Video: PwC Partners Mitch Roschelle and Byron Carlock Discuss Commercial Property Amenities, Last Mile, and Disruptors ~ PwC/ULI Emerging Trends in Real Estate 2019

PwC Partners at PwC Mitch Roschelle and Byron Carlock appear with host Michael in the studio of America’s Commercial Real Sstate Show to talk about the PwC/ULI Emerging Trends in Real Estate 2019 Outlook. In this segment, discussions include commercial real estate amenities, last mile delivery implications for commercial property, and industry disruptors.

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December 5, 2018

Video: PwC Partners Mitch Roschelle and Byron Carlock Discuss Top Markets to Watch; Miami #12 ~ PwC/ULI Emerging Trends in Real Estate 2019

Byron Carlock and Mitch Roschelle, both Partners at PwC that are involved with its Real Estate Practice, appear on the host of America’s Real Estate Show in studio to discuss the top markets to watch as per the PwC/ULI Emerging Trends in Real Estate 2019 Outlook. Noting Miami as in the number 12 spot of their self described “popularity contest,” they go through cities/markets that top the list one by one, discussing why for each.

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December 5, 2018

Miami Commercial Real Estate News November 28, 2018: Metronomic’s $74 Million Plan for West Grove; Lissette Calderon Eyes Allapattah; More…

Developer plans $74 million mixed-use project along Grand Avenue in Coconut Grove

A Miami developer is under contract to purchase a large assemblage in the West Grove where it’s planning a $74 million, mixed-use project. Ricky Trinidad’s Metronomic announced plans for Grand Plaza, a 12-building development on Grand Avenue in Coconut Grove. Trinidad’s firm isn’t the first to try to purchase the properties. In 2016, David Martin’s Terra canceled a $35 million offer for the buildings.

Developer has plans for Coconut Grove Village West

Get ready for passenger drones, or not. There is a new plan to build 13 buildings including a hotel, offices and micro-unit apartment buildings in Village West, all low-rise – five stories are planned. A new developer to the Grove, Metronomic, Inc., bought up the land and has plans, including the passenger drones. This multi-block project is called Grand Plaza. The land has been sitting for years, waiting…

Archbishop Curley Notre-Dame sells for $60 million, Avenues to open private school

An heir to The Gap family fortune just bought the former Archbishop Curley Notre-Dame High School site in Little Haiti for $60 million, with plans to bring an exclusive private school to Miami, sources said. A Delaware company, VE FL I Operating LLC, bought the 15.5-acre former Catholic high school at 4949 Northeast 2nd Avenue for $3.8 million per acre, according to property records. The LLC’s address…

Lissette Calderon plans apartments in Allapattah

On the heels of renovating a rental tower on the Miami River, developer Lissette Calderon is now planning to build an apartment building in Allapattah, The Real Deal has learned. A permit application filed with the city of Miami shows Calderon’s TCG Allapattah 17 plans a 13-story, 192-unit building at 1569-1652 Northwest 17th Avenue. Her entity paid $1.7 million for the property, currently home…

Virgin Voyages unveils plans for $150 million terminal at PortMiami

Virgin Voyages unveiled its proposal for a multimillion-dollar terminal at PortMiami. Virgin Group founder Richard Branson on Wednesday announced plans for the new 100,000-square-foot cruise terminal located on the northwest side of the port. Construction would begin if and when the Miami-Dade County Commission approves the project, which would be completed by November 2021. The $150 million…

Irrational exuberance? Rising commercial real estate prices could signal warning for economy: Fed Reserve

Ever-rising commercial real estate prices nationwide could be a risk to the stability of the U.S. financial markets, as they were in the last recession. That was the assessment from the Federal Reserve in its inaugural financial stability report on Wednesday. Fed officials cited commercial real estate — in which purchase prices continue to outpace rent increases — as well as nonfinancial corporate borrowing…

MetLife scores $170 million refi for Wells Fargo Center in downtown Miami

Metropolitan Life Insurance Co. just scored a $170 million refinance for its Wells Fargo Center at 333 Southeast Second Avenue in downtown Miami, property records show. The deal comes shortly after its $74 million purchase of a retail center in Wellington. New York Life Insurance Company is the lender for the Wells Fargo office tower. The loan takes over a previous $144.4 million mortgage issued…

BHS names Bess Freedman as first CEO

Less than a year after being named co-president of Brown Harris Stevens, Bess Freedman has been tapped as the luxury brokerage’s first chief executive. As CEO, Freedman will oversee operations in New York City, the Hamptons, Palm Beach and Miami — consolidating leadership of those regions for the first time. The promotion was announced Tuesday in a companywide email signed by Hall Willkie…

Video: PwC Partners Mitch Roschelle and Byron Carlock Discuss Market Trends and Current Cycle ~ PwC/ULI Emerging Trends in Real Estate 2019

Mitch Roschelle and Byron Carlock join the show host in studio to discuss the PwC/ULI Emerging Trends in Real Estate 2019 Outlook. Discussions in this brief clip include the our current economic cycle and factors that are affecting commercial real estate. They discuss their Emerging Trends Barometer and its apparent reflection of optimism, as well as Black Swan risk with a concentration on the…

Miami Beach commercial market outpacing condos

The Miami Beach real estate market is holding steady from last year as 2018 nears to a close. On the one hand, condominium sales remain flat as a majority of domestic buyers enter the market and look elsewhere in Miami-Dade County for new inventory. On the other hand, commercial spaces are faring better following a stream of natural crises in previous years. Domestic buyers in Miami Beach are…

Olympia Theater: Police, white knight, screen hero don’t quell theatrical peril

What’s the longest-running theatrical drama in Miami? Hint: it’s been running for 30 years, tying the longest-running Broadway show in history, “The Phantom of the Opera,” which to date has had 12,380 performances. If you’re still puzzled, here’s another hint: the drama is not played out on the stage; it’s what’s happening to the stage itself. And this drama is not yet in its final performance. No, the top…

Fashion Brand Diesel Is Building a Luxury Wynwood Apartment Complex

Miami’s Wynwood used to be a low-income neighborhood full of warehouses and fashion-supply companies. Then it morphed into a neighborhood full of art galleries. Now developers are pricing out cool places such as the Wynwood Yard. The one arthouse movie theater is on its way out while condo towers and a micro-city called the Americas-Asia Trade Center are on the way in. And now, to complete…

Miami moves toward requiring affordable housing in projects

The City of Miami has taken a big step toward creating affordable housing with the inclusionary zoning measure sponsored by Commissioner Ken Russell. City commissioners voted unanimously Nov. 15 to approve on first reading an ordinance to require developers of certain projects to include a portion of affordable residential units. The initiative would affect the area east of Overtown and west of…

Miami Tentatively Approves Mandatory Affordable Housing in Parts of Downtown

Rent in Miami is not quite as expensive as New York, San Francisco, and other major metro areas. But the Magic City’s median income — around $46,000 — is absurdly tiny, so renters here spend some of the largest portions of their salaries on housing in America. This is not an affordable town. Back in 2016, Miami-Dade County Commissioner Barbara Jordan tried to alleviate that issue by passing what’s…

Get Real; Miami was Never a Viable Choice for Amazon

The only thing Miami / Florida can offer Amazon is that Bezos went to school in Florida and the tax advantage? Maybe he doesn’t want to go back to where he went to school? Knowing the school system in Florida, I would not be surprised. Tax advantage? Many other States offer the same or better – thus this is no real advantage. Now we try to get him because of the Latin American market? Mexico is our…

Frank Stronach, Billionaire Owner of Gulfstream and other U.S. Racetracks, In Family Feud With CEO Daughter

The billionaire who has long run Gulfstream Park and other racetracks across North America is suing his daughter over mismanagement of the family’s assets. His son is suing her, too. Paige Alonso via Flickr Creative Commons Horse racing at Gulfstream Park in Hallandale Beach, Fla. Now 86, Frank Stronach grew up in Austria during Nazi rule, then emigrated to Canada, where he started Magna International…

Miami seeks firm to run expanded Marine Stadium complex

Miami is looking for a company to manage Miami Marine Stadium, the flex park that surrounds it and a planned welcome center west of the iconic waterfront facility. On the day before Thanksgiving, the city issued a formal request for proposals for management of the city-owned property on Virginia Key. The 64-page solicitation says the city is pleased to offer “an exciting opportunity for a well-qualified…”

In Florida, Medical Marijuana Companies Battle For Dominance

Liberty Health Sciences is on track to open five new medical marijuana dispensaries — or, as the company calls them, “cannabis education centers” — in Florida by the end of the year, adding to the seven it has already established here. It is far from alone. Several players are in quick-expansion mode and competing for market share as the state has now set rules and issued 14 licenses following the legalization…

Terreno Realty Reports Sales Of Industrial Property

Terreno Realty Corporation (NYSE: TRNO) sold an industrial property located in Miami, Florida on November 21, 2018 for a sale price of approximately $4.3 million. The property consists of one light industrial building containing approximately 25,000 square feet on 1.2 acres at 7500 NW 26th Street which is 100% leased to one tenant on a short-term basis. The property was purchased by Terreno Realty…

Move over Amazon, Google’s got some news of its own

Alphabet Inc., Google’s parent company, has just scooped up a $1 billion business park near its Mountain View headquarters. The tech behemoth purchased Shoreline Technology Park, a 51.8-acre property a few blocks away from its Googleplex, Bloomberg reported. Google is already the main tenant of Shoreline’s 12 buildings. Google’s been on something of a real estate tear. The company recently…

Punch Bowl Social opening in Wynwood & other restaurant news

Time Out Market Miami unveiled new chefs opening at its Miami Beach food hall in February. Chefs Norman Van Aken, Antonio Bachour and Giorgio Rapicavoli are each taking space at the food hall, at 1601 Drexel Avenue. Veronica Menin and Diego Tosoni will open Love Life Cafe; Suzy Batlle is bringing Azucar Ice Cream; Christian and Dominica Plotczyk, the owners of Ella’s Oyster Bar, will open Salt & Brine.

Aston Martin Residences nabs $200 million construction loan

The Coto family of Argentina closed on a $200 million construction loan to build Aston Martin Residences, a luxury waterfront condo tower in downtown Miami. Riverwalk East Developments LLC, an affiliate of the Coto’s G&G Business Developments, secured the financing from Brazilian lender Itaú BBA International, property records show. G&G broke ground on the 66-story, 391-unit tower at 300 Biscayne…

Video: Here’s how Amazon’s HQ2 incentives add up

Amazon recently announced it will be splitting its second headquarters, commonly referred to as Amazon HQ2, between Queens, New York and Northern Virginia. However, the incentives given to the company have inspired a marked backlash due to a general feeling that the incentives were unfairly extracted from the winners. The gist of the complaint is that Amazon made the search process look like a…

Rockwood and Mill Creek JV buys Modern Miami rental tower

A joint venture between Rockwood Capital and Mill Creek Residential just bought the Modern Miami apartment building near the Miami River for $47.45 million. Chicago-based Waterton Associates is the seller. Property records show the 166-unit apartment building at 1444 Northwest 14th Avenue sold in addition to a vacant, 16,714-square-foot lot directly west of the property. Waterton Chairman and CEO…

Public officials push back on NDAs in wake of Amazon’s HQ2 search

Public officials across the country are questioning whether they’ll sign nondisclosure agreements in the future after facing some backlash surrounding the secrecy around Amazon’s HQ2 search. It’s not uncommon for companies looking to land tax breaks and other incentives to require local officials to sign NDAs as part of economic-development deals. But as part of its high-stakes search for a second…

Randall Hilliard files complaint against Miami Beach Historic Preservation Board members

A political consultant has filed an ethics complaint against three members of an influential Miami Beach land use board, accusing them of violating the state’s Sunshine Law because they’re also members of a non-profit. On November 19, Randall Hilliard, who also goes by the nom de plume “Prince of Darkness,” filed a complaint with the Miami-Dade Commission on Ethics against Jack Finglass, Nancy Liebman…

Doral’s Westside Office Plaza secures 27,650 sf of leases & other leasing news

The Westside Office Plaza in Doral just secured 27,650 square feet of new leases. The master-planned office park at 8200-8400 Northwest 33rd Street sits on 22 acres of land and features 363,328 square feet of office space. Avanti Way Realty leased 6,615 square feet and the Latin American healthcare business Guidewell-Sanitas inked a 21,038-square-foot lease at 8400 Northwest 33rd Street. State Street…

Amazon opens 100,000-square-foot distribution center in Sunrise

Amazon decided against putting its second headquarters in South Florida, but the online retailer opened another distribution center to ensure speedy deliveries in the tri-county area. Amazon has opened a distribution center in 100,000 square feet at the Sawgrass International Corporate Park in Sunrise, according to Lou Sandors, the city’s economic development director. The space formerly was…

Wexler family lists two Lincoln Road retail properties, each with $6.5M minimum bid

Two retail properties along Lincoln Road in Miami Beach are up for grabs. The two 8,000-square-foot retail buildings, at 222 Lincoln Road and 298 Lincoln Road are owned by the Wexler family. The properties are part of a larger 25,600-square-foot retail development, built in 1946, that is currently anchored by the Alvin’s Island beachwear shop. The properties are located between Collins Avenue and…

Mattress One faces evictions across Miami-Dade County

There won’t likely be Black Friday doorbuster deals at most Mattress One stores in Miami-Dade this weekend. Instead, the doors may be padlocked as the mattress retailer has been kicked out of its locations from Midtown Miami to Kendall, according to recent eviction complaints… 10755-10805 Southwest 72nd Street… 8200 Flagler Street3160 North Miami Avenue18355 Northwest 57th Avenue

Contractors and subcontractors must be paid promptly

Construction projects in Florida vary in size and complexity, but many involve various different types of trades in order to complete the project. This is especially true for large projects such as office buildings and apartment buildings. These types of projects will include heavy equipment operators, steel workers, electricians, people to put up sheetrock, painters and many more professionals. Generally…

Brightline parent company sells industrial site to JPMorgan subsidiary

Florida East Coast Industries just sold a warehouse near Miami International Airport for $31.1 million to a subsidiary of JPMorgan Asset Management. Coral Gables-based FECI, the parent company of the high-speed passenger rail Brightline, sold the 9.2-acre property at 3200 Northwest 67th Avenue for $3.4 million per acre, property records show. The warehouse is part of the South Florida Logistics…

CK Privé Group’s principals allegedly took out loan without partners’ consent: lawsuit

A brewing legal war among a group of real estate development partners could have negative consequences for a slate of new commercial projects in Aventura and North Miami Beach, including the redevelopment of Dean’s Gold strip club. RH 18 Development and Carf 18 last month sued Alberto, Jacobo and Shlomo Kamhazi, as well as their company Biscayne 18 Development LLC, which owns a complex of…

South Florida’s largest office sales in October

The second largest office sale of the month was Bob Brockway’s $10.9 million purchase of a building directly across the street from his Mercedes-Benz of Coral Gables dealership. A company led by architect F. Michael Steffens and Marjorie Goldman sold the 36,600-square-foot, three-story office building at 300 Sevilla Avenue. The deal breaks down to about $300 per square foot. South Miami Medical Arts…

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November 28, 2018

Video: PwC Partners Mitch Roschelle and Byron Carlock Discuss Market Trends and Current Cycle ~ PwC/ULI Emerging Trends in Real Estate 2019

Mitch Roschelle and Byron Carlock join the show host in studio to discuss the PwC/ULI Emerging Trends in Real Estate 2019 Outlook. Discussions in this brief clip include the our current economic cycle and factors that are affecting commercial real estate. They discuss their Emerging Trends Barometer and its apparent reflection of optimism, as well as Black Swan risk with a concentration on the probability (or not) of an asset bubble.

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November 28, 2018

Video: Here’s how Amazon’s HQ2 incentives add up

Amazon recently announced it will be splitting its second headquarters, commonly referred to as Amazon HQ2, between Queens, New York and Northern Virginia. However, the incentives given to the company have inspired a marked backlash due to a general feeling that the incentives were unfairly extracted from the winners. The gist of the complaint is that Amazon made the search process look like a contest when the entire time the decision was in the bag for locations near Jeff Bezos homes, essentially a general dude-that’s-not-fair complaint. This brief video takes a look at some of the biggest tax breaks and subsidies the e-commerce behemoth is purportedly getting from state and local governments.

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November 27, 2018

Miami Commercial Real Estate News November 21, 2018: Miami Beach Agrees to Taller Tower; Lehman Buys Industrial Land; More…

Simon sells site next to Miami International Mall to Lehman

Car dealer William “Bill” Lehman Jr. just bought a strip of land next to Miami International Mall for $8.2 million, property records show.
Lehman financed the deal with a $9.4 million loan from JP Morgan. It’s zoned for industrial development. Simon Property Group sold the 8.4 acres of land directly north of Lehman’s Doral Kia dealership at 10155 Northwest 12th Street. Simon declined to comment. The site…

Miami Beach agrees to taller tower at its front door

After 4½ hours of presentations and discussions, the Miami Beach City Commission agreed  to a height of 519 feet, up from 484 feet, for the tower development on 500-700 Alton Road, at the entry to the city from the MacArthur Causeway. A 3-acre park will be deeded to the city as part of the deal. Commissioners passed the package of ordinances for the development unanimously on first reading Nov. 14.

South Florida Retail Summary (Q3 2018)

Market Snapshot for South Florida Retail A summary of the highlights, trends, and current market activity of Q3 2018 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…

PortMiami scrunching cargo area to add two cruise terminals

Two PortMiami projects costing a combined $100 million will result in one smaller, denser cargo yard and additional land on which to build two new cruise terminals, documents accompanying items Miami-Dade commissioners OK’d this month show. The $34.88 million cargo yard densification project by Odebrecht Construction Inc., the lowest bidding contractor, is to take 777 days and is expected to…

Miami Yacht Show gets land use OK, funds baywalk

Miami city commissioners have approved a revocable license with Yachting Promotions Inc., the operator of the Miami Yacht Show, to use city-owned submerged lands between the MacArthur and Venetian causeways. This will allow the yacht show to move from Miami Beach to this new location in Biscayne Bay, the waterfront connected to the former site of the Miami Herald. The agreement approved…

Miami Worldcenter to feature work by acclaimed German artist

The evolution of the Park West neighborhood of Miami continues with the construction of Miami Worldcenter, a sweeping mixed-use development offering a little bit of everything – including artwork from an internationally-acclaimed painter and installation artist. German artist Franz Ackermann has been selected as the initial artist for the project. His work has been featured worldwide, including at the Tate…
Atto…

Little Havana apartments sell for $5.6M

A five-building rental portfolio in Little Havana just sold for $5.6 million to New York-based Gateway Realty. Gateway Realty bought the 57 rental apartments at 2127, 2128, 2136 and 2248 Southwest Fifth Street and 2135 Southwest Sixth Street for $98,245 per unit, according to a release. The Keyes Company’s Carlos Villanueva represented the seller, the JoAnn Cappelletti Trust, in the sale. Mendel Fellig of…

Feds tie another alleged $1B money laundering scheme to Porsche Design Tower, along with NY properties

Federal authorities charged a Venezuelan TV magnate for his role in a billion-dollar money laundering and currency exchange scheme involving real estate around the world, including two dozen properties in Miami and New York. The indictment follows a separate billion-dollar money laundering scheme in July that included real estate in South Florida…

Regalia’s condo association alleges flawed design, building code violations: lawsuit

Regalia’s condo association is suing the developer, contractor, architect and a laundry list of subcontractors for alleged design and construction defects and damage to the 47-story luxury condo tower in Sunny Isles Beach. The Regalia on the Ocean Condominium Association filed a lawsuit in Miami-Dade Circuit Court earlier this month against Regalia Beach Developers LLC, general contractor…

Jorge Pérez nabs Allapattah property for artist housing

Miami’s condo king just closed on a site in Allapattah where he’s planning a mixed-use complex focused around art. The Related Group chairman and CEO Jorge Pérez said he will store and show his private collection at the warehouse, at 2270 Northwest 23rd Street. Pérez said the property, which he paid $2.7 million for last week, is near his office and home. Carlos Fausto Miranda and Diego Vicente Tejera…

Is There Room For Self-Storage Investment In SoFlo?

Any talk of commercial real estate investments is usually about retail and office spaces, industrial facilities, and multi-unit residential properties. There is, though, another niche CRE market that’s figuratively and literally full of possibilities: self-storage. A recent list of the top 10 self-storage markets to watch has South Florida at number 8, and for some very good reasons: properties that are currently…

The lowdown on loan delinquencies : Rates are lower than pre-recession levels…except for mortgages

We heard a lot about the surge in mortgage delinquencies during the past recession. In fact, many believe this was the origin of the crisis. FRED has delinquency data so let’s see how things look now. The delinquency rates in the graph show the proportion of loans from the 100 largest U.S. banks that are more than 30 days past due. Mortgage delinquency is now considerably lower than at the height of…

Southeast Food Distribution sells cold storage industrial site for $19M

A division of Southeast Food Distribution just sold a cold storage industrial site in North Miami for $18.7 million. Southeast Frozen Foods Company sold the 234,739-square-foot facility at 18770 Northeast 6th Avenue for about $80 per square foot to 18770 MIAMI LLC, property records show. 18770 MIAMI LLC is led by Michael Herman, corporate records show. Edward J. Redlich of ComReal who…

Offer affordable housing in Miami? Get density bonuses!

Miami officials are doing a test run on a measure that would force residential developers who want more density to carve out units for low-income wage earners in their projects. The Miami City Commission last week approved on first reading an an ordinance that new developments in the Arts & Entertainment District seeking density and floor lot ratio bonuses must include workforce or affordable…

South Florida’s largest multifamily investment sales in October

The top apartment deal in October was the portfolio sale of two separate rental complexes in Broward and Palm Beach counties.
American Landmark purchased the Siena Apartments, a 292-unit apartment community at 8080 Northwest 10th Court in Plantation; and the Hidden Harbor Apartments, a 200-unit community at 222 Kingfisher Way in Royal Palm Beach, for a…

Video: SoFla developers, strategists on why hotel-branded condos continue to win

At The Real Deal‘s fifth annual Miami Real Estate Showcase & Forum, South Florida’s managing editor Ina Cordle moderated a discussion among some of the region’s top players in hospitality. The wide-spanning conversation ranged in topics from competing with Airbnb to the value-add of a certain hotel’s brand. Panelists included Benjamin Sinclair of Faena Group, Louise Sunshine of The Sunshine Group…

Failed delivery: How the cities that missed out on Amazon’s HQ2 are coping

The cities that fought until the last minute to win over Amazon are now moving on — some joyfully, some begrudgingly. Before the news leaked that New York and Crystal City, Virginia, were Amazon’s top headquarters picks, five other cities also seemed poised to nab the golden ticket. Amazon representatives reportedly revisited Chicago, Miami and Newark in late October. Texas appeared a viable…

Miami may allow denser development in exchange for affordable housing

Miami city commissioners gave preliminary approval to a proposal that would require private developers to include affordable housing in new apartment buildings in a part of the city where denser development would be allowed. The “inclusionary zoning” proposal would allow denser development in an area between Northeast Second Avenue and North Miami Avenue from approximately 18th Street…

Passenger-train operator files to go public under its new name, Virgin Trains USA

The private passenger-train operator formerly known as Brightline disclosed plans to become a publicly traded company on Friday – the same day it announced a name change linked to a decision by Richard Branson’s Virgin Group to become a minority investor in the company. Virgin Trains USA, the new name of the passenger-train operator, filed an S-1 form with the Securities and Exchange…

Designers miscalculated load-bearing strength of collapsed FIU bridge

Designers miscalculated the load-bearing strength of the north end of the Florida International University pedestrian bridge that collapsed and caused six deaths, according to federal investigators. In an update on the federal investigation of the deadly March 15 collapse, experts from the Federal Highway Administration also reported Thursday that designers miscalculated the structural load on the north…

Sam Zell is reducing his exposure to real estate

He’s bearish on the real estate market, and looking to sell. Sam Zell’s firm Equity Group Investments has either sold or intends to sell stakes in at least four companies dating back to last October, according to Bloomberg. It has announced one new investment over the same time period. The firm may look to sell Ardent Health Partners as well. The company, which EGI bought in 2015, is getting ready…

Video: SoFla developers dish on how they’re financing and building through the late stages of the cycle

At The Real Deal‘s fifth annual Miami Real Estate Showcase & Forum, Editor-in-Chief Stuart Elliott moderated a panel on how South Florida developers are financing and building amid the late stages of a market cycle. Panelists included Jules Trump (The Trump Group), Moishe Mana (Mana Group), Michael Stern (JDS Development), Louis Birdman (Birdman Real Estate Development) and Kieran Bowers…

Virgin Group invests in Brightline, will rebrand as “Virgin Trains USA”

Within two weeks, Brightline will be known as “Virgin Trains USA.” Brightline announced on Friday that Richard Branson’s Virgin Group will provide a minority investment and form a strategic partnership with the high-speed passenger rail company. Under the partnership, Brightline will be renamed this month and will transition to Virgin Trains USA branding in 2019, according to a release. The company…

Carpe Real Estate Partners scores financing for mixed-use project in Wynwood

Carpe Real Estate Partners just closed on a $10 million construction and acquisition loan for Oasis at Wynwood, a mixed-use adaptive reuse project on North Miami Avenue. Iberia Bank is the lender. David Weitz and Erik Rutter of Carpe paid $14 million in March for the 1.65-acre site at 2335 North Miami Avenue from Goltens Miami, a marine engine repair company. As planned, Carpe will convert four…

Developer of American Legion project in MiMo scores $51M loan

The development group behind a new American Legion building and apartment complex in Miami’s MiMo District just scored a $51 million construction loan. The developer, ACRE GCDM Bay Investments, will use the loan to fund the construction of its contentious project in the quiet 3.5-acre residential area off of Biscayne Boulevard at 6445 Northeast Seventh Avenue. The developer is planning…

Treasury dramatically sharpens LLC disclosure rules

The Treasury Department drastically increased the number of all-cash deals that are subject to its anti-money laundering rules on Thursday. Starting Nov. 17, title insurance firms will be required to disclose the identity of LLC buyers who spend $300,000 or more on the real estate purchase. Previously, the rule applied to cash deals above $3 million in Manhattan and $1.5 million in New York City’s…

Video: Top SoFla landlords agree the retail apocalypse is “greatly over-exaggerated”

Three of South Florida’s top retail landlords agree that their sector’s so-called apocalypse is “greatly over-exaggerated.” The conclusion came out in a recent panel discussion at The Real Deal‘s annual Miami Real Estate Showcase & Forum led by associate web editor Katherine Kallergis. The panelists included Craig Robins of DACRA, Jackie Soffer of Turnberry and Jonathon Yormak of East End Capital.

Miami Beach finally OKs voter-mandated upzoning for North Beach

Miami Beach greenlit the voter-mandated upzoning of North Beach on Wednesday more than a year after residents endorsed a zoning increase for a ten-block area of the neighborhood. Property owners are now able to build twice as much as they were previously allowed to in the Town Center area, which mainly consists of retail plazas, vacant lots and apartment buildings between Indian Creek Drive…

Russell Galbut may finally get his South Beach tower

After years of trying to score approval for a taller project at the entrance to Miami Beach, developer Russell Galbut got his first approval for a tower up to 519 feet in height. Following hours of testimony from nearby residents and deliberation by elected officials on Wednesday, the Miami Beach City Commission unanimously voted in favor of the project, which will include a public park, on first…

Honey, millennials shrunk the office space: panel

In a Coral Gables office building owned by Altis Cardinal, anchor tenant American Airlines recently slashed its space by nearly half without shedding any employees, according to the real estate development firm’s founder Frank Guerra. “American went from 27,000 square feet to 15,000 square feet with the exact same headcount,” Guerra told attendees at a Crew-Miami luncheon…

When does one have a tortious interference claim?

Businesses in Florida generally enter into contracts in order obtain some benefit for their companies. There are a variety of types of contracts that they enter into, in which one business provides goods or services to another for compensation. These contracts can be very lucrative, but since many businesses offer similar goods or services, there can be competition among them to secure contracts and the…

Miami says ‘yes’ to David Beckham’s Freedom Park and Soccer Village

The proposed complex, which has been a subject of media speculation since it was first announced in 2013, will be the home of Beckham’s Major League Soccer (MLS) team, Internacional Club de Fútbol Miami. Designed by Miami-based architecture firm Arquitectonica, the development will include a 25,000-seat stadium and a 24-hectare public park, as well as extensive space for…

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November 21, 2018

Get Real; Miami was Never a Viable Choice for Amazon

A Guest Editorial by Wolfgang Tweraser

The only thing Miami / Florida can offer Amazon is that Bezos went to school in Florida and the tax advantage?

Maybe he doesn’t want to go back to where he went to school? Knowing the school system in Florida, I would not be surprised. Tax advantage? Many other States offer the same or better – thus this is no real advantage.

Now we try to get him because of the Latin American market? Mexico is our largest trading partner so Arizona or Texas would be much better for them than Florida.

Florida has nothing to offer to real investors and big businesses:

  • Too political
  • Permits take forever
  • Immigration issues
  • Language barriers
  • No trained employees
  • No real support from local or State government
  • Lots of “programs” but none really work or are for the right industries
  • Lack of real affordable housing and I don’t mean Sec 8
  • Office space in Miami way too overpriced and doesn’t offer anything
  • Outdated technology in regards of Mobil phones and internet
  • Public transportation seems to have stopped in the 80’s
  • Crime rate

I strongly recommend Florida involves REAL business people without an agenda to bring big companies, especially from Europe and Asia to the US.

The promise – pay less taxes – is an empty one because the lack and issues listed above cost you more than tax breaks safe you.

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November 15, 2018

Miami Commercial Real Estate News November 14, 2018: Amazon HQ2 Selection Made; Adler’s Miami River Project; More…

Here’s what’s next for Adler Group’s Miami River project

On Tuesday, Miami residents voted to approve a referendum allowing the Adler Group to lease city-owned land along the Miami River, placing the developer one step closer to breaking ground on its multi-tower project. But before that, the city has to decide where it will move its administrative offices. As part of the deal, the developer will build a public riverwalk and a 230,000-square-foot administrative…

End of boom-times: The impact of a looming slowdown in the multifamily market

A decade-long apartment boom may be coming to an end. Federal data shows that multifamily building permits have declined every month since March, suggesting that apartment construction could slow in the next two years, the Wall Street Journal reported. According to the latest Census Bureau data, permits were pulled to build 351,000 units in new properties with at least five units in September.

New Flagler Street civil courthouse meets ‘significant cost inflation’

A new Flagler Street civil courthouse that county commissioners OK’d in July has run into “significant cost inflation” due to costlier construction materials, higher interest rates and need for a taller building, Mayor Carlos Giménez said last week. In late August he predicted costs, first projected as over $280.71 million, would surpass that number for those exact reasons. The first of 30 annual…

Miami Beach Convention Center hotel to open within 5 years

Miami Beach is finally coming into its own as a full-fledged convention destination after voters approved lease components of a hotel adjoining the newly-renovated Miami Beach Convention Center. Developer David Martin says Miami Beach Mixed Use Investment LLC is moving forward with hotel design, engineering and permitting and going through a series of approvals at the city level. He said his goal…

Preserving historic districts pays off in Miami-Dade

Preserving historic districts isn’t just good for protecting Miami-Dade’s past for posterity’s sake; it’s also a smart financial investment, according to recent economic impact reports published by the county. “Together these studies indicate preservation has made a positive fiscal impact on Miami-Dade and its residents,” Miami-Dade Mayor Carlos Giménez wrote in an accompanying Oct. 31 memo. The two…

It’s official: Amazon will split headquarters between LIC, Crystal City, and open new hub in Nashville

It’s official: After more than a year of hype, Amazon has announced that it will split its two new headquarters between Long Island City and Crystal City. And in a last-minute surprise, the company also revealed it will be opening a “regional hub” in downtown Nashville. The news comes after several reports indicated that Amazon had settled on moving…

Amazon’s HQ2 was a con, not a contest

To dozens of cities across the United States, Amazon’s widely publicized search for a “second headquarters” looked like thousands of new jobs, up for grabs. To Pivot co-host Scott Galloway, it now looks like a “ruse.” “I lease office space all the time for my businesses and I always tell my real estate agent, ‘We can lease any office in the world as long as I can walk there from where I live,’” Galloway said on…

Miami To Amazon After HQ2 Snub: Call Us When You Want To Set Up A Latin American Hub

Jeff Bezos went to high school in Miami, and Florida loves to dangle its lack of state income tax in front of out-of-state businesses. But despite those factors, South Florida was unable to land Amazon’s second headquarters. Bisnow/Deirdra Funcheon Caoba, left, an apartment building that is part of Miami Worldcenter. The zigzag platform is part of Miami Central station, where Brightline rail service…

The Wynwood Yard Team Is Opening The Doral Yard At Downtown Doral

It’s just been announced that the Doral Yard at Downtown Doral will open in spring 2019. The project is a partnership between Della Heiman and Ken Lyon of Yard Hospitality, Joseph Furst of the Wynwood Business Improvement District and formerly of Goldman Properties, and Downtown Doral developers Armando Codina and Ana-Marie Codina Barlick.

Amazon to officially name New York and Crystal City as new headquarters: report

It’s about to be official: New York City and Crystal City will soon be named the lucky winners of Jeff Bezos’ golden tickets. More than one year and an innumerable amount of free publicity later, Amazon’s planned $5 billion HQ2 will be split among the two cities, the Wall Street Journal reported late Monday. The e-commerce giant is expected to make an official announcement on Tuesday. The competition…

Balans and Skorpios close and other South Florida restaurant news

Balans restaurant in the MiMo District closed in late October and a new concept is moving in next month. Miami.com first reported that Balans closed at 6789 Biscayne Boulevard. Jonathan Balan, CEO of the restaurant group, told the publication that it “just wasn’t doing as well as we’d hoped.” He’s renovating the original location on Lincoln Road and another in Brickell, and looking for a third. In its place…

Starwood Capital proposes office complex – likely HQ – in Miami Beach

Starwood Capital Group is proposing a new office and retail development in Miami Beach, likely the site of its new headquarters. Records show North Bay Owner LLC plans to go before the Miami Beach Planning Board on Nov. 27 for a 144,430-square-foot building at 2318, 2322 and 2340 Collins Avenue, across the street from 1 Hotel & Homes South Beach, which Starwood co-developed with LeFrak.

Opportunity Zones: Watch The Pitfalls

“The Opportunity Zone program is truly a game changer,” Hunt Real Estate Capital director Marc Suarez said at Bisnow’s multifamily event in Miami Wednesday, echoing a sentiment felt by many around the country. But other panelists warned that the new program — which lets people defer or eliminate taxes on capital gains if those gains are invested in certain areas for up to 10 years — could tempt people…

Global Chemical Distributor Inks 44,000 SF Lease Renewal In Miami Airport West

Transwestern’s South Florida industrial team has secured a 44,101-square-foot lease renewal with Univar USA at a 64,086-square-foot industrial building at 7120 NW 74th Avenue in Miami. Transwestern’s Senior Managing Directors Ben Eisenberg and Walter Byrd, Managing Director Thomas Kresse, and Vice President Carlos Gaviria facilitated the transaction on behalf of Terreno Realty Corp., which…

North Miami Beach property approved for hotel development sells for $11.38M

A vacant property in North Miami Beach approved for hotel development has been sold for $11.38 million. The buyer paid $2.74 million an acre for the 4.14-acre site at 17400 West Dixie Highway in North Miami Beach, near Greynolds Park. The city government approved a 10-story, 260-room hotel at the West Dixie Highway site, but the hotel project never advanced to the construction stage. The seller of…

Starwood’s Barry Sternlicht optimistic about rising interest rates: “We’re going to make a lot of money”

Starwood Property Trust’s Barry Sternlicht isn’t worried about rising interest rates. In fact, it’s the opposite. “We’re going to make a lot of money,” he told analysts during a conference call on Friday. The Miami Beach-based real estate investment trust, an affiliate of Starwood Capital, reported slightly lower third quarter earnings due to high acquisition costs, yet its results met analysts’ expectations.  The…

Baptist Health pays $11M for office project across from hospital

A company affiliated with Baptist Health South Florida just paid $11.3 million for a medical office property directly across from the hospital. Baptist Health Enterprises bought the 43,000-square-foot Plaza Galloway at 9055 Southwest 87th Avenue for $263 per square foot. Plaza Galloway sold the five-building property, which is managed by Joanne Mitchell. Plaza Galloway initially bought the property…

Video: PwC Partners Mitch Roschelle and Byron Carlock Discuss CRE Market Outlook and Economic Cycle

Byron Carlock and Mitch Roschelle, both Partners at PwC that are involved with its Real Estate Practice, appear on the host of America’s Real Estate Show in studio to talk about the PwC/ULI Emerging Trends in Real Estate 2019 Outlook. In this segment, the discussions include the current economic cycle and factors affecting real estate.  They note a cautious optimism, and discuss how market players…

Estate Investments Group scores $51M construction loan for apartments in West Miami

Estate Investments Group just scored a $51 million construction loan for its 306-unit Soleste Almeda apartment project in West Miami. The development group, led by Robert Suris, secured the loan from Arkansas-based Centennial Bank and Miami-based LV Lending for its project at 6290 and 6320 Southwest 8th Street. Estate Investments Group has been an active developer in the city of West Miami and…

King of Diamonds loses its throne

King of Diamonds has vacated its castle near Miami Gardens. The strip club — once a famous hangout for hip-hop stars, NFL athletes and undefeated boxing champ Floyd Mayweather Jr. — was evicted last week from the 60,622-square-foot converted warehouse at 17800 State Road 9 that King of Diamonds has called home since it opened a decade ago. The strip club only occupied a little more than half…

Dissent in Surfside: Developer withdraws plans for mixed-use town hall project

A joint venture between Pointe Development and Monceau Realty withdrew its bid for a public-private partnership in Surfside after facing opposition from residents. In September, the developer received the votes to move forward with the $33.5 million project that calls for a new town hall and civic center between 87th and 96th streets. But a group of residents moved to kill the bid ahead of a meeting…

What’s next for David Beckham’s MLS soccer stadium?

Voters gave David Beckham and the Mas brothers the green light to move forward with their plans to bring a Major League Soccer stadium and an ambitious mixed-use project to Miami. But what happens next? The project known as Freedom Park could include a 25,000-square-foot soccer stadium as well as more than 1 million square feet of retail and office space and about 750 hotel rooms…

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November 14, 2018

Video: PwC Partners Mitch Roschelle and Byron Carlock Discuss CRE Market Outlook and Economic Cycle

Byron Carlock and Mitch Roschelle, both Partners at PwC that are involved with its Real Estate Practice, appear on the host of America’s Real Estate Show in studio to talk about the PwC/ULI Emerging Trends in Real Estate 2019 Outlook. In this segment, the discussions include the current economic cycle and factors affecting real estate.  They note a cautious optimism, and discuss how market players almost universally agree, with a stunningly slim 1% of respondents to their survey anticipating a bad year for commercial real estate in 2019.

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November 9, 2018

Miami Commercial Real Estate News November 7, 2018: Voters Approve Beckham Stadium, Convention Center Hotel; Amazon HQ2 Decision Nears; More…

Metronomic plans Little Havana office project SieteOcho

A new office development is planned for Little Havana. Metronomic just announced plans to build a five-story office project called SieteOcho at 640 Southwest Eighth Avenue. The project would mark one of the first new office developments in the area, amid a surge of new boutique multifamily construction. The company recently acquired the 2,450-square-foot development site, but it has not yet…

Miami election: Voters approve Beckham’s MLS stadium, convention center hotel

Voters in the city of Miami approved two major mixed-use projects in Tuesday’s midterm elections, paving the way for a Major League Soccer Stadium from David Beckham and his partners and a separate riverfront project from the Adler Group. In Miami Beach, voters backed a referendum approving a lease between the city and MB Mixed Use Investment LLC, an entity led by Jackie Soffer and David…

Miami Yacht Show cruising across bay from Miami Beach

Producers plan to move the Miami Yacht Show from Miami Beach to the City of Miami’s Omni area beginning in 2019. Yachting Promotions Inc. is asking the city for a revocable license to stage the annual yacht show offshore of the former Miami Herald site, between the MacArthur and Venetian causeways. The city commission may decide on the temporary license next week. Spencer Crowley, an…

Coconut Grove Business Improvement District gets new lease on life

Property owners have granted another 10 years to the Coconut Grove Business Improvement District’s lifespan. The organization has just won approval by a 61% vote from property owners within its boundaries – 140 of 229 affidavits. The votes now move to the Miami City Commission for formal ratification. Business Improvement District (BID) board members say they are elated at the election results.

Famed Miami Strip Club King of Diamonds Has Been Evicted

Miami’s King of Diamonds is, quite possibly, the most famous strip club in America. It’s a blue-neon-lit beacon on the side of I-95 where TV star Blac Chyna danced. KOD, as it’s informally known, has been referenced in countless rap songs. It regularly showed up in hip-hop videos. But as of this month, the club is basically no more: It was sued for foreclosure in August 2017, and now, according to court…

Midtown Realty Affiliate Buys Miami Shopping Center

In a $78.2 million deal, an affiliate of Midtown Realty Group has acquired Downtown Dadeland, a 126,000-square-foot retail lifestyle center in Miami, from a joint venture between Duncan Hillsley Capital and Pebb Capital. CBRE facilitated the deal on behalf of the sellers, with the firm’s Dennis Carson and Casey Rosen handling the transaction. Downtown Dadeland was 98 percent leased at the time of sale.

Four-block-long street mural coming to Wynwood

A mural spanning four blocks in Wynwood is expected to arrive next spring. The organization leading efforts to revamp Northwest Third Avenue plans to collaborate with 200-plus volunteers in either late February or March to bring the vision of two artists to life. Street Plans Collaborative is overseeing the planning of Walk Wynwood. The county first held a competition called the Miami-Dade County Quick…

Hotel on Miami River to be made of shipping containers

Investors are advancing a plan to build a boutique hotel on a vacant lot on the Miami River, with an adjacent food plaza offering dining options. On Monday, the Miami River Commission unanimously recommended city approval. The conditional approval directs the owner-developers to come back to the river commission when the project is more defined. The site is on South River Drive, between the…

Issues aplenty face a growing, successful Wynwood

In many ways, Wynwood is a victim of its own success, as leaders face issues that weren’t even on the radar years ago, when the area was a hive of factories, warehouses and body shops. The Wynwood Business Improvement District (BID) is determined to find workable solutions while preserving the area’s character, leaders say. “Being a good neighbor is a priority for the BID and we are working to build…”

Florida governor’s race: DeSantis defeats Gillum; both had strong real estate backing

Former Rep. Ron DeSantis won the race for governor of Florida on Tuesday night, defeating Tallahassee Mayor Andrew Gillum in one of the most closely-watched races across the country. Gillum conceded to DeSantis at about 11 p.m. on Tuesday and delivered an emotional speech to his supporters vowing to continue to fight for his beliefs. Both candidates secured significant donations from real estate…

Miami City Self Storage Opens New Storage in South Florida

Miami City Self Storage has added three new storage facilities to its portfolio in Miami, Doral and Ft. Lauderdale, totaling approximately 240,000 square feet. The firm appointed CubeSmart as the manager of the properties. Located at 3951 NW 77th Avenue, the Doral asset is situated near the intersection of freeways 826 and 948. The area is densely populated, with approximately 220,00 people living within…

Don Peebles, Jackie Soffer among last-minute donors to Florida candidates

In a last-minute effort to get their preferred candidates elected, a handful of South Florida developers and investors are making big contributions to political action committees. On Thursday, developer Don Peebles gave $100,000 to Forward Florida, a PAC supporting Tallahassee Mayor Andrew Gillum’s bid for governor, according to the Florida Division of Elections data from the last…

Amazon HQ 2 cities: The company will split new headquarter locations, report says

After months spent deliberating which of the 20 finalist cities will host its second headquarters, Amazon appears to have made a decision. And it’s a surprise. The e-commerce giant will split its planned $5 billion HQ2 between two cities, according to a report in the Wall Street Journal. The offices will be the same size and both will employ up to 25,000 people each, the Journal reported. The news comes just…

CIM Group pays $17 million for Wynwood Square property

CIM Group just paid $16.6 million for a 1.78-acre site in Wynwood where a 12-story mixed-use project is planned. Los Angeles-based CIM Group, which has more than $29 billion in assets, bought the property for $214 per square foot at 2201 North Miami Avenue from One Real Estate Investment, according property records. According to a press release from CIM, the site is fully-entitled and One Real Estate…

Add Lowe’s to the growing list of retailers shuttering stores nationwide

Lowe’s Companies said it will close 51 stores in the United States and Canada, the latest national retailer to shed its brick and mortar locations amid increasing e-commerce competition. On Monday, the home improvement giant announced it will shutter 20 stores in the U.S. — including two in Manhattan — and 31 stores in Canada, according to the Wall Street Journal. The closures affect 13…

Bloomberg relocates to Brickell City Centre & other news in South Florida leasing

Media company Bloomberg just expanded and relocated its Miami office to Two Brickell City Centre. Bloomberg inked a 3,642-square-foot lease at 78 Southwest Seventh Street at Swire Properties’ 4.9 million-square-foot mixed use project. It previously had a 2,600-square-foot office at 1111 Brickell Avenue in the Sabadell Financial Center. According to…

S&S Diner’s relocation doomed by Miami’s building boom: lawsuits

Two years after moving from its longtime Miami home on Northeast Second Avenue, S&S Diner has been kicked out of its current location at 2699 Biscayne Boulevard amid a three-way legal battle with its landlord and the developer of a neighboring mixed-use project, Biscayne 27. Alexis Read, the attorney for landlord Biscayne Rentals, said S&S was evicted from the premises last week. “We did try to…”

Amazon “close” to picking HQ2 location: sources

Crystal City in Northern Virginia seems to be the front-runner in the drawn-out competition to win Amazon’s $5 billion second headquarters, widely known as HQ2. Sources familiar with the company’s negotiations say Amazon is in advanced stages of discussing the location of HQ2 in Northern Virginia, according to the Washington Post. Topics such as the timing for a public announcement and…

Arrests shed light on how an ex-president of Argentina may have used bribes to buy properties in Miami and New York

Following the arrests of four people, authorities in Argentina have uncovered how a former president of the South American country may have used bribe money to buy U.S. properties, including luxury condos in New York City and South Florida. The arrests were ordered by an Argentine judge overseeing a corruption case against the former president, Cristina Fernández de Kirchner. She is accused of accepting…

Owner of South Beach hotel development site faces foreclosure suit

The owner of a mortgage loan secured by a Miami Beach hotel development site filed a foreclosure lawsuit against the developer that owns the site. The defendant in the foreclosure lawsuit, a limited liability company managed by Gianfranco Rondón of RG Group, listed the development site for sale with an asking price of $10.95 million in August. Rondón, a Venezuelan businessman, manages RG…

Co-working firms aren’t happy about CBRE launching competitor company

Some co-working companies aren’t happy about CBRE’s new flexible workspace venture. The brokerage announced on Wednesday that it will start inking property management agreements with landlords to provide flexible office space to large corporate clients. But some of CBRE’s would-be clients aren’t thrilled that the brokerage will now compete in the co-working space, Crain’s reported. “Going forward…”

Florida AG candidates draw contributions from Philip Levine, Jimmy Tate and others

In the race to replace Florida Attorney General Pam Bondi, Democrat Sean Shaw and Republican Ashley Moody have scored contributions from real estate developers, investors and brokers. Moody, who’s raised significantly more than Shaw, has drawn donations from industry executives across the state, including Walt Disney Company’s The Celebration Company, development companies tied to the Villages…

EB-5 immigrant petitions are at lowest levels in at least five years

Only 617 new EB-5 immigration petitions were filed with United States Citizenship and Immigration Services in the third quarter of 2018, the lowest quarterly figure for new applications in at least five years, according to data released by USCIS this week. Last quarter, there were 1,607 applications and 4,402 a year ago. The drop comes as Chinese investors increasingly express their dissatisfaction with long…

Miami-Dade judge faces suspension after allegedly accepting free RIU Hotel stays

The fallout continues in the case of the former Miami Beach building department director who allegedly accepted bribes. His wife, a Miami-Dade County judge, now faces a possible 30-day suspension for failing to disclose free and discounted hotel stays from RIU Hotels & Resorts. Judge Maria Ortiz of the Eleventh Judicial Circuit received the free trips after her husband, former Miami Beach Building…

Soffer family, Stephen Ross among big donors to Florida Senate candidates

Citadel founder and Palm Beach property owner Ken Griffin is the biggest donor to the New Republic PAC, giving a whopping $7.5 million since June to the committee backing Gov. Rick Scott’s bid for Senate. The PAC has spent nearly $10 million on media buys over the past week, according to Florida Politics. Scott is running against incumbent Sen. Bill Nelson in Tuesday’s midterm elections. In addition to…

LDG scores $10M construction loan for Aventura Village

Land Developers Group just scored a $10.4 million construction loan from New Wave Loans to finish building its 108-unit Aventura Village townhome project. Aventura-based LDG’s new construction loan increases its financing for the project to $13.9 million. The development will include 96 townhouses and 12 lofts at 19380 Northeast 26th Avenue. The townhomes will be built close to Aventura Mall and…

Contract disputes over revocation of offers

People and businesses in Florida generally conduct their businesses by offering certain goods and services in exchange for money or other consideration. At a very basic level this type of offer and acceptance creates a contract between the parties. These can be very complicated, though, so many times these contractual relationships are put into writing and signed by the parties to ensure the…

CBRE is launching its own co-working company

CBRE is entering the co-working business. The brokerage announced on Wednesday that it is launching Hana, a subsidiary that will enter property management agreements with landlords to provide flexible office space to large corporate clients. In getting into the co-working business, the world’s largest real estate services company is betting that landlords want co-working components in their buildings but…

Coconut Grove’s Villa Woodbine to become a private school?

There is talk about Carrollton School purchasing Villa Woodbine at 2167 South Bayshore Driveto turn it into a boys school. Their current location at 3747 Main Highway is an all girls school. This brings up the issue of added traffic to the area. This would affect S. Bayshore Drive, Kirk Street, SW 22nd Avenue and Tigertail. Currently traffic is a mess at school start and end dates due to Ransom Everglades…

Report: Amazon In Advanced Talks To Put HQ2 In Northern Virginia

Amazon appears to be closing in on Northern Virginia as the long-awaited winner of its HQ2 competition. The tech giant is in advanced discussions about selecting Arlington’s Crystal City neighborhood, the Washington Post reports, citing anonymous public and private sector officials. The discussions are reportedly more detailed than those Amazon has had with other jurisdictions. The Post reports…

The Shipyard hotel and food court proposed along Miami River

A team of investors is proposing a new hotel and food court along the Miami River. Levy Gomez, Marcos Corminas and chef John Gray presented their proposal for The Shipyard on the River to the Miami River Commission, which will take up the project at its next meeting on Monday. The project would be built on a vacant site at 5 to 27 Southwest South River Drive. Records show South River Warehouse…

Video: PwC Partners Mitch Roschelle and Byron Carlock Discuss Emerging Trends in Real Estate Report 2019

Mitch Roschelle and Byron Carlock, both Partners at PwC involved with its Real Estate Practice, join the host of America’s Real Estate Show in studio to discuss the PwC/ULI Emerging Trends in Real Estate 2019 Outlook. Discussions include the current economic cycle, REITs, and the democratization of real estate. In this segment, the CMBS market, the advent of REITs, lending sources, and assets sources are…

Two Developers Leverage Art and Placemaking in Miami

Perhaps it is no coincidence that both Craig Robins, president and chief executive officer of real estate development company Dacra, and Kieran Bowers, president of Swire Properties, were schooled in the humanities before becoming real estate developers. Bowers earned a degree in oriental studies with a concentration in Japanese from Pembroke College at Oxford University, while Robins, himself the son…

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November 7, 2018

Miami Mentioned 18 Times in PwC 2019 Emerging Trends in Real Estate

PwC / Urban Land Institute 2019 Emerging Trends in Real Estate 2019 Report

PwC / Urban Land Institute 2019 Emerging Trends in Real Estate 2019 Report

Miami or Miami-Dade county is mentioned in 18 places in the most recnet ULI/PwC 2019 Emerging Trends in Real Estate. Some highlights include:

  • Pg 22: “A 2018 Harvard study of Miami–Dade County determined that properties at lower elevations are gaining value at a slower rate than those at higher elevations.”
  • Pg 22: “Miami Beach is currently investing $600 million to elevate roads and pumps to combat sunnyday flooding, and in 2018, New York City reissued Climate Resiliency Design Guidelines to inform the design of all city capital projects”
  • Pg 36: “Florida is a noteworthy story in this year’s survey: Orlando is in the top five, Tampa Bay/St. Petersburg is in the top ten, and Miami and Fort Lauderdale are both ranked in the top 20.”

Click through to the report, then use CTRL-F to search for “Miami” to find all mentions.

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November 3, 2018

Video: PwC Partners Mitch Roschelle and Byron Carlock Discuss Emerging Trends in Real Estate Report 2019

Mitch Roschelle and Byron Carlock, both Partners at PwC involved with its Real Estate Practice, join the host of America’s Real Estate Show in studio to discuss the PwC/ULI Emerging Trends in Real Estate 2019 Outlook. Discussions include the current economic cycle, REITs, and the democratization of real estate. In this segment, the CMBS market, the advent of REITs, lending sources, and assets sources are discussed, with charts displayed for each.

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October 31, 2018

Miami Commercial Real Estate News October 31, 2018: Beckham Stadium, Other Real Estate Projects on the Ballot; Wynwood Inventory to Double; More…

Here are the major real estate projects on the ballot in Miami

After years of jumping around Miami for a site to build a multimillion-dollar Major League Soccer stadium, David Beckham and his partners will be asking City of Miami residents to approve their latest pitch. Fueled by Jorge Mas and his brother Jose, the new ownership group is proposing a $1 billion mixed-use complex on about 73 acres of the Melreese Country Club site at 1400 Northwest 37th Avenue…

Inventory In Wynwood Set To Double In 3 Years

In the early 2000s, Miami’s Wynwood district transformed from a gritty warehouse area into a thriving arts center with street art murals and galleries. It then morphed again, developing a nightlife scene with restaurants, bars and creative spaces. Investors believe that a new wave of residential and office construction that’s currently underway will bring on yet another chapter: Wynwood as a more mature live…

Will David Beckham Finally Get A Soccer Stadium? That’s Up To Miami Voters

David Beckham’s push to get a Major League Soccer team going in Miami has faced a long slog, with five years having passed as his ownership group looks for a suitable stadium site. After several sites were considered then nixed for environmental or financial reasons, the group is now focused on a city-owned golf course. One catch: The city needs permission from voters to move ahead…

Biotechnology company pays $12 million for 12-acre industrial property

Thermo Fisher Scientific Corp just paid $12 million for a 12-acre industrial property in northern Miami-Dade County that houses a manufacturing facility formerly owned by Becton Dickinson & Co. Thermo Fisher Scientific bought the property at 100 Northwest 176 Street after it completed an acquisition last week of the Advanced Bioprocessing business of Becton Dickinson for $477 million in cash.

TA Realty pays $36 million for industrial portfolio in Hollywood

TA Realty just bought two industrial buildings in Hollywood from Guardian Life Insurance Co. of America for $36.1 million. Property records show the insurer sold an 83,880-square-foot warehouse at 2551 Southwest 39th Street and a 134,320-square-foot warehouse at 4140 Southwest 30th Avenue. In total, the portfolio spans 218,200 square feet, meaning the deal breaks down to about $265 per square…

Somera Road is latest firm trying to raise $500 million to invest in Opportunity Zones

Add Somera Road to the growing list of real estate investment groups seeking to raise millions of dollars to invest in distressed areas as part of a new federal program. Somera Road is looking to raise $500 million to invest in those Opportunity Zones, and is in talks to buy several properties located within the program’s designated areas. The New York-based firm joins RXR Realty,  Youngwoo & Associates…

Sales of sites in Opportunity Zones up 80%

Property owners in designated Opportunity Zones are now seeing their sales prices and asking prices spike since the tax incentive program was announced last year. Sales of development sites in the 8,700 designated zones across the country increased 80 percent in the first three quarters of 2018 year over year, according to the Wall Street Journal, citing data from Real Capital Analytics. Opportunity…

Ransom Everglades expanding again in Coconut Grove

Ransom Everglades School’s Coconut Grove campus is growing – again. The prominent, private middle and high school is under contract to purchase a home at 1921 South Bayshore Drive for about $3.7 million, according to Engel & Völkers Miami. The deal, set to close Nov. 15, would add about an acre to the 16.7-acre campus. The property the school is buying includes a three-bedroom, 4,612-square-foot…

44-story Alton Road tower gets Miami Beach planners’ OK

After 118 meetings – according to developer Russell Galbut – the 500-700 Alton Road single-tower development could finally be going before the Miami Beach City Commission for the first of two readings. The city Planning Board on Oct. 23 unanimously recommended the city commission allow a 44-story tower with a height of 519 feet. Last month, the Land Use Development Committee recommended 44…

Crumbling affordable housing in Miami Beach faces deadline

Ceilings falling in, mold growing and an infestation of insects are just some of the complaints coming from Crespi Park Apartments, affordable housing units in Miami Beach rented mostly by seniors. On Oct. 17, the city commission voted to give the buildings’ owners, the Miami Beach Community Development Corp. (MBCDC), a “90-day reprieve” to “come back with a plan” on how the organization will…

William Talbert III: Looking to game-changer convention headquarters hotel

As president and CEO of the Greater Miami Convention & Visitor Bureau, William Talbert III has for almost two decades steered the official destination and sales and marketing organization for Miami-Dade County and roughly 1,100 private business partners. His tenure is decorated with major accomplishments, including assisting with the passage of the Travel Promotion Act, a food and beverage tax to…

Conditions Ripe For More Multistory Warehouses In Miami, Other Densely Populated Cities

Multistory warehouses are becoming more common in densely populated metropolitan areas, according to a new report put together by CBRE. Seattle, San Francisco, New York, Miami, Chicago and Los Angeles are the most favorable markets for this type of industrial development to take place due to the high land prices, dense population and the high concentration of e-commerce shoppers in these…

Elion Partners buys Medley warehouse for $8 million

A company tied to Elion Partners paid $7.6 million for a warehouse in Medley that serves as the headquarters of Majestic Mirror & Frame. EVI 7425 LLC, which is led by the principals of the real estate investment firm Elion Partners, bought the 62,713-square-feet building at 7425 Northwest 79 Street from A Jay Properties, which is tied to Alan Mandel, the founder of Majestic Mirror & Frame…

$13 Million Refi Secured for Miami Beach Hotel

Berkadia has secured a $13 million loan for the refinancing of The Lord Balfour Hotel, an 81-key boutique hotel in Miami Beach, Fla. Mercantil Bank provided the 24-month mortgage that carries one 36-month extension option. Located at 350 Ocean Drive in Miami Beach’s South of Fifth neighborhood, the hotel was constructed in the Art Deco style during the 1940s. Current owner Eidico, an…

Capital Arranged for Acquisition of Apartment Community in Miami Gardens

Eyzenberg & Co. has arranged financing for the acquisition of Park Plaza, an apartment community at 17600 NW 5th Avenue in Miami Gardens. A joint venture between Coastline Management and Tower Capital Group purchased the 234-unit property from an undisclosed seller. Robert Ginsberg and Mila Babenko of Eyzenberg & Co. arranged a $7.5 million equity investment from JCR Capital, an alternative…

These are the biggest RE donors to House of Representatives candidates in SoFla

As South Florida voters head to the polls on Tuesday, Nov. 6, they’ll be met with an array of candidates from both sides of the aisle with platforms impacting a variety of real estate issues. Candidates for the U.S. House of Representatives, who include Donna Shalala, Carlos Curbelo and Debbie Wasserman Schultz, scored donations from big names in real estate, like…

What happens when an EB-5 project fails?

In 2012, a trio of developers drew up plans to build a 12-story InterContinental hotel in Fort Lauderdale Beach. The Las Olas Ocean Resort would include a 12,000-square-foot restaurant from the management company behind Senior Frog’s. To fund the development, the ownership group tapped Bancorp Bank and later, dozens of Chinese investors who poured in millions of dollars through the federal…

SoFla construction starts rise in September

Construction starts in South Florida pushed the pedal a little harder in September, as both residential and commercial sectors saw increases on a year-over-year basis. According to Dodge Data & Analytics, last month’s total building activity spiked 45 percent, up to more than $1 billion, thanks to a strong boost in residential starts. Compared to the same month last year, residential construction…

Bentley Edgewater reborn as Holiday Inn after Heafey partnership sours

When the Heafey Group launched sales for its planned Edgewater condo-hotel, it did so in the typical style of 2016: with a red carpet, cocktails, and a parked row of expensive cars that shared the project’s deluxe branding — Bentley. What a difference two years make. Today, Heafey is out, the site is still vacant, and the Kobi Karp-designed Bentley Edgewater Hotel & Residences will rise instead as…

Gomez scores $24 million construction loan for Fontainebleau apartments

A company tied to developer Marlon Gomez just scored a $24 million construction loan to build an apartment complex in the Fontainebleau area of Miami. Fontaineparc, a company led by Gomez Development Group’s Gomez will use the loan to build a 133-unit building at 275 Fontainebleau Boulevard in western Miami-Dade County, records show. Miami-based BridgeInvest is the lender.

Video: Reis Economist Barbara Denham Presents Retail Property Sector Update and Forecast

Barbara Denham, Economist with Reis, appears on America’s Commercial Real Estate Show to discuss retail real estate. In this segment, Ms. Denham notes that mall vacancy rates made a big jump in the last quarter from 8.6% in Q2 to 9.1% in Q3, as a number of Sears and Bon-Ton stores closed. She noted this is the biggest such increase since the housing crisis. Shopping center vacancies, i.e. more open…

Realterm Logistics Final Mile at Medley Florida

The Final Mile at Medley property is now available for lease. The address is 7500 NW 82nd Place, Medley, FL 33166. The 28,000 sq. ft. warehouse building sits on 10.8 acres. The landlord / developer, Realterm Logistics, will consider build-to-suit construction for long term, creditworthy tenants… sold the property to Realterm for $10,000,000. The sale reflected a land value of about…

Old U.S. Post Office and Courthouse To Be Converted Into Five Levels Of Bars & Restaurants

Post Office Development LLC has submitted plans to restore the Old U.S. Post Office and Courthouse in downtown Miami with a new project called the Republic Entertainment Bureau. If Miami’s Historic and Environmental Preservation Board approves the plan, the four-story building, which was once known as the most modern federal building south of Washington D.C., will be rebuilt to include bars…

Mattress Firm to landlords: Drop (rents or your store is) dead

Mattress Firm’s landlords have a tough choice on their hands. They can slash rents on hundreds of stores throughout the country and keep the embattled mattress retailer, or find new tenants. CEO Steve Stagner told Mattress Firm’s landlords on a conference call earlier this month that the Houston-based chain would have to vacate their stores if the existing terms remained, according to Bisnow.

Miami Based Lennar to sell Rialto to Stone Point Capital for $340 Million

Lennar Corp. will sell its Rialto Investment and Asset Management to the private equity firm Stone Point Capital for $340 million. Miami-based Lennar announced the news on Monday in a release and said the sale is expected to close Nov. 30. The Wall Street Journal reported earlier this month that the homebuilder was in talks to sell its Rialto division to Greenwich, Connecticut-based Stone Point Capital.

Renderings revealed: ESJ Capital unveils Jungle Island hotel & more

After receiving voter approval, ESJ Capital Partners released a slew of renderings for its proposed Jungle Island hotel. The vote allowed the Aventura-based developer to extend its lease to 39 years, plus a 15-year option, for the planned 300-room hotel. ESJ recently submitted plans to the city of Miami for construction of the project. ESJ closed on the initial $60 million lease transfer of the 18-acre Watson Island…

New co-working concept inks Wynwood deal

A new co-working concept is opening in Wynwood, adding to a growing number of shared-space operators and boutique office buildings rising in the artsy neighborhood. MINDS Co/Work is opening in mid-November in a 9,500-square-foot space at Lombardi Properties’ building at 120 Northwest 25th Street, according to a press release. Julian Oquendo of Lombardi said the company leased about 80…

South Florida retail vacancies, asking rates rise in Q3: report

Even South Florida can’t escape some of the challenges retail has faced nationwide. South Florida has long outperformed other areas of the country when it comes to retail. The region’s malls, such as Aventura Mall and Sawgrass Mills, are ranked as some of the most trafficked and profitable malls in the country. But the struggles of retail shopping centers, coupled with new retail space delivered, drove…

Construction finished on 1 of 2 towers at The Harbour in North Miami Beach

Key International and 13th Floor Investments completed one of the two towers at The Harbour, their 32-story condominium development in North Miami Beach. The Miami-based developers received a temporary certificate of occupancy from Miami-Dade County for the development’s 213-unit south tower. Key International and 13th Floor also said in a press release that they expect to receive a temporary…

SkyRise Miami set to take off once again, could be Florida’s tallest tower

SkyRise Miami, the contentious 1,000-foot entertainment and observation tower planned for downtown Miami, is finally set to start construction next year. When completed, it could become the tallest building in Florida, though other South Florida projects that are not yet built are planned to be slightly taller. Berkowitz Development Group has selected Plaza Construction to begin construction on Skyrise…

Verzasca sells Edgewater site where it planned rental tower

Verzasca Group just sold a development site in Edgewater where it planned to build a residential tower. Verzasca’s 2000 Biscayne Boulevard LLC sold the nearly 33,000-square-foot property at 2000 Biscayne Boulevard to Biscayne and 20th Street LLC for $13.1 million. Estrella Perez of EP Realty Group represented the buyer, which is led by investor Enrique Manhard. Hellos Real Estate Investment Services…

Hotel brands can add value to condo projects: TRD Miami panel

What’s a hotel name worth? Quite a lot when it comes to hotel-branded development projects in South Florida, according to panelists at The Real Deal’s South Florida’s Real Estate Showcase & Forum. Louise Sunshine, a strategic adviser to the owners of Fort Partners, said the Four Seasons brand adds a minimum of 30 percent in value to its residences. Highlighting the success of the Four Seasons brand…

Melding online and physical retail is the key to surviving: TRD Miami panel

Retail landlords can survive the popularity of online shopping by recruiting tenants with a strong digital and physical presence in the market, according to a panel that spoke Thursday at The Real Deal South Florida’s Showcase & Forum on Thursday. “I don’t think there’s a retail apocalypse,” said Craig Robins, president and CEO of Dacra, a leading owner of commercial property in the Miami Design District…

Miami’s condo market of future less about “cycles and roller coaster rides”: TRD panel

A shortage of developable land and a credit crunch means Miami’s luxury condo market will see significantly fewer new projects break ground next year. “There are a lot of properties that continue to be marketed that still haven’t come out of the ground,” said Louis Birdman, who is developing Zaha Hadid’s luxury One Thousand Museum. “I don’t think that you are going to see much come out of the…

Taubco scores $46.5 million refinancing for Causeway Square in North Miami

Developer Taubco just closed on a $46.5 million refinancing of Causeway Square, its 168,956-square-foot, mixed-use development at 1801 NE 123rd Street in North Miami. The financing was provided by 3650 REIT, which is a newly launched commercial real estate lender based in Miami. Charles Foschini, Chris Apone and Robert Iudice of Berkadia’s South Florida office arranged the 10-year loan on behalf of…

$46.5 Million in Refinancing Arranged for Mixed-Use Development in North Miami

Berkadia has secured $46.5 million in refinancing for the recapitalization of Causeway Square, a 168,956-square-foot mixed-use development located in North Miami. The borrower is Taubco, a real estate developer and manager based in South Florida. 3650 REIT, a Miami-based real estate lending, investment and services firm, provided the 10-year loan. Charles Foschini, Chris Apone and Robert…

Trump Group inks $600 million contract with Coastal to build Estates at Acqualina, largest ever for condos

Trump Group has inked a $600 million contract with Coastal Construction to complete both towers and the amenity villa of The Estates at Acqualina in Sunny Isles Beach, The Real Deal has learned. The contract, signed Thursday and announced at TRD‘s Real Estate Showcase & Forum, ranks as the largest ever for a condominium project in South Florida. Earlier this month, Trump Group, led by Jules and Eddie…

The Latest And Greatest In Miami Amenities: A ‘Nautical Concierge’

Park Grove is a brand-new condominium building in Miami’s Coconut Grove neighborhood. The rooftop pool deck has cabanas with TVs and couches, elevators open right into residents’ units, and a sumptuous private screening room has enough seating for 28 people to Netflix and chill. But its signature amenity is the building’s “nautical concierge,” Madeleine Kelly, who organizes sailing trips…

Wawa secures three lease deals throughout Miami-Dade, other news in leasing

Wawa is expanding to three different locations throughout Miami-Dade County. The Pennsylvania chain of convenience stores inked lease deals totaling about six acres in Kendall, South Dade and near Westchester. The stores are opening at 120th Street and 137th Avenue, near the Kendall Tamiami Executive Airport; Quail Roost and 112 Avenue; and 6971 Southwest 24 Street, along Coral Way and just east…

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October 31, 2018

Video: Reis Economist Barbara Denham Presents Retail Property Sector Update and Forecast

Barbara Denham, Economist with Reis, appears on America’s Commercial Real Estate Show to discuss retail real estate. In this segment, Ms. Denham notes that mall vacancy rates made a big jump in the last quarter from 8.6% in Q2 to 9.1% in Q3, as a number of Sears and Bon-Ton stores closed. She noted this is the biggest such increase since the housing crisis. Shopping center vacancies, i.e. more open style as opposed to close, had relatively little change in vacancy rates. Reis is a leading commercial real estate data source in the country, endeavoring to provide an advantage to its customers as they deliver sophisticated solutions to streamline deal flow for enhanced efficiencies across every part of the commercial real estate industry.

 

 

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October 30, 2018

Miami Commercial Real Estate News October 24, 2018: Miami Remains in the Mix for Amazon HQ2; Grove Isle Owners Fight Redevelopment; More…

As HQ2 announcement approaches, Amazon execs are revisiting NYC, Chicago, Miami

Some cities are getting another look from Amazon as the announcement for where the e-commerce giant will set up its second headquarters looms. New York City, Chicago, Newark, Miami and the Washington, D.C. area all had recent follow-up visits from Amazon executives, according to the Wall Street Journal. In New York, the company is reportedly looking at sites in Long Island City and, more…

Allapattah to get 8 acres of offices, apartments, hotel, retail, farming, school

A developer is promising a cutting-edge mixed-use project in the heart of Allapattah’s industrial district, bringing a hotel, apartments, offices, retail and restaurants, urban farming and a school. Miami Produce Center LLC is proposing the ambitious development on more than 8 acres, bounded by Northwest 22nd Street to the north, Northwest 12th Avenue to the east, Northwest 21st Street to the south…

Shoma to convert Hialeah retail center into apartment complex

Hialeah’s city council just cleared the way for Masoud Shojaee’s Shoma Group to convert an old shopping center into a new apartment complex. The council unanimously approved Shoma’s rezoning proposal Tuesday. According to the application, the developer plans to build a 304-unit apartment complex called Shoma Village on a 5.2-acre corner lot at 401 and 435 Hialeah Drive. Shoma Village will…

The stock market is still riding high. So why are real estate stocks tanking?

Even a record-high stock market can’t cheer up real estate investors. The Dow Jones saw a winning streak earlier this month. And the economy, broadly, is strengthening, with the unemployment rate falling to the lowest level since 1969. But real estate stocks across the board have been sliding downhill over the last year. “We are definitely in a soft market and it will continue to soften next year,” said…

Estate Investments scores loan for Palmetto Bay apartments; may market as Opportunity Zone play

Estate Investments Group just secured a $34 million construction loan for its 200-unit Soleste Bay Village in Palmetto Bay, which could be sold to an investor seeking to benefit from a federal tax incentive program. The Miami-based development group scored the loan from Banesco USA and Spain-based Abanca for the property at 18301 South Dixie Highway, according to a press release. Miami-based Estate…

American Dream developer pulls out of deal to buy Archbishop Curley in Little Haiti

Triple Five Group, the developer of the proposed American Dream Miami mall, has pulled out of its contract to buy the Archbishop Curley-Notre Dame High School site where it had planned a mixed-use project, The Real Deal has learned. Robert Gorlow, a Miami Lakes-based consultant for Triple Five, confirmed that the… company withdrew its offer for the 15.56-acre site at 4949 Northeast Second Avenue in…

Developer Drawn to Miami River’s ‘Authenticity’

­Developer Lissette Calderon has lau­nched her fourth project along the Miami River – a once-polluted waterway that has turned into a commercial and residential destination in Florida’s second-largest city. Pier 19 Residences & Marina is a planned 199-unit apartment complex formerly known as River Oaks Tower. Last month, Calderon’s Neology Life Development Group paid $61 million for the property…

Flying electric taxis from Lilium on the horizon in Miami-Dade

In two years, you might see flying electric taxis streaking across the sky, linking travelers to four Miami-Dade airports. That’s the vision of Mayor Carlos Giménez, who last week met with Lilium GmbH, a German engineering startup whose five-seat Lilium Jet could transform global mobility. “It’s definitely cutting edge, so I’m interested in it,” the mayor told Miami Today. “We have an interesting place to try…”

County chases new sponsor for what’s now AmericanAirlines Arena

The home of the Miami Heat may have a new name after more than two decades, as Miami-Dade commissioners Tuesday directed the administration to secure a naming rights sponsor for what in two years may no longer be called AmericanAirlines Arena. Basketball Properties Ltd., the Heat sister company that manages the county-owned arena, is required to assist in the process. The arena manager…

Scott Robins: Targets Wynwood project after Miami Beach successes

Scott Robins, founder and CEO of Scott Robins Companies, has been changing the appearance, and consequently the culture, of Miami Beach since the 1980s. With a portfolio primarily localized in the Art Deco District of Miami Beach and downtown Miami, Mr. Robins specializes in developing, building, leasing and managing office, retail, hotel and resident spaces in some of the most famous spots in…

Golden Sky to follow Umbrella Sky in Coral Gables

Golden Sky will be the newest art installation decorating Giralda Plaza in Coral Gables, with a price tag of approximately $150,000. After the success of Umbrella Sky, the wildly popular art installation that hung hundreds of colorful umbrellas over Giralda Plaza, in August the city commission requested that staff come up with another idea to ramp up visitation to the area over the holiday season. City staff…

Downtown backs vast Miami City Centre add-on

Miami’s Downtown Development Authority is supporting a proposal to add 972 residential units in two towers to the Special Area Plan (SAP) for Brickell City Centre. The revision would allow two sites to be redeveloped: the former Associated Photo site at 19 SW Sixth Street and 650 S Miami Avenue, site of the former Tobacco Road. “These are the missing pieces,” said Christian Gondolfo of Swire Properties.

Miami is one of the country’s top real estate market’s to watch: report

In real estate terms, Brooklyn seems like it has already arrived, but but evidently there’s more room for growth. The borough ranked as the No. 2 overall U.S. market to watch in the annual “Emerging Trends in Real Estate” survey, which also put Miami and Los Angeles near the top of the pack. Chicago came in at a middling 49 out of the 79 biggest real estate markets nationwide, down seven spots from last year…

Institutional investors flock to South Florida’s industrial market: Q3 reports

South Florida’s industrial market continued to remain one of the area’s best performing asset classes in the third quarter of 2018, thanks in part to growing demand from institutional investors. In Miami-Dade County, vacancy rates fell to 3.8 percent from 4 percent on a year-over-year basis. Amid an influx of new industrial space, asking rental rates declined to $9.95 per square foot, a 3.8 percent decrease…

Hotel Astor shuts down after allegedly owing more than $300k

Hotel Astor is being sued by its ground lessor for allegedly defaulting on its lease, and faces separate lawsuits from its former law firm and ex-employees. In total it allegedly owes more than $300,000 in unpaid bills, court records show. The 42-key hotel at 956 Washington Avenue in Miami Beach has been closed for about three weeks, owner David J. Hart confirmed. Hart said he’s in talks with a new…

Hostel or boutique hotel? Youth hostels are adding private rooms, services

Hostels are upping their efforts to win over youth, adding private rooms and more services to gain greater appeal as they expand nationwide. After finding that the term ‘hostel’ is a turnoff to majority of American guests, the London-based hospitality group Generator shifted its focus onto its bars and restaurants at its first U.S. location in Miami Beach, according to the Wall Street Journal. The recently…

PMG scores $39 million condo inventory loan for Muse Sunny Isles

Property Markets Group just closed on a $39 million inventory loan for Muse Residences in Sunny Isles. Pebb Capital, a Boca Raton-based real estate and private equity investment firm, is providing the financing for PMG, according to a press release. The developer and its partner, S2 Development, completed the 68-unit, 49-story tower at 17100 Collins Avenue earlier this year and began recording closings…

Sales of sites in Opportunity Zones up 80%

Property owners in designated Opportunity Zones are now seeing their sales prices and asking prices spike since the tax incentive program was announced last year. Sales of development sites in the 8,700 designated zones across the country increased 80 percent in the first three quarters of 2018 year over year, according to the Wall Street Journal, citing data from Real Capital Analytics. Opportunity…

Even All Those New Miami Apartments Can’t Fill the Demand

Miami apartment demand is exceeding a surge in construction. Miami area residents are moving into apartments faster than new units are being built as developers struggle to keep pace with the ravenous demand and short supply following the latest surge of condominium conversions. But analysts warn that the demand may slow next year. Strong job growth, rising home prices and changing attitudes…

Commercial Borrowing Cost: Rate Watch Quarterly 2018 Q3

At the end of the 3rd quarter of 2018, both short and intermediate yields continued their climb begun nearly three years ago. As can be seen in the accompanying chart, five year rates, most closely tracked for commercial property borrowing cost, found themselves testing 3%, with short term (here 1 month) rates following close behind as they stayed at a spread similar to the one held in periods past as…

Notable Retail Leases Signed in South Florida Q3 2018

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q3 2018. While there are a number of construction projects as well as acquisitions, retail leasing is striving with several major retail leases closed in the past 3 months. Retail leasing activity in South Florida remains robust. Vacancy…

Speculators descend on top contenders for Amazon HQ2

As cities continue to court Amazon, real estate speculators are betting on areas they think might be the home of the online giant’s second headquarters. Investors are throwing cash at sites near top contenders for Amazon’s new headquarters; a decision is expected by year end. They are also buying shares in real estate investment trust JBG Smith Properties, which owns a significant chunk of commercial…

National Security Review of Foreign Investments to Escalate

With its roots in the Exon-Florio Amendment to the Defense Production Act, the Committee on Foreign Investment in the United States (CFIUS), is an inter-agency committee that reviews certain foreign investments in the United States that implicate national security concerns. CFIUS generally determines its own jurisdiction within the parameters of regulatory framework ascribed to it by the federal…

Brazilian billionaire launches sales of 57 Ocean, beachfront condo in Miami Beach

Brazilian billionaire José Isaac Peres is moving forward with plans to build a luxury condo building, 57 Ocean, in Mid-Miami Beach. Peres’ Multiplan Real Estate Asset Management is launching sales of the 81-unit, 18-story project at 5775 Collins Avenue with Fortune Development Sales. The beachfront property was previously home to the Marlborough House condo building, which unexpectedly…

Grove Isle condo owners fight to stop demolition of hotel, restaurant and spa

Three years after settling a lawsuit with the development firm that built Grove Isle, the luxury condominium’s unit owners have launched a new legal battle against a proposal to redevelop part of the waterfront site. The Grove Isle Association last month filed a petition requesting Miami-Dade Administrative Judge Jennifer Bailey force the city of Miami to cancel a demolition permit issued to Grove Isle…

There’s gold in them zones: How Opportunity Zones could impact real estate

At 9800 Grape Street in the Watts neighborhood of southern Los Angeles, gone are the low-rise complexes that were the epicenter of the Rodney King riots. In their place stand rows of wood-frame skeletons taking the shape of 12 garden-style apartment buildings, the first phase of an ambitious redevelopment. While funds for the first and second phases are largely being drawn from city and state coffers…

Condo owners in Little Havana band together to list building as dev site

In an unusual twist, the owners at an aging condo building in Little Havana have banded together to list their property as a redevelopment site. Norman Smith of Weichert Realtors Best Beach Real Estate is representing the 16 owners at Habana Condo at 424 Southwest Seventh Street in Miami. The 16,000-square foot building includes 18 parking spaces and sits on a 15,000-square foot lot.

Special servicing applied to $67.5 million loan secured by Southland Mall in Cutler Bay

A $67.5 million loan secured by the Southland Mall in Cutler Bay was transferred to special servicing, according to Trepp, a data bank for the commercial real estate industry. The loan was scheduled to mature in May 2016 but provided options for three 12-month extensions of the maturity date. The borrower has exercised all three options to extend the maturity date, which is now May 2019. Built in 1972…

Miami Industrial Real Estate Market Report 3rd Quarter 2018

The average vacancy rate decreased to 3.8% and the average lease rates have increased to $11.76 per sq. ft. Landlords continue to drive rates up while giving tenants fewer concessions. Over 5M sq. ft. is under construction in Miami’s industrial real estate market, however the net absorption for this quarter was only about 200,000 sq. ft. The largest sales transaction this quarter was TA Realty’s acquisition of…

Airport Palmetto Corridor Industrial Report

Surrounded by the municipalities of Doral, Sweetwater, Miami Springs, Hialeah, and Coral Gables, the unincorporated area of The Airport Palmetto Hub offers owners and users one less level of government bureaucracy. Heavy manufacturers and production companies find this especially appealing as zoning, electrical, water, and other government regulated items can often entangle their operations…

Pricey parking: Warehouses for wealthy car collectors emerge as new niche in storage

Collectors of vintage cars face a bigger storage challenge than owners of wine and art collections. That’s why car warehouses are opening across the country with parking for 100 or more collector’s items, from classic Porsches to Plymouth Barracudas, according to wealth-management advisers and and car collectors. For example, hedge fund partner Henry Robertelli of Axius Holdings is building out a…

The Clevelander and an adjacent hotel in Miami Beach sell for $28M

Montreal-based Jesta Group acquired the Clevelander South Beach hotel in Miami Beach and an adjacent hotel for $28.5 million. Clevelander Holdings, managed by Eric Aintabi, the chief executive officer of Jesta Group, bought the Clevelander for $20.6 million. Built in 1938, the Clevelander last sold in 1999 for $7 million. The property at 1020 Ocean Drive has 60 hotel rooms, a swimming…

BBX Capital to purchase 50% stake in the Altman Companies for $23M

BBX Capital’s real estate arm announced on Friday that it plans to purchase a 50 percent interest in the Altman Companies for $22.7 million, expanding the company’s luxury multifamily portfolio. The deal gives BBX Capital a big stake in a company that owns and manages more than 24,000 apartment units across the country with a strong focus on South Florida. Fort Lauderdale-based BBX Capital…

Coastline Management, Tower Capital buy Miami Gardens apartments for $33 million

A joint venture between Coastline Management and Tower Capital Group paid $33.2 million for an apartment complex in Miami Gardens.
EB Real Estate Group, an investment firm in New York, sold the 234-unit Park Plaza Apartments at 17600 NW 5th Avenue for about $142,000 per unit, according to a press release. Berkadia’s Tal Frydman, Yoav Yuhjtman and Nicholas Perrone represented the buyer…

Opportunity Zones guidelines released, offering developers more details

Real estate developers and fund managers with questions about how to invest in the Opportunity Zones program are beginning to get more detailed answers. The U.S. Treasury Department today released more guidelines. The program, enacted late last year as part of the Trump administration’s tax overhaul, provides tax deferments and tax breaks for developers who invest in projects in designated low…

Prominent Miami Construction Lender Bank OZK’s stock drops nearly 24% after CRE write-offs

Bank OZK’s stock tanked almost 24 percent in early morning trading on Friday after it reported two large commercial real estate write-offs in its third quarter earnings. The bank is one of the largest condo construction lenders in South Florida, New York City and Los Angeles. The Little Rock-based regional bank, with just over $22 billion in assets, also reported that net income declined 23 percent…

Bridge Investment targets $500 million in Opportunity Zone possibilities

A $12 billion real estate investment and management firm is the latest player looking to capitalize on the Opportunity Zones tax incentive development program. Salt Lake City-based Bridge Investment Group will launch what it’s calling an Opportunity Zones initiative, targeting $500 million in “attractive opportunities” across the U.S. The Opportunity Zones plan, part of President Trump’s tax overhaul…

AGM Builders Group is launching sales of a new luxury townhouse project in Coconut Grove

AGM Builders Group is launching sales of a new luxury townhouse project in Coconut Grove. The Puerto Rico-based firm is developing Habitat at The Grove, an eight-unit townhome community at 2924 Bird Avenue. The firm hired the Jill Penman Group of One Sotheby’s International Realty to handle sales. Units range from $839,000 to $939,000. The four-story, 2,381-square-foot townhouses each have…

Fractured condo near Tropical Park sells for $12 million

A fractured condo deal near Tropical Park in Miami just sold for $12.45 million. 10th Street Realty, a New York-based real estate investment firm, paid about $160,000 per unit for a controlling interest in the condo complex at 5400 Southwest 77th Court. The deal gives 10th Street Realty 78 of 108 condos, allowing the company to control 72 percent of the association, Deme Mekras of MSP Group said.

Berkadia Secures $13 million Refi for Miami Beach Hotel

Berkadia has secured a $13 million loan for the refinancing of The Lord Balfour Hotel, an 81-key boutique hotel in Miami Beach, Fla. Mercantil Bank provided the 24-month mortgage that carries one 36-month extension option. Located at 350 Ocean Drive in Miami Beach’s South of Fifth neighborhood, the hotel was constructed in the Art Deco style during the 1940s. Current owner Eidico, an…

Miami board approves two mixed-use projects in Edgewater and Overtown

A deal to transform the Unity on the Bay Church in Miami’s Edgewater District into a 29-story mixed-use rental building moved closer to fruition following key approvals by two city of Miami boards. The Urban Design Review Board on Wednesday granted six waivers for a 541,000-square-foot tower and pedestal with 296 apartments, 11,600 square feet of commercial space and 432 parking spaces proposed…

Related Companies placing $3 billion bet on luxury senior housing

Related Companies sees a golden opportunity in seniors with a taste for luxury. The company announced this week that it plans to build $3 billion worth of high-rise luxury condominiums for seniors across the country, according to Bloomberg. The move follows a growing number of developers who have sought to accommodate a wave of Baby Boomers entering their twilight years. Last year, Maplewood…

Common types of construction disputes that arise

There are many buildings and other structures in Florida, and none of them built themselves. Each building required construction, and given the different aspects of any building project, they often require a general contractor and then various subcontractors to complete various aspects of the project. All of the people involved must do their job in order to complete the project correctly. Then, once their…

An offer they could refuse: Inside the failed bulk buyout of Isola Condominium

With nearly every acre of Miami waterfront land scooped up, developers have increasingly turned to the bulk buyout, targeting older properties in prime locations that can be demolished and replaced with glittering, taller versions. Developers 13th Floor Investments and Key International thought they had the ideal candidate recently in the aging 300-unit Isola Condominium on Brickell Key. The 23-story…

How a Reeling Retail Center in Miami Doubled in Value in Four Years

The once-struggling retail part of the mixed-use Downtown Dadeland in Miami has more than doubled in value in four years, a success story rooted in renovations, robust demand for outdoor urban centers, selective tenant choices and efforts to cater to the broader community. Retail developers across the…

Miami’s Downtown Dadeland Sells For $78 Million

Whatever Miami shoppers need, they can probably find in the “Dadeland Golden Triangle,” a special zoning district where three major roadways — U.S. Highway 1, Kendall Drive and the Palmetto Expressway — converge. On one side is the Dadeland Mall, with standard mall tenants like Macy’s and Nordstrom, and across from it is Downtown Dadeland, seven additional acres of retail and 460 condo units…

Experts On The Ups And Downs Of Coworking From The City (Miami) Where It’s Most Prevalent

Coworking has disrupted real estate, but is there room for more? Has it reached its peak? And will landlords hijack the concept from operators? In Miami, 3% of office space is designated as coworking, making it the city with the highest such percentage, according to Cushman & Wakefield Vice Chairman Brian Gale, who moderated the event. “Literally every single building in downtown and Brickell…

Berkadia Secures $46.9 Million Acquisition Loan for Mixed-Use Development in Miami

Berkadia has arranged a $46.9 million loan for the acquisition of Downtown Dadeland, a seven-acre urban retail development located 7250 N Kendall Drive in Miami. Brad Williamson and Mitch Sinberg of Berkadia secured the financing for the borrower, Midtown Capital Partners, a real estate investment and asset management firm led by Alejandro Velez and Alexander Saieh. A life company originated…

6 People Died In Miami’s Bridge Collapse. Here’s What Happened To The Property Next Door.

Florida International University is the fourth-largest university in the U.S. with more than 55,000 students. But it only has the capacity to house about 8% of them on its Miami campus. That’s why a large student housing building at the foot of a planned pedestrian bridge to campus seemed like a can’t-lose proposition. Courtesy of University Bridge Residences When University Bridge Residences was…

Eyzenberg & Co. Arranges Capital for Acquisition of Apartment Community Near Miami

Eyzenberg & Co. has arranged financing for the acquisition of Park Plaza, an apartment community in Miami Gardens. A joint venture between Coastline Management and Tower Capital Group purchased the 234-unit property from an undisclosed seller. Robert Ginsberg and Mila Babenko of Eyzenberg & Co. arranged a $7.5 million equity investment from JCR Capital, an alternative investment manager…

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October 24, 2018

Commercial Borrowing Cost: Rate Watch Quarterly 2018 Q3

5-Year and 1-Month Treasury Yields Five Year Chart Ending September 30, 2018

5-Year and 1-Month Treasury Yields Five Year Chart Ending September 30, 2018

At the end of the 3rd quarter of 2018, both short and intermediate yields continued their climb begun nearly three years ago. As can be seen in the accompanying chart, five year rates, most closely tracked for commercial property borrowing cost, found themselves testing 3%, with short term (here 1 month) rates following close behind as they stayed at a spread similar to the one held in periods past as short terms rates hugged naught.

The interest rate environment has the ability to affect commercial property economics in a number of different ways (see thisthis, and this).  Borrowing costs are, of course, affected directly, as higher interest rates increase the cost of borrowing and thus  negatively affecting demand.  Cap rates tend move over time with interest rates, but not in lockstep, with considered analyses generally concluding that capitalization rates on average move in the same direction as 10-year rates, but only about a third as much, and again not in lockstep.  Interest rates also affect the economy, which in turn affects vacancy and rental rates.

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October 23, 2018