Miami Commercial Real Estate News May 29, 2019: Tallest Proposed Projects; Health District Office Property Trades; Major MXU Planned for Ojus; More…

Here are the tallest projects proposed in Miami

More than 20 years ago, residential skyscrapers started sprouting up in Brickell and downtown Miami, slowly replacing low-rising condo and apartment buildings, older hotels and retail buildings. Today, Miami boasts the third tallest skyline in the U.S., trailing only New York City and Chicago with over 300 high-rises. Fueled by demand from wealthy South American buyers and the city’s emergence as a…

Key International sells Miami Health District building to TopMed Realty

TopMed Realty, a private health care real estate investment firm, paid $13.9 million for an office building in Miami’s Health District. Key International, along with its partner on the project, 13th Floor Investments, sold Highland Park Center, a Class A, 43,000-square-foot building at 1011 NW Sunnybrook Road for more than $320 per foot. The 11-story building, which was completed in 2011, sold fully…

Video: Ballard Spahr Partner Craig Ganz Discusses Trends and Expectations for Retail Bankruptcies

Craig Ganz, Partner with Ballard Spahr, a national law firm with headquarters in Philadelphia and more than 500 lawyers in its employ, joins America’s Commercial Real Estate Show to discuss recent retail bankruptcies and the impact of big box closures on commercial property investors, particularly those concentrating on retail properties. He goes through a number of chains that have filed for…

Will A Walmart Be Allowed On Rare Habitat In Miami?

For years, private citizens have been battling developers, the government and the University of Miami over a rare ecosystem. “Pine rocklands,” a habitat characterized by a limestone ridge and often covered with pine tree species and saw palmetto plants, once made up much of South Florida. Now, less than 2% of the original ecosystem is estimated to remain in Miami-Dade, and it is home to…

This is how many new condos are left to sell in Miami

To gauge the start of Miami’s next condo cycle, you could look at the bulk of inventory that remains today. Developers currently have 2,101 new development units left to sell in Miami from this cycle, according to ISG Miami’s latest report. Of those, 587 units have been delivered, 1,331 are under construction and 183 are in the preconstruction phase. The current cycle began in 2012, and the pipeline…

Co-working firm Spaces moving into 1111 Lincoln

The co-working firm Spaces just leased a lot of space in one of Miami Beach’s marquee properties. Spaces leased 51,064 square feet at 1111 Lincoln, at the corner of Alton Road and Lincoln Road. The lease covers 55 percent of the total office space at the building. The property is known for its large parking garage designed by Swiss architectural firm Herzog & de Meuron that some say resembles…

One Thousand Museum seeks $331M condo inventory loan

One Thousand Museum, the Zaha Hadid-designed skyscraper in downtown Miami, is seeking a $331 million condo inventory loan as the project’s completion date nears, The Real Deal has learned. The project’s developers tapped Lotus Capital Partners to arrange the loan, according to an email obtained by TRD. Financing offers are due June 13. The development group, which includes Louis Birdman…

Miami seeks law firm to cut deal with David Beckham group

Miami commissioners will let City Attorney Victoria Mendez pick a law firm to advise on a Melreese Golf Course lease to the David Beckham group. Commissioners on May 23 were debating which of 16 applicants to use as consultants. After listening to lawyers from several firms fighting for the job, and continued contention from Commissioner Manolo Reyes who was adamant that the chosen…

Miami Yacht Show cites success, staying downtown

Though there was one major unexpected expense, the Miami Yacht Show’s first year downtown was successful, directors of Miami’s Downtown Development Authority heard Friday. The show, which had been held on Miami Beach for 30 years, generated $484 million in direct economic impact in February, when it moved to the former Miami Herald site, now owned by the Genting Group. The Biscayne…

Real Estate Gives Back: Don Peebles Champions Economic Equality

Peebles Corp. founder Don Peebles wants to bridge the U.S. wealth and academic achievement gap that continues to separate the country’s haves and have nots. “There’s a big wealth disparity in the country, a significant income disparity,” said Peebles, whose personal wealth was estimated to be around $700 million by Forbes in 2015 and whose current company portfolio of active and completed…

Are waterfront hotels ready for climate change?

Memorial Day weekend ushers in the unofficial start to summer tourism season, and the strong economy suggests this may be an especially great season for the hospitality industry. But, while throngs of vacation travelers head for sunny beachfronts, it’s also the start of the hurricane season, which, as the impacts of climate change continue to accelerate, will become a growing risk to the industry.

Mission Capital Arranges $8M Refinancing Loan for Hotel Near Miami International Airport

Mission Capital Advisors has arranged an $8 million refinancing loan for the EB Hotel Miami, a 133-room hotel located at 4299 NW 36th Street, across the street from Miami International Airport. The borrower, Eurobuilding Hotels, originally acquired the property in 2007 when it was an office building. Eurobuilding Hotels transformed the asset into a hotel that offers an outdoor pool with poolside bar…

Coconut Grove Playhouse fight may end up in court

The battle over Are waterfront hotels ready for climate change?the fate of the long-closed Coconut Grove Playhouse lingers on. Miami-Dade County, garnering approval of its restoration plan from the Miami City Commission on a split vote, saw its hopes dashed May 17 when Mayor Francis Suarez vetoed the approval, and then on May 23 the commission failed to override the veto. County officials vow…

Miami International Airport due billions in upgrades

Up to $5 billion in improvements at Miami-Dade’s five airports are a vote away, with lawmakers to decide Tuesday if they’ll OK funds and first plans focusing on Miami International Airport (MIA). The 15-year, $4 billion to $5 billion program is meant to meet needs through “2035 and beyond,” a memo from Mayor Carlos Giménez said. MIA last year passed 45 million passengers, ranking it third-busiest…

Major mixed-use development planned for Ojus

A development group is planning West Aventura Town Center, a $200 million, 600,000-square-foot mixed-use development in Ojus. West Aventura Exchange LLC has assembled almost 8 acres in the Miami Gardens Drive corridor, along Northeast 186th Street and Northeast 187th Street between Northeast 23rd Court and Northeast 24th Place. The developer gained approval for a land use change for the last…

Opportunity Zones are now big business for lawyers

While it’s too early to tell whether the Opportunity Zones program will benefit the distressed neighborhoods it was designed to help, the legislation has already been a boon to at least one profession. A growing number of big law firms like Morrison Foerster and K&L Gates are setting “pop up” working groups of tax, real estate, and private funds lawyers to work on Opportunity Zone issues, according to…

Aztec Group Provides $11.9M Loan for Redevelopment of Office Building in Miami

Aztec Group has provided an $11.9 million loan to 4141 Design LLC, an affiliate of JCube Development, to redevelop an office building in Miami. The borrower plans to fully renovate the 15,843-square-foot building to include 6,100 square feet of ground-level retail space, 4,400 square feet of office space on the second and third floors and 4,000 square feet of rooftop event space. The building, known as…

Will new Opportunity Zones rules propel an office boom?

When Michael Tillman’s PTM Partners bought property in Overtown in February to build an 18-story apartment complex, it became one of the first Miami-based real estate firms to utilize the Opportunity Zone program. The federal program is seen by many as the biggest economic boost to the real-estate industry since the 1031 Exchange. But given the murkiness of the Opportunity Zone guidelines…

Miami Worldcenter developers sell another piece of their pie

Miami Worldcenter developers Nitin Motwani and Art Falcone sold off another chunk of land at their mixed-use development in downtown Miami. Property records show Miami Worldcenter Associates affiliate MWC Block E LLC sold the 2.5-acre parking lot at Northwest Eighth Street between North Miami and Northeast First avenues to Miami World Towers LLC for $43 million. BNY Mellon…

Here are South Florida’s top industrial sales in April

A billionaire hotelier based in the Bahamas has turned his sights to Miami, paying $26.4 million for an assemblage in Wynwood with plans to build a mixed-use project. Sarkis Izmirlian, the original developer of Baha Mar in the Bahamas, bought the properties at 201 Northwest 21st Street and 210 Northwest 22nd Street in Miami through a Delaware company, Miami Development 2122 Trustee, Inc. The…

Lincoln Road could get two hotels under proposed new rules

It takes one developer to start a trend. More than a month since real estate investor Sam Herzberg unveiled a possible transformation of the Sterling Building on Lincoln Road into a hotel, a second property owner wants to do the same to the Lincoln Center, an apartment building with a ground-floor retail annex at 1637 Euclid Avenue. Monika Entin, an attorney representing Lincoln Center Associates…

The Importance of Commercial Building Permits

You’ve found the perfect commercial property to invest in: it has the right number of office suites, the perfect amount of square footage, and plenty of parking spaces. It’s just what you’ve been looking for. Before you put in an offer, it’s crucial that you get a commercial inspection and check for outstanding building permits. It’s probably the last thing on your mind when searching for a commercial…

Italian restaurateur sells Allapattah property to CenturyLink for $19M

Rosinella Italian Trattoria owner Tonino Doino sold a property in Allapattah to CenturyLink for $18.75 million, The Real Deal has learned. Doino’s Miami Avenue Holding Company LLC sold the 101,000-square-foot building and land at 1101 and 1109 Northwest 22nd Street. CenturyLink, a telecommunications company based in Monroe, Louisiana, provides communications and data services in 37 states and…

Tax-driven migration to South Florida won’t end soon: panel

Migration to South Florida from New York and other high-tax states is a long-term trend in its early stages, according to a group of experts. “To use a tired baseball analogy, everybody asks: What inning are we in? I would say we’re still driving up to the ballpark. This [migration] is just getting started,” said Jonathan Miller, president and CEO of Miller Samuel Inc., who moderated a panel presentation…

City and county spar: Mayor Suarez’s veto of Coconut Grove Playhouse plan stands

The fate of the Coconut Grove Playhouse revival plan could now head to the courts. The Miami City Commission on Thursday failed to overturn Mayor Francis Suarez’s veto that had thrown the renovation project proposed by Miami-Dade County into peril. County officials, led by Miami-Dade Mayor Carlos Gimenez, said the county will likely sue the city to nullify a previous Miami Historic and Environmental…

Remy Jacobson nabs loan for Miami Design District project

Developer Remy Jacobson closed on a nearly $12 million loan to redevelop a property in the Design District. Centennial Bank is providing the $11.93 million loan for interior and exterior renovation of the historic building at 4141 North Miami Avenue. J.C. de Ona and Yuleisy Montalvo of Centennial represented the bank and Aztec Group was the mortgage broker. Jacobson’s 4141 Design LLC paid $10.5 million…

Which Miami Neighborhood Will Heat Up Next?

The residential population in downtown Miami has doubled from about 40,000 in 2000 and is expected to surpass 100,000 in 2021. That is just one sign of the city’s surging urban core. The surge of population could help turn Downtown Miami’s main corridor, Flagler Street, into a café district, said Gary Ressler, a principal at Tilia Cos. The Flagler Business Improvement District could give those efforts a big…

North Beach developers offer city $15M park in exchange for ownership of streets

As part of their plan to build a $220 million mixed-use project along Ocean Terrace in Miami Beach, partners Alex Blavatnik and Sandor Scher want to take ownership of the public streets and sidewalks surrounding the proposed development. The potential deal would allow Blavatnik and Scher to include the public right-of-way as part of the project’s footprint. In exchange, the North Beach developers are…

Could a Trump tax break be behind Beckham’s renewed interest in an Overtown stadium?

MasTec chairman Jorge Mas revealed on Tuesday that his fellow partners in the Miami Beckham United Group wanted to close on a $9 million land deal in Overtown. The news meant the Beckham group planned to buy land once slated for a Major League Soccer stadium until the partners abandoned that plan for a larger sports and commercial complex about eight miles away on real estate currently…

Could Miami Beach’s Free Electric Cars Solve Cities’ Transit Problems?

On Friday, the city of Miami Beach will launch a partnership with Freebee for free, on-demand, door-to-door transportation to certain areas. Freebee’s fleets of fully electric cars have been popular in Miami-area neighborhoods as solutions to transit woes. Freebee was started by two University of Miami graduates in 2011, at first offering free rides to bars and restaurants on the beach. It then expanded…

FM Capital’s Direct Bridge Lending platform Originates $21 Million loan for Industrial Freezer in Miami, Florida

FM Capital’s direct bridge lending platform originated a $21 Million loan for the refinancing of an industrial freezer warehouse located in Miami, Florida. Built in 1968, the 235,758 square foot warehouse is located near major highway I-95 with quick access to the free-way, turnpike and other major roads. The property is currently 82 percent leased, occupied by South East Frozen Foods and Super Value.

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May 29, 2019

Video: Ballard Spahr Partner Craig Ganz Discusses Trends and Expectations for Retail Bankruptcies

Craig Ganz, Partner with Ballard Spahr, a national law firm with headquarters in Philadelphia and more than 500 lawyers in its employ, joins America’s Commercial Real Estate Show to discuss recent retail bankruptcies and the impact of big box closures on commercial property investors, particularly those concentrating on retail properties. He goes through a number of chains that have filed for bankruptcy, joking that Payless, is now referred to as a chapter 22 given that it has filed chapter 11 twice. He believes that the bankruptcies we’ve seen in retail will continue. Interesting are slides displayed showing factors leading to bankruptcy for Toys-R-Us and The Limited, as well as a chart of the aggregate square footage of vacant stores.

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May 29, 2019

Miami Commercial Real Estate News May 22, 2019: Virgin Train to Orlando Construction Underway; David Beckham Group to Close on Overtown Site; More…

Virgin Trains USA starts building rail line to Orlando

Virgin Trains USA announced Tuesday that construction of its highly anticipated expansion from Palm Beach County to Orlando is underway, beginning with preliminary groundwork for a 70-acre maintenance facility and 3.5-mile rail section at Orlando International Airport. The “Phase 2” expansion, which the company formerly known as Brightline said in statement will be completed and in service…

David Beckham, partners to close on county site in Overtown after all

David Beckham and his partners will close on a site in Miami’s Overtown neighborhood, even as they forge ahead with their plans to build a mega-soccer stadium complex on a different property near Miami International Airport. According to a statement from Inter Miami CF, the Major League Soccer team owned by Beckham, Jorge and Jose Mas and others, the group remains “fully committed to bringing…

Here are South Florida’s top multifamily sales in April

A company tied to Shiff Group Holdings sold a 239-unit apartment complex in Miami’s Little River neighborhood for $23.3 million. Zvi Shiff, of Shiff Group Holdings, sold the 239-unit development at 1401 Northwest 103rd Street for about $97,489 per unit, records show. The buyer is a Delaware company, Newcastle Lake LLC. The Silver Blue Lake Apartments are right off I-95 near Miami Shores City Hall.

Sugarcane chef opening downtown Miami concept & other Miami restaurant news

Chef Timon Balloo, a chef-partner at Sugarcane Raw Bar Grill, is opening a new concept in downtown Miami called Balloo: Modern Home Cooking. The 800-square-foot restaurant is set to open at the Ingraham Building at 25 SE 2nd Avenue in downtown Miami this summer. Bar Lab Group, led by mixologists Gabriel Orta and Elad Zvi, will open a 1,172-square feet…

Busted: City doles out code violations to Miami commissioner’s Coconut Grove home

It looks like Miami Commissioner Joe Carollo’s outspoken goal to enforce code violations in Little Havana has come back to haunt him. Miami government officials went to Carollo’s home in Coconut Grove on Monday and found five violations for work done without permits, according to the Miami Herald. The Herald obtained an email showing that employees from the city’s code compliance, building…

Brazilian developer redesigns Miami Beach condo to include more luxury units

The developer of a boutique luxury condo project in Miami Beach is adding units based on increased demand, a rarity during a condo market slowdown. Multiplan Real Estate Management is adding 10 “sky residences” to 57 Ocean, now a 71-unit development planned for 5775 Collins Avenue, managing partner Marcelo Kingston said. That brings the number of sky residences to 18, up from 8. Penthouse…

County aims to build two hotels at Miami International Airport

In a booming local hotel market, Miami-Dade County plans to issue solicitations to developers to design and construct two new hotels at Miami International Airport, Mayor Carlos Giménez revealed in a memo to county commissioners this month. One hotel would be built directly east of the airport’s Dolphin Garage and across from the North Terminal. The second hotel would be built on the airport’s short…

Miami may be ready to pick Virginia Key marinas operator

After years of controversy, countless meetings, administrative appeals and lawsuits, the City of Miami may be ready to move ahead with a new operator for its marinas on Virginia Key. The final court case has finally ended and today’s (5/23) agenda for the city commission includes two proposed resolutions that would determine the fate of Rickenbacker Marina and Marine Stadium Marina on the city-owned…

Roads area due Tru Hilton hotel geared to younger guests

A new hotel brand that targets younger travelers is planning a new location in The Roads neighborhood of Miami. Benito Irastorza, president and chief executive officer of IRAS Group, is the owner-developer proposing a Tru Hotel by Hilton at 1931 SW Third Ave. The selected-service hotel will rise eight stories and offer 141 rooms, have parking for about 73 vehicles, and have an exterior pool deck at…

Dinner Key Marina to be returned to former glory

More than 20 months after Hurricane Irma tore up Dinner Key Marina, the City of Miami is ready to bring the marina back to its former glory at a cost that could exceed $22 million. On today’s (5/23) agenda, city commissioners are to consider hiring a company to repair and rebuild the marina, located on the waterfront in Coconut Grove, surrounding historic Miami City Hall. Before Hurricane Irma, Dinner Key…

Commercial insurance rates facing double-digit climb in June

‘Tis the season… for commercial insurance rates to rise, observers say. “Commercial property insurance rates are expected to increase 10% to 20% within this calendar year,” said Ryan Papy, president of Keyes Insurance, a part of The Keyes Co., via email.v“The main factor is the rise in reinsurance rates,” he continued, referring to the insurance that carriers buy to protect themselves against exposure in case of…

Approval rates rise for small business lending

Approval rates for small business lending continue to grow and those in finance say it is all thanks to a strong economy. But traditional lenders are rethinking their lending strategies as more nontraditional players are taking advantage of the strong economy and playing the field. Loan approval ratings for small business lending is growing. Banks are averaging 18% higher approval rating from the first quarter…

Virgin Trains USA starts work on tracks to Orlando

Virgin Trains USA, formerly Brightline, has started a $4 billion construction project on the tracks between West Palm Beach and Orlando International Airport. Virgin Trains said the first load of steel for the tracks was shipped from Steel Dynamics in Fort Wayne, Indiana, on May 16. The high-speed rail project will take three years. While there are existing tracks from West Palm Beach to Jacksonville, they…

Dressbarn is winding down operations and closing 650 stores including 2 in Miami

Dressbarn is the latest casualty of the retail apocalypse. Ascena Retail Group announced on late Monday it planned to wind down operations for its Dressbarn chain and close all of its 650 stores, according to a press release. The company did not give a date as to when it would officially close its stores. Ascena Retail Group also owns the Justice, Lane Bryant, and Catherines clothing store brands. “This…”

Flying carport at Miami Worldcenter featured on CBS Sunday Morning

CBS 5-17-19 No Exit Paramount Miami Worldcenter from World Satellite Television News on Vimeo. A very Jetson future is here, and it’s live on television. Paramount Miami Worldcenter was featured on CBS Sunday Morning for its flying carport amenity. Developer Dan Kodsi has modified the condo tower’s design to fit a 5,000-square-foot skyport on top of the 60-story, 530-unit building. While it would be…

Real estate seen as “safe haven” amid trade war uncertainty

While the stock market at large took a beating amid last week’s escalation of the U.S.-China trade war, one sector continued to show strong growth: real estate. By offering investors more exposure to domestically-oriented businesses, real estate investment trusts have largely established themselves as a safe haven from global supply-chain disruptions, the Wall Street Journal reported. “Our conclusion…”

Blackstone pays $209 million for Doral apartments

Blackstone Group paid $208.75 million for a pair of neighboring apartment complexes in Doral, marking the largest multifamily deal in South Florida so far this year. The Related Group and Rockpoint Group sold 720 units, split between Doral View at 901 Northwest 97th Avenue and Town Fontainebleau Lakes at 1062 Northwest 87th Avenue. Blackstone paid about $290,000 per apartment. Cushman…

Macerich exec says “the retail apocalypse is a good thing”

As e-commerce continues to kill brick-and-mortar stores, some landlords appear to be embracing the new reality for retail. “The retail apocalypse is a good thing,” said Jesse Franklin, the vice president of investment and innovation at retail giant Macerich, during a panel Monday at the International Council of Shopping Centers convention in Las Vegas. “It’s calling out all of those retailers that have…”

South Florida Retail Summary (Q1 2019)

Market Snapshot for South Florida Retail A summary of the highlights, trends, and current market activity of Q1 2019 for South Florida commercial real estate focusing on Miami-Dade County: Analysis derived and compiled from leasing data and transaction reports in order to better understand the overall health of the CRE market in Miami-Dade County. In…

Coral Gables and Doral Among The 10 Best Small Cities For Entrepreneurs

Florida, perhaps for its tax friendliness and educated population, is very well represented on the list of small cities for starting a business. Twenty of the top 50 small cities are in Florida, and three made it into the top 10. With just over 51,000 residents, Coral Gables just barely meets the Census Bureau definition for a city, or standard metropolitan statistial area, as bureaucrats put it. But what it lacks in…

Up the River: The Miami River, Past, Present, and Future

To look at the history of the Miami River, is to look at the history of Miami itself. According to historian Jerald T. Milanich, the world “Miami” is a derivation from “Mayaimi,” which referred to the vast size of Lake Okeechobee. (Another interpretation is that Miami means “sweet water.”) Spanish explorers who visited Miami in 1743 mentioned “Maymies” or “Maimies” living in the area. The Miami Circle…

Developer picks up Edgewater property for $14 million

A large development site in Edgewater near the Related Group’s Paraiso development just sold for $13.65 million, The Real Deal has learned. Edgewater 29 LLC, tied to DLC Capital Management, a family office in Miami, bought the property at 2927 Northeast Fourth Avenue. Property records show the seller is AR Edgewater Investments, which is controlled by Juan Agudelo Restrepo. The zoning allows…

Investment group buys South Beach building near Crescent Heights project for adaptive reuse

Fwd Group paid $5.35 million for a building near an upcoming Crescent Heights project in South Beach where it’s planning an adaptive reuse project, The Real Deal has learned. Seven Forty Central Corp., led by Boris Shvartsman, sold the property at 740 Alton Road to 740 Alton Rd LLC, which is led by Jefferson Brackin. Fwd Group, founded by Brackin and his partner, Michael Bird, is an investment…

Here are South Florida’s largest office and retail sales in April

The parent company of VirginTrains USA, Florida East Coast Industries, sold the office portion of its MiamiCentral station for $159.4 million. Coral Gables-based FECI sold the ground floor retail, two office buildings and the parking space at 600 Northwest First Avenue to San Francisco-based Shorenstein, property records show. Wells Fargo provided a $126 million mortgage to Shorenstein to finance the…

New industrial development in Hialeah Gardens breaks ground

A new 65,500-square-foot industrial building is coming to Hialeah Gardens amid a wave of new industrial development. CanPen Holdings is building a 65,500-square-foot warehouse at 14600 Northwest 112th Avenue. It marks the first development project for Medley-based CanPen Holdings, whose principals are Jose “Pepi” Cancio Jr. and Mario Penzo. Cancio’s father, Jose Pepe Cancio Sr…

Office vacancy rates are rising in downtown Miami: report

The downtown Miami office market took a beating in the first quarter, despite the opening of new state-of-the-art buildings like the office portion of the Virgin MiamiCentral train station. According to a JLL report prepared for the Commercial Industrial Association of South Florida, downtown Miami experienced a negative absorption of nearly 18,000 square feet during the first quarter, mostly due to the…

Developer Lissette Calderon plans flurry of projects

You might say Lissette Calderon was born to be a developer along the Miami River. When her parents brought her home from the hospital, they lived in an apartment building on the mouth of the river. The building is now long gone to unveil the underlying Miami Circle, home to the indigenous Floridians who first appreciated living on the river. As a child, Calderon says she loved reading about…

Beckham group faces deadline to keep Overtown stadium site under contract

David Beckham and rendering of the soccer stadium his group planned to build in Overtown. David Beckham and his partners have less than two weeks to pay $901,500 and keep three acres of county-owned land in Miami under contract for a soccer stadium. The Beckham group owns six acres in the Overtown area of Miami and contracted to buy another three acres from Miami-Dade County to build…

IMC Equity Group buys flea market property near Liberty City

IMC Equity Group bought the Flea Market USA property at 3017 Northwest 79th Street  in the West Little River neighborhood of Miami for $13.5 million, where it plans to build a mixed-use project. Carlos De J. Segrera, chief investment officer of IMC Equity, said the group plans to build a multi-phased mixed use project with retail and a residential portion with up to 2,500 units. He expects the building to break ground next year and the project…

Spain’s Richest Person Bets Billions on Prime U.S. Real Estate

Ortega’s U.S. spending spree increases the value of his global property empire beyond $13 billion, according to the Bloomberg Billionaires Index, giving him the biggest real estate portfolio among Europe’s super-rich. Diversifying his fashion fortune to preserve his sizable wealth, Ortega has invested… landmark properties like Manhattan’s historic Haughwout Building and Miami’s tallest office tower.

Alex Karakhanian picks up Miami Design District building

Investor and developer Alex Karakhanian closed on another property in the Miami Design District. A partnership led by Karakhanian paid $12 million, or $1,445 per foot, for the 8,304-square-foot building at 3921 to 3925 Northeast Second Avenue, he said. Rammos HoldCo Inc., led by Bill Rammos, sold the lots, which total 9,240 square feet of land. Rammos will remain a partner in the property. Tony Arellano…

Revenue fell at Trump’s Palm Beach properties in 2018

President Trump’s Palm Beach County businesses lost $3.6 million last year, according to newly released financial disclosure forms. Mar-a-Lago reported the biggest drop in revenue, down 10 percent year-over-year to $22.7 million in 2018, according to the Palm Beach Post. The report, filed with the Office of Government Ethics on Thursday, only shows asset values in ranges and does not include profits or…

Miami-Dade County Zoning: Administrative Requirements of Workforce Housing Bonuses

In 2007, the Miami-Dade County Board of County Commissioners adopted Ordinance No. 07-05, which created a voluntary Workforce Housing Development Program in order to encourage development of land available for residential use targeted towards the workforce income group. The program allows real estate developers to obtain density and intensity development bonuses by providing either…

When Florida lenders act in bad faith

When companies in Florida look to expand or move into a better space for their operations, they may decide to purchase commercial real estate. This can be a very important decision for the company and one that needs to be done carefully. There are also many steps to the process, but it usually starts with securing the money for the purchase through lending. This is usually secured from a bank or other…

Only Florida Taxes Commercial Leases. NAIOP Wants To End That.

Florida is the only state in the nation to charge sales tax on commercial leases, which it has been doing since 1969. The rate was 5.7%, but in the annual legislative session that ended this month, lawmakers agreed to roll it back to 5.5% starting in January. It will be the third fraction-of-a-percentage-point rollback in three years. Darcie Lunsford, president of the South Florida chapter of NAIOP — which…

Contraction in the real estate offer of new units in Miami predicts a positive future

A recent study conducted by the firm Integra Realty Resources – Miami | Palm Beach (IRR-Miami), confirmed the forecasts on the real estate market in South Florida. The number of units under construction was reduced by 43%, between the second and fourth quarter of 2018, with a total of 1,649 units delivered. Of these units, 1,020 belong to the new Edgewater area, while the remaining 513 are part of…

Video: RC Analytics SVP Jim Costello Presents Retail Property Investor Outlook

Jim Costello, Senior Vice President of RC Analytics, joins America’s Commercial Real Estate Show to discuss the retail property market. Among the topics discussed are transaction volume, cap rates, and adaptive reuse. He starts by discussing issues in the sector, with some some great properties not trading, and other properties with trouble that have transaction activity around them. Deal activity he states…

I.M. Pei, who designed Miami Tower, other monuments of culture, dies at 102

I.M. Pei, the architect who began his career designing buildings for William Zeckendorf and went on to bring to life some of the most iconic structures of the 20th Century, including the Louvre pyramid, died early Thursday. He was 102. Pei emigrated from China to the U.S. in the 1930s and after attending Harvard’s Graduate School of Design worked in-house for Zeckendorf’s firm, Webb & Knapp. He then…

Former Georgia gubernatorial candidate buys waterfront Palm Beach condo

Former two-time Georgia gubernatorial candidate Guy Millner bought a waterfront condo in Palm Beach for $5 million. Millner bought the 3,432-square-foot condo, unit 413-E, at 400 South Ocean Boulevard for $1,456 per square foot, records show. Millner bought the unit from Nancy Brougher of York, Pennsylvania. Brougher had paid $225,000 for the condo in 1998, records show. The unit has four…

Receiver sues Jay Peak EB-5 developer’s attorney and law firm over alleged misconduct related to Miami developer

Beginning in 2006, more than 800 EB-5 investors thought they were investing in a promising new ski resort in Northern Vermont. But years after investors started putting their money into the Jay Peak project, the Securities and Exchange Commission in 2016 alleged that the two developers ran a “Ponzi-like scheme.” It is considered the largest alleged EB-5 fraud to date. Now the court-appointed receiver…

Life Time Launches High-End Apartment Concept: Miami Among First Cities to Open

Health club chain Life Time is running into the high-end multifamily segment with the launch of Life Time Living, a health-focused luxury residential experience that will be opening its first locations in Dallas, Las Vegas and Miami. Combined with Life Time Fitness and Life Time Work, these projects will now be Life Time Villages. Life Time Living’s first location in DFW will be in Midtown Dallas near Interstate…

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May 22, 2019

Video: RC Analytics SVP Jim Costello Presents Retail Property Investor Outlook

Jim Costello, Senior Vice President of RC Analytics, joins America’s Commercial Real Estate Show to discuss the retail property market. Among the topics discussed are transaction volume, cap rates, and adaptive reuse. He starts by discussing issues in the sector, with some some great properties not trading, and other properties with trouble that have transaction activity around them. Deal activity he states as down, subject to finalization of numbers, by about 20%, with a lot of uncertainty seemingly driving down transaction volume. He further noted that entity level transactions that happened in 2018 have not happened so far in 2019. Cap rates he noted as flat, regardless of any uncertainty and in the face of somewhat higher rates. He believes, however, that deal volume breaks before pricing as expectations between buyers and sellers drift apart.

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May 17, 2019

Miami Commercial Real Estate News May 15, 2019: Trump National in Doral Faltering; MiamiCentral Building Trades; Wynwood Assemblage Listed; More…

Live Nation Entertainment Becomes First Tenant of Office Building in Miami’s Wynwood Arts District

Live Nation Entertainment has signed an 8,000-square-foot lease at Wynwood Annex at 215 NW 24 Street in Miami. East End Capital and The Related Group are developing Wynwood Annex, which is slated to open this summer and will offer 52,000 square feet of office space in the Wynwood Arts District. The building’s suites range from 6,300 to 8,000 square feet. The building also offers a covered outdoor…

VirginTrains USA owner sells MiamiCentral office buildings for $159 million

The parent company of VirginTrains USA, Florida East Coast Industries, sold the office portion of its MiamiCentral station for $159.4 million. Coral Gables-based FECI sold the ground floor retail, two office buildings and the parking space at 600 Northwest First Avenue to San Francisco-based Shorenstein, property records show. Wells Fargo provided a $126 million mortgage to Shorenstein Properties to…

Trump’s Doral Resort ‘Severely Underperforming’ As President’s Brand Takes More Hits

In federal disclosures, President Donald Trump has listed his 643-room resort in Doral, Florida — home of the famed “Blue Monster” golf course — as his biggest moneymaking resort. But a company representative seeking to lower the resort’s property tax bill told local officials the resort was suffering and needed a discount on its taxes, the Washington Post reports, the first instance of a Trump…

Washington Post: Business down sharply at Trump National Doral

Net operating income at Trump National in Doral fell 69 percent over two years ending in 2017, according to a Washington Post article. The article indicates that some consumers may be avoiding the hotel because they dislike the president and his policies. The Trump Organization told the Post that hurricanes and the Zika virus scare were factors. The article indicates the Trump hotel in Chicago has…

Trump Doral’s financial results falter due to Trump name: report

President Trump touted South Florida’s Trump National Doral Miami in federal disclosures as the Trump Organization’s most profitable resort. But the resort’s finances paint a different story, according to a report by the Washington Post. Overall revenue at the golf resort is down since 2015 and net operating income declined by 69 percent from 2015 to 2017. The property is “severely underperforming…”

Trump’s Doral Golf Resort Is Hemorrhaging Money, According to New Report

Last year, first son Eric Trump bragged to the Associated Press that his family’s Miami-area golf resort, Trump National Doral at 4400 NW 87th Avenue, was absolutely crushing it. “The Doral is on fire,” he gloated. What he should have said is that Trump Doral is, in fact, a garbage fire: According to a story today by Washington Post reporters David Fahrenthold and Jonathan O’Connell, revenue has been…

The Case for the Continued Strength of the Multifamily Sector in 2019

Capital One’s survey conducted at the National Multifamily Housing Council’s annual conference earlier this year offered a lot of food for thought regarding the outlook for the multifamily sector in 2019. The vast majority of respondents — 70 percent — believe that we’re nearing the end of the current economic cycle. But despite that notion and despite the 70 percent who are concerned about either…

DeSantis Urged To Veto Bills That Could Restrict Challenges To Development

Florida’s state legislature just finished its annual session, during which it passed almost 200 bills. Among them is HB 7103, which is seen as a boon to developers. Under the bill, residents who oppose a development that applies for an exemption to a local comprehensive plan would be forced to pay a developer or city’s attorney’s fees if they lose the legal challenge. Nonprofit 1000 Friends of Florida…

Quest Workspaces Opens Fifth Metro Miami Location

Quest Workspaces has opened a second coworking space in Coral Gables, Fla., at 2000 Ponce Business Center. The company has leased the fifth and sixth floor of the office building, adding 23,800 square feet to its portfolio. The addition is Quest’s fifth metro Miami location and now ties the company with WeWork for the most coworking locations in Miami… Located at 2000 Ponce de Leon Boulevard

“No one should be lending for 30 years in most of Florida,” financial climate analyst warns

Real estate lenders and investors are ignoring the rising threat that climate change poses in Florida, which could spell disaster for the state’s economy, according to an expert on climate change’s impact on financial markets. By continuing to provide mortgages and by buying long-term debt, financial institutions are ensuring Florida’s economy can “go to hell,” said Spencer Glendon, who studies the…

Miami-Dade looks at redeveloping Government Center

Ten months after Miami-Dade lawmakers reclaimed control over properties around Government Center, they’re one vote from looking at redeveloping the area. Commissioners in committee Tuesday voted for an item that would, if approved June 4, order a “visioning study” by December of 16 properties around the county’s downtown hub. The goal, says Commissioner Eileen Higgins’ item, would be to…

Cuba ties intercede in David Beckham’s Golf Course deal

Debates about law firms’ business ties to Cuba have stalled hiring a consultant to help Miami negotiate a lease with David Beckham’s group for what is today the Melreese Golf Course. With a Sept. 12 deadline looming, commissioners had intended May 9 to hire one of 16 law firms that sent letters of interest in the deal, but potential conflicts of interest led to another deferral. The move to hire had been…

Jackson Health System pushes on for a Doral hospital

Jackson Health System remains in active litigation against Florida’s Agency for Healthcare Administration to obtain a certificate of need for its proposed José Milton Memorial Hospital at the Jackson West Medical Center in Doral. In the latest step in that effort, Judge William David Watkins’ recommended April 30 that the state deny Jackson’s request. A certificate of need (CON) is required to open a hospital…

Miami moves toward filling in FEC Slip

The Miami City Commission has taken the first step toward filling in the large FEC Slip abutting Maurice A. Ferré Park downtown. The potential move would add nearly 10 acres to the park, recently renamed in honor of Mr. Ferré, a former mayor and long-time community leader. Championed by Commissioner Joe Carollo, the commission passed a resolution directing City Manager Emilio González to…

Solar power plants may sit atop Miami-Dade County lakes

Solar power in Miami-Dade may come partly from floating solar power plants, as an item calling for a study of developing “float-o-voltaic” systems on artificial county lakes cleared committee by a 5-0 vote Tuesday. County commissioners will decide June 4 whether to direct Mayor Carlos Giménez’s administration to study the feasibility and by December deliver a report, which would also detail how to…

Broker Negotiates 192K SF Lease Renewal in Miami

Logistics firm Miami International Freight Solutions has renewed their full-building lease at a 192,454-square-foot industrial asset in Miami Lakes, Fla. Owner Terreno Realty Corp. purchased the asset in 2010 for $7.8 million, according to Miami-Dade County Assessor. Cushman & Wakefield Executive Director Wayne Ramoski… Located at 14100 N.W. 60th Ave. within both the Miami Lakes Business Park East…

Tequesta Indians’ Miami Circle Park to get state upgrade

The state is preparing to make long-term improvements to Miami Circle Park, home to a 2,000-year-old Tequesta Indian artifact at the mouth of the Miami River. The Department of State has set aside about $500,000 for an improvement plan for the state-owned 2.5-acre site on the northern edge of Brickell. Timothy A. Parsons, representing the department, presented the plan to improve the famous…

NAR inks partnership with Crexi

A year-and-a-half after the National Association of Realtors’ commercial tech partner, Xceligent, shut down, NAR is partnering with another real estate platform. And it’s not the CoStar Group. NAR, the largest trade association in the U.S. with more than 1.3 million residential and commercial real estate members, finalized an agreement with the Commercial Real Estate Exchange Inc., known as Crexi…

Florida Legislature passes bill that could boost foreign investment in real estate

The Florida Legislature recently passed a bill that would make remote online notarizations legal, a move that could speed up foreign and out-of-state real estate investment in the Sunshine State. Florida’s House of Representatives and Senate approved House Bill 409, which now heads to Gov. Ron DeSantis’ desk. If DeSantis signs it into law, Florida would become one of only a few states that accepts remote…

Bacardi partnership plans mixed-use tower in downtown South Miami

A joint venture led by the Bacardi family is planning to replace a decades-old Winn-Dixie in South Miami with a mixed-use residential tower. Records filed with the city show 5850 S.W. 73 Street LLC is going before the South Miami Planning Board on Tuesday for approval to build an 11-story building with about 300 residential units, a market and retail space on the ground floor of the property at…

Senate bill would expand Fair Housing Act to protect LGBTQ households

A new bill seeks to expand federal anti-discrimination protections to LGBTQ renters and homeowners. A bipartisan group of senators last month introduced the “Fair and Equal Housing Act of 2019,” which would add language to the federal Fair Housing Act banning discrimination in renting, or mortgage lending, based on sexual orientation or gender identity. As currently written, the federal law…

Ram Realty CEO isn’t buying into Opportunity Zones

Opportunity Zones are top of mind in the real estate industry today, with funds raising north of a billion dollars. But Ram Realty Services’ CEO Casey Cummings isn’t buying in. “I don’t see the potential that other buyers are seeing,” said Cummings, whose Palm Beach Gardens company invests in distressed properties across the Southeast. “Anyone who has [Opportunity Zone properties] for development thinks…

Video: Crown Bay Group Managing Partner Steve Firestone Provides an Operator’s Perspective on Class C Multifamily Investing

Steve Firestone, Managing Partner with Crown Bay Group, joins Michael in Studio One to discuss tips for managing and investing in C-Class apartment properties also referred to as workforce housing. Crown Bay Group typically has 200 to 400 C+ to B- multifamily housing. He notes that they’ve seen great rent growth in recent years. He notes that investing in such properties is not rocket science, but you…

Miami investors buy apartments in Overtown Opportunity Zone

BrickOne Group paid $5.8 million for a group of apartments in Overtown, marking its second Opportunity Zone purchase this year, The Real Deal has learned. Miami-based BrickOne Group, led by Costantino Cicchelli, Frank Rodriguez Melo and Stefano Garofoli, acquired 72 units for nearly $81,000 per door at 419 to 439 Northwest Eighth Street. The…

Little Havana developer calls commissioner Joe Carollo a fraud in ongoing feud

Miami developer Bill Fuller is taking a swing at commissioner Joe Carollo, who has led a “code enforcement crusade” at Fuller’s Little Havana properties. Fuller, a principal at the Barlington Group, held a press conference outside of Miami City Hall on Thursday displaying poster boards with photos taken outside of the Miami commissioner’s home, and showed Google street view images with new roofs…

Shoemaker lists Wynwood assemblage for $16 million

Roughly four years after being listed for about $10 million, a Wynwood site is back on the market for $16.4 million as development ramps up in the area. Makers Shoes, a shoe wholesaler, owns the nearly 1-acre assemblage at 2045 Northwest First Avenue, 50 Northwest 21st Street and 2048 Northwest Miami Court. The property totals 39,600 square feet of land and nearly 30,000 square feet of buildings.

Cofe Properties sells warehouse portfolio near MIA for $25M

Institutional investors are continuing to pay high prices for South Florida industrial properties. Boston-based AEW Capital Management bought four warehouses at 7200 Northwest 25th Street for $25 million, records show. The price for the 178,521 square feet of industrial properties equates to $140 per square foot, records show. The seller is Miami-based Cofe Properties. The properties are part of a…

Coral Gables Zoning Law: New Electric Vehicle Charging Station Laws

In 2016 the City of Coral Gables introduced its new Green Fleet of 20 electric Nissan Leaf vehicles. The City of Coral Gables currently has a total of 43 electric vehicles in its fleet which is one of the largest government electric vehicle fleets in the State of Florida. The City’s goal is to have a fleet of 78 electric vehicles by fiscal year 2021. It should come as no surprise then, that the City of Coral Gables is now joining…

On-Demand Warehousing: Coming Soon To An Industrial Property Near You?

On-demand warehouse space involves short-term leases of various sizes and durations — as much space as the customer needs, when it needs it, in a convenient location. “It’s about agility,” Jon Sleeman, JLL’s EMEA Logistics & Industrial research director, wrote in an article published on the company’s website. “Retailers need to be able to scale up and down and have highly variable requirements — be that…

Partnership that developed Marathon hotel allegedly squeezed out investor: lawsuit

An eight-year-old deal to develop a Courtyard by Marriott hotel on a prime slice of waterfront land in Marathon is at the center of a shattered business partnership between a real estate lawyer and his former client and family friend. Reynaldo Gonzalez sued attorney Carlos Triay in Miami-Dade Circuit Court two weeks ago for allegedly cutting him out of an ownership stake in Keys MV Two R…

South Florida office market has upside potential for developers, investors: panel

South Florida office vacancy rates are likely to remain low this year as the area’s inventory of office space grows at a moderate pace, a panel of commercial real estate experts said Wednesday. “In the last cycle, the inventory grew by 27 percent. In this cycle so far, if all the [office] construction projects in South Florida are completed, we will have added 7 percent to the inventory,” said Kyle Jones, senior…

City commission approves county’s restoration plan for Coconut Grove Playhouse

After listening to hours of public comment at a special meeting Wednesday, the Miami City Commission sided with Miami-Dade County regarding the fate of the idled Coconut Grove Playhouse. The commission voted 3 to 2 to grant the county’s appeal of a March 5 decision by the city’s Historic and Environmental Preservation Board (HEPB), which had voted 6 to 4 to deny the county plan for the aging…

Coral Gables developer moves forward with mixed-use tower on Miracle Mile

The city of Coral Gables approved plans for a new mixed-use apartment tower on Miracle Mile. AJP Ventures, led by president Alberto J. Pérez, and its partners Mas Group and TAZ Partners are now moving forward with 100 Miracle Mile, a two-building project with a 14-story building with 135 luxury rental units, about 13,000 square feet of ground-floor commercial space, and 4,236 square feet of office space…

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May 15, 2019

Video: Expedia Group’s Silvia Camarota Discusses Why They Like Being in Downtown Miami

This video produced by the Miami DDA (Miami Downtown Development Authority) features Expedia’s Silvia Camarota, Senior Director of their Market Management Team, discussing what they like about being in downtown Miami, Florida.

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May 13, 2019

Video: Crown Bay Group Managing Partner Steve Firestone Provides an Operator’s Perspective on Class C Multifamily Investing

Steve Firestone, Managing Partner with Crown Bay Group, joins Michael in Studio One to discuss tips for managing and investing in C-Class apartment properties also referred to as workforce housing. Crown Bay Group typically has 200 to 400 C+ to B- multifamily housing. He notes that they’ve seen great rent growth in recent years. He notes that investing in such properties is not rocket science, but you need to know what you’re doing, as it has its own set of specific challenges. Also discussed are opinions on whether it is a buyer’s market or a seller’s market, with an answer ever so typical.

May 10, 2019

Miami Commercial Real Estate News May 8, 2019: Miami River, Edgewater Sites Hit Market; Spaces Leases on Brickell; More…

Miami River site in Brickell hits market, could sell for $90M

One of the last remaining large-scale development sites in Miami’s Brickell neighborhood just hit the market – 99 Southwest Seventh Street, 625 Southwest First Avenue, and 66 Southwest Sixth Street  – and could fetch more than $90 million, according to the listing broker. The Trust of Norman Superstein and Benzol Properties Corp. combined three parcels totaling 2.08 acres next to Brickell City…

Edgewater Opportunity Zone site hits market, could sell for more than $100M

A block-long Opportunity Zone development site in Miami’s Edgewater neighborhood just hit the market and could go for more than $100 million, the listing broker says. The 3-acre property at 1700 Biscayne Boulevard currently has a Burger King and a commercial building owned by a Florida company Biscayne Arts. The investment group spent more than $7.5 million…

Commercial Property Executive Miami Office Report – Winter 2019

Healthy demand, job growth and company relocations are the main factors driving growth in Miami’s office sector. Rising wages and grow­ing demographics indicate economic stability. With unemployment at an all-time low of 3.2 percent as of November, the metro is well-positioned for further expansion. Miami had 276,000 office-using jobs at the end of November, with information and financial…

More Co-Everything Is Coming To Miami

A Miami developer is gearing up to deliver co-living and coworking — with a side of wellness — all around the world. Rishi Kapoor’s Location Ventures is launching Urbin, one of several new co-everything ventures springing up in Miami, the city that reportedly has the most coworking in America, making up 3% of its office space. Kapoor grew up Atlanta, where his dad invested in commercial real…

Zoning Appeals Law Update: Miami PZAB Applies Incorrect Waiver Standard

In CUBE 3585, LLC, v. CITY OF MIAMI, et al., Circuit Court, 11th Judicial Circuit (Appellate) in and for Miami-Dade County[i], an appeal was filed by Cube 3685, LLC (“Cube”) from proceedings involving application for a zoning waiver[ii] for a demolition permit with the required tree survey to demolish the single-family residence (cottage). The City of Miami Zoning Administrator (“Zoning Administrator”) approved…

Here’s what’s happening with Related’s $250 million Opportunity Zone fund

Add Related Companies to the growing list of institutional investors that have launched a dedicated Opportunity Zone fund, all hoping to benefit from the popularity of the federal tax incentive program. According to public filings, the developer behind Hudson Yards is more than halfway to its goal of raising $250 million. It set up the fund last year through a limited partnership, but did not immediately start…

South Florida hotel investment firm launches $50 million Opportunity Zone fund

Add one more South Florida company looking to get into the most talked-about program in real estate. Coral Gables-based Driftwood Acquisitions and Development is launching an Opportunity Zone fund with the goal of raising at least $50 million to invest in hotel assets throughout the country. The company has already closed two deals in its fund: a 218-key dual-branded hotel Home 2/Tru by Hilton in…

192,454 SF Warehouse Lease Renewal  Arranged in Metro Miami

Cushman & Wakefield has arranged a 192,454-square-foot warehouse and distribution lease renewal for Miami International Freight Solutions (MIFS) in Miami Lakes. MIFS fully occupies the facility, which is situated at 14100 NW 60th Avenue in Miami Lakes Business Park East, 10 miles north of Miami International Airport. The property was built in 1971 and sits on 13.2 acres. It offers numerous loading…

Miami deadline crush seeks Melreese Golf Course deal help

Facing a deadline crunch, Miami officials await city commission approval to hire a consultant to help negotiate the best lease with David Beckham’s group for what is today the Melreese Golf Course. That move could come today (5/9), after the issue was deferred two weeks ago when one commissioner was out sick. A successful lease would turn the city-owned course into Miami Freedom Park, a sweeping…

Miami Jewish Health Systems advances memory care village

Miami Jewish Health Systems sees its garage taking shape during phase one of constructing its S. Donald Sussman Empathicare Village. hase one is to be completed by the summer and lead to construction for another year and six months of the residences and programming centers for individuals with Alzheimer’s disease and other forms of dementia. The S. Donald Sussman Empathicare Village is expanding…

Former South Florida bank chairman sues over Miami Gardens shopping center partnership

Guy Lazzeri, the former chairman of Home Federal Bank of Hollywood, is suing his business partner in a Miami Gardens shopping center, alleging intimidation tactics and breach of a shareholders agreement. According to the suit… Lazzeri received a heated email from his partner Peter Izaak in April over a refinancing for the shopping center at 18400 Northwest Second Avenue in Miami Gardens.

Spaces inks first Brickell-area lease

Spaces is making moves in South Florida. The co-working operator, which is owned by Regus’ parent company IWG, signed a lease at 801 Brickell Avenue, a 28-story office building. Spaces will have a total of 49,000 square feet. It will take over Regus’ existing 18,000 square feet, plus it will have a new 31,000-square-foot extension. Regus, which acquired Spaces in 2015, has leased space at 801 Brickell since…

Spaces Expands Miami CBD Footprint

Regus—the workspace provider part of IWG—has extended and expanded its lease at 801 Brickell, a Class A office tower in Miami’s Brickell Financial District. A tenant at the location since 1991, the company has previously occupied the entire ninth story of the building. The new rented space encompasses a portion of the seventh and the whole eighth and ninth floors, totaling 48,913 square feet and…

Video: REIS Senior Economist Barbara Denham Office Market Update with Reis

Barbara Denham, Senior Economist with REIS, a leading commercial real estate data source, appears on a commercial real estate related show to discuss the status of the office market market, including performance, trends, construction costs, and what investors might expect for the remainder of 2019. She notes how, regardless of the length of the expansion, that vacancy rates persist, not having fallen below…

Florida History: The rise and fall of real estate in South Florida

Welcome to Florida Time, a weekly column about Florida history. Today, we hear about the real estate boom and all of its madness from the ‘Binder Boys’ to negative campaigns about hurricanes. Q: Who were the ‘Binder Boys’ and how did they change South Florida? A: Boom. Frenzy. Free-for-all. Pick your metaphor. None come close to the madness that was Florida’s 1920s real estate boom. With World…

More buyers want deposits back at Parque Towers due to construction delays: lawsuits

Eight buyers are now seeking to get out of their contracts and have their deposits refunded at J. Milton & Associates’ long-delayed Parque Towers luxury condo project in Sunny Isles Beach. Since March, four buyers filed lawsuits in Miami-Dade County Circuit Court against the development group of the two-tower, 320-unit project at 300-330 Sunny Isles Boulevard, after construction delays of more…

Statute of limitations for a contract dispute

There may have been a time when people in Florida would make agreements based on conversations and a handshake. Some may wish this was a viable option for operating a business, but the reality is that people and business need to have written contracts to ensure that people will keep their word after agreements are reached. While written contracts make the terms clear and state specifically what each…

Will Flagstone Island Gardens continue its legal winning streak against the city of Miami?

The city of Miami could be facing a losing — and very expensive — legal battle. More than a year ago, a Miami-Dade Circuit Court judge ruled that the city of Miami illegally derailed Mehmet Bayraktar’s often-troubled $1 billion resort project on Watson Island. Since then, the city has made several unsuccessful attempts to limit the dollar amount in damages owed to the Turkish developer, who is seeking to…

Will new Opportunity Zones rules propel an office boom?

When Michael Tillman’s PTM Partners bought property in Overtown in February to build an 18-story apartment complex, it became one of the first Miami-based real estate firms to utilize the Opportunity Zone program. The federal program is seen by many as the biggest economic boost to the real-estate industry since the 1031 Exchange. But given the murkiness of the Opportunity Zone guidelines…

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May 8, 2019

Video: REIS Senior Economist Barbara Denham Office Market Update with Reis

Barbara Denham, Senior Economist with REIS, a leading commercial real estate data source, appears on a commercial real estate related show to discuss the status of the office market market, including performance, trends, construction costs, and what investors might expect for the remainder of 2019. She notes how, regardless of the length of the expansion, that vacancy rates persist, not having fallen below 16% throughout, and dropping by only 0.1% in the last quarter. Her conclusion is that the nature of the office market climate has changed. She notes that office rent growth is not stellar either, growing at a slow rate than inflation, typically 0.4% to 0.5% in any quarter. Toward the end there is some discussion of transit oriented development, something we’ve seen more of in recent years in Miami.

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May 3, 2019

Video: Lulu’s Nitrogen Ice Cream Founder Luisa Santos Discusses Reasons for Downtown Miami as First Location

In this video from the Miami DDA, meet the founder of Lulu’s Nitrogen Ice Cream, Luisa Santos. Merging her passions for sustainable, value-driven business and a mission to reinvent the way America thinks of ice cream, Ms. Santos decided to launch Lulu’s. In November 2014, Lulu’s won The Startup Hoya Challenge Rocket Pitch, whic is an elevator pitch competition held as part of Georgetown Entrepreneurship Day. At the Hoya Challenge Entreprelooza she took home first place for a commercial track business, a People’s Choice Award and also Student Entrepreneur of the Year. In May 2015 Luisa decided to bring Lulu’s back to her hometown of Miami, opening up the first shop in downtown Miami. At Lulu’s they lovingly craft each ice cream from scratch, using fresh, locally-sourced ingredients and finish them off with a splash of liquid nitrogen.

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May 2, 2019

Miami Commercial Real Estate News May 1, 2019: More Retail, Parking to Miami Worldcenter; Big Hialeah Mixed-Use Breaks Ground; Fed Holds Rates; More…

Hilton Hotel Replaces Spanish Brand at Downtown Miami Tower Along With $57M Refi

The ME by Meliá hotel in downtown Miami at 1100 Biscayne Boulevard has been replaced by the Hilton-branded Gabriel with help from a $57 million bridge loan. “We wanted to move toward a more competitive U.S. brand, and the biggest in the world are the Hilton and Marriott. Hilton just made the most sense,” said Raoul Thomas, CEO and founder of the company that owns the commercial space at the…

Developer Begins Construction on Retail Project, Parking Garage at $4B Miami Worldcenter

Miami Worldcenter Associates has broken ground on a 50,000-square-foot retail project and a 922-space parking garage within its namesake development, the $4 billion Miami Worldcenter underway in the city’s downtown area. The street-level retail space and new parking structure will front NE 7th Street and will ultimately be part of Miami Worldcenter’s 300,000 square feet of retail, restaurant…

Miami Worldcenter to Get More Retail, Parking

The developers of Miami Worldcenter, the $4 billion mixed-use project that begun construction in 2016, have broken ground on a 50,000-square-foot, street-level retail property and a public garage of 922 parking spaces. The 27-acre site will feature residential, commercial and hospitality buildings as well as 300,000 square feet of retail, restaurant and entertainment space.

Video: CCIM Chief Economist KC Conway Discusses Strategic 2019 Real Estate Decisions ~ Part 2 of 2

CCIM Chief Economist KC Conway appears on America’s Real Estate Show to discuss the state of the commercial real estate industry. In this episode he talks about the re-purposing of commercial property as commerce changes dramatically, and the importance of highest and best use analysis for owners. How does your real estate fit in the point of procurement vs. the point of sale. He notes that Walmart,,,

Fed holds interest rates steady amid housing market slowdown

The Federal Reserve said Wednesday that it will hold interest rates steady amid signs that the housing market is slowing down. The Fed will keep rates at 2.25 percent to 2.5 percent, stating the economy rose at a solid rate, but that inflation fell below its 2 percent target. The decision was expected after the Fed signaled in March that it would not raise rates for the rest of the year…

Chetrit shuts down oceanfront Miami Beach hotel for major renovation

The Chetrit Group’s Miami Beach Resort is now closed for a major renovation of the oceanfront hotel. Kobi Karp, the architect for the Miami Beach Resort renovation, as well as the Collins Park project, said the Miami Beach Resort property is being completely renovated but declined to comment further. It closed within the last two weeks, according to sources. The 3-acre, 424-key hotel at 4833 Collins…

Dockerty Romer Arranges $53.1M Loan for Refinancing of Mixed-Use Asset in Miami’s Coconut Grove

Dockerty Romer & Co. has arranged a $53.1 million permanent loan for the refinancing of Mayfair in the Grove, a three-story mixed-use asset in Miami’s Coconut Grove neighborhood spanning 281,066 square feet. Situated adjacent to the Mayfair Hotel & Spa, the property features office and retail space spread across three buildings. Mayfair in the Grove was 94.1 percent leased at the time of financing…

Mayfair in the Grove Mixed-Use Complex Gets $53M Loan

Whalou Properties has received $53.1 million in permanent mortgage financing for Mayfair in the Grove, a 281,066-square-foot office and retail complex in the Coconut Grove neighborhood of Miami. Craig Romer and Chris Romer of Dockerty Romer & Co. arranged the financing through Guggenheim Partners. The three-building property at 3390 Mary Street, is currently 94.1 percent leased, with tenants…

Coral Gables seeks downsizing of five towers in Miami

Chalking up prior non-invitations to “an honest oversight,” Coral Gables City Attorney Miriam Soler Ramos says the city still expects to talk about downsizing an immense planned project around a nearby Metrorail station with Miami-Dade commissioners “in the next month or so.” “The last we heard from them… we had been told there would be an upcoming meeting,” she said. “We want to go speak and…”

Naeem Khan plan for fashion studio, school under microscope

The Miami River Commission is expected to review a redesigned fashion studio and school on riverfront land owned by Miami-Dade County when it meets May 6. New York fashion designer Naeem Khan plans to build a studio for design and manufacture at a county-owned site at 1175 NW South River Drive under his long-term lease with Miami-Dade County. The project has evolved since first being…

Coral Gables public safety building a fast build

Construction is on schedule for Coral Gables’ new public safety building, but plans for the art installation by the main entrance face months of delay. Construction on the public safety building continues on time for a debut in August 2020. “The contractor completed the concrete pour of the second floor slab last week,” Assistant Public Works Director Ernesto Pino said by email. “They are currently…”

New trolley route deferred as consultants look

A plan to add a trolley route in the Liberty City neighborhood was deferred April 25 by Miami city commissioners for additional study and work on the proposal. Also, commissioners learned from the city manager’s office that an outside consulting firm is currently conducting a route efficiency study on the popular trolley service. At its last meeting, commissioners had scheduled a resolution that if approved…

Bus terminal under casino giant’s future hotel advances

The plan for a brand new bus terminal in the Omni neighborhood has taken another step forward as the City of Miami has accepted a final plat for the property. City commissioners on April 25 accepted the plat titled “Awana Forest,” a replat of city property between Biscayne Boulevard and North Bayshore Drive. The city manager and city clerk are authorized to have the plat recorded in the county’s…

Coconut Grove Playhouse center stage, but garage is the star

The fate of the idle Coconut Grove Playhouse is center stage next week at a Miami City Commission meeting, but city officials are considering building a garage there no matter what. Miami-Dade County plans to restore and redevelop the historic 3500 Main Highway site beside a garage lined with retail from the Miami Parking Authority. On April 25 the city commission was to hear the county’s appeal…

Miller Construction Delivers $8.4M Self-Storage Facility Near Miami

Miller Construction Co. has delivered an $8.4 million, 993-unit CubeSmart facility in South Florida for the owner, Urban Storage Fund LLC. The building is situated at 19301 West Dixie Highway in Aventura, 19 miles north of downtown Miami. The two-story structure spans 107,429 square feet and offers 75 locker units. Units range in size from 25 to 300 square feet. The project team included architect WHA…

Baywalk funds flowing from Legislature

There could be some good news for Baywalk, the planned 5.7-mile pedestrian- and bicycle-friendly promenade that will hug Biscayne Bay and the Miami River. The Florida Legislature included $300,000 for the project in its 2019-2020 budget, said Elena Bondarenko, Downtown Development Authority team leader for government relations. “It’s pretty great,” she said. “It’s now a matter of not getting vetoed” by…

Three’s a charm? Michael Shvo, partners add to oceanfront assemblage in Miami Beach

Michael Shvo and his partners are planning to buy their third property, the South Seas Hotel, as they expand their oceanfront assemblage in Miami Beach, The Real Deal has learned. The partnership of SHVO, led by Shvo; Bilgili Holdings, led by Serdar Bilgili; and Deutsche Finance America, put the South Seas at 1751 Collins Avenue in South Beach under contract, according to sources. The 118-key property…

Moishe Mana is still picking up properties in downtown Miami. Here’s the latest.

Developer Moishe Mana paid $2.3 million on a three-story building in downtown Miami, adding to the more than $350 million he’s spent in the Flagler Street area. Mana is still “picking up the stray pieces that add to the critical mass” that he’s assembled, and could spend a total of $400 million when he’s done, said broker Mika Mattingly of Colliers International South Florida. Mattingly has worked on the…

Moishe Mana Is Still Buying Up Downtown Miami

There are a lot of companies and partnerships working to make downtown Miami a happening place, but standing out among them is a one-man force. Billionaire developer Moishe Mana, who since 2014 has spent $315M buying some 40 parcels in downtown Miami — about 1.65M SF of office and retail, and about 317K SF of land. Although Mana has admitted to some frustrations, another new…

Venezuela opposition leader spurs renewed interest among SoFla real estate investors amid turmoil

As Venezuela descended into economic turmoil in recent years, real estate values plummeted and investors looked elsewhere, including to South Florida. Eventually, that too dried up, as the government’s grip tightened and the country grew more isolated. Now, as Venezuela’s opposition leader vies for control amid a humanitarian crisis, some of those investors are turning their attention back to the…

Shiff Group sells apartment complex in Little River for $23M

A company tied to Shiff Group Holdings sold a 239-unit apartment complex in Miami’s Little River neighborhood for $23.3 million as developers increasingly buy up properties in the area. Zvi Shiff, of Shiff Group Holdings, sold the 239-unit development at 1401 Northwest 103rd Street for about $97,489 per unit, records show. The buyer is a Delaware company, Newcastle Lake LLC. The Silver Blue Lake…

Related sues talent agency at former Auberge dev site for $66K in alleged unpaid rent

The Related Group sued a talent agency at an office building on the site of its scrapped Auberge Residences & Spa Miami for allegedly failing to pay rent. Related’s PRH 1400 Biscayne Trustee LLC, as trustee for 1400 Biscayne Land Trust, filed a suit against Magma Talent Management LLC in Miami-Dade Circuit Court on April 1. On July 1, Magma entered into a lease for suite 304 at 1444 Biscayne…

Case Study Series: Benefits of Coral Gables Shared Parking Ordinance

Urban cities and developers alike are taking advantage of the modern utility and benefits of shared parking. Particularly in mixed-use projects, shared parking can deliver more affordable development, reduce construction waste, improve building aesthetics, and also reduce traffic. In the world of real estate development where solutions to housing affordability, massing aesthetics, and construction…

Back again: Michael Shvo, partners to buy oceanfront Richmond Hotel in South Beach

Developer Michael Shvo and his partners are bulking up in South Beach. The partnership is under contract to buy the oceanfront Richmond Hotel, marking the group’s second purchase along Collins Avenue this year, sources told The Real Deal. In February, Shvo’s New York-based SHVO, Bilgili Holdings and Deutsche Finance America paid Tommy Hilfiger and the Dogus Group $103 million for the…

South Florida by the numbers: Brazil is back

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Parabens! After years of political and economic chaos, Brazil has made a splashy return to Miami’s real estate radar in recent months. At one time a primary driver of Miami’s boom cycle, South America’s largest country fell into a deep recession in 2015 which, coupled with a strong…

Brazilians Are Leading Foreign Real Estate Investments in Miami

Brazil is the number one foreign country purchasing real estate in Miami, according to a report by the MIAMI Association of Realtors Commercial and the National Association of Realtors (NAR). According to the report, Brazilians were responsible for 12 percent of all foreign purchases in South Florida last year, followed by Colombians and Venezuelans (11 percent each), Argentinians and Canadians…

Transformative Mixed-Use Breaks Ground in Miami

Miami-based Coral Rock Development Group and Arena Capital Holdings broke ground on Pura Vida Hialeah, a mixed-use project in Miami. The nine-acre development at 2901-3099 W. 16th Avenue and 1571 W. 29th Street is set to be the first of its kind in Hialeah in more than 20 years. Plans call for three eight-story residential towers consisting of 260 apartment units, with one tower offering roughly…

Too many rooms at the inn? Q1 hotel occupancy falls in SoFla amid growing supply

South Florida hotels reported lower first-quarter occupancy rates, as thousands of new rooms hit the market. Still, total industry revenue edged slightly higher, according to hospitality industry monitor STR. STR data for South Florida shows that the tri-county area had about 4,400 more hotel rooms available in the first quarter than in the same period last year. The boost in supply comes amid growing…

Pier 1 Imports could close up to 15% of its stores in coming year

Add Pier 1 Imports to the list of retailers struggling to adapt to the rise of e-commerce. After posting a dramatic drop in sales in the fourth quarter, the home goods giant said it might close as many as 45 stores in the coming year, according to BisNow. Pier 1 reported comp-store sales in its final quarter as down nearly 14% year-over-year. The company has already closed 30 locations due to dwindling…

Terra founder Pedro Martin’s former mistress files defamation suit; latest in ongoing feud

The former mistress of Terra chairman and founder Pedro Martin is suing him for defamation in an ongoing feud that two years ago saw Martin secure a temporary restraining order against her. Johanna Vibe Ener filed the suit on Tuesday from England — where she now lives after fleeing Miami three years ago — and is representing herself. She accuses the Miami developer of orchestrating an “elaborate…”

Scott Robins, partner restore Art Deco hotel near Faena District

Scott Robins and his business partner Rory Greenberg are in the final stretch of restoring and redeveloping the Greenbriar Hotel property in Mid-Miami Beach, near the Faena District. The partnership paid $14.5 million for the majority of the condo units that made up the Greenbriar at 3101 Indian Creek Drive. It was originally built in 1940 as a hotel, and later was converted to a condominium. Centennial…

Mixed-use project in downtown Miami Springs scores approval

The Miami Springs City Council approved plans for a nearly 100,000-square foot mixed-use project in the city’s downtown. The Miami Springs Town Center, a joint venture between CIP Miami Springs and LV Lending, recently obtained site plan approval from the city to build the $12 million project, according to a release. The 1.5-acre property, at 1 Curtiss Parkway, is next to Circle Park and near a strip of…

“I love your concept, but I don’t believe in it.” TRD Shark Tank real estate judges take on UM grad proposals

A panel of real estate sharks that included Lennar Corp. COO Fred Rothman and Miami developer Lissette Calderon offered sage advice to a group of University of Miami graduate students pitching their real estate projects at The Real Deal’s Shark Tank: Future Leaders of Real Estate Challenge. The sharks – Rothman, Calderon, developers David Arditi and Jay Massirman, and investor Richard…

South Florida construction starts fall in March

Construction starts continued to decline in South Florida in March, led by a big drop in new residential construction. Year-to-date, total construction has declined 40 percent, according to a recently released report by Dodge Data & Analytics. It’s another indicator that South Florida’s real estate market is slowing down due to high land and construction costs that are making building more expensive. In March…

Broker sues Avenues school over unpaid commissions for role in Miami location search

Cushman & Wakefield alleges Avenues: The World School owes the commercial brokerage $500,000 in unpaid commission for its role in finding the site for the private school’s new Miami location. The brokerage alleges in a suit filed earlier this month in Miami-Dade Circuit Court that after it was contracted by Avenues in May 2018, it found the school a location on the former site of Archbishop Curley

South Florida Investment: Opportunity Zones Survey

With the issuance of the long-awaited Opportunity Zone regulations by the U.S. Department of the Treasury on April 17, 2019, real estate investors, owners, and operators in the State of Florida are anxious to seize the “opportunities” afforded by the Opportunity Zone program, which will offer participants significant tax benefits. While the Opportunity Zone program appears to hold a lot of promise…

Is Florida Running Out Of Mitigation Sites?

Florida developers have long depended on the state’s mitigation banking system — through which they can build on wetlands so long as they offset their impact by paying for wetlands to be improved on another site using mitigation credits. But lately, builders have been told by some mitigation banks that no credits are available, potentially delaying projects for months or years. “It’s a very easy system” when…

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May 1, 2019

Video: CCIM Chief Economist KC Conway Discusses Strategic 2019 Real Estate Decisions ~ Part 2 of 2

CCIM Chief Economist KC Conway appears on America’s Real Estate Show to discuss the state of the commercial real estate industry. In this episode he talks about the re-purposing of commercial property as commerce changes dramatically, and the importance of highest and best use analysis for owners. How does your real estate fit in the point of procurement vs. the point of sale. He notes that Walmart is converting 800 stores a year to online. He also talks about changes in office space including changes driven by WeWork, again making the point of the value of highest and best use analysis.

View part one.

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May 1, 2019

Miami Commercial Real Estate News April 24, 2019: Another Amazon Facility Planned; Billionaire Buys in Wynwood; Sunny Isles and its Russians; More…

Amazon Plans New Facility In Miami Airport West

Miami-Dade County missed out on Amazon.com’s HQ2, but it could gain a new delivery station for the e-commerce giant. Prologis filed a pre-application with county officials on March 20 to modify its warehouse at 6703 NW Seventh Street in a plan titled “Amazon Delivery Station.” Developers file pre-applications so they can receive feedback from county…

Billionaire hotelier buys Wynwood property for mixed-use project

A billionaire hotelier based in the Bahamas has turned his sights to Miami, paying $26.4 million for an assemblage in Wynwood with plans to build a mixed-use project, The Real Deal has learned. Sarkis Izmirlian, the original developer of Baha Mar in the Bahamas, bought the properties at 201 Northwest 21st Street and 210 Northwest 22nd Street in Miami through a Delaware company, Miami Development…

Russia’s Filthy Rich Have a Thing for Miami—but the Good Times May Be Ending

Here in the Russian capital, even though black snow has finally melted after the endless freezing winter, many people still feel a lack of vitamin D. But not everybody. Thousands of rich Russian citizens—those not under U.S. sanctions—have been working on their tans around Biscayne Bay in the United States. Many spend their winters relaxing at Sunny Isles Beach in North Miami, enjoying the multi…

Crazy Rich Russians and Sunny Isles Beach

U.S. sanctions on Russia are having an impact on real estate in Sunny Isles Beach, according to an in-depth report by The Daily Beast. Some Russians can’t travel to their condos in Sunny Isles because they are blocked to traveling to the United States under measures taken after the Russian takeover of the Crimean Peninsula and meddling in U.S. elections. As a result, some Russians are renting out or…

Joint Venture Acquires 11.3 Acres in Miami to Develop $36M Mixed-Use Project

A joint venture between ZOM Living, Scout Capital Partners and Mattoni Group has acquired 11.3 acres of Ludlam Trail in Miami. The developers will transform the unused train tracks into a six-mile, 100-foot wide trail that connects Miami International Airport and Dadeland Station, a three-story, 330,000-square-foot retail shopping center anchored by Target, Bed Bath & Beyond, Best Buy, Dick’s…

South Miami approves long-planned Shops at Sunset Place redevelopment

Two years after a redevelopment proposal for the Shops at Sunset Place died, the South Miami mall’s new owners kept their plan alive long enough to get it approved. During a special commission meeting on Wednesday, the South Miami City Commission voted unanimously in favor of several ordinances that will allow a partnership between Federal Realty Investment Trust, Grass River Property…

Scaffolding firm wants to tackle ex-NFL star Dumervil for alleged nonpayment of $100K: lawsuit

Elvis Dumervil, the former NFL linebacker who has been on a real estate buying binge the last three years, allegedly sacked a Miami scaffolding company for nearly $100,000. J and M Scaffolds of Florida sued Dumervil in Miami-Dade Circuit Court two weeks ago for breach of contract and unjust enrichment. The complaint alleges Dumervil rented scaffolding from J and M since 2018 for construction…

This is how Miami-Dade plans to protect itself from climate change

Miami-Dade County is embarking on infrastructure projects that could total $20 billion as part of a push to protect the region from climate change. Miami-Dade Mayor Carlos Gimenez spoke to Bloomberg about the county’s plan for a $10 billion water and sewer project that is the largest public works project in the county’s history. It’s expected to take 15 to 20 years, he said. The county is also planning…

Here are South Florida’s five largest multifamily deals in March

Six apartment properties in Miami’s Overtown neighborhood sold for $14 million, signaling growing interest in real estate in the area. A company tied to Thomas Neary and Arthur Bartholomew of Fort Lauderdale-based Walnut Street Capital bought the 2.2-acre assemblage, records show. All of the buildings were owned by companies tied to either Larry and Leslie Gratz or Teresa Matias of Miami.

Downtown Miami tower to mix church, offices, residences, retail

In what’s described as a truly mixed-use project for the heart of downtown Miami, a developer plans a residential and office tower atop a new church and parking garage accented with retail uses. PMG X Biscayne is designed at 49 stories at 400 Biscayne Blvd., former site of First United Methodist Church of Miami. “The church has been our partner and will relocate back there,” said Javier F. Aviñó, attorney…

Newmark Knight Frank Arranges Refi for Miami Office

Brickman has refinanced a 142,000-square-foot office building in downtown Miami at 200 SE First Street by $31 million. Per Miami-Dade County public records, the owner used the Varde Partners-originated financing to retire an existing loan. Brickman purchased the asset in 2016 for $33.9 million, using a $24.4 million loan from Canadian Imperial Bank of Commerce, according to Yardi Matrix data.

Six-tower Blue Lagoon growth to add 888 apartments

A major development project poised to bring hundreds of apartments and hotel rooms to land fronting the Blue Lagoon near Miami International Airport has gained zoning approval. Towers at Blue Lagoon is to include a half-dozen new buildings constructed in phases on vacant land at 4865, 4875, and 4885 NW Seventh Street. Owner-developer is Caroline Weiss, the Weiss Group of Companies, 7 at Blue…

Coconut Grove Playhouse restoration at turning point

Art Noriega, chief executive officer of the Miami Parking Authority, is predicting a win for Miami-Dade County’s restoration plan for the Coconut Grove Playhouse. The final decision rests in the hands of Miami city commissioners who are today (4/25) scheduled to hear the county’s appeal of a March 5 decision by the city’s Historic and Environmental Preservation Board (HEPB). On a split vote of 6 to 4 the…

Investors believe in Miami more than we do in ourselves

Despite the end of our latest condo boom, Miami’s powerful magnet keeps luring investment of all sorts. Why? Start with the well-known list: lifestyle, weather, arts and cultural, immigration from the nation and the globe, geographic position, broadly diverse population, low cost-to-value ratio, growing tax advantages, the rule of US law. While internally we highlight flaws – did someone mention transportation?

Video: CCIM Chief Economist KC Conway Discusses Strategic 2019 Real Estate Decisions

CCIM Chief Economist KC Conway appears on America’s Real Estate Show to discuss the state of the commercial real estate industry, our lengthy market expansion, and whether or not we should have any fear an incoming recession. They discuss unemployment as this begins, then move on to sensitivity analysis. He believes that we are one trade deal away from 3% growth again, and that this in turn would put…

Another Linear Park Is Spurring Development, This Time In Miami

In Miami, TOD stands for trail-oriented development, as a newly designated linear urban park is spurring building along its path. Ludlam Park, a corridor that had been intended for railway operations but went unused, was designated public space last year. Developers are now jumping ahead with projects — but meeting some resistance along the way. The 6.2-mile linear park will run between Dadeland…

100K SF Leases Brokered in Miami

Geodis Logistics and Crowley Logistics have signed industrial leases totaling 104,055 square feet in Miami’s Airport and Medley submarkets, respectively. Executive Managing Directors Walter Byrd and Ben Eisenberg, Managing Director Thomas Kresse and Vice President Carlos Gaviria of Transwestern’s South Florida office worked on behalf of both tenants. Geodis Logistics signed a new long…

Notable Retail Leases Signed in South Florida Q1 2019

South Florida Retail Leases 2019 We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q1 2019. This quarter was very busy overall and saw several big box leases signed and sealed. Despite the sentiment that the traditional retail market is suffering due to several factors, particularly…

‘Upscale Co-Living’ Will Occupy 6 Floors At Gables Station

Upscale co-living might sound like an oxymoron, but Ollie has tested the concept in Long Island City and Manhattan, and is bringing it to Coral Gables, where it is filling space in an ambitious new mixed-use, transit-oriented development project. The company touts an “all-inclusive living experience” that combines furnished micro-studios and shared suites with “extraordinary lifestyle-relevant services,” plus…

Metrorail station being transformed into mini-city

This is the new project by the Adler Group and 13th Floor Investments which has broken ground at the Douglas Road Metrorail station. It’s called Link at Douglas. The 7-acre, $600 million project will consist of a public plaza surrounded by 250,000 square feet of office space, 25,000 square feet of retail shopping and 1500 residential apartments. The project will be built in phases over the next five years.

Port Cities, Miami and Others, and Industrial Real Estate

Surging e-commerce activity, increasing investments in seaport infrastructure and the proliferation of post-Panamax vessels are boosting shipping volumes and creating a boon for port cities and industrial real estate. Industrial real estate markets surrounding nine seaports—Charleston, Houston, Long Beach, Los Angeles, New York/New Jersey, the Northwest Seaport Alliance (Seattle-Tacoma), Oakland…

What Makes Miami International Airport Special?

Perhaps it is its location that makes this airport a little different than others. Located in South Florida, over 80 airlines serve the airport with 14 of those being U.S. all-cargo carriers and 21 being foreign-all-cargo carriers. Statistically, Miami International Airport (MIA) has started 2019 where it left off in 2018, with strong domestic cargo tons. For 2018, total cargo tons were up 2.8 percent, with international cargo…

Jolted: Elevator companies face lawsuits over injuries at two Brickell sites

Two recent lawsuits filed in Miami-Dade Circuit Court allege people experienced sudden drops in elevators at Brickell Heights and Brickell City Centre in Miami, causing injuries. Thyssenkrupp was sued over an incident at Brickell Heights East Condominium, at 315 South Biscayne Boulevard. Separately, Otis Elevator and Swire Properties are defendants in a suit that alleges an elevator at Brickell City

Lakefront Miami-Dade Apartments Trade for $23M in Multifamily Boom

With a booming Miami-Dade County multifamily market, it’s been rare to see large transactions because owners prefer to keep the rising income stream. Yet Capital Commercial Real Estate Group Inc. broker Randy North and associate and agent Sofia Sagastegui, both based in Davie, closed the $23.3 million sale of the Silver Blue Lake apartment complex west of Interstate 95 at 1401 NW 103rd Street.

Billionaire Michael Dell is buying the 1,000-plus room Boca Raton Resort

Billionaire Michael Dell’s MSD Partners is under contract to purchase the waterfront 1,047-room Boca Raton Resort & Club from the Blackstone Group. The deal is expected to close at the end of the second quarter, according to a press release. The 337-acre resort, which was developed in 1926, includes two 18-hole golf courses, a 50,000-square-foot spa, seven swimming pools, 30 tennis courts, a full…

Going private: Fed housing finance chief details plan to end Fannie-Freddie oversight

President Trump has not been shy about his desire to end the federal conservatorship of Fannie Mae and Freddie Mac. Now, he appears to have someone at the helm of the Federal Housing Finance Agency ready to put the plan in action. Newly installed FHFA chief Mark Calabria said he is working to re-privatize the two mortgage giants, which were brought under government control in 2008 following…

Virgin Trains closes $1.75 billion bond issue to fund expansion to Orlando

Virgin Trains USA, formerly Brightline, closed a $1.75 billion private-activity bond issue to fund an expansion of its passenger train service to Orlando. Investment banking firm Morgan Stanley was the underwriter for the bond issue purchased by 67 investors. A state agency, the Florida Development Finance Corp., approved the bond issue April 5. Part of the Virgin Group founded by Richard Branson, Virgin…

Developer finishes 10-story Coral Gables condo with 65% of the units under contract

The Astor Companies completed Merrick Manor, a 10-story building with 227 condominium units, the largest condo developments delivered in Coral Gables in nearly a decade. Astor received a temporary certificate of occupancy for the building at 301 Altara Avenue, a short walk from the outdoor shopping mall Shops at Merrick Park. The temporary certificate of occupancy will allow Astor to close sales…

Climate Experts: Don’t Flee Miami, But Do Start Pricing In Risk

“Don’t get too depressed,” said Billy Grayson, the executive director of the Urban Land Institute’s Center for Sustainability and Economic Performance. As Miami has become the poster child for the threat of climate change, residents may fantasize about abandoning the coast and running for the literal hills. “You could say the same thing about New York or Hong Kong or Shenzhen or Boston,” Grayson…

Amid rising demand, investors acquire apartment portfolio in Little Havana

A group of investors has acquired a 103-unit apartment portfolio in Miami’s Little Havana, with plans to upgrade the properties and flip them amid… The buildings are 676 Southwest Second Street, 529 Southwest Seventh Court, 967 Southwest Fifth Street, 977 Southwest Fifth Street, 1142 Southwest Fourth Street, 1012 Southwest Fourth Street, 1036 Southwest Fifth Street, and 1648 Southwest Seventh Street.

Risky business: Marijuana dispensaries present high risk, high reward for landlords, panelists say

Landlords who rake in rents from medical marijuana dispensaries may put their commercial bank accounts and title insurance at risk, according to cannabis real estate experts. Meanwhile, cannabis retailers are baking early termination clauses into leases in the event municipalities deny permits to open dispensaries. Dan Deitz, manager of real estate acquisitions for GrowHealthy, a Florida medical…

Leonard Abess buys 86 acres of farmland in western Miami-Dade County

Leonard Abess, the former owner of City National Bank of Florida, bought 68 acres in western Miami-Dade County, adding to his massive portfolio of farmland. A company tied to Abess bought the vacant land at Southwest 147th Street for $6 million, records show. Abess purchased the property from a company tied to Xavier Rosales Jr. The property was last purchased in 1990 for $2.1 million, records…

Moshe Popack pays $12M for senior living facility in Miami

A company tied to investor Moshe Popack bought the Grand Court Lakes senior living facility near Miami Gardens for $11.5 million. The New York-based Melohn Group sold the 140-unit facility at 280 Sierra Drive for $82,142 per unit. The building totals 183,828 square feet and sits on 3.4 acres. It was built in 1984. The Melohn Group is managed by Alfons Melohn. The company previously owned an assisted…

How many people visited the Wynwood Walls in March?

When touting Wynwood’s popularity, developers and property owners boast that the trendy arts district is Miami’s most walked neighborhood. Now, there’s quantifiable data to back up those claims, according to one of Wynwood’s pioneers. At the Greater Miami Chamber of Commerce’s annual real estate summit on Wednesday, Jessica Goldman Srebnick, CEO of Goldman Properties, said close…

ZOM Living buys land, scores financing for Luma at Miami Worldcenter

ZOM Living bought the land and scored a $119 million construction loan to build a 43-story apartment tower at Miami Worldcenter. Records show ZOM bought the property near Northeast First Avenue and Northeast Eighth Street for $19.5 million. The Orlando-based developer secured the loan from the New York-based Moinian Group, records show. The Moinian Group will also be…

Officer and director duties of care and of loyalty

Companies in Florida vary greatly in size and therefore they vary greatly in the number of employees working for them. These companies need people to manage the employees and to do this they hire managers and other officers of the company to ensure everything runs smoothly. These officers can include chief executive officers, chief financial officers, chief operating officers and many others who may…

Banks face increasing competition from capital investors to finance Miami CRE

So much capital investment is flowing into Miami commercial real estate, developers can take advantage of financing options that traditional banks can’t compete with — or offer, according to industry leaders. “Debt funds and institutional investors are getting very competitive in a universe where banks would traditionally refinance you,” said Matthew J. Allen, COO of the Related Group. “Before we…”

New Opportunity Zones rules are released. Will developer money follow?

The government released its long-awaited and latest set of Opportunity Zone regulations Wednesday, hoping to provide investors who have been on the fence with the clarity needed to begin developing projects in distressed areas nationwide. Real estate developers have become enamored with Opportunity Zones, seeking to raise funds into the billions of dollars. But with…

South Florida’s industrial market cooling after prices surged in 2018

South Florida’s hottest asset class may finally be cooling down. Vacancy rates increased and rental rates decreased for industrial properties in some parts of South Florida in the first quarter, according to a recent report from Colliers International South Florida. Some experts project that the industrial market is due for a correction after prices have skyrocketed and inventory has soared. While many segments…

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April 24, 2019

Video: CCIM Chief Economist KC Conway Discusses Strategic 2019 Real Estate Decisions ~ Part 1 of 2

CCIM Chief Economist KC Conway appears on America’s Real Estate Show to discuss the state of the commercial real estate industry, our lengthy market expansion, and whether or not we should have any fear an incoming recession. They discuss unemployment as this begins, then move on to sensitivity analysis. He believes that we are one trade deal away from 3% growth again, and that this in turn would put the Fed back on the rate hiking path. Opportunity zones are discussed strategically, noting that there are 8,700 opportunity zones of which likely only 10% make any sense.

View part two.

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April 23, 2019

Miami Commercial Real Estate News April 17, 2019: $300 Million Development Planned at PortMiami by Royal Caribbean; More…

Royal Caribbean plans $300M office development at PortMiami

Royal Caribbean Cruises Ltd. scored approval for a $300 million office complex at PortMiami. The Miami-based cruise company is looking to build a new headquarters that would house 4,200 employees, an increase from its current 2,200 employees. Royal Caribbean hired HOK, a St. Louis, Missouri-based architecture firm, to design a 10-story, 350,000-square-foot office building on the site of the company’s…

Miami looks at filling large bayfront FEC Slip

Maurice A. Ferré Park downtown has been saved from commercial development and Miami commissioners are now considering filling in the large FEC Slip next door to expand the waterfront park’s footprint. Scores filled City Hall on April 11 with pleas to support commission Chairman Ken Russell’s resolution to protect the park and slip from commercial development. The resolution ran counter to an active…

Miami-Miami Beach transit link advances, with water options

For more than five years now, Miami Commissioner Wifredo “Willy” Gort has pushed for studies and programs to improve public transportation on the area’s waterways. Mr. Gort believes that with Biscayne Bay at our doorstep, and the long and winding Miami River and tributaries extending waterways inland, this area is ripe for more waterborne transportation services. Countless times he has…

Bridge replacement to cause three-year detour

Work is to begin the week of May 20 on a $67.2 million Florida Department of Transportation project to construct a new bridge to replace the 90-year-old bascule bridge along Southwest First Street from Southwest Second to Seventh avenues. During the three years of construction, the bridge will be closed and a detour will be in place. Besides replacing the bridge, the project will provide new bridge…

How much longer before we actually start to build Baylink?

No Miami-Dade corridor suffers more hours of intense traffic than the Mac-Arthur Causeway between Miami and Miami Beach. Think weekends and late nights, not just rush hours. Nowhere is need greater for rapid transit. So Miami commissioners’ vote last week to join Miami Beach and Miami-Dade County to create cross-bay rapid transit was on point. That need has been apparent for decades. After…

US retailers have closed more stores this year than all of 2018

Retailers sent out 2018 on an optimistic note, with strong consumer spending and an unexpected comeback of brick-and-mortar stores. But 5,994 stores have closed in the U.S. so far this year, more than last year’s total of 5,864, the Wall Street Journal reported, citing data from Coresight Research. “I don’t think malls are out of the woods yet,” S&P Global Ratings analyst Ana Lai told the Journal.

Is artificial intelligence overhyped in real estate?

A suite of new software applications will ease the leg work of tracking down the next big real estate play, but technological advances still can’t replicate a broker’s human touch. “At the end of the day, the big national players are calling you guys,” Jason Doyle, CEO of zoning software developer Gridics, said to a group of commercial brokers, lenders and other real estate executives at a CCIM luncheon on…

Video: Crescent Heights implodes South Beach building

With the pull of a lever and 235 pounds of explosives, developer Russell Galbut imploded a building – paving the way for his mixed-use residential tower in South Beach. The former South Shore Hospital building at 5th and Alton is now demolished. Galbut and Terra developer David Martin, who recently joined the project, counted down before a crowd that included Miami Beach Mayor Dan…

A Tale of Two Downtowns. In Miami, Modern Retail Meets Shuttered Storefronts

In downtown Miami, start at Biscayne Boulevard and walk west on Flagler Street. A perfume shop gives way to a restaurant with outdoor seating and a discount luggage shop. Several jewelry shops later, you’ll have seen shuttered storefronts and plenty of graffiti, some invited. After going past the historic Alfred I. DuPont Building and the vacant Macy’s, head north, and the Virgin MiamiCentral station…

Judge bars Miami Beach from turning off water at properties owing short-term rental fines

The water will keep flowing in a single-family home in Miami Beach at the center of the city’s crackdown on short-term rentals. Following an evidentiary hearing earlier this month, Miami-Dade Circuit Judge Jennifer Bailey upheld an earlier ruling that Miami Beach cannot shut water off at 3098 Alton Road because its owner owes $201,500 in illegal short-term rental fines.

Foreign Investors Continue to Prefer Industrial Assets, Latest AFIRE Survey Reveals

Once again in 2019, foreign investors in U.S. commercial real estate indicated they would most like to increase their allocations to industrial properties, according to this year’s survey by the Association of Foreign Real Estate Professionals (AFIRE), an organization promoting cross-border real estate investment. Seventy-nine percent of 2019 survey participants said they would like to increase their…

The Fed: Is the rent too high? : Way more than 525,600 minutes of rent data

If you’re a renter and have been complaining that your rent keeps rising, the statistics seem to back you up. In the graph, the purple line shows the evolution of rents in the U.S. as a whole, while the light blue line shows the general price level (CPI). Clearly, rents are increasing faster than prices overall. Of course, location matters for anything related to housing, and there are large regional differences: Rents in…

Move to cut business rent tax continues

The 2019 Florida legislative session is setting up to be busy for bills affecting the commercial real estate sector. Topping the industry’s priority pile again this year is further reducing the business rent tax on commercial leases. Florida is the only state that imposes a sales tax on commercial rent and operating expenses, collectively known as CAM (common area maintenance). Because CAM is generally inclusive…

Big data could save physical retail. But privacy concerns are bubbling.

Concerns about consumer privacy are not just flourishing online but in brick and mortar stores as well. Retailers are already using Bluetooth technology to detect customers’ smartphones when they walk into stores and hit them with promotions while they shop, and companies are also marketing facial-recognition technology to them, describing it as a way to flag shoplifters, according to the Wall…

Overtown apartments, retail store sell for $14 million

Six properties in Miami’s Overtown neighborhood just sold for $14 million, signaling growing interest in real estate in the area. A company tied to Thomas Neary and Arthur Bartholomew of Fort Lauderdale-based Walnut Street Capital bought the properties spanning 2.2… 701 Northwest 5th Avenue451 Northwest 7th Street458 Northwest 7th Street448 Northwest 7th Street400 Northwest 7th Street…

Plans revealed for PMG’s apartment tower at 400 Biscayne

Property Markets Group is seeking approval for a mixed-use tower at 400 Biscayne Boulevard in downtown Miami. The New York-based developer filed plans for a 49-story, 882,000-square-foot building with 646 residential units, nearly 48,000 square feet of office space, about 3,000 square feet of retail, car and bicycle parking. PMG Greybrook 400 Biscayne Trustee LLC is going before Miami’s Urban…

Smoking mad: MedMen sues Miami Beach citing marijuana dispensary restrictions

MedMen is launching a legal attack on medical marijuana dispensary restrictions in Miami Beach, just as doubts are brewing about the financial health of the Culver City, California-based cannabis company. In a Miami-Dade lawsuit filed last month, MedMen alleges Miami Beach violated state law when the city commission adopted an ordinance in February that prohibits two or more dispensaries from…

Four red flags to spot before a construction dispute

Construction projects hold a considerable amount of potential and promise for project owners; you are bringing to life a new space, from the ground up. Whether it’s residential or commercial space, you are ultimately creating a new, engaging environment. However, construction projects also bring several moving parts that may result in a significant dispute. As the project owner or property manager…

Video: Hartman Simons Partner Jeremy Cohen Discusses Retail from a Lawyer’s Perspective

Jeremy Cohen, Partner at the law firm Hartman Simons, and the host of America’s Commercial Real Estate Show Michael Bull review the retail market from a lawyer’s viewpoint. They discuss trends in tenant defaults and mixed use developments, as well as the benefits and detriments of developing with a partner. There is a concentration on the e-commerce driven trends and effects on brick and mortar…

Maurice A. Ferré Park to remain green space with no commercial development

At least one large Miami public park will not see any new large-scale commercial development. In a meeting that drew pleas from residents of downtown and even former Miami Mayor Maurice Ferré, Miami commissioners voted unanimously on Thursday to keep the 30-acre Maurice A. Ferré Park in downtown Miami as a public park. The vote came after commissioner Joe Carollo sought bids to build…

Who owns this North Palm Beach river? Homeowners fight back against developer

A group of owners of properties along a river in North Palm Beach are fighting back against a company’s claim that it owns the submerged land behind their properties. For more than 20 years, dozens of owners have received demands from North Palm Beach Properties Inc., which wants to sell off the Earman River it says it has owned since it began building homes there in the 1950s. But the…

New concepts join food hall at Virgin MiamiCentral, other South Florida restaurant news

Virgin MiamiCentral released new food and beverage concepts opening soon at its food hall, according to a release. The recently re-branded station, at 600 Northwest First Avenue, will include: World Famous House of Mac, a food truck concept; Bucks Crepes, a crepe and galette restaurant from France; Patagonia Flavors by Delicatessen Patagonia, an Argentinian cafe; Bio Bio Gelato; Art de…

Main types of construction defects that may lead to lawsuits

There are construction projects occurring every day in Florida. Many homes, offices, apartment buildings and other buildings are being built and there are many designers, construction companies, suppliers and construction workers that are involved in these projects. There are also many different phases of the project and different companies that complete these various phases. This means that there are…

Renderings revealed: Beckham group’s Miami stadium

Inter Miami CF, the Major League Soccer team owned by David Beckham, Marcelo Claure, Jorge and Jose Mas and their partners, unveiled new renderings of its future home. Miami Freedom Park would be the permanent home for the team. The Beckham group is pursuing another site in Fort Lauderdale for a temporary stadium, where the owners would spend more than $60 million to redevelop the now…

Dubai-based consultants allegedly scared off Skyrise Miami’s Middle East investors: lawsuit

Skyrise Miami lost a slate of Middle East investors after a pair of Dubai-based lawyers allegedly frightened them with false claims that the proposed observation tower in downtown Miami would not get built, according to a recently filed lawsuit in Miami-Dade Circuit Court. Skyrise Miami Tower Investors LLC, a project lender incorporated in Delaware, claims it paid $720,000 in commissions to Step…

Video: Hines Leasing Direct Nick Garzia Presents Retail Forecast & Review

Nick Garzia, Director of Leasing at Houston based developer – and owner of Doral Corporate Center at 3750 NW 87th Avenue – Hines – appears on this commercial real estate related show to discuss the final quarter of 2018, which retailers excelled and which rather flopped and what these scores and fails mean for the future (of retail) to come. He discusses Amazon versus Walmart, who will win, and mixed…

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April 17, 2019

Keyes Commercial Broker Associate James Hawkins Receives Firm’s Prestigious Chairman’s Circle Award

The Keyes Company's Chairman's Circle Award Presented to Miami Commercial Broker Associate James Hawkins

The Keyes Company’s Chairman’s Circle Award Presented to Miami Commercial Broker Associate James Hawkins

Commercial real estate broker associate James Hawkins received The Chairman’s Circle Award from his broker, The Keyes Company. The award was presented to him by the company’s CEO, Mike Pappas, and CFO, Timothy Pappas, as the company’s annual Award Ceremony held March 21st at Margaritaville in Hollywood, Florida. The Chairman’s Circle is a status awarded to the company’s top performers.

This is not Hawkins’s first company to granted him a Chairman’s level award. Years back, as a Financial Advisor, with the title Senior Vice President Investments, Senior Portfolio Manager at (now) Morgan Stanley, he was awarded President’s Council, then later Chairman’s Council membership, the latter being their top performance council at the time (and presumably still today).

The Keyes Company is dominant in Miami area commercial real estate sales, having closed on more commercial properties in Miami-Dade, per MLS, than any other broker for more than ten years straight. In 2018, it closed on more commercial properties – again per MLS – than the next three brokers combined.

Timonty Pappas, and Michael Pappas, CFO and CEO of The, Keyes Company, Respectively, Present Chairman's Circle Award to Commercial Broker Associate James Hawkins

Timonty Pappas, and Michael Pappas, CFO and CEO of The, Keyes Company, Respectively, Present Chairman’s Circle Award to Commercial Broker Associate James Hawkins

 

 

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April 12, 2019