GID Acquires West Miami Multifamily Property for $91M

Altis Ludlam Trail in West Miami has been rebranded as “Windsor Ludlam Trail”. Image courtesy of GID GID has sealed its $91.4 million purchase of Altis Ludlam Trail, a newly-built, 312-unit luxury multifamily community in West Miami, Fla., from The Altman Cos. The buyer assumed a $55.4 million loan associated with the community that was originated on June 10, 2020…

Kushner picks up distressed Surfside site from Boymelgreen, lender

Kushner Companies paid $40 million for a distressed development site in Surfside, sources told The Real Deal. New York-based Kushner worked with the seller, Shaya Boymelgreen, and the lender, Fuse Group, to assume the debt and buy the property at 9300 Collins Avenue. The deal closed on Tuesday afternoon, the sources said. Kushner, led by Charles Kushner, his daughter Nicole Kushner…

Miami River boat and auto yard trades for $19M

Cargo shipping company King Ocean Services picked up a boat and auto yard near the Miami River for $18.8 million. An affiliate of Sweetwater-based King Ocean acquired the 3.3-acre industrial site at 2147 Northwest 32nd Avenue and 3140 Northwest South River Drive, according to records and Vizzda. The properties have four industrial buildings totaling 13,588 sf…

Mount Sinai drops $32M for “small hospital” dev site in Westchester

Mount Sinai Medical Center bought a development site in Westchester for $32 million. The Miami Beach-based health care provider purchased 5.6 acres at 8250 and 8200 Southwest Eighth Street in unincorporated west Miami-Dade County from an entity led by Jorge Cruz, according to records and real estate database Vizzda. The purchase comes two months after an attorney…

The Altman Companies Files Pre-Application For 11-Story Residential Complex At 11240 Biscayne Boulevard In North Miami

The Altman Companies, under the Altman Development Company, LLC, has submitted a pre-application for an 11-story residential development situated at 11240 Biscayne Boulevard in North Miami. Designed by Cohen Freedman Encinosa & Associates, the proposed project encompasses 373 residential units, a parking facility yielding 608 spaces, and 20 bicycle spaces.

Altman proposes 373-unit apartment complex near North Miami

Altman Companies wants to build a 373-unit multifamily complex near North Miami. The Fort Lauderdale-based firm has the 3.4-acre development site at 11240 Biscayne Boulevard in unincorporated Miami-Dade County under contract for an undisclosed price, according to an application Altman submitted to the county last week. The complex would rise 11 stories along Biscayne…

Ram scores $81M construction loan for 353-unit apartment complex near Zoo Miami

Ram Realty Advisors scored an $80.6 million construction loan for a 353-unit multifamily complex near Zoo Miami. The Palm Beach Gardens-based development firm is building the apartments on a 12.4-acre site it owns immediately south of Walmart Supercenter at 15601 Southwest 127th Avenue in unincorporated south Miami-Dade County, according to records. U.S. Bank…

With less space leased in Miami-Dade, office rents rise 10%

The volume of space leased in Miami-Dade’s office buildings is declining but landlords are asking average increases topping 10% in new leases compared to last year, new data from Avison Young’s Miami office shows. Even while more than 15% of office space in the county is now vacant and more than 1 million square feet of what is leased is being offered for sublease, more than…

Largest UHealth ambulatory care site is rising in North Miami

Construction at the UHealth at SoLé Mia continues to move forward with projected plans to officially open in mid-2025. The seven-story, 363,000-square-foot medical center at 211 SoLé Mia Way in North Miami plans to offer care in specialties across UHealth. The medical center will offer the communities of North Miami, Aventura, and the surrounding areas access to academic…

Miami Beach blocks Nikki Beach Club owners from bidding on new contract

Miami Beach claims a deadline snafu is blocking Nikki Beach Club’s owners from competing for a new contract to continue operating their restaurant and entertainment venue on city-owned land. City staff rejected a bid by Jack and Lucia Penrod aimed at retaining control of the property at 1 Ocean Drive when their current lease expires in 2026, the Miami Herald reported.

Commissioner Sabina Covo: Targets environment, affordable housing, parks and traffic

At 17, Sabina Covo moved to Miami after spending many summers with her family who have lived in the city since the ’70s. While establishing a career as a journalist and starting a communications firm with her sister, Sabina knew she wanted to be a public servant at some point. In 2020, she covered the federal election and was subsequently offered a position as spokesperson…

Administrative Site Plan Review Filed For 39-Story Tower Set To Replace The Former Starlite Motel In Brickell

Chicago-based developer Focus has applied for Administrative Site Plan Review for Miami Starlite, a 39-story tower proposed for a 1.203-acre site at 128 Southwest 7th Street in Brickell, unveiling new renderings that showcase refinements from the initial pre-application submittal on August 4. The tower, destined for the former Starlite Motel property in Brickell, is set to rise…

Developers Of Sprawling SoLé Mia Project To Build 90K SF Charter School

A charter school is coming to SoLé Mia, the latest new use for the master-planned community in North Miami after its developers began construction on a medical center there last year.The 184-acre SoLé Mia will add a 90K SF Mater Academy elementary school that is slated to open in 2025, Bisnow can first report. The school will be built across two phases and will serve up to 1,500…

Auto magnate Luis Somoano buys land underneath his Kendall Ford dealership for $20M

Luis Somoano paid $20 million for the land underneath his Ford dealership in Kendall. An entity managed by Somoano acquired the 7.3-acre site at 15555 South Dixie Highway, according to records and Vizzda. The sellers are two entities managed by Lilliam Machado, widow of the late Gus Machado, another Miami-Dade automobile dealership owner who died last year. In 2009…

Sign of the times: MV drops asking price for Miami Springs retail complex to $20M

Less than two years after buying and renovating a Miami Springs retail complex, Manny Varas’ MV Group USA is looking to cash out. In February, Miami Springs Plaza at 1 South Poinciana Boulevard and 69 Hook Square hit the market with an asking price of $23.3 million. But a recently updated offering shows the Miami-based real estate development and investment firm…

Robert Rivani’s Black Lion puts Gekkõ, Amara restaurant sites on the market

Robert Rivani’s Black Lion Investment Group is unloading more commercial condo restaurant spaces, listing two prime sites in Miami’s Brickell and Edgewater neighborhoods. Miami-based Black Lion is looking to sell its commercial unit at SLS Lux Brickell at 805 South Miami Avenue that is currently leased to Japanese steakhouse Gekkõ, as well as the Amara at Paraiso…

Workforce Housing Morris Residences Proposed for 1701 Jefferson Avenue in Miami Beach

Miami Beach is known for its exclusive resorts and high-end shopping centers. Yet, a workforce housing developer has plans for a four-story apartment complex for the Magic City. The proposed Morris Residences, named for architect Morris Lapidus, would comprise just over 28,000 square feet of new construction, offering 40 one-bedroom and two-bedroom apartments.

Iconic New York Pizzeria Roberta’s Set To Elevate Miami Beach Dining Experience At 72 Park

Lefferts, a distinguished real estate development firm renowned for its exceptional residential and commercial properties in Miami and New York City, is excited to unveil a remarkable addition to the vibrant Miami Beach dining scene. Roberta’s, the acclaimed Michelin Bib Gourmand restaurant co-founded by Brandon Hoy and two Michelin-starred chef Carlo Mirarchi…

39-Story Brickell Tower Submitted For Zoning & Plan Approval; New Renderings Released

Chicago-based developer Focus has filed for plan and zoning approval for a 39-story tower in Brickell, with new renderings released. The residential tower is planned for the former Starlite Motel property in Brickell. The motel was demolished earlier this year. The zoning and general plan applications were submitted to Miami-Dade County on August 30 (the developer says it intends…

Miami Worldcenter Retail 84% Leased, Four New Restaurants Announced

Miami Worldcenter is getting four new restaurant brands, all opening in 2024. The $6 billion development includes a total of 300,000 square feet of retail, restaurant, and entertainment space. With the latest announcements, Miami Worldcenter’s retail space is now approximately 84% leased. The newly announced restaurants include: Serafina  – based in New York…

Photo: Construction Site Of 44-Story, 506-Unit Brickell Apartment Tower

An August 30 photo shows the One Brickell site where a 44-story, 506-unit apartment tower is being built. A total of three towers are planned at the site, with one currently under construction. Two tower cranes for the first tower were installed in early July. Two additional tower, rising 75 stories and 82 stories are planned at the property. Archaeological excavation has been ongoing…

14th Street Tower Gets FAA Approval At 322 Feet

The Federal Aviation Administration has issued approval for the proposed 14th Street Tower. The tower is now approved at a height of 322 feet above ground, or 334 feet above sea level. Approval was issued on August 24. The application was first filed with the FAA on June 30, 2022, or around 14 months ago. A demolition permit for the site was issued in August of 2022 and has already…

128,450 SF Office Lease Renewal Arranged at Wells Fargo Center in Downtown Miami

Cushman & Wakefield has arranged a 128,450-square-foot office lease renewal at Wells Fargo Center in downtown Miami on behalf of the landlord, an affiliate of MetLife Inc. The tenant is global law firm Greenberg Traurig, which occupies five floors at the 47-story tower. The lease renewal is the largest office lease in Miami over the past five years, according to Cushman & Wakefield.

“Garbage is garbage”: Damac’s condo plan for trash pickup next to memorial angers victims’ families

Damac Properties scored preliminary approval for its luxury condo project in Surfside, despite an outcry from victims’ families against plans for a garbage pickup area next to the collapse memorial. The Town of Surfside Planning and Zoning Board voted 4-1 in favor of the Zaha Hadid Architects-designed development on Thursday night, with board member Lindsay…

Pinnacle 441 Second Phase Starts Construction at 6028 Johnson Street in Hollywood

The second phase of Pinnacle 441 has started construction in Hollywood, Florida. Florida YIMBY reported on this venture back in January 2022, when construction hadn’t even started on the first phase. Pinnacle 441’s second phase will rest on a 1.67-acre site that an affiliate of Pinnacle purchased for $3.5 million last year. Construction on the 100 additional units should take about 16 months…

Pinnacle Secures $48M for Hollywood Affordable Housing Project

Pinnacle 441 Phase 2 will rise on a former dilapidated trailer park. Image courtesy of Pinnacle Pinnacle has secured $47.8 million in construction financing for Pinnacle 441 Phase 2, a 100-unit affordable housing development in Hollywood, Fla. The developer plans to break ground this month, while completion is expected within the next 16 months. The second phase…

Pinnacle scores $48M financing for Hollywood affordable housing project

Pinnacle scored a $47.8 million construction financing package for an affordable housing project in Hollywood, as developers continue to bet on below-market-rate apartments in South Florida. The Miami-Dade County-based firm will start building an eight-story, 100-unit multifamily building on 1.7 acres at 6028 Johnson Street this month, according to a Pinnacle news release.

Related, BH win approval for 350-unit condo tower and 500-room hotel in Hollywood

Developers Related Group and BH Group won site plan approval for a 37-story, 350-unit condo tower on the Intracoastal Waterway across the street from the Diplomat Beach Resort in Hollywood. The developers also won approval of an amended master plan that includes the condo tower and a 500-room hotel that Coconut Grove-based Related would develop with Aventura-based…

Apollo Affiliate Pays $56M For Pembroke Pines Retail Center

Apollo Realty Income Solutions acquired a 135K SF shopping center in Pembroke Pines in another example of Wall Street firms bulking up retail real estate holdings as the sector emerges as one of the most resilient asset classes in South Florida and nationally.The 135K SF shopping center was built at a former distribution center for the U.S. Postal Service. The affiliate of private…

Pompano Beach’s Tallest Building Approved By The FAA To Rise 353 Feet

The Federal Aviation Administration has issued permits for a new condominium tower that is set to become the next tallest building in Pompano Beach. The upcoming building is the already announced 32-story oceanfront Beach Tower, planned for 1380 South Ocean Boulevard, as part of the Ritz Carlton Residences Pompano Beach. This development is a joint venture…

101 Dania Beach Gets Approval for Second Phase at 46 SW 1st Avenue in Dania Beach

In September 2022, the City of Dania Beach approved 101 Dania Beach, a multi-family housing development in Broward County. Florida YIMBY reported on the first phase in October 2022. The venture just secured approval for a second phase. The first phase will break ground later this year, measuring 13 stories above grade and 278 units. It will also be home to Dania Beach 101’s…

ANF Group Tops Out The First Phase Of Parks At Delray At 2100 South Congress Avenue In Delray Beach

ANF Group, Inc., a full-service construction firm providing construction management, general contracting, development, and design-build services to the South Florida market, celebrated the topping out of the first phase of Parks at Delray, a mixed-use development located on 43 acres, featuring residential, retail and office space along Delray Beach’s Congress Avenue.

95-Unit Complex Could Replace Dixie Manor at 1350 N. Dixie Highway in Boca Raton

The Boca Raton Housing Authority has partnered with Atlantic Pacific to build a new 95-unit complex in Palm Beach County. The venture involves demolishing Dixie Manor, a multi-family housing development––also featuring 95 units. Erected during World War II, the application notes the complex is “in dire need of replacement.” The two-story building is in a prime location…

Developers Propose Workforce Housing for 8111 South Dixie Highway in West Palm Beach

Two developers hope to get approval for a multi-family housing development in West Palm Beach. The proposed venture would offer 358 apartments––148 more than the initial plan. The Palm Beach Post notes that the building would measure eight stories and offer 90 workforce housing units. The Real Deal notes that 23 units would be for those making 60 percent of the AMI…

Woodfield, Flagler Realty plan 358-unit apartment project in West Palm

Woodfield Development and Flagler Realty & Development want to build a 358-unit multifamily project in West Palm Beach. The joint venture proposes the project on 5 vacant acres at 8111 South Dixie Highway in West Palm Beach, according to a city commission agenda. The land borders the C-51 canal to the south. Woodfield and Flagler Realty, through an affiliate…

Lease roundup: Roberta’s coming to North Beach, Serafina to Miami Worldcenter

New York-based restaurant Roberta’s will open at the 72 Park condo project in Miami Beach. The pizzeria leased 3,000 square feet on the ground floor at the condo tower that’s under construction at 580 72nd Street in the North Beach neighborhood, according to a Roberta’s and Lefferts’ news release. It will mark the restaurant’s first permanent Florida outpost. The restaurant is…

The Fed: Examining the Beveridge Curve with a Dual Vacancy Model

Given the Federal Reserve’s most recent decision to increase its policy rate to slow inflation, one question that arises is whether the Fed will be able to slow the economy without causing a recession and a higher unemployment rate. That idea is called “soft landing.” Some economists argue that a soft landing is possible, especially when job vacancy rates are historically high.

The Fed: Is a Soft Landing Possible? What the Beveridge Curve Reveals

In today’s post, we’ll use that model to determine how the separate matching functions affect the Beveridge curve, which plots the relationship between the job vacancy rate and the unemployment rate. This, in turn, will give us insight into whether a soft landing is possible. Adjusting the Beveridge Curve for the Dual Vacancy Model. The next two figures show two separate…

Negotiating the Right to Make Alterations or Improvements to Your Leased Space

When it comes to leasing commercial space for your business, the ability to make alterations or improvements to the premises can be a game-changer. It enables you to customize the space to meet your unique operational needs, branding requirements, and employee comfort. However, negotiating the right to make these alterations or improvements within your lease agreement…

Video: Greenleaf Capital Partners CEO Dave Codrea on Evaluating Sector Allocations & Risks Today

Dave Codrea, Greenleaf Capital Partners‘ Chief Executive Officer, joins America’s Commercial Real Estate Show to discuss strategies and risks in various commercial property asset classes at this point in the cycle. He discusses a preference for single tenant retail investment properties, noting that they are simpler to underwrite. They discuss market turmoil, but as potential opportunities.

Multifamily Permitting Down by Almost One-Third Nationally

Higher interest rates, a stacked pipeline, and difficulty in securing funding has seen multifamily development slow to more sustainable levels. According to the latest release from the Census Bureau, the seasonally adjusted annual rate (SAAR) for multifamily permitting in July 2023 fell 32.2% from one year ago as the current 464,000 unit permitting rate was 220,000 units fewer…

WeWork’s Troubles Cast New Shadows Across the Real Estate Industry Nationally

WeWork’s recent declaration that “substantial doubt exists” about its ability to continue as a going concern threatens to further pummel a U.S. office market already struggling with high vacancy and falling valuations. Its collapse would have wide ripple effects. The coworking giant is a major office tenant in markets such as its home base of New York City and its lease payments…

Indigo, Linkvest plan mixed-use project in Hialeah Gardens

Indigo Properties and Linkvest Capital are planning to redevelop a truck yard into a mixed-use project in Hialeah Gardens. The joint venture is proposing a three-story self-storage facility sandwiched between seven single-tenant retail buildings on an 8-acre site at Northwest 138th Street and Northwest 107th Avenue, according to a press release. The self-storage facility…

Miami Among The Top Cities For New Apartment Construction In 2023

Miami is projected to be one of the top U.S. cities for new apartment completions in 2023, according to a new analysis by RentCafe. Overall, the Miami metro area is expected to complete construction of 20,906 new apartments this year, the fourth most of any metro in the U.S. The City of Miami alone is expected to add 9,362 apartments – the most of any city in the metro area…

Construction Gets Underway At 750-Foot St. Regis Sunny Isles Beach

Construction is now underway on the first tower at The St. Regis Residences, Sunny Isles Beach, according to the SFBJ. The developers broke ground after selling $900 million worth of units in the first tower, or around 75% of 175 units. A $55m penthouse was among the sales. Sales for the second tower could launch in the winter. Both will be 62-story towers, with each rising 750 feet…

Solu and 3T Equity buy Bay Harbor Islands apartments

Solu Real Estate and 3T Equity’s BH1 Property Holding LP bought 34 units from Miami-based Category Five Ventures, with junior partner Mike Peisach signing, records show. The $12.5 million deal includes a 17-unit complex at 9800 East Bay Harbor Drive, and 17 units across the street at 9770 and 9790 East Bay Harbor Drive and 1050 98 Street, according to a press release.

Construction Is Officially Underway At Inter Miami’s Stadium

Miami Freedom Park is now officially under construction. Inter Miami CF said that work began earlier this month, with completion of the first phase planned for 2025. Crews and heavy equipment are now on site, performing earthwork and sitework, the team said. They will move will move across the 131 acres “concurrent with vertical construction.” The first phase planned for 2025…

Inter Miami FC Begins Construction on 131-Acre Entertainment District, New Stadium

Inter Miami FC has begun construction on Miami Freedom Park, the Major League Soccer (MLS) club’s new 131-acre entertainment district, the centerpiece of which will be a 25,000-seat stadium. The project is a redevelopment of the former site of the Melreese Country Club in the city’s Grapeland Heights neighborhood. In addition to the stadium, Miami Freedom Park will feature…

631-unit tower plans 125 micro-units, 1,000 bike spaces in Omni CRA District

Developers plan a 42-story mixed-use residential tower, with some micro-dwelling units, for a vacant site in the City of Miami’s Omni Community Redevelopment Agency (Omni CRA) district. The application lists 16th Street Partners LLC as owner-developer of Hakimian South Tower at 45 NE 16th St. The new building is to be home to 631 residential units, approximately 3,140 sf…

Babba Joshua Yesharim lists Miami River District dev site for $26M

A 1.2-acre development site on the Miami River owned by Babba Joshua Yesharim is on the market for $26 million. The adjacent lots at 678, 700, 710 and 720 Northwest North River Drive in Miami allow for a project rising up to four stories and with 44 units maximum, according to listing broker Virgilio Fernandez. A townhouse or condominium development could be suitable…

Michael Shvo adds condos to proposed Alton Road office project in Miami Beach

Developer Michael Shvo wants to include condos at his proposed office project on Alton Road in Miami Beach. Shvo wants to develop a six-story building at 1656, 1664, 1676 and 1680 Alton Road, and 1677 West Avenue with five condos on the third floor, and 170,000 square feet of offices on levels four to six, according to a Shvo spokesperson and an application filed to the city.

Inter Miami stadium site work begins

A decade after it was first proposed for a corner of PortMiami, a new park with a Major League Soccer stadium is under construction in Miami. Inter Miami CF announced this week that work has begun on Miami Freedom Park, next to Miami International Airport, and that the Inter Miami CF Stadium is set to open in 2025. Miami Freedom Park is a 131-acre multi-use development…

Construction Begins On Miami Freedom Park; Inter Miami CF Stadium Set To Open In 2025

Inter Miami CF announced construction began on Miami Freedom Park earlier this month. The Inter Miami CF stadium, 58-acre public park, and entertainment district at Miami Freedom Park are scheduled to open in 2025, and the official groundbreaking ceremony will take place later this year. Miami Freedom Park is a 131-acre development anchored by a new 25,000-seat fútbol…

Prep work begins for Mas, Beckham’s Miami Freedom Park project

Crews have begun sitework in preparation for the groundbreaking of Miami Freedom Park, the $1 billion soccer stadium-anchored mixed-use project proposed by Miami billionaire Jorge Mas, retired fútbol star David Beckham and their partners. This month, Miami Freedom Park LLC obtained a notice of commencement to erect a temporary construction fence and start soil improvements…

Vestcor proposes 590-unit affordable housing project in Leisure City

A Jacksonville-based development firm proposes a 590-unit affordable housing project in south Miami-Dade County’s Leisure City. Vestcor wants to build the MF…  on 7.8 acres on the NW corner of S Dixie Highway and SW 280th Street, according to an application…filed to Miami-Dade  last week. The development site is at 27742, 27860 and 27862 South Dixie…

Redrawn boundaries may add affordable housing in Allapattah

A proposed affordable housing project planned for an 18-acre city-owned lot in Allapattah could benefit from tax increment financing since its inclusion in the recently expanded Omni redevelopment agency boundaries. In July, the City of Miami authorized the continued existence of the Omni Community Redevelopment Agency (Omni CRA) throughout 2047 with increased…

Doral OKs new Tesla Motors center

Doral will soon be home to a new Tesla Motors electric vehicle service and sales center. Telsa will occupy and modify a 5.3-acre lot at 9950 NW 25th St. that has a 78,000-square-foot building already in place. The land use is categorized as industrial commercial and the project is consistent with the city’s Comprehensive Plan and the land Development Code, said Julian Perez, Doral’s…

Will Miami Wilds water park be blindsided by a bat?

The longest-running drama in Miami-Dade is not the battle to revive the closed Coconut Grove Playhouse, now dark for its 17th year, but the bid to create a water park beside Zoo Miami, now in its 26th futile year. Neither shows signs of a happy ending for everyone. While playhouse action now is backstage, however, the Miami Wilds water park plan is to return to the spotlight…

Co-living units approved for four Civic-Health District, Urban Central Business District, Neighborhood Revitalization Districts 1, 2 in Wynwood

As Miami residents are considered the most rent-burdened in the country, the city has approved co-living units to rise in four districts near the bustling urban core to help ease the stress. A modern form of communal living, co-living offers a cost-effective option for those who have been priced out of large cities as the national housing crisis persists. In June, the City of Miami updated…

Developers Get FAA Approval For 761-Foot-Tall ‘Brickell Gateway’ Skyscraper At 90 SW 8th Street In Brickell

The Federal Aviation Administration has given the green light to developers Gazit Horizons and Atlantic Pacific Communities for Brickell Gateway, a 61-story mixed-use skyscraper set to rise at 90 Southwest 8th Street in Miami’s bustling Brickell neighborhood. Designed by Corwil Architects, the development will encompass a total area of 933,209 square feet. This inclusive space…

Slowdown: Miami development site sales plummet

With vacant land primed for development scarce in Miami’s Brickell neighborhood, owners of a 14-unit townhome complex are betting they can land a bulk buyer willing to pay $20 million or more for their community. The site has city of Miami approval to be redeveloped into a five-story boutique condominium, according to an offering. But since Brickell Woods hit the market…

Limestone Acquires Two Miami Walgreens Buildings for $15.6M

Miami-based Limestone Asset Management and Orion Real Estate Group purchased and closed on two Walgreens buildings located at 2700 W. Flagler Street, Miami, FL and 780 E. 9th Street, Hialeah, FL for $15.615 million on Aug. 23, 2023. Led by Ibrahim Al-Rashid, Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout…

Conquer South Florida Real Estate: The Stephen Ross Blueprint

In challenging economic periods where most retreat, Stephen Ross’ Related Companies is expanding its affordable housing portfolio in South Florida. The billionaire’s Related Companies is renowned for buying in downturns and selling in booms. Post the 9/11 attacks, while others hesitated, Related persisted in constructing New York’s Time Warner Center, now renamed…

MMG Equity proposes 247-unit multifamily in west Miami-Dade

The Navarro family’s MMG Equity Partners proposed a 247-unit apartment complex near Coral Way in west Miami-Dade County. The Pinecrest-based firm wants to build at least four multifamily buildings and nearly 30,000 square feet of retail on 6.6 acres of land on the northwest corner of Coral Way and Southwest 144th Avenue, according to MMG’s Marcos Puente and an…

Northeast Corridor Commuter Rail Expected To Begin Construction In 2025

Construction is expected to begin in 2025 on the Northeast Corridor commuter rail project, according to a fact sheet posted on Miami-Dade’s website. The line is planned to have seven Miami-Dade stations: MiamiCentral (existing station/Brightline) Wynwood – NE 29 Street Design District – NE 41 Street Little Haiti – NE 61 Street North Miami – NE 123 Street FIU North Campus…

Renters In Sentral Wynwood Apartment Building Can Sublet Their Unit On Airbnb

Airbnb says it has partnered with Sentral Wynwood to allow apartment tenants to sublet their rental units. Sentral’s policy is to allow Airbnb sublets for up to 75 days, Airbnb’s website says. Apartment tenants who choose to list their units on Airbnb will be responsible for setting pricing, locking up their belongings, providing an access key or code to guests, and cleaning…

Retail REIT Merger: Kimco Realty to Acquire RPT Realty for $2B in All-Stock Transaction

Kimco Realty (NYSE: KIM) has entered into a definitive merger agreement with RPT Realty (NYSE: RPT) under which Kimco will acquire RPT Realty in an all-stock transaction. Both REITs are based in New York — Kimco in Jericho and RPT in Manhattan — and own and operate open-air and grocery-anchored shopping centers, as well as mixed-use assets. Kimco valued the transaction…

The Wharf Miami Gears Up For Transformation: Preparing for the Development Of $185 Million Riverside Wharf

Downtown Miami’s iconic waterfront destination, The Wharf Miami, is preparing to bid farewell to its current chapter, making way for the transformative $185 million Riverside Wharf development. The forthcoming Riverside Wharf is envisioned as a more permanent incarnation of The Wharf’s vibrant essence. While The Wharf’s closing party is scheduled from September 15 to 16…

Craig Robins, partners score $250M refi for Design District retail

Craig Robins and his partners closed on a $250 million refinancing for Paradise Plaza in the Miami Design District. Paradise Plaza Associates, an affiliate of Miami Design District Associates, secured the financing from Deutsche Bank, according to the attorneys involved in the deal. The property at 151 Northeast 41st Street has 120,000 square feet of retail and restaurant space…

Plans Update for Mohawk at Wynwood at 50 NE 29th Street in Miami

The developers of Mohawk at Wynwood have applied for a demolition permit, hoping to soon start sitework on the mixed-use venture. In July 2021, Florida YIMBY reported on the community, which at that time was to offer 225 units and 24,639 square feet of retail. Plans have since changed, now offering 35 additional units. Per the Next Miami, the 12-story Mohawk at Wynwood…

Turmoil hits Location Ventures’ Coral Gables condo project

A year after completing Villa Valencia in Coral Gables, Location Ventures failed to secure a final certificate of occupancy for the 13-story boutique condominium. And since last month, 10 contractors, including project manager Winmar Construction, have filed 23 construction liens totaling nearly $7 million against the building’s development entity, records show.

Developers Propose Three-Story L’Isola at 2777 NE 185th Street in Aventura

Cabi Developers has filed site plans for L’Isola, a commercial venture in Miami-Dade County. Sources report that the three-story commercial venture will comprise at least 14,000 square feet of new construction, offering retail ventures, along with indoor and outdoor dining options. The food hall would offer “a diverse selection of international cuisine.” Plans call for a rooftop…

Affordable Housing Complex Catherine Flon Estates Planned for North Miami

Magellan Housing, Royal American Development, and Miami Heat legend Udonis Haslem have joined forces to purchase a 6.3-acre build site in Miami-Dade County. The Real Deal reports that the trio purchased the parcel from the City of Miami for $1.5 million. It will be home to Catherine Flon Estates, a venture that’s been in the works since 2019. Upon completion, the 200-unit project…

25-Story Smart Brickell Reaches Completion, Second Tower Underway

A 25-story Brickell tower has reached completion, while a second is underway, according to an Instagram post by its developer. “We are so excited to announce that we have TCO for Smart One and here comes Smart Two,” developer Habitat Group wrote yesterday, along with a video showing foundation work. Yet another tower is also in the works. In May, plans were…

Construction Underway At 363-Unit Soleste On The Bay In North Miami Beach

In North Miami Beach, Soleste On The Bay has just received $100m in construction financing, according to the SFBJ. Construction has been underway since earlier this year. The construction site is at 16375 Biscayne Blvd. The Brightline and Northeast Corridor tracks pass nearby the project site, but the nearest proposed station is at 151st Street (FIU). Soleste On The Bay…

South Florida Cities Search For Solutions To Prevent ‘Senior Exodus’ Caused By New Law

Changes to Florida state law requiring condo inspections and repairs are bearing down on unit owners, hitting them with unexpected bills that some can’t afford and raising fears that they will be forced to sell their homes. Local officials across South Florida are sounding the alarm about the potential for an exodus of seniors unless states and municipalities create programs…

Harvest investors buy Coral Springs shopping center for $27M

Real estate investors Guofeng Ma, Wenrui Ma and Wei Cheng bought a Coral Springs shopping plaza for $26.5 million, amid an uptick in South Florida retail deals. Williams Magnolia Properties sold Magnolia Shoppes at 9645 Westview Drive, according to the brokers. Moshe Biton of Capital Group Realty and Lena Zubkova of Apogee Realty represented both sides…

Generation at Wilton Manors Set for 2430 NE 13th Avenue in Wilton Manors

Kaplan Residential is moving forward with plans for a six-story mixed-use venture in Wilton Manors. Generation at Wilton Manors will offer 190 residences. They include 15 studio units, 80 one-bedroom units, 77 two-bedroom units, and 18 three-bedroom homes. They will measure 635 square feet to 1,199 square feet each. Communal amenities include a fitness center, club room…

Ex-New York appliance moguls Elie, Albert Fouerti buy Tamarac shopping center

Former New York retail appliance moguls Albert and Elie Fouerti paid $14.8 million for a grocery store-anchored shopping center in Tamarac. An entity managed by the Fouerti siblings acquired University Commons, a 81,649-square-foot strip mall completed in 1977, records show. Drew Kristol and Kirk Olson with Marcus & Millichap brokered the deal.

$14.8M Sale of University Commons Shopping Center in Tamarac is Brokered

Marcus & Millichap has brokered the $14.8 million sale of University Commons, an 80,224-square-foot shopping center located at 6702 N. University Drive in Tamarac, a city in South Florida’s Broward County. The buyer, a private investor based in New York, purchased the center from a private investment firm based in Miami. Both parties requested anonymity.

The Ellie at Logan Ranch Planned for 11275 Acme Dairy Road in Boynton Beach

The Ellie at Logan Ranch is slated to start construction in the second quarter of 2024. The residential community will occupy 39 acres of a larger 22,000-acre agricultural preserve in Palm Beach County, FL. It will offer 314 residences, ranging from one-bedroom to four-bedroom layout plans. The South Florida Business Journal reports that 25 percent of the residences…

Apollo, Liberty Base secure second phase of 101 Dania Beach project

Apollo Companies and Liberty Base Investments can forge ahead with the second phase of their mixed-use project, 101 Dania Beach, despite opposition from a top city official. The Dania Beach City Commission on Tuesday, by a 3-2 vote, approved the joint venture’s site plan for a building with 102 apartments. The property is slated to include ground-floor live-work units…

Developers Seek Approval for Delray Swan at 118 SE Second Street in Delray Beach

Developers hope to get approval for a mixed-use project in Delray Beach, FL. The 2.36-acre site could soon be home to Delray Swan, a five-story complex that would comprise more than 304,000 square feet of new construction. Upon completion, it would offer 165 apartments total––27 studios, 49 one-bedroom units, 75 two-bedroom units, and 14 three-bedroom apartments.

David Martin’s Terra sells Publix-anchored Pembroke Pines retail complex for $56M

Terra sold the fully leased, Publix-anchored 16000 Pines Market shopping plaza in Pembroke Pines for $56 million, marking a continued uptick of South Florida retail investment sales. Apollo Realty Income Solutions, a real estate investment arm of Marc Rowan’s Apollo Global Management, bought the 135,000-square-foot center at 16000-16040 Pines Boulevard, according…

Pompano Beach multifamily complex trades to Woodward Properties at a loss

Investors Arvind Reddy and Krishna Persaud sold a multifamily complex in Pompano Beach for $24.1 million, marking an 8 percent loss from what they paid a year ago. The deal comes as the South Florida multifamily market has taken a turn from the boom times of 2021 and early last year. Property values dropped this year following a rise in financing costs, caused by the Federal…

FAA Approves Related Companies’ ‘515 Fern’: West Palm Beach’s Largest Office Tower At 386 Feet

West Palm Beach’s skyline is primed for continued transformation as the Federal Aviation Administration (FAA) gives the green light to construct 515 Fern, an impressive 25-story tower set to redefine the city’s commercial landscape. This FAA approval marks a significant milestone for New York-based developer Related Companies, known for their iconic Hudson Yards development…

Mini-Golf Course Slated for 2025 Debut at Palm Beach International Airport

Soon, travelers at Palm Beach International Airport will be able to enjoy PopStroke, a mini-golf course co-owned by Tiger Woods. Resting on a 3.4-acre build site, the multi-million-dollar venture (costing at least $8 million to build), will offer two courses, each with 18 holes and a “challenge hole.” The Palm Beach Post notes that the mini golf course will be made of synthetic turf with…

Developer nabs approval for 314-unit rental complex in Ag Reserve in PBC

A developer plans a 314-unit multifamily complex in the Agricultural Reserve in Palm Beach County. Brett Gelsomino, through his Gelsomino Holding, wants to build the Ellie at Logan Ranch complex with six four-story buildings and seven two-story buildings on 39 acres at 11275 Acme Dairy Road, he told The Real Deal. His Davie-based firm has the property under contract…

Grant Cardone hit with new class action lawsuit by investor’s daughter

The daughter of a deceased investor is taking over a monumental legal battle against Grant Cardone, the controversial social media influencer who’s built a vast multifamily empire based in Aventura. Christine Pino recently filed a class action lawsuit in Los Angeles federal court against Cardone and his firm, Cardone Capital, on the heels of her father’s death, The New Republic…

Economic Uncertainty, Rising Interest Rates Challenge Banks

The U.S. banking system is sound and resilient, with strong capital and liquidity, according to the latest report on bank supervision and regulation (PDF) released in May by the Federal Reserve Board of Governors.1 Nevertheless, bank supervisors are actively monitoring risks associated with credit, liquidity and interest rates. These risks have risen in 2023 because of prevailing economic…

Young And Rich Are Flocking To Florida, IRS Data Shows

A new study shows that Florida is attracting younger people with high incomes more than any other state, according to CNBC. The study by SmartAsset looked at IRS data from the 2021 tax year. It narrowed down the population to include only the “young” and “rich.” That was defined as being between 26 and 35, and earning over $200,000 (only 2% of those in that age range met…

Explaining the Fed’s recent conventional and unconventional monetary policy

This FRED graph chronicles the advent of “unconventional” monetary policy in the US since the 2007-08 financial crisis and the recent efforts by the Federal Reserve to normalize monetary policy. The graph shows the unemployment rate (in blue), the stock of mortgage-backed securities held by the Federal Reserve (in green), and the effective federal funds rate (in red).

South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects

Market Snapshot for South Florida Retail Real Estate Here’s our quarterly summary South Florida commercial real estate focusing on Miami retail real estate. The report includes statistical highlights (cap rates, vacancy rates, absorption, etc), the latest retail transactions, signed leases, retail trends, and current market activity. The retail real estate report is updated by our…

Video: Peachtree Hotel Group CEO Greg Friedman Discusses Hotel Performance, Forecast

Greg Friedman, Managing Principal and Chief Executive Officer at Peachtree Hotel Group, joins America’s Commercial Real Estate Show to discuss the hotel and hospitality sector. Included in the discussion are post-pandemic hotel performance, lender sentiment with regard to lodging properties, and future opportunities in the sector. Hotels are noted as generally more profitable today…

Remote Work Will Persist, Goldman Forecasts, Bringing More Pain For Office Landlords Through 2030

Impacts of the remote work revolution on landlords are expected to grow as leases expire and tenants renew for smaller spaces, according to a new report by Goldman Sachs. By next year, the company forecasts work-from-home and hybrid schedules will bump overall U.S. office vacancies up 0.8% and an additional 2.3% by the end of this decade. After 2030, vacancies…

As Hurricane Idalia Deluges Florida, Property Insurance Exposure Exceeds $238B

More than 800,000 residences were in the direct path of Hurricane Idalia as the Category 3 storm bore down on Florida’s Gulf Coast Wednesday, and state officials say they are keeping a watchful eye on insurance carriers even before claims begin to roll in. Idalia’s arrival in the early hours of Wednesday morning threatened storm surge damage to 808,321 single-family… claims.

Commercial Real Estate is in Trouble Nationally. Climate Change Is Part of the Problem

It’s hard to escape the sense that the old-fashioned office is in trouble these days as employees continue to work from home and some companies try to shave square footage to cut costs. Unsurprisingly, commercial real estate firms now face declining valuations and financial pressure to turn the situation around. On top of this, it turns out climate change may be playing…

After $9.6B Sale, What’s Next for Subway’s Footprint?

The CEO of Subway, which has agreed to sell the privately owned global sandwich chain to private equity firm Roark Capital for a reported $9.6 billion, said Thursday the transaction reflects Subway’s long-term potential, but one retail expert said most new growth would probably come from outside the U.S. “Much of the expansion will likely happen internationally.

Udonis Haslem, Magellan plan 200-unit low-income housing project in North Miami

Former Miami Heat star Udonis Haslem and Magellan Housing plan a 200-unit project with affordable apartments and workforce-priced townhouses for sale in North Miami, The Real Deal has learned. Miami-based Magellan and Haslem, who retired from professional basketball this year, want to develop Catherine Flon Estates, with one building of 174 apartments and…

Clara Homes Wins Site Approval For Third Rental Property at Clara Bay Harbor

With its Clara Bay Harbor project, Miami-based real estate development firm Clara Homes, led by founder James Curnin, is making significant strides in the luxury rental market. The firm has recently secured approval for the third building and site plan at Clara Bay Harbor, a distinguished ultra-luxury rental community. This achievement is a testament to the developer’s…

Brickell Gateway Tower Approved By FAA At 761 Feet

The Federal Aviation Administration sent a letter this morning stating that the proposed height of the Brickell Gateway tower does not pose a hazard to air navigation. The letter was sent to a Development Manager at Atlantic Pacific Communities. The 61-story Brickell Gateway tower can rise to a height of 761 feet above ground, or 772 feet above sea level, the letter said.

Eco Stone plans $35M multifamily project in Allapattah

Eco Stone Group plans to begin construction this month on its first ground-up development, a $35 million apartment building in Miami’s Allapattah. An affiliate of Miami-based Eco Stone secured a $23 million construction loan from Popular Bank for Eco Landing at 1515 Northwest 18th Street and 1601 Northwest 18th Street, said company CEO Javier Gomez.

Tri-Rail Now Staffed For 26 New Trains To Downtown Miami

Tri-Rail has reached several milestones as it prepares to begin train service to downtown Miami’s MiamiCentral, according to Miami Today. A total of 26 new trains per day are planned. South Florida Regional Transportation Authority Executive Director David Dech told the paper that they are now “staffed up to the levels we need to be” to allow for the new service.

Brightline Selects Contractor For Pedestrian Bridge To Aventura Mall

A Brightline selection committee has chosen a contractor to build a pedestrian bridge from Aventura station to the Aventura mall property. Middlesex, which “performed well” on previous Brightline construction work, was chosen following an RFQ process, the company said in a construction update yesterday. Brightline will now begin contract negotiations with the firm…

Torose Equities, LNDMRK, Terranova Acquire 220,000 SF Office Building in Coral Gables

A joint venture between Torose Equities, LNDMRK Development and Terranova Corp. has acquired 255 Alhambra, a 220,000-square-foot office building located in downtown Coral Gables. Situated on 1.3 acres on Alhambra Circle, the property features floor-to-ceiling windows and a newly renovated lobby. An affiliate of Deutsche Bank/RREEF sold the building. The sales price…

Trio Of Miami Firms Buy Coral Gables Office Building For Over $50M

A joint venture purchased a Coral Gables office building in what one of the buyers called a contrarian approach amid a slowdown in leasing across Miami this year. Torose Equities, Lndmrk Development and Terranova Corp. purchased 255 Alhambra Circle from a Deutsche Bank fund. Miami-based firms Torose Equities, Lndmrk Development and Terranova Corp. joined…

Torose, Lndmrk and Terranova buy Coral Gables office building for more than $50M

Torose Equities teamed up with Lndmrk Development and Terranova to buy a Coral Gables office building. The joint venture acquired 255 Alhambra, a 13-story mid-rise with 220,000 square feet of office space at 255 Alhambra Circle, according to a press release. Torose, Lndmrk and Terranova declined comment about the sale price through a spokesperson. But the joint venture…

Blackstone, Link nab $51M construction loan for Medley industrial project

Blackstone and subsidiary Link Logistics are on an industrial binge in South Florida. The joint venture broke ground on two warehouses in Medley after nabbing a $51 million construction loan from Boston-based AEW Capital Management, records and Vizzda show. Eastdil Secured represented Blackstone in obtaining the loan. Since May, Blackstone and Link have also dropped…

Lease roundup: Robert Rivani’s Black Lion scores Mexican restaurant at SLS Brickell

Mexican firm Grupo RosaNegra will open a restaurant at a Robert Rivani-owned commercial space at SLS Brickell. The company signed a 10-year lease for 13,600 square feet, including 4,600 square feet of outdoor space, at 1300 South Miami Avenue in Miami for its RosaNegra eatery. It will mark the restaurant’s U.S. debut, according to a news release from Rivani’s Black…

Design District team seeks 20-story apartment tower

The primary developers of the Design District are proposing a unique and colorful mixed-use building to serve as the southern gateway to the booming Miami neighborhood. The developers are Design District Associates LLC and Prinz Corner LLC, which are affiliated entities of DACRA and the owners of the property at 91-93 NE 36th St. The companies plan a 20-story building there…

Investors Are Hot For South Florida Hotels Despite The Chilly U.S. Sales Market

Hotel sales, like trades in other property types, have plummeted so far this year, with total dollar volume from transactions down 50% compared to 2022, according to LW Hospitality Advisors. Investors in South Florida’s hospitality industry may not have noticed. The $835M sale of the Diplomat Beach Resort in Hollywood is the largest hotel deal in the U.S. so far in 2023.

Will new South Florida office projects find tenants?

South Florida’s office market earned a reputation in recent years of being immune to the slowdown in demand found in other parts of the country. The influx of out-of-state businesses pushed up asking rents at prime buildings to well-above $100 per square foot, a new high for the tri-county region. Developers were eager to join the party. At the end of the second quarter, more than…

31-story Edgewater apartment tower wins backing

A developer is proposing a new tower in Miami’s Edgewater neighborhood to be home to multi-family apartments. Owner-developer Mill Creek Residential plans the new project, Modera North Bayshore, for property at 411 NE 21st St. The 31-story mixed-use building is to include 275 apartments, indoor and outdoor amenities, and parking for about 363 vehicles. The city’s Urban…

Oldest public building in Miami Beach gets new life

Miami Beach’s oldest surviving public building, most recently called the Miami Beach Municipal Golf Course Clubhouse, has been restored as the Carl Fisher Clubhouse along with an adjoining annex building as part of the Miami Beach Convention Center complex. The clubhouse, opened originally in 1916, and the annex, opened in 1937, have been restored as a single entity…

Ricardo Dunin, Edifica propose 29-story condo-hotel in Brickell

Developer Ricardo Dunin and Peruvian firm Edifica propose a 459-unit condo-hotel in Brickell, marking the partners’ second Domus-branded project in Miami’s financial district. Dunin, founder of Miami-based Oak Capital, and Edifica want to develop a 29-story building on a half-acre lot at 221 and 229 Southwest 11th Street, according to the developers’ application filed to…

Tesla Proposes Venture at 9950 NW 25th Street in Miami

Tesla hopes to get approval for its third service and sales center in Miami-Dade County. The multi-million-dollar venture would require redeveloping an already-existing 78,026-square-foot warehouse that was built in 1984. Plans also call for 150 parking spots—two-thirds of which would be located outside of the building. EV 9900 LLC purchased the 5.3-acre build site for $19.75 million…

Location Ventures’ Coral Gables dev site faces foreclosure

A second Location Ventures project site is in the crosshairs of a lender seeking repayment. On Tuesday, 1200 Minorca Acquisition filed a foreclosure lawsuit in Miami-Dade Circuit Court against two affiliates of Location Ventures, the Coral Gables-based firm previously led by embattled developer Rishi Kapoor. The complaint alleges the affiliates defaulted on a $2 million mortgage…

The Crosby At Miami Worldcenter Gets Permit For Vertical Construction

Miami’s Building Department has recently issued a construction permit for The Crosby, an upcoming 33-story mixed-use building located within Miami Worldcenter at 601 North Miami Avenue in downtown Miami. Designed by Cohen Freedman Encinosa & Associates Architects with interiors envisioned by AvroKO and developed by DT G Block LLC, a joint venture between…

Florida East Coast Realty Sells Another Coral Gables Office Condo Unit at 2020 Ponce Building for $1.56 Million

Florida East Coast Realty (FECR), an integrated real estate development and management company with more than 60 million square feet of construction completed, has announced the sale of Suite 1101 at its 2020 Ponce office condo building, located in Coral Gables, Florida. The unit is 2,185 usable square feet and sold for $1.56 million ($714/USF). The buyers, Lillian A. Ser and Juan…

River Tower Tops Off At 54 Stories, Becoming Miami’s Westernmost 600 Footer

Chetrit Group’s first 54-story tower at The River District in Brickell has topped off, becoming the westernmost 600-foot tower in Miami. A top off ceremony was held at the Miami River Tower Phase 1 construction site yesterday, according to engineer JALRW. It took just 14 months from the start of vertical construction to top off. A foundation pour took place in June 2022.

$7.5M Sale of Multifamily Development Site in Hialeah Arranged

Colliers has arranged the $7.5 million sale of a multifamily development site located at 1033 E. 25th St. in Hialeah, a suburb of Miami. Virgilio Fernandez of Colliers represented the undisclosed buyer and seller in the transaction. The shovel-ready site, which spans less that one acre, is located a half-block from the intersection of the Metrorail substation and the Tri-Rail Metrorail…

Estate scores $71M construction loan for downtown Hollywood multifamily project

Estate Companies scored a $70.8 million construction loan for a 12-story multifamily project in downtown Hollywood. The South Miami-based developer plans the 12-story Soleste Hollywood Village North with 300 apartments and eight live-work units at 2001 Van Buren Street. The loan comes amid expensive financing caused by the Federal Reserve’s interest rate hikes.

Velvet Taco To Open Its First Florida Location In Fort Lauderdale In Early September 2023

Velvet Taco has announced the imminent opening of its inaugural Florida location in early September 2023, nestled in the heart of Fort Lauderdale. With its chef-driven, scratch-made menu showcasing distinctive recipes, Velvet Taco has garnered a dedicated following, leading to rapid expansion across six states: Texas, Oklahoma, Illinois, Tennessee, North Carolina, and Georgia.

The Terraces Ft. Lauderdale Planned for 527 Orton Avenue, Fort Lauderdale Beach, Florida, 33304

Comprising just 22 luxury condos, the Terraces Ft. Lauderdale is a high-rise residential community planned for Broward County. Our sources indicate that the boutique condo will measure 10 stories above grade, offering two-bedroom to three-and-a-half-bedroom homes…

3000 Waterside Set for 2910-3000 East Oakland Park Boulevard and 3000 Northeast 30th Place in Fort Lauderdale

By 2025, Fort Lauderdale could be home to an exciting luxury venture: 3000 Waterside. The community, measuring 15 stories, will offer 103 residences. The 100 condos will measure 1,559 square feet to 4,817 square feet, and the three three-bedroom townhomes will measure 3,064 square feet to 3,156 square feet. There are 13 exclusive floorplans to choose from, including…

Benderson picks up Publix-leased building in Pompano Beach

Benderson Development bought a Publix-leased building in Pompano Beach, amid an uptick in South Florida retail investment sales. An entity tied to Thomas Neary’s Miami-based Bowery Properties sold the 33,800-square-foot building at 1140 Southwest 36th Avenue to Benderson for $7.1 million, according to records. The buyer said through a spokesperson that it does…

Quest Workspaces Adds to Boca Raton Location

Across 11 locations Quest Workspaces has a 92 percent average occupancy rate. Image courtesy of CommercialEdge Flexible office provider Quest Workspaces is adding 20,844 square feet of coworking space in Boca Raton, Fla. The new space will span a full floor at 1200 Corporate Place, where the company already operates a 21,120-square-foot location undergoing renovation.

Related Companies Acquires RAMSA-Designed South Flagler House Development In West Palm Beach

Related Companies recently announced the purchase of the development site for South Flagler House, situated at 1355 South Flagler Drive along the prestigious Gold Coast in West Palm Beach, Florida. Acquired from global real estate development firm Hines and Palm Beach-based real estate investment firm Frisbie Group, this significant acquisition marks a new chapter…

Housing Trust Group Completes ‘Flagler Station’, Celebrates Grand Opening Of Affordable Apartments In Downtown West Palm Beach

Construction is complete on Flagler Station, a groundbreaking $33 million affordable apartment community at 991 Banyan Boulevard in downtown West Palm Beach, Florida. Developed by Housing Trust Group (HTG), this project is a monumental achievement, addressing the city’s pressing need for affordable housing. This public-private collaboration introduces an innovative concept…

District Pointe, LLC Proposes Mixed-Use Venture at 1501 to 1505 Belvedere Road in West Palm Beach

Index Investment Group, a Swedish developer, hopes to get approval for a mixed-use development in Palm Beach County, Florida. In a joint partnership with Verdex Construction (called “District Pointe, LLC”), the venture would comprise both commercial and residential aspects, all resting on a 7.85-acre build site. Per the South Florida Business Journal, the residential aspect…

Bellissimo’s proposed Wellington mixed-use project heads to village council

Mark Bellissimo and his partners are heading to the Wellington Village Council after securing two favorable recommendations and three against their controversial proposal for a mixed-use luxury housing development in Wellington. The non-binding votes from the Wellington Planning, Zoning and Adjustment Board came last week at the third meeting covering proposed…

Affiliate of Jupiter Realty Seeks Approval for 25-Story Tower at 315 S Dixie Highway in West Palm Beach

Linton Jog Associates, an affiliate of Jupiter Realty and Norbert Kent Wilmering, hopes to get approval for a high-rise building in West Palm Beach, FL. The 25-story tower would require 212,707 square feet of new construction, redeveloping the already-existing commercial building on the site. Before construction would start on the high-rise, the general contractor would demolish…

Developers propose 25-story apartment project in downtown West Palm

Developers want to build a 25-story apartment project in downtown West Palm Beach, marking a continued wager on the area’s residential market. An entity tied to John Hoecker of real estate firm Jupiter Realty and Norbert Kent Wilmering propose a 190-unit building on nearly an acre at 315 South Dixie Highway and 411 Fern Street, according to city records.

JBCC buys West Palm Beach retail dev site

A Sarasota-based developer specializing in single-tenant retail stores is branching out with a planned shopping center project in West Palm Beach. An affiliate of JBCC Development paid $12 million for a nearly 10-acre development site at 4651 45th Street, according to records and Vizzda. The deal breaks down to roughly $1.2 million per acre.

Meyers Accesso nabs $46M in construction financing for Lake Worth Beach project

Meyers Accesso, a joint venture between South Florida developers Meyers Group and Accesso Partners, secured $46.1 million in construction financing for a planned multifamily project in Lake Worth Beach. Iowa-based American Equity Investment Life Insurance provided a $38.2 million mortgage, and Greenwich, Connecticut-based StepRock Capital gave a $7.9 million loan…

Video: Moody’s Analytics Commercial Real Estate Head Tom LaSalvia on Firm’s Mid-Year Commercial Real Estate Outlook

Tom LaSalvia, Head of Commercial Real Estate with Moody’s Analytics, discusses the current state of commercial real estate including performance indicators , transaction volume, financing of commercial properties, and expectations moving from this point on. He discusses the stubbornness of inflation and the Federal Reserve’s aggressiveness in fighting it. This discussion…

Video: PwC Global Real Estate Deals Leader Tim Bodner Discusses Mid-Year Update and Outlook

Tim Bodner, Global Real Estate Deals Leader with PwC joins America’s Commercial Real Estate Show to discuss his firm’s (PwC’s) mid-year commercial real estate outlook. Discussions include the major sectors, niche sectors of commercial real estate, commercial property lending, and CRE equity. He notes that the environment has changed, essentially that it is less of a seller’s market…

Flood Insurance Reforms Loom In Florida

Florida wades deeper into hurricane season as the debate heightens over what to do with the deeply indebted National Flood Insurance Program and its coverage of properties prone to repeated flooding. The Sunshine State ranked fourth nationally in damages paid by the national program to rebuild homes and businesses that have suffered repeated and severe flood losses…

Determining Apartment Building Risk

Ideally we all would like to know the amount of risk involved before making a decision. That’s why we evaluate the side-effects before trying out a new medication, check online reviews before eating at a restaurant or check a vehicle’s motor history before purchasing a used car. It’s safe to say that knowing certain information pertaining to risk helps us to understand…

As Temperatures Rise, The Global Cooling Problem Comes Into Focus

The need for space cooling has been increasing dramatically around the world, primarily driven by urbanization in developing nations and the increase of extreme heat across our warming planet. With 2023 on track to be the hottest year on record, building owners are seeing higher energy consumption, rising costs and growing concerns over resiliency in extreme heat events.

Jim Costello: Do Not Fear the Impact of AI on Commercial Real Estate

Hype over the negative impact of AI on commercial real estate is on the rise. To hear some commentary, we should be welcoming our new robot overlords in the hopes that they will deign to give us menial jobs since all knowledge-driven activity will be replaced by machines. Forget about debates over the return to office — such a worst-case scenario caused by AI could be far…

GID Snaps Up Rental for $91M Along Miami’s Ludlam Trail

GID, a Boston-based investment firm, paid $91.4 million for a newly constructed apartment complex along Miami’s Ludlam Trail, property records show. Seller BBX Capital Real Estate, which owns the Fort Lauderdale-based development firm The Altman Companies, completed Altis Ludlam Trail last year. The seven-story building houses 312 units at 7004 SW 40th Street, just south…

Spiegel pays $34M for Rail 71 in Miami’s Little River

Spiegel Associates picked up Rail 71, an office and service retail business park in Miami’s Little River, for $34.4 million, The Real Deal has learned. Spiegel, a Long Island, New York-based real estate investment and development firm, acquired the 132,000-square-foot commercial complex at 7205 Northeast Fourth Avenue, said Devlin Marinoff with Dwntwn Realty Advisors.

$6.9M Sale of Miami Store Leased to Walgreens Brokered

Marcus & Millichap has brokered the $6.9 million sale of a single-tenant retail property located at 1699 N.W. 7th St. in Miami. The store is net-leased to Walgreens. An unnamed individual/personal trust purchased the property from the undisclosed seller. Jonathan De La Rosa and Eduard Toledo of Marcus & Millichap’s Miami office represented the buyer in the transaction.

New 118,000 SF Warehouse In Doral Nearing Completion

Seagis Property Group just announced that its 118,000 square foot, speculative warehouse development in the Doral submarket of Miami-Dade County is 75% complete. The project, located at 8315 NW 27th Street in Transal Park, is scheduled for delivery by year end. The 32′ clear, rear-loaded building features 32 dock doors and 110 auto parks. The building provides immediate…

SP, Continua plan 612-unit Hialeah apartment complex, pay $24M for dev site

A pair of developers bought a block of single-family homes in Hialeah for $23.5 million, with plans to build a 612-unit apartment complex. SP Developments and Continua Developments purchased all but one of the houses between East 27th and 28th streets, and between East Ninth and 10th avenues, Daniel Jaramillo, of SP, told The Real Deal. The development site spans 3.6 acres.

Navigating Commercial Leases: Understanding Duration and Negotiation with ESQ.title

When it comes to commercial leasing, the duration of the lease plays a significant role in shaping the business’s future. A commercial lease is not a one-size-fits-all arrangement; it can vary widely in terms of length and flexibility. At ESQ.title, a trusted real estate law firm in Coral Gables, Florida, we specialize in helping businesses navigate the intricacies of commercial leases…

Raphael Ammar proposes 18-story mixed-use project in Ojus

Preschool developer and operator Raphael Ammar wants to build an 18-story mixed-use project with apartments in Ojus, amid a flurry of project proposals targeting the area near Brightline’s stop. Called The Gateway, the building would consist of 210 apartments starting on the seventh level, 99,600 square feet of offices on levels two to six and 17,600 square feet of retail on the ground…

Focus proposes 39-story, 516-unit apartment tower in Brickell

Focus wants to build a 516-unit apartment tower on a Brickell site it bought last year, marking a continued flurry of project applications targeting Miami’s financial district. The Chicago-based firm proposes a 39-story building with ground-floor retail on nearly an acre at 128 Southwest Seventh Street, according to Focus’ filings to Miami-Dade County submitted this month. Apartments…

A Guide to Gross, Net, and Modified Gross Commercial Leases

Selecting the right type of commercial lease is a crucial decision that can significantly impact your business’s financial health and operational efficiency. The lease structure you choose should align with your business’s needs, goals, and budget. At ESQ.title, a reputable real estate law firm located in Coral Gables, Florida, we understand that navigating the intricacies…

Black Lion Brings RosaNegra to Brickell for U.S. Debut

Real estate visionary and President of Black Lion, Robert Rivani, announces the U.S. debut of internationally-recognized entertainment restaurant RosaNegra in Miami. The Mexico-based Grupo RosaNegra has signed a 10-year lease with Rivani to occupy the coveted ground floor space at SLS Brickell. “Bringing this legendary restaurant group to South Florida…”

Real estate exec Robert Rivani taps Mexico-based eatery to open its first US location

He talks big, he walks big — and with a jet-black bushy Mohawk, a matching beard and a buff physique, he stands pretty big too. Robert Rivani, the larger-than-life commercial real estate titan and president of Black Lion — who, until recently, called a “Harry Potter” and “Game of Thrones”-inspired mansion his home — also thinks big. So when it came to filling the 13,634-square-foot…

Kimco Realty Proposes Complex at 11800 Mills Drive in Kendall

Kimco Realty, a New York-based developer, hopes to get approval for two 12-story towers in Kendall, Florida. The high-rise buildings would offer a total of 630 apartments. One tower could comprise 269 units, offering 13,000 square feet of retail. The other tower would offer 361 apartments and close to 22,000 square feet of retail. According to the Real Deal, the homes…

Construction Permit Issued At The Crosby Miami Worldcenter, With 450 Condos

Miami’s Building Department issued a construction permit last week for The Crosby at Miami Worldcenter. Approval of the construction permit took about a year, with the full plans filed with the Building Department in August 2022. The permit was issued on August 7. A groundbreaking ceremony took place in January. The Crosby is planned tor rise 33 stories, or 390 feet…

250 Affordable Units Planned In 12-Story Building in Little River with Solar Efficient Design

The Healthy Housing Foundation is planning a 12-story affordable housing building in Little River, according to the SFBJ. Little River Plaza is planned to include: 250 affordable apartments, including micro-studio and one bedrooms landscaped resident plaza ground floor retail 200 parking spaces in a 3-story podium A zig-zag aluminum screen and balcony rail system is planned…

Seagis Property Group Nears Completion of 118,000 SF Industrial Facility Near Miami International Airport

Pennsylvania-based Seagis Property Group is nearing completion of a 118,000-square-foot warehouse project near the cargo entrance of Miami International Airport. The speculative facility, which is estimated as being 75 percent complete, is located at 8315 N.W. 27th St. in Doral. Situated within Transal Park, the rear-load warehouse will feature 32-foot clear heights, 32 dock doors…

Gauging the Fed’s Current Tightening Actions: A Historical Perspective

At the conclusion of their July 26, 2023, meeting, the Federal Open Market Committee (FOMC) voted to raise the target range of the federal funds rate by 25 basis points to 5.25% to 5.50%. This blog post will examine the magnitude of the FOMC’s current actions relative to those since 1983 and, importantly, whether monetary policy has moved into restrictive territory.

Olympia Theater upgrade on hold as tenant hangs on

After an unsuccessful request for proposals earlier this year, the restoration of the historic Olympia Theater and Tower at 174 E Flagler Street has hit another roadblock as the last tenant has failed to vacate an apartment unit within the building. On July 27, the Miami City Commission authorized the city attorney to proceed with legal action, if necessary, against a tenant residing…

606-unit Miami Worldcenter condo tower to have five parking spaces

A new luxury condominium tower planned for Northeast First Avenue downtown expects to be the second-to-last development making up the multi-block mixed-use development known as Miami Worldcenter. Developer Aria Development Group proposes to construct the 31-story building, called 600 MWC, at 600 NE First Ave. offering 606 residential units, about 3,750 square feet…

Kevin Marino Cabrera: Seeks to add workforce housing, speed permit applications

Kevin Marino Cabrera got elected to the county commission last November and has made it his priority to streamline the process by which residents apply for permits, how the county works to update the sewer system and environmental preservation, and the development of workforce housing. Commissioner Marino Cabrera represents District Six, including Miami…

Ritz Carlton Owner Proposes 15-Story Tower, Lincoln Road Rebuild

The owners of the Ritz Carlton South Beach have submitted plans to build a new residential tower while rebuilding a portion of Lincoln Road. The project is proposed to include: The rebuilding of Lincoln Road in front of the Ritz Carlton A new 15-story, 212-foot tower with 30 residential units The Ritz Carlton is also planned to get a single-story rooftop addition to its cabana building…

Construction Tops Off On University Of Miami’s Centennial Village In Coral Gables

Coastal Construction Group (Coastal), one of the largest privately held construction companies in the Southeast, has topped out the University of Miami’s Centennial Village, a state-of-the-art student residence that will accommodate over 2,000 students. This is the fourth construction project Coastal has topped out for the University of Miami, including the Thomas P. Murphy Design…

Coastal Construction Group Celebrates Topping Out of University of Miami’s Centennial Village

Coastal Construction Group, one of the largest privately held construction companies in the Southeast, has topped out the University of Miami’s Centennial Village, a state-of-the-art student residence that will accommodate over 2,000 students. This is the fourth construction project Coastal Construction has topped out for the University of Miami, including the Thomas…

La Maré, Offering 42 Homes Total, Unfolds In Miami-Dade County’s Bay Harbor Islands

La Maré is a luxury housing development unfolding in the Bay Harbor Islands. The Class A development will offer 42 condos and penthouses. La Maré will comprise two buildings, per the Real Deal. The first (called the “Regency Collection”) will measure eight stories and offer 33 residences. These homes will come with deep soaking tubs, imported cabinetry, and other…

Tricera Capital and LNDMRK Development Secure Several Exciting Tenants at Society Wynwood in Miami

Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, and LNDMRK Development completed several leases totaling almost 14,000 square feet at major mixed-use development Society Wynwood. The highly sought-after project’s newly signed tenants include Starbucks, Chama De Fogo Brazilian Steakhouse and Nacho Daddy. Starbucks will occupy 2,615…

$38M Sale Brokered of Multifamily Development Site in Miami

Avison Young has brokered the $38 million sale of a 7.9-acre multifamily development site located at 1556 110th Ave. in Miami. The site is approved for a 690-unit, 10-story project, dubbed Dolphin Square. David Duckworth, Michael Fay, John Crotty, Brian de la Fé and Wayne Schuchts of Avison Young arranged the transaction on behalf of the seller, Boca Raton, Fla.-based Procacci…

Learning curve: Brokers, developers navigate South Florida’s private school crunch

Not one empty seat could be found at the Benjamin School when classes started on Tuesday. “We’re completely full,” said Amy Jablonski, the Palm Beach Gardens private school’s director of enrollment management. Across South Florida, private school acceptance rates are down, and enrollment is at unprecedented highs. The culprit: The same migration of wealthy families driving…

DAMAC International Addresses Misconceptions Surrounding 8777 Collins Avenue Project In Surfside

DAMAC International, a luxury property developer renowned for setting ambitious standards in design and innovation around the globe and the developer behind the forthcoming Zaha Hadid Architects-designed ultra-luxury condominium at 8777 Collins Avenue, is setting the record straight to address misconceptions and misinformation following the July 25th Town…

Freedom-Focused Fintech Firm Relocates To South Florida From Las Vegas

An online payment processing company that bills itself as a Christian merchant services firm is moving its headquarters from Sin City to South Florida. Revere Payments is currently working out of a Venture X coworking space at 2000 PGA Blvd. before its planned relocation to the nearby former headquarters of PGA of America. Revere Payments has signed a lease to move its…

Miami’s Dreams Of Becoming The ‘Silicon Valley Of The South’ Have Stalled

Miami Mayor and presidential hopeful Francis Suarez and has long touted his city as a growing hub for tech companies, advocating for cryptocurrency expansion and personally recruiting the tech industry to Magic City. But despite talk of creating the “Silicon Valley of the South,” Miami’s tech sector hasn’t seen the booming growth the mayor and others predicted. Only two tech…

Oasis Hallandale Breaks Ground On West Tower

Oasis Hallandale, the 10-acre community anchoring a new live, work, play center for the burgeoning beachfront city, announces the commencement of construction on the first of a pair of 25-story residential towers set within the mixed-use community, already delivering retail, lifestyle and workspaces. Designed by world-renowned architectural firm Arquitectonica, Oasis…

Construction Commences On First Of Twin 25-Story Towers At Oasis Hallandale In Hallandale Beach

Construction is officially underway on the residential component for Oasis Hallandale, located at 1000 East Hallandale Beach Boulevard in the City of Hallandale Beach, marking the third phase for the sprawling 10-acre mixed-use community. Spearheaded by developer Giuseppe Iadisernia, the project is set to redefine luxury living in this coveted coastal destination.

The Calta Group Breaks Ground On Revv, A 180-Unit Multifamily Apartment Building In Hollywood

The Calta Group, a real estate design, development, acquisition, and construction company, has broken ground on Revv, an 8-story, 180-unit multifamily development located at 2233 Hollywood Boulevard in Hollywood, Florida. Revv is the first multifamily property in Broward County for the Coral Gables-based developer, who purchased the property in 2022 for $9.5 million with…

Related, BH pay $30M for Hollywood Diplomat dev site

Related Group and BH Group paid $30 million for a condominium development site adjacent to the Diplomat Beach Resort in Hollywood, The Real Deal has learned. The joint venture closed on Friday on the site at 3210 – 3690 South Ocean Drive, sources familiar with the deal said. Related and BH did not respond to requests for comment. Jaret Turkell and Omar Morales with Berkadia…

ANF Group Completes 212-Unit Multifamily Project Eden West In Tamarac, FL

ANF Group, Inc. has announced the completion of Eden West, a 212-unit garden-style multifamily development in the City of Tamarac, FL. Located at 8601 West McNab Road, Eden West features a variety of floor plans ranging from 598 to 1,388 square feet, offering one, two, and three-bedroom options, plus studios, to suit different lifestyle preferences and serve families of varying sizes…

Blackstone sells Broward hotel portfolio for $64M

Blackstone shed some more hotels in South Florida, selling three Marriott-branded properties for a combined $64 million. Affiliates of New York-based Three Wall Capital bought two hotels in Miramar, a Courtyard by Marriott at 14500 Hotel Road and a Residence Inn by Marriott at 14700 Hotel Road. Three Wall also picked up a Residence Inn by Mariott at 130 North University Drive…

Sterling buys Pompano Beach warehouse, amid uptick in industrial deals

Sterling Investors picked up a fully leased warehouse in Pompano Beach, amid an uptick in South Florida industrial investment sales. The New York-based real estate investment firm paid $24.3 million for the building at 4000 North Dixie Highway, according to records and real estate database Vizzda. The selling entity ties to Bellevue, Washington-based Farmers New World Life Insurance…

Investments Limited Seeks Approval for Mixed-Use Venture at 132 and 170 N.E. Second Street in Boca Raton

Investments Limited hopes to get approval for two 11-story hotels in Boca Raton, Florida. Presently, the 1.63-acre build site is home to a restaurant and U.S. Post Office. If approved, the towers would comprise 336,781 square feet of new construction, offering 266 keys and more than 32,000 square feet of retail space. The retail aspect would mostly feature restaurants and stores…

Developers Seek Revision for the Concierge at 22 SE Sixth Street in Boca Raton

Florida YIMBY has learned of an exciting housing development seeking revisions to its initial proposal. Meet the Concierge. Previously, per the Real Deal, the nine-story complex was to offer 88 units designed for seniors and those requiring memory care services. The new proposal hopes to get approval for a similar project with one major difference: the community would…

HTG Completes $33M Affordable Property in West Palm Beach

Flagler Station is the first affordable community to be built in downtown West Palm Beach in 30 years. Image courtesy of HTG Housing Trust Group has completed Flagler Station, a 94-unit affordable housing community in West Palm Beach, Fla. The City of West Palm Beach and Palm Beach County were part of the public-private partnership that developed the $33 million project.

BGI Companies And Blue Road Group Break Ground On Alba Palm Beach At 4714 N. Flagler Drive In West Palm Beach

BGI Companies and Blue Road Group have broken ground on Alba Palm Beach, a 22-story waterfront residential condominium development located at 4714 North Flagler Drive in West Palm Beach. Designed by locally-based Spina O’Rourke + Partners with Schmidt Nichols as the landscape architect, the 262-foot-tall structure will deliver a collection of 55 boutique luxury…

Meyers Accesso nabs $46M in construction financing for Lake Worth Beach project

Meyers Accesso, a joint venture between South Florida developers Meyers Group and Accesso Partners, secured $46.1 million in construction financing for a planned multifamily project in Lake Worth Beach. Iowa-based American Equity Investment Life Insurance provided a $38.2 million mortgage, and Greenwich, Connecticut-based StepRock Capital gave a $7.9 million…

Jeff Greene starts $20M renovation of Tideline Ocean Resort in Palm Beach

Developer Jeff Greene plans a $20 million revamp of his Tideline Ocean Resort & Spa in Palm Beach. The hotel closed on Monday ahead of the planned renovation, which will include a replacement of the air conditioning system, flooring, cabinetry and furniture in the rooms, the Palm Beach Daily News reported. The spaces for the two restaurants, Brandon’s and Mizu, also will be renovated.

Brian Tuttle’s next act: Longtime “land guy” turns developer

Brian Tuttle sits in his home office at a Manalapan home, a large window framing the Intracoastal Waterway behind him, and says he is done being a land guy. For over two decades, Tuttle found tracts in emerging neighborhoods across Florida, convinced owners to sell, readied the land for construction and flipped it to developers. “It’s so hard and it’s so risky,” he cautioned.

Calmwater seeks takeover of West Palm’s Banyan Cay after $102M sale fails

The largest creditor in the Banyan Cay Resort & Golf Club’s bankruptcy case wants to seize control of the unfinished mixed-use development in West Palm Beach. Days after the $102.1 million sale for 200-acre Banyan Cay fell apart, an affiliate for Calmwater Capital is seeking to purchase the property at 200 Banyan Way through a credit bid, according to a motion filed Friday…

Price revealed: Harbor pays $75M for rental complex near West Palm

Resia sold the recently completed Pine Ridge apartment complex in central Palm Beach County for $75 million, according to disclosures filed by the seller’s parent company. Harbor Group International bought the 288-unit complex at 6200 Wallis Road in an unincorporated area near West Palm Beach. The deal, which closed in late June, was completed through a purchase of the interest…

Developers propose 25-story apartment project in downtown West Palm

Developers want to build a 25-story apartment project in downtown West Palm Beach, marking a continued wager on the area’s residential market. An entity tied to John Hoecker of real estate firm Jupiter Realty and Norbert Kent Wilmering propose a 190-unit building on nearly an acre at 315 South Dixie Highway and 411 Fern Street, according to city records.

Return-To-Office Mandates Now Cover Nearly 2 Million Workers. Occupancy Has Barely Budged

2023 is officially the year of the return-to-office mandate, with nearly 3 million workers already under, or expected to be subject to, a new in-person work requirement in the coming months. The jury is still out on whether it will also be the year office workers actually return to their desks in force. The mandates that have taken effect so far, including from some of the country’s…

Here’s Why Industrial Will Stay a Landlord’s Market

Fundamentals have been softening in the industrial asset class as demand declines and the overall vacancy rate expected to rise about 75 basis points over the next year. However, this erosion is not enough to change the landlord-tenant dynamics that current exist in the space. The industrial market will, in short, remain in landlord’s territory, a new report by Colliers says.

Commercial Spotlight Florida: People and jobs keep flowing into the Sunshine State

Finance professionals of all types are familiar with the “Wall Street South” movement. About 10 years ago, private equity firms, asset managers and other financial services companies began to relocate to South Florida due in large part to favorable tax conditions. This trend accelerated after the arrival of the COVID-19 pandemic as the Sunshine State had relatively few public…

Inter Miami Gets $75M From Ares Management For Stadium Construction

Soccer superstar Lionel Messi’s new club has received an infusion of capital from a private equity giant toward the construction of a new stadium.Los Angeles-based Ares Management provided a $75M preferred equity investment to Major League Soccer’s Inter Miami. The funding will be used for the construction of Inter Miami’s planned Miami Freedom Park stadium complex and…

Miami-Dade awards $40M HUD grant to apartment project near Cutler Bay

A project to expand an apartment complex near Cutler Bay is getting a $40 million federal grant through Miami-Dade County. Preservation of Affordable Housing, or POAH, owns Cutler Manor, a 218-unit apartment property at 10875 Southwest 216th Street. POAH, a non-profit developer, is proposing to use the grant to transform Cutler Manor into a 445-unit…

FAA Approves Excel Miami’s Cranes & Permanent Height

The Federal Aviation Administration has issued a positive determination on the proposed 26-story Excel Miami residential development. The FAA sent its determination letter on August 3. Excel Miami’s proposed permanent height of 316 feet above ground, or 327 feet above sea level does not pose a hazard to air navigation, the FAA said. Two temporary construction cranes proposed…

Brickell Woods townhome owners seek bulk buyer for redevelopment site

Owners of a 14-unit townhome complex in Brickell are on the hunt for a lucrative cash-out. They’re seeking a bulk buyer to purchase their two-story units in Brickell Woods, according to an offering memorandum obtained by The Real Deal. Virgilio Fernandez and Mitash Kripalani with Colliers are marketing the 0.8-acre property at 2180 Brickell Avenue in Miami, which can be redeveloped…

Dream Motor pays $150M for two Mercedes-Benz dealerships, repair shop and office building, all in Miami-Dade

Dream Motor Group made a turbo-charged joyride into South Florida’s commercial real estate market with a combined $150 million acquisition of four properties in Miami-Dade County. Affiliates of Birmingham, Alabama-based Dream Motor bought the former police headquarters building in Coral Gables for $45 million, an auto body repair shop in Cutler Bay for $5 million…

Simon Opens 120,000 SF Life Time Athletic Club at The Falls in Miami

Simon has opened Life Time Miami at The Falls, a three-story, 120,000-square-foot athletic club that features an upscale fitness center, spa, connected beach club, saltwater pools, water slides, cabanas, café and a bar. The center is located within The Falls, Simon’s 55-acre shopping, dining and entertainment destination. The property features three indoor pickleball courts; 130…

Party’s over? South Florida apartment occupancy drops, concessions rise

South Florida’s multifamily party may be coming to an end. The market softened in the second quarter, and is expected to further slow by year-end, according to a recently released report. In the second quarter, occupancy dropped across all South Florida submarkets, with the region averaging 95 percent, down 2 percentage points from last year, according to the report from Berkadia.

Kimco proposes 630 apartments at Kendall’s Palms at Town and Country

Kimco Realty wants to redevelop a portion of Kendall’s Palms at Town and Country, adding 630 apartments, amid the trend of repurposing South Florida shopping plazas into multifamily projects. The Jericho, New York-based real estate investment trust proposes a pair of 12-story apartment buildings with retail on the site of a Kohl’s-leased building at 11800 Mills Drive, according…

Miami board backs East Little Havana apartment project

A developer plans a new eight-story apartment building in East Little Havana with two elevated parking decks and five levels of residential units offering 51 apartments. The application to the City of Miami shows 752 & 758 NW 2 St LLC plans the project, called Botanic, for 752-758 NW Second St., just east of Northwest Eighth Avenue, about two blocks from the Miami River.

Pinnacle CEO Louis Wolfson III: Building communities with affordable and workforce housing

Louis Wolfson III is cofounder of Pinnacle, a Miami-based real estate development and construction company that has built over 10,000 units of affordable and workforce housing. His goal is to make beautiful communities that blend perfectly with market rate apartments, incorporating art into each project, to elevate the neighborhoods. Part of the Wolfson family, which has…

Revealed: 516-Unit Residential Tower Planned At Starlite Site In Brickell

Plans have just been filed with the county for a residential tower the former Starlite Motel property in Brickell. Chicago-based Focus acquired the property in November 2022 for $28 million. “Miami’s vibrant metropolis, with its walkable urban cores, offers a dynamic and energetic environment that aligns perfectly with our mission,” said Tim Anderson, CEO and Founder of Focus.

Ardid family’s Key International proposes 51-story office building in Brickell

The Ardid family’s Key International proposes a 51-story office tower in Brickell, marking a continued wager on tenant demand in Miami’s financial district. Key wants to build a 761-foot tall building with 704,000 square feet of offices, 7,500 square feet of retail and a 1,065-space garage at 848 Brickell Avenue, according to the developer’s application filed to Miami-Dade County last…

Downtown Miami Signature Bridge Gets FAA Height Approval

The Federal Aviation Administration has issued a determination stating that the arches of the Signature Bridge do not pose a hazard to air navigation. The FAA decision was issued on August 1, after just a few months of review. The agency had previously approved the heights of the arches in 2019 after a review that took about a year, but that approval had expired. Here are the newly…

UDRB Approves 20-Story ‘Tower 91’ Designed By Elkus Manfredi, CUBE 3 Near Miami’s Design District

Miami’s Urban Development Review Board has approved Tower 91, a 20-story mixed-use development slated for 91 Northeast 36th Street near the Design District. Elkus Manfredi Architects designed the tower, with CUBE 3 serving as the architect of record. Developed by Design District Associates and Prinz Corner LLC, both affiliated entities of DACRA and property owners at 91 – 93…

7918 West Drive Planned for 2025 Unveiling in North Bay Village

7918 West Drive is planned for a 2025 completion in North Bay Village. The 21-story high-rise will offer 54 residences, with construction having started in March 2023. According to the South Florida Business Journal, the venture will offer condos measuring 1,677 square feet to 7,086 square feet each. Ownership starts at $2.2 million, and each home has at least two bedrooms.

Chicago-Based Developer Files Plans For 39-Story Mixed-Use Tower At 128 SW 7th Street In Brickell

128 SW 7th Street Owner LLC, an affiliate of Chicago-based Focus Development Inc (Focus) – a vertically integrated development and construction company, has filed a pre-application meeting request for the preliminary review of a proposed 39-story development at 128 Southwest 7th Street. The 415-foot-tall structure, dubbed Miami Starlite, would replace the shuttered…

Shvo Obtains $190M Financing For The Raleigh, A Rosewood Hotel and Residences In Miami Beach

New York-based Shvo and its partners have secured a $190 million construction loan for the renovation and condominium addition at The Raleigh hotel at 1775 Collins Avenue in Miami Beach. The loan, provided by Fort Lauderdale’s BH3 Management through its BH3 Debt Opportunity Fund II, supports the partnership between Shvo, led by Michael Shvo, and the German firm…

Coastland Residential pays $38M for Doral multifamily dev site

Coastland Residential dropped $38 million for a Doral development site that is approved for a multifamily project. The Miami-based multifamily development and investment firm acquired 7.8-acres at 1556 Northwest 110th Street, where Coastland can build a 10-story project with 690 apartments, according to a press release. David Duckworth and Michael T. Fay led an…

Developers propose 760-unit affordable housing complex near Homestead

A group of four developers proposes a 760-unit affordable housing complex near Homestead, marking investors’ continued wager on below-market rate apartments in south Miami-Dade County. Jose Guillen, Luis Murillo, Jay Taub and Sarie Wasserman want to build Magnolia Point with nine buildings on 13 acres at 16401 Southwest 296th Street, according to Guillen…

Miami Multifamily Real Estate Report Q2 2023

Market Snapshot for Miami Multifamily Real Estate We’ve compiled key statistics (vacancy rates, absorption rates, and rental rates) and property transactions for Miami multifamily real estate in this report. The Miami multifamily report is updated quarterly by our commercial real estate professionals. We also want to cover the bigger picture and provide some information about…

29-Story ‘Urban Infill’ Mixed-Use Development Filed With Miami-Dade County, Featuring Updated Design And Height Increase

Rockville Hospitality, LLC has recently submitted updated plans to Miami-Dade County planners, showcasing their vision for a 29-story urban infill, mixed-use development at 296 Southwest 7th Street in Brickell. Designed by Beilinson Gomez Architects P.A. with landscape design by Gardner + Semler Design Landscape Architecture, the approximately 308-foot-tall structure aims…

Mystery Edgewater Project Approved By FAA At 649 Feet

The Federal Aviation Administration has just issued a letter stating that a 649-foot tower proposed in Edgewater would not pose a hazard to air navigation. According to the August 3 letter, the project can rise 645 feet above ground or 649 feet above sea level. The sponsor of the project is listed at the FAA as 720 NE Street PropCo, LLC, in care of OKO Group. The project site is located at…

UDRB Approves Design District’s Tower 91, Demolition Permit Filed

Miami’s Urban Development Review Board has recommended approving plans for Tower 91 at the southern end of the Design District. A demolition permit is pending at the site. The UDRB approved the project as presented, with no conditions. The vote was 5-0. Total demolition permits were applied for at the two sites in March and April of this year, with review underway…

Landau Properties Closes On $29 Million Construction Loan For Forthcoming Indian Creek Residences & Yacht Club In Bay Harbor

Landau Properties, a real estate development firm based in New York and South Florida, has announced a significant construction loan for the upcoming Indian Creek Residences & Yacht Club on Miami’s Bay Harbor Islands. The boutique residential property, which will feature condominium residences and a private marina, has secured a $29 million construction financing package.

Atlantic Pacific lands $158M construction loan for Overtown project

Atlantic Pacific Companies obtained $157.5 million in construction financing for a planned 36-story mixed-use project in Miami’s Overtown neighborhood. A consortium led by PNC Bank provided the loan to an affiliate of Bay Harbor Islands-based Atlantic Pacific. The developer has a ground lease with Miami-Dade County to build the project, called Atlantic Station…

Aiming high: Aby Rosen’s RFR proposes supertall in downtown Miami

Aby Rosen wants to build a 104-story supertall with residential units and a hotel in downtown Miami, joining a group of developers who aim to reach new heights in the city. New York-based RFR Realty, led by Rosen, proposes a 1,049-foot tower with 252 hotel keys, 1,074 residential units and a 1,013-space garage at 130 and 136 Biscayne Boulevard, and 141 Northeast Third Avenue…

Leading Padel Brand Set To Open Flagship Location At SoLé Mia In North Miami

Reserve Padel, the leading luxury lifestyle padel brand, has partnered with SoLé Mia, the $4 billion, 184-acre master-planned North Miami community developed by LeFrak and Turnberry. This collaboration marks the opening of Reserve Padel’s first permanent location in the world and represents a significant milestone in strengthening padel’s positioning within Miami’s sporting fabric….

Daily Floods, Disappearing Beaches: Projections Show Miami’s Worst-Case Climate Scenario Isn’t Far Off

Americans looking for a sunny, low-tax environment have flocked to Florida in droves — roughly 1 million people have moved to the state since the start of the pandemic. For the masses for whom 2023 is their first summer in the state, the 100-degree ocean temperatures, skyrocketing property insurance costs and historic flash floods present a stark reminder that their new home…

Rishi Kapoor Scandal Deepens, Ensnares Another Mayor With New Revelations

Embattled Miami-based development firm Location Ventures and its former CEO Rishi Kapoor are facing new allegations of financial impropriety and providing payouts to elected officials.Greg Brooks, the former chief financial officer of Location Ventures, alleged in a deposition that Kapoor improperly used millions of dollars in loans for a Miami condo project to instead…

Spilling the tea: Rishi Kapoor’s ex-CFO drops bombshells in deposition

Not one, not two, but three federal agencies are investigating embattled developer Rishi Kapoor and Location Ventures, the firm he led for seven years until stepping down last month under a scandalous cloud. Location Ventures’ former CFO Greg Brooks testified during a video deposition last month that the FBI, the Securities and Exchange Commission and the Internal Revenue Service…

Location Ventures ex-CFO alleges Rishi Kapoor’s firm made improper payments to One Sotheby’s

Location Ventures allegedly used funds earmarked for a Coconut Grove co-living and co-working project to pay One Sotheby’s International Realty commissions for sales generated at another completed development, according to former CFO Greg Brooks. Brooks, serving as a witness for a group of minority partners in that Coconut Grove project, recounted the allegedly…

Brokerage tied to Coral Gables mayor netted $690K commission on Rishi Kapoor deal

The brokerage linked to Coral Gables Mayor Vince Lago netted a $690,000 commission in December from the sale of a development site in the city to Rishi Kapoor’s Location Ventures. Lago, who abstained from city commission votes involving the property, then worked behind the scenes at City Hall to help Location Ventures land a separate deal to possibly develop a parking lot…

Calta Group Breaks Ground on 180-Unit Revv Apartment Community in Hollywood

The Calta Group has broken ground on Revv, a 180-unit apartment community located at 2233 Hollywood Blvd. in the South Florida city of Hollywood. The property represents the first multifamily project for the Coral Gables, Fla.-based developer. Calta purchased the 1.6-acre site last year for $9.5 million and obtained a $60 million construction loan from BridgeInvest in April.

The Calta Group Breaks Ground On Revv, A 180-Unit Multifamily Apartment Building In Hollywood

The Calta Group, a real estate design, development, acquisition, and construction company, has broken ground on Revv, an 8-story, 180-unit multifamily development located at 2233 Hollywood Boulevard in Hollywood, Florida. Revv is the first multifamily property in Broward County for the Coral Gables-based developer, who purchased the property in 2022 for $9.5 million with plans…

42-Story Society Las Olas Phase 2 Under Construction With 568 Units in Fort Lauderdale

PMG and Greybrook have obtained construction financing for Phase 2 of Society Las Olas. Construction is already underway ( a construction photo can be seen here). Phase 2 will include 568 units. The completed first phase has 639 apartments, bringing the total unit count to over 1,200 (PMG & Greybrook sold the first phase in 2021). Rent by the bed will be offered…

Integra Investments Proposes Townhome Development at 2600 N.W. Fifth Avenue in Boca Raton

Integra Investments hopes to get the green light on a residential development in Boca Raton, Florida. Boca Villas could comprise 120 townhomes spread across multiple buildings, along with a two-story clubhouse outfitted with various amenities. The Real Deal notes that there would be two-level and three-level floorplans available. Forty-two units come with single-car garages…

Penn-Florida scores $300M loan for Mandarin Oriental project in Boca Raton

Penn-Florida Companies scored a $302.5 million loan for the Residences at Mandarin Oriental development in Boca Raton, marking the latest refinancing for the project, The Real Deal has learned. New York-based Madison Realty Capital, led by Josh Zegen, is providing the financing for the Via Mizner project at 105 East Camilo Real, according to a source. It replaces the $225 million loan…

Housing Trust Group Completes Affordable Townhome Community In City Of Riviera Beach

Housing Trust Group (HTG), one of the nation’s largest affordable housing developers, announces the official completion of Heron Estates Family, a new $21.4 million affordable townhome community in Riviera Beach, Florida. Townhomes at Heron Estates Family are set aside for income-qualifying residents who earn at or below 30, 60, and 70 percent of the area median income (AMI)…

Developers Propose Affordable Senior Community in Lake Worth

Developers are hoping to get approval for Madison Terrace, an age-restricted housing community in Lake Worth, Florida. Documents show that the multifamily complex would comprise two six-story buildings, offering 176 homes. The South Florida Business Journal notes that the one-bedroom apartments would measure 540 square feet to 576 square feet, specially designed for seniors.

WeWork Says It is at Risk for Bankruptcy. Has Co-Working Died?

WeWork has warned that it is at risk of bankruptcy after posting a net loss of nearly $700 million in the first six months of this year and recording $10.7 billion in net losses over the previous three years. The company has become a cautionary tale on how not to nurture an emerging business model, but its falling fortunes do beg the question of whether co-working can survive in…

11% of Office Buildings Nationally Could Realistically Be Converted to Green Multifamily

With rapidly falling office property valuations that, according to one study, could lead to $800 billion in lost value by 2030, concern about what to do in the sector is understandable. One of the potential strategies is to convert office buildings to housing. There have been questions about how effective this could be, given issues of building layout and the number of adjustments…

Renters Are Mostly Happy With Their Situations, Especially Gen Z

Renters are mostly happy with their apartments and satisfied with being able to afford their monthly rent, even if it’s in areas of town where they could not afford to buy, according to a new RealPage survey of renters. Most prefer the financial freedom that renting gives them compared to owning a home, especially so among Gen Z, with more than half the group (51%) finding…

Logistics, Location, the 1.5-Year Rule Drive Industrial Tactics

Location’s importance to commercial real estate has become a cliché. But in logistics and industrial considerations, the idea is new again — it’s not about where you are but where customers need to go and the primacy of transportation. If you’re not at the place and time that clients need, it doesn’t matter how theoretically fine the setting or how impressive the facilities are.

Florida Housing Director Suspended As Agency Prepares To Distribute $711M To Developers

The head of Florida’s housing authority was suspended, leaving the organization without a permanent leader just as it gears up to distribute hundreds of millions of dollars in loans meant to spur affordable housing development. Mike DiNapoli was suspended six months after becoming the head of the Florida Housing Finance Corp. Also pictured is a Key West housing…

Pre-App Filed Last Year For 61-Story Worldcenter Towers With Skybridge

A pre-application for twin 61-story towers at Miami Worldcenter connected by skybridge was filed in 2022, city records show. A pre-application meeting took place last year, the records show. The project was proposed to include: 1,102 residential units amenities on levels 12, 13, 39 and 40 (the skybridge is on 39) approximately 60,000 square feet of ground floor retail…

Miami Retail Leads Nation In Rent Growth As Brands, Chefs Follow The Money

Miami retail vacancy is at 3.7%, 50 basis points below the national average of 4.2%, and the city leads all major U.S. markets in rent growth, rising 11.6% year-over-year to $42.40 per SF, according to a second-quarter report from Marcus & Millichap. The market “is exponentially better in terms of occupancy and rental rates than pre-pandemic. I think it’s just a different world…

Retail market softens in Palm Beach County, stays strong in Miami-Dade and Broward

South Florida’s retail market outlook this year appears bright with leasing and rents holding steady, though that’s until Palm Beach County enters the picture. It was the only county in the region to show signs of softening in the second quarter, with both leasing and asking rents slightly dropping while vacancies crept up, according to Colliers’ new reports. For one, Palm Beach net absorption…

Claim: Miami-Dade Population Shrank Between 2019 & 2022

Miami-Dade County’s population is claimed to have shrunk between 2019 and 2022, according to a report in the WSJ. It is the first population loss for Miami-Dade over a multi-year period since at least 1970, the WSJ wrote, citing the Federal Reserve Bank of St. Louis. Here’s how Miami-Dade’s population has changed in the past few years, according to Brookings Institution…

Industrial rents keep rising in South Florida

South Florida’s industrial market held steady for another consecutive quarter, and warehouse landlords are not easing up one bit. In Miami-Dade and Broward counties, asking rents jumped by double digits year-over-year, and Palm Beach County also experienced some rental growth in the industrial sector, according to a CBRE second quarter report. The rise in rents is largely…

Wynhouse Miami Now Under Construction, Will Have 308 Rental Residences

Wynhouse Miami is under construction, according to a press release from the developers. Developer Fisher Brothers obtained $117.5 million in financing to build the project, jointly provided by JP Morgan Chase and affiliates of Canyon Partners. Wynhouse is planned to rise eight stories and include: 308 rental residences approximately 26,000 square feet of ground floor retail…

Cronheim Hotel Capital Arranges $85M Refinancing of Grand Beach Hotel in Miami Beach

Cronheim Hotel Capital (CHC) has arranged an $85 million loan for the refinancing of Grand Beach Hotel, a 424-room hotel at 4835 Collins Avenue in Miami Beach. The 21-story property is situated near the entrance to the Miami Beach boardwalk and one block from the Fontainebleau, a hotel/resort. The unnamed borrower, which developed the Grand Beach Hotel in 2009, is in the midst,,,

Landau Properties Closes on $29 Million Construction Loan for Indian Creek Residences & Yacht Club in Bay Harbor

Landau Properties, a real estate development firm based in New York and South Florida, today announced a significant construction loan for the upcoming Indian Creek Residences & Yacht Club on Miami’s Bay Harbor Islands. Landau Properties has closed on a $29 million construction financing package for the boutique residential property, which will…

Key International Envisions 51-Story Class-A Office Tower At 848 Brickell Avenue to Rise 761 Feet

Key International, a Miami-based real estate investment and development company, is planning a significant transformation at 848 Brickell Avenue, where they are headquartered. They intend to replace the 42-year-old 13-story office building with a much larger office tower. Miami-Dade County planners have received a pre-application meeting request from 848 Brickell, LLC…

29-Story Tower With Hundreds Of Micro-Units Proposed At Brickell’s Entrance

Plans have been filed with the county for a 29-story residential tower at the entrance to Brickell. The project appears to have been redesigned from an earlier proposal for the same lot. Miami’s UDRB review the project in April, when it was planned as a “meticulously designed” 24-story project. The property is being added to Miami-Dade’s Rapid Transit System Development Zone…

Citizens’ trust doubts county’s South Dade transit vows

The trust spending more than $100 million on a 20-mile Bus Rapid Transit line in South Dade questioned last week whether the project will ever meet its promises. The 15-member Citizens’ Independent Transportation Trust that oversees use of the half-penny tax for transit said the county transportation department has kept it in the dark about operating plans for the South Dade corridor.

48-story St. Regis on Brickell wins an approval

A developer has gained unanimous support for a plan to construct a 48-story luxury condominium tower with 152 residential units and parking for 391 vehicles in Miami’s Brickell neighborhood. Related Group proposes the new building, St. Regis Residences, at 1809 Brickell Ave., on Biscayne Bay. The city’s Urban Development Review Board recommended approval with one condition…

South Florida Industrial Activity Plummets Despite Continued Demand

South Florida’s industrial market has retreated from the smashed record of earlier in the pandemic, but the sector continues to see significant leasing activity and a tight inventory that are still pushing rents higher. There has been 4.1M SF of leasing activity across Miami-Dade, Broward and Palm Beach counties through the first half of 2023, according to second-quarter market reports…

Sergio Pino’s $84M deal to sell Miami apartment building falls apart

Sergio Pino allegedly torpedoed a deal to sell a Miami apartment building for $84.2 million over a parking garage snafu. Now Hollywood, California-based Trion Properties, which had planned to buy the property, is suing the Miami-based developer to reclaim a $1 million deposit. Pino’s entity that owns the six-story, 230-unit building at 850 Northwest 43rd Avenue is also named…

45 planned digital billboards spur downtown Miami residents’ concerns

An organization of Miami’s downtown residents is petitioning the city to throw out a proposal that would see the skyline illuminated with 45 new digital billboards. Last week, concerned citizens urged the Miami City Commission to vote against changes to the zoning code that would allow for digital murals. The item was deferred by the city manager until after the commission’s summer recess…

Massive signature bridge project builds to 2027 opening

In the heart of downtown Miami, the arches are rising. The distinctive and iconic Signature Bridge continues to reach upward as a key element of the I-395/SR 836/I-95 Design-Build Project. Overall project completion is now expected in late 2027. The sweeping construction work is from a partnership of the Florida Department of Transportation (FDOT) and the Miami-Dade…

$150 million replacement of Venetian Causeway bridges rolling

An ongoing project to replace 11 of the 12 bridges on the Venetian Causeway is in the design phase with construction expected to start in 2025 at a projected cost of about $150 million. Miami-Dade County’s Department of Transportation and Public Works and the Florida Department of Transportation are working with partners to rebuild the aging bridges, nearing their 100th birthday.

Henry Bott: Heading Swire’s Brickell Key and Miami City Centre projects

In January, Henry Bott, who has been at Swire Properties for over 13 years representing the company’s Asian investments, was named president of the American arm. The company was established in Hong Kong in 1972 and it develops and manages top tier commercial, retail, hospitality, and residential properties. Swire Properties came to Florida in 1976, invested in Tampa, and in 1978…

Shvo Secures $190M Loan for The Raleigh Hotel & Residences, Miami Beach

Shvo, the ultra-luxury real estate development and investment firm, is pleased to announce it has successfully secured $190 million in new financing for The Raleigh, a significant milestone in the next chapter of Miami Beach’s most storied property. The loan, provided by BH3 Debt Opportunity Fund II, L.P. led by BH3 Management through its opportunistic credit platform…

Shvo scores $190M loan for Raleigh Miami Beach development

Developer Michael Shvo secured a $190 million refinance for the construction of Rosewood-branded Raleigh hotel and condo project in Miami Beach, adding to a handful of large loans condo developers…a. Shvo, Deutsche Finance and a group of German… redeveloping the Raleigh, South Seas and Richmond hotels at 1751, 1757 and 1775 Collins Avenue into…

Remy Jacobson’s Design District building heads to foreclosure auction

Remy Jacobson is about to lose his commercial building in Miami’s Design District at an upcoming foreclosure auction stemming from an unpaid eight-figure mortgage debt. On July 19, Miami-Dade Circuit Court Judge Gina Beovides issued a final foreclosure judgment for $10.4 million, including $8.4 million in unpaid principal, in favor of Centennial Bank. The court sale has been set…

Pre-App Filed For 761-Foot Office Tower At 848 Brickell Designed By SOM

An office tower designed by one of the world’s top architecture firms is in planning at 848 Brickell Avenue. A pre-application for the project was filed with Miami-Dade County planners on July 28 (renderings were not included). According to a Letter of Intent attached to the filing, the new office tower at 848 Brickell will rise 51 stories, or 761 feet, and include: 704,000 square feet of Class A…

New Details On Mixed-Use Project Planned At Worldcenter

Miami planners are currently reviewing a proposal for a mixed-use project with two towers at Miami Worldcenter, plans filed with the city show. The property is known as Miami Worldcenter Block A, and is owned by Abbhi Capital. According to the most recent version of the plans filed this month, two towers will rise in phases, at 59 (north) and 33 stories (south). The north tower will have…

Ugo Colombo plans Four Seasons in Coconut Grove: sources

Developer Ugo Colombo is teaming up with Nadim Ashi’s Fort Partners on a planned Four Seasons-branded tower in Miami’s Coconut Grove, The Real Deal has learned. The development would rise on the site of the former Offices in the Grove building at 2699 South Bayshore Drive, which is being demolished. Colombo’s CMC Group owns the nine-story building, known…

Condo buyout bonanza: Deals are falling apart, stalling or resulting in messy legal fights in South Florida

Offers suddenly appeared under the doors of units at an oceanfront Miami Beach condo building one sweltering day in July, adding an unexpected twist to a drawn-out bulk buyout of the property. Mast Capital CEO Camilo Miguel Jr. was already in contract to purchase a majority of units at Amethyst, a 120-unit building that was constructed almost 60 years ago. But after negotiating…

Notable Retail Leases Signed in South Florida Q2 2023

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida in the beginning of 2023 and throughout 2022. This past quarter was busy overall, and there were a few big box leases signed and sealed. Despite the sentiment that the traditional retail market is taking a hit due to several factors, particularly e-commerce and several retail store…

Alta lands $20M construction loan for Bay Harbor Islands condos

Led by a new developer, a once-troubled Bay Harbor Islands condo project landed a $20.3 million construction loan. Alta Developers, led by CEO Raimundo Onetto, scored financing for Alana from LV Lending, according to a press release. Alta took over the project in May from Chilean developer Ambienta Developers, led by CEO Claudio Cordero, after the company failed…

Related, BH, Sagi list waterfront North Miami dev site for sale

The Pérez family’s Related Group, BH Group and Israeli billionaire Teddy Sagi are looking to sell a waterfront condo development site in North Miami, The Real Deal has learned. The partners paid $11 million for the former White House Inn on the Bay nearly two years ago, with plans to develop a luxury condo project on the site at 2305 Northeast 123rd Street. The partners could be…

South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects

Here’s our quarterly summary South Florida commercial real estate focusing on Miami retail real estate. The report includes statistical highlights (cap rates, vacancy rates, absorption, etc), the latest retail transactions, signed leases, retail trends, and current market activity. The retail real estate report is updated by our CRE experts who focus on the retail real estate sector. The analysis…

104-Story Mixed-Use Supertall Proposed At 130‐146 Biscayne Boulevard In Downtown Miami

Miami-Dade County planners have received a pre-application meeting request to review preliminary plans for a new 1,049-foot supertall mixed-use development in Downtown Miami. Spanning 2.15 acres, this expansive property comprises three contiguous parcels between Biscayne Boulevard and Northeast 3rd Avenue, extending from Northeast 1st to 2nd Streets, essentially occupying…

Hakimian South Tower Approved for 45 NE 16th Street in Miami

The Hakimian Organization, a New York-based firm, is moving forward with plans for a two-phase project in Miami-Dade County. At a July 19th meeting, Miami’s Urban Development Review Board approved the first phase, Hakimian South Tower, in a 5-0 vote. Hakimian South Tower would offer 631 residential units––125 of which would be micro-units. Communal amenities include a ninth-floor…

Magic City’s makers: Ranking Miami general contractors that are changing the skyline

When construction began at the 830 Brickell office project in Miami about four years ago, the developers expected it to be completed in 2022. Yet, work still is ongoing. The schedule took a hit due to delivery delays of exterior window glazing and electrical switchgear equipment, said William Real, CEO of Civic Construction, 830 Brickell’s general contractor. Plus, Covid increased…

Columbus Center Unveils Completed Renovations At 1 Alhambra Place In Coral Gables

Columbus Center, a Class A office complex at 1 Alhambra Plaza in the heart of Coral Gables, has proudly unveiled its recent multi-million-dollar renovation. The modernization, which breathes new life into the first-floor lobby, sixth-floor terrace, and exterior facade of the 261,867-square-foot property, has been meticulously executed. Boasting an array of amenities, the multi-use…

Terra Delivers 460-Unit Natura Gardens Apartments in Hialeah

Terra has delivered Natura Gardens, a 460-unit, garden-style apartment community located on the west side of Hialeah, a suburb in northwest Miami-Dade County. The 23-acre property comprises 12 residential buildings with units ranging from one to three-bedrooms. Units range in size from 727 to 1,603 square feet and rental rates range from $2,000 to $3,350 per month.

South Florida-Based Terra Completes Natura Gardens Apartments in West Hialeah Neighborhood

Terra… one of South Florida’s most active residential and commercial development firms, has completed its newest multifamily community in Northwest Miami-Dade County: Natura Gardens. Now welcoming new residents, the 23-acre community includes 460 garden-style rental apartments across twelve residential buildings in Miami’s…

Terra Completes Natura Gardens Apartments In Miami-Dade’s West Hialeah Neighborhood

Terra, a prominent South Florida development firm under the Terra West MF Investments, LLC, has completed its latest residential community, Natura Gardens, at 17351 Northwest 94th Court in West Hialeah, Miami-Dade County. Covering 23 acres, this garden-style rental apartment complex comprises 460 units spread across twelve 3-story residential buildings, offering one…

Appeals court restores Masoud Shojaee’s $10M win against Ugo Colombo affiliate

An appeals court restored Masoud Shojaee’s Shoma Group’s $10 million jury award against an affiliate of Ugo Colombo, adding another twist in the long-running lawsuit over a failed Coral Gables project. The Third District Court of Appeal nixed a state judge’s ruling from last year that had quashed the jury’s damages award to Shoma. Entities tied to Shojaee and CMC Group founder…

Miami-Dade lost 80K residents during “pandemic boom” years

The “great migration” to Florida isn’t hitting Miami quite the same. Miami-Dade County’s population declined between 2020 and 2022, with nearly 80,000 people moving to other parts of Florida or leaving the state, according to U.S. Census data cited by the Wall Street Journal. That contradicts what many brokers, developers and politicians like Miami Mayor Francis Suarez preach…

Summit Real Estate Pays $60M for Pembroke Pines Warehouse

Former Bang Energy warehouse. Image courtesy of Cushman & Wakefield Summit Real Estate Group’s Arrowrock US Industrial Fund IV has acquired Bang Energy’s former warehouse and distribution center in Pembroke Pines, Fla. Vital Pharmaceuticals sold the 224,650-square-foot asset for $59.7 million, with the assistance of Cushman & Wakefield. The purchase also includes…

Bankrupt Energy Drink Company’s Warehouse In Pembroke Pines Sells For $60M

An investment fund has paid $59.7M for the Broward County warehouse of an energy drink company that went bankrupt. Arrowrock US Industrial Fund IV, a fund managed by Summit Real Estate Group focused on multitenant industrial assets in the Southeast, purchased the 224K SF warehouse on 23 acres at 20311 Sheridan St. in Pembroke Pines. The seller was two entities controlled…

Ben Mallah sells Fort Lauderdale hotel for $28M

Tampa Bay real estate investor Ben Mallah seized on improving market conditions and sold a Sheraton-branded hotel in Fort Lauderdale for $28 million, which breaks down to $111,000 per key. South Florida hospitality real estate sales are ticking upwards after stuffing a dry spell of activity induced by high financing costs. Investor Arif Butt and his five partners bought the 253-key…

Greystar picks up Coral Springs apartment complex for $56M

A 22-building apartment complex in Coral Springs has a new owner. A Greystar affiliate purchased Park Place At Turtle Run, a rental community with 350 units at 3600 Terrapin Lane, records and Vizzda show. The firm paid $56.1 million, which breaks down to about $160,000 per unit. The buyer, headquartered in Charleston, South Carolina, assumed a $35.3 million Freddie Mac…

Integra Investments Acquires Prime Site in Lantana, Florida for Development of Workforce Mixed-Use Multifamily Community

Integra Investments, a Miami-based real estate investment and development firm, has recently acquired the 19-acre Lantana Village Square shopping center with plans to transform it into a mixed-use community featuring Class-A housing catered towards the workforce. This redevelopment project will take advantage of the Live Local Act, which aims to increase affordable housing…

Margaritaville could be headed to Riviera Beach’s Marina Village

Parrotheads rejoice. A Margaritaville-branded hotel could anchor a proposed waterfront mixed-use project in Riviera Beach’s Marina Village. The project’s master developer, Atlanta-based APD Solutions, is partnering with singer-turned-hotelier Jimmy Buffett to add a five-story building with 150 rooms and an 875-space parking garage to anchor the proposed mixed-use site…

Palm Beach Developer Gets 5 Years In Prison For Defrauding Investors, Lenders

Developer Robert Matthews was sentenced to 65 months in prison Monday for crimes tied to a West Palm Beach hotel redevelopment fundraising scheme that defrauded investors and financial institutions of tens of millions of dollars. Matthews, 65, pleaded guilty in 2019 to charges that he misled investors about the redevelopment of The Palm House Hotel and used investor funds…

Hangar Group launches second car condo project in West Palm Beach

Local developer Scott Cunningham is staying in his new lane with another luxury car condominium project underway in West Palm Beach. Cunningham’s Hangar Group broke ground on its second garage condominium intended for collectors of cars, motorcycles, art and wine, he confirmed. The launch follows the completion and sellout of the Hangar Group’s first Hangar location in Riviera Beach…

Greystar buys Palm Beach Gardens multifamily complex for $92M

For the second time in a week, Greystar and PGIM Real Estate cut a deal for a South Florida multifamily project. An affiliate of Charleston, South Carolina-based Greystar paid $92.1 million for Gardens East by Arium, a 448-unit apartment complex at 10000 Alternate A1A in Palm Beach Gardens, according to records and Vizzda. The deal breaks down to $205,714 per apartment.

Second-Quarter 2023 Economic Review by Sector

Lee & Associates’ newly released 2023 Q2 North America Market Report outlines industrial, office, retail and multifamily outlooks trends in the United States. This sector-based review of commercial real estate trends for the second quarter of the year examines the difficulties facing each property type and where opportunities in the landscape may be emerging. Troubles with absorption…

How Much Are Office Buildings (Nationally) Worth? A Scary Amount Less Than They Used To

A new analysis from Trepp suggests that the concerns many CRE owners and investors have had about office property valuations may have been overly optimistic. Working through an examination of CMBS office-secured loans — because there is publicly available data, unlike privately transacted loans — the firm estimated that the average total loss ran from 52% for construction…

Normalized Demand Cooling Industrial Starts Nationally

Higher interest rates and normalized demand have slowed industrial construction and have helped to cool industrial starts, with 147.1 million square feet beginning construction in the first half of the year, according to a report by Commercial Edge. During the same period in 2022, developers broke ground on 313.2 million square feet, according to the report. Charlotte was a particularly…

More sticker shock ahead as Florida’s property insurance crisis worsens

Farmers Insurance’s decision to stop writing new policies and not renew existing ones in Florida is adding fuel to the property insurance fire in the state. Farmers said its decision was “necessary to effectively manage risk exposure.” Though the company isn’t a major player in the state’s insurance market, the move could be indicative of more to come. About 100,000 policies in Florida are affected.

Missing Millions and a Rabbinical Arbitrator: Real-Estate Deal Gone Bad Hits Popular Crowd Funder

One of the biggest platforms that promised to give small investors access to major real-estate projects missed red flags and funneled cash into firms that fabricated their past. Now it is facing deals gone bust where $63 million of customer cash has gone missing. CrowdStreet raised $4 billion for property developers by touting big returns, but many deals fell short. After this story…

The Pursuit Of Unclogging The U.S. Supply Chain Has Helped Industrial Investment Outperform The Rest Of CRE

If there’s one thing the pandemic shed a spotlight on, it is how the global supply chain was not ready for an influx of consumerism. Ships were backed up at some of the world’s largest ports, meaning that hardware, car parts and furniture were absent from retailers’ usual inventory. Richard Thompson, international supply chain director at JLL, summed it up earlier this year when he said…

Fontainebleau, Related Cos. Win Bid To Develop New Miami International Airport Hotel

Miami-Dade County commissioners approved a ground lease for a new hotel at Miami International Airport, bringing a close to a three-year bidding process that will bring the first new hotel to the airport in 60 years. The 451-room hotel with Westin branding will be built on a 1.8-acre site at Miami International Airport. The commission unanimously approved plans for a 451-room hotel with Westin…

Cleared for takeoff: Steve Ross, Jeffrey Soffer land Miami airport hotel deal

Steve Ross and Jeffrey Soffer got clearance to develop a Westin hotel at Miami International Airport. The Miami-Dade County Commission on Tuesday authorized a 50-year lease with a joint venture between Ross’ Related Companies and Soffer’s Fontainebleau Development. The deal is for Related and Fontainebleau to develop a 451-room hotel that county officials expect will bring…

Black Salmon lists Brickell dev site, brokers shooting for $70M

Investment firm Black Salmon put a 1-acre development site in Brickell on the market, The Real Deal has learned. The Coral Gables-based company wants to offload three lots at 68, 82 and 84 Southwest 13th Street, as well as the adjacent vacant office building at 1399 Southwest First Avenue, according to an offering memorandum and public records. The three-story, 48,600-square-foot…

250 Microunits Proposed for Miami’s Little River Neighborhood at 279 NE 79th Street in Little River

The Healthy Housing Foundation has proposed a 12-story affordable housing complex in Miami’s Little River neighborhood. Meet Little River Plaza. If approved, the community would rest on a .94-acre build site, offering 250 apartments. Per the South Florida Business Journal, they could range from 380 to 540 square feet, intended for those making up to 50 percent of the area…

65-Story E11EVEN Residences Beyond Gets UDRB Approval, Construction Underway

The 65-story E11EVEN Residences Beyond was presented to Miami’s Urban Development Review Board last week. Members voted 5-0 to recommend approval. New renderings of the tower were also released as part of the July 19 presentation to the board. According to the UDRB filing, E11EVEN Residences Beyond is planned to include: 558 residential units; 13,647 square feet…

600 Miami Worldcenter Gets UDRB Approval: New Renderings

Miami’s Urban Development Review Board voted on July 19 to recommend approval of the design for 600 Miami Worldcenter. The vote was 5-0, with no conditions made by the board. According to the filing, 600 Miami Worldcenter is planned to rise 31 stories and include: 606 residential units; 3,750 square feet of commercial; 1,261 square feet of office; related amenities…

Chrysler Building Owner Proposes 104-Story 1,049-foot Supertall in Downtown Miami

Yet another 1,049-foot supertall has just been proposed by a developer for a property in downtown Miami. The tower is planned to rise 104 stories, according to newly filed documents. Preliminary plans show it would include: 1,074 residential units (averaging 1,268 square feet); 252 hotel keys (averaging 540 square feet); 1,013 parking spaces. The Yve Hotel, an adjacent parking garage…

FAA Approves Another 700-Foot Tower At Miami Worldcenter

The Federal Aviation Administration has issued a letter stating that a 700-foot tower proposed at Miami Worldcenter does not pose a hazard to air navigation. The application requesting height approval was first submitted to the FAA on December 2, so review took over 8 months. The approval letter was issued on July 18 to Abbhi Capital, which owns a parcel at Worldcenter.

Plans Filed For Freedom Tower Rehab & Repair Project

Downtown Miami’s 17-story Freedom Tower is set for a rehabilitation & repair project, according to documents newly filed with DERM. The building closed in May to allow for the $25M state-funded renovation, according to Miami Today. Funding for the project was placed in Florida’s 2022 budget after an announcement by the governor. The DERM plan set is for a storm drainage…

AAR Aircraft Services hangar lease to add 250 airport maintenance jobs

AAR Aircraft Services is to pay Miami-Dade County at least $173 million over 22 years, create 200 temporary construction jobs and add 250 permanent jobs averaging $65,000 a year in building a maintenance hangar at Miami International Airport in a lease the county approved last week. Illinois-based AAR, which operates in more than 20 nations and has been leasing…

Commercial real estate booms near Miami International Airport

Due to its proximity to Miami International Airport, Doral’s commercial and industrial real estate remains strong, as one of the most sought-after areas in Miami-Dade County. The Doral and airport sector, as of the second quarter of the year, has a vacancy of 3.9% and an average asking rate of $50.27 per square foot for retail space, according to a preliminary report by Colliers.

Coral Way office-retail building seeks zoning approval

A new mixed-use commercial development is targeted for Coral Way with over 120,000 square feet of class-A offices and retail shops. Today (7/27), Miami City Commissioners are to hear the second reading of a resolution to rezone the corner lot on Coral Way and Southwest 31st Avenue where the Brito Miami Private School sits. If the city votes to rectify the zoning discrepancy…

Coral Rock to redevelop Allapattah library into $75M mixed-use project

Coral Rock Development is planning Dulce Vida, a $75 million mixed-use project on the site of a library in Miami’s Allapattah neighborhood. The Coral Gables-based firm reached an agreement with the city of Miami to purchase the 1.3-acre property at 1785 Northwest 35th Street, according to a press release. Coral Rock and its partner, Allapattah-based Miami Bethany…

MIA Ranks In Top 10 Airports Worldwide For Cargo, Aircraft Movements

Miami International Airport was among the busiest in the world for both passenger and cargo traffic last year, according to a new report by Airports Council International. A total of 50,684,396 passengers used MIA in 2022 (a 36% increase from 2021). That ranked 14th highest in the world, and 8th highest in the U.S. Around 42% of MIA’s traffic last year was international, while other…

FT: With Messi Arrival, Miami Confirmed As Most Important US City In Sports

The arrival of Lionel Messi has “confirmed” Miami as the most important U.S. city in sports, the FT says. Messi’s arrival in Miami joins a long list of recent milestones. Last year, Miami became a part of the Formula 1 circuit, with newly built facilities at Hard Rock Stadium. In recent months, the Miami Heat and Florida Panthers both made it to the finals. The article noted how…

Roversi family proposes 248-unit workforce housing project in Brownsville

The Roversi family of Miami-Dade County wants to build a 248-unit workforce housing project in the Brownsville neighborhood. Guillermo Roversi filed an application for an eight-story building at 2301 Northwest 54th Street with 10,400 square feet of ground-floor retail in an unincorporated area, according to filings submitted to Miami-Dade this week. The 1.3-acre site is home to the…

Northmarq Arranges $70M Refinancing for Two Multifamily Communities in Miami Lakes

Northmarq has arranged a $70 million loan for the refinancing of two multifamily communities located in Miami Lakes. Built in 1997 and 2000, the properties total 500 units. Jeff Robertson of Northmarq secured the 10-year permanent financing through Empower Annuity Life Insurance Co. on behalf of the borrower, Graham Cos. The names and addresses of the communities were…

South Beach retail slump: Investors buy Collins Avenue building at 75% discount

Amid a South Beach retail slump, Northeast investors bought a Collins Avenue building at a deep discount, with plans for a Michelin-starred chef to open a restaurant at the long-vacant site. Garfield and Rebecca Spencer bought the two-story building at 624 Collins Avenue in Miami Beach for $6 million, or 75 percent less than the property’s sale price seven years ago…

Collins Avenue Corner Retail Property Across from Deauville Site Trades

Berkshire Hathaway HomeServices EWM Realty top-producer and Senior Vice President Nelson Gonzalez announced today the $5.5 million sale of 6644 Collins Ave. in Miami Beach, an 8,700-square-foot corner retail property with four tenants. The one-story, freestanding building is located directly across the street from the famed, 3.8-acre Deauville Hotel site, which…

Sol Vista Tops Out At 11251 Caribbean Boulevard In Cutler Bay

ANF Group, Inc., a South Florida construction firm providing construction management, general contracting, development, and design-build services, celebrated the topping out of Sol Vista, a 227-unit affordable senior community designed by Burgos Lanza & Associates and co-developed by MRK Partners and Cypress Equity Investments located at 11251 Caribbean Boulevard…

Tower 91 “Gateway to the Design District” Proposed for 91-93 NE 36th Street in Miami

Developers hope to proceed with the construction of a 20-story building that will serve as “the southern gateway to the Design District.” The Next Miami reports that Tower 91 is proposed to offer 107 multi-family housing units, starting on the development’s seventh floor. They will range from one-bedroom to three-bedroom layout plans, ranging from 843 square feet…

Coral Rock Development Group Unveils Plans For Mixed-Use Project ‘Dulce Vida’ In Allapattah

Coral Rock Development Group, a leading real estate development company based in Coral Gables, has unveiled plans for Dulce Vida, a transformative mixed-use, mixed-income development in Miami’s Allapattah neighborhood. The project aligns with Florida’s SB 102 law, which aims to promote mixed-income developments and increase access to affordable housing. Dulce Vida…

Retail rap: Flo Rida buys Miami Gardens shopping center

Miami-based hip-hop artist Flo Rida (real name Tramar Dillard) and his business manager, Lee “Freezy” Prince, have a “Good Feeling” about paying $10 million for a Miami Gardens retail center, according to records and Vizzda. Taylor Made Lending LLC provided the buyer with a $6.2 million mortgage. The deal breaks down to $360 per square foot. David Heinrich with Keyes Co. brokered…

Meridian Point at Goulds Station to Offer Affordable Housing at 11850 SW 216th Street in Miami

The Preservation of Affordable Housing (POAH) hosted a groundbreaking ceremony for Meridian Point at Goulds Station, an affordable housing complex in Miami-Dade County. POAH reports that the new-construction community will comprise 113 residences across two buildings. The taller seven-story building will offer 80 units, and the smaller three-story garden-style building…

Mast Capital sued over troubled oceanfront condo buyout in Miami Beach

The owners of a unit at Amethyst are suing Mast Capital over the dragged out condo buyout of the oceanfront Miami Beach property, which is now facing competition — or collaboration — from David Martin’s firm, Terra. Clifford and Maria Greenhouse sued the Mast entity, as well as Old Republic National Title Insurance Company, over the $650,000 sale of their unit that has yet to…

Melo Group 824-Unit Apartment Tower Gets FAA Approval To Rise 587 Feet in Downtown Miami

The Federal Federal Aviation Administration has given the green light for the Downtown 6th apartment tower to be built. The 54-story tower is being planned by developer Melo Group. A Determination of No Hazard letter was sent to the developer on July 14. The proposed height was first submitted to the FAA on January 26. Downtown 6th is approved to rise 574 feet…

$430M Construction Loan Issued For The Shore Club

A construction loan has just been issued to build to the developers planning an expansion at the Shore Club, according to the FT. JPMorgan backed the loan, the report said. It runs for four years and is valued at $430 million. The loan is for construction of a new residential tower and a boutique hotel. The project includes an 18-story residential tower called Shoreclub…

Witkoff, Monroe score record $430M construction loan for Shore Club

Witkoff and Monroe Capital secured $430 million in construction financing for their Shore Club project in Miami Beach, likely marking the largest such loan for a residential development in South Florida — at a challenging time in the market. J.P. Morgan provided the financing for the luxury condo and resort development planned for 1901 Collins Avenue, according to a press release.

W2 & W9183 Proposed In Wynwood, With Green & Wood Exteriors

Plans for a pair of new mixed-use projects have been filed in Wynwood. The project names are listed as W2 & W9183 in the submittals. W9183 is proposed to rise 5 stories and include: 34 residential units; 5,250 square feet of ground floor retail space; activated rooftop; no onsite parking, six offsite spaces (reduced by payment into the Wynwood Parking Trust Fund). Architectural materials…

MRK Partners, Cypress Equity JV Tops Out Cutler Bay Affordable Senior Project Sol Vista

Sol Vista. Image courtesy of Smith Aerial Photos A joint venture between MRK Partners and Cypress Equity Investments has topped out Sol Vista, a 227-unit age-restricted and affordable development in Cutler Bay, Fla. ANF Group serves as the project’s general constructor. Partnering with the Housing Finance Authority of Miami-Dade County, the Florida Housing Finance…

Lore Development Group Files Plans For 843-Foot-Tall Mixed-Use Tower ‘Summit Brickell’

Lore Development Group has filed plans for a monumental mixed-use project called Summit Brickell at 1015 Southwest 1st Avenue in Miami’s Brickell neighborhood. The 69-story tower would activate a 22,712-square-foot land parcel on the southeast corner of SW 1st Avenue and SW 10th Street, adjacent to the Brickell Metromover Station. Designed by Corwil Architects, the nearly…

451-Key Westin Hotel Approved for Miami International Airport (MIA)

A new hotel is headed for Miami International Airport (MIA). Yesterday, the Miami-Dade County Commission approved the construction of a 451-key Westin-brand hotel. The venture will rest on a 1.82-acre build site, offering a rooftop restaurant, spa, fitness center, event space, and more. There’s also a unique building element: a climate-controlled pedestrian bridge connecting the hotel…

Vertical Construction Expected Q1 For Supertall Waldorf Astoria Hotel and Residences

The Waldorf Astoria Hotel and Residences’ vertical structure is expected to emerge in the first quarter of 2024, according to an update posted last week on Instagram by a member of the project’s in-house sales team. Deep soil mixing at the project’s Central Zone has been completed, the update said. Completion of deep soil mixing will allow for piling work to begin, which is…

Redevelopment area adds Watson Island, Allapattah as blighted

An agency responsible for the redevelopment of some of Miami’s downtown neighborhoods has been renewed for another 15 years with expanded boundaries including areas of Allapattah and Watson Island, both now officially listed as blighted. On July 13, City of Miami commissioners who double as board members for the Omni Community Redevelopment Agency (Omni CRA)…

Miami tech influx slows, still strong

After the height of the post-pandemic technology sector relocation and expansion trend, Miami continues to attract tech firms and startups at a reduced level, still depending on local talent and business incentives. Technology has been a targeted industry for recruitment efforts for a long time, said James Kohnstamm, executive vice president of economic development…

Vast Hyatt Regency complex wins Miami lease

The land lease deal between the city and developers of the Miami Riverbridge project has won approval, paving the way for a reimagined Hyatt Regency hotel, residential apartments, green space and a revitalized waterfront downtown. On July 13, the Miami City Commission unanimously approved the amended lease agreement for the existing Hyatt Regency Hotel at 400 SE Second Ave…

Witkoff, Monroe Land $430M Loan For Miami Beach Condos

Miami-based Witkoff Group and Chicago-based Monroe Capital secured a $430M construction loan for a luxury condo development in Miami Beach called Shore Club Private Collection, according to a release. The loan, which was provided by JPMorgan Chase, was announced as the largest loan ever provided for a residential development in Miami.

Jonathan Landau plans Bay Harbor condo project, taps Official for sales

Jonathan Landau plans a waterfront boutique condominium project in Bay Harbor Islands and tapped Official to lead sales. The developer, through an affiliate of his New York-based Landau Properties, wants to build an eight-story, nine-unt building, called Indian Creek Residences & Yacht Club, at 9110 West Bay Harbor Drive, according to a filing submitted to Miami-Dade County…

Prestige lands $61M construction loan for Hialeah race track project

Prestige Companies is galloping ahead with plans for a multifamily project at Hialeah Park Racing & Casino, after securing $60.7 million in construction financing. Centennial Bank provided the loan to an affiliate of Miami Lakes-based Prestige that is partnering with Hialeah Park President John Brunetti Jr. to develop Flamingo Village, a proposed 343-unit apartment complex with…

Miami International Airport to get one new hotel, not two

Miami-Dade County Commission Chairman Oliver G. Gilbert III was pushing for two new hotels at Miami International Airport. He got half of what he asked for at Tuesday’s meeting. The quest for a new, upscale hotel at the airport was supposed to be “expedited,” on the fast track, when it was first proposed. That was three years ago. Commissioners this week voted 13-0 to award…

Surfside Collapse Spurred Talk Of A Condo Buyout Wave. Then The Market Turned

The collapse of Champlain Tower South in Surfside, Florida, in June 2021 killed 98 people and reverberated across the state’s coastal communities, leaving condo owners at older properties with questions about the safety of their home. Some owners looked for a way out and, in the months that followed, developers began negotiations to acquire at least eight condo buildings. But as the cost…

The Dori Topped Off at 4760 NW 85th Avenue in Doral

Just a few days ago, a subsidiary of Lennar Corp. topped off the Dori, a 222-unit residential complex in Doral, Florida. The mid-rise building will comprise homes ranging from studios to three-bedroom floorplans, measuring about 550 square feet to 1,470 square feet each. Homes come outfitted with tiled showers, smart-home thermostats, and wood-inspired flooring. Select units…

Revealed: Summit Brickell, 69-Story ‘Architectural Work Of Art’

Plans have just been filed for a 69-story tower called Summit Brickell. Miami-Dade records show that a pre-application for the project was filed with county planners on July 17. The filing shows that Summit Brickell is planned to top off at 825 feet, and include: 500 residential units 2,174 square feet of ground floor commercial space amenities on level 13 and 69, including a rooftop pool…

Four Offers Received For Genting’s Resorts World Miami Property

Four offers have been received for Genting’s Resorts World Miami property, according to a report by Bloomberg yesterday. “There’s been no break in the receipt of offers at, and even above, the $1.225 billion price,” a broker representing the seller said in a statement. In June, Genting said that a $1.225 billion bid by SmartCity Miami, led by Terra, had been terminated. SmartCity…

City Studying Building New I-95 Ramp In Downtown Miami

Miami has commissioned a study on building new traffic ramps in downtown Miami. “A traffic study to see if we could do the elevated ramp,” commissioner Joe Carollo said at a July 13 commission meeting. At the meeting, Carollo asked city officials for a cost update on the study. A $400,000 fee for the study had been “proffered” by the developer planning the 3-tower Hyatt Regency…

$10.1M Sale of Shoppes of Ives Dairy Retail Strip Center in Miami Gardens Brokered

Marcus & Millichap has brokered the $10.1 million sale of Shoppes of Ives Dairy, a 24,517-square-foot retail strip center located at 19801 N.W. 2nd Ave. in Miami Gardens. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller in the transaction. The buyer and seller are both private investment firms that have requested anonymity.

Revealed: Hakimian South Tower Proposed With 631 Units for Miami’s Urban Core

Plans have just been submitted to Miami’s Urban Development Review Board for a a 42-story residential tower in Miami’s urban core. Hakimian South Tower is proposed to rise 42 stories, or 467 feet, and include: 631 residential units (of which 125 will be micro-units) approximately 3,140 square feet of commercial space 469 parking spaces on 8 levels (residential liner units…

Lefferts, Russell Galbut, Matis Cohen propose 20-story North Beach condo project

Lefferts and its partners are proposing another North Beach condominium. Records show Miami Beach-based Lefferts, led by Mendy Chudaitov, along with partners Matis Cohen, Russell Galbut and other representatives of the Galbut family firm, GFO, want to build a second condo project in the Miami Beach neighborhood. Lefferts submitted plans to the Miami Beach Design Review…

Surfside shoots down controversial proposal for Damac’s collapse site

A controversial proposal to tweak development regulations for Damac Properties’ project in Surfside fizzled out amid concerns that the ordinance amounted to special treatment of the Dubai-based developer, allegedly allowing it to maximize profit from its proposed condominium building. In a special meeting on Tuesday that went off the rails –– with elected officials speaking…

‘Beautifully Designed’ Tower 91 Planned As Design District’s Southern Gateway

The developer responsible for much of the Design District is partnering on a 20-story development across from Midtown Miami called Tower 91. Design District Associates and Prinz Corner LLC, which are affiliated entities of DACRA and the owners of the property located at 91-93 NE 36 Street, submitted plans for the new development for review by Miami’s Urban Development Review Board.

Land Lease Deal Approved For Riverbridge, Paving Way For 1,049-Foot Supertall

Miami commissioners voted unanimously on July 13 to approve a lease agreement with the developers of the Miami Riverbridge project, according to a representative. In a statement, the developers said they would now finalize construction plans with the city over the coming year. Riverbridge will include three towers, with: 682 multifamily apartments (61-story tower) 615-room…

Miami World Tower Tops Off At 53 Stories

Miami World Tower has officially topped off, according to Nichols Architects. A ceremony was held on July 14, Nichols wrote. Miami World Tower is now the second tallest rental apartment tower in the city. Only Panorama Tower in Brickell is taller. Pre-development plans showed that the apartment tower was to have 53 stories. The top off height was planned at 579 feet above ground…

Palm Cove Reserve Proposed for Northwest Corner of East Palm Drive and Southeast 12th Avenue in Homestead

JFM Development Corp., a Hialeah-based developer, has submitted plans for a new townhome community. If approved, Palm Cove Reserve would offer 296 townhomes on a 59.1-acre lot. Homes would measure 1,357 square feet to 1,701 square feet each, offering three-bedroom to four-bedroom floorplans. Sources report that homes would come with a garage and driveway…

Joint Venture Sells 312-Unit Altís Ludlam Trail Apartments in Miami

A joint venture sponsored by The Altman Cos. has sold Altís Ludlam Trail, a 312-unit apartment community located in Miami. Developed between 2020 and 2022, the property was 98 percent occupied at the time of sale. GID purchased the property for an undisclosed price, and the company’s in-house property management company, Windsor Communities, will operate the community…

Hyatt, Gencom win key approval for James J. Knight Center redevelopment project

Hyatt and Gencom can move forward with plans for a major redevelopment project on 4 acres of city-owned land along the Miami River. The Miami City Commission last week unanimously approved extending an existing ground lease with Hyatt from 45 years to 99 years. That would allow the Chicago-based hospitality conglomerate and its partner, Gencom, to replace the James L. Knight…

Wynwood Design Review Board Considers Razor-Thin Building Proposal for 153 NW 25th Street

The Doris is a razor-thin mid-story building proposed for Miami’s Wynwood neighborhood. But what is it? Our sources indicate that the Doris could comprise just over 20,000 square feet of new construction, comprising primarily office and retail space. The eight-story building would offer offices measuring 3,994 square feet, and each one featuring an outdoor terrace.

Miami City Commission Unanimously Approves Lease Agreement for Hyatt and Gencom’s ‘Miami Riverbridge’ Development

In a 5-0 vote at the Miami City Commission, the lease agreement between the City and the joint venture led by Hyatt and Gencom has been unanimously approved. This decision marks a significant milestone in advancing the visionary Miami Riverbridge development, setting the stage for revitalizing Downtown Miami’s riverfront area. The approved lease agreement paves the way…

Terrace 88 Proposed for 2580 NW 88th Street in Miami

Red Octopus, the architect behind Little 22 apartments in Miami-Dade, is pleased to announce its proposal for Terrace 88. The multi-family housing development would comprise 30 apartments on a .23-acre lot. They would measure about 590 square feet to 1,260 square feet each, including one-bedroom, two-bedroom, and four-bedroom units. Four of those apartments would be…

Notable Retail Leases Signed in South Florida Q2 2023 ~ Table

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida in the beginning of 2023 and throughout 2022. This past quarter was busy overall, and there were a few big box leases signed and sealed. Despite the sentiment that the traditional retail market is taking a hit due to several factors, particularly e-commerce and several retail store…

Construction Commences On Wynhouse Miami At 2200 Northwest 1st Avenue In Wynwood

Fisher Brothers, an esteemed fourth-generation real estate company renowned for its ownership, management, and operation of distinctive properties nationwide, has announced the commencement of construction for Wynhouse Miami. This mixed-use multifamily development is poised to make a lasting impact in the heart of Miami’s vibrant Wynwood neighborhood. Soaring…

178-Unit Residential Project Submitted To Wynwood Design Review Committee

Plans for a new mixed-use project have been filed in Wynwood. The unnamed project was first revealed last year for a site at 18 NW 23rd Street, formerly a Salvation Army property. Now, the full plans and renderings have been released as part of a Wynwood Design Review Committee submittal. The development is proposed to include: 178 residential units; 13,498 square feet of retail…

W3 Proposed In Wynwood, Painted In Red

Plans for a new mixed-use project have been filed in Wynwood. The project name is listed as W3 in the submittal. The new development is proposed to rise 5 stories, or 143 feet and include: 34 residential units; 5,250 square feet of ground floor retail space; no onsite parking, six offsite spaces (reduced by payment into the Wynwood Parking Trust Fund). Architectural materials will include…

Plans Submitted For Mixed-Use 111 Wynwood

Plans have been filed for a mixed-use project called 111 Wynwood. The building is proposed to include 12,106 square feet of commercial space. It will be located on First Avenue, which is a designated pedestrian woonerf. Here’s how a representative describes the design: Designed by Touzet Studio, the building massing is composed of a low volume that curves broadly as it takes the…

Quarterra JV Tops Off Doral Community The Doris

Quarterra Multifamily, a subsidiary of Lennar Corp., in partnership with the CPP Investment Board, has topped off The Doris, a 222-unit multifamily community in Doral, Fla. The mid-rise community will encompass studio, one-, two- and three-bedroom floorplans, ranging from 548 to 1,468 square feet. The sustainable building’s design achieved a National Green Building Standard Bronze…

Fisher Brothers Breaks Ground on 308-Unit Wynwood Community Wynhouse

Fisher Brothers has broken ground on Wynhouse Miami, a mixed-use multifamily community located at 2200 NW First Ave in Miami, Fla. Appropriately named after its location in the Wynwood neighborhood, the eight-story Wynhouse Miami will feature 308 units. JPMorgan Chase and affiliates of Canyon Partners provided $117.5 million in financing for the community. After its construction…

Fisher Brothers Breaks Ground on 308-Unit Wynhouse Multifamily Project in Wynwood

Fisher Brothers has broken ground on Wynhouse Miami, a 308-unit multifamily community located at 2200 NW First Ave. in the Wynwood neighborhood of Miami.  JP Morgan Chase and affiliates of Canyon Partners provided $117.5 million in financing for the development, which Suffolk Construction is building. The eight-story community is scheduled for completion in early 2025.

Rishi Kapoor Resigns From Location Ventures Amid FBI Investigation, Lawsuits

Embattled developer Rishi Kapoor has resigned as the head of the real estate firm he founded, Location Ventures, which will look to liquidate its assets in the face of intense scrutiny after it was revealed that the firm had paid Miami Mayor Francis Suarez at least $170K in consulting fees. “Rishi Kapoor was not removed by the board; he amicably stepped down…

Location Ventures’ new boss, Alan Fine, has one goal: Liquidation

Retired Miami-Dade Circuit Court judge, Alan Fine, has a formidable task ahead of him. The Location Ventures new boss will need to lead an effort to find buyers willing to pay top dollar for the Coral Gables-based development firm’s real estate projects to avoid a fire sale through federal bankruptcy proceedings, Fine told The Real Deal. When its founder and CEO Rishi Kapoor stepped…

Location Ventures hit with $15M foreclosure lawsuit tied to Miami Beach project

More legal woes for Location Ventures. A lender is seeking to foreclose on the firm’s co-living development site in Miami Beach for nonpayment of a $14.8 million mortgage debt. On July 21, an affiliate of Coral Gables-based Spectrum Mortgage Group sued a Location Ventures entity that owns two commercial parcels at 1234 and 1260 Washington Avenue. In addition to the…

South Florida by the numbers: A hot Messi

Soccer’s Inter Miami team (over a competing $1-billion plus offer from a Saudi Arabian squad). Then, Lionel Messi made a Hollywood-scripted debut for the team this month with a game-winning goal that exceeded anyone’s wildest expectations for a dramatic impact. Before he had even laced up his cleats, “the Messi effect” was being felt across South Florida with his Inter Miami…

Star Tower Hollywood to Offer 248 Units at 410 N Federal Highway in Hollywood

In late 2022, developers proposed Star Tower Hollywood, a 19-story residential building that would offer 182 residential units. Now, nearly eight months later, they’ve submitted a revision, instead proposing a 22-story tower with more than 200 homes. The South Florida Business Journal notes that the 511,620-square-foot venture would rest on a build site measuring 35,516 square feet.

Atlantic Pacific, LEM pay $86M for Plantation rentals amid summer sales rally

Atlantic Pacific Companies and LEM Capital bought a Plantation rental complex for $86 million, amid a summertime rally in South Florida multifamily deals. PGIM Real Estate, the Newark, New Jersey-based investment arm of Prudential Financial, sold the 293-unit complex at 10900 Northwest 17th Street, according to records and real estate database Vizzda. Atlantic Pacific and LEM…

Related, BH plan mixed-use, multifamily complex in Plantation

Frequent development partners Related Group and BH Group are planning to convert a former AT&T office building in Plantation into a sprawling multifamily complex with retail. The joint venture is proposing Plantation City Center, a project consisting of nine buildings with a combined 481 apartments, a combined 17,000 square feet of retail and 993 spaces divided between a garage…

Developer Duo Nets $226M for Fort Lauderdale Society Las Olas Project

Developer PMG and private equity firm Greybrook Realty Partners have secured $226 million in construction financing for the 563-unit second phase of Society Las Olas, a 42-story multifamily community in downtown Fort Lauderdale, Fla. The two towers comprising Las Olas, which is in the city’s Riverfront district, will offer more than 850,000 rentable square feet. The first phase…

Society Las Olas Second Phase Planned for 140 SW 2nd Street in Fort Lauderdale

As it stands, Society Las Olas stands 34 stories above grade and offers close to 650 residential units. Now, developer PMG and Greybrook Realty Partners have secured finances for the construction of a second 563-unit phase. Multifamily Housing News reports that upon completion, the two-phase two-tower community will feature 850,000 square feet and more than 1,000 units total.

Brookfield scores $136M refi for Hilton Fort Lauderdale Marina

Brookfield Asset Management is refinancing a Hilton-branded hotel in Fort Lauderdale with proceeds from a $220 million loan. Coast Commercial Mortgage Trust is providing the two-year, floating-rate interest only commercial mortgage-backed securities loan to Brookfield, according to an S&P Global ratings report. Roughly $136 million, or 62 percent of the CMBS loan…

15-Story Hotel Proposed At 3001 Alhambra Street In Central Beach, Fort Lauderdale

A 15-story hotel has been proposed on an 11,100-square-foot lot at 3001 Alhambra Street in Central Beach, Fort Lauderdale. The 200-foot-tall building is being developed by Roslyn Heights, NY-based Hariom Realty LLC, led by Harsh and Rikul Patel, affiliated with Virginia-based IMG Hotels. The development is going by the name 42 Hotel and is planned to encompass…

Urbano Co Proposes 14-Story Mixed-Use Building At 901 East Sunrise Boulevard In Fort Lauderdale

A Site Plan Level III application has been submitted for De Parc, a 14-story mixed-use development project located at 901 East Sunrise Boulevard within the Lake Ridge neighborhood of Fort Lauderdale. The nearly 149-foot-tall project is designed by Built Form Architecture, with YH Consulting Engineering as the structural engineer, and developed by Urbano Co, led by Fort Lauderdale…

New Renderings Reveal Interiors For The Residences At Pier Sixty-Six In Fort Lauderdale

Interior renderings have been unveiled for The Residences at Pier Sixty-Six, a new collection of residential buildings located at 2301 Southeast 17th Street, forming a part of the expansive 32-acre Pier Sixty-Six Marina Promenade in Fort Lauderdale. Designed by GarciaStromberg and developed by Tavistock Development Company, a division of Orlando-based The Tavistock Group…

PMG, Greybrook score $226M construction loan for Fort Lauderdale apartments

Property Markets Group and its partner, Greybrook, scored a $226 million construction loan for the second phase of a large mixed-use apartment development in Fort Lauderdale, marking another large loan PMG secured this year. New York-based Related Fund Management and Lubert-Adler provided the financing, according to a press release. The loan is for the second…

PMG, Greybrook Receive $226M Construction Loan for High-Rise Apartment Development in Fort Lauderdale

A partnership between PMG, a development and investment firm with offices in New York City and Miami, and Toronto-based private equity firm Greybrook Realty Partners has received a $226 million construction loan for a high-rise apartment tower in downtown Fort Lauderdale. Related Fund Management and Lubert-Adler provided the financing to the developers. Located at 140 S.W. 2nd St…

Prospect plans 265-unit apartment building in Lauderhill

Prospect Real Estate Group plans to build Commercial Commons, a mixed-use development in Lauderhill with 265 apartments and about 10,000 square feet of commercial space for a restaurant and retail store. DeLand-based Prospect will build the five-story development on 6.4 acres at 8456-8458 West Commercial Boulevard, near the intersection of North Pine Island Road. Commercial Commons…

Housing Trust Group Breaks Ground On New Affordable Community For Seniors In Deerfield Beach

Housing Trust Group (HTG) has closed financing and commenced construction on Hillsboro Landing, a $41 million affordable senior community in Deerfield Beach, Florida. This community is a joint venture between HTG and the Broward County Housing Authority, focused on providing stable and quality affordable housing options for low and moderate-income families…

Blackstone’s Link Logistics drops $162M for Deerfield Beach industrial campus

Blackstone’s Link Logistics subsidiary dropped $162 million for an industrial campus in Deerfield Beach. New York-based Link bought the properties at 710-750 South Powerline Road and 3155-3161 Southwest 10th Street within the Quiet Waters Business Park from an affiliate of PGIM Real Estate, according to records and real estate database Vizzda. Link made the purchase in two deals.

Boca Raton Based CP Group Eyes Major Flex Office Expansion

CP Group, of Boca Raton, Fla., plans to complete 340,000 square feet of its “worCPlaces” brand flexible office suites this year, the company announced on Monday, July 17. Designed in collaboration with Gensler, the worCPlaces program was launched in late 2021, in response to market demand…

Key, Wexford pay $26M for Boca Raton site, plan 190-unit multifamily project

The Ardid family’s Key International and Wexford Real Estate Investors plan a 190-unit multifamily project in Boca Raton. The Miami-based firms want to build a 12-story building at 14 Southeast Fourth Street, after buying the site and surrounding lots for $25.5 million, according to a Key and Wexford news release. The purchase includes the properties at 33 and 41 Southeast Fourth…

Batmasians propose 266-key hotel at Mizner Plaza in Boca Raton

James and Marta Batmasian want to build an 11-story hotel on a development site at Mizner Plaza in Boca Raton. The married couple, who are considered the largest private real estate owners in the city, propose a 266-key hotel on 1.7 acres at 132 and 170 Northeast Second Street, according to the Batmasians’ application submitted to the city last month. The project would consist…

‘Your Hands Are Tied’: D.R. Horton Tells City of Riviera Beach It Will Build Apartments If 268-Home Project Is Rejected

Local residents celebrated last month when the Riviera Beach City Council rejected a zoning change that would have allowed 286 housing units to be built on a 64-acre former golf course. More than two dozen people spoke out against the project at the council meeting on June 21 where it was voted down by a 4-1 vote. Less than two weeks later, Florida’s Live Local Act — which allows…

Integra Investments Acquires Shopping Center in Palm Beach County, Plans to Add Workforce Housing

Miami-based Integra Investments has purchased Lantana Village Square, a 165,000-square-foot shopping center located at 1001 S. Dixie Highway in Lantana, a town in South Florida’s Palm Beach County. The buyer plans to raze the center’s vacant K-Mart department store and develop workforce housing that is affordable for Lantana renters. The overall development is situated…

Related proposes 46-unit waterfront condo building in West Palm

Related Group wants to build a 46-unit waterfront condo building in West Palm Beach, as the Miami-based developer continues to expand northward. Related, led by Jorge Pérez and his sons, Jon Paul and Nick, submitted a proposal for the project at 4906 North Flagler Drive to the city of West Palm Beach. The plans, including a requested rezoning of the site, were reviewed by the…

Woodmont, Butters And PCCP Break Ground In Florida’s Palm Beach Park Of Commerce

Woodmont Industrial Partners (Woodmont), Butters Construction & Development (Butters), and PCCP LLC have officially broken ground on the first of eight buildings within the Palm Beach Park of Commerce (PBPOC). Located at 15430 Corporate Road North, this project will bring 303,364 square feet of for-lease Class A industrial space to the market by the second quarter of 2024….

Ken Griffin Drops $83M On Palm Beach Office Building

A company affiliated with billionaire Ken Griffin, the head of hedge fund Citadel, paid $83M to acquire an office building in Palm Beach as Griffin and his firm continue to expand their presence in South Florida. The 49K SF office building at 125 Worth Ave. is adjacent to a former department store Griffin acquired for $78M last year. Griffin purchased the 49K SF property at 125 Worth Ave…

Citadel’s Ken Griffin drops $83M for office building on Palm Beach’s Worth Ave

Billionaire Ken Griffin bought an office building on Worth Avenue for $83 million, marking the hedge funder’s latest move to home in on Palm Beach, after a near takeover of Miami’s Brickell. An entity tied to Griffin’s Citadel bought the nearly 50,000-square-foot office building at 125 Worth Avenue from an affiliate of Frisbie Group and Dreyfuss Management, according to records…

CS Ventures buys office, retail buildings in Palm Beach for $18M

CS Ventures bought a pair of office and retail buildings in Palm Beach for $18.3 million, marking the firm’s continued investment in the area. The Palm Beach-based company, a partnership between Charles Rosenberg of a New York-based family investment office and Spencer Schlager, bought the adjacent two-story properties at 375 South County Road from an affiliate…

Two Roads, Frisbie settle lawsuit over waterfront West Palm condo project

Two Roads Development and Frisbie Group settled litigation over which has dibs to develop a pair of luxury condominium towers on a waterfront site in West Palm Beach. The two-year long dispute was tied to a 3.4-acre site at 1355 South Flagler Drive, where Frisbie and Hines now plan the pair of 28-story South Flagler House buildings with 82 condos and seven townhouses.

Retail market softens in Palm Beach County, stays strong in Miami-Dade and Broward

South Florida’s retail market outlook this year appears bright with leasing and rents holding steady, though that’s until Palm Beach County enters the picture. It was the only county in the region to show signs of softening in the second quarter, with both leasing and asking rents slightly dropping while vacancies crept up, according to Colliers’ new reports. For one, Palm Beach net absorption…

Wellington board to vote on Bellissimo’s massive mixed-use development

Developer Mark Bellissimo and his partners are seeking approval of land use and zoning changes to move forward with their proposal for a huge luxury mixed-use community in Wellington, a month after a village advisory board unanimously recommended denying those requests. Wellington Lifestyle Partners, a joint venture between Bellissimo’s Wellington Equestrian Partners…

Integra plans to redevelop Lantana shopping center

Integra Investments bought a Lantana shopping center with plans to redevelop the property into a mixed-use project. The Miami-based real estate investment and development firm paid $14.8 million for Lantana Village Square at 1201 and 1301 S. Dixie Highway, and 457 Greynolds Circle, an Integra spokesperson said. Bradesco Bank provided acquisition financing.

Nightingale Misappropriated Millions From Crowdfunding Investors, Fiduciary Says

When Nightingale Properties raised more than $50M in equity to acquire a massive Atlanta office complex last year, it was the highest-dollar campaign in real estate crowdfunding site CrowdStreet’s history. Most of that money is now missing, an independent fiduciary told investors on Friday, alleging that Nightingale and its CEO, Elie Schwartz, misappropriated the funds.

Inside Nightingale Properties, The CRE Firm At The Center Of The Missing Millions

In literature, the nightingale’s song is a symbol of beauty so transfixing it lulls listeners in the darkness to ignore the dangers of the day. Such a metaphor may be apt when considering the tale of Nightingale Properties, the New York-based investment firm that has accumulated a commercial real estate portfolio spanning millions of square feet across 22 states. Last year, it raised…

CrowdStreet Investors, Facing Total Wipeout, Question Platform’s Role In Alleged Fraud

The investors who wanted to buy a piece of a trophy office building in Atlanta on the CrowdStreet platform come from all walks of life: real estate pros trying to make a little extra on the side, but also tech workers, physicians and a college professor. The minimum investment in the deal was $25K, and the sponsor of that investment, New York-based Nightingale Properties…

A New Way Of Looking At Industrial Markets’ Volatility And Risks

A new method of ranking industrial markets using a two-dimensional grid reveals changes over time in both sales volume and volatility and claims to offer new insight into risks that may not be apparent in traditional one-dimensional models. The grid was developed by NAIOP. “This may help investors and developers create better strategies around market entry and exit, and to more…

Can Cold Storage Keep Its Cool This Summer?

Despite headwinds, this soaring niche continues to attract an increasing number of investors. Industry experts expect substantial growth to continue, driven by increasing demand and need for temperature-controlled storage and transportation of food, pharmaceuticals and chemicals. The post Can Cold Storage Keep Its Cool This Summer? appeared first on Miami Airport Warehouses….

Lenders, Borrowers Are in a Holding Pattern Until Interest Rates Settle

The U.S. economic picture is an opaque one for lenders and borrowers alike as inflationary pressures persist and the massive swings in interest rates are still working their way through the economy. At its May meeting, the Federal Open Markets Committee (FOMC) raised the federal funds rate for a 10th consecutive time to a target range of 5 to 5.25 percent. The fed funds rate…

A “Category 5 Hurricane” in Commercial Real Estate Nationally

There are many green shoots in today’s broad economic landscape. They’re encouraging, and we remain committed to trading this bull market higher. But the way we protect our wealth is by paying more attention to weeds than green shoots. And if you’re looking for weeds today, just type “commercial real estate” into Google. Here are the headlines that populated my results…

Here’s How Miami’s Urban Development Review Board (UDRB) Voted On Major Projects Last Month

Miami’s Urban Development Review Board had a full agenda of projects that it voted on last month. Here are the results from the June 21 meeting: 700 NMA The UDRB voted to recommended approval with the two conditions: Explore improved pedestrian connectivity from the Metro mover station to N. Miami Ave Reexamine the central driveway to make it more accommodating…

Miami Board Votes To Protect Ancient Site Where Related Group Plans Residential Towers

Miami’s historic preservation board on Tuesday approved temporary protection for a portion of a Related Group redevelopment site at 444 Brickell Avenue along the Miami River where the remains of a millenia-old settlement were discovered. The decision halts the issuance of any major building permits at the property for at least six months and sets the stage for a clash over the potential…

Miami board grants preliminary archeological designation to Related’s Brickell development site

A Miami board voted to grant preliminary archeological designation to part of Related Group’s development site on Brickell Avenue, with an unclear effect on the project’s future. The Miami Historic & Environmental Preservation Board, which unanimously approved the resolution at a meeting on Tuesday, is expected to vote on the final designation in November. The developer’s…

County Considering Passenger Service On CSX Rail Corridors, Impact Fees For Transit

Miami-Dade commissioners are voting today on multiple transit-related items today. CSX rail tracks throughout the county could be converted to transit use, if commissioners approve an item scheduled for a hearing this morning at the county’s Transportation, Mobility, and Planning Committee. There would also be new intermodal facilities and freight use, including inland ports…

Miami International Airport Set To Welcome New Hotel As Developers Compete For Contract

A new era may be dawning for the Miami International Airport as two developers are vying to build a new hotel connected to the bustling transportation hub. After more than six decades without competition, the Miami International Airport Hotel, which links to Terminal E, may soon have a companion. FDR Miami Hotel LLC and Parmco Airport Hospitality LLC are currently in the running…

Walton Street pays $52M for warehouses in Miami-Dade’s Brownsville

Walton Street Capital paid $51.5 million for three warehouses in Miami-Dade County’s Brownsville neighborhood, marking a 56 percent price hike from their last sale two years ago. Chicago-based Walton Street bought the adjacent buildings at 3455 Northwest 54th Street, 5530 Northwest 32nd Court and 5400 Northwest 32nd Court in an….

Developer Closes On Miami Health District Site Where 27-Story Apartment Building Planned

The developer planning a 27-story apartment tower in the Health District has completed the purchase of the property, according to a press release. Congress Group, in partnership with Peakhill Equity TS, Inc. paid $16 million for the site. There will be 380 multifamily units, the release said. Construction is planned to begin in the first quarter of 2024, with completion in 2027…

Congress plans 380-unit rental tower in Miami Health District

Congress Group wants to build a 27-story apartment tower next to the Shops at Civica in the Miami Health District, marking a switch from a previous plan for medical offices on the site. The Boston-based firm wants to build a 380-unit project on 0.85 acres at 1050 Northwest 14th Street, the triangular-shaped parking lot immediately south of… Civica, according to Congress CEO Dean Stratouly…

Plot twist: Terra steps into oceanfront Miami Beach condo building drama

David Martin’s Terra is offering to purchase units at the Amethyst condo building in Miami Beach, where Mast Capital has been working on a buyout for years, The Real Deal has learned. An affiliate of Terra sent offers to owners of the 11-story, 120-unit condominium at 5313 Collins Avenue in recent days, sources told TRD. Meanwhile, Mast Capital, led by Camilo Miguel Jr., has…

Thousands of apartments may rise on old Miami Arena site

A vast and towering mixed-use residential development would give new life to the long-vacant former Miami Arena site in the heart of downtown. WG 700 NORTH MIAMI LLC, owner-developer of the property at 721 NW First Ave., plans a phased project to include up to 2,346 rental apartments, ground floor retail, amenities, and parking for about 2,078 cars. The design provides…

Bold New York developer Michael Shvo bets $2 billion on Miami Beach, starting with Raleigh Hotel redo

A few years ago, a brash New York real estate broker-turned-developer, whose binge-buying of trophy buildings in major U.S. cities made him an industry power player, turned his attention to relatively puny Miami Beach. He wanted only one thing at the time: To buy and restore the 80-year-old Art Deco landmark Raleigh Hotel, sadly vacant since 2017. That’s where the story of how…

MAP: North Miami Beach’s development pipeline

Sleepy South Florida neighborhoods aren’t exempt from the roar of construction. Miami Beach’s North Beach has nearly 600 condos and more than 100 apartments on tap, as well as retail and restaurant space, as Russell Galbut, Matis Cohen, Lefferts, Constellation Group, Sandor Scher, Alex Blavatnik and other developers bet big on the future of the nearly five-square-mile neighborhood.

New Avenue hotel in Coral Gables to use Merrick Park parking

A proposed multi-used, seven-story hotel planned to be developed in the Coral Gables industrial district is moving forward with the approval of the city commission during Tuesday’s meeting. The Avenue hotel project at 351 San Lorenzo Avenue would consist of 48 luxury units, 30,000 square feet of retail or commercial space on the ground floor, a breezeway and be the first hotel…

Carver Theater in Liberty City to become apartments site

The partnership renovating the Carver Theater in Liberty City has applied for $7 million in local funds for construction costs to upgrade facilities and create affordable apartments on the property. Today (7/13), the Miami City Commission is set to approve a fund request from Carver Theater Ltd. that would infuse millions into the new mixed-use affordable housing development.

Miami Beach’s historic International Inn to get a facelift

The owners of International Inn in Miami Beach’s Normandy Isle are planning a significant renovation of the historic waterfront hotel. On Tuesday, the Miami Beach Historic Preservation Board approved a certificate of appropriateness and five variances that will allow Tsay International, the hotel’s owner, to make major improvements to the 71-room property at 2301 Normandy Drive.

Residential tower to use Wynwood ex-trash processing site

A former industrial property in Wynwood that was a trash collection and processing site for years is planned for a revival as a mixed-use residential project. Clearline Real Estate LLP has submitted plans to the City of Miami to build a 12-story mixed-use building with 310 dwellings, a parking podium, retail uses and amenities at North Miami Avenue and Northwest 20th Street.

Michael Lewis Opines: Don’t engineer county railroad policy on a bare-bones idea

One of the boldest and most exciting ideas to arrive in years is legislation being heard this week to make it county policy to develop one or more multimodal Miami-Dade depots for both freight and passenger trains. As a rail fan and transit proponent, I love the idea. In fact, it ranks right up there with a bold idea 15 years ago to build an indoor baseball stadium in Little Havana…

LV Lending Provides $8.3M in Financing for Congress Group’s Acquisition of Civica Center in Miami Health District

LV Lending, a leading private lender focused on bridge loans for commercial and residential investment properties and developments, has closed an $8.3 million loan for Congress Group’s acquisition of the Civica Center, a 0.85-acre multifamily development site located at 1050 NW 14th Street in Miami’s Health District. Congress Group, in……

Renderings Released For Two Hotel Proposals At Miami International Airport

Developers have released renderings of proposals to build a hotel connected to the terminals at MIA, the Herald is reporting. There two proposals are: Westin hotel with 451 rooms, with an estimated budget to build of $265 million. Arquitectonica is the architect, with FDR Miami Hotel LLC the developer. Hilton hotel with over 400 rooms, with an estimated budget to build of $241.7 million.

Weekend Interview: Swire President Henry Bott On Miami’s Growth And Building A New Hub Of Finance

Henry Bott has been embracing the Miami lifestyle since he moved to its Brickell neighborhood in January after being named president of Swire Properties. He spends time outside with his two kids and explores the food scene on Saturdays with his wife, but he’s been having trouble finding the time to get outside of Brickell, where Swire has been developing properties since 1979 and…

OOO: Related ditches Terminal Island office project, sells dev site for $77M

The Related Group is abandoning plans for a waterfront office project in Miami Beach, selling its Terminal Island development site for $77 million. An affiliate of Dallas-based multifamily developer Lincoln Property Company, led by CEO Duncan Osborne, bought the 3.7-acre property at 120 MacArthur Causeway, records and Vizzda show. Diego Juncadella, vice president…

Jeffrey Soffer lands $73M construction loan for Fontainebleau Miami Beach events center

Jeffrey Soffer’s plan to expand meeting and event space at his iconic Fontainebleau Miami Beach resort got a financial boost. An affiliate of Soffer’s Aventura-based Fontainebleau Development scored a $72.8 million construction loan from Goldman Sachs for a proposed five-story events center at 4360 and 4370 Collins Avenue, according to records and Vizzda.

Affordable housing nonprofit developing $53M apartment project in Goulds

A nonprofit developer of affordable housing is building a $52.7 million apartment complex in Miami-Dade County’s Goulds neighborhood. The planned project marks a continued wager on south Miami-Dade and on affordable housing, at a time when many South Florida locals remain priced out of market-rate rentals. Preservation of Affordable Housing…

Miami Is The Most Competitive Apartment Market In The U.S. (Again)

Miami has once again been named the hottest market for apartments in the nation, according to RentCafe. A total of 137 markets were analyzed for the ranking. Demand in Miami is “exceptionally high,” RentCafe said. “With Miami’s growing popularity, finding a vacant apartment here is like looking for a needle in a haystack.” The occupancy rate for apartments in Miami is said…

Miami Multifamily Report – June 2023 – Yardi Matrix

Miami rent evolution, click to enlarge South Florida’s multifamily market continued to stabilize, following two fast-paced years. As of April, Miami’s average asking rate posted a consistent 4.5 percent year-over-year increase, to $2,397, ranking sixth nationally for rent growth. U.S. rates rose only 3.2 percent, to $1,709. Meanwhile, at 96.0 percent as of March, the occupancy rate in…

ANF Group Completes Construction On Madison Point Apartments In Naranja

Construction has reached completion at Madison Point Apartments, a 4-story mixed-use community comprising four buildings at 26021 South Dixie Highway. Designed by Palenzuela & Hevia Design Group and developed by JQ Group with ANF Group as the general contractor, this vibrant development in Naranja, Florida, offers a dynamic blend of residential and commercial…

JQ Group Completes Development of 263-Unit Madison Point Apartments in Naranja

JQ Group has completed the development of Madison Point Apartments, a mixed-use multifamily community located at 26021 S. Dixie Highway in Naranja, roughly 30 miles outside Miami. ANF Group Inc. served as the general contractor on the project, which features 263 apartments and 14,355 square feet of commercial space across four buildings. Apartments span 637 to 1,175…

The Village at Coral Gables Slated for 2025 or 2026 Delivery at 535 Santander Avenue

These luxury homes come with Italian cabinetry, skylights, recirculating hot water systems, and integrated smart home technology. The high-end community offers world-class amenities, including a resort-style swimming pool with a sunbed relaxation area, fitness center with high-performance equipment, and business center. Plans also call for a 4,000-square-foot clubhouse.

Peace out: Brick & Timber sues biotech firm for allegedly ditching Wynwood lease

Another tech firm allegedly ghosted a Brick & Timber Collective property in Miami’s Wynwood neighborhood. A Brick & Timber affiliate is seeking more than $20 million in damages, including unpaid rent, against its tenant, Amyris, according to a lawsuit filed last month in Miami-Dade County Circuit Court. Amyris, a biotechnology company headquartered in Emeryville, California…

Miami Offices Succumb To Slowdown As Pandemic-Driven Growth Dissipates

After years of pandemic-driven growth and migration to South Florida, the region’s office market experienced a marked slowdown in the second quarter. Miami-Dade, Palm Beach and Broward counties all saw office vacancy tick up and new move-ins slow down as companies re-evaluate their space needs and fewer new-to-market tenants put down roots in the region.

Resilient office market? Not quite. South Florida sublease availability soars

When Kirkland & Ellis inked the largest out-of-market lease in Miami last year, it fueled the hype that South Florida is immune to the office trouble plaguing other cities nationwide. But this summer, the law firm quietly put nearly a quarter of its 115,000 square feet at 830 Brickell for sublease. Some in the real estate industry were stunned. Others downplayed the move, arguing…

Estates at Acqualina developer fires general contractor

Trump Group terminated its contract with Suffolk Construction over Estates at Acqualina, the two-tower luxury condo development in Sunny Isles Beach, The Real Deal has learned. Suffolk’s last day on the job site was Thursday, June 29, according to an email that developer Jules Trump sent to residents and future residents of the project. At least 176 unit sales have been recorded…

Mill Creek Residential Acquires 2.91-Acre Site To Expand Cornertstone Mixed-Use Development In Coral Springs

Mill Creek Residential, under the MCREF MFR 1 Coral Springs II LLC affiliate, has made another significant move in the vibrant South Florida real estate market, acquiring a valuable multifamily development site in Coral Springs for $13 million. The 2.91-acre parcel, nestled within the Cornerstone mixed-use development at 3310 University Drive, will pave the way for a new project.

40-Story Mixed-Use Tower Proposed Beside Brightline Fort Lauderdale Train Station

A 40-story mixed-use tower is proposed for a vacant property at 105 Northwest 3rd Avenue, adjacent to the Brightline Fort Lauderdale train station. The project, named Brightline Residences, aims to enhance the urban landscape of the area. With a height of 466 feet, the tower would encompass 609,381 square feet of space. The proposed plans include 392 residential units…

OceanLand plans 40-story apartment tower near Fort Lauderdale Brightline stop

Canadian transplant Jean Francois Roy’s development firm plans a 40-story apartment tower near the Brightline passenger train station in downtown Fort Lauderdale. OceanLand Investments wants to build the 392-unit building with a parking podium and a 10th-floor amenity deck at 105 Northwest Third Avenue, according to a company news release and an OceanLand spokesperson.

Construction Starts on Hillsboro Landing at 3851 N. Dixie Highway in Deerfield Beach

Housing Trust Group (HTG) has officially broken ground on Hillsboro Landing, an affordable housing complex for seniors in Broward County. The multifamily housing venture will offer 75 one-bedroom and two-bedroom apartments, measuring between 702 square feet to 927 square feet each. Residency is available to seniors 62-years plus who make at or below 22, 25, and 60 percent…

HTG Breaks Ground on Deerfield Beach Affordable Senior Community

Hillsboro Landing rendering. Image courtesy of Housing Trust Group Housing Trust Group and Broward County Housing Authority have broken ground on Hillsboro Landing, a 75-unit fully affordable senior housing project in Deerfield Beach, Fla. The developer also closed on financing the $41 million project. Hillsboro Landing will cater to residents 62 and over, earning between…

Ivanhoé Cambridge Forms Partnership to Enter U.S. Self-Storage Sector

Ivanhoé Cambridge has formed a strategic partnership with Safely Store Self Storage targeting the self- storage sector in the U.S. and marking its entry into this alternative industrial asset class. Safely Store is a dedicated investment platform formed by the principals of Iron Point Partners, LLC and the self-storage platform of Taylor/Theus Holdings, Inc..

Office Values Down 27% Nationally Over Last 12 Months, Apartments Drop 16%

Office property values dropped 27% during the 12 months ending in June, according to Green Street, the most of any property type. Office assets lost 6% in value in June 2023 alone. Overall, the Green Street Commercial Property Price Index was down 11.6% compared with a year ago, and was down 0.8% for the month of June, a monthly move driven by the downward…

Self-Storage Faces Tougher Lending Environment As Demand Returns to Pre-Pandemic Levels

With so many people accumulating so much stuff and periodically moving, it’s no wonder that the self-storage category has been deemed recession-resistant, if not recession-proof. Many don’t have room for everything within their apartments and houses or follow through on Marie Kondo’s advice to tidy up. Moreover, many can’t move and find a bigger place, so they stay put and…

U.S. Commercial Real Estate Investment Sales Transaction Volume Plummets 70% Nationally in 1Q

Green Street, the preeminent provider of actionable commercial real estate intelligence and analytics, has published a new report stating that first-quarter sales volume dropped 70% year-over-year across all four of the core sectors – Office, Industrial, Apartments and Retail – as property values continue to erode. Green Street analyzed U.S. Sales Comps data on transactions of $5 million…

The Fed’s Beige Book: Labor Market, Costs Continue to Cool

As the Southeast’s economy grew at a measured pace from mid-May through June, the heated labor market continued to cool and nonlabor costs further stabilized. Despite widespread tightening of credit standards, financial institutions reported ongoing growth in loan volumes, according to the newest Beige Book report of economic conditions in the Southeast from…

Developers 13th Floor Investments & Opera Acquisitions Spend $103M To Assemble Oceanfront Miami Beach Development Site

Two South Florida real estate firms have assembled a significant plot of oceanfront land for an upcoming development. 13th Floor Investments and Opera Acquisitions paid $73M for a 46-unit oceanfront timeshare property at 3611 Collins Ave., adjacent to a condo building the group had previously acquired in Miami Beach. The South Florida-based investment and…

Terreno Realty, VSRE Break Ground on Two Hialeah Industrial Buildings Totaling 364,000 SF

Terreno Realty Corp. has broken ground on two industrial buildings totaling 364,000 square feet in Hialeah, roughly 13 miles outside Miami. Situated within Countyline Corporate Park, the warehouse buildings, dubbed Building 39 and Building 40, are scheduled for delivery in the first quarter of 2024. VS Real Estate (VSRE) is developing the facilities on behalf of Terreno…

Meruelo backs out of $200M bid for Casablanca Miami Beach

The Meruelo family backed out of a $200 million buyout offer for the historic oceanfront Casablanca resort in Miami Beach, The Real Deal has learned. The condo-hotel at 6345 Collins Avenue, with about 350… units, had the buy-in from more than 95 percent of unit owners, according to a letter brokerage Colliers sent to owners officially informing them that Richard Meruelo canceled the deal.

Centennial Bank Provides $60.7 Million Construction Loan To 1st Multifamily Development Within Historic 200-Acre Hialeah Park

Centennial Bank has announced a substantial construction financing loan of $60.7 million for Flamingo Village. This multifamily development marks a significant milestone as the first of its kind within the historic 200-acre Hialeah Park Race Track in Hialeah. Flamingo Village is a joint endeavor between the Brunetti Organization, the owner of Hialeah Park, a renowned…

Cornerstone affiliate buys Little Havana dev site for $15M

Brookstone Partners, an affiliate of The Cornerstone Group, paid $15 million for a Little Havana development site approved for a mixed-use project. Brookstone, led by Cornerstone principals Leon Wolfe and Jorge Lopez, acquired the 2.4-acre assemblage at 805 to 861 West Flagler Street and 826 to 860 Northwest First Street, according to records and Vizzda. The deal includes…

430 new Seybold Canal residences to include 37 micro studios

A developer is proposing a new mixed-use residential project that will include some micro living units near Spring Garden and the Health District, and in the shadow of the 836 highway. Owner-developer 1010 Spring Garden LLC plans the structure at 1150 and 1180 NW 11th Street Road, and 1080 Spring Garden Road, in Miami. The waterfront site is on the Seybold Canal, north…

Russell Galbut, David Martin’s proposed South Beach condo project meets opposition

Russell Galbut and David Martin failed to get a development agreement for a condominium project in South Beach nearly a year after scoring referendum approval, due to various issues in dispute with the city. On Wednesday, Miami Beach commissioners deferred a decision on Galbut and Martin’s proposal to build a 150-unit condo building between Alton Road and West Avenue…

Allen Morris reworking plans for project near the Plaza in Coral Gables

The Allen Morris Company is returning to the drawing board after failing to secure approval, downsizing proposed plans for a condo development near The Plaza megaproject in Coral Gables… The site includes 3000 Ponce de Leon Boulevard, 216 and 224 Catalonia Avenue, 203 University Drive and 225 Malaga Avenue. Spencer Morris, president…

Kenneth & Winston Fisher Led Fisher Brothers Management bag $118M loan for Wynwood project

Fisher Brothers Management can begin construction of an eight-story multifamily project in Wynwood after securing a $117.5 million loan. An affiliate of Los Angeles-based Canyon Partners provided the construction financing for Wynwhouse, a proposed development with 312 apartments, 27,500 square feet of restaurant and retail space and 120 parking spaces, records show.

Autos to take back seat in downtown Miami transportation plan

In a year or so a new transportation master plan should help speed more mobility in downtown Miami for the decades ahead. Automobiles take a back seat in the plan’s aims, with pedestrians at the forefront. A $170,000 study upon which to base the plan won unanimous Transportation Planning Organization approval with aims far broader than the most recent plan….

South Dade rapid transit will be rapid in only one direction

South Dade Transitway promises may exceed what users will get: it won’t offer true Bus Rapid Transit all the time, the Citizens’ Independent Transportation Trust heard last week. The 20-mile route targets a 60-minute ride each way with signal preemption parallel to US 1. But as trust member Robert Ruano asked how the BRT will cross 46 road intersections on the 14-station…

Michael Lewis: Costco land deal would cost county too much, yield too little

Some deals are too good to miss. Others are too bad to consider. A deal Miami-Dade is to weigh this week to sell vital land falls into the latter category. Unfortunately, this very bad deal is not only under consideration, but Mayor Daniella Levine Cava faces a commission order to rush to negotiate it because its backer says it’s too good for economic development to miss.

Lefferts Partners with Cervera for its New Surfside Condominium Tower, 72 Park

Lefferts, a real estate development firm specializing in high-quality residential and commercial properties in Miami and New York City, has announced market brokerage leader Cervera Real Estate will be the exclusive sales and marketing partner for its new condominium tower, 72 Park, in Miami Beach, just south of Surfside. Slated for completion in early 2024,……

Sonder Holdings Inc. More Than Doubles Footprint in Florida with Combination of Hotel, Resort and Multi-Unit Apartment Properties

Sonder Holdings Inc. (NASDAQ: SOND; “Sonder”), a leading next-generation hospitality company that is redefining the guest experience through technology and design, is launching four new properties across Florida. This will bring the company’s footprint in the state to 930 live units across hotel, resort and multi-unit serviced apartment properties, hosting…

Gritty Overtown getting big lift with $350 million housing, retail, office project

Construction has reached the top floor on a $350 million high-rise residential, retail and office complex in Overtown that will bring 578 much-needed apartments for senior citizens and 1,100 jobs. Block 55 at Sawyer’s Walk, which is being developed by Swerdlow Group and built by Coastal Construction Group, is situated near a major public transit hub and Interstate 95. The transit…

Terra Closes on $40 Million Land Acquisition in Miami with Plans for a Luxury Condominium Designed by Arquitectonica & Yabu Pushelberg

Miami-based Terra, in partnership with Lion Development Group, has closed on the $40 million purchase of a prime 1.6-acre piece of property located at 3501 NE 1st Avenue in Miami. Plans call for an iconic luxury condominium tower designed by Miami-based architect Arquitectonica and international design studio Yabu Pushelberg set……

MG Developer And Baron Property Group Unveil Transformative Plans For Hialeah’s Metro Center

Hialeah-based MG Developer, in partnership with Baron Property Group (BPG), a New York-based development company, unveils their ambitious plans for Hialeah’s Metro Center. This transformative project will encompass approximately 2.3 million square feet of upscale apartments and retail space, revolutionizing urban living in the heart of Hialeah….

MG, Baron plan $600M, three-building rental project in Hialeah

MG Developer and Baron Property Group are ramping up work on their $600 million Metro Center project in Hialeah, with plans to start construction on a pair of rental buildings next year. Coral Gables-based MG and New York-based Baron are developing Metro Center on nearly 9 acres between East 26th and East 25th streets, and between East Ninth and 10th avenues…

Unit owners at Miami Beach condo allege Mast Capital is dragging out buyout, holding them “hostage”

A group of unit owners at an oceanfront Miami Beach condo building allege that Mast Capital has dragged out a planned buyout, tying up the majority of residents and leaving them in limbo, The Real Deal has learned. The fallout at Amethyst highlights what can happen when deals between a major developer and condo owners begin to sour. In the two and a half years since…

Student housing developer moves forward with Coral Gables project

A student housing developer plans a mixed-use apartment project that would replace a retail center along U.S. 1, across from the University of Miami in Coral Gables. Athens, Georgia-based Landmark Properties is in contract to buy the property at 1250 South Dixie Highway, home to longtime tenants that include Bagel Emporium and TGI Friday’s, according to a proposal…

LOFTY Brickell Unveils Plans for its Skydeck Activation

Forward-thinking real estate developer Newgard Development Group continues to differentiate its LOFTY Brickell condominium project with unique features and innovative concepts. In the latest example, Newgard is unveiling its plan for the building’s skydeck– a versatile rooftop space that will be available as a venue for private events and will be an additional building amenity…

LOFTY Brickell Sets New Heights With Innovative Skydeck Addition

LOFTY Brickell, the waterfront luxury condominium project by Newgard Development Group at 99 Southwest 7th Street, continues to push boundaries with its latest offering. The development unveils its ambitious plan for a unique skydeck on the 44th floor, exclusively dedicated to LOFTY unit owners. This versatile rooftop space, spanning approximately 10,000 square feet…

Plans Unveiled For Rooftop Skydeck At Lofty Brickell

Developer Newgard Development Group has unveiled plans for a 44th floor rooftop skydeck at the Lofty tower it is building in Brickell. The approximately 10,000-square-foot area is designed to accommodate private events ranging from small corporate gatherings to wedding receptions. The rooftop will feature lush landscaping, modular furniture, portable bars, a catering…

Nakash, partner pick up Ocean Drive hotel in Miami Beach

The New York-based Nakash family and a partner paid $23.5 million for a hotel on Ocean Drive, adding to the Jordache Jeans’ owners holdings in Miami Beach. South Beach Properties II, led by investor Michael Palmer, sold the 80-room, five-story Beacon South Beach Hotel building at 720 Ocean Drive, property records show. A company managed by Salem Mounayyer of Nakash Holdings…

Lionstone, Flag, Ben-Josef plan condo project between their South Beach hotels

The three families that own the Sagamore Hotel and adjacent Ritz-Carlton, South Beach propose a 15-story condominium on a portion of their hotels’ lots, as part of a larger aim to breathe life into a two-block stretch of Lincoln Road. The Lowensteins’ Lionstone Development, the Kanavos family’s Flag Luxury Group and the Ben-Josefs’ Ben-Josef Group want to build the 30-unit…

South Florida office leasing and asking rents stagnant in second quarter

It was a stagnant second quarter for South Florida’s office market, a recently released report shows. Vacancy rates crept up in some areas, asking rents mostly stayed flat and net absorption hit negative territory across Miami-Dade, Broward and Palm Beach counties, according to Colliers. The negative absorption rate in the tri-county region is largely due to new pre-leased buildings…

Developer Rishi Kapoor, Under FBI Scrutiny, Has Miami Beach Project Halted

Miami Beach officials ordered a halt to construction at a short-term rental condo project being built by embattled developer Rishi Kapoor, who’s also the subject of local and federal investigations into his Miami business dealings. The stop-work order was first reported by the Miami Herald and was issued a day after the publication inquired to city officials about construction work…

Miami Beach shuts down construction at Rishi Kapoor’s co-living project

Embattled developer Rishi Kapoor’s troubles keep piling up. Miami Beach building officials issued a stop work order at Kapoor’s Urbin Miami Beach co-living project at 1234 and 1260 Washington Avenue due to a lack of permits, according to the Miami Herald. The city also hit an affiliate of Location Ventures, the Coral Gables-based development firm led by Kapoor, with a…

Rishi Kapoor’s Urbin Miami Beach project hit with over $1M in liens

Unpermitted construction isn’t the only thing slowing down progress at Rishi Kapoor’s co-living project in Miami Beach. This month, six companies — including the project’s architect — filed liens in Miami-Dade Circuit Court against the Kapoor entity that owns the Urbin Miami Beach development site at 1234 and 1260 Washington Avenue. The half-dozen firms are claiming a…

Rishi Kapoor enlisted Francis Suarez to draft unsuccessful co-living law

Before hiring Francis Suarez as his paid consultant, developer Rishi Kapoor helped Miami’s mayor draft legislation that would have benefited his Coconut Grove project. The proposed measure was never approved, but Suarez’s involvement reveals a deeper connection between the mayor and Kapoor, CEO of Coral Gables-based Location Ventures, according to the Miami Herald.

Waterford Business District scores five new tenants

The Waterford Business District near Miami International Airport scored five new tenants (HNTB, Ready Mortgage Lenders, John Paul USA, Prudential Insurance Company, The Miami Herald) and seven lease renewals (Toyota Tsusho America, Alka Trading, Diaspora Talktime, Bristol Hospice, CareCloud Health, Jamaica Tourist Board, Terra Flowers). Engineering firm HNTB will move from…

Blackballed: Tobacco, vape shops, souvenir and vitamin stores face possible ban in North Beach

Stores selling tobacco, vape products, souvenirs, t-shirts, vitamins and pawned goods could become a thing of the past in a large swath of Miami Beach. Miami Beach officials are considering expanding a ban on retail shops that sell such products in the city’s North Beach neighborhood. They are also seeking to cap the number of tattoo studios and check cashing, convenience and…

Profit squeeze pumps the brakes on Miami’s new dev condo market

Luxury amenities and high-end finishes are on the chopping block in condo projects across South Florida as developers grapple with shrinking profit margins. That top-of-the-line Italian kitchen, those marble floors, even previous window choices could fall victim to historic inflation and the rising costs of construction, insurance and other line items. Developers are tweaking…

Chilean 3D Visualizations Firm PLANGO Showcases New Aerial Renderings Of Oasis Hallandale

Chile-based 3D visualizations, photography, and design firm PLANGO has unveiled a set of new renderings of the third phase at Oasis Hallandale, a pair of 25-story residential towers now under construction at 1000 East Hallandale Beach Boulevard. Designed by renowned architectural firm Arquitectonica and developed by Hallandale Oasis 2019 LLC, led by Giuseppe Iadisernia…

Federal Capital Partners Picks Up 220-Unit Fort Lauderdale Luxury Apartment Complex

Avana Cypress Creek. Image courtesy of FCP Federal Capital Partners has expanded its portfolio of multifamily properties in the Florida with its purchase of Avana Cypress Creek Apartments, a nine-building 220-unit luxury apartment community located in North Lauderdale. FCP acquired the property from Eaton Vance Investment Managers, according to Yardi Matrix data. The buyer…

Federal Capital Partners Acquires 220-Unit Florida Property Avana Cypress Creek Apartments

Avana Cypress Creek Apartments. Image courtesy of FCP FCP has acquired Avana Cypress Creek Apartments, a 220-unit multifamily community in North Lauderdale, Fla., from Eaton Vance Investment Managers. The asset previously traded in 2019 for $46 million, according to Yardi Matrix. CBRE Vice Chairmen Robert Given and Zachary Sackley brokered the transaction.

Triarch Capital Group Sells Plantation Medical Office Park

Manage Solution has acquired Plantation Medical Office Park, a 63,319-square-foot medical office facility in Plantation, Fla. Triarch Capital Group sold the Class B asset for $15.5 million. The property previously traded in 2019, when Triarch Capital Group purchased the facility from The Kislak Organization for $11.3 million. The asset was also subject to a $7.4 million loan that same year…

Pompano Beach gives final approval to Cavache’s 319-unit multifamily project

Cavache Properties scored final approval for its second Old Town Square multifamily project in Pompano Beach. Called Old Town Square II, the 319-apartment development will rise on the site of a closed Christ United Methodist Church building at 210 Northeast Third Street, as well as on part of the parcels to the north and south of the church. The development will consist of a 10-story…

Kohl’s plans to anchor Sawgrass Mills in Sunrise

National department store Kohl’s is preparing to become an anchor tenant at Sawgrass Mills shopping center in Sunrise, according to plans filed with the city. A roughly 64,000-square-foot Kohl’s department store is coming to the so-called “Anchor G” location at Sawgrass Mills, formerly occupied by Century 21 Department Store. The Sunrise City Commission on Tuesday approved…

Blackstone sells pair of Hyatt hotels in Dania Beach for $40M

Blackstone sold a pair of adjacent Hyatt-branded hotels in Dania Beach for a combined $40.1 million. Delray Beach-based Kolter Group’s hospitality real estate division bought the 143-key Hyatt House Fort Lauderdale Airport at 90 Southwest 18th Avenue, and the 149-key Hyatt Place Fort Lauderdale Airport at 91 Southwest 18th Avenue, according to records and real estate database…

BlackRock lists downtown Delray Beach apartments for roughly $130M: sources

BlackRock is putting its Worthing Place apartment building in downtown Delray Beach on the market for roughly $130 million, The Real Deal has learned. The listing is another sign of renewed confidence in South Florida’s multifamily market. Deal activity picked up in recent weeks following a dry spell caused by expensive financing costs. A downtown Miami apartment tower also…

Harbor Group International Buys Newly Built West Palm Beach Multifamily Property

Harbor Group International has acquired Pine Ridge, a 288-unit multifamily community in West Palm Beach, Fla., that came online this year. The seller was Resia, the developer. Newmark brokered the sale. The asset is subject to a $37.2 million construction loan from Truist Bank, originated in 2021, according to Yardi Matrix data. The buyer assumed the floating-rate debt and plans…

South Florida by the numbers: Not so sleepy summer in Palm Beach

The tony and tiny town of Palm Beach, famous for its lavish and plentiful wintertime soirees, is also known for being a ghost town in the dog days of summer. With so few residents to serve, many area businesses run on shortened hours or close their doors altogether this time of year. But with a flurry of big-ticket deals in recent weeks (involving some internationally known names)…

DOJ says Florida law restricting foreign national real estate buys unconstitutional

The Department of Justice has weighed in on Florida’s controversial new law — which prohibits nearly all Chinese citizens and businesses based in China from purchasing real estate in the state — saying that it violates the constitution and federal law. The DOJ said in a statement of interest filed in federal court in Florida that Senate Bill 264, which was signed by Gov. Ron DeSantis…

‘Power Is The New Parking’: What Companies Want Most In Their Industrial Space Is Rapidly Shifting

As developers try to build industrial properties that will last half a century or longer, they are increasingly thinking about how to turn warehouses into what owners and tenants will want in the future. “What we’re telling all of our clients is you need to be cautious about that older stuff in the logistics environment, because we view the future of logistics similarly to the future of…”

The Fed: Commercial Real Estate Market Stress Poses a Challenge to Banks

A variety of factors—rising interest rates, persistent inflation, concerns about a potential recession and pandemic-related changes in where people work—have prompted concerns about the health of commercial real estate (CRE) properties and the bank loans that support them. Supervisors and economists at the Federal Reserve actively monitor CRE market conditions…

Chart: Trends in the construction of multifamily housing : The missing middle

The FRED Blog has discussed the relationship between single-family housing starts and completions and also how changes in overall housing market prices are measured. Today we build on the topic of housing by comparing trends in the type of residential constructions erected. The FRED graph above shows data from the US Census and the US Department of Housing and…

Exploring the Different Types of Properties Eligible for a 1031 Exchange

A 1031 exchange can be a useful tool for increasing your prospects for real estate investing. You can sell an investment property and use the money to buy another one while delaying capital gains taxes thanks to this tax-deferred transaction. To ensure compliance with IRS rules, it’s crucial to know which kinds of properties are eligible for a 1031 exchange. In Coral Gables…

$600M Transit-Oriented Development Announced In Hialeah

Developers have announced plans for a transit-oriented development called Metro Center in Hialeah. The development is being built a short walk away from the Metrorail and Tri-Rail Transfer Station. Metro Center is planned to include 2.3 million square feet in several buildings, including: Metro Parc, a 559-unit, 10-story building (broke ground in 2022) Metro Parc North…

MG Developer, Baron Property Group to Develop $600M Residential Campus in Hialeah

Locally based residential development firm MG Developer and partner Baron Property Group have announced plans for a $600 million residential development in the Miami suburb of Hialeah. The transit-oriented campus, dubbed Metro Center, will span 2.3 million square feet and feature more than 1,500 new apartments and 35,000 square feet of retail space. The project will be…

Witkoff, Swire, Related, Eden, Dermot and Jenny Bernell gain project approvals

Several big name developers scored design approvals for major projects in Brickell, Overtown and Wynwood. On Wednesday, the Miami Urban Design Review Board handed out unanimous yes votes to a proposed office tower at Brickell City Centre by Swire Properties and New York-based The Related Companies; a three-building apartment complex planned by New York-based…

With Messi Incoming, Inter Miami Faces One Last Hurdle For New Stadium. It’s Been Kept Quiet

Jorge Mas, the managing partner of Major League Soccer’s Inter Miami, told reporters last week that the start of construction for the team’s new stadium complex was “imminent.” But the club, which Mas co-owns with David Beckham and just signed Argentinian superstar Lionel Messi, has yet to secure the necessary zoning changes that would clear the way for the 73-acre Miami…

Futuristic New Saudi City ‘Competing With Miami’, Crown Prince Says

Construction is underway on a futuristic city in Saudi Arabia that will compete with Miami – at least in some ways. Saudi Crown Prince Mohammed bin Salman said in in interview that he wants the new Neom smart city project to match Miami in terms of excitement. “I have a friend who moved to Miami. In Miami, when you get out from your office, you are on vacation immediately…”

Terra And Lion Development Group Acquire Prime Property For ‘Iconic’ Condominium Tower Designed By Arquitectonica In Miami

In partnership with Lion Development Group, Miami-based Terra has acquired a prominent 1.6-acre property at 3501 Northeast 1st Avenue in Miami for $40 million. The site’s strategic location will transform into an iconic luxury condominium tower at the intersection of highly sought-after neighborhoods, including the Design District, Midtown, Wynwood, and Miami Beach. T

Swerdlow Group Tops Off Miami Mixed-Use Project Block 55 at Sawyer’s Walk

The Swerdlow Group has topped off Block 55 at Sawyer’s Walk, a 578-unit mixed-use affordable housing development in Miami. Coastal Construction Group serves as general contractor. According to Yardi Matrix data, financing sources for the project include: $25 million construction loan from the Swerdlow Group originated in 2020 $167.5 million in bond financing issued by…

Top-Off Ceremony Held At Downtown Miami’s Block 55; 1.4M Square Feet Being Built

Contractor Coastal Construction says it has topped off Block 55. A ceremony to mark the occasion was held on June 15, with a a raffle, prizes, music and a luncheon for the entire project team. The mixed-use project is being built in downtown Miami, and will have 1.4 million square feet. Block 55 is planned to include: 578 affordable apartments for seniors, with state-of-the-art…

Construction Tops Off At Block 55 In Downtown Miami’s Sawyer’s Walk Development

Coastal Construction Group has achieved a significant milestone at Block 55 in downtown Miami’s Sawyer’s Walk development. This 18-story mixed-use project, designed by Arquitectonica and dedicated to affordable housing for low-income seniors, has reached its top floor. On Thursday, June 15, the traditional topping-off ceremony was commemorated at the 249 Northwest 6th Street…

Tri-Rail seeks development along tracks to build revenue

Even while Tri-Rail last week was undertaking long-awaited tests of an 8-mile stretch of tracks to be able to bring its passenger trains for the first time into downtown Miami, its executive director was telling transportation planners that the rail line has a long way to go in other directions too. One of those directions is strictly business. The government-owned line that serves…

Miami Worldcenter gets net-zero emissions boost

As Miami pushes environmentally responsible building to reduce greenhouse gas emissions in the city, which has been called ground zero for climate change problems, the city commission amended the zoning code for the 25-acre Miami Worldcenter district just north of downtown. The change approved July 22 allows for building and design modifications to achieve net-zero emissions…

Six-story Doral UHealth hub on track for opening

With the exterior structure of the new University of Miami Health System (UHealth) building at Doral installed, the construction process of the healthcare center that will include 33 exam rooms, 33 clinical trials unit, and eight operating rooms, among services from several specialties, is well underway for its 2024 opening. The recruitment of healthcare providers for the new six-story…

West Flagler three-building complex gets go-ahead

A major mixed-use development bringing apartments, office space and commercial uses to West Flagler Street in Miami moved ahead after the Planning, Zoning and Appeals Board approved an exception and six waivers. The project changing nearly a full block hugged by West Flagler and Northwest First streets is composed of three buildings: Flagler Oasis Residences, which is…

Helicopter pad, Metromover entryway OK’d for Brickell City Centre

Two major developers have won approval of several enhancements to their plan for a signature office skyscraper in Brickell, including a helicopter pad and a new entrance to the Brickell City Centre Metromover Station. One BCC will be a 59-story glass and steel tower at 700 Brickell Ave., which will finally connect Brickell City Centre with Brickell Avenue in the City of Miami.

Aztec Group Provides $22.3M Refinancing for Oak Plaza Apartments in Miami Health District

Aztec Group has provided a $22.3 million Freddie Mac loan for the refinancing of Oak Plaza, a 156-unit apartment community in Miami’s Health District. The borrower, locally based Melo Group, delivered the property in 2012. Peter Mekras of Aztec Group originated the 10-year, fixed-rate loan on behalf of Melo Group, the third transaction between the two firms in the past 12 months.

Swire Properties Gets FAA Approval For Planned One Island Drive Towers On Brickell Key

Swire Properties has achieved a crucial milestone with the approval from the Federal Aviation Administration (FAA) for their ambitious two-tower development on Brickell Key in Miami. This significant achievement paves the way for Swire Properties to proceed confidently with its visionary project, known as One Island Drive. The development promises to be an architectural marvel…

Swire Gets FAA Approval For ‘Architecturally Spectacular’ Brickell Key Towers

The Federal Aviation Administration has just given the green light to two towers on Brickell Key proposed by Swire Properties. According to a letter issued this morning (June 22), the towers have been determined to not be a hazard to air navigation. Tower 1 is approved up to height of 1,044 feet above ground, or 1,049 feet above sea level. Tower 2 is approved up to height of 691 feet…

Massive mixed-use project pitched for Miami-Dade mobile home park

A mobile home park between Miami and El Portal could soon be the site of a massive mixed-use project anchored by nearly 4,000 apartments. Affiliates managed by David Mordekhay in Hollywood and Tom Grinberg and Gary Otto in Miami are seeking Miami-Dade County’s permission… to tear down the Soar Mobile Home Park at 8050 Northwest Miami Court. The 22-acre trailer…

Developer proposes multifamily project in south Miami-Dade’s Goulds

Ricadri Group, led by Adriana Guerrero, wants to build a multifamily project in Goulds, marking developers’ continued wager on south Miami-Dade County’s residential market. The firm proposes a 93-unit multifamily development on 2.6 acres at 21300 and 21320 Southwest 112th Avenue in unincorporated Miami-Dade, according to an application submitted to the county…

Blackstone sells Hialeah Gardens cold storage facility for $43M

Blackstone sold a fully leased Hialeah Gardens cold storage facility for $43 million. A Blackstone affiliate sold the 115,741-square-foot industrial building at 13801 Northwest 112th Avenue, records and Vizzda show. The buyer is Boxer US, a Miami-based entity incorporated in May by attorney Lourdes Cambo, but with no managing member listed in corporate documents.

Terra & Lion Say They Will Develop Iconic, Luxury Condo Tower In Midtown Miami

An iconic, luxury condominium tower will soon begin construction in Midtown Miami, developers announced today. Miami-based Terra, in partnership with Lion Development Group said in a press release that they closed on the purchase the 1.6-acre Midtown Gateway site for $40 million. The partnership obtained $30 million in financing from Metropolitan Commercial Bank, which…

Terra, Lion pay $40M for condo tower dev site in Midtown Miami

David Martin’s Terra and Michael Simkins’ Lion Development Group bought a site in Midtown Miami for $40 million, with plans for a condominium tower. The joint venture scooped up 1.6 acres at 3501 Northeast First Avenue, and scored a $30 million loan from Metropolitan Commercial Bank for the purchase and initial site development, according to a Terra news release.

13th Floor, Opera pay $73M for oceanfront Miami Beach timeshare resort

13th Floor Investments joined with Opera Acquisitions to buy a Miami Beach timeshare resort for a combined $73 million. A 13th Floor affiliate purchased Westgate South Beach Oceanfront Resort, a 46-unit oceanfront building at 3611 Collins Avenue, Opera President Valerio Spinaci told The Real Deal. The sellers are an affiliate of Orlando-based Westgate Resorts, and the…

Holland & Knight Signs 121,032 SF Office Lease Renewal in Miami

Law firm Holland & Knight LLP has signed 121,032-square-foot office lease renewal at 701 Brickell in Miami’s Brickell financial district. The tenant will continue to occupy six floors of the building, which spans 33 stories and is currently 96 percent occupied. Brian Gale and Edward Quinon of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations.

Law Firm Holland & Knight Re-Ups for 121 KSF Miami Lease

Law firm Holland & Knight LLP has signed a 121,032-square-foot lease renewal at Nuveen Real Estate’s 701 Brickell in Miami. Cushman & Wakefield brokered the deal on behalf of the landlord, while CBRE represented the tenant. Holland & Knight will continue to occupy six floors of office space at the 33-story tower. Nuveen acquired the Class A property in 2002 for $172 million…

Miami Continues to See Flight to Class A Offices Amid Record Rental Rates

A wave of new-to-market office tenants — specifically legal tenants following the influx of financial firms and tech companies — continue to expand their presence in Miami. The trend further solidifies the city’s spot as a top destination for companies seeking reduced taxes, strong talent and vibrant communities. Looking back at the first quarter of 2023, net absorption totaled over…

A Look Inside THE WELL Bay Harbor Islands Designed by Arquitectonica and Meyer Davis

Located in Miami’s Bay Harbor Islands, THE WELL Bay Harbor Islands is the nation’s first THE WELL-branded condo building and is at the forefront of supporting an ultimate holistic, 360-degree wellness lifestyle. With a harmonious design by Arquitectonica and interior spaces carefully curated by Meyer Davis in collaboration with THE WELL, THE WELL Bay Harbor…

Lucid Motors Opens Retail Studio at Miami Worldcenter in Downtown Miami

Lucid Motors, a luxury electric vehicle company producing the state-of-the-art Lucid Air, is now open at Miami Worldcenter – the $6 billion, 27-acre mixed-use development transforming the heart of Downtown Miami. Located at 951 NE 1st Avenue, the nearly 23,000-square-foot space – Lucid’s largest location in Florida – includes a Lucid Studio, which…

Lucid Motors Opens 23,000-Square-Foot Location At Miami Worldcenter

Luxury electric vehicle manufacturer, Lucid Motors, has opened its newest facility at Miami Worldcenter, a transformative mixed-use development in Downtown Miami. The location, spanning nearly 23,000 square feet, features a Lucid Studio where customers can experience the brand’s luxury electric vehicles, including the award-winning Lucid Air sedan.

Plans Filed For 12-Story Multifamily Project Designed By ODP Architects In Ojus Neighborhood of Miami-Dade

Plans have been filed for a 12-story multifamily development named Aventura Station II at 2541 Northeast 192nd Street in Ojus, Miami-Dade County. Adam America Real Estate and Stellar Communities spearhead the project under Ojus Assemblage TIC LLC and Ojus Assemblage PO LLC. The development, designed by ODP Architecture & Design, aims to offer 223 multiple-family…

1.24-Acre Development Site Primed For 44 Residential Units On The Miami River Hits The Market

A prominent vacant 1.24-acre development site has made its way to the bustling Miami River District market. Colliers, a leading real estate firm, is pleased to announce the opportunity to acquire The River Line at 678-720 NW N River Drive. This exceptional property offers unparalleled Miami River access and is listed for $26 million. The site, represented by Colliers Vice President…

Leste Group Partners and Brazilian Firm to Invest $1B in Miami-Dade and Around Florida

Global investment manager Leste Group has partnered with Opportunity Fundo de Investimento Imobiliário, a Brazil-based private investment firm, to form a new real estate development company, LORE Development Group. The new firm will primarily focus on developing upwards of $1 billion in multifamily and condominium projects in South Florida over the next five years.

Majorca Investment Properties Hopes to Get Approved for Outpatient Surgery Center at 8100 SW 81st Drive in Kendall

Majorca Investment Properties hopes to get approval for an outpatient surgery center in Kendall, Florida. The venture would comprise two phases. Per the South Florida Business Journal, the first phase could offer a 117,000-square-foot building, measuring four stories above grade and offering a fitness center, recovery rooms, imaging machine suite, and eight operating rooms.

428 Residential Units Proposed In Spring Garden with 900 Feet Of Waterfront Walkway

Plans have been submitted for a residential project in Spring Garden. The project name is listed plans as 1010 Spring Garden. It is planned to rise 12 stories and include: 428 residential units (37 micro-units) 602 parking spaces from ground through fourth floor (10% waiver from Miami 21 zoning requirements has been requested) more than 900 lineal feet of “inviting” public waterfront…

SmartCity $1.2B Bid for Genting Owned Property Cancelled, For Now

SmartCity Miami has ended its bid for the former Miami Herald property in Downtown Miami now owned by Genting, according to an announcement. Genting said in statement that the buyer had requested an extension of the exclusivity period and sought amendments to the terms of the purchase agreement for the site. The requests were not granted by Genting, so the buyer elected…

$1.2B Deal For 15-Acre Downtown Miami Site Falls Apart

The planned $1.225B sale of a 15.5-acre site in Downtown Miami is on hold after the buyer failed to secure financing in time or an extension on an exclusivity period on the deal. Smart City Miami LLC, a partnership led by Terra Group and its CEO, David Martin, agreed to purchase the site — which sits on Biscayne Bay and includes the former Miami Herald headquarters…

What Terra’s exit from record $1.2B Miami land deal signals for the market

The shock is wearing off from developer David Martin’s decision to pull the plug on a record $1.2 billion purchase of a waterfront assemblage in Miami. A reality check dusted with disappointment is setting in, brokers say. Smart City Miami, the Terra-led group that canceled its contract to acquire Genting Group’s 15.5-acre partially bayfront property north of downtown Miami…

Proposal Submitted With ‘Signature Towers’ Rising Up To 50 Stories Near El Portal

An application has been filed with Miami-Dade County that could see multiple towers rising as tall as 50 stories near El Portal. The combined proposal (most of the site is overseen by county zoning, with a small portion under city purview) would include: 4,276 multifamily units 121 live/work units 312 hotel keys 293,043 square feet commercial 5,219 parking spaces…

ANF Group Begins Construction on 332-Unit Affordable Housing Development in Miami

General contractor ANF Group has begun construction on Southpointe Vista, a two-phase affordable housing development in Miami that will total 332 units. McDowell Housing Partners is the developer of the two 10-story residential towers, which will be connected by a central paseo. Located at 21255 117th Court in the city’s Goulds neighborhood, the towers will feature…

Commercial real estate is under stress but places like New York and Miami still offer pockets of value, Nuveen Real Estate CIO says

The US commercial real-estate market has seen deepening gloom in recent quarters, but investors can still find pockets of value in the embattled sector, according to the chief investment officer at Nuveen Real Estate. In an interview with CNBC, Carly Tripp said it’s clear there’s a lot of distress in the office property segment, which saw troubled assets hit $64 billion in the first quarter…

Spain’s Mediapro Opens Miami Production Studio near Hialeah

Spanish multimedia heavyweight Grup Mediapro and South Florida-based BrandStar Studios opened a 10,440-square-foot production studio in Miami-Dade County this week. Located at 7321 NW 75th Street, at the intersection of the Hialeah and Palmetto expressways, the facility includes 1,000 LED panels that are 22 feet tall and 3D creation tools to aid editing and post-production…

Developers Build Thousands Of Miami Condos With Investors, Not Homeowners, In Mind

Tourists headed to Miami for vacation have no trouble finding a place to stay. For residents of the city, the story is a little different. Short-term rentals have proliferated across Miami as developers race to meet demand that surged during the pandemic. More than a dozen properties have been proposed or broken ground, even as the state and local governments work to incentivize…

Miami apartment complex sold to Magnum Holding

Cervera Real Estate Ventures, led by Javier Cervera Jr., sold a 90-unit apartment complex near Miami International Airport to a firm owned by Montreal-based Trams Property Management. Magnum Holding Company, Trams’ U.S. subsidiary, paid about $20 million for Mia Airport Villas at 4325 to 4335 Northwest South Tamiami Canal Drive, according to a press release. The deal breaks…

Brightline Celebrates Completion of Construction to Orlando

Brightline, the only provider of modern, eco-friendly, intercity rail in America, celebrated the completion of construction to Orlando, paving the way for the launch of service between Central and South Florida this summer. To mark the completion of construction, mayors representing Brightline station cities along with Brightline Orlando construction team…

Brightline Celebrates Completion Of Construction For Orlando Expansion

Brightline, the premier provider of modern, eco-friendly intercity rail in the United States, recently marked a significant milestone with the completion of construction in Orlando. This achievement sets the stage for the highly anticipated service launch between Central and South Florida later this summer. To commemorate this achievement, a gathering of mayors from Brightline station…

FundRebel to Acquire Nine Hollywood Mixed-Use Development in Metro Miami for $67M

FundRebel LLC is under contract to acquire Nine Hollywood, a mixed-use property currently underway in Hollywood, for $67 million. Situated on a 36,000-square-foot parcel, the development features 204 multifamily residential units, three levels of integrated parking and more than 7,000 square feet of retail space. Residences include apartments in studio, one- and two-bedroom layouts.

FundRebel Acquires Hollywood Property for $67M

FundRebel has agreed to acquire Nine Hollywood, a mixed-use property in Hollywood, Fla., for $67 million. The project, which was acquired from Romagnole Investment Properties, according to Yardi Matrix data, is under construction and will be located on a 36,000-square-foot parcel of land near the beach. The community will offer 204 rental units, three levels of integrated parking…

Waterton Acquires 321-Unit Multifamily in Plantation

Waterton, a national real estate investor and operator, announced it will expand its footprint in South Florida with the acquisition of One Plantation, a 321-unit apartment community at 1650 SW 78th Ave. in Plantation, FL. Built in 2013 as part of the 860-acre Plantation Midtown master plan, the 12-story apartment…

Connor Group pays $121M for Coral Springs apartment complex

Six months after buying its first South Florida multifamily property, The Connor Group is coming back for seconds. The Dayton, Ohio-based firm bought The Villas at Wyndham Lakes, a nearly 20-acre complex at 11500 Northwest 56th Drive in Coral Springs, for $121 million from AEW Capital Management, according to records and real estate database Vizzda. The buyer…

Morgan Auto pays $42M for Coconut Creek car dealership

Morgan Auto Group is expanding its South Florida portfolio with a $42 million dealership purchase in Broward County. The Tampa-based car retailer bought Al Hendrickson Toyota at 5201 and 5401 West Sample Road in Coconut Creek, records and Vizzda show. Morgan secured a $113 million mortgage from Bank of America that is also backed by a Fort Myers car dealership the…

6-Story Mixed-Use Development Proposed For 545 Northwest 5th Avenue In Fort Lauderdale’s Progresso Village Neighborhood

Earlier this month, Village of the Arts, Ltd., affiliated with Dania Beach-based MJDC, filed plans for Village of the Arts, a 6-story mixed-use project at 543 Northwest 5th Avenue in Fort Lauderdale’s Progresso Village neighborhood. Designed by Cohen Freedman Encinosa & Associates Architects with Architectural Alliance Landscape as the landscape architect and Botek Thurlow Engineering…

Harbor Group pays $106M for West Palm Beach apartments

Harbor Group International is adding to its already massive South Florida multifamily portfolio, picking up a newly completed West Palm Beach apartment complex for $105.5 million. The Norfolk, Virginia-based investment firm purchased the Locklyn West Palm, a 280-unit property at 3590 Village Boulevard, from an affiliate of developer Alliance Residential Company and private equity…

Hotel Sector Soars on Longer Stays, Increased Demand

The average length of stay in hotels has undergone a notable shift since the onset of the COVID-19 pandemic. Many travelers have opted to extend their hotel stays for longer durations.  According to industry reports, the average length of stay in hotels has increased by approximately 20 to 25 percent compared to pre-pandemic levels. This trend has been observed across various…