Mall reuse 2.0: This LA firm wants to turn vacant mall space into transitional housing

As landlords consider what to do with their faltering shopping malls, one idea is gaining traction statewide: repurposing unused space into housing for the homeless. Irvine-based KTGY Architecture + Planning is developing a new concept called Re-Habit, which would redevelop empty big-box stores into mixed-use spaces focused on transitional housing and social servicesca, according to Re Journals.

Sorry, buyers: Survey says market won’t go your way until 2020

Buyers will have to wait another two years for the market to go their way. A survey of economists conducted by Zillow and Pulsenomics found that the real estate market won’t favor buyers until 2020, Inman reported. “For the past several years, home sellers held all the cards at the negotiating table, fielding multiple offers while buyers faced stiff competition and a fast-moving market,” said Aaron Terrazas…

Rubber-tire travel for South Dade Transitway gains traction

Support for bus expansion on the South Dade Transitway is mounting ahead of the pivotal vote today (8/30) to determine the fate of Miami-Dade’s southernmost transportation corridor, as the Greater Miami Chamber of Commerce last week joined Mayor Carlos Giménez’s administration in throwing weight behind a rubber-tire solution. On Aug. 21, the chamber’s board of directors voted 92% in…

Negotiations to develop school board land across from the Adrienne Arsht Center for the Performing Arts nears completion

Negotiations to develop school board land across from the Adrienne Arsht Center for the Performing Arts are nearing completion, according to Miami-Dade County Public Schools Superintendent Alberto Carvalho. “We are well on our way,” Mr. Carvalho told Miami Today. “We selected one business entity and partnership with the Arsht Center, as well as the county, and in the coming months we’ll…

Ritz-Carlton Residences Miami Beach developer hit by another lawsuit over construction delays

The development group behind the Ritz-Carlton Residences, Miami Beach is facing another lawsuit from a prospective buyer over the luxury condo development’s construction delays. A couple from Beijing recently filed a lawsuit in Miami-Dade County Circuit Court against 4701 North Meridian LLC, a partnership between Lionheart Capital and Elliott Management Corp., alleging breach of contract. The…

Sonesta sells Coconut Grove hotel to Nevada firm

Sonesta International Hotels Corp. sold its Coconut Grove hotel to the Kishan Group, a Reno, Nevada-based hotel company that will rename it the Hotel Aria, The Real Deal has learned. Boston-based Sonesta sold the 31,000 square feet of common space, which included the lobby, restaurant and event space at 2889 McFarlane Road, for an undisclosed amount. The deal closed on Monday and is the first…

Sears is struggling. But its real estate isn’t

As Sears continues to struggle to stay afloat, a real estate investment trust that bought more than 200 of its stores is seemingly thriving.
Seritage Growth Properties, a spinoff company created to convert former Sears and Kmart stores, bought 235 of of the retailers’ stores three years ago. The company plans to convert a store in Hicksville, Long Island, into a 600-unit apartment complex…

Trump’s “new NAFTA” deal with Canada could be relief for developers

With a tentative bilateral trade deal in their pockets, both American and Mexican officials have their sights set north of the U.S. border with hopes of negotiating new trade deals with Canada. That could be big news for U.S. property developers. A deal with Canada that resolves the 25 percent import tax on steel imposed by President Donald Trump’s administration would be a relief…

SoFla lease roundup: Logistics company inks $3.5M lease at Flagler Station, other leasing news

Interworld Freight Line inks 63,300 sf lease at Flagler Station: International logistics and distribution company Interworld Freight Line just secured a 63,300-square-foot lease at Flagler Station in Medley. The seven-year lease at 9705 Northwest 108th Avenue is valued at $3.5 million, according to a press release. The company was previously at Blue Lagoon, a business park owned by Prologis at 6703 Northwest…

Second Hotel Coming to Miami Worldcenter

CitizenM, a Netherlands-based hotel chain in the so-called affordable luxury sector, plans to open at Miami Worldcenter, one of the largest mixed-use developments currently under construction in the United States. The 12-story, 348-room hotel will be situated next to the retail promenade at Worldcenter, a 10-block project on 27 acres in downtown Miami that developers assembled over a decade.

Netherlands-Based Hotel Chain to Open 348-Room Location at Miami Worldcenter

Netherlands-based hotel chain citizenM has unveiled plans to open a 348-room hotel at Miami Worldcenter, a $2 billion mixed-use development in downtown Miami. The 12-story hotel will total 128,000 square feet and will be located along 2nd Avenue, adjacent to Miami Worldcenter’s pedestrian-only, open-air shopping promenade. The hotel will feature a swimming pool, bar and sun deck…

Tech And Manufacturing Is Driving Growth In The Southern U.S. Markets

From her 25th-floor office in downtown Austin, Texas, Carey Gunn Venditti, a partner in the real estate practice group at international law firm DLA Piper, stops talking about the vitality of the city’s economy and glances out the window at the construction cranes dotting the skyline. “Today, I count eight cranes working on both office and residential high-rise projects,” Gunn Venditti says. “That’s proof that…”

Retail Property Sales Lighting Up in Hialeah

The commercial property market in Hialeah just keeps getting hotter. Cervera R.E. Ventures just paid $11.3 million for a property it intends to renovate at 3800 West 12th Avenue, its first acquisition in the city of Hialeah, according to sources. The sales price for this two-story retail plaza, built in 1984 and sitting on just under 3 acres of land fronting Ludlam Road, reportedly works out to about $150 per square…

ARTIC Refinances Bal Harbour St. Regis, Two Other Luxury Hotels for $503 Million

Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has refinanced three of its luxury hotels for a total of $503 million, according to HFF, which arranged all three loans. The hotels, which total 1,049 guestrooms, are The Manhattan at Times Square Hotel; the St. Regis Bal Harbour Resort, in Miami; and the St. Regis Washington, D.C. The three floating-rate loans were placed with Mack Real Estate Credit…

Rising Risks: ‘Climate gentrification’ is changing Miami real estate values – for better and worse

A new Harvard study claims climate change is altering home values both on the coast and inland, coining the term, “climate gentrification.” “Higher elevation properties are essentially worth more now, and increasingly will be worth more in the future,” according to Harvard’s Jesse Keenan. Universities, climate research groups and the National Oceanic and Atmospheric Administration have made…

LeFrak seeks to benefit from Opportunity Zones at SoLē Mia project

Tony Blair, Lloyd Blankfein, Steven Mnuchin and others gathered for a four-day conference in the Hamptons sponsored by the Milken Institute to talk about some of the world’s most pressing topics. One of the sessions focused on affordable housing, where U.S. Treasury Secretary Steven Mnuchin discussed the importance of a new federal tax incentive called Opportunity Zones, according to Bloomberg.

Video: RealPage Director of Analytics Jay Parsons on Whether the Multifamily Sector Remains Viable

New supply of multifamily property units, changing demographics, and rising interest rate levels are all combining to have a big impact on the multifamily market. Jay Parsons, Director of Analytics at RealPage, a company that provides property management software solutions for multifamily, commercial, single-family and vacation rental property owners, appears on America’s Commercial Real Estate Show to…

The Yield Curve vs. Unemployment Rate in Predicting Recessions

Economists look at several indicators when gauging whether the economy is heading toward a recession. A recent Economic Synopses essay examined the predictive power of two of the most commonly used indicators: the yield curve and the unemployment rate. Business Economist and Research Officer Kevin Kliesen explained how these two indicators are used in evaluating the likelihood of a recession…

Notable Retail Leases Signed in South Florida Q2 2018

Commercial real estate in South Florida continues to be a healthy market as exhibited by metrics in the Q2 2018 report. While there are a number of construction projects as well as acquisitions, retail leasing is also striving with several major retail leases closed in the past 3 months. We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q2 2018.

What’s up (or down) with the yield curve? : Analyzing the new most-popular series in the St. Louis Fed’s FRED Portal

For as long as we can remember, the most popular series in FRED has been the consumer price index (CPI). Well, not anymore. Recently, the series describing the difference between the 10-year and 2-year Treasury constant maturity rates became the most popular. Why this sudden interest? It has to do with the concept of the yield curve: Under normal circumstances, long-term interest rates are higher than…

Staybridge Suites Opens Miami Hotel

InterContinental Hotels Group has opened Staybridge Suites Miami International Airport, a 153-key hotel in Miami. Grapeland Hospitality Development owns the property, while Buffalo Lodging Associates manages it. Located at 3651 NW 25th Street, the all-suite hotel is close to Miami Jai Alai, Grapeland Water Park and Magic City Casino. Major hospital centers and Marlins Park are also nearby. Additionally…

Miami-Dade To Decide Its Transit Future: Rail, Finally, Or More Buses?

Some story plots are as old and predictable as the ages. The bad witch always gets her comeuppance, Sherlock Holmes always solves the case, and municipalities always struggle to find and to fund transit solutions. Bisnow/Deirdra Funcheon From the 43rd floor of Paramount Miami Worldcenter, you can see the American Airlines Arena (the round building), where the Miami Heat play. The bridge leads to Port…

SoBe hotel under construction asks $11M

A Venezuelan businessman is sticking to the non-real estate businesses he knows – and is looking to sell a hotel under construction in Miami Beach’s South-of-Fifth neighborhood. RG Michigan 2014 LLC, led by Gianfranco Rondón, hired Jeff Cohen of Brown Harris Stevens to list the partially developed boutique hotel at 411 and 419 Michigan Avenue for nearly $11 million. Rondón has reportedly had his…

Rubell family scores $20M refi for Albion Hotel in Miami Beach

The Rubell family just scored a $20 million refinancing for its Albion Hotel in Miami Beach, which is undergoing renovations. Property records show a company led by art collector and property investor Jason Rubell, of the family-owned Rubell Hotels, secured the mortgage from Bank of America. It takes over a previous $17.6 million loan that was issued in 2008 by the same lender, and adds about $6 million…

Atlanta developer opens new 19-story apartment building in Coral Gables

Atlanta-based Gables Residential opened its newly built 19-story apartment building in Coral Gables with monthly rents starting at $2,306. The 200-unit building at 60 Minorca Avenue, called Gables Columbus Center, has apartments ranging in size from 770 to more than 1,500 square feet. Gables Residential, a real estate investment trust, built common-area amenities that include a mid-level…

Newest addition to Miami’s skyline has unusual basket-weave façade design

Construction of Solitair Brickell, a 50-story apartment building, has been completed, adding a new high-rise with an unusual façade to Miami’s skyline. Global architecture and design firm Stantec created the angular, basket-weave design of Solitair Brickell’s exterior. According to Stantec, the design of the building’s zigzag, serrated balconies was inspired by the texture of the Medjool date palm tree…

New Hotel Headed for Downtown Miami

Dutch hotel chain citizenM plans to open a 348-key, 128,000-square-foot property at Miami Worldcenter, a new, 27-acre mixed-use development underway in Downtown Miami. Gensler Architects is handling design. Located along Second Avenue between Seventh and Eighth streets, the new hotel will be situated next to Miami Worldcenter’s pedestrian-only, open-air shopping promenade, which will…

Angular palm tree-inspired tower joins Miami skyline

The angular high-rise includes 438 rental units and many amenities The 50-story Solitair Brickel rental tower is complete and ready to show off its unique basket-weave design said to be inspired by the angular trunk of a Medjool date palm tree. Designed by the Miami offices of global architecture firm Stantec, the high-rise has been under construction since mid 2015. “The unique design of the building…

Inside gubernatorial candidate Philip Levine’s real estate holdings

Florida gubernatorial candidate Philip Levine may be known best locally as the former mayor of Miami Beach, but he is also a developer with a sizable real estate portfolio of more than $79 million that stretches from Miami to New York City’s Park Avenue. Earlier this summer, he and his real estate partner Scott Robins sold a major retail portfolio they had developed in Miami Beach’s Sunset Harbour…

FPL puts 69-acre Palmetto Bay waterfront site on market

Florida Power & Light is putting a 69-acre waterfront property in Palmetto Bay back on the market where it will likely go for at least $50 million, sources said. Once home to a power plant, the property at 6525 Southwest 152nd Street is one of Miami-Dade County’s largest undeveloped waterfront properties. The site, known as Cutler Plantation, could be the site of a luxury home development, according…

Here’s why retail is making a comeback

The retail sector may be bouncing back. In the face of challenges, companies like Walmart, Target, Nordstrom and Best Buy have expanded their services. And it appears to be paying off: Walmart reported its best quarterly sales gain in a decade, while Target saw the biggest jump in 13 years, according to Bloomberg. “The American retail sector is enjoying a renaissance,” Neil Saunders, managing…

If they drive, they will park (Or if they park, they will drive?) : Correlation does not always equal causation

This graph shows that the more people drive, the more they park and generate revenue for parking lot and garage operators. While there’s clearly a correlation between these two indicators, it isn’t clear that there’s a straightforward causality between them. In fact, a third indicator may be affecting the other two: the number of cars in use, the size of the road network, economic activity in general…

Florida’s First Radisson RED Hotel Tops Off

RivieraPoint has topped off its six-story Radisson RED hotel in Miami, less than nine months since construction started on the project. Featuring 155 keys, this is the brand’s first hotel in Florida. Besides loans and private equity, the developer is using EB-5 funds to finance the $34.5 million hotel. Located at 3401 N.W. 25th St. on a 1.1-acre site in Miami’s Lake Palmer area, the hotel will be near Miami…

Hundreds of protesters call on NFL to boot Related’s Steve Ross from committee

Thirty-seven protesters were arrested by NYPD officers Wednesday night for blocking Park Avenue. The protesters called on NFL to boot Related’s Steve Ross from a committee on social and racial justice. After briefly blocking traffic on Park Avenue, 37 protesters wearing T-shirts saying “Step down Steve Ross” were arrested on Wednesday and carted off in a large white police bus. The arrests were expected…

Shuttered Toys “R” Us location near Dadeland selling to Chevy dealer

Gone are the toy Corvettes and Camaros, and in their places will be the grownup versions when Chevy dealer Arnaldo Bomnin closes on the former Toys “R” Us building on U.S. 1 near Dadeland Mall. Bomnin submitted the winning bid of $25 million for the property at 8325 South Dixie Highway, The Real Deal has learned. Bomnin, president and CEO of Bomnin Auto Group, beat out bidders like Baptist…

Blue Road scores $17M loan for Miami Beach hotel project

Blue Road just secured a $16.9 million loan from Mercantil Bank to finish renovating the Sadigo Hotel in Miami Beach. Kobi Karp is designing the renovation and expansion of the hotel at 334 20th Street. The project, which will turn the property into a 30,000-square-foot hotel with 80 rooms, is scheduled to be completed next year. In 2016, the Miami Beach Historic Preservation Board approved…

Turkey’s economy is melting down. Will it hurt US real estate?

As Turkey’s meltdown continues, so do fears that it could turn into a broader emerging-market malaise. But in the U.S. commercial real estate industry, the crisis hasn’t caused any jitters — and with good reason. Companies from Turkey have bought just $231.4 million worth of commercial properties in New York City since 2000, according to data from research firm Real Capital Analytics…

Photos: An Update on the Cocowalk Construction

This is the state of CocoWalk this weekend. I checked it out yesterday morning. I had seen it from the 24 Hour Fitness gym across the street. I was looking out from the second floor window and for some reason, the empty space reminded me of the space so many years ago. For some reason on that corner, I’m picturing a closed down, abandoned gas station and I can vaguely remember people have…

Sears to close 46 more stores nationwide, 1 in Miami

The bleeding hasn’t stopped at Sears Holdings Corporation. The once-ubiquitous big-box retailer said it will close another 46 Sears and Kmart stores around the country in November, according to CNBC. The locations include those in Los Angeles, in Miami, and in Long Island, New York. The company has seen a decline in sales each quarter since 2011. Sears has steadily shed properties in recent years…

Tulip-Shaped Tower Planned for Miami Skyline

Turkish billionaire Bekir Okan met with architect Robert Behar last year and asked him to design a skyline-altering development in downtown Miami. As a result of that chat, he says construction scheduling is now underway on Florida’s tallest building. Behar wanted to create a symbolic reference to Okan’s homeland and came back to him a few weeks after their discussion with an unusual idea: a tower…

CitizenM joins Miami Worldcenter project

Netherlands-based citizenM Hotels is joining the Miami Worldcenter project. The Dutch hotel chain will buy the land, along Northeast Second Avenue between Seventh and Eighth streets in downtown Miami, from Miami Worldcenter Associates, a spokesperson said. CitizenM will build a 12-story, 348-key hotel on the site and be part of the master-planned, mixed-use development. The 128,000 sf…

Video: Miami Filmmaker Makes 360° VR of the Demolition of Cocowalk

Richard Fendelman, a Coconut Grove based film maker, has created a 360 degree virtual reality video – embedded herein – showing the demolition underway at Cocowalk, “The Demise of Cocowalk as We Know It in 360° VR.” and Grovite, sent me this video he took of the final stages of CocoWalk called, “The demise of CocoWalk 360 degrees.” It seems like only yesterday that tourists would ask for…

Developer Snags $138M Construction Loan Even as Miami’s Condo Market Sputters

Rendering of the 100-unit Elysee waterfront condominium tower in Miami. A developer secured a $138 million loan to finance a 57-story waterfront condominium near downtown Miami, an impressive feat according to one analyst who says the city’s saturated condo market is well past its peak. The financing from JPMorgan Chase Bank comes with the 100-unit Elysee nearly half sold and in the early stages…

What is Melreese really worth? Experts consider value of Beckham’s proposed soccer site

Miami voters will decide in November if an ownership group led by David Beckham and the Mas brothers can build a $1 billon mixed-use development on the site of the Melreese Country Club. The ambitious proposal would be anchored by a 25,000-seat stadium that would be home to Miami’s Major League Soccer team. But some real estate developers and experts are crying foul about the price and…

Moishe Mana expands Allapattah portfolio

Moishe Mana is expanding his holdings in Allapattah. The Wynwood/Miami investor paid $5 million for a 1.46-acre assemblage… The sellers are Jose Holdings, Seventh Avenue Holdings and R & R Real Investments, all companies led by Jorge Salazar. The deal included the lots at 675 and 685 Northwest 23rd Street; 664 and 680 Northwest 24th Street; 2315, 2319, 2335 and 2343 Northwest Seventh Avenue.

Major Miami Mixed-Use Project in Aventura Reaches Completion

Aventura ParkSquare, a $300 million mixed-use destination totaling 1.2 million square feet in Aventura, Fla., has reached completion. Developer Integra Investments wrapped up the project following Miami-Dade County’s granting of the temporary certificate of occupancy for the last two structures at the five-building property. Integra broke ground on ParkSquare, sited at the intersection of 2900…

Developer Of Midtown Miami Hotel Gets Financing To Buy Out JV Partner

A stalled hotel project in midtown Miami might be poised to move ahead after some shuffling of financing. This week, LV Lending — a Miami-based private lender, and an affiliate of Linkvest Capital and Linkpoint Properties, focusing on mortgage loans — announced that it arranged a $15M senior loan for Aventura Hotel Properties to help refinance a previous $9.7M loan and buy out its partner, JQ Group…

Public-Private Venture Breaks Ground on 123-Unit Affordable Seniors Housing Community in Miami

A public-private collaboration between Miami-Dade County, Pinnacle Housing Group and the South Miami Heights Community Development Corp. has broken ground on Caribbean Village, an affordable seniors housing property in Miami. Located in the South Miami Heights submarket, Caribbean Village will offer 123 units. The development is part of a two-phased plan to develop transit…

Miami Worldcenter developer hails progress of Brightline

Downtown Miami development may have its share of competing interests, but when it comes to transportation solutions, one developer said he’s happy with the big moves his immediate neighbor is making in the area. Early pieces of the 27-acre, $2 billion mixed-use Miami Worldcenter puzzle are nearing the finish line, complete with transit infrastructure improvements to accommodate the project – the…

Arnaud Sitbon: Heads charter schools, Jungle Island realty investments

As president and CEO of ESJ Capital Partners, Arnaud Sitbon oversees a commercial, residential and educational real estate portfolio valued at $700 million and totaling 3 million square feet. Mr. Sitbon co-founded ESJ in 2007, just before the world financial crisis. In ensuing years, he led the company – ESJ stands for “equity,” “syndication” and “joint venture” – to exponential growth. He attributes…

South-Dade Transitway gets $100 million, but for bus or rail?

In one of history’s shortest government meetings, the Transportation Planning Council on Monday committed $100 million to build “premium transit infrastructure” on the South Dade Transitway along US 1 from Kendall Drive to Florida City. The council, which advises the Transportation Planning Organization (TPO), in less than a minute OK’d amendments to Miami-Dade’s 2040 transportation plan…

Deutsche Bank Closes $192 Million Acquisition Loan for MIA Office and Industrial Portfolio

Deutsche Bank has provided a $192 million acquisition loan to Walton Street Capital and Crocker Partners for their purchase of The Landing at MIA, an office and industrial portfolio adjacent to Miami International Airport, Commercial Observer has learned. CBRE Capital Markets’ James Millon, Tom Traynor, Amy Julian and Ethan Gottlieb arranged the balance sheet financing. Officials at CBRE declined…

Residences by Armani/Casa tower reaches 649-foot final height

The exclusive Sunny Isles Beach project is now topped off After climbing to its halfway point in March, the upcoming Residences by Armani/Casa condo project in Sunny Isles Beach has officially topped out at 649 feet. Designed by the firm of internationally recognized architect Cesar Pelli, the glassy tower features sleek interiors by Armani/Casa Design Studio and represents the firm’s first self-branded…

California teachers’ fund and Miami based 3650 REIT launch $200 million fund

Miami-based 3650 REIT just announced a partnership with the California State Teachers’ Retirement System to form a $200 million joint venture focusing on bridge and short-term real estate financing. The new fund will provide loans for ground-up construction, recapitalizations, acquisitions and repositions in some U.S. markets where traditional capital is unavailable. After the initial $200…

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…

Apartment Construction Is Expected to Slow Down in 2018 After a 6-Year Upward Streak

Almost 283,000 new apartments are expected for completion by the end of 2018, 11% less than last year. Apartment construction peaked in 2017, finally slowing down in 2018. In spite of the year-over-year slowdown, the past three years’ total deliveries are projected to pass the 900K mark by the end of this year – the highest since the mid-‘80s. Continuing the trend seen in recent years, Texas is leading the…

Developers in Miami, Other Major Cities, Forced To Wean Themselves Off Chinese EB-5 Funding As Visa Waitlist Balloons

The EB-5 program, for years a reliable source of capital for builders in Miami, New York and other major U.S. cities, has been beset with fraud, long waits and uncertainty. Chinese investors, who made up 85% of all EB-5 investors, are now facing up to a 15-year wait between the time they file their initial petition and the time they receive a green card. With such a backlog, developers are turning to investors…

What Has Happened to the Yield Curve Since Liftoff?

What has happened with the yield curve since the Federal Reserve started raising its policy rate from near zero in December 2015 (so-called liftoff)? In this video, taken from a Dialogue with the Fed presentation on May 22, St. Louis Fed Director of Research Chris Waller discusses how the yield curve has flattened since liftoff. He also discusses reasons why rates would potentially be pushed up faster at the…

Voters to decide on two major projects in Miami and South Miami

Miami and South Miami residents are voting on the futures of two major projects in the Aug. 28 primary: the proposed Jungle Island hotel, and a land-use amendment that could allow the Shops at Sunset Place to be redeveloped. Early voting is underway. ESJ Capital Partners wants to build a hotel limited to 300 rooms and 130 feet tall on the Jungle Island land it leases from the city of Miami. The…

Ram Realty scores $65 million loan for Whole Foods-anchored project

Ram Realty Advisors just closed on land in Fort Lauderdale and scored $65 million in construction financing to build its long-planned 501 Seventeen mixed-use project. Property records show Hudson Capital sold the the 3.2-acre development site, on the northwest corner of Federal Highway and Southeast 17th Street, to Ram Realty affiliate RRPIV WF FTL for $18.5 million. Ram was under contract to purchase…

Anbang is looking to unload a $5.5B portfolio of 15 hotels in Miami & Other Major Cities

Anbang Insurance Group is switching strategies: Instead of selling hotel properties one-by-one, the Chinese conglomerate is looking to shed the entire $5.5 billion portfolio all at once. The portfolio of 15 hotels includes Essex House Hotel in Manhattan and the InterContinental Hotels in Chicago and Miami. Angbang purchased the properties from the Blackstone Group in 2016 for $5.5 billion…

Miami broker sues for allegedly unpaid commissions tied to financing for a hotel and gym

A Miami-based broker who assists developers in obtaining financing is accusing a Phoenix-based construction firm and former NFL player Donald “Dre” Bly of stiffing him for a combined $8.91 million in commission fees, according to a pair of lawsuits filed in Miami-Dade Circuit Court. Harvey Burton sued Palacio Development Group and its executives, president Young Troung and vice presidents Craig Ball…

South Florida by the numbers: Win-Wynwood situations

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. We all love Miami’s Wynwood district for its cool and funky vibe, its dining and entertaining options, and of course the incredible street art. But the story of Wynwood’s dramatic rise to real estate prominence (in such a short time span) probably deserves a towering, eye-catching…

PMG’s New Concept for X Miami: Mash Up Co-Living With Hotel

Airbnb blurred the line between hotels and homes. Co-living blurred the line between dorms and apartments. Now, here comes another level of mashup: part co-living, part hotel. Property Markets Group — a New York-based firm that has developed 85 residential buildings, including Mei Miami Beach and Echo Brickell — launched a new co-living division called X Social Communities, which basically arranges…

Will the Hurricane of New Construction Hurt Miami’s Apartment Market?

There’s a storm of new development coming to the Miami apartment market—and it’s likely to hurt the prices investors are willing to pay for apartment properties there. So far, however, cap rates in the city have remained stable as storm clouds gather. “CoStar expects cap rates to increase in the face of these conditions,” says Pamela Stergios, market analyst for research firm CoStar Group. “But we aren’t yet…”

Contaminated land? No worries. Developers aren’t shying away in South Florida

In its heyday, the Cuyahoga Wrecking company in Opa-locka was one of the most active demolition contractors in South Florida. During the 1970s and 1980s the company, run by the Schwab family, dismantled as many as 275 buildings. And up until abandoning the property in the late 1990s, the ownership also haphazardly managed to leave behind mounds of toxic debris that festered for decades and…

Video: Nelson Mullins Partner Rusty Fleming Discusses Lender Trends

On this episode of Michael Bull’s America’s Commercial Real Estate Show, Rusty Fleming, a partner with the law firm of Nelson Mullins, joins show host Michael Bull to discuss various commercial real estate legal concepts today, including loan underwriting, trends in commercial property lending, commercial property equity investing, relations between borrowers and lenders relations, borrower…

Miami Among America’s 10 most liveable cities, according to The Economist ranking

Though American cities didn’t fare well in The Economist’s annual global ranking, there were a handful of stars. Known as The Global Liveability Index, the publication’s ranking report is published every year based on a number of factors like education, healthcare, stability and infrastructure. In the 2018 report, only 10 U.S. cities made it into the top 50–and none of those cities made it into the world’s top 20…irbnb partnered with Miami-based developer Newgard Development Group for the venture now known as “Niido Powered by…

Five-story mixed-user unveiled for Coconut Grove

The five-story project includes an office, retail, and hotel component A vacant stretch of Grand Avenue in Coconut Grove will be the site of a newly unveiled five-story, mixed-use development. Named ‘Metronomic Place’ after its developer Metronomic, Inc., the upcoming building will deliver 5,000 square feet of office space, 3,200 square feet of ground-floor retail, and a 44-room All-Suite Hotel. Designed…

Coral Gables condo hotel sues city over approval of neighboring project

The David William Hotel Condominium Association is suing the city of Coral Gables, demanding it appeal the approval of a neighboring condo project. The David William, at 700 Biltmore Way, and Jorge Guarch Jr., who owns a unit in the building, filed a complaint for Writ of Mandamus, or as an alternative, complaint for declaratory judgment and injunctive relief, that would allow the hotel condo association…

Qatari owner of St. Regis Bal Harbour scores $132 million refi

Al Rayyan Tourism Investment Company just closed on a $132 million refinancing of the St. Regis Bal Harbour Resort. The Qatari owner secured the floating-rate loan from Mack Real Estate. The four-year deal has a one-year extension, according to a press release. HFF arranged the financing. ARTIC paid $213 million for the St. Regis, at 9703 Collins Avenue, in 2014, a deal that broke down to more than…

Metronomic launches mixed-use project on Grand Avenue in Coconut Grove

Metronomic plans to build a mixed-use office, retail and hotel project on Grand Avenue, marking another example of development pushing west in Coconut Grove. The firm, led by Ricky Trinidad, paid $4.1 million for the 13,000-square-foot site at 3280 Grand Avenue in June, property records show. It’s planning to build Metronomic Place, a five-story building with about 5,000 square feet of Class A office…

Advenir drops $60M on apartment complex near FIU

The Rilea Group sold an apartment complex near Florida International University to Advenir for $59.75 million. Vista Verde at Westchester, a 302-unit complex at 10491 Southwest 14th Terrace, just east of the university, sold for about $198,000 per apartment. Cushman & Wakefield’s Robert Given, Troy Ballard, Zachary Sackley and James Quinn represented Rilea, according to a release. The property was…

SoFla’s biggest multifamily deals in July

South Florida’s multifamily market continued to have another strong month in July. The growing demand for properties outside of South Florida’s major metros, like Lake Worth, is likely driven in part by South Florida’s lack of affordable housing, which has pushed renters outside of the urban cores. The July investment sales figures were compiled from Miami-Dade, Broward and Palm Beach County…

Multifamily Property Near Florida International University Fetches $60M

The 302-unit Advenir at University Park apartment complex in Miami. Advenir, a real estate investment company, paid $59.75 million, or nearly $198,000 a door, for an apartment complex adjacent to Florida International University in Miami. The seller, Miami-based Rilea Group, built the 302-unit property in 1993 at 10495 SW 14th Terrace. It’s now called Advenir at University Park, but formerly was known…

Miami Based 3650 REIT Forms New Commercial Real Estate Finance Joint Venture

3650 REIT, the national commercial real estate lending, investment and services firm, today announced a new joint venture with the California State Teachers’ Retirement System. The JV is dedicated to 3650 REIT’s bridge and event driven lending strategy and will include an initial $200 million commitment with an accordion feature for a potential total commitment of $500 million.

Colliers Broker Joins MMG Equity Partners in Bet on South Florida Shopping Centers

­­A private investment firm in South Florida has hired Colliers International broker Marcos Puente to build its commercial property portfolio, making a bet on large shopping centers in the region. Puente will be director of acquisitions for MMG Equity Partners, based in Pinecrest, FL. The firm currently has about 40 properties totaling more than 2.5 million square feet. The Navarro family started MMG in 2008 after…

Allapattah’s Miami Produce Center Surely Among America’s More Unique Redevelopment Projects

Robert Wennett’s plan to rebuild the Miami Produce Center may be among the most unique redevelopment projects in America. A new description from architect Bjarke Ingels, along with an analysis of the developer’s zoning application, reveals just how innovative the design is. The redeveloped Produce Center will include urban farming plots (either between buildings or on “roofscapes,”) co-living…

Badia Spices peppers its portfolio with the $9.5M purchase of a Doral warehouse

Badia Spices is peppering its portfolio with the purchase of a Doral warehouse for $9.5 million. The global spice company headquartered in Doral purchased the 54,361-square-foot warehouse at 2101 Northwest 82nd Avenue from Lagunita Holdings, records show. The price equates to $175 per square foot for the warehouse, which sits on a 119,535-square-foot lot. Lagunita Holdings, led by Holy Rincon…

McDonald’s to spend $6B updating restaurants nationwide

McDonald’s is making a supersized effort to modernize its restaurants across the country. The ubiquitous fast food joint and its franchisees plan to spend $6 billion renovating and updating its U.S. restaurants by 2020. Much of that will be spent incorporating tech and infrastructure to cater to new trends in fast food, the Associated Press reported. The new restaurants will feature digital self-order…

HES Group buys out partner on Triptych project in Midtown Miami

HES Group refinanced the site of a planned mixed-use hotel across from Midtown Miami Shops and bought out its former partner, JQ Group of Companies. Property records show HES affiliate Aventura Hotel Properties scored two loans for $15 million and $8.2 million from LV Midtown LLC and QR Triptych LLC, respectively, for the development site at 3601 North Miami Avenue. Jose Herrera, HES Group…

Miami Stadium Apartments developer scores $36 million HUD-insured refi

Low-income and market-rate housing developer Lewis Swezy just closed on a $36 million refinancing of Miami Stadium Apartments in Miami-Dade County’s Allapattah neighborhood. The 336-unit affordable housing community at 2625 Northwest 10th Avenue sits on the former site of the Miami Marlins stadium, built in 1949 and razed in 2001 to make way for apartments, which were completed a year later.

South Florida’s biggest retail property sales in July

As legacy retailers close their doors and the so-called “retail apocalypse” nears, South Florida remains somewhat of an exception. Retail in the area has performed better than the national average and with the approval of the American Dream mega-project earlier this year, the region will eventually be home to the largest mall in the country. A few notable properties traded hands in July, including one…

In Miami, Armani-Branded Condo Tower Tops Off

The 56-story, 649-foot Residences by Armani Casa, which was announced in 2014, has topped off in Sunny Isles Beach. The project is being developed by Dezer Development and Related Group. It is expected to open in 2019. The Armani project is part of a bigger trend of brand-name condos in Miami. An Aston-Martin-branded condo tower is going up on Biscayne Boulevard and a Missoni condo in…

How Well Do Yield Curve Inversions Predict Recessions?

The yield curve plots rates on similar assets with different maturities, such as the 10-year U.S. Treasury note and the three-month U.S. Treasury bill. Typically, the difference between the rates (also called the “term spread”) is positive, meaning longer-maturity assets have a higher return than shorter-maturity assets. However, the yield curve can invert, meaning shorter-term assets have higher interest rates…

South Florida Retail Summary (Q2 2018)

Market Snapshot for South Florida Retail A summary of the highlights, trends, and current market activity of Q2 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.

$120 Million Refinancing Secured for Mixed-Property Portfolio in Metro Miami

Walker & Dunlop has secured a $120 million loan for the refinancing of the Graham Portfolio, a 29-property portfolio in Miami Lakes, a master-planned community located less than 20 miles northwest of Miami. The 1.2 million-square-foot portfolio includes retail, office, industrial, flex, multifamily and ground lease assets. Al Rex, Marty McGrogan and Ariel Zucker of Walker & Dunlop arranged the 15-year…

Opa-locka residents of join forces to make a change in housing conditionsg

The residents of Cordoba Courts Apartments in Opa-locka are not backing down. Faced with widespread substandard housing conditions, they are joining together to demand their right to the provisions of the Fair Housing Act. An Aug. 16 Cordoba Courts Community Tenant Association meeting to address the faulty living conditions and safety was packed with residents. Also in attendance were Opa-locka…

Lagging Formula One talks now target Miami Grand Prix race here in 2020

The roar of Formula One racing engines won’t be echoing off of skyscrapers in downtown Miami next year as planned. Prolonged negotiations have led the car racing organization to move the anticipated inaugural of the Miami Grand Prix one year to the fall of 2020. A proposal for the city to host the race for a 10-year period was on the Miami City Commission’s July 26 agenda but was deferred to…

Planning collaboration targets affordable housing shortage in Miami

City of Miami leaders are turning to master planning work to help address the critical shortage of affordable housing in the growing city.
The Miami City Commission recently approved a resolution establishing collaboration between the city and Florida International University’s Metropolitan Center to work on the preparation of the city’s Affordable Housing Master Plan. The move allows the FIU…

$56 million pact kicks off Golden Glades’ park-ride

The Florida Department of Transportation has awarded a contract for a $56 million multimodal transportation facility and truck travel center in the current Golden Glades park-and-ride lot. The contract went to LEAD Engineering and Construction and Kaufman Lynn Construction. Work on the park-and-ride hub that is to become a gateway to Miami-Dade County and unite several modes of…

$138.1 Million Construction Loan Secured for 57-Story Condominium Tower in Miami

Walker & Dunlop has arranged a $138.1 million construction loan for Elysse, a 57-story condominium tower in Miami. The 100-unit community, located at 788 N.E. 23rd St., overlooks the Intracoastal Waterway in Miami’s Edgewater neighborhood. Kevin O’Grady and Eric McGlynn of Walker & Dunlop arranged the financing through JPMorgan Chase Bank on behalf of Two Roads Development, which is…

North Miami moves closer to Chinatown architectural plan

The proposed Chinatown in North Miami is moving closer to solidifying some design plans. The city could be requesting proposals for architecture firms in the next few weeks, according to City Manager Larry Spring Jr., who said the city also plans a surprise public announcement in the next three to four weeks. “Currently, our in-house engineers are looking at storm water plans so that we can to…

Massive ParkSquare Aventura development now complete

The 1.2 million-square-foot project emphasizes pedestrian friendliness in a traditionally auto-centric area After many months of construction, the mixed-use Aventura ParkSquare development is nearly ready to welcome residents, commercial tenants, and shoppers to the corner of Waterways Boulevard and NE 207th Street. In discussion since at least 2014, the 7.4-acre project broke ground in 2016…

Realterm Logistics pays $10M for Medley industrial site

Realterm Logistics just purchased an industrial site in Medley for nearly $10 million, property records show. Realterm Logistics is an affiliate of the real estate private equity firm Realterm. The recent deal gives the company control of more than 10 acres of industrial land at 7500 Northwest 82nd Place, including a two-story, 28,000-square-foot warehouse. The seller, Dones & Krissel Management, is led by…

Qatar-based Investor Receives $503M Refinancing for Hotel Portfolio in Miami, NYC, D.C.

Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has received $503 million in refinancing for a three-property hotel portfolio totaling 1,049 rooms in New York City, Miami and Washington, D.C. HFF arranged three floating-rate loans through Mack Real Estate Credit Strategies for the refinancing. The breakdown includes: a $290 million loan for The Manhattan at Times Square Hotel; a $132…

LA investment group drops $16.5 million on property next to Miami Worldcenter

A Los Angeles-based family office just picked up a piece of the Miami Worldcenter pie. Romie Chaudhari’s Chiron Investments paid about $16.5 million for the former nightclub building at 90 Northeast 11th Street in Overtown, property records show. The seller is Miami First LLC, led by Miami Worldcenter developer Nitin Motwani. Chiron affiliates Pug44 and Pug45 LLC financed the deal with a $10.5 million…

PMG adds hotel to apartment high-rise in downtown Miami

Property Markets Group is bringing a hotel component to X Miami, its newly completed apartment tower in downtown Miami. The Guild Hotels, a tech-oriented, boutique hotel group, is opening on four floors with 64 units of the 32-story, 464-unit building at 240 Northeast Fourth Street. Hotel guests will have access to X Miami’s amenities, which include a gym, sky dog park, screening lounge, co-working…

Two Roads scores $138 million loan for Elysee condo in Edgewater

Two Roads Development just secured a $138 million construction loan from JPMorgan Chase for its 57-story luxury condo tower Elysee in Miami’s Edgewater neighborhood. The developer, which completed the nearby Biscayne Beach condo tower last year, has secured nearly 50 percent in presales, according to a release. Traditional construction lenders typically require at least 50 percent in presales.

Homestead Convinced $100 Million Downtown Revitalization Key to its Future

Decades after suburban shopping malls left downtowns in disrepair, communities across the country have been making the city centers relevant again as “live-work-play” destinations. That’s not hard to do in major cities such as Seattle, Atlanta and Miami, where thousands of new apartments, condominiums, shops, restaurants and offices cater to pedestrian crowds dominated by millennials. Achieving that…

Ugo Colombo can seek punitive damages from Craig Robins in fight over private jet

An appellate court denied a petition by Craig Robins to prevent another leading real estate developer in Miami, Ugo Colombo, from seeking punitive damages in long-running litigation over a private jet they owned. After Miami-Dade Circuit Judge Barbara Areces allowed Colombo to amend his lawsuit against Robins to seek punitive damages, the Third District Court of Appeal denied a petition by Robins…

$59.8 Million Sale of Multifamily Community in Miami Arranged

A broker has arranged the $59.8 million sale of Vista Verde at Westchester, a 302-unit apartment community located at 10491 SW 14th Terrace in Miami. Robert Given, Troy Ballard, Zachary Sackley and James Quinn of Cushman & Wakefield arranged the transaction on behalf of the seller, Rilea Group. Advenir Inc. acquired the asset, which is located adjacent to Florida International University, a public…

Two-building industrial property in Miami sells for $10.4M

A two-building industrial property in the West Little River neighborhood of Miami has been sold for $10.4 million. The buyer paid $211 per square foot for the buildings at 7101 North Miami Avenue and 7111-7119 North Miami Avenue, which span a total of 49,260 square feet. The new owner is 7101 N. Miami Ave. LLC, managed by Alan P. Matthews and John Matthews. The seller was Miami-based 170 NE…

Judge strikes down claims brought against former Canyon Ranch condo-hotel

At least one major component of a long and complicated legal battle between the owner of the Carillon hotel in Miami Beach and a homeowners association has finally reached a verdict. A Miami-Dade County Circuit Court judge dismissed a number of claims with prejudice brought by the Central Carillon Beach Condo Association against a company affiliated with Z Capital, the development group…

Integra completes $300M Aventura ParkSquare project

Integra Investments completed the final pieces of its $300 million Aventura ParkSquare mixed-use development by securing temporary certificates of occupancy for the residential and office condo components. In all, the 1.2-million-square-foot project, at 2920 Northeast 207th Street, includes a 131-unit luxury condo building, a 100,000-square-foot Class A office component, 55,000 square feet of ground…

Could co-working offices save malls?

A new kind of co-working space is seeking to capitalize on two current market trends: the increasing number of freelance and remote-location workers, and the loss of tenants in the retail sector. The idea? To combine vacant retail space with co-working offices. Commercial real estate firm JLL conducted a nationwide study of 75 co-working offices occupying more than 1 million square feet of former retail…

Miami Beach Convention Center shows off its new exterior fins

Here’s a first look at the three-year-long construction project As work on the $620 million transformation of the Miami Beach Convention Center rounds the home stretch, the project’s design team of Fentress Architects, Arquitectonica, and West 8 have released new images of the building’s dramatic undulating exterior and bright interior lobby. Made up of 500 aluminum “fins” arranged to mimic nearby ocean…

Paramount Miami Worldcenter tops out at 700 feet

Workers celebrated the milestone by flying the flags of 50 countries representing the tower’s many international buyers After reaching the half-way point back in December, downtown’s upcoming Paramount Miami Worldcenter has achieved its final height of 700 feet. The construction milestone saw crews fly the flags of the 50 countries that comprise the project’s geographically diverse condominium…

This downtown Miami building just sold — but not to Moishe Mana

A Wynwood investor paid about $5.4 million for the World Precious Metals building in downtown Miami’s Flagler district — and it wasn’t Moishe Mana. First & First Investment Associates LLC, managed by Vicken Bedoyan, sold the property at 40 Northeast First Avenue to Downtown NS, city records show. The buyer entity is tied to Elliot Antebi, who has owned properties in Wynwood, according to records.

American Dream mega-mall approval hits a snag

The South Florida Regional Planning Council voted against American Dream Miami, a mega-mall planned for northwest Miami-Dade County. Five of the nine-member board voted against the 6.2 million-square-foot mixed-use development. The council’s vote is used as a recommendation for the Florida Department of Economic Opportunity, which has final approval of the 174-acre project, according to…

Dezer pays $20 million for Nova Southeastern’s North Miami Beach campus

Dezer Development just picked up a development site currently home to Nova Southeastern University’s North Miami Beach campus for $20 million. Property records show Nova Southeastern University sold the 8.28-acre property at 1750 Northeast 167th Street to the Sunny Isles Beach-based development firm, less than a year after it hit the market for $32 million. NSU, which has its main campus in Davie…

Rich New Yorkers are flocking to Florida. But soaring prices might offset the tax perks

The tax overhaul is fueling a luxury home boom in Florida. Prices for luxury properties in the state climbed 16 percent in the second quarter versus a year earlier, according to Bloomberg. And values for the top 5 percent of properties rose at the fastest pace in five years, even as prices in the rest of the Florida market increased only 7 percent. “The trigger is tax reform,” Jay Phillip Parker, CEO of Douglas…

Political infighting is choking efforts to reveal kleptocrats and terrorists using U.S. real estate to wash dirty money

A Malibu mansion and Gulfstream jet were seized from the playboy son of the president of Equatorial Guinea, who pilfered hundreds of millions of dollars from his starving country. Authorities retrieved $100 million from a bank used by Hezbollah to wash money from drug trafficking. And a foreign not-for-profit is facing charges that it helped Iran evade sanctions by secretly investing in a Manhattan…

3-D Architecture, Urban Farming Part of Proposed Development for Miami’s Allapattah Neighborhood

An innovative development featuring three-dimensional architecture, urban farming and co-living apartments could be coming to the rejuvenated Allapattah neighborhood in Miami. Developer Robert Wennett and Danish architect Bjarke Ingels have proposed the project on 8.3 acres known as Miami Produce Center, located at 2140 NW 12th Ave. The development also would include restaurants, shops…

BIG unveils stilt-supported Miami megaproject

At 1.36 million square feet, the project is a BIG deal World-famous Danish starchitect Bjarke Ingels is behind the design of a newly revealed proposal calling for a massive, stilt-supported development in Miami’s Allapattah neighborhood. Dubbed ‘Miami Produce Center,’ the project comprises eight interconnected rectangular buildings rising near the intersection of 12th Avenue and 21st Street.

Greater Downtown Miami may have 5 years of excess luxury condo inventory: report

In Greater Downtown Miami, it’s a true buyer’s market. The area is facing a glut of luxury condo inventory, with about five years of excess supply, according to a new report from Condo Vultures Realty. Nearly 560 luxury units asking at least $1 million are on the market. During the first half of 2018, about eight high-end units sold each month in Greater Downtown Miami. That means that there are about 70…

Macerich partners with Industrious to bring co-working into malls

Mall owner Macerich announced a partnership with co-working company Industrious to turn unused retail space into flexible offices. The first Industrious-managed co-working space inside a Macerich mall is set to open in Scottsdale, Arizona, in January 2019. “We feel very confident that integrating co-working into retail will be a slam dunk in urban areas,” Industrious’ CEO Jamie Hodari told CNBC…

The basics of mechanic’s liens for construction contracts

There are many new construction projects starting in Florida almost all the time. These construction projects could include just improvements to existing structures and dwellings or could involve construction of completely new buildings. These construction projects generally begin with the owner of the property signing a contract with a contractor in which the contractor agrees to complete the…

Project manager dies from injuries in Miami Beach building collapse

A project manager died Friday from his injuries in what appeared to be a flawed effort to demolish the old Marlborough House condominium in Miami Beach. AlliedBean Demolition project manager Samuel Landis, a 46-year-old father and Lighthouse Point resident, had been in critical condition since July 23, when the Marlborough House collapsed after it was prepared for demolition. Landis was hit…

Growing Demand Shapes Miami

South Florida’s favorable tax environment, affordable cost of living and diverse economy contributes to Miami’s reputation of an ever-growing market. The metro mainly depends on organic expansion rather than large-scale corporate migration. Brightline, the high-speed rail service from All Aboard Florida, is a major step toward an elaborate infrastructure. The project will benefit the metro’s economic…

$23 Million Sale of Industrial Campus Near Miami Airport Secured

Cushman & Wakefield has brokered the $23 million sale of Airport East Distribution Center, a 397,585-square-foot industrial campus located at 7000 N.W. 32nd Avenue, roughly five miles north of Miami International Airport. Wayne Ramoski, Mike Davis, Gian Rodriguez, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Equitable Real Estate Partners.

Topgolf to Open Second Miami-Area Location on Friday

Golf entertainment concept Topgolf will open its second Miami-area location on Friday, Aug. 10. The three-level, 65,000-square-foot venue is located at 11850 N.W. 22nd Street in Doral, roughly 15 miles northwest of Miami. Topgolf features food and beverage options, big screen TVs, private event spaces and music in climate-controlled hitting bays. The entertainment concept has four existing locations…

Brightline’s Boost to Multifamily Development

Many expected the Brightline high-speed rail system to boost South Florida’s economy. So far, its biggest impact has been to spur multifamily development in the urban cores. As of July, there are 6,400 apartment units under construction within a half-mile radius of the three South Florida Brightline stations. There has not yet been a measurable impact on other commercial real estate variables, such as…

Construction Surge Dilutes Rent Growth in Miami

Miami’s multifamily market remains relatively healthy amid population and job gains, producing growth across asset classes, as rent increases continue to be on par with the national figure. However, following another record-breaking year for deliveries, the metro is on the verge of oversupply, with the accelerated rhythm of inventory expansion expected to linger. The metro added 24,000 jobs in the 12…

KHP Capital Partners pays $109M for Key West Inns

A San Francisco private equity firm just paid $109 million for the Key West Inns, a portfolio of six boutique hotels in Key West. Julie Fondriest, who began assembling the 222-key portfolio in 1997, sold the Key Lime Inn, Lighthouse Court, Albury Court, Merlinn Inn, Chelsea House and Cypress House to KHP Capital Partners, a hotel investment firm that also owns the Hilton Key Largo, a 200-room…

Miami orders audit of Melreese Golf Course as it seeks retail-office-soccer complex

What exactly has been going on behind the scenes at the Melreese golf course in Miami? City of Miami officials are seeking to find out. The city-owned property, about 131 acres with an 18-hole golf course, has been thrust into the spotlight this summer after David Beckham and his business partners showed an interest in securing the site for redevelopment and home to a new professional soccer…

Tri-Rail targets third quarter 2019 runs to downtown Miami

Mobility options are expected to widen for residents in Miami-Dade, Fort Lauderdale and West Palm Beach late next year. Tri-Rail trains are to arrive in downtown Miami by the third quarter of 2019, opening up a larger labor force to employers and more access to attractions and entertainment across South Florida. All Aboard Florida’s express passenger rail project Brightline and the South Florida Regional…

Site work on Grand Station in the heart of downtown Miami takes root with tree mitigation

Site work has begun on a high-profile parcel in the heart of downtown Miami that will bring one of the first new residential towers to an area anchored by many institutional buildings. “They are moving fast,” said Miami Parking Authority CEO Art Noriega regarding developer Grand Station Partners LLC. Construction fencing has been erected around the vacant corner lot next door to the parking agency’s…

County looks at putting trails under Florida Power and Light lines

Miami-Dade County is considering developing park space under Florida Power and Light (FPL) transmission lines and easements as bicycle trails and walking paths. Commissioners in July accepted a report from Mayor Carlos Giménez detailing how the county could best work with the power company to create a 1.76-mile trail system under FPL lines on land managed by the county’s parks department. The…

New airport use agreement puts American Airlines first

American Airlines went to the front of the line at up to 61 gates as Miami-Dade commissioners approved a 15-year agreement granting high-volume airlines priority use of concourse gates and changing how domestic and international carriers pay for facilities and services at Miami International Airport – but not before Commissioner Barbara Jordan ensured tougher language was included to eliminate living…

Owners who cap rent rises will see lower finance costs under new Freddie Mac plan

Freddie Mac is launching a new program to help keep rents down. The initiative will offer owners who cap rent increases for the duration of their loans lower-cost financing, according to the Wall Street Journal. It works similar to rent control but is a voluntary program. Freddie Mac plans to announce the program on Tuesday and launch it immediately. The firm will provide mezzanine debt to owners at below…

Feds look to seize Porsche Tower condo unit tied to $1B money laundering case

Federal officials are seeking to seize a condo unit at Porsche Design Tower in Sunny Isles Beach that they allege is tied to a $1 billion Venezuelan money laundering scheme. Prosecutors allege the scheme laundered money out of Venezuela’s state-run oil company, PDVSA, and into fraudulent investments and Miami real estate. One deal allegedly involved was the $5.3 million purchase of unit 2205…

Midtown Capital Partners buys Coral Gables office building

Midtown Capital Partners just paid $14.75 million for a Coral Gables office building as part of a sale-leaseback deal. Steiner Management Services, the parent company of One Spa World, which has its headquarters at the property, sold the 58,500-square-foot building at 770 South Dixie Highway to Midtown Capital Partners, a commercial investment firm led by Alejandro Velez and Alexander Saieh. The buyer…

Mast Capital just sold a historic French chateau in Brickell that was to become restaurant

Mast Capital just sold a historic French chateau on Brickell Avenue for $6.25 million, where it planned to bring an Italian restaurant. Mast Capital sold the 5,837-square foot building at 1500 Brickell Avenue to Chateau Petit Douy LLC for $1,070 per square foot, property records show. Camilo Miguel, CEO of Mast Capital, said Chateau Petit Douy is controlled by the hospitality group that is bringing a restaurant to…

Paramount Miami Worldcenter – Miami’s tallest building – tops off

The developers of Paramount Miami Worldcenter topped out the luxury condo tower on Friday along with hundreds of construction workers, engineers and subcontractors. Paramount developers Dan Kodsi, Nitin Motwani and Art Falcone hosted the event along with the project’s general contractor, CoastalTishman. The 60-story, 500-plus unit tower is part of Motwani and Falcone’s mixed-use, master…

Popeyes Moving Headquarters to Miami From Atlanta, Reports Say

A rendering of the building that Popeyes and Burger King will share when the brand moves to Miami, Florida. After building a base in Atlanta, the Popeyes restaurant chain appears to be moving its headquarters to Miami, according to published reports. The South Florida Business Journal reported last week that Restaurant Brands International, which owns Popeyes, Tim Hortons and Burger King, will…

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

Brick and mortar retail has been getting a bit of a bad review. Should that be so? Barbara Denham, Economist with Reis, appears on America’s Commercial Real Estate Show to discuss the retail property sector within the overall commercial real estate market. In this video, she provides updates and forecasts on retail properties, discussing vacancy rates, occupancy rate trends, some sample rental rates, and…

Fed Chart: Is there a skills gap in the South? Mapping education and unemployment across the U.S.

Much research has been published on the labor market transition from low-skill and routine jobs to high-skill and non-routine jobs at both a national and a local level. But is this job polarization occurring to the same degree across the country? A recent report co-sponsored by the St. Louis Fed looks at the issue of workforce development in light of this changing economy, especially in southern…

LatAm logistics firm takes Doral sublease, other big lease news

A Latin American and Caribbean logistics and e-commerce company that was recently acquired by PriceSmart just inked a 106,300-square-foot sublease at the International Corporate Park in Doral… at 9950 Northwest 17th Street. Boutique yacht brokerage and charter firm 26 North Yachts just expanded to Miami Beach… at 520 West Avenue, with plans to hire up to six additional brokers over the next…

Retail Sizzling: Terranova Welcomes Multiple New Tenants

Terranova Corporation… has announced a plethora of new tenants opening in two of its most prestigious retail locations in Miami-Dade County – Coral Gables’ Miracle Mile and Miami Beach’s coveted world-famous pedestrian thoroughfare Lincoln Road. On Lincoln Road, three new restaurants and a café embracing the diversity of Miami Beach’s local and tourist populations, join the vibrant mix of dining…

Newark Gets Ready to Pitch Amazon a $1 Billion Tax Package for HQ2 for a Leg Up on Miami, Other Remaining Contenders

As the battle to land Amazon.com Inc.’s second headquarters comes down to the wire, one of the less glamorous contenders is poised to add as much as $1 billion in tax breaks to its pitch. Newark, New Jersey, is expected to approve the big bag of cash, part of a $7 billion package the state is dangling in front of Amazon to capture HQ2, as it’s called. A trio of ordinances up for adoption at a city council…

Wynwood 25 Among Properties Adding Smart-Lock Technology to Let the Dogs Out and the In-Laws In

Let your dog walker into your apartment while you’re at the office. Or grant your in-laws access to the building’s gym while you’re sunning on a beach. It’ll be possible at new projects by some of the biggest U.S. builders. Toll Brothers Inc., Brookfield Property Partners LP, RXR Realty and Related Group of Florida are… Related Group is adding it to Wynwood 25, a Miami-area rental-and-retail project.

Little Havana driving medium-density apartment growth in the city of Miami

When the Miami City Commission rejected a proposal last year to upzone east Little Havana, it did so in the name of protecting the area from overdevelopment, commissioners said. Now, developers have adapted, and mid-size projects are on the rise. In the first half of 2018, the number of planned rental units in medium-density zones rose nearly 40 percent to 196 over the same period last year, when planned…

Brookstone files for bankruptcy, will close its 5 stores at South Florida malls

Brookstone, a retail chain that sells massage chairs and other novelty merchandise, filed for bankruptcy and plans to close all of its 102 stores in shopping malls, including five in South Florida. Brookstone’s mall locations in South Florida include Aventura Mall, Boca Town Center in Boca Raton, Dadeland Mall in Miami, the Galleria in Fort Lauderdale and the Gardens at Palm Beach in Palm…

The next phase of Monterra would include 175 age-restricted apartments

The Monterra residential community in Cooper City may expand to include more rental apartments and commercial space. The next phase of Monterra’s development would include a four-story apartment complex with 175 units for tenants 55 and older. Plans for the seven-acre apartment complex, called The Residences at Monterra Town Center, include a gym, swimming pool, community garden and bocci…

Miami-based landlord gets $26.5 million loan to refinance 6-building industrial portfolio

A Miami-based landlord got a $26.5 million loan to refinance of a six-property industrial portfolio in Jacksonville, Orlando, Tampa and the Miami-Fort Lauderdale area. The Federated Companies of Miami got a 10-year, fixed-rate loan from a national insurance company to refinance debt on the portfolio. The portfolio comprises six buildings with about 600,000 square feet of fully occupied industrial space.

Aventura firm makes $45M addition to its portfolio of school properties

Aventura-based ESJ Capital Partners, LLC, acquired four charter school properties for $45 million. ESJ bought the four school properties totaling 176,000 square feet from publicly held EPR Properties, listed on the New York Stock Exchange under ticker symbol EPR. The schools in Arizona, Ohio and Washington, D.C., serve more than 3,000 students, from kindergarten through eighth grade. The operator…

Closed since Hurricane Irma, landmark Hawks Cay Resort in the Florida Keys set to reopen this month

Closed since Hurricane Irma, a landmark resort in the Florida Keys is scheduled to reopen August 30 following a $50 million renovation.
Hawks Cay Resort will reopen with a fresh design for its main hotel, two new restaurants and expanded programming for guests. Hawks Cay has 177 guest rooms, 250 villas with two or three bedrooms, six restaurants, five swimming pools a saltwater lagoon and a…

Trump Doral to pay tenant’s legal fees tied to lease dispute

Trump National Doral Miami is running up an expensive tab in a long-running legal war it’s losing against Florida Pritikin Center, a rehabilitation spa leasing space at the luxury resort. On Wednesday, the Third District Court of Appeal affirmed a 2017 final judgement ruling by Miami-Dade Circuit Judge Jose Rodriguez against Trump Endeavor 12, the entity that owns the Doral golf resort managed by…

Bjarke Ingels teams up with 1111 Lincoln Road developer on Allapattah complex

The developer behind Miami’s most famous parking garage is planning a massive mixed-use complex designed by Danish starchitect Bjarke Ingels in Miami’s Allapattah neighborhood, The Real Deal has learned. A special area plan filed with the city of Miami reveals Robert Wennett’s Miami Produce Center LLC is proposing to build an eight-building complex with residential, office, retail, hotel and school…

Private real estate fundraising drops to lowest level since 2013: report

New private real estate funds closed with $22 billion in investor commitments in the second quarter, according to a new report by research firm Preqin. That’s the lowest fundraising volume since the first quarter of 2013. In last year’s second quarter, $37 billion worth of new private real estate funds closed around the globe. Preqin blames a “lack of mega funds” for the decline. In the first quarter of 2018…

60-Story Miami Worldcenter Condo Tower Caps Change to City Skyline

Paramount Miami Worldcenter developers are completing vertical construction on the 60-story residential luxury tower, capping an almost $4 billion project that’s changing one of the biggest skylines in the U.S. Southeast. The last beam was placed Friday atop the highest point in the condominium covering 10 blocks sprawling 27 acres in Miami’s downtown. Developers say the project is one of the…

South Florida Retail Summary (Q2 2018)

A summary of the highlights, trends, and current market activity of Q2 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 Q2 2018 Miami-Dade County’s vacancy rate moved up a fraction of a percent to 3.9% from…

Long-term lease on Lincoln Road up for grabs – again – with plans for a hotel

The leasehold interest in an iconic corner of Lincoln Road is back on the market, complete with plans for a developer to build a mixed-use hotel. The Wexler family is offering the 29,448-square-foot site at 200 Lincoln Road for a whisper price of $4 million a year for a 99-year lease. The 25,594-square-foot building is leased to Alvin’s Island, a beachwear shop, until April 2019. The family put the property on the…

3H Group Hotels buys dev site in Edgewater

3H Group Hotels continues to target Miami’s Edgewater neighborhood. The hotel development firm just picked up a property at 3047 Biscayne Boulevard with approved plans to build a 13-story hotel with 137 rooms. The company, led by developer Hiren Desai, is also building an AC Hotel by Marriott just a couple of blocks north with partner Aztec Group. Records show Biscayne Point Lodging LLLP paid…

Regalia developers score $29 million condo inventory loan

Regalia Beach Developers secured a $29 million condo inventory loan for its two remaining unsold developer units — the penthouse and “beach house.” Atalaya Capital Management, a New York-based alternative investment advisory firm, provided the non-recourse financing, Lotus Capital Partners’ Faisal Ashraf said. Lotus, an independent real estate bank also based in New York, arranged the loan. A group led…

After 85 Years, Miami Shores Finally Gets A Bar

The village of Miami Shores has existed for 85 years. It has a wonderful recreation center, architecturally interesting homes and a family-friendly vibe. But it’s never had a wine bar, until now. Mika Stetsovsky via Flickr Creative Commons Flight Wine Bar has opened in Miami Shores. Residents Kim Flower, an architectural designer, and Andy Wagner, a host on WLRN public radio, opened Flight Wine Lounge…

What is fraudulent misrepresentation in contract disputes?

When businesses in Florida interact with other businesses and individuals, generally it is done through contracts. The parties to the contract agree to do certain things in exchange for something else, and when the parties reach an agreement it is generally then written down and the parties will sign a formal contract. When businesses enter into these contracts though, they have to have some assurances…

South Beach condo tower takes key step forward

The taller, more narrow design for 500 Alton Road leaves more room for a public park The long, drawn-out saga to redevelop SoBe’s vacant South Shore Hospital at 500 Alton Road made meaningful progress last week when the Miami Beach City Commission’s Finance Committee reached an agreement supporting a new 44-story tower. The latest plan was reached after many meetings and intense…

Fed keeps interest rates steady, stresses “strong economy and job market”

The Federal Reserve, led by Chairman Jerome Powell, decided not to raise interest rates on Wednesday, stressing that the economy and job market remain strong. Many expect the central bank to raise rates next month. The Fed also highlighted the low unemployment rate, and noted that household spending and businesses investment have grown strongly according to the Wall Street Journal. The comments…

Crowley Inks 286,000 SF Of Lease Transactions In Miami-Dade’s Tight Industrial Market

Miami-Dade County reports a 4.8 percent vacancy rate, and Medley and Doral continue to be two of the most in-demand and active industrial submarkets. A South Florida industrial team announced it negotiated 285,985 square feet of transactions on behalf of Crowley Maritime Corp., a marine solutions, energy, and logistics services company operating in domestic and international markets.

Eastern Atlantic plans affordable housing project in Little Havana

Eastern Atlantic Companies is proposing to build an affordable housing apartment project in Little Havana. The Miami-based firm wants to develop First & Sixth, a 100-unit rental building at 35 Southwest Sixth Avenue, according to a permit filed with the city of Miami. The development would add to a slew of apartment buildings underway in the area, which lies near the Miami River. The 13-story tower wil…

Developer Offers Renters Who Surrender Their Cars Lower Rent at New Miami Apartment Project

Would you be willing to live without a car if it meant a break on your monthly rent? One apartment developer in downtown Miami is betting more prospective tenants will say yes. Melo Group is handing out $100 monthly rent discounts at a new apartment project for people who surrender a set of wheels, though some analysts are skeptical the perk will work in such a spread out region as South Florida.

Miami Takes Steps To Become A Truly International City

Johanna and Juha Mikkola personify Miami’s emerging economy: entrepreneurial, creative and shaped by cultures ranging from the Americas and the Caribbean, to Europe and Asia. In less than five years, the Finnish couple has scaled up their tech education business with a little help from some new friends. They’ve completed a first capital raise – $1 million from…

Don’t let Dolphins’ bonanza reopen business bidding war

Miami opens purses for sports so freely and so often that it was no surprise when the county last week granted the Miami Dolphins up to $71 million to build a practice site that could cost $70 million beside the team-owned stadium in Miami Gardens on what is now a parking lot. That move 10 miles south from Broward County was smart: it would have made business sense for the team without the county…

Carlos Giménez: Mayor sees county taking lead on new mobility modes

Shortly after Carlos A. Giménez was elected Miami-Dade County mayor in June 2011, the former county commissioner and Miami city manager told Miami Today that transitioning to his new role was easier than expected. Now halfway through his second and final four-year mayoral term, Mr. Giménez says that while his prior experience informed his administrative work early on, his confidence as a public…

The city’s Urban Development Review Board recommends Little Havana apartments/retail plan

A developer plans to transform a corner block in Little Havana into a mixed-use apartment building lined by retail shops. Altman Development Corp. is proposing to construct a project called Altis Little Havana at 2100 SW Eighth Street. Plans call for about 224 residences, 9,500 square feet of commercial-retail, and parking for about 351 vehicles. The city’s Urban Development Review Board has…

No doldrums: new jobs spurt up in manufacturing, construction giving Miami-Dade County’s economy a boost

Growing jobs are giving Miami-Dade County’s economy a solid boost in the heat of summer months that decades ago were known only for the off-season doldrums. Both the US Bureau of Labor Statistics and the One Community One Goal targeted job creation program here produced figures last week that showed a stronger labor situation than Miami has ever seen – at least in the total number of…

For the first time in seven years, City of Miami doesn’t lower overall millage rate

The proposed overall millage rate in the City of Miami, used to calculate property tax bills, will remain unchanged for the fiscal year that begins Oct. 1. The city commission on July 26 set the proposed overall millage rate for fiscal year 2018-19 at 8.0300 mills. It includes general operating millage of 7.5865, and debt service of 0.4435, reflecting slight adjustments from the current fiscal year. The city’s…

County OKs funding most of study for dredging to add PortMiami capabilities

Miami-Dade commissioners have approved paying both the remainder of the county’s investment in a $3 million feasibility study of improvements to PortMiami as well as the portion the US Army Corps of Engineers would be responsible for paying. Commissioners last week OK’d spending a total $2,443,750 to fund the study – a combination of $556,250 the county spent to start the study in June plus…

Moishe Mana picks up corner property in downtown Miami

Moishe Mana just picked up another piece of downtown Miami real estate to add to his assemblage, and is under contract to purchase two more for $40 million, according to a spokesperson. Mana’s Jersey Art Holdings LLC paid $3.5 million, or about $440 per square foot, for the 8,000-square-foot corner lot at 100 South Miami Avenue, about one block north of the entrance to I-95. Donald J. Robinson…

Sen. Rubio wants to thwart real estate-targeted money laundering

Florida Republican Sen. Marco Rubio is seeking more transparency of shell companies’ purchases of U.S. real estate in an attempt to thwart money laundering. Rubio is proposing an amendment in an unrelated spending bill that would require shell companies across the country to disclose their owners for real estate purchases of more than $300,000 or more in cash, according to the Miami Herald.

What Industrial Tenants Want

Ask any industrial broker about the most important feature to industrial tenants looking for a new facility and they’ll say “location.” After that, it’s probably going to be clear height, with at least 32 feet, but preferably 36 or 40 feet, especially for large users (those taking 500 to 1,000 sq. ft. or more). But according to Blaine Kelley, Atlanta-based senior vice president of the global supply chain practice with real…

City votes yes on ‘solar halo’ for Bayfront Amphitheater

The urban installation will be one of the largest of its kind in the country Miami city commissioners have backed a move to construct a retractable, ring-like roof covered in solar panels atop the Klipsch Amphitheater at Bayfront Park. The officials waived the city’s competitive bidding requirements to fast-track the project—which they hope will be completed in 18 months and in time for Miami’s…

Melo Group closes on downtown Miami church site next to Okan Tower

The Melo Group just added to its assemblage in downtown Miami near Miami Dade College, property records show. Melo’s 6 Plaza LLC paid $10.75 million for a portion of the property at 500 Northeast First Avenue. The seller is Christ Fellowship Baptist Church, which has sold pieces of its properties downtown to Melo and the Okan Group. Okan is planning Okan Tower, a 70-story hotel and condo tower…

Class A office rents rise in Q2 across much of South Florida: report

Class A office rents across most of South Florida rose in the second quarter due to a strong economy and new construction, according to a new report by Cushman & Wakefield. The exception was Miami-Dade County, where asking rents declined 2.7 percent year-over-year to $44.96 per square foot. But Cushman & Wakefield’s Florida research director Chris Owen said this drop does not appear to be a trend or…

Mears Group, Florida Vocational secure leases in SoFla: lease roundup

Florida Vocational Institute moves into Miramar Park of Commerce. Florida Vocational Institute has inked a 30,000-square-foot lease at the Miramar Park of Commerce. The 5 million-square-foot business park is located at 3502-3560 Enterprise Way. The school offers training for students interested in entry-level careers in healthcare and information technology. In addition to the new Miramar campus, FVI…

No End in Sight to Industrial Demand in Miami-Dade County, Brokers Say

In the latest sign of strength for the Miami-Dade County industrial market, Crowley Maritime Corp. has expanded and combined most of its South Florida operations into 179,672 square feet at Flagler Station Phase II in Medley, FL, a small town on the northwestern edge of Miami-Dade. The shipping company extended its lease and signed on for more space, taking a full building at 10205 NW 108th Avenue.

Food halls proliferate as the dining format finds more fans in Florida

Food halls have popped up across Central Florida as well as South Florida amid the spreading popularity of  common dining rooms with multiple meal vendors. Just north of downtown Fort Lauderdale, for example, Sistrunk Market and Brewery, a 40,000-square-foot development with a 12-stall food hall, is scheduled to open in November. In Central Florida, a new hotel called Aventura is scheduled to…

Interactive entertainment center spanning 250,000 square feet opens in North Miami

Real estate developer Michael Dezer quietly has opened an interactive entertainment center in North Miami that spans 250,000 square feet. The official grand opening of Dezerland Park in January 2019 will feature the introduction of bumper cars, go-karts, an outdoor paintball facility, a miniature golf course and an indoor skydiving attraction. The North Miami property at 14401 Northeast 19th Avenue…

Half way between an Airbnb and hotel, meet the boutique apart-hotel

A new cadre of hoteliers are championing the concept of apart-hotels, properties set up for longer-term stays, and they credit Airbnb with helping them see the light. Because of the short-term rental giant, the idea “that there could be some advantages to a residence versus a room,” has proliferated and sparked inspiration in the minds of people like Larry Korman, president of apart-hotel brand AKA, according…

Wells Fargo mulls sale of Eastdil Secured

Wells Fargo is considering selling Eastdil Secured as the bank disposes of its non-core businesses. The San Francisco-based financial institution has been gauging interest for the commercial real estate brokerage from private equity firms, the Wall Street Journal reported. It wasn’t clear what price Eastdil might fetch. Wells Fargo bought the company for an undisclosed amount in 1999. However, banks are…

Comras, partners sell Sephora building in South Beach to Cosentino subsidiary

A group of investors led by Michael Comras sold a Miami Beach building leased to Sephora Cosmetics for $7.5 million. CLB Associates Ltd., controlled by Comras, sold the 5,400-square foot building at 721 Collins Avenue to Prisma Properties LLC, a subsidiary of Cosentino North America. Marcus & Millichap’s Kirk Olson and Drew Kristol represented the seller, whom they declined to identify. Steven O’Hara…

Voters to decide on Miami Riverside Center redevelopment

The $1 billion soccer stadium and commercial development proposed by David Beckham and his partners is going to have some company on Miami’s Nov. 4 ballot. The Miami City Commission voted unanimously on Thursday to let residents approve or reject a deal with the Adler Group to build a four-tower mixed-use project on the city-owned site of the Miami Riverside Center in downtown Miami. But…

Moishe Mana nabs $20M loan for Mana Wynwood trade hub

Developer Moishe Mana just financed a handful of properties in Wynwood for a massive trade hub he’s planning next to Mana Wynwood. Mana’s Malux Realty, Malka Realty and Mizrachi Holdings closed on the $20.13 million mortgage from Centennial Bank for the properties at 2337 Northwest Fifth Avenue, 375 Northwest 23rd Street, 394 Northwest 24th Street and 382 Northwest 24th Street. The land includes…

Firm Arranges $180 Million Sale of 1 MSF Industrial Portfolio Near Miami

Duke Realty Corp. acquired the assets for $180 million, according to local media reports. At full build-out, Countyline Corporate Park will include 8 million square feet of space on approximately 500 acres. The three buildings were fully leased at the time of sale to KLX Aerospace, CGI Windows & Doors and Hyde Shipping, among others.

Gambling in Miami? Not so fast. Potential jai alai in Edgewater may prompt new zoning rules

In response to a controversial proposal by the owners of Magic City Casino to open a jai alai fronton and poker room in Miami’s Edgewater neighborhood, city officials want to draft new zoning regulations that would require gambling facilities to go through a public hearing process and obtain a super-majority vote from the Miami City Commission. City commissioners voted 4-0 on Thursday to…

Porsche Design Tower unit tied to $1B Venezuelan money laundering scheme: feds

Federal prosecutors charged eight people on Wednesday in an alleged scheme to launder more than $1 billion embezzled from the Venezuelan state-owned oil company PDVSA, using Miami real estate and fake investments. The criminal complaint further alleges that the former legal counsel to the Venezuelan Ministry of Oil and Mining used a condo at the Porsche Design Tower in Sunny Isles Beach…

South Florida June resi construction starts up, but commercial down

Construction starts in South Florida were up in June on a year-over-year basis, but a sharp drop in commercial construction slowed down the overall growth, according to Dodge Data & Analytics. Residential construction in South Florida leapt by 66 percent to $974 million from $586 million in June compared to June 2017. Commercial, on the other hand, plummeted 44 percent to $616 million from $1.1…

Most big cities across US show signs of housing market cool-down: report

South Florida’s once booming housing market appears to be cooling down along with a majority of other metro areas in the United States, as median annual home prices slowed in the second quarter. The Miami metro area’s annual median home prices rose 6.4 percent to $266,000 from April to June, compared to an 8.7 percent gain from January to March, according to a new report by Attom Data…

Chinese buyers’ retreat could hurt US property values

For the first time in a decade, Chinese insurers, conglomerates and other investors have become net sellers of U.S. commercial real estate. Following Beijing’s tightening of capital controls, Chinese investors sold $1.29 billion worth of U.S. commercial real estate in the second quarter, while purchasing only $126.2 million, the Wall Street Journal reported. The pullback could slow down growth in the U.S. real…

Geoffrey has left the building: Toys “R” Us hires advisory firm to sell US properties

Toys “R” Us is bringing in Raider Hill Advisors to help sell off 284 stores, distribution centers and other properties around the country. The move comes four months after the once mighty toy retailer announced it would shutter all of its stores following its bankruptcy. The company announced that New York-based Raider Hill, a private real estate investment and advisory firm, would lead “efforts to…

Miami-Dade approves plan to lure Miami Dolphins training facility to Miami Gardens

Miami-Dade County has devised a plan to bring a roughly $70 million training facility for the Miami Dolphins to the city of Miami Gardens, approving the plan on Tuesday. In a 10-1 vote, commissioners rubber-stamped an incentive package and land deal that would put the Miami Dolphins’ training facility and headquarters offices right next to the Hard Rock Stadium, according to the Miami Herald.

Video: Equus Capital Partners SVP Joe Nahas on the Top 5 Long Term Issues Affecting Real Estate

The Counselors of Real Estate release an annual report that breaks down the top issues (10) affecting commercial real estate. This year, the publication is broken into the 5 current and 5 long term issues that are facing the industry. This video covers the 5 long term issues affecting commercial property fundamentals. The 5 more current issues can be found in a prior video.

Video: Equus Capital Partners SVP Joe Nahas on the Top 5 Current Issues Affecting Real Estate

The Counselors of Real Estate release an annual report that breaks down the top issues (10) affecting commercial real estate. This year, the publication is broken into the 5 current and 5 long term issues that are facing the industry. This video covers the 5 more current issues affecting commercial property fundamentals. The 5 longer term issues can be found in a subsequent video.

Multiple multi-million dollar office sales last month in Florida

Some companies in Florida own the real estate they do business on. Other companies prefer to rent their premises. This can be very lucrative for the landlord, particularly when the real estate can be portioned out for use by multiple commercial tenants. However, just like real estate in general, the commercial real estate market fluctuates and buildings are sometimes worth more than at other times.

Final PriceSmart Sublease Transactions Totaling 70,000 SF Closed

A South Florida industrial team announced it facilitated two sublease transactions totaling 70,471 square feet at Flagler Station Phase II in Medley for PriceSmart Inc., the largest operator of membership warehouse clubs in Central America and the Caribbean. The transactions consumed what remained of the 262,382-square-foot block that PriceSmart listed for sublease upon migrating the majority of its…

Baptist Health under contract to buy Coral Gables development site at center of litigation

Baptist Health is under contract to pay $41.5 million for the development site of the Collection Residences in Coral Gables — a property at the center of contentious litigation between developers Masoud Shojaee and Ugo Colombo, court documents reveal. The Baptist deal could close within two months. Shojaee and Colombo had planned to jointly develop the Collection Residences, a mixed-use project…

Century Homebuilders scores $20M loan for new home communities in west Miami-Dade

Century Homebuilders just scored a $20 million loan to build four single-family home communities in western Miami-Dade County, property records show. The Coral Gables-based developer will use the financing to construct 92 new homes, including a community with 59 single-family homes in West Kendall. It’s also planning build two smaller communities in Westchester and an 18-home development…

Across US, new home sales and prices drop

The nation’s housing market is showing signs of a slowing down. New home sales reached an eight-month low, according to new government data released Wednesday, dropping 5.3 percent from May. The numbers came out to an annualized pace of 631,000 new homes, according to the data, which Bloomberg reported first. The median home prices was also down last month, to $302,100, which…

Developer of the Fairchild condo project in Coconut Grove closes on $27M construction loan

The developer behind the Fairchild Coconut Grove just closed on a $27 million construction loan for the luxury condo project, marking one of a few new condo projects to secure construction financing in recent months. ROVR Development, led by Oscar Rodriguez and Ricardo Vadia, broke ground on the 26-unit bayfront building at 3581 East Glencoe Street in April and plans to deliver the project in…

What Office Downturn? South Florida Investment Firm Owner Describes Hunt, Competition To Buy Class-A Buildings

Accesso Partners is a South Florida-based investment firm that owns and manages Class-A office space in fast-growing cities and premier suburbs — currently, 40 properties in 12 states. Despite recent reports of a softening office market, the company is hungry to expand. Flickr Creative Commons / Sharon Mollerus The IDS Center in Minneapolis has distinctive architecture and a large open indoor space…

Miami Beach residents to vote on Jackie Soffer and David Martin’s convention center hotel

For the second time in two years, Miami Beach voters will again decide if the city gets a convention center hotel. On Wednesday, the city commission voted unanimously to place a referendum on the Nov. 4 ballot asking residents whether the city should enter into a 99-year lease with a star-studded development team, headlined by Jackie Soffer of Turnberry Associates and David Martin of Terra Group. The…

Avra Jain and David Martin buy site across from Miami Northwestern High School, plan sports entertainment facility

A partnership between Avra Jain and David Martin of Terra closed on a property and financing for a new project in the Liberty City neighborhood of Miami, just west of Little River. Jain and her business partner Joe Del Vecchio are partnering with Martin to build a 95,000-square-foot flex warehouse development on the 4.7-acre site at 1010 Northwest 72nd Street, Jain said. David Avan’s 1010 NW…

American Landmark, Electra America on a Spending Spree in South Florida

A multifamily investment partnership picked up its fourth South Florida property this year with the acquisition of the Park Colony Apartments in Hollywood, FL for $56 million… Tampa-based American Landmark and Electra America of North Palm Beach have already this year acquired High Ridge Landing in Boynton Beach, Beach Walk at Sheridan in Dania Beach and the Lago Paradiso in Miami.

These New Hotels – Coming to Miami – Can Actually Compete With Airbnb

Locke Hotels’ pipeline includes 22 projects in the next few years, including locations in Dublin, Paris, and Berlin. “The intention is to cover every major European city and get the company to $2 or $2.5 billion [in valuation]—then we’ll look at the U.S. and Australasia markets,” says Jafari. AKA, meanwhile, intends to grow from 12 to 36 properties in the next five years, covering Paris, Rome, Austin, Miami…

Developer Bets That, In Miami, You ‘Really Can Live Downtown Without A Car’

Melo Group’s new apartment complex, Square Station, opened in June at 1424 Northeast Miami Place, right in downtown Miami, adjacent to a Metromover stop. Rents at the two towers’ 710 units range from $1,650 for one-bedrooms to $2,500 for three-bedrooms. Units come with a complimentary parking space, but the developer is offering renters a $100-a-month discount for the entirety of their leases if they…

Florida’s Brand-New Private Train Is Close To Running Out Of Money

The privately funded Brightline train debuted in South Florida in January, to great fanfare that included Miami Heat dancers and a mojito bar. So far, Brightline trains have killed half a dozen people who were crossing its tracks — but that is probably not the service’s biggest problem. The deaths were chalked up to careless or suicidal people crossing the tracks and addressed with a public safety campaign.

Stambul Acquires Historic Walgreens Building in Downtown Miami for $19.8M, Plans Redevelopment

Stambul, a Miami-based full-service construction and development firm, has acquired the Historic Walgreens Building in downtown Miami for $19.8 million. Located at 200 E. Flagler Street, the building most recently housed La Epoca, a department store that closed in 2016. Habitat Development Corp., an entity owned by the Alonso family, sold the asset. Mika Mattingly and Gerard Yetming of Colliers…

Video: Miami Beach Building Collapse

This short video shows the harrowing collapse of the 12-story Marlborough House, a building at 5775 Collins Avenue in Miami Beach. This obviously regretful incident reportedly resulted in the loss of a leg. News outlets have reported that there was a demolition permit but not a permit for an implosion, citing the Miami Beach Police Department’s Twitter account.

CGI Successfully Completes Refinancing of Four Class-A Properties in South Florida

CGI Merchant Group, LLC (“CGI”), headquartered in Miami, is a leading private and alternative investment management firm, with a focus on commercial real estate and infrastructure opportunities, successfully executed the refinancing of assets located in Coral Gables, Florida and its 400-office portfolio, composed of corporate and executive suites, in Palm Beach and Martin Counties, Florida. CGI has continued.

Avra Jain and David Martin buy site across from Miami Northwestern High School, plan sports entertainment facility

A partnership between Avra Jain and David Martin of Terra closed on a property and financing for a new project in the Liberty City neighborhood of Miami, just west of Little River. Jain and her business partner Joe Del Vecchio are partnering with Martin to build a 95,000-square-foot flex warehouse development on the 4.7-acre site at 1010 Northwest 72nd Street, Jain said. David Avan’s 1010 NW…

Miami, Other Trend-Setting Markets Show Power Of Retail Mix

Cities have always been a hotbed of experimentation in retail. From redevelopment of historic city centers to new shopping destinations built around sports and recreation, here are five markets making notable moves in brick-and-mortar. Miami: Developers are going big in South Florida. Officials recently approved zoning changes for the development of American Dream Miami, a retail theme park that is set…

New office space nationwide could drop sharply in 2019

The amount of new office space hitting the market nationwide could dip by as 20 percent next year, a combination of rising costs, concerns over the end of the cycle and tightening zoning restrictions. The amount of new office deliveries is expected to total 68.4 million square feet by the end of this year, and about 54.7 million square feet in all of 2019, according to Cushman & Wakefield. National Real…

Jai-alai in Edgewater would lead to casino complex in Omni

Few are saying so, but civic leaders’ objections to a gambling incursion on downtown’s north edge must be more about what will follow than about a tawdry jai-alai fronton and poker parlor. Those bringing gambling to newly burgeoning Edgewater are well-known local families who nonetheless are wrong to put gambling in any form on Biscayne Boulevard. It’s logical and correct to say, as leaders are…

Mixed-use Wynwood office building ‘Forum’ gets a city thumbs-up

A New York based development company has teamed with a globally-recognized and award-winning architect to bring a stand-out mixed-use office building to the heart of the ever-growing Wynwood Arts District. RedSky Capital plans to construct an eight-story mixed-use building called Forum at 2700 NW Second Avenue in Wynwood. The developer’s team presented details July 18 to the city’s Urban…

Hyatt redevelopment on city’s waterfront in planning again

It will probably be another year or more before there is real action to redevelop the Hyatt hotel and Knight Center property in downtown Miami. Earlier this month, proposed legislation pending before the Miami City Commission was scheduled to be heard but was withdrawn – by Hyatt. Hyatt officials were planning to get the matter to city voters – as required by city charter – for the August or November ballot.

Doral awaits residential projects approved before this year

Almost every block in Doral awaits a new residential and mixed-used project approved prior to 2018. The centralization of a live-work-play lifestyle only fuels a higher demand for a growing inventory. Among these projects: – Atrium will situate 350 multi-family, residential units by 80,465 square feet of retail and office spaces. The 11.23 acres sits at northwest corner of Doral Boulevard and Northwest 79th Avenue.

$4 Billion American Dream mall rolls along road to OK

The $4 billion American Dream Miami mall mega-project is one step closer to fruition. The vast mall and entertainment complex planned for Northwest Miami-Dade has been approved by the reviewing agencies in Miami-Dade County and now the next step, administrative site approval, is under way, said Nathan Kogon, assistant director of development services for Miami-Dade County. Before the…

It’s decided: Miami-Dade commission chooses Flagler site for new downtown courthouse

The new downtown courthouse will be built by a private real estate developer on the site of a park across the street from the current 90-year Miami-Dade County Courthouse, county commissioners decided on Tuesday. The resolution, sponsored by Miami-Dade County Commissioner Sally Heyman, eliminates a 42,000-square-foot parking lot near the Miami Children’s Courthouse at 155 Northwest Third…

Century Homebuilders buys land in West Kendall, plans residential community

Century Homebuilders Group is planning to build a single-family home community alongside one of its proposed townhome communities in West Kendall. Property records show an affiliate of the company just dropped $6.7 million for at least 11 acres of vacant land on the southwest corner of Southwest 136th Street and 157th Avenue, which runs parallel to Krome Avenue. Century Homebuilders…

South Florida’s largest retail sales deals in June

With experts predicting a “retail apocalypse”, South Florida has remained a lone exception. In June, the top retail deals included three traditional shopping centers, a building in South Beach, and the sale of the Metro Mall building in downtown Miami’s jewelry district.
The June investment sales figures were compiled from Miami-Dade, Broward and Palm Beach County property records.

PIA Group sells portfolio of South Florida rental homes to Cerberus for $47M

Property Investment Advisors Group just off-loaded a trove of single-family rental homes in Miami-Dade, Broward and Palm Beach counties for $47 million. The Miami-based private equity real estate investment firm sold roughly 200 homes to Cerberus Capital Management. The proceeds from the trade will go into the acquisition of additional multifamily assets throughout the southeastern…

Land of Opportunity? In Some Cases, That’s Not South Florida, Developers Say

The crowded Miami skyline leaves little room for new development, forcing many developers to look elsewhere for available land, better returns and higher demand. Riviera Point Development Group made it a goal last year to build or acquire a portfolio of 1,500 limited-service hotel rooms by 2021. The firm is about one-third of the way there, but only 157 of the 500 rooms so far are in its home territory…

Amazon and Whole Foods Bring Delivery Service to South Florida, New York Markets

Amazon and Whole Foods Market announced Tuesday the start of home delivery service for natural and organic products through Prime Now, launching the service in South Florida and parts of New York. Prime members can shop for produce, meat, seafood, bakery items and other products from Whole Foods Market at primenow.com or by using the e-retailer’s Prime Now app. Some alcohol also is…

Miami Beach condo building collapses mid-demolition, injuring one

The incident shut down traffic on Collins Avenue between 41st and 63rd streets An empty 13-story condo building at 5775 Collins Avenue collapsed during routine demolition work around 10 a.m. Monday morning in Miami Beach, shutting down traffic and leaving one person injured. 46-year-old Samuel Landis, a project manager with Fort Lauderdale-based AlliedBean Demolition, was struck by falling debris…

Commissioner Russell’s take on the Melreese vote

For a guy whose political career began with a park, it may ironically end because of a park. I reached out to our Commissioner Ken Russell and asked him for an explanation for his vote regarding the Melreese Golf Course. I know many people are upset about his vote; he had the power at the Commission meeting and should have stood up to the Beckham group and Jorge Mas, they are bullies. Once the door…

Here’s what we know about the Miami Beach building collapse and the firms involved

The start of what was supposed to be a “flagship project” for a Brazilian billionaire developer suffered a major setback on Monday after the building being demolished unexpectedly collapsed, sending a project manager to the hospital and shutting down a large portion of Collins Avenue in Miami Beach. A pile of rubble was all that was left of the former Marlborough House as firefighters and police officers…

Historic downtown Miami Walgreens sells to the Langford’s owner for $20M

Daniel Peña’s Stambul now owns another historic piece of downtown Miami. The family owned and operated construction and development firm paid $19.75 million for the historic Walgreens building at 200 East Flagler Street, most recently home to La Epoca department store. When it opened in the 1930s, the building was home to Walgreens’ 66-seat soda fountain. The Alonso family sold the…

Marlborough House building collapses in Miami Beach; 1 injury reported

A Miami Beach condo building being demolished collapsed Monday morning, injuring at least one person. The waterfront building at 5775 Collins Avenue, formerly known as the Marlborough House, had a demolition permit but not an implosion permit, according to the Miami Beach Police Department’s Twitter account. Samuel Landis, a 42-year-old project manager, remains in critical condition at Jackson…

Partition Actions: A More Detailed Look

In a previous post, we established an over-arching general understanding of Partition Actions and their applications.  Now let’s investigate some of the details of common Partition Actions. As with every facet of the justice system, proper procedure is a must in all court filings for Partition Actions.  As detailed in Florida Statute 64.041, the initial Complaint in a Partition Action must include the following: A legal…

Can a handshake be considered a binding contract in Florida?

Earlier this month, Florida Power and Light (FPL) was issued a stunning legal defeat when a $1.5 million dollar judgment was issued against the company for breaking a handshake agreement for the purchase of real estate.  A Palm Beach County jury handed down the decision after finding that the energy giant failed to pay a commission to the realtor who initially informing them of the available tract…

Voters to decide fate of David Beckham’s soccer stadium

A measure clearing a path for the facility at Melreese Country Club will appear on the November ballot After five years and numerous false starts, David Beckham’s push to bring a Major League Soccer team to Miami is finally ready to go before residents as a referendum. City commissioners voted 3 to 2 in favor of giving the $1 billion Freedom Park proposal a place on the November ballot. The current…

Skyline-changing Okan Tower targets 2018 groundbreaking

The project’s Istanbul-based developers are courting both US and Turkish buyers After receiving the green light from the Urban Design Review Board in October, Miami’s upcoming Okan Tower project is moving full speed ahead with its sales and marketing efforts. If all goes to plan, the soaring downtown skyscraper aims to break ground by the end of the year. The new $300 million high-rise—slated for the…

Everything you need to know about David Beckham’s latest MLS stadium and mega complex proposal

For David Beckham, landing a stadium site for his Miami professional franchise has proven just as elusive as winning a World Cup for England. Since his group Miami Beckham United launched its bid to field a Major League Soccer team four years ago, the international futbol star has cycled through four possible locations with each one falling through, including Beckham’s preferred site at PortMiami…

South Florida’s biggest office sales in June

South Florida’s office market is cooling down after years of strong demand and low vacancy rates, but that doesn’t mean major deals have come to a halt. 1111 Brickell Avenue, also known as the Sabadell Financial Center, sold in June for $248.5 million, marking the priciest office sale of the month and year. Two other office buildings sold for more than $20 million outside the city of Miami, and another two…

Babson College expands to Brickell, other news in leasing

Babson College inks lease at 1200 Brickell. Massachusetts-based Babson College is expanding to Brickell. The college, which specializes in entrepreneurship education, inked a five-year, 5,500-square-foot lease at 1200 Brickell Avenue and is filling up half of its third floor. Marcello Agostini of AG Real Estate Advisors represented the landlord, SGJ 1200, LLC. Records show the Miami-based company is,,,

First cafe opens at MiamiCentral, Rosa Mexicano shutters Brickell location, other restaurant news

The first food and beverage tenant began serving at MiamiCentral this week. The Scandinavian juice bar, coffee shop and cafe is leasing 2,400 square feet in the lobby of Brightline’s MiamiCentral station, at 650 Northwest First Avenue, suite 100. Joe & The Juice has more than 200 locations worldwide. At MiamiCentral’s Central Fare food hall, it will be joined by Toasted Bagelry & Deli, Miami Smokers…

Miami board approves three mixed-use projects in Coconut Grove, Little Havana and Wynwood

Three significant, yet separate, mixed-use projects proposed by Redsky Capital, Terra and the Altman Companies breezed through Miami’s Urban Development Review Board, receiving unanimous approvals this week. Redsky is planning an eight-story building with 144,781 square feet of office space and another 36,072 square feet of commercial space on three properties totaling 1.25 acres in the heart of…

All Those New Apartments in South Florida Still Aren’t Enough, Report Says

It may seem that an apartment complex is going up on every street corner in South Florida, but a new report shows that builders actually have some catching-up to do. Renters moved into 9,155 units across the tri-county region in the first half of 2018, while deliveries totaled 6,336 over the same period, according to Ambler, PA-based commercial real estate services firm Berkadia. That’s the first time in three…

NP International to Construct 1.3 MSF Mixed-Use Development Near Miami

NP International (NPI) has selected Balfour Beatty to construct the 1.3 million-square-foot Gables Station mixed-use development in Coral Gables, a suburb of Miami. Comprised of three towers, the development will feature retail space, residential units, a hotel and a 1,000-car parking garage. The transit-oriented development is situated within a commercial corridor on U.S. Highway 1 and is adjacent to the…

Protecting Against Liability Issues In Retail Real Estate

From slip-and-fall lawsuits to allegations of wrongful lease termination, commercial property owners can be vulnerable to a wide range of legal claims on a near-daily basis. Anticipating and protecting against all potential legal claims can often be a full-time job in itself, and may leave you little time or energy to devote to the many other responsibilities that come with successfully managing a commercial…

$68.8M Sale of Retail Portfolio Brokered in Miami Beach

HFF has arranged the sale of a seven-property retail portfolio located in Miami Beach’s Sunset Harbour neighborhood. Manny de Zárraga, Luis Castillo and Daniel Finkle of HFF arranged the transaction on behalf of the seller, Scott Robins Cos. Charlotte-based Asana Partners acquired the assets for $68.8 million, according to the Miami Herald. The portfolio includes single- and multi-tenant properties located…

SoFla’s largest multifamily deals in June

The nearly $150 million sale of an apartment complex near Aventura set the bar high for South Florida’s multifamily market in June. The majority of the top five deals were in Miami-Dade County, with one $55 million sale of a Pompano Beach development and a smaller property in Davie. South Florida’s multifamily market has remained strong in recent years with increased development and strong resales.

TA Realty sells warehouse portfolio in Miami-Dade to RREEF

TA Realty just sold three warehouses in Miami Gardens and near Hialeah for $21.35 million to RREEF Property Trust, an arm of Deutsche Bank asset management. The industrial portfolio spans 290,000 square feet, meaning the deal breaks down to nearly $75 per square foot. Records show TA Realty spent a total of about $17.6 million acquiring the sites in 2007 and 2008 through an affiliate company, the…

Omni CRA buys Diana Lowenstein Gallery in Wynwood, aiming to redevelop as a mixed-use project

The Omni Community Redevelopment Agency just bought the Diana Lowenstein Gallery property in Wynwood for $6 million, with plans to put it out for bid for affordable or workforce housing and retail space, The Real Deal has learned. DLFA Inc., an entity led by the Lowenstein family and Bruce Lazar of Lionstone Development, sold the nearly half-acre site at 2035, 2037 and 2043 North Miami Avenue…

Ocean Bank Provides $60M Loan for Refinancing of Shopping Center in Miami

Ocean Bank has provided a $60 million loan for the refinancing of Kendall Village, a 256,000-square-foot shopping center located at the intersection of Kendall Drive and S.W. 124th Avenue in Miami. Ocean Bank provided the loan on behalf of the borrower, Kendall Village Associates LLC. The center is fully leased to tenants such as Regal Cinema, Old Navy, Gap, Chuck E. Cheese, Jared Jewelry, Pier 1 Imports…

Interpretation of disputed terms in a contract dispute

People and businesses in Florida enter into contracts almost every day. Some contracts are simply accepting the terms for using a product or service, but many others take many hours of negotiation to ensure that the contract states exactly what the parties to the contract want it to say. The more money that is on the line, generally, the longer contract formation process may take. After the contract is signed by…

Beckham’s bid for a Miami MLS stadium will go to voters

Miami voters will get to decide whether David Beckham’s latest pitch for a Major League Soccer stadium passes muster — if a legal challenge doesn’t derail it first. On Wednesday afternoon, following another marathon meeting, city commissioners voted 3-2 to place on the Nov. 4 ballot a no-bid proposal by Beckham and his partners to redevelop Miami’s Melreese golf course and park complex into a…

University of Miami buys United Methodist church near its Coral Gables campus

The University of Miami is going off campus. Property records show the private university paid $8.84 million for the 1.64-acre United Methodist Church site at 6500 Red Road, about two blocks west of the Alex Rodriguez Park at Mark Light Field. The Board of Trustees of the Florida Annual Conference of the United Methodist Church Inc. sold the property, which includes the two-story, 36,000-square-foot…

North Miami Beach approves micro-city for West Dixie Highway

The North Miami Beach City Commission unanimously approved a 2.5-million-square-foot mixed-use project on Tuesday that will be designed as a “micro-city,” along the lines of Midtown Miami. Called New North Town Center, the project will be constructed on an 18-acre site that North Miami Beach officials call the TECO Gas Site, a brownfield that has been undergoing environmental remediation…

Miami Voters to Decide Fate of David Beckham Soccer Stadium

Soccer icon David Beckham wasn’t in the house Wednesday, but business partner Jorge Mas finally persuaded Miami city commissioners to let voters decide whether Beckham can build a 25,000-seat stadium and entertainment complex on a city-owned golf course. After nearly nine hours of public comment and sometimes-heated discussion on July 12, the Miami City Commission postponed the matter…

Miami Residents Will Finally Vote on Beckham’s MLS Stadium in November

A referendum on David Beckham’s proposed Major League Soccer stadium was approved today in the most Miami of ways: Three commissioners voted to move the plan forward after multiple weeks of abrupt public proposals, last-minute plan changes, accusations of lawbreaking and corruption, and a whole lot of general bloviating and confusion. City of Miami commissioners Joe Carollo, Ken Russell…

Five Unanswered Questions About the New Beckham Stadium Proposal

Soccer star and professional attractive person David Beckham spent a small portion of Thursday’s carnival-esqe city commission meeting complaining that anonymous Miamians haven’t been smiling at him as often lately. Only one woman publicly flashed him on Thursday! Poor Becks. Many Miami residents are, rightfully, skeptical about Beckham’s latest proposal in his never-ending, five-year quest to build…

David Beckham’s Miami Stadium Morphs Into $1B Project; Related Group CEO Called Offer ‘Unconscionable’

Nearly five years after David Beckham announced he would be putting a Major League Soccer team in Miami, his investment group is back at the negotiating table trying to get a stadium built. A new plan calls for a $1B stadium and retail complex at the current site of the Melreese Country Club, a city-owned property that is contaminated with arsenic. Miami city commissioners will vote Wednesday on the…

Competitive bidding process proposed for Melreese site

As David Beckham and the Mas brothers seek approval to redevelop the Melreese Country Club into a mixed-use soccer complex, Avison Young’s Michael Fay wants to level the playing field. Fay, managing director and principal of Avison Young’s Miami office, is proposing to set up a competitive bidding process for the 131-acre site, he told The Real Deal. Fay sent a letter on Tuesday to Miami Mayor Francis…

Marathon Boat Yard Marine Center in the Florida Keys sells for $6M

A boatyard and marina in the Florida Keys was just scooped up by a company tied to the Tulsa, Oklahoma-based baked goods producer, Bama Companies, for $5.75 million. Marathon Boat Yard Marine Center at 2059 Overseas Highway sold to Silent Hunter Boat Yard, LLC, which is led by Bama’s CEO Paula Marshall and her family office’s accountant Matt Alley, records show. The family-owned and operated…

Video: Real Capital Analytics SVP Jim Costello Provide an Update on the Office Market

Jim Costello, Senior Vice President at Real Capital Analytics, appears on The Commercial Real Estate Show to discuss the state of the office market in the U.S. He discusses segmentation in the office market, with deal volume down more in the central business district (CBD) market that in the suburban markets, which he submits is due to the CBD markets being priced to perfection, i.e. very fully priced. He…

The Modernization of Coconut Grove: First Office Projects in 30 Years

Coconut Grove welcomed the first settlers in the late 1800s and became an independent city by 1919. The City of Miami annexed the lush and culturally rich enclave in 1925, triggering its continuous growth. Coconut Grove—considered the oldest neighborhood in Miami—has always been a sought-after tourist destination due to its deep-rooted history, trendy shopping and entertainment venues and the…

Coconut Grove to Welcome Luxury Hotel

The Cipriani family is bringing the first Mr. C hotel to Florida—the 100-room hotel dubbed Mr. C Coconut Grove is currently under construction in Miami’s oldest neighborhood, Coconut Grove. The developer and owner, Main Highway Partners, plans to deliver the project in late 2018. Mr. C Hotels, founded by brothers Ignazio and Maggio Cipriani, will operate the property. At 2988 McFarlane Road…

6 Key Metrics About the Miami Commercial Real Estate Market

Miami’s commercial real estate market offers a wide range of projects and property types due to its access as an Atlantic coastal town. Miami has distinct cultural influence as a transportation node between North, Central, and South America. It also possesses economic diversity with many opportunities illustrated by a variety of business sectors within the…

Alone together: Study says open-plan offices might make us anti-social

The fact that you can see all of your co-workers doesn’t necessarily mean you’re going to talk to any of them. According to a new study by Harvard University, open-plan offices might actually deter employees from working together. Instead, workers are more likely to communicate by instant messaging and email, the New York Post reported. But there’s a caveat: The study only looked at two Fortune…

It takes guts to keep developers off city golf course’s turf

“No guts, no glory” is something ex-soccer star David Beckham understands. Miami commissioners should too when it’s time to preserve the city’s patrimony of greenery. Mr. Beckham is the front man allied with local executive Jorge Mas to develop a mixed-use project far larger than Brickell City Centre at the city’s only golf course. A soccer team is the bauble dangled before the commission and the public…

Pressure builds for rail service as only choice for the South Dade Transitway

Miami-Dade commissioners haven’t yet decided what upgrades the county will make to the South Dade Transitway, but according to Commissioner Dennis Moss, anything but rail would be a disservice to residents. At the commission’s July 12 Chairman’s Policy Council meeting, Mr. Moss argued for his resolution directing the mayor’s office to find funding to alter a current study by Aecom Technical…

Ocean Bank Provides $60M Loan for Miami Retail Center

Ocean Bank has come through with $60 million in financing for a longtime client. The bank provided Kendall Village Associates, an entity of Berkowitz Development Group Inc., a loan to refinance the 256,000-square-foot Kendall Village Center mixed-use retail property in Miami. Kendall Village made its debut in 2000 and underwent renovations in 2005. The center consists of 13 buildings and, along with an…

Miami Attorney Sues City Over No-Bid David Beckham Proposal for Melreese Country Club

Before David Beckham’s group abruptly ditched plans for a stadium in Overtown, one of the biggest roadblocks to that proposal was an ongoing lawsuit by a local activist who claimed the city broke the rules by agreeing to sell the group public land without bidding for other offers. Now Beckham is facing exactly that same challenge over his new plan to lease the city-owned Melreese Country Club for his…

Deal outlines development and parking at Coconut Grove Playhouse

The city’s Off-Street Parking Board has approved a memorandum of understanding with Miami-Dade County for a new parking garage and related development next door to the Coconut Grove Playhouse. The unanimous vote by the parking board came July 11. County officials are moving forward with the plan to restore the front of the historic theater, build a new 300-seat theater and ancillary uses on…

County to vote on new civil courthouse site beside 1928 version

Miami-Dade may soon have a set construction site for a new civil courthouse, as commissioners are to vote next week on a parcel just west of the crumbling one on Flagler Street. Commissioners at the Chairman’s Policy Council on July 12 unanimously forwarded to a full commission vote a resolution to build the new courthouse between West Flagler and Northwest First streets. The parcel was acquired…

Coral Gables clears way for developments in its ‘long neglected’ North Gables

“Long neglected” north Coral Gables could be seeing new development in coming years. At their July meeting, city commissioners unanimously passed three ordinances on first hearing to amend the city’s land use map to allow for mixed-use development and also approve a proposed Planned Area Development (PAD) for a project called “Regency on the Park.” The first two ordinances expanded the…

Scott Robins and Philip Levine sell Sunset Harbour retail portfolio for $69 million

Developer Scott Robins and Florida gubernatorial candidate Philip Levine sold a retail portfolio in Miami Beach’s Sunset Harbour neighborhood for $68.75 million to Asana Partners, a real estate investment firm, sources told The Real Deal. Robins and the former Miami Beach mayor sold the seven-building, 61,400-square-foot portfolio 1787, 1919, 1928 Purdy Avenue…

Contrarian investors across US find bargains amid “retail apocalypse”

With predictions of a “retail apocalypse” growing by the day, and as more stores close and companies file for bankruptcy, some investors see now as the perfect time to buy ailing shopping centers at distressed prices. Brian Kosoy, the CEO of the Sterling Organization, a private equity firm, started a new fund to invest in grocery-anchored shopping centers, street retail and other shopping centers across…

Renderings revealed: First phase of the Magic City Innovation District

The first phase of the Magic City Innovation District is underway and is expected to be turned over to tenants as early as September, according to developer Tony Cho. The first phase of the 17.7-acre development calls for gut-renovating the majority of the 21 existing commercial buildings in the Little Haiti and Little River neighborhoods of Miami. Spaces will range from 300 square feet…

Will Real Estate Developers Seize On “Opportunity Zones” Tax Incentives?

A short drive from downtown Miami, colorful murals highlight the Haitian diaspora and pink and yellow island-themed buildings dot Second Avenue in Little Haiti. Among the traditional Creole eateries, some millennial-focused restaurants have emerged, advertising craft beer and featuring organic rotisserie chicken and jalapeno jam on their menus. The slow transformation has not gone unnoticed.

Retail sales rise nationwide in Q2, indicating strong economic outlook

Nationwide retail sales were up in the second quarter year over year, a positive sign for the overall economy, though department store revenue continued the drop. From April to June, retail sales in the U.S. grew by 5.9 percent compared to the same period in 2017, the U.S. Commerce Department reported Monday, , according to the Wall Street Journal. June sales rose 0.5 percent from May figures. The news…

Think Hotel Group closes $22 million loan for Clinton Hotel in South Beach

Think Hotel Group just received a $22 million loan from Blue Vista Finance for the recently renovated Clinton Hotel in South Beach. The hospitality firm recently completed an 18-month, multimillion-dollar renovation of the 88-key hotel at 825 Washington Avenue, including a full restoration of the lobby’s layout using the original 1930’s Spanish tile, a fully renovated pool and courtyard, as well as full…

Jorge Pérez blasts Beckham/Mas brothers soccer complex proposal

Related Group founder Jorge Pérez is speaking out against the proposed $1 billion plan to redevelop the city of Miami’s Melreese Golf Course into the home of Miami’s Major League Soccer team. But he isn’t interested in bidding on the property, Pérez told The Real Deal. Miami’s condo king compared the deal to the Miami Marlins stadium debacle, citing the lack of community input and low rent…

Codina Partners lands $150M refi for Downtown Doral and 2020 Salzedo

Codina Partners just closed on a $150 million refinance deal for two of its commercial projects in Doral and Coral Gables. The firm scored $20 million for its luxury office tower project 2020 Salzedo from Florida Community Bank, and $127 million for its office and retail portfolio at Downtown Doral from an undisclosed life insurance company, according to a spokesperson for the developer. The two…

Link Real Estate, Jameson and Forte Capital group sell retail property in Wynwood

A company tied to San Francisco investment firm RRE Investments paid $9.15 million for a retail property in Wynwood. 151 NW 24th St Partners LLC, led by general partners Dan Arev of Link Real Estate and Chaim Cahane of Forte Capital Management and equity partner Joe Serure of Jameson Realty Group, sold the redeveloped building at 151 Northwest 24th Street, according to Dwntwn Realty Advisors…

Green venture capital firm buys luxury condo at Muse in Sunny Isles

A green venture capital firm just purchased a unit at the newly completed Muse Residences in Sunny Isles Beach for $6 million. Boca Raton-based PMA Venture Capital Group, led by George Pagoumian, bought unit 3601 at the luxury tower in Sunny Isles at 17100 Collins Avenue, which began recording sales in June. Kevin Maloney’s Property Markets Group and Claudio Stivelman and Marc Schmulian’s S2…

Blockchain will streamline project development tasks: panel

While a lot of the buzz surrounding the real estate industry’s emerging use of blockchain has centered on authenticating property transactions involving cryptocurrencies, the technology has the capability of completely streamlining development, according to a panel of Miami entrepreneurs developing applications for the building community. For instance, architecture and engineering firms can…

Apartment investor pays $3.02 million for Miami site zoned for 150 units

An affiliate of rental housing investor CFH Group paid $3.02 million for a Miami site zoned for as many as 150 residential units near Jackson Memorial Hospital. The 39,900-square-foot site is at 1430, 1460 and 1490 Northwest 20th Street in Miami’s Allapattah community, just west of the city’s Wynwood area. The sellers were Ramiro Chavez and Magali Chavez. The buyer, Allapattah Investors…

Miami condo developer courts affluent Turks repelled by Turkish politics

Real estate investors have a new reason to avoid Turkey, and that could be good news for a Miami condo developer. The Turkish developer behind a 389-unit condo development in Miami may sell more units to wealthy Turks discouraged by the June reelection of Turkey’s authoritarian president. Veteran developer Bekir Okan expects the reelection of Recep Tayyip Erdogan to inspire capital outflow…

Legal fight pits historic preservation against climate-change preparation

An owner of property in a Miami Beach neighborhood prone to flooding has taken legal action to overturn the city’s designation of the area as historic. The property owner, a company called Ytech, has petitioned a judge to undo the designation for the Tatum Waterway neighborhood, claiming it hinders efforts to respond to rising sea levels. Ytech owns nine buildings in the Tatum Waterway…

WeWork goes vegetarian refusing to pay for meat under new company policy

This is not a drill: WeWork–and anyone eating on the company’s dime–is going vegetarian. The co-working giant valued at about $20 billion is removing all meat options from its internal menu and telling employees to leave any meals with meat off their expense reports because they will no longer be footing the bill, according to Bloomberg. Co-founder Miguel McKelvey informed WeWork’s 6,000 staff…

Miami judge rejects dismissal of Aimco suit against Airbnb over sublet apartments

A Miami judge refused to dismiss a suit filed against Airbnb by Aimco, a leading landlord that wants the home-sharing platform to stop listing its apartments in Miami and Miami Beach as vacation rentals. The judge rejected Airbnb’s argument that the company is not liable for listing information that hosts put on its online platform, claiming immunity under the 1996 Communications Decency Act. That…

Jeffrey Miller buys Beacon College Prep site in Opa-locka for $8.45 million

Jeffrey Miller’s Beacon College Prep Inc. just bought a charter school it operates in Opa-locka for $8.45 million. The deal for the school at 13400 Northwest 28th Avenue comes on the heels of the nonprofit’s application to expand to serve grades sixth through eight. In June, Miller submitted a proposal with Miami-Dade County to issue $11.9 million in revenue bonds from its Industrial Development Authority…

NFL player Elvis Dumervil picks up North Miami apartment building

NFL linebacker turned investor Elvis Dumervil just picked up a multifamily building in North Miami for $6.73 million, property records show. The 66-unit apartment building at 12300 Northeast 4th Avenue traded hands for about $102,000 per unit. The seller, Kina Investment Inc., is a Panamanian company led by Ettore Nardi. His company is tied to a Coral Gables-based property management firm…

Jeff Berkowitz scores $60 million refi for Kendall shopping center

Jeff Berkowitz’s Kendall Village Associates just closed on a $60 million loan from Ocean Bank for the refinancing of a 256,000 square-foot mixed-use shopping center in Kendall. The Kendall Village Center at 8705 Southwest 124th Avenue, along with an adjacent parcel, totals 27.4 acres and 13 buildings. Tenants include Regal Cinema, Old Navy, GAP, Chuck E. Cheese, Jared Jewelry, Pier 1 Imports, Duffy’s Sports…

Miami City Leaders Postpone Decision on David Beckham Soccer Stadium

Rendering of the privately funded $1 billion development called Miami Freedom Park proposed by David Beckham and Jorge Mas at Melreese Country Club near Miami International Airport. English soccer star David Beckham will have to wait six more days to learn whether Miami voters can decide the fate of his 25,000-seat stadium and mixed-use development on a city-owned golf course.

Situations when directors breach fiduciary duties

There are many different corporations in Florida. These corporations are set up to run businesses and ultimately make money for the shareholders of the corporation. However, since not all shareholders can effectively make decisions for the corporation, the shareholders of the corporation will select directors and officers to run the corporation. This means that the shareholders, who have invested their…

How Could Higher Tariffs Affect American Manufacturers?

The U.S. has recently been implementing significant changes in its trade policy. Among these changes, the U.S. is raising tariffs on a number of goods imported from China, which accounted for around $50 billion in 2017. On Tuesday, the U.S. announced an additional round of tariff hikes on imports from China.1 In this article, I restricted attention to imports from China affected by the tariff hike…

Beckham group will have to wait another week for city commission vote on Melreese stadium proposal

A whirlwind week for the Mas brothers and David Beckham – which included accusations of backroom deals with city officials and intentionally withholding details – ended with a game delay. The Mas-Beckham group is seeking a referendum on the November ballot asking Miami residents to approve or deny a no-bid lease agreement that would allow the group to redevelop the city-owned Melreese…

LGBTQ-oriented Axel Hotels to open first US location in South Beach

Axel Hotels, which focuses on the LGBTQ community, is opening its first location in the U.S. in South Beach. Axelbeach Miami will open at the former site of Hall South Beach at 1500 Collins Avenue by the end of the year, said Axel Hotels founder and president Juan Julià. It will mark the Barcelona-based company’s eighth flagged property and the only one outside Europe. “We’ve been looking for different…”

Miami-Dade committee backs Flagler site for new downtown courthouse

Six Miami-Dade County Commissioners are recommending that a 25,000-square-foot park on Flagler Street be the sole site for a new Miami-Dade Civic Courthouse. The unanimous vote came Tuesday morning during a chairman’s policy council meeting held in county chambers. The site item will come before the full 13-member county commission on July 24. County officials have been attempting to…

Leading South Florida Development Lender Bank of the Ozarks stock falls despite strong earnings, as growth could slow

Bank of the Ozarks stock fell Thursday morning after the Arkansas bank suggested during a conference call that its real estate lending growth could slow down, following its release of strong earnings late Wednesday. The Little Rock-based bank’s CEO, George Gleason, said during the call that pricing is getting more competitive for real estate lending and the flow of quality deals has slowed. The remarks are…

Optimum boosts financing for Ocean Drive hotel project in South Beach

Ricardo Tabet’s Optimum Development USA just secured $52 million in financing for the renovation and expansion of the former Park Central Hotel on Ocean Drive in Miami Beach. BB&T is providing the financing, which takes over a previous $40 million loan and adds a new $12 million mortgage. Optimum has been working on the redevelopment since at least 2014, when it broke ground on the project…

Freshwater Group buys apartment complex in Miami Beach

The Freshwater Group is adding a batch of Miami Beach apartment buildings to its South Florida portfolio. Freshwater Group partner Joseph Sayegh said the firm is under contract to buy a rental complex consisting of three adjacent, two-story buildings at 7710, 7720 and 7700 Abbott Avenue for $5.6 million. The rental project features 36 units and is currently owned by City M Abbot LLC…

Philip Levine roomed with Craig Robins in college. The rest is history.

Gubernatorial candidate and real estate investor Philip Levine built his fortune thanks in part to a well-known Miami real estate family. Levine, a former mayor of Miami Beach and one of the leading Democrats running for governor of Florida, met Design District developer Craig Robins at the University of Michigan where they were roommates. In the mid-1990s, Robins’ father Jerry Robins agreed…

On the waterfront, prices are dropping

It might be difficult to fathom, but the price of living next to a body of water is becoming more affordable, a new report has found. Since 2012, when waterfront premiums reached a high of 54 percent in the second quarter, costs have dropped to a 36 percent premium in the first quarter of this year, according to Bloomberg. Citing a Zillow report, the current premium is even lower than the 1996 average of 41…

Trammell Crow, AvalonBay to Develop 350-Unit Multifamily Community Near Miami

Trammell Crow Residential, in partnership with AvalonBay Communities Inc., has unveiled plans to develop a 350-unit apartment community located at the corner of N.W. 36th Street and N.W. 79th Avenue in Doral, roughly 16 miles northwest of Miami. The residences will be part of a horizontally integrated mixed-use development that will feature 80,000 square feet of retail, which is under development…

Everything You Need to Know About David Beckham’s Latest $1 Billion Stadium Pitch

If it feels like you’ve already spent a full college education watching David Beckham and his partners flail around for a place to build a soccer stadium, you are not hallucinating. Miami is now living through Year Five of Beck’s never-ending Major League Soccer drama. This season promises a new location, new political plotting, and the ever-more-likely prospect of a really bad name for the franchise. Beck’s…

Beckham’s New Economic Projections for His Stadium Are Probably Nonsense

For the last 24 hours, Miami officials have been furiously pushing the latest pitch from David Beckham and financier Jorge Mas for a new soccer stadium at Melreese Country Club, largely by insisting the deal would pour millions into city coffers. City Manager Emilio Gonzalez repeatedly estimated that $44 million per year in new taxes could result, prompting reporters to ask: Where the hell are those numbers…

A Trendy Miami Neighborhood Is Getting … Jai Alai?

Miami’s trendy, and largely residential, Edgewater neighborhood could soon be home to a new gambling facility with poker and jai alai. Operators of Miami’s Magic City Casino won state approval last week to run “summer jai alai” on a site at 3030 Biscayne Blvd. Edgewater lies just north of downtown Miami and borders Biscayne Bay. Recent luxury condo developments there include Elysee, Paraiso Bay and…

Beckham’s New Stadium Site Sits on Toxic Waste That Could Cost Millions to Move

Ever since retired soccer star David Beckham and his new partners, Jorge and Jose Mas, abruptly abandoned their Overtown stadium plans and pivoted to the Melreese Country Club near Miami International Airport, skeptics have piled on about potential hangups: the traffic, the loss of a city-owned golf course, the last-minute proposal that could hand the Mas brothers a profit bonanza. But virtually everyone…

Common Co-Living Lands In Miami

In this emerging format of multifamily development, residents have their own private rooms but share kitchens and other areas; it is related to a dorm or hostel, but with stylish furniture, group yoga classes and rents commensurate with an upscale experience. Common, a New York-based company that operates 20 co-living sites in major cities, is expanding into Miami with two brand-new developments in…

TA Realty Sells $35 Million Miami Office Campus

TA Realty has completed the sale of Kendall Summit Office Park, a six-building campus totaling 173,661 square feet in Miami. COFE Properties acquired the asset for $34.8 million. Cushman & Wakefield brokered the transaction and arranged $26 million in acquisition financing. The non-recourse loan bears a low interest rate and it will fund future property improvements and leasing expenses. Located…

Video: Profiling the Richest People in United States Real Estate

This video profiles the top five richest people in U.S. real estate, according to Forbes magazine. Among those profiled (spoiler alert) are Richard LeFrak, John Sobrato, Miami Dolphins owner Steven Ross, Stephen Schwarzman, and Donald Bren. The richest of these owners over 115 million square feet of real estate.

What Does The Heat Up In Big Industrial Transactions Portend?

It came out that Brookfield Asset Management Inc. is putting IDI Logistics, one of the world’s leading investors and developers of logistics real estate, on the block, according to Bloomberg News. While the asking price has not been disclosed, IDI Logistics, which was acquired by Brookfield for $1.1 billion in 2014, is expected to fetch about $5 billion. Last year, Brookfield also sold Glazeley, a 33 million-sq.-ft.

South Florida Office Investors Pick Up Sales Pace in Second Quarter

PGIM Inc.’s $248.5 million sale of the Sabadell Financial Center at 1111 Brickell Avenue. in Miami to a joint venture of Kohlberg Kravis Roberts & Co. and Parkway Property Investments was the biggest office sale of the second quarter. South Florida’s sluggish office sales increased dramatically in the second quarter, fueled in part by the second-highest price paid for an office property in the market since 2012.

Planning and Zoning discuss Coconut Grove Playhouse

There is a meeting tonight, Monday, July 9, where the Coconut Grove Playhouse will be discussed. The Planning Board will hear from the County who will ask for zoning approvals to start the project. There are lawsuits pertaining to the Playhouse so no matter what the Planning & Zoning Board decides tonight, nothing will probably proceed. In December, the City Commission discussed the Coconut…

Nick Miceli: Plans six more South Florida TD Bank locations in year

Nick Miceli celebrated two decades with TD Bank in November by moving from his native New Jersey to the Sunshine State, where as Metro Florida regional president he plans to expand the company while preparing for its future. “I was attracted to the growth I’ve seen in the South Florida market, specifically Miami, and there is a tremendous amount of opportunity,” he said, adding the bank is building…

Appraisers find David Beckham’s soccer site rent should double offering price

Two property appraisal firms reached similar conclusions regarding the proposed redevelopment of the Melreese Golf Course, stating the highest and best use would include higher density mixed-use with retail and office components. David Beckham’s group wants to turn more than half of the site into a commercial office tech campus, along with a hotel and conference center, retail and entertainment…

Coral Gables bars bike and scooter leasing, takes a spin with Spin

An emergency ordinance to ban shared scooters and bikes passed unanimously on Tuesday at the Coral Gables commission meeting. This ordinance does not stop the city from entering into an official agreement with a shared mobility company. Mayor Raul Valdes-Fauli called for the emergency ordinance, citing numerous citizen complaints of dockless scooters and bikes left on private property and in city…

David Beckham’s MLS stadium set for key city vote

The revised plan would see the controversial arena replace Miami’s Melreese Country Club David Beckham’s five-year push to bring a new professional MLS soccer team and stadium to Miami could be drawing to a close as the city prepares to vote on a plan to turn Melreese Country Club into a $1 billion mixed-use complex known as Freedom Park.

New looks at downtown Miami’s upcoming YotelPad project

As developers prepare to break ground on Miami’s 31-story YotelPad project, newly released renderings provide the best glimpse yet of the unusual combination hotel and residential concept. Slated to rise at 227 NE 2nd Street, the downtown development represents the first East Coast location for Yotel—a company fast making a name for itself with design-focused, millennial-friendly micro lodging.

Atlantic Pacific Communities and Miami-Dade County to begin working on deal for affordable and workforce housing in Overtown

A proposal to build 360 affordable and workforce housing apartments in Overtown near Miami Worldcenter and Brightline’s MiamiCentral development is gaining traction. Miami-Dade commissioners on Tuesday unanimously approved negotiating a deal with Atlantic Pacific Communities to develop a $172.8 million mixed-use project with a total of 600 residential units on a 90,000-square-foot parking lot at…

Afin Developer Group wins approval for new Cambria Hotel in North Miami Beach

The Afin Developer Group won approval from the North Miami Beach Planning and Zoning Board for a 129-room Cambria Hotel at 163rd Street and 19th Avenue. The new plan is for a smaller hotel than originally approved in 2015. The development will now span seven stories and 170,425 square feet, with 18,227 square feet of retail. Afin’s original plan had called for a 231,045 square-foot, 11-story development…

Century Homebuilders plans apartment complex near Merrick Park

Century Homebuilders Group and a Colombia-based real estate fund, Pactia USA, are teaming up to build an apartment complex near the Shops at Merrick Park in Coral Gables. Property records show the partnership bought two vacant parcels of land on the southeast corner of Bird Road and Southwest 42nd Avenue for $6.3 million. Century Laguna, an affiliate of Century Homebuilders, was the seller. Century…

Cervera Real Estate Ventures buys Hialeah shopping center, plans renovations

Cervera R.E. Ventures is entering Hialeah’s hot commercial market. The company just paid $11.3 million for a shopping center at 3800 West 12th Avenue, with plans to reposition and renovate the property, President Javier Cervera Jr. said. It’s the company’s first acquisition in the city. The seller is an affiliate of Leon Medical Centers. Records show W 12th Ave Investment, led by Michael Shealy, bought the…

Wall Street has more money than ever to buy single-family rentals

Investors are raising billions of dollars from bond buyers, pension funds and even wealthy individuals for the single-family home rental market. “We’re seeing a wider variety of investors coming into this asset class: sovereign-wealth funds, insurance companies, hedge funds, pensions, asset managers,” Sandeep Bordia, head of research and analytics for Amherst Capital Management LLC, told the Wall Street…

Miami is Going Small with Micro Units and Co-Living

Micro-sized apartments and co-living spaces are on their way to Miami, filling a desperate need for more affordable housing. With a median income hovering around 20 percent lower than the national average and with almost 50 percent of all Miami residents overwhelmed by housing costs, developers are looking for creative ways to make living near the city center affordable, especially for…

FECI plans Fort Lauderdale Brightline office tower

Florida East Coast Industries is planning to build a Fort Lauderdale Brightline office and retail tower, amid demand for new office development. FECI aims to build 101 Fort Lauderdale, a 14-story building at 101 Northwest Third Street Street in downtown Fort Lauderdale. It will feature 175,000 square feet of office space across 7 floors and 15,000 square feet of ground-floor retail and amenities.

Renderings revealed: Beckham’s Miami Freedom Park, YotelPad, more

David Beckham’s group just released a rendering of its proposed mixed-use soccer complex. The Miami City Commission will vote this week on whether to place the proposal on a November referendum. Beckham’s partner Jorge Mas calls the project Miami Freedom Park. The entire development includes a 25,000-seat stadium, 110 acres of green space, 400,000 square feet of office space…

Elion Partners picks up warehouse in northwest Miami-Dade

Elion Partners just picked up a warehouse in northwest Miami-Dade for $7.23 million, property records show. The 59,135-square-foot warehouse at 2875 Northwest 77th Avenue traded for about $120 per square foot. The seller is a family-owned distribution company called South Dade Automotive. It operated out of the building before selling its business in 2015 to U.S. AutoForce, a Wisconsin-based…

Coastal Construction sued over alleged unpaid work at Porsche Design Tower

A subcontractor that worked on Porsche Design Tower in Sunny Isles Beach is alleging Coastal Construction owes the firm at least $1.42 million in unpaid work and supplies. Zarrella Construction, a Davie-based subcontractor, filed the suit in Miami-Dade County Circuit Court last month. Coastal allegedly failed to fully pay Zarrella for its work framing, insulating, drywalling and painting of Porsche Design, a 132…

The current state of CocoWalk

This is the current state of CocoWalk this week, they are well on their way to constructing their new office building. They’ve been quite efficient in the demolition, I had pictured Miley Cyrus on a wrecking ball or something and heavy equipment taking over Virginia Street, but they managed to get the structure down with the heavy equipment inside rather than outside the structure.

Electric Car Charging Operators Offering To Install Chargers In Buildings For Free

A recent survey of 500 Tesla drivers found that owners of the Model X earn an average salary of $503K, while owners of the Model S earn about $267K. For a landlord or business owner, that is just the sort of well-heeled person you want renting your unit or perusing the goods in your store while she waits for her car to charge up. Courtesy of Brickell Energy Developers can add EV charging stations to…

Report: Billionaire developer Jeffrey Soffer triggers prosecution of fake “sultan”

The Miami Herald reported that billionaire real estate developer Jeffrey Soffer triggered an investigation that led to the prosecution of a Colombian-born con man who pretended to be a rich Saudi “sultan” and a diplomat. Soffer initially believed Anthony Gignac when he posed as a Saudi prince and expressed interest in paying $440 million for 30 percent ownership of one of Soffer’s hotels, according…

Average June rents reached record high nationwide, as Manhattan again led the way

The national average apartment rent ticked up nearly 3 percent in June compared to the year before, reaching a record $1,405 a month thanks to sharp growth in smaller markets. Manhattan cemented its standing as the nation’s most expensive place to rent with a 1.5 percent increase over last year, to $4,116. San Francisco was a distant second at $3,561 a month. Manhattan’s rent bump…

Miami-based firm pays $14m for affordable housing sites on Stock Island

Miami-based Integra Investments paid more than $14 million to acquire land for the development of affordable housing on Stock Island, a working-class community located next to Key West. From December to April, Integra acquired nine acres on Stock Island for the development of more than 250 residential units. The acquired land on Stock Island is located at three addresses: 6325 First Street, 6125…

Co-working space operator URBIN buys Coral Gables office building for $12.5M

A co-working space operator called URBIN acquired an office building in Coral Gables for $12.5 million. URBIN bought the 52,719-square-foot office building at 299 Alhambra Circle for about $237 per square foot, according to Rishi Kapoor, CEO of Coral Gables-based Location Ventures. The five-story office building was sold by Coral Gables Financial Center, managed by Shawn Khosravi, who also is an investor…

Developer envisions new mixed-use project for Wynwood

The conceptual plan calls for a mix of retail, office, residential, and hospitality uses The transformation of Miami’s vibrant Wynwood neighborhood is poised to take another step forward thanks to a new mixed-use development in the works for the Wynwood Gateway Complex at the intersection of Northwest 2th Avenue and 29th Street. According to property owner and developer Metro 1, the acre…

Mall landlords tighten screws on non-anchor tenants

The exodus of anchor tenants from America’s malls has landlords rethinking a lease clause that is popular with smaller tenants. Owners have traditionally granted smaller tenants co-tenancy clauses, allowing the businesses to exit a lease if a major anchor store like Macy’s or J.C. Penney departs the mall. But that may be changing. The steady exodus of anchor tenants at malls nationwide in recent years has…

Reality TV producer and real estate investor buys Aventura office building for $13.5 million

Reality TV’s the TurnAround King just paid $13.5 million for an office building in Aventura. Property records show Grant Cardone, who produces and stars in his TV show, paid about $540 per foot for the Northern Trust Bank building at 18901 Northeast 29th Avenue. Guarapo Aventura LLC, led by real estate investor Matthew Lvoff, sold the 25,000-square-foot building to Cardone’s 10X HQ LLC.

Magic City Casino owners win state approval for Edgewater casino and jai-alai

After winning a long legal battle with the state, the owners of Magic City Casino can move forward with their plans to build a casino in Miami’s Edgewater neighborhood. Florida’s Division of Pari-Mutuel Wagering just approved a necessary permit that would allow the Magic City owners to feature jai-alai sport games at the facility, according to the Miami Herald. For years, the Havenick family has…

Lennar buys 32 acres in south Miami-Dade

Lennar just paid $9.5 million for about 32 acres near Homestead, adding to the string of acquisitions the Miami-based homebuilder has made recently in south Miami-Dade County. Records show a company tied to iStar Financial sold the three parcels at 11406 Southwest 248th Street, near the Florida Turnpike, for about $29,000 per acre. IStar’s SFI Palm Tree Farms LLC purchased the lots in 2012 through…

Healthy amenity: Ritz Residences Miami Beach offers medical concierge service for buyers

Forget about the yoga studio, spa service and fitness center, the latest condominium amenity is just what the doctor ordered. The developer of the Ritz-Carlton Residences Miami Beach, is partnering with South Beach Diet founder Dr. Arthur Agatston to offer buyers a yearlong membership to a medical concierge service. When buyers close on their units later this year, they’ll be provided access to the…

South Florida to Amazon: Come for the Lifestyle and Location, Not the ‘Corporate Welfare’

Business development leaders in South Florida are insisting they won’t be offering massive financial incentives to land Amazon’s second headquarters. “We are not going to do that, and we don’t think we need to,” said Bob Swindell, chief executive officer of the Greater Fort Lauderdale Alliance. Local officials still won’t say what they are offering Amazon to come to the region as part of the internet giant’s…

Metro 1 Development Seeks JV Partnership to Co-Develop Mixed-Use Property on Prime Wynwood Gateway Site

Tony Cho, CEO of Metro 1, South Florida’s leading real estate brokerage, management and development firm, is seeking joint venture hospitality partner(s) to co-develop an innovative mixed-use hospitality, office, retail and/or residential project on the Wynwood Gateway site located at the intersection of Northwest 2nd Avenue and 29th Street. The approximately one-acre property is comprised of a…