million.
An affiliate of New York-based Garrison Investment Group bought the 110-room hotel from a New York-based real estate investment company on Jan. 9, Broward County records show. The 61,305-…

Palm Beach shopping center renovation begins

Rendering of the $1.2 million makeover of the Nassau Square retail center at 7577 Lake Worth Road
After three years of waiting, a $1.2 million renovation of the Nassau Square shopping center in Lake Worth has begun.
The shopping center, just east of Florida’s Turnpike on Lake Worth Road, …

The Closing: Don Peebles

Don Peebles (Photos: STUDIO SCRIVO)
From the January issue: Since launching Peebles Corp. nearly three decades ago, Don Peebles has developed six million square feet of real estate in Florida, California, Washington, D.C., and, for the past three years, New York. The author of “…

Construction begins on Broward townhouse community

Rendering of 14th & Ocean
Construction of a luxury townhouse community in Pompano Beach started Tuesday.
Cavache Properties announced the construction of the 21 townhomes called 14th & Ocean.
Fort Lauderdale-based Landmark Bank N.A. provided a $6.7 million construction loan for the proj…

BrickellHouse condos 98 percent sold in 90 days

BrickellHouse (inset: Peter Zalewski)
Less than 90 days after opening, the newly completed BrickellHouse condo project has sold 98 percent of the 374 residential units in the 46-story tower in Greater Downtown Miami.
Developer Harvey Hernandez has successfully recorded transactions for 366 units tot…

Equestrian mogul receives $15M loan for 100 acres in Wellington

14833 50th Street South in Wellington and Mark Bellissimo
South Florida and New York equestrian mogul Mark Bellissimo received a $15 million loan for two large pieces of land in Wellington at the start of the year.
Florida Community Bank granted the loan effective Jan. 2 to Far Niente Stables III an…

Wichita-based Value Place hotel chain finalizing Miami plans

A rendering of a typical prototype of a new Value Place hotel location.
The Value Place hotel chain is finalizing plans to build a new hotel in South Florida this year, near Zoo Miami and highly visible from the Florida Turnpike.
The Wichita, Kansas-based extended-stay hotelier is also building new …

‘Distressed’ Buyers Navigate Complex Market

MIAMI–“One of the challenges to the deal was due to the fact that the subject units were owned by eight different sellers.”…

Fired Legal Secretary’s Sexual Harassment Claims Against Arnstein & Lehr Partner are Salacious

Dasschinka Storani claims former Fort Lauderdale managing partner Alan Kipnis sexually harassed her, talking about blow jobs and forcing her to give him vitamin shots in the buttocks.     …

Wal-Mart gets warm welcome in Miami Gardens, more…

Miami is now considered a leading luxury capital of the world
1. Miami a leading luxury capital of the world [Miami Herald]2. Wal-Mart gets warm welcome in Miami Gardens [Daily Business Review]3. Pompano Beach townhomes coming in 2015 [Sun Sentinel]4. Boca Raton investment adviser ignores SEC ban [S…

Canyon Ranch in Miami Beach to be renamed, will lose former affiliation

Canyon Ranch and Z Capital CEO James J. Zenni
Canyon Ranch Hotel & Spa in Miami Beach will be renamed The Carillon Hotel & Spa when Z Capital Partners closes on its purchase, as early as this week, The Real Deal  has learned. The resort will lose its former affiliation with Canyon …

Sunrise office building sells for $11M

7771 West Oakland Park Boulevard in Sunrise
An office building in Sunrise sold for nearly $11 million last week.
An affiliate of Douglas Pike Associates purchased the renovated 94,000-square-foot Atrium West building for $10.95 million.
David Duckworth, Avison Young vice president of inves…

Allapattah affordable housing project opens Tuesday

Collins Park at 3625 Northwest 20th Avenue
A Collins Park affordable housing project is celebrating its grand opening Tuesday.
The complex, located at 3625 Northwest 20th Avenue just west of Miami Jackson Senior High, will provide housing for low-income seniors.
Collins Park Public Housing Developme…

Drill, Baby, Drill: You Won’t Believe How Many Feet This Sunny Isles Beach Garage Goes Down

The parking garage in Sunny Isles Beach will take Lamborghinis and Maseratis three levels underground, a difficult engineering feat requested by the developer at a cost of $25 million.     …

Franklin Street closes two bulk condo sales for $12.6M

Windward Lakes Condominiums in Pompano Beach
Franklin Street, a commercial real estate firm with several offices in Florida, including one in Miami, said Monday that it has completed two separate bulk condominium transactions in South Florida involving a total of 178 units for $12.6 million.
Frankli…

Downtown Miami site sells for $8M to Aria Development Group affiliate

501 Northeast First Avenue in downtown Miami
A company affiliated with Aria Development Group bought a building and adjoining parking lots in downtown Miami for $8.25 million last week.
Virginia Cole Investment Corporation sold four parcels near Miami-Dade College’s Wolfson campus to Aria 501 …

Bayside owner hires architecture firm to renovate and expand

Bayside Marketplace
The owner of Bayside hired a Miami-based architecture firm to reportedly “reimagine” the downtown Miami marketplace.
General Growth Properties hired Zyscovich Architects to renovate outdoor common areas and waterfront plazas, expand the two-level parking garage and ad…

Palm Beach makes significant jump in best cities ranking

Palm Beach County aerial view
Palm Beach County moved up to 70 from 164 in the best improved metro areas, according to a recent report.
The 2014 Milken Institute’s annual Best-Performing Cities report considers housing, job growth and wage growth.
The top Florida metro areas were Orl…

FAA suggests shorter high-rises downtown and Brickell

Rendering of Florida East Coast Realty’s One Bayfront Plaza as part of downtown Miami’s skyline
The Federal Aviation Administration wants to limit the height of big projects in downtown Miami and the Brickell area.
Swire Properties, Florida East Coast Realty, MDM Development and Melo Gro…

Distressed Miami office buildings sold to N.Y. investor

Airport Executive Tower 1 at 1150 Northwest 72 Avenue in Miami
Two office buildings near Miami International Airport were sold to a New York-based investor.
Torchlight Debt Opportunity Fund bought the distressed office buildings at 7270 Northwest 12th Street and 1150 Northwest 72nd Avenue.
The prope…

N.Y. developer Shahab Karmely takes on South Florida

Shahab Karmely, founder and principal of KAR Properties
New York developer Shahab Karmely is aiming his focus squarely on South Florida, assembling several properties for future condominium and mixed-use projects, with a desire to combine compelling architecture and aesthetic design.
Karme…

The Law Firm That Advised on $8B in Deals

MIAMI–“The past 12 to 18months saw one of the most active periods of development in Miami’s history.”…

$41M Redevelopment Promises Transformation

MIAMI–This development that’s set to transform the 28.7-acre lot into a high-quality shopping experience called Island Walk. Get all the details….

Moishe Mana Snags $7.6 Million Portfolio from Foot Locker

Read on…

Related’s Perez sees opportunity with end of embargo, Walmart growing in Florida

Related’s Perez sees opportunity with end of embargo
1. Related’s Perez sees opportunity with end of embargo [Daily Business Review]2. Tax and estate planning advice for Florida newlywed same-sex couples [South Florida Business Journal]3. Walmart posts massive growth in Florida [GlobeSt]…

Law firm triples space at Southeast Financial Center

Southeast Financial Center in downtown Miami
Miami law firm McDonald Hopkins is expanding its offices by 8,700 square feet this week at downtown Miami’s Southeast Financial Center —  and it’s not the only one in recent months.
DLA Piper expanded by 22,500 square feet to a tota…

Wynwood Asset Sells at Near Record Price

MIAMI–“This was an off-market transaction initiated by the buyer’s desire to be in this dynamic neighborhood.”…

CREFC Roundup: Members Bullish on CMBS

MIAMI–“The mood among the industry experts on the first day of the annual CREFC January conference was heightened by the expectation that 2015 would produce between $100 and $150 billion of new issuance.”…

Broker Gets 2-Year Sentence for Role in Scott Rothstein’s Ponzi Scheme

Richard Pearson is sentenced on a guilty plea for helping bring investors to defunct Fort Lauderdale law firm Rothstein Rosenfeldt Adler.     …

Commissioners consider $1 Metromover fare, Walmart Neighborhood Market opens in Miami Gardens…and more

Commissioners consider $1 Metromover fare
1. Commissioners consider $1 Metromover fare [The Next Miami]2. Walmart Neighborhood Market opens in Miami Gardens [Miami Herald]3. More than $1 million worth of valuables to be auctioned in West Palm Beach [Sun Sentinel]4. FedEx distribution center still in…

Miami River project wants millions in incentives — plus land, from county

River Landing rendering and Andrew Hellinger
As part of its plan to redevelop the area between the Miami River and the Health District by adding retail and residences, the River Landing project is asking for millions of dollars in assistance from the county.
River Landing Development, led by de…

Businesses close at Brickell Flatiron site to make way for construction

Rendering of the Brickell Flatiron
Ugo Colombo’s Brickell Flatiron tower is on its way to starting construction.
Barú Urbano, bar and restaurant in the condo building’s future site, closed on Monday, according to published reports. A parking lot next door will also reportedly…

Where is Miami in the current real estate cycle?

Clockwise: Gregg Covin, 1000 Museum; Richard LeFrak, LeFrak; Philip Spiegelman, ISG; Reid Boren, Eastview Development; Alicia Cervera Lamadrid, Cervera Real Estate; and Jake Roffman, 13th Floor Investments.
Miami is still experiencing an unprecedented real estate boom fueled by a robust pool of weal…

BBX sells Palm Beach office building for $6.8M

A Palm Beach Gardens office building was reportedly sold at a significant discount to its foreclosed mortgage.
BBX affiliate Heartwood 42 sold the 196,061-square-foot building for $6.8 million to Rushmore PGA, according to a published report. The building, located at 4290 Design Center Drive, was de…

Moishe Mana adds to downtown Miami portfolio for $7.6M

Properties bought in downtown Miami and Israeli businessman Moishe Mana
Israeli entrepreneur Moishe Mana is adding several more properties to his downtown Miami portfolio.
44 East Flagler Street Realty LLC paid $7.6 million for three buildings and a parking lot between Flagler Street and Southeast 1…

Boca Raton “Banana Patch” land listed for $6.2M

The “Banana patch” properties
Boca Raton’s “Banana Patch” land is up for sale for the first time since 1978.
The 1.77-acre group of waterfront properties is on the market for $6.2 million. Its history allegedly involves ownership by Henry Flagler and Japanese farmers Ge…

U.S. Century Bank sells 2.7-acre lot near Cutler Bay

U.S Century Bank
U.S. Century Bank recently sold another repossessed property.
US Century REH VIII sold a vacant commercial site near Cutler Bay on Dec. 30, 2014 to 106th Avenue Investments Holdings, an affiliate of Ugo Colombo’s CMC Group, according to Miami-Dade County records.
The bank seiz…

Walmart Posts Massive Growth in Florida

MIAMI– Walmart is expanding rapidly in Florida, and especially in Miami. What’s behind the growth?…

Panama Canal Expansion A Boon For Midsize Companies, Too

The new trade routes will put shipping companies in reach of nearly two-thirds of the nation’s population, opening significant opportunities for another important sector: Middle-market companies in the United States. CLICK O THE HEADLINE FOR MORE…

New restaurant to open in Miami’s Vagabond Hotel, Genting plans for former Miami Herald site still a mystery…and more

New restaurant to open in Miami’s Vagabond Hotel
1. New restaurant to open in Miami’s Vagabond Hotel [South Florida Business Journal]2. Genting plans for former Miami Herald site still a mystery [Miami Herald]3. Have less than 20% down? This Edgewater project may be for you [Daily Busine…

Campania opening in Miami’s Design District

From left, Compania’s owners, Antonio Gallo and Chef Pietro Vardeu
A new restaurant is opening Thursday in Miami’s Design District, as the once gritty neighborhood continues to transform into a luxury shopping destination.
Campania, the newest regional Italian offering from restaurateurs…