Miami Commercial Real Estate News June 21, 2023: Udonis Haslem, Partners Score Wynwood Development Site; JV Plans $500M Brickell Multifamily; More…

Leste, Brazilian partner plan 500-unit apartment tower in Brickell

Leste Group and Brazilian real estate firm Opportunity Fundo de Investimento Imobiliário plan a 500-unit apartment tower in Brickell, marking the first project in their $1 billion South Florida development pipeline. Through the pair’s newly formed joint venture, LORE Development Group, the partners want to build a 70-story tower on a half-acre parking lot on the southeast…

A New JV Plans to Develop $1B in Florida, Starting with $500M on Brickell

Leste Group, a Miami-based global independent alternative investment manager, and Rio de Janeiro, Brazilian-based Opportunity Fundo de Investimento Imobiliario, a private investment firm, have formed a new real estate development firm, LORE. Its first collaboration is a 500-high-end apartment in Miami’s swank Brickell district, valued at $500 million. Picking Brickell makes sense…

LORE to Develop $500M Multifamily Project in Miami’s Brickell District

LORE Development Group, a newly formed development firm between Leste Group and Brazilian-based Opportunity Fundo de Investimento Imobiliário, has announced plans to develop a $500 million multifamily development in Miami’s Brickell district. Situated near Brickell City Centre, the 442,000-square-foot, unnamed property will be located at 1015 SW 1st Ave.

Udonis Haslem, partners score dev site for Wynwood affordable rentals

Mere days after the Miami Heat’s Udonis Haslem retired, he is getting serious about his real estate game. Haslem and his development partners scored the site for a Wynwood affordable rentals project and plan to start construction by next week. Coral Gables-based Magellan Housing and Haslem plan the 12-story Wynwood Works building with 120 units, Nick Inamdar…

Terra’s $1.2B purchase of Genting’s Miami assemblage called off

Developer David Martin’s record $1.2 billion purchase of Genting Group’s downtown Miami assemblage was called off, The Real Deal has learned. Martin and his firm, Terra, led Smart City Miami, an investment group that was in contract to acquire the 15.5-acre assemblage in downtown Miami’s Arts & Entertainment District. The property is north of the Kaseya Arena, and near…

Miami Freedom Park Sitework Could Begin ‘In The Next Two Weeks’

Sitework at Miami Freedom Park is imminent, according to the Herald. Jorge Mas, the managing owner of Inter Miami, said that permits have been applied for and a green light to begin work is expected “any day now.” He added that he hopes to begin the work, including remediation and utilities, within the next two weeks. Summer or early fall of  2025 is being targeted…

Brightline Completes Construction Of Rail Line To Orlando

Brightline announced today that it has completed construction of its project that will connect Miami and Orlando by rail. A celebration was held at Brightline’s new Orlando International Airport Station this morning. Groundbreaking for the project took place in June 2019. Testing is continuing, with service expected to begin in Summer 2023. Testing at 110 mph through Brevard County…

70-Story Tower Planned On Brickell’s Chicken Lot

Developers have announced plans to build a 70-story tower on Brickell’s chicken lot, according to The Real Deal. Lore Development Group, a joint venture between Leste Group and Brazilian real estate firm Opportunity Fundo de Investimento Imobiliário said that it had acquired the land for $35 million. A new $500 million tower is being designed by Corwil, the developers…

Mixed-Use Development Bolsters Miami Office Pipeline

The metro was in the top 3 gateway cities with largest office pipeline relative to total stock Several large mixed-use projects comprising significant office components broke ground in 2023 First-quarter deal volume dropped significantly on a year-over-year basis Miami had the largest share of coworking space as percentage of total leasable office space among gateway cities…

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…

Related Group, LNDMRK Secure Three-Parcel Site In Miami’s Edgewater Neighborhood

Leading developer Related Group, in partnership with Alex Karakhanian of LNDMRK, has acquired an 18,000-square-foot land parcel comprising three contiguous sites in Edgewater, Miami. The prime location of the properties, situated at 519, 525, and 535 Northeast 29th Street, offers stunning views of Biscayne Bay and convenient access to MacArthur Bridge, connecting Edgewater…

Related Group & Lndmrk Buy Edgewater Development Site

Related Group & Lndmrk have just closed on a development site in Edgewater. PPD Edgewater LLC sold the 18,000-square-foot property for $12 million. It last sold for $7.7 million in 2021. The selling entity is managed by Esteban Koffsmon, who is Executive Vice President of Development and Construction for Chateau Group. Koffsmon had plans for a 62-unit luxury condo tower…

Developers Propose Domus Flats II at 221 SW 11th Street in Miami

Developers have proposed a high-rise tower in Miami’s Brickell neighborhood. Domus Flats II could stand close to 340 feet tall, offering more than 450 lodging units in a 29-story building. The Next Miami notes that homes will include studios to two-bedroom units, along with 1,545 square feet of ground floor retail space. There will be 303 studios, 121 one-bedroom homes…

42 Pine Tops Off In Miami Beach

42 Pine has topped of in mid-Miami Beach. The building is on track for completion in Q1 2024, according to a press release last week. A total of 50 luxury condo residences are planned, at prices ranging from $700,000 to $3,000,000. “The pace of construction is impressive, and we are proud to be involved in a project that brings a new level of luxury to the area,” said Allan Lebovits…

42 Pine Tops Off Luxury Residences in Miami Beach

42 Pine, the highly anticipated boutique residential building at the nexus of iconic Pine Tree Drive and 42nd Street, has topped off, marking a milestone along its timeline for completion, which is estimated for Q1 2024. With architecture imagined by renowned firm Arquitectonica, the eight-story building will reflect timeless sophistication…

Construction Tops Off On 42 Pine At 340 West 42nd Street In Miami Beach

42 Pine, the highly anticipated boutique residential building at the prime intersection of Pine Tree Drive and 42nd Street, has reached its topping-off milestone, signaling significant progress towards its projected completion in Q1 2024. Designed by the esteemed architectural firm Arquitectonica, this eight-story structure embodies timeless sophistication, poised to become…

South Florida’s Industrial Developers Bet On Long-Term Rent Growth

As industrial rents continue to rise in South Florida, investors are looking to buy sites and build warehouse space. The only problem is there’s very little land left. Squeezed between the ocean and the Everglades, South Florida’s industrial developers are increasingly turning to smaller sites and footprints as they look for opportunities in a severely land-constrained market.

Rivani’s Black Lion shedding restaurant space, starting at One Thousand Museum

Black Lion Investment Group sold its One Thousand Museum commercial unit, as the firm gears up for a big Miami Beach acquisition. An affiliate of Miami-based Black Lion, led by Robert Rivani, sold the 6,500-square-foot ground-floor space in the Zaha Hadid designed luxury condominium at 1000 Biscayne Boulevard, records show. The buyer, the One Thousand Museum Condominium…

HTG to Build $100M Miami-Area Affordable Project

Housing Trust Group will break ground this month on University Station, a $100 million, fully affordable development in Hollywood, Fla. The project is set to include 216 residential units, as well as Barry University’s College of Nursing and Health Services. Designs were provided by Corwil Architects and ANF Group will serve as general contractor. Completion is expected in the…

$6.7M Sale is Brokered of West Miami Store Leased to Walgreens

Marcus & Millichap has brokered the $6.7 million sale of a freestanding store in west Miami that is leased to Walgreens. The 13,650-square-foot store is located on a 1.4-acre parcel at 16690 SW 88th St. and is an outparcel to Kendall Pointe, a shopping center anchored by Aldi and PetSmart. Built in 2004, the store is subject to a new 15-year triple-net lease with Walgreens.

Team punts 50-year airport hotel deal to county commission

A county committee deciding whether to back the mayor’s aim to award a 50-year lease for a Miami International Airport hotel to the owners of the Miami Dolphins and the Fontainebleau Miami Beach instead punted the ball to the county commission to act. Even deciding not to decide last week demanded two dueling developers’ presentations, nearly three hours of debate…

Partners open Miami-Dade’s largest virtual production studio

Grup Mediapro and BranStar Studios have teamed up to offer the largest state-of-the-art virtual production facility in Miami-Dade County. The virtual production LED wall at 7321 NW 75th St. in Medley will offer immersive real-time environments, Unreal Engine, in-camera motion tracking and real-time rendering. “The ability to combine our expertise of producing over…

MLS stadium site gets airport’s clearance for takeoff

A bid to allow a soccer stadium, hotel and offices on the City of Miami’s former Melreese golf course got a kick ahead last week with the county Airports and Economic Development Committee’s unanimous OK. The 25,000-seat stadium, the offices and the hotel aren’t cited in the legislation. It lists the only uses that could be banned in flight paths of Miami International Airport…

Related, Alex Karakhanian buy dev site near planned Major Food Group tower

Related Group and Alex Karakhanian closed on a development site in Miami’s Edgewater, across from the planned Villa Miami tower, The Real Deal has learned. The Pérez family’s Miami-based Related and Karakhanian’s Lndmrk Development acquired the 0.4-acre assemblage at 519, 525 and 535 Northeast 29th Street, the two firms said. It marks Related’s first new investment in Edgewater…

Lender seeks foreclosure of Henley’s Life House-operated hotels in Miami, Miami Beach

Safe Harbor Equity is seeking foreclosure on two hotels in Miami and Miami Beach that are owned by Henley Investments, tied to a $13 million loan. The properties include the 26-unit Pretty Swell hotel at 321 Collins Avenue and the 33-room Life House hotel at 528 Southwest Ninth Avenue in Miami’s Little Havana. The Miami Beach property is a former hostel.

Reviewing Miami’s Retail Scene: An Overview of the Present Atmosphere

Miami is a vivacious city renowned for its scenic beaches, sunny climate and dynamic nightlife. The South Florida city is also a hub for a flourishing retail industry, which serves an eclectic blend of both locals and visitors. Miami’s retail market is characterized by its diversity, with a broad spectrum of retailers ranging from luxurious, high-end boutiques to small, locally owned businesses.

Mill Creek Residential Files Plans For Modera North Bayshore At 2100 North Bayshore Drive In Miami

Mill Creek Residential has submitted plans for a new apartment building in the vibrant Edgewater neighborhood of Miami. Named Modera North Bayshore, the proposed development is set to impact the local skyline significantly. Standing tall at 31 stories, or approximately 340 feet, the modern contemporary tower will offer residents desirable amenities and living spaces.

Origin Residences Set for 2025 Release at 9760 West Bay Harbor Drive in Bay Harbor Islands

Florida YIMBY has learned of an exciting mid-rise venture tower taking place in Bay Harbor Islands. Meet Origin Residences. It’s a seven-story complex offering 27 homes, measuring 1,367 square feet to 2,328 square feet each. Homes will range from two-bedroom to four-bedroom residences, with the smallest ones starting at $1.4 million. These luxury waterfront homes come…

Developers Seek UDRB Approval For 48-Story St. Regis Residences Miami

Miami-based developers Related Group and Integra Investments have filed plans with Miami’s Urban Development Review Board for the St. Regis Residences Miami, a 48-story condominium tower planned at 1809 Brickell Avenue in the Brickell neighborhood. Designed by Robert A.M. Stern Architects (RAMSA) with Cohen Freedman Encinosa & Associates Architects as the architect…

Eight Retail Tenants Sign Leases to Occupy Promenade Along Lincoln Road in Miami Beach

Eight new retail tenants have signed leases on Lincoln Road in Miami Beach, a South Florida high street that features more than 200 shops, cafés, galleries and restaurants across eight blocks. Paris St. Germain, Habitat Hyett, The Cheesecake Factory, Ecco, BonBon Etc., Osteria da Fortunata, Voyage Luggage and Salt & Straw will open locations at the promenade beginning…

Renderings From Kobi Karp Reveals Design For Witkoff Group’s 3 Tower Mixed-Use Development At Miami Worldcenter

Renderings have been revealed for the highly anticipated 700 North Miami Avenue at Miami Worldcenter, an ambitious three-towered mixed-use complex set to rise on the former site of the Miami Arena. Developed by the renowned Witkoff Group in collaboration with Monroe Capital, this transformative project has unveiled its architectural vision through striking renderings…

Tri-Rail’s First Ever Train To Downtown Miami Approved For Next Week

Tri-Rail has finally obtained approval to test a trainset running into MiamiCentral, according to WLRN’s Danny Rivero. The authorization for testing lasts from June 19 through June 23, a letter from track owner Florida East Coast Railway shows. Additional test dates may be considered based on the results, the letter states. Meanwhile, the actual launch of Tri-Rail’s revenue service…

Investigation into Surfside collapse confirms pool deck flaws

Flaws in the design and construction of Champlain Towers South’s pool deck exposed that portion of the building to “critically low margins against failure,” a newly released investigation found. Designs fell short of building codes, and slab columns and fixtures had “severe” strength deficiencies in several places at the pool deck, according to the National Institute of Standards…

Miami’s Developers Pour Cash Into Mayor Suarez’s Presidential Campaign Committee

Miami Mayor Francis Suarez announced he is running for president last Thursday, and South Florida’s developers are lining up to help fund his long shot bid for the nation’s highest office. A super PAC backing Miami Mayor Francis Suarez, pictured at a Bisnow event in 2018, received around $2.6M from developers in December alone. A super PAC backing Suarez called SOS America…

Housing Trust Group Breaks Ground on $100 Million Mixed-Use ‘University Station’ Development in Hollywood, Florida Along Future Commuter Rail

Housing Trust Group (HTG) has secured financing for University Station, a $100 million mixed-use development in Hollywood, Florida. This significant project, the largest undertaken by HTG to date, is a collaboration between HTG and the City of Hollywood, forming a true public-private partnership (P3). University Station will feature a range of workforce and affordable housing…

Hollywood board OK’s Diplomat Landing project, three rental developments

Related Group and BH Group’s plan for a pair of luxury towers adjacent to the Diplomat Beach Resort, as well as three multifamily proposals by other developers are a step closer to fruition. The Hollywood Planning and Development Board approved the four projects on Tuesday. In the biggest development, the Pérez family’s Related and the Toledano family’s BH want to build…

Crowdfunding start-up FundRebel to buy Hollywood multifamily project for $67M

FundRebel, a crowdfunding real estate start-up, is planning a $67 million purchase of a Hollywood multifamily project as its first deal. The New York-based firm is in contract to buy Nine Hollywood, a 12-story apartment building with 204 units and 7,000 square feet of ground-floor retail, FundRebel CEO Mark Drachman said in an emailed statement. The project at 1809 Jackson Street…

PGIM sells Plantation multifamily complex for $88M

PGIM Real Estate sold the One Plantation multifamily complex for $88.4 million. Chicago-based Waterton bought the pair of 12-story apartment buildings and adjacent garage at 1600-1700 Southwest 78th Avenue in Plantation, according to records and real estate database Vizzda. The deal for the 321-unit complex on 5.6 acres breaks down to $275,337 per apartment.

Fort Lauderdale approves Bahia Mar rezoning and $1B redevelopment

Jimmy and Kenny Tate, Sergio Rok, and the Related Group won rezoning and approval for their $1 billion redevelopment of the Bahia Mar resort on city-owned property in Fort Lauderdale. The developers plan to build as many as 350 condos, and start pre-construction condo sales by year-end. They plan to break ground by 2025 for the first two condo buildings and a new hotel to replace…

Related And BH Group Acquire $28.5MM Loan for Pompano Beach Site On North Ocean Boulevard

Related Group, led by renowned developer Jorge Perez, and BH Group, headed by Isaac Toledano, have secured a substantial $28.5 million loan from Centennial Bank for their latest venture in Pompano Beach. This hidden gem of South Florida has been captivating the attention of real estate developers, restaurateurs, and prospective residents, thanks to its waterfront allure and emerging…

Blackstone, Link pay $29M for Whole Foods warehouse in Pompano Beach

Blackstone and its subsidiary Link Logistics paid $28.6 million for a last-mile facility in Pompano Beach as the investment giant’s industrial buying spree continues in South Florida. The acquisition of the Whole Foods distribution center at 2700 Northwest Street in the Broward County city marks the joint venture’s second tri-county industrial purchase in the past month. Blackstone and Link…

Related Cos. to Build 2 West Palm Beach Office Towers

Image by 652234 via pixabay.com Related Cos. has plans to further expand its West Palm Beach, Fla., footprint with the development of two new office towers totaling nearly 1 million square feet, according to South Florida Business Journal. The developer intends to start construction on the project in 2024 and complete it in 2026. Dubbed East Tower and West Tower, the office…

Related, Rockpoint sell Lantana apartment complex for $138M

Related Group and Rockpoint sold a four-building apartment complex in Lantana for $138 million. An affiliate of New York-based Praedium Group bought Manor Lantana, the 348-unit rental community at 861 Water Tower Way, records and Vizzda show. Praedium paid roughly $396,550 per apartment, and obtained a $75.9 million mortgage from Northwest Mutual Life Insurance.

Video: Seyfarth Partner Ronald Gart Discusses Firm’s Real Estate Market Sentiment Survey 2023

In this video, listen to Ronald S Gart, Partner at Seyfarth Shaw, discuss takeaways from the 8th annual Real Estate Sentiment Survey featuring results from 2,500 commercial real estate professionals, including investors, asset managers, lenders, private equity, and more. Among the topics discussed are interest rates, recession concerns, projections for the length of potential…

Exploring the Pros and Cons of Investing in Commercial Real Estate

Commercial real estate refers to properties that are primarily used for business purposes, such as office buildings, retail centers, industrial complexes, and hotels. Commercial real estate offers a variety of opportunities and difficulties for investors. Before investing in commercial real estate, it’s important to evaluate the positive and negative aspects, regardless of your level of…

Understanding Title Insurance: Why Do You Need It?

When it comes to purchasing a property, whether it’s your dream home or a valuable investment, safeguarding your ownership rights is crucial. That’s where title insurance plays a pivotal role. In this article, we’ll explore what title insurance is, why it is essential, and how ESQ.title, a reputable real estate law firm located in Coral Gables, Florida, can assist you in securing your…

It’s a condo. No, it’s a hotel. Inside the condo-hotel conundrum

When Rasikaran and Jhansi Boaz set out to buy a condo in 2008, they chose an oceanfront Canyon Ranch-branded project in Miami Beach, partly thanks to its amenities. The complex, now called Carillon Miami Wellness Resort, has four pools, a spa and restaurant. “We liked that healthy living concept,” Rasikaran Boaz said. But their dream, and that of other buyers, of a relaxing…

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June 21, 2023

Miami Commercial Real Estate News June 14, 2023: Bezel MF Tower Hits Market for $300M; Surfside Collapse Site Plans Revealed; 3 Towers Proposed at Former Arena Site; More…

Moinian’s Bezel rental tower at Miami Worldcenter hits market for roughly $300M: sources

The Moinian Group put the Bezel apartment tower at Miami Worldcenter on the market for roughly $300 million, The Real Deal has learned. If it sells at that price, it would mark the biggest South Florida multifamily deal so far this year, as expensive financing costs have led to a dry spell in investment sales. New York-based Moinian and Orlando-based ZOM Living completed…

Revealed: 3 Towers Proposed At Former Miami Arena Property

Plans have just been submitted to the Urban Development Review Board to build three towers at the former Miami Arena site. Three towers are proposed to rise 615 feet, 589 feet, and 577 feet, with the tallest at 54 stories. The proposal includes: 2,346 dwelling units 30,535 square feet commercial 2,078 parking spaces on level 2 through 8 (parking garages to be partially…

Messi to Miami: What that means for real estate

The beautiful game’s most accomplished player has picked Miami as his new home. Real estate cannot wait. For his next act, Lionel Messi turned down a gargantuan offer from Saudi Arabia – reportedly close to half a billion dollars annually – and chose to play for Inter Miami, the soccer club that counts David Beckham as a co-owner. Messi’s move advances Miami’s ambitions…

Messi’s Not Alone: FIFA, Argentina’s National Team Plan Moves To Miami

The greatest soccer player alive, Lionel Messi, is heading to Miami for the next phase of his career, but he isn’t the only international soccer powerhouse looking to put down roots in the Magic City. Lionel Messi’s move to Inter Miami comes as the city is attracting investment from soccer teams and companies. FIFA, soccer’s international governing body, is negotiating…

Miami Offices Defy National Trends

The sunny skies of South Florida appear to be benefiting not just beachgoers but office landlords as well. Rents are up, leasing activity is strong, and net absorption is positive. Nevertheless, clouds on the distant horizon could throw a shadow over the party. Colliers’ report on the Miami-Dade County office market found rents rising 11% from $46.58 in Q1 2022 to $51.70…

Plans Submitted For Modera North Bayshore, With 275 New Apartments In Edgewater

Mill Creek Residential has just filed plans for a new apartment building in Edgewater called Modera North Bayshore. Modera North Bayshore is planned to rise 31 stories, or 340 feet and include: 275 multi-family apartments 363 parking spaces on levels 1-8 Indoor and outdoor amenities, including a swimming pool, are planned on level 31. Mill Creek has already completed…

FAA Green-Lights Proposal To Build Westpine Brickell At 510 Feet

The FAA has just issued a determination that a proposed 43-story residential tower in Brickell called Westpine poses no hazard to aviation. A letter was issued by the agency on June 9 to Timothy Haskin of developer Westpine Brickell, LLC. The FAA approved a structure height of 499 feet above ground, or 510 feet above sea level. Plans submitted to the county in December showed…

Urbana plans 121-unit condo project in Miami’s Edgewater

Urbana Holdings wants to develop a 121-unit condominium that allows short-term rentals in Miami’s Edgewater neighborhood. The Atlanta-based firm plans a nine-story building, called Vida Residences, on 0.7 acres at 410 Northeast 35th Terrace, according to the developer’s marketing materials and records. Urbana bought the development site for $14 million…

One BCC Submitted To UDRB: 977-Foot Tower To Include New Metromover Entrance

Plans for One Brickell City Centre have just been submitted to Miami’s Urban Development Review Board, along with new renderings. The files show that the tower is planned to top off at 59 stories, or 977 feet (supertalls are generally defined as being 300 meters, or 984 feet). A rooftop helipad is planned. Below that is office (no restaurant, bar, or observation deck is proposed…

Caroline Weiss hit with foreclosure lawsuit tied to Blue Lagoon dev site

Developer Caroline Weiss could lose a waterfront development site in Miami’s Blue Lagoon to foreclosure. Lender TIG Romspen filed a foreclosure lawsuit last week in Miami-Dade Circuit Court against Weiss and entities that own the 7-acre assemblage on Northwest 7th Street and Northwest 48th Avenue. TIG Romspen alleges Weiss failed to pay off a $13.1 million mortgage debt…

Miami City Commission Punts Again On Redevelopment Of Downtown Hyatt, Convention Center

The ambitious redevelopment of the Hyatt Regency Hotel and James L. Knight International Center in Downtown Miami stalled at a Miami City Commission meeting Monday, the third time in five weeks the city’s governing body has failed to advance the project. A special meeting was called to discuss and vote on a resolution that would have authorized the city manager to…

DAMAC International Seeks Approval For 12-Story Condominium Designed By Zaha Hadid Architects In Surfside

DAMAC International has officially submitted its planning application to the Town of Surfside for the former Champlain Towers South site. This application unveils a remarkable Zaha Hadid Architects (ZHA) design, marking the second collaboration between DAMAC International and the renowned British architecture and design firm. ZHA’s first project in Miami, the iconic…

Renderings Revealed For Luxury Condos On Site Of Deadly Surfside Collapse

The Dubai-based owner that bought the site where the Champlain Tower South building collapsed in Surfside, Florida, has submitted plans for a luxury condo development to be built where 98 people were killed. Damac International commissioned the Pritzker Prize-winning architecture firm Zaha Hadid Architects to design the property at 8777 Collins Ave. and has submitted…

Damac plans Hadid Architects-designed condo building on Surfside collapse site

The Dubai developer that bought the Surfside collapse site last summer submitted plans to build an oceanfront luxury condo building on the property, designed by Zaha Hadid Architects. Damac Properties, led by Hussain Sajwani, wants to build a 12-story boutique building with 57 units on the 1.8-acre property at 8777 Collins Avenue, according to a company news release.

Damac plans Hadid Architects-designed condo building on Surfside collapse site

The Dubai developer that bought the Surfside collapse site last summer submitted plans to build an oceanfront luxury condo building on the property, designed by Zaha Hadid Architects. Damac Properties, led by Hussain Sajwani, wants to build a 12-story boutique building with 57 units on the 1.8-acre property at 8777 Collins Avenue, according to a company news release.

PortMiami lures sea-rail freight deals with Mexico

PortMiami and Grupo Mexico Transportes, which acquired Florida East Coast (FEC) Railway, were hosting 120 Mexican companies and government officials at Terminal E this week to promote PortMiami as a preferred gateway for Mexican products, said a PortMiami spokesperson. “We believe these efforts will make the new USMCA Highway a rail/water/rail route to avoid…

Construction Starts on Elemi at Grove Village at 3363 Thomas Avenue in Coconut Grove

Ground has officially broken on Elemi at Grove Village, a multifamily housing complex in Miami’s Coconut Grove neighborhood. The five-story building will offer 46 apartments, ranging from 965 square feet to 1,535 square feet. Layout plans comprise one-bedroom to three-bedroom homes. Renderings suggest that homes come with plank wood flooring, hurricane-grade windows…

Revealed: 29-Story Domus Flats II Planned In Brickell

A developer has just filed plans to build a new project in Brickell called Domus Flats II. The tower is proposed to rise 29 stories, or 336 feet and include: 459 lodging units (with 303 studios, 121 1-bedroom units, and 35 2-bedroom units) 1,545 square feet ground floor food and beverage rooftop pool, bar and grill area 150 parking spaces on levels 1-3 (zero parking is required under…

Surfside Building With Glass Bottom Pool Proposed By Dubai-Based Developer

A Dubai-based developer has just filed plans for a luxury residential project in Surfside – and renderings show what appears to be a glass-bottomed pool at the top. According to a press release from developer Damac, there will be two buildings connected by a 100-foot rooftop pool (another 75-foot exercise pool is planned indoors). The proposal is for the Champlain Towers…

This is what’s next for Damac’s plan for luxury condos on Surfside collapse site

The developer that purchased the Surfside condo collapse site faces a public relations test and a series of town approvals, as it moves forward with plans to build an oceanfront luxury condo on the property where 98 people died two years ago. Damac Properties, led by Hussain Sajwani, wants to build a 12-story, 57-unit boutique condo designed by Zaha Hadid Architects…

Here’s North Bay Village’s pipeline of development

South Florida is booming, and North Bay Village is no exception. The three-island city between Miami and Miami Beach has attracted its fair share of development, promising apartment and condo towers, hotels, and retail and office space in the next few years. Six developers spent $143.5 million on land acquisitions alone, paving the way for nearly 3,000 new condos and apartments…

Miami Ranks #1 In New Index By The Economist: ‘Shift In The Balance Of Power’

The Economist has ranked Miami at the top of a new index that looks at the performance of ten global cities over the past few years. The publication looked at four key measures to create the index: population growth, GDP growth, office vacancies and housing prices, all over the past three years. Miami’s real GDP is said to have increased 10.6% since 2019, while housing prices…

Museum Of Ice Cream To Open Permanent Location At Miami Worldcenter In 2024

Museum of Ice Cream has announced plans to open a permanent location at Miami Worldcenter in 2024. The new location will have two floors and over 14,000 square feet, with an entrance at Worldcenter’s pedestrian promenade. There will be 10 unique, interactive installations inspired by the energy and vibrancy of Miami, including: the Cream Liner, a luxury airliner…

FAA Greenlights 301-Foot-Tall Residential Tower For Civica Center Phase II In Miami

The Congress Group and Taurus Investment Holdings, LLC, Boston-based developers, have secured Federal Aviation Administration (FAA) approval for Civica Center Phase II, a 27-story residential tower set to rise at 1050 Northwest 14th Street in Miami’s Allapattah neighborhood. The 301-foot-tall structure is designed by CUBE3 Architects, with Kimley-Horn serving…

FAA Approves Near-Supertall Tower Across From Brickell City Centre

The Federal Aviation Administration has issued a determination that would allow a near supertall tower to be built across from Brickell City Centre. The FAA had previously approved the same tower height for the property, but that approval had expired. According to the new approval, a tower height of 954 feet above ground or 960 feet above sea level is permitted – identical…

Lynd Miami Worldcenter Approved By FAA At 709 Feet

The Federal Aviation Administration has issued height approval for a new tower at Miami Worldcenter. Apartment developer Lynd acquired the Worldcenter parcel last August, in a $30 million deal. According to the June 9 FAA notification, the building on Lynd’s site is permitted to rise 698 feet above ground, or 709 feet above sea level That would make it identical in height…

Map Shows Train Stations Planned For Northeast Miami-Dade Corridor

A total of seven stations are shown on a map of a new rail line planned from Downtown Miami to Aventura known as the Northeast Corridor. The map is published on Miami-Dade County’s website. It shows the stations are planned at: MiamiCentral Wynwood – NE 29 Street Design District – NE 41 Street Little Haiti – NE 61 Street North Miami – NE 123 Street FIU North Campus…

Concord Summit Capital Closes $12 Million Loan For Downtown Miami Development Site, Paving Way For 52-Story Tower With 545 Multifamily Units

Concord Summit Capital, LLC (“Concord Summit”) has arranged a $12 million bridge loan for an infill property in Downtown Miami. Managing Director Justin Neelis and Associate Keegan Burger of Concord Summit’s Miami office sourced and advised the loan. The bridge loan is intended to refinance the existing mortgage and provide predevelopment funds…

Argentina-Based Developers Plan Multifamily Project in Miami Beach to Replace SFH

The owners of a 5,650-square-foot property located at 7921 Carlyle Avenue in Miami Beach’s North Beach neighborhood have proposed demolishing a 1940s single-family home to make way for a three-story multifamily development. Denbora Bay, LLC, a Lake Worth, Florida-based company led by a group of individuals from Buenos Aires, Argentina, is identified as the applicant…

Kirkland & Ellis subleasing two floors at Vlad Doronin’s 830 Brickell: sources

Law firm Kirkland & Ellis, which inked a lease for 115,000 square feet on six floors at 830 Brickell in one of the biggest new-to-market office deals in South Florida last year, is subleasing a portion of its space, The Real Deal has learned. The move at the planned tower, a top choice for major tenants, comes amid signs of a South Florida office slowdown. The 13,100-square-foot 14th floor…

Miami “Silicon Valley of the South”? Hardly, data shows

In the past two years, South Florida’s real estate industry has been abuzz over the tri-county region becoming the next Big Tech mecca. Venture capital firms opened offices in Wynwood. Politicians joined the fanfare: Miami Mayor Francis Suarez tweeted “How can I help?” in reference to Bay Area firms moving to Miami. Some even rechristened the city… brokers.

Developer Rishi Kapoor is being investigated FBI, SEC

Another week, more investigations for South Florida developer Rishi Kapoor. The FBI and the SEC have initiated separate inquiries into Kapoor, the Miami Herald reported. The FBI’s criminal investigation centers on the $10,000 monthly payments to Miami Mayor Francis Suarez from a subsidiary of Kapoor’s company, Location Ventures. Agents are looking into whether the…

Sale of a 27-Unit North Miami Beach Multifamily Portfolio Arranged

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 27-unit apartment portfolio located in North Miami Beach, Florida. The assets sold for $4,850,000. “The sale of the North Miami Beach portfolio is another example of the continued strength…

Trinity Investments and Credit Suisse Propose Diplomat Landing Master Plan Modifications for 350 Condo Units and 500 Room Hotel

The City of Hollywood, Florida’s Department of Development Services Division of Planning and Urban Design has released a memorandum detailing a request by HFL Landings Owner LLC, a joint venture between the Zurich-based Credit Suisse Group and Honolulu-based Trinity Investments. The proposal seeks to modify Diplomat Landing’s Planned…

Hollywood building boom? Votes on tap for Diplomat Landing towers, three rental projects

Developers are betting on Hollywood’s multifamily and luxury condominium markets. Three apartment projects that would collectively add nearly 90 units to the city’s rental stock, as well as a two-tower luxury condo and condo-hotel development adjacent to the Diplomat Beach Resort are pending approval by city officials. The Hollywood Planning and Development Board is set…

Midtown Davie Proposed for 6101 to 6143 Orange Drive in Davie

A 1.9-acre site in Davie could soon be home to a multi-family housing development, pending city approval. Midtown Davie would comprise about 290,000 square feet of new construction, measuring four stories above grade and offering 136 apartments. Per the South Florida Business Journal, homes will range from about 670 to 1,220 square feet, offering one-bedroom…

Jim Moran Foundation Starts Construction on New HQ in Fort Lauderdale

The Jim Moran Foundation has offered life-changing services to its community for more than 20 years. Now, after purchasing a 2.43-acre build site in 2021, it’s started construction on a new headquarters. Per the Jim Moran Foundation, the 50,000-square-foot facility will offer class A office space, an archives gallery, and event space. The South Florida Business Journal reports that…

Grover Corlew Welcomes Now Optics To Delray Central Amidst Upcoming Mixed-Use Development

Grover Corlew, a South Florida-based real estate investment group, has announced the relocation of Now Optics to Delray Central. Now Optics, the parent company of leading affordable eyewear brands Stanton Optical and My Eyelab, has moved its headquarters to a 14,438-square-foot space at Delray Central, 1615 S. Congress Avenue. This site will also host a planned…

Atlantic Group of Companies Announces Pearl, Ultra-Luxury, Boutique Development in Palm Beach Shores

The Atlantic Group of Companies has launched sales at its ultra-luxury, boutique oceanfront development: Pearl. Located at 123 Ocean Avenue, in one of the most desirable and serene coastal destinations, Palm Beach Shores, Pearl’s 18 expansive residences will be spread across six stories and offer uninterrupted views of the Atlantic Ocean to the east and beautiful Florida…

Canada’s richest family sells adjoining Wellington equestrian estates for $20M

Canada’s richest family is selling off its Wellington equestrian estates. Records show that representatives of the Thomson family, heirs of Thomson Reuters founder Roy Thomson, sold an adjoining pair of equestrian estates for $20.4 million. The buyer of the estates at 14225 50th Street South and 4775 Stables Way are a pair of Delaware LLCs named for J.R.R. Tolkien’s fictional…

Related, BH secure 99-year ground lease for Marina Village apartment project in Riviera Beach

Related Group and BH Group are adding another planned project to the joint venture’s ongoing pipeline. Late last month, the Riviera Beach City Council, acting as the board of the city’s Community Redevelopment Agency, approved a 99-year ground lease with Related and BH to develop a pair of 20-story buildings with 424 apartments and 8,000 square feet of retail in…

Hotel Owners See Demand ‘Firing On All Cylinders’ As Corporate Travel Finally Returns

Hotel owners and operators are clearing out the final debris from the pandemic-era truck that slammed into the industry. Leisure travel came roaring back in 2021 and 2022 as the health crisis subsided and people booked long-awaited vacations, but the unanswered question that has given hotel executives anxiety over the last year is whether business travel would ever…

WSJ: ‘It’s Not My Responsibility’ to Save the Office Economy

If there’s an overarching truth in the workplace right now, it’s this: Many workers don’t want to go back to the office. Plenty of bosses say they should. The result is a stalemate. Office-occupancy rates have stagnated around 50%, even as more companies step up in-office work mandates. Hundreds of WSJ readers responded to our story about why many workers aren’t returning.

Bargaining Power Is Shifting Toward Tenants As Multifamily Rent Growth Dissipates

After years of unbridled rent growth, a reckoning is on the horizon for U.S. landlords as a softening apartment market and rising expenses push the ball closer to the tenants’ court. New-lease asking rents rose just under 2% during the 12-month period ending in May, down from the double-digit increases seen a year ago and representing the largest deceleration in recent history…

How disruption has impacted cash management for affordable housing

Recent economic disruptions have caused companies to re-examine their financial processes, including treasury and payments. Partner Insights spoke to Angela Kuo, Head of Community Development Banking Treasury Services at JPMorgan Chase, about how affordable housing companies are adapting to our current economic uncertainty. Commercial Observer: How has…

How can a 1031 Exchange Benefit Real Estate Investors?

You constantly search for ways to increase your returns and expand your portfolio as a real estate investor. The 1031 exchange is one effective instrument you have at your disposal. If you’re not familiar with this approach, the reputable Coral Gables, Florida real estate law company ESQ.title can offer the knowledge you need to benefit from its…

Benefits of a 1031 Exchange

If you’re a real estate investor looking to defer capital gains taxes and reinvest your profits into a like-kind property, a 1031 exchange can be an excellent strategy. However, navigating the complex requirements of a 1031 exchange can be challenging without the right guidance. That’s where ESQ.title, a trusted real estate law firm located in Coral Gables, Florida, comes in.

Florida’s Property Insurance Market Confronts a Pivotal Hurricane Season

Florida’s intervention in property insurance has put the state government in the eye of a hurricane-battered market that is uninhabitable for some private insurers and unaffordable for many policyholders. Even as the new hurricane season gets underway this month, the state is still recovering from Hurricane Ian, the Category 4 storm that crushed Southwest Florida last year. Ian has rocked…

 

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June 14, 2023

Video: Seyfarth Partner Ronald Gart Discusses Firm’s Real Estate Market Sentiment Survey 2023

In this video, listen to Ronald S Gart, Partner at Seyfarth Shaw, discuss takeaways from the 8th annual Real Estate Sentiment Survey featuring results from 2,500 commercial real estate professionals, including investors, asset managers, lenders, private equity, and more. Among the topics discussed are interest rates, recession concerns, projections for the length of potential recessions, top commercial real estate industry concerns, opportunities within various commercial real estate sectors, effects of hybrid and work from home business practices, office space usage, and much more.

Discussion Timeline:

00:00 – Introduction
02:38 – Key Takeaways
06:10 – Interest Rates
07:33 – Recession Concerns
09:58 – Recession Length Projections
14:43 – Top Industry Concerns
15:37 – Sector Opportunities
20:29 – Will Investment Sites Shift to Suburban?
21:35 – Effects of Hybrid/WFH
23:25 – Office Space Usage
24:39 – Policy and Real Estate
26:10 – Policy and Corporate Office Relocation

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June 13, 2023

Miami Commercial Real Estate News June 7, 2023: Two Towers to Replace Brickell Key Mandarin Oriental; Miami Beach Hotel Trades for $165M; 1,600 Unit Miami MF Planned; More…

Miami Population Grew 1.7% Last Year – Fourth Fastest Among Big Cities

Miami’s population increased 1.7% between 2021 and 2022, according to a recent Census report. The Seattle Times noted that Miami’s growth rate for the period was the fourth fastest of the 50 biggest U.S. cities. The newly released data showed Miami’s population was estimated at 449,514 on July 1, 2022. That compares to an estimate of 441,999 on July 1, 2021. On July 1 2020…

ROVR Development to Build 1,600-Unit River Rapids Apartments in Miami

ROVR Development plans to develop The River Rapids, a 1,600-unit apartment development situated on 10.2 acres along the Miami River. The developer recently acquired a 6.2-acre site for $23.5 million as part of the multi-phase community. Located at 2750 N.W. South River Drive, Phases I and II of River Rapids, dubbed Tides and Moorings, will add 600 units to the local supply.

Developer Buys More Land For 1600 Apartments: ‘Alternative To Brickell’

The developer of an apartment complex called River Rapids has purchased additional land, with plans to build a total of around 1600 apartments, according to the SFBJ. In a statement, founding partner Oscar Rodriguez of developer ROVR said that “our vision for this neighborhood that is evolving into a robust community that offers an excellent alternative for those priced…

ROVR pays $24M for Miami River dev site for massive apartment project

In a $23.5 million deal, ROVR nabbed 6 acres near the Miami River for its massive planned River Rapids multifamily project. A ROVR affiliate bought a 192,966-square-foot self-storage facility at 1701 and 1851 Delaware Parkway that the Miami-based development firm intends to redevelop into a 1,000-unit apartment project, according to a press release.

Seawall Rebuild Planned At Edgewater Property Where 649-Foot Tower Proposed

Plans have been filed to rebuild a seawall on a large Edgewater property. The seawall plans were filed with Miami-Dade’s DERM yesterday, June 5, records show. The seawall project passes by multiple buildings controlled by the same developer, plans show. It is also the same site where a recent filing with the FAA indicated that a 649-foot tower is planned. The FAA filing was made…

Signature Bridge Construction Delay Due To Supply Chain, Holidays, & Weather

A spokesperson for FDOT has explained the reason for the delays to the Signature Bridge construction project. The completion date is now late 2027. It was originally expected to be completed in Fall 2023. The FDOT spokesperson told Miami Today that the reason for the delay includes supply chain issues, weather, and holidays. If the latest deadline holds, it will mean around…

Assurant trying to sell its 40-year South Dade campus

Atlanta-based Assurant is marketing the 78-plus acre South Dade campus it has occupied since 1982 that includes seven buildings, three of them office structures. Development of regional impact rights, according to the offering, allow “significant development on the site.” Assurant, a provider of risk management products and services that employs 2,000 persons in the area…

Two towers replacing Mandarin Oriental on Brickell Key

The secluded island of Brickell Key will see yet another luxury development rise as Swire Properties detailed a modern Mandarin Oriental hotel replacing the present structure on the island and a residential tower. Last week, developer Swire Properties unveiled details for One Island Drive featuring two towers and over 100,000 square feet of amenities. “With One Island Drive…”

Swire, Mandarin Oriental Plan Two Towers On Exclusive Brickell Key

Swire Properties is partnering with Mandarin Oriental Hotel Group to complete a major development on Brickell Key. Swire announced plans for a 400-foot-tall hotel and an 800-foot-tall condo tower that would be one of the tallest buildings in Miami. The development will fill the last vacant site on Brickell Key, an exclusive island just southeast of downtown where Swire has been…

Swire unveils plans for two-tower Mandarin-branded Brickell Key project

Swire Properties unveiled plans for a two-tower, Mandarin Oriental-branded development on Brickell Key. The project calls for demolishing the existing Mandarin Oriental hotel at 500 Brickell Key Avenue and building an 800-plus-foot tower with 220 condos, and a 400-foot hotel with 151 rooms, 61 condos and 28 hotel residences, according to Swire. The existing 326-key…

Swire Properties Unveils ‘One Island Drive’ With Two Towers Designed By Kohn Pedersen Fox, Set To Soar Over 800 Feet On Brickell Key

An exciting announcement from Swire Properties reveals the first details of One Island Drive, a project that combines residential and hospitality services in a tranquil island environment near Miami’s bustling downtown. With its enviable waterfront location, One Island Drive is set to take a premier position in Swire Properties’ renowned portfolio and establish itself as a standout…

One Island Drive: Two ‘Architecturally Spectacular’ Brickell Towers Planned, Including New Mandarin Oriental

Swire Properties has unveiled plans for a two-tower project on Brickell Key called One Island Drive. The towers will be “architecturally spectacular,” designed by Kohn Pedersen Fox Associates, Swire said. The taller tower will be called The Residences at Mandarin Oriental, Miami and rise over 800 feet, with 220 residential units. The second tower will be a Mandarin Oriental hotel…

Autonomous air mobility may serve Miami in five years

Aviation experts gathered in Brickell last week to discuss the future of urban air mobility in Miami, with the more optimistic panelists predicting autonomous aircrafts could soar through the skies within five years. The Greater Miami Chamber of Commerce annual members meeting featured a presentation on smart cities and advance air mobility (AAM), an emerging field…

Construction jobs fall along with building permits

The impact of a more than 20% drop in South Florida residential construction permits issued in 2022 from the 2021 total is showing up in a declining number of Miami-Dade construction jobs this year. Miami-Dade’s construction job loss in April from April 2022 resulted in 2,500 fewer persons at work, a 4.8% job decline, according to figures from the US Bureau of Labor Statistics.

Businesses struggle as Flagler Street renovation downtown digs on

Not long before closing for the evening, Charles Zaine stood outside his sporting goods store on East Flagler and couldn’t help but notice what had brought him uncertainty for months – a renovated street in downtown Miami without foot traffic. The Flagler Street Beautification Project, designed to transform Flagler Street from Biscayne Boulevard to Northwest First Avenue…

E11EVEN Residences Beyond Breaks Ground Following $262M Construction Loan

Property Markets Group and E11EVEN Partners have secured a hefty $262 million construction loan and turned the first dirt on their second tower, E11EVEN Residences Beyond. This significant step forward paves the way for adding a remarkable 700-foot, 65-story skyscraper to Miami’s skyline, set to rise at 90 Northeast 11th Street in District 11 at Park West. Sieger Suarez…

New Design Submitted For 2000 Wynwood

New plans have just been sent to Miami’s Wynwood Design Review Committee for an apartment building in Wynwood. Previously, plans for the site were submitted to the UDRB for project with a similar unit count. The new plans show that the 12-story project is now proposed to include: 310 residential units 9,416 square feet of retail 308 parking spaces The parking garage…

Service Properties Trust Purchases Nautilus by Arlo Hotel in Miami Beach for $165.4M

Service Properties Trust, a hotel and retail REIT managed by Massachusetts-based RMR Group, has purchased Nautilus by Arlo, a 250-room hotel located at 1825 Collins Ave. in Miami Beach. Quadrum Global sold the beachfront hotel for $165.4 million. Paul Weimer, Christian Charre and Jennifer Jin of CBRE Hotels, along with Scott Ellman, Alyssa Kidd and Peter Flexner of…

Service Properties pays $165M for Nautilus Hotel in Miami Beach

Service Properties Trust dropped $164.5 million to acquire Miami Beach’s Nautilus Hotel. The Newton, Massachusetts-based Real Estate Investment Trust, or REIT, paid about $661,000 per key for the 250-room Art Deco oceanfront property, a press release states. Completed in 1950, the eight-story building at 1825 Collins Avenue was designed by Morris Lapidus. The late architect also…

Penske Buys Miami-Dade County Site For New Location In Doral

Penske Truck Leasing purchased a Doral property to establish a new location for its business. Hackney Properties LLC, managed by Robert Hackney in Palmetto Bay, sold the 4-acre property at 9200 N.W. 58th St. for $14.15 million to Reading,  The site contains a 45,015-square-foot industrial building. The site last traded for $950,000 in 1989. “Despite the higher interest rates, there…”

Newmark Arranges $91 Million Financing of Kushner Companies and Block Capital Group’s Wynwood 27 & 28

Newmark announces it has arranged a $91 million loan on behalf of Kushner Companies and Block Capital Group for the refinancing of Wynwood 27 & 28. The property is on NW 27th Street (adjacent to NW 2nd Ave) in Miami’s highly trendy, up-and-coming Wynwood submarket.   The Newmark team was led by Jordan Roeschlaub and Dustin…

Infinity Gardens Apartments Proposed for 14505 Southwest 260th Street in Homestead

Developers have proposed Infinity Gardens Apartments, a 773-unit apartment complex south of Miami-Dade County. The mixed-use venture would require more than 50,000 square feet of new construction at 14505 SW 260th Street, along with anywhere from 7,500 square feet to 10,000 square feet of retail. The Real Deal lists BSB Global Enterprises as the developer.

Brandon Shpirt proposes 773 rentals on Miami-Dade site partly outside UDB

Developer Brandon Shpirt wants to build a 773-unit apartment project on a south Miami-Dade County site that is partly outside the Urban Development Boundary. Shpirt, who leads Miami-based BSB Global Enterprises, proposes the six-story complex on 13.8 acres at 14505 Southwest 260th Street near the Naranja neighborhood, according to an application filed to Miami-Dade…

Wynwood Crossing At 2000 North Miami Avenue Gets Updated Design By Leo A Daly

Clearline Real Estate has revealed an updated design for its proposed 12-story mixed-use development at 2000 North Miami Avenue in Wynwood. The project, now named Wynwood Crossing and alternatively referred to as 2000 Wynwood or 2000 North Wynwood, has showcased a refreshed look in recent images in a waiver application submitted to Wynwood’s Design Review…

Miami’s Hot Investment Sales Market Takes An Ice Bath

The flood of investment sales spurred by the pandemic in Miami has turned into a trickle. Commercial real estate sales in Miami fell to $194M in the first quarter, down 80% from the same period last year, according to a report from Dwntwn Realty Advisors. The decline, which was felt across all asset classes, returned transaction volume to near pre-pandemic levels as increased interest…

New York Developer Launches First Miami Project In Edgewater

New York-based SB Development kicked off sales Wednesday at a condo project in Miami’s Edgewater neighborhood, the first of multiple South Florida multifamily projects the developer has planned as it joins a wave of other New York-based developers that are looking to capitalize on the movement of residents out of the Empire State. SB Development has partnered with another…

52-Story Tower Pitched For Downtown Miami As Investor Gil Blutrich’s First South Florida Project

Plans for a 52-story multifamily tower in Downtown Miami are moving ahead after the site’s owner secured a $12M bridge loan to advance the project. The family office of investor Gil Blutrich secured the loan for the planned development on a 0.6-acre parking lot at 130 Southeast First St., according to a release. The Israeli-Canadian entrepreneur is planning a 545-unit multifamily…

Blutrich plans 52-story apartment tower in Downtown Miami

Israeli-Canadian real estate investor Gil Blutrich wants to build a 52-story apartment tower in downtown Miami, marking his first South Florida development. Blutrich Holdings, a Toronto-based family office founded by Blutrich, plans a 545-unit building on a 0.6-acre parking lot at 130 Southeast First Street, according to a news release from the firm that arranged financing for the project.

Another: Groundbreaking Announced For Second E11EVEN Tower In ‘District 11’

Developers of E11EVEN Residences Beyond have announced that they have broken ground on the 65-story tower. PMG and E11EVEN Partners said in a press release that they have secured a $262 million construction loan. Over 80 percent of the building has been sold, the release said. The area is now being referred to by the developers as District 11. Two 65-story towers are now…

Bill Fuller, Martin Pinilla win $63M verdict against Joe Carrollo

A Fort Lauderdale jury vindicated Bill Fuller and Martin Pinilla in their five-year legal fight with Miami commissioner Joe Carollo. On Thursday, jurors sided with the Little Havana developers, awarding them $63 million in damages against Carollo, court records show. The jury found Carollo guilty of violating the first amendment rights of Fuller and Pinilla, who own the popular…

Here’s When 1266′ Cranes For 100-Story Waldorf Astoria Scheduled To Be Installed

A filing with the Federal Aviation Administration yesterday provided new details on the construction cranes planned to help build Miami’s 100-story Waldorf Astoria supertall tower. Two tower cranes are planned to rise 1255 above ground level, or 1266 feet above sea level, the filing states. The work schedule for the cranes is estimated to run from October 24, 2023 to August 23, 2027.

Time Out Market Vendors Given Two Hours’ Notice of Food Hall’s Closing

The food hall, which opened in 2019, will close at the end of the day on June 30, 2023, according to a statement provided by the market The closing announcement was released on Time Out Miami’s Instagram around noon yesterday, June 1. The market’s co-CEO of operations, Sandy Hayek, said, “We want to thank our team, our chefs and restaurateurs who truly are the…

Don’t believe the hype: The true story of South Florida’s office space

A pair of sand-colored Weston Corporate Campus office buildings sit vacant, devoid of any employee chatter. That’s because tech firm Ultimate Kronos Group left the two-story complex at the start of the year and consolidated into its other South Florida space. To the south, tucked between Miami Lakes’ leafy suburban streets, a two-story, 34,000-square-foot light beige building…

Key International and 13th Floor Investments Acquire Vacant Site for New Mixed-Use Development in Coral Springs, Florida

A joint venture between Miami-based real estate developers Key International and 13th Floor Investments has acquired a 4.2-acre vacant site in Broward County’s City of Coral Springs for $8 million where the team plans a mixed-use residential and retail development. “Coral Springs has evolved tremendously in the last couple of… The post Key International and 13th Floor Investments…

Key International, 13th Floor Investments Plan Mixed-Use Project in Coral Springs, Florida

A joint venture between Miami-based Key International and 13th Floor Investments has acquired a 4.2-acre site in Coral Springs for $8 million, with plans to develop a mixed-use project at the property. Plans for the development include 377 residential units, 11,525 square feet of ground-floor retail space and a 629-space parking garage. A construction timeline was not disclosed.

Construction Starts on Hanover Riverwalk at 477 S.W. First Avenue in Fort Lauderdale

Construction has officially started on Hanover Riverwalk, a mixed-use 36-story venture in Broward County. Costing more than $120 million to complete, the tower will comprise 380 apartments and 2,700 square feet of retail. Units will measure 750 square feet to 1,440 square feet, ranging from one-bedroom to three-bedroom homes. Florida YIMBY reported on this project in February 2022…

Related Group Breaks Ground on Casamar Residences in Pompano Beach, Rapidly Approaches Sell-Out

On May 23, Premier real estate developer, the Related Group (Related), broke ground on Pompano Beach’s newest beachside condominium,Casamar Residences. Set upon nearly 300 feet of pristine white sand, the boutique luxury property will house only 119 oceanfront condos with world-class designs by the award-winning Arquitectonica and The Rockwell Group.

Related, BH buy Chetrit’s Pompano Beach dev site for $48M

Related Group and BH Group can’t get enough of each other. Teaming up for the sixth time since 2001, the firms bought a Pompano Beach development site for $47.5 million, The Real Deal has learned. A spokesperson for the joint venture confirmed Related and BH acquired a 3.7-acre waterfront property at 20 North Ocean Boulevard that has site approval for a mixed-use…

Legacy @ 45th Street Planned for 3430 45th Street in West Palm Beach

Spectra Organization is working on Legacy @ 45th Street, an affordable housing development in Palm Beach County. The non-profit’s community will comprise 48 apartments, measuring about 680 square feet to 1,080 square feet each. Units will range from one-bedroom to two-bedroom layout plans, aimed at tenants making up to 80 percent of the area median income.

Legal Considerations for Commercial Real Estate Transactions: What You Should Know

Transactions involving commercial real estate can be complicated and necessitate careful attention to legal issues. Understanding the legal ramifications is essential to protecting your interests and ensuring a successful transaction whether you are buying, selling, leasing, or investing in commercial properties. The main legal factors for commercial real estate transactions will be…

The Importance of Due Diligence in Real Estate: Uncovering Hidden Risks

Thorough due diligence is essential when it comes to real estate purchases in order to safeguard your investment and minimize potential hazards. Proper due diligence allows you to find any buried problems or obligations that could affect the transaction, whether you are buying, selling, or leasing a property. The significance of due diligence in real estate will be discussed in this…

Commercial Real Estate Deal Volume Down Markedly in Florida

Following a year that saw record levels of investment sales activity across multiple sectors, total deal volume for the first four months of the year is down markedly in Florida. Comparing the period of January through April of this year to the same period a year ago shows a combined decline of 64% in overall investment sales volume for all property types in the state. While total four-month…

JP Morgan’s 2023 midyear commercial real estate outlook

Economic uncertainty remains high for commercial real estate through the rest of 2023. There are plenty of big questions—including the interest rate environment and the future of office space. But there are also positives: Multifamily and industrial continue to perform well, and the industry may have underestimated the strength of neighborhood retail. Keep an eye on these commercial…

No-buy zone: Florida’s ban on some foreign buyers has industry scrambling for response

Gov. Ron DeSantis’ crackdown on foreign investment is having ripple effects on Florida real estate. Senate Bill 264 bans nearly all purchases by Chinese nationals and China-based companies. It also bars buyers from what the state deems “countries of concern,” including Venezuela and Russia, from purchasing agricultural land in the state, as well as any real estate within…

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June 7, 2023

Miami Commercial Real Estate News May 31, 2023: E11even Snags $262M Construction Loan, Expands Project; Miami & Miami Beach 2023 Q1 CRE Sales Decline; More…

PMG, E11even Partners score $262M construction loan, expand project

The developers of two E11even-branded condo towers in downtown Miami closed on a $262 million construction loan for the second planned high-rise and expanded its size, The Real Deal has learned. New York and Miami-based Property Markets Group, and E11even Partners, led by Marc Roberts and Michael Simkins, secured the financing from New York-based Madison Realty…

Miami and Miami Beach commercial sales volume plunges 80% in first quarter

Miami’s sizzling commercial real estate sales run is fizzling, a recently released report shows. In the first three months of this year, total sales volume hit $194 million, a whopping 80 percent drop compared to the same period of last year, when deal flow hit $977 million, according to Dwntwn Realty Advisors, led by Tony Arellano and Devlin Marinoff. The report focused on all…

52-Story Clear Residences Moving Through Planning Approval

Miami’s Planning Department is now reviewing a proposal for a 52-story tower called Clear Residences. The project is proposed on a 23,750 square foot lot currently used as surface parking. According to a December 2022 Letter of Intent and plans filing, Clear Residences is proposed to include: 545 residential units (average unit size 773 square feet); 4,190 square feet ground floor retail…

Arquitectonica-Designed Tower Proposed Near Aventura

Plans for a mixed-use building in Ojus have been filed with Miami-Dade planners. The project is proposed to rise 20 stories and include: 125 multi-family residential units, inclusive of 10% workforce; housing units (on levels 7 through 11); 90,960 square feet of office (on levels 2 through 4, and 14 through 20); 5,470 square feet of retail; 298 parking spaces (on levels 2 through 5). Arquitectonica…

Newmark Arranges $91M Refinancing for Wynwood Mixed-Use Development

Newmark has arranged a $91 million loan for the refinancing of Wynwood 27 & 28, a mixed-use project currently underway in the Wynwood neighborhood of Miami. Upon completion, the development will feature 52,000 square feet of office space, 33,000 square feet of ground-floor retail space, 152 residential units and 232 parking spaces. Jordan Roeschlaub, Dustin Stolly…

Wynwood’s Tech And Finance Boom Sparks Development Blitz

From coast to coast, formerly industrial areas are being transitioned into white hot urban enclaves. None, however, are as sizzling as Miami’s Wynwood, a neighborhood north of downtown Miami and Overton, and bordering Edgewater. A destination for Puerto Rican immigrants beginning in the 1950s, Wynwood went from being known as “Little San Juan” to a mecca for 21st Century…

Blackstone, Link Logistics buy northwest Miami-Dade industrial site for $16M

Blackstone teamed up with its subsidiary Link Logistics to buy an industrial site in northwest Miami-Dade. The joint venture paid $15.5 million for a boat and truck yard spanning 6.3 acres at 7320 Northwest 61st Street, according to records and Vizzda. The property also has a 5,000-square-foot warehouse completed in 1975. The seller is an entity managed by Stuart Davant in Miami.

Kushner Cos., Block Capital Group Snag $91M Refi Loan

Newmark has arranged a $91 million loan on behalf of Kushner Companies and Block Capital Group for the refinancing of Wynwood 27 & 28. The property is on NW 27th Street (adjacent to NW 2nd Ave) in Miami’s highly trendy, up-and-coming Wynwood submarket. The Newmark team was led by Jordan Roeschlaub and Dustin Stolly, Co-Presidents of Debt & Structured Finance…

Okan Tower Unveils First Renderings Of Hilton Miami Bayfront Hotel

In an anticipated unveiling, Okan Tower, the up-and-coming mixed-use titan set to redefine the contours of Downtown Miami’s skyline, recently showcased the first imagery of its Hilton Miami Bayfront Hotel. Presented through the lens of the impressive lobby entrance, the reception locale, and the cosmopolitan lobby bar, the distinguished design, an artistic achievement of esteemed…

Former Opa-Locka Hialeah Flea Market to Operate as Industrial Space

The former site of the Opa-Locka Hialeah Flea Market will soon find new life as a $90 million industrial center. Per the South Florida Business Journal, the facility will comprise close to 740,000 square feet of new construction spread across six low-rise buildings. Plans call for 765 parking spots, which is expected to accommodate the 700-plus employees that could work there.

FAA Application & Demolition Permit Filed At 600 Miami Worldcenter

An application has been filed with the Federal Aviation Administration for the 600 Miami Worldcenter project. A demolition permit has also just been applied for. According to the May 23 filing with the FAA, the tower will rise 327 feet above ground, or 339 feet above sea level. According to the May 16 demolition permit filing with Miami’s Building Department, a total of 5,000 sf…

First Look At Julia & Henry’s, Opening This Week in Downtown Miami

Julia & Henry’s is nearly ready to open, new photos by Phillip Pessar show. Opening to the public is scheduled for Saturday, June 3, according to the Miami New Times. It will be one of the largest concentrations of award winning chefs in the nation, the report said. A total of 26 different food and beverage venues will be spread over seven levels. The complex is opening…

$15M Sale of Greenview Hotel in Miami Beach Brokered

CBRE has brokered the $15 million sale of Greenview Hotel, a 45-room boutique hotel located at 1671 Washington Avenue in Miami Beach. Natalie Castillo and Austin LaPoten of CBRE Hotels represented the seller, an entity doing business as Greenview Hotel LLC, in the transaction. The buyer was a private investor with other South Florida hotels in its portfolio.

Miami Beach considers plan to raze Jackie Gleason, build anew

A new Fillmore Miami Beach Theater concept presented to Miami Beach’s finance committee by Live Nation Entertainment would raze the landmark Jackie Gleason Theater and build a new venue closer to Washington Avenue that Live Nation would run on a 20-year lease. The finance committee voted to have the city commission examine the proposal and its potential funding opportunities.

City of Miami huddles with developers to add hotel at Olympia Theater

Restoration of the historic Olympia Theater and Tower is temporarily stalled as the city is engaged in talks with developers after none responded to a request for proposals. On Aug. 24, 2022, the City of Miami requested proposals for the improvement and lease of the theater at 174 E Flagler Street downtown to find a responsible operator for the aging landmark. The period for…

Year delay adds to cost of South Dade Transitway

Add $3.7 million to the cost of the South Dade Transitway, one of the six corridors of the Strategic Miami Area Rapid Transit (Smart) Plan and the only corridor already under construction. A one-year delay to begin Transitway operation announced a year ago as supply chain issues choked off concrete, steel and fiber strands needed for the communications and technology systems along…

Coral Gables sends mobility hub back to drawing board

Coral Gables city officials are taking a step back to reimagine the architecture of the Coral Gables Mobility Hub. The Coral Gables City Commission last week instructed city staff to work with construction design developers M. Arthur Gensler Jr. & Associates Inc. to redesign a third look of the mobility hub at 245 Andalusia Ave. Residents desire a more open, green and art deco-style…

Freedom Tower closed for repairs until its 2025 centennial

Miami Dade College’s Freedom Tower officially closed to the public in May to prepare for the building’s capital renovation work. The $25 million state-funded renovation of the historic 289-foot Freedom Tower at 600 Biscayne Blvd. will focus on urgent structural repairs, like pipes, improving water and sewer infrastructure and outside restoration. A reopening commemorating…

Ricadri Group Proposes 90-Unit Multifamily At 21320 SW 112th Avenue In Goulds Area of Miami-Dade

Miami-based Ricadri Group, headed by Adriana S. Guerrero, has filed plans for an 8-story multifamily project in Goulds… Designed by PPKS Architecture… would comprise roughly 110,037 square feet of space, including 90 multifamily units, commercial space, and 129 parking spaces. The project is proposed on a 2.61-acre site at 21300 and 21320 SW 112th Avenue, minutes…

Demolition Permit Issued For Miami Worldcenter Site Where Naftali Group’s 65-Story Tower Will Rise

Demolition permits have been issued for the 26,946-square-foot building at 1016 Northeast 2nd Avenue, the eastern parcel of Miami Worldcenter’s Block A. The building, which formerly served as the sales center for the Paramount Miami Worldcenter, is set to be completely razed to pave the way for an ambitious new development. TNG MWC LLC, an affiliate of the New York,,,

Developer Jaimito Ventures LLC Proposes Mixed-Use Venture at 1477 NW 79th Street in Miami

A vacant 0.36-acre lot could soon be home to a mixed-use venture in Miami-Dade County, Florida. Developer Jaimito Ventures LLC owns the property, having purchased it for $625,000 in February. It hopes to get approval from city officials for a five-story, 52-apartment complex. Homes will measure about 500 square feet to 760 square feet, offering one-bedroom to two-bedroom,,,

$250M Fund Targets South Florida Developments

Miami. Image by Jessica45 via Pixabay Participant Capital Advisors, a Miami-based real estate investment firm that manages private equity real estate funds, has launched a multifamily development investment vehicle targeting Sun Belt communities with a focus on Florida. Participant Capital Sun Belt Multifamily Development Fund I has a fundraising target of $250 million.

GID Acquires Biscayne Shores 240-Unit Garden Style Multifamily Advenir

GID has expanded its Miami footprint with the acquisition of Advenir at 12016 NE 16th Avenue in Biscayne Shores, a 240-unit garden-style community. Advenir at Biscayne Shores offers one-, two- and three-bedroom units ranging from 733 to 1,319 square feet. The apartments have walk-in closets and in-unit washers and dryers, with select units offering private patios and balconies.

Okan Tower Unveils New Renderings Of Hilton Hotel, Completes Supertall Piling Test

New renderings of the Hilton Hotel planned inside the Okan Tower “megaplex” have been revealed. The developers also announced they had passed rigorous new piling tests mandated by the City’s building code for supertall towers. The Hilton will be located on levels 13 through 30 of the 70-story tower, and will include 316 keys. The renderings show the lobby entrance, reception area…

Jorge Perez’s Related, partners can move ahead on North Miami condo project

Related Group, Teddy Sagi and BH Group got the green light to redevelop a shuttered waterfront hotel in North Miami. The North Miami City Council voted 5-0 on Tuesday to approve a site plan for Icon Residences, a proposed 10-story condominium with 53 units and 114 parking spaces at 2305 Northeast 123rd Street, according to video of the meeting. The 1-acre waterfront…

Yoram Izhak’s IMC scores $44M construction loan for West Little River 161-unit multifamily & self-storage project

IMC Equity Group scored a $43.8 million construction loan for a multifamily and industrial project in West Little River… IMC, led by Yoram Izhak, plans a pair of six-story apartment buildings with 161 units, combined, and an adjacent four-story, roughly 123,000-square-foot self-storage facility at 2751 and 2795 Northwest 84th Street and 8400 Northwest 27th Avenue, according…

Construction Permit Filed At 56-Story Edition Residences in Edgewater

A construction permit has been applied for to begin building the 56-story Edition Residences in Edgewater. A separate construction permit to build a seawall has also been applied for. A total of 187 residential units are planned in the 56-story Edition, along with a 13-level parking garage and 3,500 square feet of office, the permit filing states. Total new construction is listed at…

As National Office Market Chills, Miami Sizzles

While office markets across the country continue cooling, Miami’s is ramping up the heat. With nearly 35 million square feet of negative net absorption across the country in the past 12 months, office tenants in most markets are clearly shedding space. But that’s not the case in Miami, where leasing activity over the same period accounted for 1.3 million square feet of net absorption last year.

What Commercial Real Estate Slump? Everything Is Sunny in South Florida

Miami’s newest office tower is still under construction, but it’s earned a distinction that eludes most other U.S. office buildings: It’s full. More than six months before the 55-story glass tower 830 Brickell even opens, all 640,000 square feet of its available space have been leased at rents that are double the landlords’ initial estimates and set records for Miami’s office market.

Miami’s Thriving Real Estate Market Attracts International Rainmakers Despite Challenging Conditions

Amidst less-than-ideal market conditions, South Florida’s real estate market continues to flourish, thanks to the unwavering confidence of international investors. Miami, in particular, has become a favored destination for global capital, attracting prominent figures who remain bullish on the city’s potential. One notable example is Mariano Borges, the CEO and Founder of Menessee International…

Construction at Aston Martin condo tower resumes after subcontractor filed bankruptcy

Aston Martin Residences’ construction is resuming after a subcontractor working on the downtown Miami luxury condo tower reached an agreement with the general contractor. Edgewater Construction, a Miami-based stucco and drywall company, filed for Chapter 11 bankruptcy in March, creating a two-month delay for the project at 300 Biscayne Boulevard Way. Cost increases…

Major Food Group cancels Miami Beach lease

Sadelle’s won’t be coming to Miami Beach’s 1212 Lincoln, as Major Food Group canceled its lease at Crescent Heights’ mixed-use project under construction. Major Food, the New York-based hospitality firm, led by Mario Carbone, Jeff Zalaznick and Rich Torrisi, pulled out of a lease for a 10,000-square-foot space at the five-story building rising on the 1600 block of Alton Road…

IHG Hotels & Resorts Breaks Ground on New Miami EVEN Hotels Property

IHG Hotels & Resorts, one of the world’s leading hotel companies, recently celebrated the ceremonial groundbreaking of its new EVEN Hotels property in suburban Miami. Located within the vibrant and growing Miami community of the same name, EVEN Hotel Sweetwater – Doral is projected to open in time for the busy summer travel season in 2024. EVEN Hotel Sweetwater…

Hollywood Courtyard by Marriott Planned for 1926-1934 Tyler Street in Hollywood

Hollywood Courtyard by Marriott is unfolding in Hollywood, Florida. Per Adache Group, the 13-story venture will offer 112 guestrooms, ranging from single-bed to multi-bed accommodations. The Real Deal reports that the hotel will cost $30 million to complete. In addition to its rooms, the venture will comprise many amenities, including a swimming pool, Starbucks, meeting rooms…

HTG scores $61M in construction financing for Hollywood affordable housing project

Housing Trust Group landed $61 million in construction financing for a multifamily project in Hollywood. Florida Housing Finance Corp., or FHFC, provided a $50 million mortgage for University Station, a proposed two-building, eight-story complex with 216 apartments at below market rents, according to records. Housing Trust Group, Or HTG, also obtained a $10.6 million State…

Related, BH plan $50M Hilton-branded hotel next to Diplomat Beach Resort

Related Group and BH Group plan a Hilton-branded hotel next to the Diplomat Beach Resort in Hollywood. The developers are proposing a $50 million, 42-story tower with 500 rooms or condo-hotel units at 3451 to 3690 South Ocean Drive, according to a site plan and documents submitted to the city of Hollywood. The joint venture has not decided if the project will be a full hotel…

Former Plantation Mayor Charged With Falsifying Records To Help Developer

Former Plantation Mayor Lynn Stoner was arrested Tuesday after being accused by Broward County prosecutors of falsifying business records to allow a developer to proceed with a project despite code violations. Stoner, who lost her re-election campaign last year, is facing a felony charge of official misconduct and three misdemeanors, including two counts of influencing…

CC Homes buys Sunrise golf course, plans 900-home development

Developers Armando Codina and Jim Carr purchased a Sunrise golf course with plans for a 900-home project, marking continued redevelopment of South Florida’s greens and fairways. CC Homes, led by Codina and Carr, bought the 160-acre shuttered Sunrise Country Club at 7400 Northwest 24th Place from an affiliate of South Florida real estate investor Roland DiGasbarro for $12.3 million…

Related Group Breaks Ground on Pompano Beach Condo Tower

Casamar Residences. Rendering courtesy of the Related Group The Related Group has broken ground on Casamar Residences, a 21-story condominium project in Pompano Beach, Fla. Arquitectonica and The Rockwell Group are the designers behind the 119-unit the development, scheduled for completion in 2025. Located on a 283-foot stretch of oceanfront, the luxury…

Related Group Breaks Ground On Casamar Residences In Pompano Beach

Earlier this week, the Related Group (Related) celebrated the groundbreaking of Casamar Residences in Pompano Beach. This boutique property is set to occupy nearly 300 feet of pristine white sand and house 119 oceanfront condos. Anticipated for completion in 2025, the development features world-class designs by the acclaimed Arquitectonica and the Rockwell Group….

Aletto at Sanborn Square Gets Redesign at 123 E. Palmetto Park Road in Boca Raton

In January 2022, the team at Florida YIMBY reported on Aletto at Sanborn Square. Now, more than a year later, we’ve learned of some changes to the original proposal. Initially, the venture was to comprise two high-rise buildings, 360 parking spots, and more than 120,000 square feet of new construction. According to the South Florida Business Journal, new plans call for three…

El-Ad National Properties Celebrates Topping Off Of ALINA Residences’ Second Phase in Boca Raton

El-Ad National Properties, an affiliate of Elad Group, has announced the topping off of two structures, ALINA 210 and ALINA 220, in the final stage of ALINA Residences Boca Raton. This residential project, nestled in the heart of downtown Boca Raton, has reached a significant milestone in collaboration with Moss Construction, the general contractor overseeing the…

Cymbal DLT Secures $95M for Denia Beach Refi

Oasis Pointe Residences in Dania Beach, Fla. Image courtesy of Cymbal DLT Cos. Cymbal DLT Cos. has refinanced its 301-unit Oasis Pointe Residences, a newly built waterfront multifamily complex in Dania Beach, Fla., with a $95 million loan from Kookmin Bank and Related Fund Management. The new financing enabled Cymbal DLT, a Miami-based real estate development and…

First Look: New Renderings Reveal Amenities At Olara In West Palm Beach

New renderings have been unveiled, offering a first glimpse at the amenity spaces of Olara, a mixed-use development set to rise 26 stories and approximately 329 feet along West Palm Beach’s Intracoastal Waterway. Situated at 1919 North Flagler Drive in the Currie Park district, this project integrates almost two acres of indoor-outdoor spaces that echo South Florida’s natural beauty…

Developer Wins Yearlong Fight To Replace Palm Beach Raceway With Warehouses

Palm Beach County commissioners reversed course Thursday and unanimously approved a site plan to redevelop the Palm Beach International Raceway into warehouses. The approval comes less than a month after a judge ruled in a nonbinding decision that the county commission had improperly rejected the site plan in January. The judge gave the commissioners 60 days…

Palm Beach County approves 2M sf industrial project on Moroso racetrack

A controversial 2.1 million-square-foot industrial project in north Palm Beach County got the green light this week. Under the threat of costly litigation from the developer, county commissioners voted in favor of New York-based Sixth Street Specialty Lending’s proposed industrial campus on 186.4 acres at the Moroso racetrack at 17047 Bee Line Highway, the South Florida…

Prologis Anticipates Industrial Rents Will Increase 10% This Year

The industrial sector experienced a moment of worry several weeks ago amid the mounting economic and financial sector turmoil. That moment appears to have passed, based on Prologis’ Industrial Business Indicator, which moved back into expansionary territory in April with a score of 56.2, after falling to its lowest level in 30 months for March. Prologis, too, apparently is feeling…

Video: AFIRE CEO Gunnar Branson Discusses His Organization’s Q1 2023 Investor Survey on Foreign Investment in U.S. Real Estate

Gunnar Branson, the CEO of The Association for International Real Estate Investors (AFIRE), joins America’s Commercial Real Estate Show  to discuss aspects of his organizations recent survey; 2023 Q1 AFIRE International Investor Survey. He discusses a generally optimistic tone among international real estate investors in United States Real Estate. He also discusses a chart displaying…

‘Persistent’ Remote Work Could Slash Office Values Nationally By 44%

The researchers who last year predicted $500B in value would be wiped from office buildings nationwide because of remote work gave a chilling update for real estate investors this week: They underestimated the damage. Academics from New York University and Columbia University published a report last summer predicting that New York City office values would drop 28% by 2029…

New Restrictions to the Sale of Florida Real Estate to Foreign Buyers

On May 8, Gov. Ron DeSantis signed Senate Bill 264 codified at Chapter 2023-33, Laws of Florida (the act) into law. This new legislation introduced, among other measures, new restrictions to the sale of Florida real estate to certain foreign entities and individuals. Attorneys, title companies, brokers as well as other players in the real estate industry need to familiarize themselves with this…

Office Valuations Expected To Fall Nationally As Owners Take What They Can Get

Commercial property deal volume has been stuck in low gear since interest rates started their march upward last year, and the lack of deals has stalled a reset in valuations, especially for the beleaguered office sector. But as office owners look to get what they can this year, that reset may be underway, The Wall Street Journal reports, with a particular focus on office properties in New York.

A Guide To Buying And Selling Delinquent Office Space

The fate of the millions of square feet of office space sitting empty in downtowns across the country has the capacity to shift the landscape of the overall economy and commercial real estate. That outcome is increasingly falling into the hands of distressed asset specialists, whose job it is to facilitate the least painful result for troubled properties. New York University professors…

The Fed’s Beige Book: Inflation Moderates but Some Consumers Still Feel the Sting

Economic activity in the Sixth District grew slowly in April and the first half of May, according to the new Beige Book report on economic conditions from the Federal Reserve Bank of Atlanta. The report carried generally good news on prices—many of them are falling or increasing less quickly. However, the Reserve Bank’s contacts who serve low- and moderate-income households…

Faced With Growing Demand, State of Florida Activates Public Land

The news that Florida became the nation’s fastest-growing state in 2022 supports the notion that the wave of people and businesses that began in 2020 is proving resolute and driving heightened demand for housing and commercial real estate across the state’s land-constrained peninsula. Another impact of inbound migration is a surge in demand for public services…

Here’s how Florida’s immigration law could lead to construction turmoil

A new immigration law in Florida targeting undocumented people in the state could take a toll on the construction labor workforce, and ultimately force contractors to raise wages and benefits to become more competitive. In the days after Senate Bill 1718 became law, videos of empty construction job sites and farms went viral online. Some workers reportedly feared they…

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May 31, 2023

Video: AFIRE CEO Gunnar Branson Discusses His Organization’s Q1 2023 Investor Survey on Foreign Investment in U.S. Real Estate

Gunnar Branson, the CEO of The Association for International Real Estate Investors (AFIRE), joins America’s Commercial Real Estate Show  to discuss aspects of his organizations recent survey; 2023 Q1 AFIRE International Investor Survey. He discusses a generally optimistic tone among international real estate investors in United States Real Estate. He also discusses a chart displaying trends in preference for commercial property types. Also notable, perhaps more so for South Florida commercial property investors, was that 86% of respondents did not think that the industry is appropriately pricing climate risks in its proformas and valuations.

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May 31, 2023

Video: Director of Research and Analysis at RealPage Carl Whitaker on Student Housing’s Thriving Market Trends and Investment Opportunities

The conversation in this video revolves around the topic of student housing in the commercial real estate market. The host of the show is joined by Carl Whitaker, the Director of Research and Analysis at RealPage, to discuss the current performance, trends, and future outlook of student housing properties.

The discussion begins with an overview of the rising interest in student housing from various investors, including equity and operating partners diversifying their holdings. Carl Whitaker highlights the strong performance of student housing properties over the past six to twelve months, with key metrics such as pre-lease, current occupancy, and year-over-year rent change reaching or approaching all-time highs.

One of the factors contributing to the robust performance is the late recovery nature of student housing compared to the conventional market. The return of students to campuses, coupled with a shortage of available apartments near campuses, has driven rent growth in student housing. Additionally, the discussion touches on the changing dynamics of enrollment growth, with certain types of campuses, particularly large brand name institutions, experiencing increased enrollment.

The conversation delves into the issue of new supply in student housing. Carl Whitaker notes a shift in construction trends and mentions that major metropolitan areas and campuses transitioning from commuter style to resident living present strong development opportunities. However, the challenges of navigating local political structures and neighborhood fabric can impact the delivery of new supply.

Financing for student housing properties is explored, highlighting the role of regional banks in providing construction financing. The conversation touches on the strong pre-leasing activity for the next school year, with record levels noted in various months. The difference in cap rates between conventional apartments and student housing is discussed, with student housing generally having higher cap rates.

Looking at the forecast for student housing, Carl Whitaker initially expresses a conservative outlook due to factors such as the slower growth in the 18 to 24-year-old population and affordability challenges related to tuition. However, unforeseen circumstances, including the return of students to campus and a rapid rebound in international enrollment, have shifted the outlook through 2025 and into early 2026.

The conversation also covers recent mergers and acquisitions in the student housing sector, highlighting the significant ACC and Blackstone acquisition. Carl Whitaker predicts a trend of consolidation in the industry, with larger players acquiring smaller ones, especially as technology and centralization become more important.

The discussion concludes with considerations for the audience, emphasizing the importance of campus-level dynamics in student housing investments and advising diligence in analyzing individual campuses. The final thoughts also include a reminder not to use the current performance levels as benchmarks for future expectations, considering the late recovery nature of student housing.

Overall, the conversation provides valuable insights into the current state and future trends of the student housing market within the commercial real estate sector.

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May 29, 2023

Miami Commercial Real Estate News May 24, 2023: Miami River Hyatt Supertall Renderings; Museum Tower Sells for $74M; 3 Towers Approved as More Proposed; More…

Potential Brickell Key Supertall Exempted From UDRB Review

A new development on Brickell Key would not need to have a hearing before Miami’s Urban Development Review Board, according to a letter issued by Miami’s Department of Zoning. The Department of Zoning letter was issued in February 2022 to a Greenberg Traurig land use attorney, who had requested a zoning verification request for property at 750 Claughton Island Drive.

Miami Commission Unanimously Approves Waivers At Hyatt Supertall Site: New Renderings

Miami commissioners voted unanimously on May 11 to approve waivers needed for the Hyatt Regency redevelopment in downtown Miami. New renderings of the supertall tower have also been released. The $1.7B development is planned to include three towers, with the tallest at 95 stories, or 1,049 feet. There will be 1,806 apartments, a 615-room Hyatt Regency hotel…

New Renderings Emerge of Hyatt And Gencom’s Planned Miami Riverbridge Development In Downtown Miami

New renderings have surfaced for Miami Riverbridge, an ambitious, three-tower mixed-use venture designed by Arquitectonica to redefine Downtown Miami at 400 Southeast 2nd Avenue. The colossal development will rise from the grounds of the existing Hyatt Regency Miami and James L. Knight Convention Center, making way for a new era in Miami’s real estate…

Moishe Mana pays $74M for Museum Tower in downtown Miami

Moishe Mana, downtown Miami’s biggest property owner, bought the Museum Tower office building for $73.8 million. Mana purchased the 28-story building at 150 West Flagler Street, with a plan to lure attorneys and others in the legal profession, he confirmed to TRD. Although he declined to disclose the price, social media real estate firm Traded reported it as $73.75 million.

Lodging, condo hotel due in trio of West Brickell towers

Plans for the third in a trio of mid-rise residential buildings planned for a site in West Brickell have been filed with the City of Miami. Owner-developer Smart Corner LLC plans a 23-story mixed-use residential building, Smart Brickell Luxe, at 885 SW Third Ave. The new building will become home to 74 lodging units and 53 residential and condo hotel units. The city’s Urban…

Casa Tua condo tower, Smart Luxe condo-hotel and Wynwood mixed-use project score approvals

Fortune International Group, Habitat Group and Bazbaz Development scored key approvals for three separate projects in Miami’s Brickell and Wynwood neighborhoods. Last week, the Miami Urban Development Review Board gave its seal of approval for a 70-story Casa Tua-branded tower at 1210 Brickell Avenue; a 23-story condo-hotel called Smart Brickell Luxe at 885 Southwest Third Avenue…

76-story Brickell tower will raze office building parking garage

A new mixed-use residential skyscraper is coming to the Brickell neighborhood in Miami. The owner-developer, 1210 Brickell LLC, plans to build a 76-story mixed-use tower with 540 residential units and 955 parking spaces at 1210 Brickell Ave. The project will also include an additional 53,841 square feet of office uses, in addition to the existing 231,500 square feet of office use…

Doug Levine lists Wynwood dev site for $30M

Doug Levine is listing three Wynwood retail buildings primed for redevelopment, with an asking price of $30 million. The Crunch Fitness founder and real estate investor is looking to sell the fully leased properties at 2324-2328 North Miami Avenue and 36-38 Northwest 24th Street, according to an offering. Dwntwn Realty Advisors is handling the listing. Levine paid a combined $5.9M…

Brightline Construction Project 93% Complete, Substantial Completion Expected In June

Brightline has provided a construction update on its project that will bring fast train service between Miami and Orlando. The project is now over 93% complete, according to a report issued to investors in Monday. Substantial completion is expected in June 2023. Ticket sales recently launched for dates starting September 1 and beyond (but the service start date could come…

830 Brickell Office Tower Nearing Completion, Over 90% Leased

Brickell’s first new standalone office tower in over a decade is nearing completion, with over 90 percent of space leased. According to a February press release, global financial firm Rothschild & Co. signed a lease for 5,000 square feet of space. Rothschild will join a roster of tenants at 830 Brickell that includes Microsoft, Citadel, Kirkland & Ellis, Sidley Austin, Winston & Strawn LLP…

OKO Group And Cain International File FAA Permits For Another 649-Foot-Tall Tower In Edgewater

Developers are looking to further reshape Miami’s skyline with plans for another high-rise in the city’s burgeoning Edgewater neighborhood. OKO Group, the Miami-based development firm established by international real estate mogul Vladislav Doronin, and its partner, Cain International, have filed with the Federal Aviation Administration (FAA) to construct a 649-foot…

Another 649 Foot Tower Planned In Edgewater

Developers have filed to build yet another 649 foot tower in Edgewater. The filing was made with the Federal Aviation Administration on May 17, records show. According to the filing, the tower will rise 645 feet above ground or 649 feet above sea level, which is the maximum permitted by aviation rules in the area. The project site is located at the end of 27th Street. Currently, the property…

Codina Partners Acquires Former Sears Site at Westland Mall in Hialeah

Codina Partners has acquired the former Sears site at Westland Mall in Hialeah for an undisclosed price. The 15-acre parcel has been vacant since February 2020. The locally based buyer, following the closure of the sale, formed a joint venture with Westland Mall owner, Centennial, to redevelop the site and add a mixed-use concept with a residential component. Centennial…

Codina Acquires Vacant Sears In Hialeah, Plans Redevelopment

Codina Partners acquired the site of a former Sears at the Westland Mall in Hialeah, the latest in a wave of development projects for the rapidly growing city. The Coral Gables-based developer paid an undisclosed price for the 15-acre site at 1625 West 49th St. that includes the former Sears, surrounding parking lots and commercial outparcels. Codina is partnering with the…

Harry Macklowe Is Piecing Together A Waterfront Development Site In Miami

New York developer Harry Macklowe is assembling a large development site in Miami’s North Bay Village. An affiliate of his development firm, Macklowe Properties, is in the process of acquiring two sites for more than $58M in the island neighborhood between Miami and Miami Beach, The Real Deal reports. While no plans have been announced, the sites’ likeliest future…

Macklowe assembling waterfront development site in Miami’s North Bay Village

New York developer Harry Macklowe is assembling a large waterfront development site in North Bay Village, where his firm could build hundreds of condos, The Real Deal has learned. The purchases could total more than $58 million. An affiliate of Macklowe Properties is expected to pay $47.7 million for the 3-acre Biscayne Sea Club co-op at 8000, 8010 and 8020 East Drive in…

Florida Number 1 in Self-Storage, $1.6B in Transactions

According to a recent report, Miami’s hyperactive real estate market has created an opportunity in a niche segment of the commercial real estate market. Miami’s commercial real estate had a busy year in 2022, as spending on self-storage space surged to $110 million. StorageCafe’s most recent industry sales report in which analysts gauged the state of the sales market and…

Miami ranks 7th in the US in key commercial real estate segment; Florida ranks #1 with $1.6 billion in transactions

One sector of Miami’s commercial real estate had a busy year in 2022, as spending on self-storage space surged to $110 million. That’s according to StorageCafe’s most recent industry sales report in which analysts gauged the state of the sales market and sought to identify the top self-storage markets based on investment volume in 2022. The Bronx, N.Y., led the way with $235 million…

Northeast Miami-Dade Corridor Commuter Rail Completes Development Phase; Request to Begin Engineering Submitted

Miami-Dade County has completed the Project Development phase of the New Starts program for its Northeast Corridor commuter rail service between downtown Miami and Aventura, Brightline told investors yesterday. The Project Development phase was completed in April, the investor report said. The County submitted its request to the Federal Transit Administration for entry…

36-Story 2000 Biscayne Tower At Top Off ~ Pics

The apartment tower being built at 2000 Biscayne Boulevard in Edgewater is at or near top-off, a new photo shows. The planned top-off height for 2000 Biscayne is 36 stories, or 408 feet above ground. The tower will include 393 rental apartments, 455 parking spaces, and 4,569 square feet of retail. Kushner Companies is the developer.

Rishi Kapoor scores approval for Miami Beach co-living, micro-unit project

Miami Beach commissioners tweaked city development regulations to benefit Rishi Kapoor’s planned co-living and micro-unit project on Washington Avenue. Commissioners voted 6-1 on Wednesday to give final approval to an ordinance that allows for the development of co-living units on the east and west side of the North Washington Avenue district between 15th and 16th…

International visitors send Miami travel industry soaring

Miami-Dade County welcomed more than 26.5 million visitors last year, generating over $20.8 billion, an increase of 8% in tourism revenue over 2021. The Greater Miami Convention and Visitors Bureau stated in its 2022 Visitors Industry Overview report that a total of 26.5 million visitors came to the county last year, with 19.2 million coming for overnight stays and 7.3 million,,,

Commission looks again at big-name airport hotel bids

A mayoral bid for development giants Stephen Ross and Jeffrey Soffer to jointly get a 50-year lease to build and run a four-star hotel at Miami International Airport was pulled off the runway at a committee meeting as Chairman Keon Hardemon called it “one of the most peculiar processes I’ve ever seen.” Reversing a firm stance she took in December against the lease with…

CP Group, Monarch Ink 50,000 SF of Office Leases at Citigroup Center in Downtown Miami

CP Group and Monarch Alternative Capital have announced more than 50,000 square feet of office leasing activity at Citigroup Center, a 34-story office tower in downtown Miami. All four leases at the 810,000-square-foot property closed in the first quarter. The deals include wealth management firm Larch Capital Partners signing for 5,466 square feet; real estate development…

Development Plans Revealed for 20-Story Arquitectonica designed Mixed-Use Tower in Ojus

Plans for a new high-rise are making waves in Ojus, Miami-Dade County, with a 20-story tower designed by Arquitectonica poised to bring an array of apartments, office space, and retail outlets. The developer, Coral Gables-based 18050 W Investments LLC, has set the gears…  The 0.92-acre site, located at 18050 West Dixie Highway and 2560 Northeast 181st Street near…

Approval Requested for Project at 18050 West Dixie Highway in North Miami Beach

18050 W Investments hopes to get approval for a 20-story mixed-use development in Miami’s Ojus neighborhood. The unnamed development will comprise 120 studio apartments and one-bedroom apartments, along with five two-bedroom units. Additionally, plans call for more than 90,000 square feet of office space and 5,580 square feet of commercial space. There is also…

Walker & Dunlop Arranges $140M Refinancing for Soho Beach House Club, Hotel in Miami Beach

Walker & Dunlop Inc. has arranged a $140 million loan for the refinancing of Soho Beach House, a private members club and hotel in Miami Beach. Located along Collins Avenue, the property includes a seven-story main building with 35 suites and amenities and a 16-story beachfront tower comprising 15 full-floor suites. JPMorgan Chase Bank NA…

Soho Beach House Secures $140M Refi From JP Morgan Chase, Citi

Soho Beach House in Miami Beach has secured $140 million to refinance its Miami Beach facility. Situated in a 1940s tower overlooking Miami Beach, the club’s design is inspired by the city’s Art Deco and Cuban heritage, with a pool and ocean-facing rooftop among the highlights. The seven-story main building includes 35 suites and has dedicated amenity space on the first three floors…

Major Biscayne 79 Site Sells For $23M, Paving Way For Mixed-Use Development In Miami

Avison Young’s Florida Capital Markets Group has brokered the sale of a pivotal development opportunity at 7880 Biscayne Boulevard, Miami, known as Biscayne 79. The property, spanning an impressive 3.5 acres, was formerly occupied by the Immigration and Naturalization Service. The transaction was made under the guidance of court-appointed receiver Michael…

Resia Looks To Leverage Live Local Act For Swift Approval Of 948-Unit Project

Miami-based multifamily development firm Resia is asking Miami-Dade County for administrative approval of a 948-unit workforce housing project in Medley, citing rules under Florida’s new Live Local Act that the developer says allow it to skip the public approval process. The application marks one of the first instances in South Florida of a developer seeking administrative…

Resia proposes 948 workforce units in Medley under new Live Local Act

Resia wants to build a 948-unit workforce housing complex in Medley under the Live Local Act, marking one of the first South Florida developers to seize on new legislation that allows them to bypass local approval for projects. The Miami-based firm proposes four 12-story buildings on an 18-acre site at 7701 Northwest 79th Avenue that now consists of a Miami-Dade County…

New Renderings Of Legacy Miami Worldcenter, With Soaring Spire On Top

Developers building the Legacy Miami Worldcenter tower recently submitted revised renderings after acquiring more land for the project. The newly acquired parcel created an opportunity to expand the medical office component, according to a letter from the developers. Legacy will have some of the most unique, high-end design elements in Miami, with a sleek…

MIA’s First Private Terminal Coming Soon: Get Driven To Your Plane, Even On Commercial Flights

Passengers at Miami International Airport will soon be able to avoid the main terminals and be driven directly to their planes, even when flying commercial. The service includes a new private terminal known as PS Miami. The historic Pan American Airways Regional Headquarters will be renovated to create the new terminal, with architect Richard Heisenbottle…

Top 10 Markets for Multifamily Construction; Miami at #3

Image by Russell Holden via Pixabay Key Highlights The top 10 most active metros in the country by volume of units under construction account for 40 percent of the national figure, amounting to 421,972 units. Texas maintained the lead in multifamily construction, with three metros—Austin, Dallas and Houston—making the top 10. Shifting and moderating demand is…

Thor Equities sells Wynwood dev site for $28M

Thor Equities sold a Wynwood site that was previously approved for a mixed-use hotel development for $28 million to a mystery buyer. An affiliate of Thor, led by Chairman Joe Sitt, unloaded the 0.7-acre assemblage at 2724 Northwest Second Avenue, 208 Northwest 28th Street and 229, 235 and 245 Northwest 27th Street in Miami, according to Vizzda. The buyer traces…

Edgewater condo owners sue developer Two Roads over termination

Ten unit owners are fighting Two Roads Development’s termination and planned demolition of their waterfront condo building in Miami’s Edgewater. The owners of eight condos at Biscayne 21 filed the lawsuit in mid-May in Miami-Dade Circuit Court. They allege they were “manipulated, bullied, deceived and pressured” to sell their units to the developer, an affiliate of Miami and…

JSB Lands $220M Recapitalization for Doral Multifamily The Landmark South

The Landmark South. Image courtesy of Yardi Matrix JSB Capital Group has obtained a $219.9 million recapitalization for The Landmark South, a 631-unit multifamily community in Doral, Fla. The capital stack comprises a five-year, $154.1 million senior Freddie Mac loan and $65.8 million in preferred equity from Pensam. JLL Capital Markets arranged the financing. JSB acquired…

JLL Arranges $219.9M Recapitalization for Landmark South Apartment Community in Metro Miami

JLL Capital Markets has arranged the recapitalization of Landmark South, a multifamily community featuring 631 units in the Miami suburb of Doral. The financing comprises a five-year, $154.1 million senior loan through Freddie Mac Multifamily, which JLL Real Estate Capital LLC will service, as well as a $65.8 million preferred equity investment from Pensam.

Miami Beach commissioners approve density bonus in South of Fifth

In Miami Beach’s South of Fifth neighborhood, more density is the carrot. And three hotel owners are the rabbits. And at least one of those hospitality landlords, an affiliate of Miami-based Key International, is eyeing that carrot. The Miami Beach City Commission on Wednesday approved a measure that would encourage South of Fifth hotel owners to redevelop their properties…

Atlantic Pacific plans 116 affordable housing units in Naranja

Five months after scoring a deal to redevelop four public housing complexes in south Miami-Dade County with 605 income-restricted units, Atlantic Pacific is aiming to start a portion of the project. The Bay Harbor Islands-based company proposes 116 affordable units on the 4-acre site of the Heritage Village II public housing complex on the northeast corner of Southwest 270th…

Alta proposes 18-story condominium in North Miami

Alta Developers wants to build a 96-unit condominium on the site of an aging waterfront apartment building in North Miami. The Miami-based development firm, led by Raimundo Onetto, proposes an 18-story building on a 0.8-acre site that is now home to the closed Mid Bay Club Apartments at 11950 North Bayshore Drive, according to an Alta application to Miami-Dade County.

MGM Construction Group Starts Phase 3 of Hallandale Mixed-Use Towers

A rendering of the completed Oasis project. Image courtesy of MGM Construction Group South Florida-based MGM Construction Group has broken ground on the third phase of Oasis Hallandale, a mixed-use luxury project in Hallandale Beach, Fla. This phase of the project will feature 500 condominiums across two 25-story towers. MGM is the general contractor for the $370 million…

Mill Creek plans 395-unit apartment complex in Hollywood

Mill Creek Residential Trust plans to build Modera Hollywood, an eight-story apartment complex with 395 units on the southwest fringe of downtown Hollywood. The Boca Raton-based developer unveiled plans for the project at the company’s preliminary meeting on Monday with the city’s 11-member Technical Advisory Committee, or TAC. Mill Creek will respond to comments by members…

MGM Construction Group Commences Construction On Oasis Hallandale Towers

South Florida’s renowned commercial and residential firm, MGM Construction Group, has announced the commencement of construction on Phase 3 of the highly anticipated 10.8-acre Oasis Hallandale project in Hallandale Beach. The project, developed by Hallandale Oasis 2019 LLC, led by Giuseppe Iadisernia, and spearheaded by MGM as the general contractor, is set to bring…

Staybridge Suites Proposed for 1531 SW 26th Street in Fort Lauderdale

Fort Lauderdale could be home to the first Staybridge Suites in the region. Designed by Adache Group Architects, the eight-story venture would comprise 124 rooms, offering “clean lines and minimalistic and functional features.” The rooms would include king studio suites to two-bedroom double queen rooms. Each one would come with a kitchen and access to a shared laundry…

Spectrum Management Files Plans For 6-Story Development With 81 Multifamily Units And Commercial Space In Fort Lauderdale

In addition to Fort Lauderdale’s evolving real estate market, The Austin, a mixed-use multifamily development, is poised to make its mark at 1201 Northwest 6th Street. Spectrum Management, renowned for its prowess in facilities, construction management, and real estate development based in Washington, D.C., is listed as the developer and seeks approvals from Fort Lauderdale’s…

Kolter’s 100 Las Olas sells out for $178M

Kolter Urban sold its last unit at 100 Las Olas this week, marking a $178 million sellout for Fort Lauderdale’s tallest condo tower. The 113-unit, 46-story tower at 100 East Las Olas Boulevard completed construction in early 2020, and sales have closed since then, records show. The final unit to sell was the tower’s two-story penthouse, closing at $5 million, sources confirmed.

Rausmans sell Lauderdale Lakes apartment/condo complex for $77M

A 612-unit complex with both apartments and condos in Lauderdale Lakes traded for $77.1 million. An entity tied to Juda Klein purchased the 36-acre property at 2690-2770 Somerset Drive from limited liability companies led by Henry and Norman Rausman, according to records and real estate database Vizzda. The buyer secured a $70 million loan from Valley Bank.

The Strada Shopping Plaza at 1019 Lyons Road in Coconut Creek Slated for Expansion

In October 2022, MMG Equity Partners and Mouhalis Capital sought approval for an expansion of Strada shopping center, a mixed-use complex in Coconut Creek, Florida. Now, nearly six months later, they’ve secured approval from city officials. As it stands, the Strada shopping plaza has a Regions bank and 30,000-square-foot medical facility. With the expansion…

Developers win approval to expand Coconut Creek shopping center with Sprouts and more

A joint venture of developers is under contract to buy a Coconut Creek shopping center and won approval to expand it with a Sprouts Farmers Market and more. Strada Plaza, a 7.1-acre retail center near the intersection of Lyons Road and Coconut Creek Parkway, also will add a 1,500-square-foot Cali Coffee shop and a five-story Sentry Self Storage facility with about 120,000…

Construction on the Pearl at 123 S Ocean Avenue in Palm Beach Shores Planned for 2024

The Atlantic Group of Cos. hopes to break ground on the 18-unit Pearl in the first quarter of 2024, with completion planned for the fourth quarter of 2025. The development will measure six stories above grade, ranging from two-bedroom to four-bedroom homes. They range from 2,400 square feet to 7,000 square feet each. They come with oceanfront views. Per a report from the…

Maryland investor Blake Smith scoops up West Palm Beach office complex

Maryland investor Blake Smith bought Northpoint Business Plaza in West Palm Beach, bringing his total South Florida real estate purchases to about $63 million. It’s a portfolio he amassed largely off the radar during the past eight years. Smith, through his Angler Properties, paid $15.5 million for the fully leased complex at 901 Northpoint Parkway in an off-market deal…

Video: National Multifamily Housing Council VP of Research Caitlin Walter Shares Insights on Multifamily Real Estate; Rent Trends, Occupancy, & Supply

In this video, host Michael Bull engages in a captivating conversation with Caitlin Walter, the Vice President of Research at the National Multifamily Housing Council (NMHC). Caitlin provides expert analysis on the current state of the multifamily real estate market, covering essential topics such as rent growth rates, vacancy rates, supply and demand dynamics, and the transformative…

Sam Zell Remembered: Jon Gray, Stephen Ross Among CRE Leaders Reflecting On Death Of A Titan

Sam Zell, the legendary investor who pioneered the modern real estate investment trust and has been a leading voice in commercial real estate for decades, has died. He was 81. The multifamily REIT he founded, Equity Residential, announced Zell’s death in a press release Thursday. The company said Zell died at home due to complications from a recent illness. Equity’s board…

9 Reasons to Invest in Miami Multifamily Real Estate

Known for its beautiful sandy beaches, tasty cuisines, diverse culture, and favorable climate, Miami has earned its rightful place as one of the best tourist destinations in the world; however, this sparkling seaside city is more than a hub for tourists. Miami has become a leading investment destination thanks to its growing economy, favorable tax…

The Curtain Fell For Thousands Of Movie Screens. Survivors See Opportunity

The United States has lost more than 2,165 movie screens since 2019, more than 5% of the country’s total inventory, as theater operators were forced to close or adjust programming during the pandemic. Now, as the summer blockbuster season gets into full swing, some operators see those vacant spaces as an opportunity to quickly grab market share at a discount from landlords…

65% Of Companies Now Requiring Some Office Attendance, Survey Finds

Although hybrid work schedules seem to be here to stay, more companies are requiring office attendance for workers. Of the 207 corporate real estate executives who participated in CBRE’s Spring 2023 U.S. Office Occupiers Sentiment Survey, 65% said their companies now require employees to return to the office at least some of the time. That is a sharp increase from last year…

Moody’s Analytics: 84% Of Office Loans Maturing Nationally Could Have Trouble Refinancing

The vast majority of the office CMBS loans that come due this year will have problems at refinancing, according to a new study, as questions over asset values in a heightened-rate environment continue to plague the industry. A total of $7.8B worth of fixed-rate CMBS loans on offices will mature this year, and Moody’s Analytics data suggests about 84% of them will face…

Dan Kodsi launches $250M equity fund for Florida multifamily projects

Amid high construction financing costs, developer Dan Kodsi is launching an equity investment fund for his Florida multifamily projects, including towers he plans in Aventura and Miami. Participant Capital, a real estate investment firm founded and led by Kodsi, is launching a $250 million equity fund targeting multifamily developments in the Sun Belt, mostly in the Sunshine State.

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May 24, 2023

Video: National Multifamily Housing Council VP of Research Caitlin Walter Shares Insights on Multifamily Real Estate; Rent Trends, Occupancy, & Supply

The Discussion: Exploring the Future of Multi-Family Real Estate: A Conversation with Caitlin Walter

In a recent episode of “America’s Commercial Real Estate Show,” the host delved into the dynamic landscape of the multi-family real estate market. Joined by Caitlin Walter, VP of Research with the National Multi-Family Housing Council (NMHC), the conversation covered a range of topics, from rent growth trends to concerns about affordability and the impact of external factors on the industry. It’s important to note that while the discussion provides a national perspective on multifamily real estate, specific market conditions, such as those in Miami, may exhibit variations where certain elements discussed could apply differently or even not at all for the Miami / South Florida multifamily property sector.

Rental Rate Growth and Market Trends:
The discussion kicked off by addressing the current state of rental rate growth in the multi-family market. Caitlin emphasized the importance of understanding the context, noting that while there has been historic rental growth, it’s partly a rebound from the sharp drop in 2020 due to the pandemic. Rent growth is now normalizing, with a focus on stabilizing at around three percent, a more sustainable figure. However, challenges exist in select markets with increased new construction, leading to temporary weaknesses in rent growth.

Impact on Central Business Districts:
Central Business Districts (CBDs) have experienced shifts, with remote work affecting demand. Cities like San Francisco, dominated by remote tech workers, face challenges, while New York anticipates a return to in-office work. Despite changes, CBDs remain attractive due to the urban lifestyle, even for those working remotely, creating a “live-play” dynamic.

Vacancy Rates and New Supply:
The historically tight vacancy rates have seen a slight increase but remain below the healthy level of five percent. Caitlin highlighted the industry’s struggle with delays in construction, infrastructure hookups, and economic uncertainties affecting demand. The overall housing shortage persists, with a need for more supply, especially in the Workforce housing segment.

Transformations and Adaptive Reuse:
The conversation turned to the adaptive reuse of office, hotel, and retail spaces into apartments, known as adaptive reuse. While this transformation is occurring, Caitlin emphasized that it’s a small percentage of the overall office market. Challenges include the need for property tax abatements and the complexity of converting spaces to maintain affordability.

Industry Concerns and Future Outlook:
The discussion touched on industry concerns, including rising costs, regulatory challenges like rent control, and the impact of climate-related issues on insurance costs. With economic uncertainties and rising expenses, industry players are cautious, leading to a “wait and see” approach. The forecast for the multi-family world varies across locations, with concerns about over-supply in certain markets, particularly those that were previously high in demand.

NMHC and Industry Resources:
Caitlin shed light on NMHC and its role as a platform for industry professionals, including owners, developers, managers, brokers, architects, and consultants. The organization provides valuable networking opportunities, conferences, and resources accessible through its website, nmhc.org.

Final Thoughts and Call to Stay Informed:
In conclusion, Caitlin encouraged stakeholders to stay calm, emphasizing the industry’s solid fundamentals. While challenges exist, addressing each puzzle piece contributes to the overall stability of the multi-family real estate sector. The conversation offered insights into the complexities and opportunities within the market, providing a comprehensive overview for industry professionals and enthusiasts alike.

May 18, 2023

Miami Commercial Real Estate News May 17, 2023: Assurant Lists 79 Acre Site; 1,250 Apts Proposed Near MLS Stadium; $1B Dev Planned Near Hard Rock; More…

Assurant Puts 79-Acre Miami Campus Up For Sale As Vacant Redevelopment Play

Insurance giant Assurant is looking to sell off its sprawling corporate campus south of Miami, which it plans to vacate as it embraces a hybrid work model. Assurant is listing its 79-acre campus in Miami-Dade County as a vacant redevelopment opportunity. The 79-acre property at 11222 Quail Roost Drive, west of Cutler Bay, has three office buildings, a warehouse and three school…

Former INS Building At 79th Street Sold for $23 Million

A development property that includes the former INS Building at Biscayne Boulevard and 79th Street has been sold. B Group Capital Management paid $23 million for the property in a court-ordered-sale, according to a press release. Around 500 residential units can be built in addition to commercial uses, with a total buildable area of approximately 889,000 square feet, the release…

B Group Capital pays $23M for Miami’s former immigration building

Miami’s former immigration building has a new owner after B Group Capital Management finalized its $23 million purchase of the troubled property. In March, a Miami-Dade judge approved the sale of the 3.5-acre site at 7880 Biscayne Boulevard to an affiliate of B Group Capital Management, led by CEO Sebastian Barbagallo. Some of the proceeds will be used to help pay…

Alonzo Mourning, Matt Rieger building affordable housing for seniors

Matthew A. Rieger, president and CEO of Housing Trust Group, is building affordable housing for seniors alongside NBA Hall of Famer Alonzo Mourning. Why it matters: Floridians on fixed incomes are struggling to cover skyrocketing housing costs. The average Social Security check covers less than 55% of a person’s average expenses in Miami-Dade County, according to one report.

Developer Assembles Wynwood Norte Property, Plans ‘Attainable’ Multifamily

A developer has announced plans for attainable multifamily development in Wynwood Norte. ABH Developer Group said in a press release that it had acquired two duplexes at 84-86 NW 32nd St. and 90-92 NW 32nd St. The acquisition completes ABH’s assemblage in the Wynwood Norte district, which includes the purchases of 3129 NW 1st Ave., 3131 NW 1st Ave., 75 NW 31st…

Developer bets on Wynwood Norte, plans 200-plus apartments

Two years after Alexis Bogomolni launched his real estate firm, he’s poised to start construction on 217 apartments in Miami’s Wynwood Norte district by year-end, The Real Deal has learned. ABH Developer Group completed a 4.1-acre non-contiguous assemblage throughout the district, with plans to develop the properties into 13 multifamily projects with 24 to 150 units each…

Miami-Dade County aims to dismiss Affordable Housing Trust Fund board

Miami-Dade County commissioners voted unanimously Tuesday to dissolve the Affordable Housing Trust Fund’s board of trustees and its revolving loan fund. “The Affordable Housing Trust Fund Board,” Commissioner Eileen Higgins told Miami Today, “has simply not been able to activate this important funding source to do what it is supposed to do – build affordable housing.”

Waterfront North Bay Village condo building Island Place targeted for potential buyout

A waterfront condo building in North Bay Village is the latest target of a possible bulk buyout. Colliers sent a letter to a unit owner at Island Place, a nearly 60-year-old building near Sunbeam Properties’ assemblage, inquiring on behalf of an unnamed “highly motivated” developer interested in acquiring all the units, according to a copy obtained by The Real Deal. Island Place…

Moishe Mana plans $20M-plus redevelopment of RC Cola Plant in Wynwood

Moishe Mana plans a $20 million-plus redevelopment of the former RC Cola Plant in Wynwood, a move forward on the long-stalled vision for his portfolio in Miami’s arts district, The Real Deal has learned. The project will include an indoor food hall with nine tenants, a bar spanning 100 feet on two sides, outdoor space for food trucks, a beer garden, retail, event space, and 10,000 square…

Miami-Dade Mayor looks beyond Doral incinerator to manage waste

The county’s waste-to-energy incinerator in Doral might not be rebuilt next door as was planned before an out-of-control February fire put it out of business. In fact, it might not be rebuilt at all, according to Mayor Daniella Levine Cava. In a memo to area commissioner Juan Carlos Bermudez last week, the mayor wrote that “my administration is looking at the spectrum of solid waste…

Miami Beach may offer density bonuses to redevelop hotels in South of Fifth

Miami Beach elected officials could soon adopt density bonuses to condominium and multifamily developers that rebuild oceanfront hotels in the city’s burgeoning South of Fifth neighborhood. On Wednesday, the city commission is scheduled to take a second and final vote on an ordinance that would grant a larger floor area ratio, or FAR, than currently allowed for residential…

65-story residential project advances in Miami Worldcenter

A new skyscraper is coming to the assemblage changing Miami’s skyline as part of Miami Worldcenter, bringing more than 700 residential units. Owner-developer Naftali Group LLC has proposed a 65-story tower, referred to as MWC Block A, at 1016 and 1044 NE Second Ave. The city’s Urban Development Review Board has recommended approval of the project. The tower will be home…

Miami-Dade Transit has most riders in 41 months

Miami-Dade’s transit operations carried almost 7 million riders in March, the most in any month since October 2019, well before the start of the Covid-19 pandemic, latest county figures show. The March passenger tally of 6,989,938 was up nearly 41% from March 2022 and was 4.1% more than March 2019. By March 2020, at the outset of the pandemic, March passengers had fallen…

Lissette Calderon proposes 1,250 apartments near Beckham soccer stadium

Lissette Calderon wants to develop a 1,250-unit apartment complex near the planned Beckham soccer stadium, marking her largest project yet, in a long-overlooked area along the Miami River. Neology Life Development Group, led by Calderon, proposes three 15-story buildings on the 7.3-acre site of a shuttered car rental facility at 2301 Northwest 33rd Avenue in unincorporated…

Consumer Price Index hikes in South Florida outpace nation

South Florida’s consumer prices rose 9% for the 12 months ended in April, the US Bureau of Labor Statistics reported last week, far faster than the 4.9% increase for the US as a whole, which has felt 10 straight months of cooling inflation since it peaked at 9.1% nationally last June. While a 9% price rise is light years faster than South Florida increases in earlier years, it is slower than…

Urban-X’s Andy Hellinger: His River Landing causing splash in emerging Allapattah

Andrew B. Hellinger is the co-founder and principal of Urban-X Group, a real estate development firm based in Coral Gables that has achieved great success in the development of River Landing Shops and Residences. The more than 2.2 million-square-foot project in 1400 NW North River Drive was completed in September 2020. It is a six-minute drive to Jackson Memorial Hospital…

Aligned, Coral Rock sue Florida over industrial megaproject outside UDB

The developers of a controversial industrial megaproject outside Miami-Dade County’s Urban Development Boundary sued Florida over a state department’s stance that the approval process needs a do-over. Aligned Real Estate Holdings and Coral Rock Development want to build the 5.9 million-square-foot South Dade Logistics and Technology District on 378 acres on the southeast…

Related And Merrimac Secure $94.2M To Construct The Crosby At Miami Worldcenter

The Related Group and Merrimac Ventures have successfully secured a substantial $94.2 million in funding for the vertical construction of The Crosby, which is poised to add more density to the ongoing developments at Miami Worldcenter. The residential tower is set to ascend 33 stories high and is expected to top off at around 377 feet above ground, or 390 feet above sea level…

Two 699-Foot Towers Approved By FAA At Brickell Gas Station Site

Two towers have just been approved by the Federal Aviation Administration in Brickell. The two towers are proposed on property currently operated as a gas station, owned by Millennium Developments of Brickell LLC. The FAA letter approving the height of the two proposed towers was sent to German Coto of Millennium on May 15. According to the approval letter, the towers are…

Interior Demolition Underway At One Bayfront Plaza Supertall Site

Interior demolition is now underway at the One Bayfront Plaza supertall site in Downtown Miami, according to new photos by Phillip Pessar. Miami’s Building Department approved an interior demolition permit on May 1. The permit is for interior demolition of 278,000 square feet of space, at an estimated cost of $400,000. County records show that the 19-story building on the site…

Miami Gardens City Center Planned With Formula One Museum

Construction is expected to begin this year on Miami Gardens City Center, developers told the Miami Herald. According to Ditman Architecture’s website, the project is planned to include: 720 multi-family units with a 2-story clubhouse 2 flag hotels with 300+ keys 100,000 GSF of retail & restaurants 160,000 GSF of entertainment 2 parking garages with 1,600 spaces…

EB-5 Partnership Nabs $19M In Construction Financing For Doral Hotel

An EB-5 joint venture scored $19.2 million in construction financing for a hotel project in Doral. Fort Lauderdale-based OptimumBank provided a $12.1 million loan for the proposed 125-key Even Hotel, an IHG brand, at 2005 Northwest 110th Avenue, according to records. Robert Bhat with Marcus & Millichap arranged the financing, according to a press release. The partnership developing…

Miami-Dade defers vote on Ross, Soffer’s $240M airport hotel proposal

A vote on billionaire developers Steve Ross and Jeffrey Soffer’s proposal to build a luxury hotel at Miami International Airport was deferred this week, as both ramp up development activity in South Florida. Miami-Dade commissioners serving on the county’s airport and economic development committee unanimously voted for the deferral on Wednesday.

Plans For Ora By Casa Tua To Go Before Miami’s Urban Development Review Board On May 17

Ora by Casa Tua, a 76-story mixed-use skyscraper planned for 1210 Brickell Avenue in the heart of Miami’s bustling Brickell financial district, is set to go before Miami’s Urban Development Review Board on May 17. Designed by Arquitectonica with interiors by m2atelier and developed by Fortune International Group, the tower is set to rise 930 feet, replacing an existing 7-story…

“A little bit more creative”: Developers seize on aging offices

For years, a four-story office building at the Beacon Station business park in north Miami-Dade County has been abuzz with Ryder System employees. The logistics firm made the beige building its headquarters 18 years ago, and it held as many as 800 staffers at one time. But the 250,000-square-foot building will soon be gone. Due to the shift towards hybrid work, Ryder is downsizing…

Miami Among Top 10 Markets for Self Storage Transactions in 2022

The self storage sector enjoyed a record-setting spell in 2022, with property values climbing in major metros. Nationally, more than 112.7 million square feet space traded totaling nearly $10.3 billion in self storage transactions, according to Yardi Matrix. While this marks a slight slump compared to 2021, when the closed deals added up to $12.4 billion, it is a considerable improvement…

Habitat Group Files Plans For Smart Brickell Luxe At 267 SW 9th Street In West Brickell

Plans have been filed for Smart Brickell Luxe, a 23-story mixed-use development proposed for 267 Southwest 9th Street in Brickell. Designed by Ginard Studio with All Landscape Data Inc. as the landscape architect and AB Engineers Inc. as the civil engineer and developed by Habitat Group, the approximately 308-foot tall structure would comprise 192,808 square feet…

CG Smile Files Plans For A 7-Story Office Building At 5591 SW 8th Street In Miami

Plans have been submitted to construct a 7-story office building at 5591 Southwest 8th Street in Miami. The project, spearheaded by CG Smile, a Miami-based cosmetic dentistry service provider, and designed by Modis Architects, aims to create an 89-foot-tall structure encompassing a total area of 52,258 square feet. The proposed building would accommodate 21,000 square feet…

CFH Group Plans Two Multi-Family Complexes in Princeton, FL

CFH Group, under the TMC Naranja 66 Holdings LLC, hopes to move forward with the Pointe at Princeton, a multi-family housing development in Miami-Dade County. The South Florida venture would rest on 12.3 acres and comprise over 500 apartments in a three-story building. Apartments.com reports that the at-market homes would range from 615 square feet to 1,092 square…

Demolition Banner Flies At One Bayfront Plaza Supertall Site

A demolition banner has just been installed at the One Bayfront Plaza site in Downtown Miami, according to new photos by Phillip Pessar. An interior demolition permit was approved by Miami’s Building Department on May 1. The permit is for interior demolition of 278,000 square feet of space, at an estimated cost of $400,000. B2 Group LLC is listed as the contractor.

76-Story Brickell Tower Scheduled For UDRB Hearing

A proposal to build a 76-story tower at 1210 Brickell Avenue is scheduled for an Urban development Review Board hearing next week. Sales for condos are already underway, with the project being marketed under the Ora by Casa Tua  name. The project is proposed to include: 540 residential units 53,841 square feet of office 24,260 square feet of commercial 955 car parking…

JBS Refis Suburban Miami Apartment Complex With $220M

JSB Capital Group refinanced an apartment complex in Doral, Fla., with $219.9 million… The Miami Beach-based firm acquired the property called Landmark South in 2021 for $255 million, just after the property had been completed, according to property records. Built across two phases in 2017 and 2021, the complex at 6055 NW 105th Court features 631 units across three…

13th Floor shrinks office space at Link at Douglas in Miami

13th Floor Investments wants to shrink the final phase of its mixed-use Link at Douglas development in Miami. The scaled-down plan calls for one-third as much office space, in response to the drop in demand due to the hybrid-work trend, according to the developer’s filings to Miami-Dade County and an interview with a 13th Floor representative. Additional design tweaks…

Nikki Beach operator sues Miami Beach, Boucher Brothers to stop no-bid takeover

Miami Beach elected officials orchestrated a backroom deal for a politically connected firm’s no-bid takeover of a popular oceanfront city-owned venue, a recently filed lawsuit alleges. On Friday, Lucia and Jack Penrod, through their company that operates Nikki Beach Club at 1 Ocean Drive, sued Miami Beach and Boucher Brothers, a family-run company of beach concessions moguls.

Plans Filed For 23-Story Smart Brickell Luxe

Plans for a project called Smart Brickell Luxe have been filed with Miami Planners. Smart Brickell Luxe is proposed to rise 23 stories, and include: 74 lodging units 53 residential and condo hotel units, along with amenities 5,945 square feet of commercial 75 parking spaces Parking is being reduced by up to 50% from zoning requirements, through payment to a transit trust fund…

$19.2M Construction Financing Secured for Doral Hotel

Marcus & Millichap Capital Corp. (MMCC) has secured $19.2 million in financing for the development of EVEN Hotel Doral, a 125-room hotel that will be located at 10770 N.W. 25th St. in Doral, a suburb of Miami. Robert Bhat of MMCC’s Miami office secured the financing on behalf of the borrower, a foreign entity that is partnering with locally based ASI Global to raise capital through…

South Florida’s Office Sector May Be Cooling Off, But the Forecast Remains Sunny

South Florida’s commercial real estate market for the first time demonstrated signs that it may be starting to feel the impacts of the Fed’s interest rate hikes to restrict inflation that began in March 2022. The region’s office supply barely outpaced demand in South Florida as a whole, but results differed across asset type, location and in urban versus suburban areas, with Class A office…

$1B Development Planned Near Seminole Hard Rock in Davie, With 5 Towers

A developer has unveiled plans for The District in Davie, just north of the The Guitar Hotel at Seminole Hard Rock Hotel & Casino. The project is expected to cost $1 billion, and will be the largest multi-family project in Davie history. The District in Davie is planned to have five towers ranging from 20–24 stories, with: 1,256 class A residential apartments, with 1.6 million square feet…

Developer Proposes 322 Residences at 4100 N. Hills Drive in Hollywood

PPG Development hopes to rezone part of The Club at Emerald Hills and transform 36.8 acres into a residential complex. In 2020, the developer initially proposed 486 units. However, recent plans call for 322 residences, including 252 condos, 40 townhomes, and 30 villas. The residences are for-sale units, although potential prices have not been released. The 300-plus homes…

A smoking deal: Baloghs sell Hallandale Beach retail site to Flanigan’s

The Balogh Family Partnership sold a Hallandale Beach retail property to Flanigan’s, the eponymous South Florida restaurant chain known for its barbecued ribs, seafood and libations. Fort Lauderdale-based Flanigan’s Enterprises paid $8.5 million for a small strip center and two outparcels at 615, 701, 707 and 715 East Hallandale Beach Boulevard, according to records. Attorneys…

OceanLand Investments Breaks Ground On Sixth&Rio In Downtown Fort Lauderdale

In the heart of a bustling downtown area predominantly filled with rental properties, Fort Lauderdale is set to welcome an exciting addition to its real estate landscape. OceanLand Investments, led by CEO Jean Francois Roy, has officially broken ground on Sixth&Rio, one of the few for-sale condominium developments in the region. The eight-story property, located…

Downtown Fort Lauderdale Office Tower Sells For $43M

The 24-story 110 East office tower in Downtown Fort Lauderdale sold for $43M, with the new owners announcing they have already secured 76K SF in new leases.An affiliate of Stockbridge Capital sold the 343K SF office building at 110 East Broward Blvd. to a partnership of Pebb Capital, Intalex Capital and CDS International Holdings. The group said the acquisition, which breaks down…

Old Town Towers Proposed for 210 N.E. Third Street in Pompano Beach

OT Property Group recently acquired a 5-acre site for $8.4 million in Pompano Beach, Florida. Now, it hopes to move forward with Old Town Towers, which will rest on 2.3 acres. Per the South Florida Business Journal, the venture will offer two stories: one measuring six stories and the other measuring 10. Connected by a pedestrian bridge, the community will offer 319 rental…

Cavache buys Pompano Beach church, plans 319-unit multifamily project

Cavache Properties bought a church campus and surrounding sites in Pompano Beach, with plans to develop a 319-unit multifamily project. Cavache paid $8.4 million for six lots totaling about 5 acres, consisting of the Christ United Methodist Church, plus adjacent lots at 210-219 Northeast Third Street; a vacant lot at 290 Northeast Second Street; two land parcels at 200 Northeast…

Cymbal DLT Companies Secures $95 Million Financing For Waterfront Oasis Pointe Residences In Dania Beach

Cymbal DLT Companies, a Miami-based real estate development and construction firm, has secured a $95 million loan from an undisclosed senior lender and Related Fund Management. The loan is intended for Oasis Pointe Residences, a 301-unit multifamily complex designed by CES Design Group located at 150 South Bryan Road in Dania Beach, a significant part…

Demolition Begins at West Palm Beach Site for Olara

Savanna, a vertically integrated real estate investment and development firm with offices in New York and West Palm Beach, has today commenced demolition of the existing building at 1919 North Flagler Drive to make way for Olara, the luxury condominium tower that overlooks the Intracoastal Waterway. Transforming the waterfront of… The post Demolition Begins at West Palm…

Madison Realty Capital Provides $340M Loan for The Ritz-Carlton Residences in Palm Beach Gardens

The Intracoastal Waterway in Florida. Image by Richard Sagredo via Unsplash Privately-owned development firm Catalfumo Companies has secured a $340 million construction loan for The Ritz-Carlton Residences in Palm Beach Gardens, Fla., from Madison Realty Capital. The Ritz-Carlton Residences will be branded as “The Estate Collection” and will be situated on an expansive…

Medical tech firm buys dev site in Palm Beach Gardens for $19M

Medical technology firm Meso Scale Diagnostics paid $18.9 million for a development site in Palm Beach Gardens that was previously approved for a hospital. An affiliate of Rockville, Maryland-based Meso Scale acquired the 9.1-acre assemblage at the southwest corner of PGA Boulevard and Ballenisles Boulevard, just east of Florida’s Turnpike, according to records and Vizzda.

How Will Florida’s ‘Live Local Act’ Impact Senior Affordable Housing Development?

Steve Protulis Towers. Image courtesy of Yardi Matrix Florida is now the nation’s fastest-growing state, according to Census data, with a 1.9 percent demographic expansion between 2021 and 2022. The expanding population is putting increased pressure on its affordable and workforce housing sector, particularly when it comes to developments that cater to low-income seniors.

Understanding agency lending for multifamily properties

While agency loans have existed for decades—Fannie Mae® was first chartered by the U.S. government in 1938, and Freddie Mac was introduced in 1970—even experienced commercial real estate investors may not have used them. “With bank and agency loans, one isn’t necessarily better than the other—it depends on the property, the client and their goals,” said Kurt Stuart…

How property technology is changing commercial real estate

While commercial real estate leaders are optimistic about the industry’s and their company’s performance for 2023, according to JPMorgan’s 2023 Business Leaders Outlook: Commercial Real Estate, they’re also concerned about inflation, rising interest rates and a potential recession. One potential solution: commercial real estate technology—property technology…

Developers In A ‘Mad Rush’ To Take Advantage Of Florida’s Live Local Act

When Condra Property Group bought the single-story motel at 2007 North Ocean Drive in Hollywood, Florida, last year, it was planning to redevelop the site into a 10-story luxury hotel. But the project required a height variance, got tied up in the approval process and never broke ground, the developer’s land use attorney said. Then in March, Florida Gov. Ron DeSantis signed Senate…

Florida immigration law could impact state’s construction industry

A new immigration law signed by Florida Gov. Ron DeSantis last week is expected to have a significant impact on the state’s construction industry. The law, which DeSantis signed Wednesday and goes into effect July 1, requires private employers with 25 or more employees to confirm workers’ immigration status through the E-Verify system, according to Construction Dive.

Investing In A Warehouse Property Can Benefit Your Company In The Long Run

Warehouse investments offer high rental yields and provide a stable income for investors. They also have low tenant turnover rates, which reduces maintenance costs and risk. However, several factors must be considered before investing in a warehouse property. For example, you should look at its size and location. You should also check the tenant potential and lease types.

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May 17, 2023

Video: Industrial Investment & Development Today

Industrial Investment & Development Today

Industrial Development Trends

Neal Moskowitz, Senior Vice President and Principal at Atlanta based real estate developer Stonemont Financial Group joins Americas Commercial Real Estate Show to to discuss industrial property demand, rents, capitalization rates (cap rates), construction costs, financing, and opportunities. The first video discusses the state of industrial investment and development today, while the second is a short clip discussing a trend toward “more bells and whistles” with newer industrial property development.

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May 11, 2023

Miami Commercial Real Estate News May 10, 2023: Demo Begins for Supertall Office Tower; Ph 1 of $1B Southland Redev Approved; MF Trades for $98M, Another for $56M; More…

David Martin’s $1.2B downtown Miami buy could rally the market

Martin and his Coconut Grove-based firm, Terra, lead SmartCity Miami, a group of undisclosed investors buying the 15.5-acre assemblage Genting Group officially listed for sale late last year. The bayfront property, in Miami’s Arts & Entertainment District, is expected to mark the priciest urban land sale in Florida and one of the most expensive in the country when it closes later this year…

Swire Properties And Related Companies Commence Demolition On The Future Site Of One Brickell City Centre, Florida’s Tallest Commercial Building

Swire Properties Inc. and Related Companies have started the demolition process for the future site of One Brickell City Centre, soon to be the tallest commercial building in Florida. A special ceremony was held yesterday at 700 Brickell Avenue to mark the occasion, with Miami Mayor Francis Suarez, Swire Properties Inc. President Henry Bott, and Related Companies Chairman…

Brickell City Center record-setting office tower nearing

Demolition crews are hard at work in the heart of Miami’s business district at the site of what will be the most spacious and tallest commercial skyscraper in the southeastern United States. On May 4, excavation equipment smashed through the windows of the former Eastern National Bank at 799 Brickell Plaza while a crowd gathered to celebrate another step toward construction…

Demolition Crews Arrive At One Brickell City Centre Supertall Site

Demolition equipment and crews have arrived at the site where the One Brickell City Centre Supertall tower is planned, according to a tweet by Brian Bandell. A full demolition permit and a tree permit are both still in review, Building Department records show. A partial electrical demolition permit was recently approved, as was a permit to install temporary toilets typically used…

Brightline And SpaceX Team Up For Enhanced Rail Travel Experience In Florida

Brightline announced it is the first passenger rail service in the world to offer Starlink’s high-speed, low-latency broadband service. The implementation of Starlink on board its trains is part of Brightline’s digital transformation, which focuses on a guest-first experience to elevate each traveler’s unique journey. Brightline chose to partner with Starlink, which is engineered…

GID buys multifamily complex near North Miami for $56M

GID bought the Windsor Biscayne Shores multifamily complex near North Miami for $56 million. Advenir sold the 240-unit garden-style apartment community that spans 9.6 acres at 12010 Northeast 16th Avenue in the Biscayne Shores neighborhood of unincorporated Miami-Dade County, according to records and real estate database Vizzda. GID assumed the seller’s $38.7 million loan…

Pantzer drops $98M for apartment building in Miami

Pantzer Properties scooped up the Milagro apartment building in Miami for $97.5 million, marking the firm’s second multifamily purchase in the city in six months. New York-based Pantzer bought the six-story building at 2263 Southwest 37th Avenue from Wafra, according to records and real estate database Vizzda. Pantzer took out a $58.5 million loan from JLL Real Estate Capital.

THE WELL Bay Harbor Islands Planned for 1160 Kane Concourse on Bay Harbor Island

THE WELL Bay Harbor Islands is slated for a 2026 delivery in Miami-Dade County. The nine-story high-rise will comprise 54 condos, ranging from one-bedroom to four-bedroom layout plans. Per Miami Condo Investments, homes measure about 924 square feet to 3,637 square feet each. All residences are west-facing and start at $1.2 million. The homes’ goal is to create a place…

New Rendering Of MIA South Terminal Expansion, With 6 Domestic Gates

Miami-Dade has released a new rendering of the South Terminal expansion project. The South Terminal has been dominated by international airlines such as Latam, Lufthansa, Air France, and Turkish since it opened in 2007, but the expansion appears domestic focused. Spirit Airlines opened a check-in area on the ground floor of the terminal in 2021. According to documents…

Electra America, BH score approval for first phase of $1B Southland Mall redevelopment

Electra America and BH Group are launching the first phase of the joint venture’s proposed Southland Mall redevelopment with an eight-story apartment building. Town of Cutler Bay officials on Wednesday administratively approved the site plan for the project, which will entail 470 rental units, 14,000 square feet of retail and a parking garage, Town Manager Rafael Casals confirmed.

Phased Permit Now Pending At 42-Story Miami Station Tower

A  phased construction permit now appears to be pending for the 42-story Miami Station tower. Building Department records show an application for a Phased Class I Full Vertical permit was created on April 26. Coastal Construction is listed as the contractor. The main construction permit for the tower was first created in December 2021, and also lists Coastal as the contractor.

Ken Griffin Dines With Jeff Bezos In Miami

Billionaire Ken Griffin was seen in photos talking with Amazon’s billionaire founder Jeff Bezos at an event in Miami Beach this weekend. The two were attending Carbone Beach, which took place in South Beach during Formula 1 weekend, according to the Observer. Griffin recently moved his company and his home to Miami, and is planning to build a supertall office tower in Brickell.

Brookfield drops $16M for Doral warehouse

Brookfield Properties bought a Doral warehouse used as the headquarters for a flower distributor and importer for $16 million. Brookfield purchased the facility at 1500 Northwest 95th Avenue from an affiliate of The USA Bouquet Company, according to records and the seller’s website. The 115,000-square-foot facility was constructed in 1988 on 6.5 acres, property records show.

New York investor QRST Properties picks up warehouse in Miami’s Liberty City for $12M

A New York investor picked up a vacant Miami warehouse for $11.5 million. QRST Properties, managed by Morty Yashar in Brooklyn, acquired the 72,477-square-foot industrial building at 3400 Northwest 67th Street, according to the buyer’s broker, Raul Pino with Wynwood-based The Hype Real Estate Group. The property is in Miami’s Liberty City neighborhood…

New Downtown Miami Courthouse Tower Tops Off

Miami-Dade’s new civil courthouse appears to have topped off.  The courthouse tower was expected to rise 25 stories, or 474 feet above ground. A private developer is building the courthouse in exchange for payment from the county. HOK is the architect. This post has a number of photos including some showing the property under construction and also renderings…

Developers plan multifamily mixed-use project in Opa-locka

A pair of development firms are partnering on a 45-unit mixed-use apartment project in Opa-locka, The Real Deal has learned. HBJ Development, led by Harry Joseph, and Q Realty Development, led by Ari Hertz, plan a six-story building that will include 1,700 square feet of retail on the northwest corner of Ali Baba Avenue and Sesame Street, Joseph told The Real Deal.

Game-changing grant bringing Tri-Rail one-third new locomotives, cars

Fueled by a new federal grant, Tri-Rail is on track to replace nearly a third of its engines and passenger cars with brand-new equipment. “I don’t use the word gamechanger often, but this is a gamechanger,” said David Dech, the veteran railroad executive who last year became executive director of Tri-Rail’s parent, the South Florida Regional Transportation Authority. The federal government…

Jeffrey Soffer-Stephen Ross joint airport hotel contract on runway

A county committee this week is to dig into a contract to build and run a new Miami International Airport four-star hotel with two national giants of the real estate business who are well known in Miami, the owners of the Miami Dolphins and the Fontainebleau Miami Beach. Reversing a firm stance she took in December, Mayor Daniella Levine Cava is now bringing the proposal to…

Residential project proposed due south of Miami International Airport

A developer has plans for a new residential project south of Miami International Airport, in the Flagami area of Miami. The Richman Group and its affiliates have proposed Parkview, a nine-story building offering 120 dwelling units, rooftop pool and amenity deck, and parking for about 194 vehicles, at 5645 Southwest Eighth St. The city’s Urban Development Review Board recommended,,,

University of Miami plans major developments

Several new developments on the University of Miami’s Coral Gables campus are to open this year and in the upcoming years, all aimed at transforming education, research, and innovation as the university is approaching its centennial anniversary. The Centennial Village at UM, which is to be the campus housing complex hallmark of the Coral Gables campus, began its second phase…

99-year Miami Riverbridge hotel lease faces city vote

Lease negotiations for the Hyatt hotel in downtown Miami are expected to be final this week, clearing the way for construction of new high-end accommodations and a reimagined riverfront. Today (5/11), the Miami City Commission is to vote on whether to amend the ground lease for the existing Hyatt Regency Hotel at 400 SE Second Ave., allowing for the proposed Miami Riverbridge…

Miami-Dade Industrial Developers: What Softening Market?

To say that the industrial market in Miami-Dade County is going gangbusters is almost an understatement. Even though the industrial sector in many parts of the country is one of the healthier components of the CRE ecosystem, some fear signs of softening. Developers in Miami-Dade, however, appear to have no such concerns. “A live poll taken during the Colliers South Florida Industrial…

The Related Group Partners With Airbnb on Project at 225 N. Miami Avenue

The Related Group of Florida has partnered with Airbnb on a 37-story venture in Miami-Dade County. District 225 will comprise 347 short-term rentals, ranging from studios to two-bedroom accommodations. Per Miami Residential, residences come with built-in smart home technology, washers and dryers, and Italian cabinetry. Floorplans range from 458 square feet to 884 square feet…

Billionaires Propose Arquitectonica-Designed Hotel At MIA’s North Terminal

A proposal has been submitted to build a luxury hotel at Miami International Airport’s North Terminal. FDR Miami Hotel, LLC submitted the proposal to the county, and is recommended as the winning bid over two other proposals. The LLC is a joint venture between Jeff Soffer’s Fontainebleau Development, LLC and Stephen Ross’ Related Companies. The hotel would be designed…

Elon Musk Recommends Miami As A Place To Live

Elon Musk is recommending Miami as a place to move to. The billionaire made his recommendation in a tweet yesterday to a Texas resident who was looking to relocate. Musk was seen in Miami over the weekend, attending the Formula One race. Billionaire Amazon founder Jeff Bezos was also in attendance. It was at least the second time in the past few weeks that Musk…

Flagler Oasis Finishes First Phase, Miami Officials to Consider Second and Third Phases

The first phase of Flagler Oasis, a 100-unit eight-story apartment complex, has finished construction in Miami-Dade County. Prior to constructing Flagler Oasis’s first phase, some already-existing structures required demolition. Now, developers hope to get approval for the community’s second and third phases, which would feature 248 homes, 70,400 square feet of office space…

Five New Tenants Join Shops at Merrick Park in Metro Miami

Five new tenants will join Shops at Merrick Park, an open-air retail center located in Coral Gables, roughly five miles outside downtown Miami. Home furnishing store Arhaus, Coco Cigars and Miami Royal Ballet Dance School will open on the property’s first level. Beverage shop Boisson and women’s, children’s, home and sleepwear retailer Splendid will also join the property on the second…

Ceremony Honored Family Who Made “Tibor and Sheila Hollo Park”A Reality For The Bustling Brickell Avenue Area

Tibor and Sheila Hollo celebrated the coveted 35,500 square foot park that so many urban Miamians have grown to love and enjoy with their families. Dignitaries from the City of Miami and Miami-Dade County officially honored Tibor and Sheila Hollo as another example of the vast amount of time and… The post Ceremony Honored Family Who Made “Tibor and Sheila Hollo Park…”

12-Story Mixed-Use Development Submitted For Review At 2100 N. Miami Avenue In Wynwood

Plans have been filed for 2100 North Miami Avenue, a proposed 12-story mixed-use development in Miami’s Wynwood neighborhood. Designed by Arquitectonica with landscape architecture by Urban Robot Associates and developed by Houston-based Bazbaz Development under the Wynwood Owner, LLC, the project encompasses approximately 503,000 square feet…

The Shore Club Residences Planned for 1901 Collins Avenue in Miami Beach

The Shore Club Private Collection is a luxury, high-end venture slated for Miami Beach, Florida. The multi-million-dollar venture will comprise 49 homes, measuring 1,900 square feet to 10,000 square feet each, according to Miami Luxury Homes. They will range from two-bedroom to six-bedroom homes, starting at $6 million. Condos come with waterfront views, floor-to-ceiling…

The Calta Group Acquires Site At 915 Palermo Avenue In Coral Gables For Residential Redevelopment

The Calta Group, a real estate powerhouse led by brothers Ignazio and Gaetano Caltagirone and Igor Blatnik, recently announced the acquisition of a Coral Gables multifamily development for an impressive $12 million. The 32-unit rental property at 915 Palermo Avenue enjoys a prime location near the iconic Venetian Pool and the historic Biltmore Hotel—two of Coral Gables…

2100 North Miami Avenue: Developer Proposes 339-Unit Residential Project In Wynwood

Plans for another major residential project have just been filed in Wynwood. The project name is listed on architectural plans as 2100 North Miami Avenue. It is proposed to include: 339 residential units (totaling 272,087 square feet) 25,653 square feet of retail 18,713 square feet of amenities 407 on-site parking spaces over 7 levels The gross building size is proposed at 513,390…

Related, Merrimac score $94M construction loan for Miami Worldcenter project

Related Group and Merrimac Ventures landed $94 million in construction financing for a planned 33-story condominium at Miami Worldcenter. Arkansas-based Bank OZK provided the loan for The Crosby, which will have 450 units, according to records. The joint venture acquired the development site at 601 North Miami Avenue in Miami in 2021 for $12 million.

Tri-Rail Train Service To Downtown Miami Expected To Begin In November

Tri-Rail train service to downtown Miami is expected to begin in November 2023, according to Miami Today. The estimate was made this week by David Dech, the Executive Director of the South Florida Regional Transportation Authority, which operates the train service. Ticket machines and signage for Tri-Rail are now being installed at MiamiCentral. In April, Dech told Miami-Dade’s…

Billionaire Tech Investor: Miami’s High Housing Prices Make It Tough To Relocate

Billionaire tech investor Peter Thiel says high housing prices in Miami are making it tough to relocate his companies here. Thiel made his comments on the Honestly with Bari Weiss podcast (at the 19:30 mark). The podcast was recorded at Thiel’s home in Miami, Weiss said. “I’ve though some about moving our offices from California to Florida,” Thiel said. “It’s a tough thing to do at…”

St. Regis Sunny Isles Converts To Contract, Will Have Photovoltaic Glass

The St. Regis Residences, Sunny Isles Beach is now converting reservations into contracts, developers announced in a press release last month. The twin-tower development has taken in nearly $750 million in reservations in less than six months, the release said. There will be two 62-story towers, with each rising 750 feet, making them the tallest in Sunny Isles. A total of 336 residential…

FAA Approves 44-Story West Eleventh Residences At 482 Feet

The Federal Aviation Administration has approved the height proposed for West Eleventh Residences in Park West. The 44-story tower is approved to rise 482 feet above ground, or 493 feet above sea level, the FAA approval letter states. The application was submitted on March 6, and approved on May 9. West Eleventh Residences is planned to include 639 residential condo units…

Restaurateurs plan condos, hotel, eateries on Fort Lauderdale beachfront

Fort Lauderdale restaurateurs Aiton “AJ” Yaari and Lior Avidor want to develop a mixed-use project on a 5-acre oceanfront site in Fort Lauderdale. Yaari and Avidor plan a condominium, hotel, retail and restaurants on their assemblage spanning nearly two full blocks from Poinsettia Street south to East Las Olas Boulevard, and from A1A east to the beach, Yaari told The Real Deal.

ROI Capital lands $52M for Fort Lauderdale Asset

The Village at Eastpointe Apartments. Image courtesy of Yardi Matrix ROI Capital has secured $51.5 million in debt and equity recapitalization for The Village at Eastpointe Apartments, a 296-unit multifamily community in Fort Lauderdale, Fla. The debt represents a $42.5 million five-year Freddie Mac loan with a fixed rate and two years of interest-only payments. RCG Longview…

Integra Investments Files Plans For The Mile Hotel West In Fort Lauderdale’s Galt Mile Neighborhood

Integra Investments has filed plans for The Mile Hotel West, a new development for a multi-site hotel project in Fort Lauderdale’s Galt Mile neighborhood. Located at 3115 Northeast 32nd Avenue, the West Tower will replace the current Bokamper’s Sports Bar and Restaurant. Designed by Nichols Architects, with landscape architecture and civil engineering by Craven Thompson…

Aimco Seeks Site Plan Amendment For 3-Towered Mixed-Use Development At Former Searstown Site In Fort Lauderdale

Denver-based real estate firm Aimco is making significant strides in Fort Lauderdale by submitting a site plan amendment application for 901 North, a proposed three-towered mixed-use development at 901 North Federal Highway in the trendy Flagler Village neighborhood. The developer aims to modify the initial approvals for the 5.64-acre property in accordance with the City…

Cordish, Caesars Reveal Plans for 223-Acre Mixed-Use Project in Pompano Beach, Florida

The Cordish Cos. and Caesars Entertainment Inc. (NASDAQ: CZR) are co-developing The Pomp, a 223-acre mixed-use development in Pompano Beach. The property’s name pays homage to the former Pompano Park racetrack on the project site, which is located 35 miles north of Miami and 10 miles north of Fort Lauderdale. Upon completion, The Pomp will feature 1.3 million square feet…

Cordish, Caesars Unveil Details of $2B Pompano Beach Mixed-Use

Rendering of Live! at The Pomp. All images courtesy of The Cordish Cos.Sports & SocialPBR Cowboy Bar The Cordish Cos., in partnership with Caesars Entertainment, has unveiled details of The Pomp, a $2 billion mixed-use development currently under construction in Pompano Beach, Fla. The Cordish Cos. first announced the 223-acre project back in 2018, and the ground breaking…

Ritz-Carlton Palm Beach Gardens developer scores $340M construction loan

The developer of the Ritz-Carlton Residences, Palm Beach Gardens, scored $340 million in construction financing for the project, marking the largest such loan to close this year statewide. Dan Catalfumo’s Catalfumo Companies secured the financing from New York-based Madison Realty Capital, according to a press release. Construction on the condominium development could begin…

Video: Industrial Investment & Development Today

Neal Moskowitz, Senior Vice President and Principal at Atlanta based real estate developer Stonemont Financial Group joins Americas Commercial Real Estate Show to to discuss industrial property demand, rents, capitalization rates (cap rates), construction costs, financing, and opportunities. The first video discusses the state of industrial investment and development today, while the second,,,

The Fed: Where Might Inflation Head?

In my previous post, I outlined why the current episode of high inflation has been persistent and widespread. In this post, I examine the impact of fiscal and monetary policies during this episode and provide a plausible outlook for the near future. Monetary Policy. At the onset of the pandemic, the Federal Reserve adopted an accommodative policy stance to support the…

Florida Bans Chinese Nationals, Companies From Buying Certain Real Estate

Florida Gov. Ron DeSantis signed legislation banning Chinese nationals, and those from six other countries, from owning certain types of real estate in the state. At a bill signing ceremony on Monday, DeSantis described the legislation as a “crackdown on Communist China.” When it goes into effect on July 1, the bill will prohibit citizens from China, Russia, Iran, North Korea, Cuba…

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May 10, 2023

Chart: Percentage of Banks Tightening Standards for Commercial & Industrial Loans

Board of Governors of the Federal Reserve System (US), Net Percentage of Domestic Banks Tightening Standards for Commercial and Industrial Loans to Large and Middle-Market Firms [DRTSCILM], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DRTSCILM, May 5, 2023.

Board of Governors of the Federal Reserve System (US), Net Percentage of Domestic Banks Tightening Standards for Commercial and Industrial Loans to Large and Middle-Market Firms [DRTSCILM], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DRTSCILM, May 5, 2023.

The chart above, retrieved from the St. Louis Fed FRED system, illustrates the net percentage of domestic banks that are tightening their standards for commercial and industrial loans to large and middle-market firms.  This data series is part of the Board of Governors of the Federal Reserve System’s Senior Loan Officer Opinion Survey on Bank Lending Practices, referred to as SLOOS. The purpose of the SLOOS is to provide qualitative and limited quantitative information on bank credit availability and loan demand, and also evolving developments and lending practices in the United States commercial loan markets.

The spike in tightening of late is surely no surprise to market participants; it may even seem to underrepresent current tightening. As can be seen, this is the least drastic, so far, of 5 major spikes since 1990. That this is least drastic may be as it is not accompanied by a recession. I should of course say “not yet accompanied by a recession;” whether we can escape a recession as we digest the pandemic related stimulus, i.e. as we tamp down inflation, remains to be seen.

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May 5, 2023

Miami Commercial Real Estate News May 4, 2023: Genting Agrees to Sell Former Herald Site for $1.2B; Kushner Plans 325-Unit MXU for Wynwood; More…

$1.2B Deal Struck For 15-Acre Development Site On Biscayne Bay

The largest piece of undeveloped waterfront in Downtown Miami has found a buyer at a record price. A partnership led by Terra Group and its CEO, David Martin, have agreed to pay $1.225B to purchase the 15.5-acre site at 1431 North Bayshore Drive on Biscayne Bay, where the Miami Herald’s headquarters once stood. Smart City Miami LLC, an entity formed this month…

Terra Acquiring Former Miami Herald Site From Genting Group For $1.225 Billion, Plans Waterfront Transformation

SmartCity Miami LLC, an investment group led by Miami-based Terra and its CEO, David Martin, has finalized terms for acquiring a 15.5-acre development site on Biscayne Bay in Downtown Miami. The group will purchase the site, previously home to the Miami Herald newspaper offices, from its owner, Genting Group, for $1.225 billion. The site is the largest undeveloped…

Terra-Led Investment Group Pays $1.2B for Miami Waterfront Site

The property formerly housed the offices of the Miami Herald. Image courtesy of Avison Young SmartCity Miami, an investment group led by Miami-based Terra, is acquiring a mixed-use property in downtown Miami from Genting Group for $1.23 billion. The deal is expected to close before the end of the year. The 15.5-acre development known as BayCity Miami, which formerly housed…

SmartCity Buying Genting Site For $1.2B, Planning ‘Something Spectacular’

SmartCity Miami has announced plans to purchase the former Miami Herald property in Downtown Miami from Genting Group. The sale is set to be completed late this year, at a price of $1.225 billion. There were a total of nine bids for the property from all over the world, and five of those bids were over $1 billion. Terra and its CEO David Martin is leading the SmartCity Miami…

Genting Group Agrees to Sell 15.5-Acre Downtown Miami Development Site for $1.2B

Genting Group has agreed to sell a 15.5-acre development site in Downtown Miami for $1.2 billion. The property is the largest undeveloped waterfront property in Miami’s urban core, according to the seller. SmartCity Miami — an investment group led by locally based Terra and the company’s CEO David Martin — will acquire the property in a transaction expected…

Terra-led group is buying Genting’s downtown Miami site for $1.2B

Genting Group is selling its bayfront downtown Miami assemblage to an investment group led by Terra for $1.2 billion, which could mark the most expensive urban land sale in Florida. The Malaysian gambling operator had secured five bidders, each offering more than $1 billion for the 15.5-acre property as of a month ago. The land, at 1431 North Bayshore Drive, hit the market…

BH scores approval for North Miami Beach apartment tower

BH Group can move forward with plans for a 400-unit apartment tower in North Miami Beach. The North Miami Beach City Commission on Thursday voted 5-0 to approve a site plan for the 32-story building that will also have 1,825 square feet of ground-floor commercial space and a 587-space parking garage, city records show. The city commission also granted 10 variances…

Church sells Palmetto Bay campus for $10M to Westminster Christian School

Westminster Christian School bought the property at 14920 Southwest 67th Avenue, according to records. Westminster, a private school that includes a preschool, as well as an elementary, middle and high school, is immediately south of the site. The property consists of multiple one-story buildings, totaling 14,600 square feet, that include the Christ Congregational Church…

New Rendering Showcases Okan Tower’s Tulip-Inspired Design, Set to Rise 70-Stories In Downtown Miami

A captivating new hero rendering has been unveiled for Okan Tower, a 70-story, tulip-shaped mixed-use tower set to become a landmark in Downtown Miami. Designed by Behar Font & Partners and developed by Okan Group, the 902-foot tall megaplex is located at 555 North Miami Avenue, at the crossroads of culture, entertainment, art, fine dining, and Miami’s waterfront.

New Renderings Released Of Riverwalk Planned Behind Hyatt Supertall Site

Developers planning a three-tower redevelopment of the Hyatt Regency site in Downtown Miami have released new renderings of public space planned, including a riverwalk. The developer are requesting city commission approval for a side yard setback waiver. Commissioners are permitted to approve a waiver if it is determined that public benefits are provided.

City To Consider License Agreement For Brickell Park

Miami commissioners are scheduled to consider a new agreement on the status of a park next to Mary Brickell Village. The commission meeting is scheduled for May 22. Below is a text of the proposed legislation: WHEREAS, the predecessor to 1000 Brickell, Ltd. (“1000 Brickell”) deeded to the City in 1974 (the, “1974 Deed”) the Parcels for use as public parks; and WHEREAS…

Atlantic Pacific proposes 124 rentals at Perrine transit village project

Atlantic Pacific Companies is taking on the next portion of its multi-phase Quail Roost Transit Village project in south Miami-Dade County. The Bay Harbor Islands-based development firm proposes a 10-story building with 124 apartments at 10235 Southwest 186th Street for its second phase of the transit village project, according to an Atlantic Pacific filing submitted…

Kushner JV plans mixed-use apartment project in Wynwood

Kushner Companies entered into a joint venture to develop a mixed-use apartment complex in Wynwood, as the New York firm completes its first projects in the neighborhood, sources told The Real Deal. The latest development, to include 325 apartments and roughly 20,000 to 25,000 square feet of retail space, would rise on the Soho Studios event space site at 2136 Northwest First…

Report: $300B AOM Guggenheim Execs Moving To Miami

A co-president of Guggenheim told Bloomberg that “there’s no formal relocation to Florida.” Guggenheim’s billionaire CEO and co-founder Mark Walter also has no plans to relocate, the report said. Crain’s Chicago is reporting that Guggenheim Partners “is on the verge of deciding to move its headquarters to Miami.” The financial services firm has over $300 billion in assets…

Photo: Downtown Miami’s Cultural Center, Planned To Be Demolished

A photo shows the Miami-Dade Cultural Center, which is expected to be demolished as part of downtown Miami’s Metrocenter redevelopment. The new Miami-Dade civil courthouse tower can be seen rising in the background. The Cultural Center was completed in 1983, with a controversial design that is reminiscent of a fortress. In addition to being pedestrian unfriendly…

Tri-Rail ready to come downtown, wants trains on the tracks

Tri-Rail is pouring on the oil as it races to serve downtown Miami Central Station and is itching to get its trains on the tracks. “We’re working with Brightline and FEC to gain physical access to the corridor,” David Dech, executive director of the South Florida Regional Transportation Authority, which runs Tri-Rail, told the Miami-Dade Citizens’ Independent Transportation Trust…

Midrise residence near Midtown and Edgewater win OK

A new midrise mixed-use residential building is planned for an area near Midtown and Edgewater in the City of Miami. Owner-developer TF Edgewater Apartments LLC has presented plans for Residence 27, a 20-story building at 2728 NE Second Ave., to be home to 247 residential units, about 7,800 square feet of retail, and liners around a parking garage podium for 347 vehicles.

Heading to Hialeah: Developers pour over $620M into project pipeline

Business is booming in Hialeah, as developers gobble up land and secure financing for a bevy of multifamily, industrial, and office projects planned for Miami-Dade County’s second most populous city. Nine developers have dropped nearly $250 million for land acquisitions and borrowed almost $378 million for projects in the “City of Progress,” according to The Real Deal’s research.

363K sf UHealth rising in North Miami

The University of Miami Health System is at work on a 363,000-square-foot facility in North Miami that would offer an extensive list of medical specialties and is to hire over 450 new staff, including physicians, nurses, technicians, and support. UHealth, which is powered by the Leonard M. Miller School of Medicine at UM, broke ground last September on this new medical center…

52-story Miami Worldcenter tower adding to project as it rises

The plan to build a new hotel and condo tower in Miami Worldcenter, already under construction, is changing due to the purchase of an adjacent property. Miami Worldcenter Legacy Hotel will rise at 938 NE First Ave. with 52 stories, home to a 218-room hotel and 308-unit residential condominium, along with office space for a medical facility. The project was first approved…

In southern Miami-Dade Costco site debate, four pivotal county concerns at stake

Four classic government dilemmas converged as county commissioners debated the sale of South Dade land they had dedicated two decades ago to vital water and sewer use to developers of a big-box Costco store. Clashing were concerns of have-not areas versus areas that do well economically, the need of government to be a good steward of its properties versus private…

End of the line for Nikki Beach?

Miami Beach elected officials are laying the groundwork to find a new operator for the Nikki Beach property, the longtime restaurant and outdoor club on prime waterfront in the city’s South of Fifth neighborhood. On Friday, commissioners voted 5-2 to authorize City Manager Alina Hudak to enter into a non-binding term sheet with Boucher Brothers to take over the two-story…

Industrial Landlords More Willing To Negotiate Lease Terms, Report Says

Although demand for industrial space remains strong, rising interest rates and a looming recession has offered some prospective tenants more room to negotiate. Uncertainty about the overall economy is making credit even more important to landlords, and tenants with strong credit will have increased negotiating power – within reason. The post Industrial Landlords More Willing…

Dolce & Gabbana Planning Major Residential Project In Miami

Dolce & Gabbana announced plans recently for a “large-scale operation” in Miami’s real estate market. Miami will see a “major residential project,” Dolce & Gabbana said in a social media post. An exact project location was not revealed. The company is partnering with JDS Development Group, according to the announcement. JDS is building the massive 1 Southside Park…

Adapting to challenging market: Developer retools planned Aventura condo tower

The developer of a planned Aventura luxury condo project that launched sales in the fall is expanding the number of units and lowering prices to adjust to the challenging market, The Real Deal has learned. Matthew Rosenblatt’s 2151 Development Group and Efrem Gerszberg’s 2020 Acquisitions will add more than 50 units to Tal Aventura, with less expensive prices…

The Edition Residences Edgewater Planned for 2121 N Bayshore Dr., Miami, Florida, 33137

The Edition Residences Edgewater is slated for a 2026 delivery in Miami-Dade County. It’s the first private residence under the Edition brand. Designed by Arquitectonica, the 55-story tower will offer 185 units, ranging from $1.9 million to $8 million each. Miami Residence notes that homes will measure 1,952 square feet to 3,864 square feet, comprising one-bedroom…

Miami’s Lotus House Breaks Ground on Children’s Village In Overtown, Miami

In a groundbreaking ceremony attended by hundreds of neighbors and community stakeholders, Lotus House, the country’s most extensive women’s shelter, marked the commencement of construction on their Children’s Village. Set in Miami’s historic Overtown District, the five-story facility aims to extend the organization’s impact on the community by focusing…

Redwood pays $30M for townhouses near Opa-locka, plans conversion to workforce rentals

Redwood Dev Co paid $30 million for 75 nearly completed townhouses near Opa-locka, with plans to convert them to workforce rentals. Redwood bought the townhomes on the northeast corner of Northwest 119th Street and West Golf Drive from the developer, Lennar, according to the buyer’s news release. Redwood took out a $23 million loan for the purchase…

Miami Historic Preservation Board Considers Hotel Proposal at 6747 Collins Ave., Miami Beach, Florida

In 2019, Urbanica Management purchased a .98-acre site in Miami-Dade County for $40 million––the last vacant site in the area at the time. Now, nearly three years later, the organization hopes to move ahead with plans for a 16-story hotel. The venture is under review from the Miami Historic Preservation Board. If approved, the multi-million-dollar venture could offer…

Forman Capital Acquires $24.1M Loan Secured by Development Site in Miami

Forman Capital, a South Florida-based lender owned by Brett Forman and Ben Jacobson, has acquired a $24.1 million loan secured by a development site in Miami. Charles Foschini of Berkadia arranged the transaction. Located at 2301 N.W. 3rd Avenue, the site was acquired in September of last year by an affiliate of Neology Life Development Group for $32.1 million, with plans…

Forman Capital Acquires $24 Million Note Secured by Miami-Dade County Development Site

Forman Capital, a creative and entrepreneurial direct lender based in South Florida owned by veteran real estate financing professionals Brett Forman and Ben Jacobson, has acquired a $24.1 million fully performing loan secured by a 7.3-acre development site at 2301 NW 33rd Ave. in Miami, Florida. The transaction closed on…

Robert Finvarb and Hidrock plan Wynwood hotel

Robert Finvarb Companies and Hidrock Properties are planning a 115-room branded hotel in Miami’s Wynwood, marking the joint venture’s third project in the artsy neighborhood. An affiliate of Aventura-based Robert Finvarb and New York-based Hidrock bought a 0.2-acre site at 160 Northwest 28th Street for $6.7 million, records show. The seller, an entity managed…

Dude, Where’s My Truck? Parking Shortage Pushing Up Price For Big Rig Real Estate

In the U.S., 18-wheeler big rigs are synonymous with commerce, barreling down the country’s interstate system to deliver goods of all shapes and sizes to stores or straight to buyers’ doors. But while everyone is familiar with these hulking haulers, their role as a demand driver for a class of commercial real estate is more covert. The need for expanded and updated logistics…

Taurus Development Group Proposes 28-Unit Multi-Family Project In Goulds, Miami-Dade County

New plans submitted to Miami-Dade County for an Administrative Site Plan Review reveal Taurus Development Group LLC’s proposal to develop a multi-family residential building in the Goulds Community Urban Center District (GCUC), designed by Conconcreto Designs LLC as the architect, structural engineer, and MEP engineer, and Fecttech Consult, LLC as the civil engineer.

Foreign Direct Investment Resurgent in Miami

Leading the nation in employment recovery, vaccination rates, travel recovery, and leasing rate activity, Miami topped the global real estate brokerage firm JLL’s Most Recovered Market Scale in 2021. This was a welcome indication of the transformation underway. But this initial recovery phase lacked one conspicuous component of Miami-Dade’s historic economic growth…

Demand For Brightline So High That It Just Earned A South Segment Profit: ‘Never Really Intended’

Brightline’s trains are in such high demand that the company’s South Segment was profitable on an operating basis for the first time ever last month, according to the company’s chairman. “We never really intended to make money on that segment on a standalone basis,” Brightline chairman Wes Edens told CNBC. “A year ago we did about 70,000 rides in March, this year…

Socialist Wave Sends Money Flying Out of Latin America; Miami Real Estate Benefits

At the four-star Hotel Estelar la Fontana in Bogotá, a hundred wealthy Colombians are learning how to send their money to the US—and fast. Crammed shoulder to shoulder on leather chairs, the crowd admires slides of waterfront properties in Miami. The real estate could be an investment, a second home or the start of a new life. A one-­bedroom sells for $1 million, more than 300 times…

As New-To-Market Tenants Drive Up Costs In Miami, The ‘Sticker Shock’ Is Real

The continued wave of corporate migrations washing ashore in Miami, partly driven by lower costs than traditional business hubs, is pushing those costs up at a rate that has shocked local operators. “Our clients that have come from New York and Chicago and Latin America, they get sticker shock,” Juliana Fernández, who founded an architecture firm called AEI Spaces…

Companies focusing on Florida as a smart place to invest in commercial real estate

Florida continues to be a top destination for investors from all parts of the world. After the pandemic, Florida became a desired place to start a business, thanks in part to the more relaxed Covid restrictions, and being one of the first states that was re-open for business. A total of 318,855 people relocated to Florida in 2022, according to the National Association of Realtors…

Related, Merrimac score $94M construction loan for Miami Worldcenter project

Related Group and Merrimac Ventures landed $94 million in construction financing for a planned 33-story condominium at Miami Worldcenter. Arkansas-based Bank OZK provided the loan for The Crosby, which will have 450 units, according to records. The joint venture acquired the development site at 601 North Miami Avenue in Miami in 2021 for $12 million.

Residences at Shell Bay in Hallandale Beach to Offer Area’s First Golf Course in 25 Years

Twenty stories. One-hundred and eight homes. These are just some words to describe Residences at Shell Bay, a pre-construction residential complex in Hallandale Beach, Florida. Sources report that units start at $2.5 million, with delivery slated for either 2025 or 2026. Condos & Condos notes that homes will measure 1,250 square feet to 2,600 square feet each, ranging…

Nine-Story Salato Pompano Beach Planned for 305 Briny Ave., Pompano Beach, Florida

What’s nine stories and 40 residential units? Salato Pompano Beach in Broward County. The oceanfront venture is “the ultimate expression of coastal luxury living,” offering homes ranging from 2,106 square feet to 3,354 square feet each, per Condos and Condos. Each home comprises three bedrooms and 3.5 bathrooms, costing $1,268 per square foot. Vickie Real Estate notes that…

Developer Seeks Partner With $250M To Launch Massive Project Near Sawgrass Mills

Developer Joseph Kavana is looking to raise more than $250M to construct a master-planned development adjacent to the Sawgrass Mills outlet mall in Sunrise. Kavana is looking for a joint partner to build the project, called Metropica, which is being marketed as a “city-within-a-city” and is expected to include 2,500 residential units, 240 hotel rooms, 480K SF of retail…

Kavana seeks equity partner on stalled Metropica project in Sunrise

The developer of a massive mixed-use community in Sunrise is seeking an equity partner to move the long-planned 4 million-square-foot project forward. Joseph Kavana’s Metropica Development tapped Avison Young and Karson & Co. to find and structure a joint venture partnership for the roughly 48-acre site at 1800 Northwest 136th Street, according to a press release.

Sixth & Rio Planned for 2024 Delivery at 501 SE 6th Avenue, Fort Lauderdale, Florida

Meet Sixth & Rio, a boutique residential venture along the New River. Per Condos & Condos, the multi-million-dollar project will offer 100 homes in a nine-story building. They measure from 930 square feet to 2,300 square feet each, comprising one-bedroom to three-bedroom units. In-home amenities include nine-foot-high ceilings, front desk security, and move-in-ready units.

FoxRock Properties Refinances West Palm Beach Office Building

Courthouse Commons. Image courtesy of JLL Capital Markets FoxRock Properties has received $16.7 million in refinancing for Courthouse Commons, an 85,660-square-foot office building in West Palm Beach, Fla. A JLL Capital Markets team led by Senior Director Jonathan Schneider worked on behalf of the borrower to secure the five-year, fixed-rate loan from Rockland Trust Co.

Judge Rules Commission Was Wrong To Reject Warehouses At Palm Beach Raceway

The Palm Beach County Commission’s decision to deny warehouse development on the site of the former Palm Beach International Raceway was unreasonable, a special magistrate judge ruled Tuesday. The nonbinding decision gives the commission until June 16 to reconsider the issue of whether to approve a plan from the property’s owner, IRG Sports & Entertainment…

Mast Capital JV Breaks Ground on Palm Springs Community

Mast Capital, The Spear Group and Rockpoint have broken ground on a 264-unit multifamily community in Palm Springs, Fla. In November 2022, Santander Bank provided $42.5 million in construction financing for the development. Designed by MSA Architects, the garden-style community will rise on the former 18-acre site of the YMCA of the Palm Beaches. Upon completion…

The Fed on the uneven cooling of the real estate market

There are lots of ways to measure how hot the real estate market is. One is how long houses remain on the market. FRED has such measures for the median house in each state. Above, the FRED map displays this measure for March 2023, the latest month available at the time of this writing. Instead of displaying the raw measure, we show how it changed compared with…

Mila founder to open restaurants, hotel on Miami River

Mila restaurant founder Gregory Galy and his partners plan to open Casa Neos with a boutique hotel and three eateries along the Miami River this year. Riviera Dining Group, led by Galy, along with Pacific Star Capital and a Spanish investor are completing interior and exterior renovations at the four-story building at 40 Southwest North River Drive, Guillaume Vidallet of Riviera Dining…

The Pool of US Commercial-Property Lenders Shrank (Again)

The acquisition of First Republic Bank by JPMorgan Chase & Co. will lead to the consolidation of two of the top 25 commercial-real-estate lenders in the U.S., which may further complicate asset pricing due to changing competition to fill the debt portion of the capital stack. If one is shopping around for a loan and 20 lenders are competing for your business, the likelihood is you…

JP Morgan 2023 midyear commercial real estate outlook

Economic uncertainty remains high for commercial real estate through the rest of 2023. There are plenty of big questions—including the interest rate environment and the future of office space. But there are also positives: Multifamily and industrial continue to perform well, and the industry may have underestimated the strength of neighborhood retail. Keep an eye on these…

Pointe, Allaire pay $31M for Hialeah senior housing, nursing care complex

Pointe Group Care and Allaire Health Services scooped up Epworth Village Retirement Community and Susanna Wesley Health Center in Hialeah for $30.9 million. Affiliates of nonprofit Epworth Village, led by Madelyn Lozano, sold the adjacent properties at 5300 West 16th Avenue and 5345 West 18th Avenue in two deals, according to records and real estate database…

Developing innovative financing strategies for affordable housing

The housing crisis facing our industry and cities continues to grow, with a national housing underproduction of 3.8 million units annually (as of 2019). Addressing and resolving this issue will require collective ingenuity and collaboration of public and private participants at every level. Moderated by Hill, the roundtable included Catherine Buell, former director, Amazon Housing Equity…

The future of the traditional office space is unclear as vacancy rate hits record high

Office spaces continue to struggle as work-from-home trends persist, according to a report from the National Association of Realtors. The office vacancy rate rose to a record high of 12.9% in the first quarter from 12% a year ago, representing 72.9 million more square feet available to lease. “The future of the traditional office space is unclear due to the ongoing impact of COVID-19…

Sun Starts to Set on Once-Hot Sunbelt Office Markets

Office markets in popular Sunbelt cities are showing signs of fatigue, succumbing to economic uncertainty and the persistence of remote work that had already upended major coastal office markets. Fast-growing cities from Miami to Phoenix are still benefiting from businesses moving south, drawn by lower taxes, warmer climates than in the Northwest and Midwest…

Industrial Outdoor Storage: Higher Rents Than Traditional Industrial But Weaker Tenants

Although IOS is seeing growing demand in line with the broader industrial property boom, it is still a volatile market with demand and rents accelerating faster in upcycles but also performing worse during economic downturns. And one of the reasons IOS tends to suffer disproportionately is the overall weaker tenant profile. The post Industrial Outdoor Storage: Higher Rents…

Florida lawmakers tackle affordable housing, condo safety, foreign investment

Against the backdrop of controversial measures regarding permitless carry, a six-week abortion ban and Gov. Ron DeSantis’ feud with Disney, Florida state lawmakers have advanced a number of bills this session that could alter the landscape for developers, brokers and property owners in the Sunshine State. Among the most consequential real estate bills to pass this session…

 

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May 4, 2023

Miami Commercial Real Estate News April 26, 2023: $1B MXU Planned for Davie as 600 Acre Tiger Woods & Justin Timberlake Dev Planned for Wellington; Miami Board Approves Near River & Edgewater Projects; More..

Miami board approves designs for Alta condos, Trilogy apartments

A pair of residential projects near the Miami River and in Edgewater are closer to moving to the permitting phase. The Miami Design Review Board on Thursday approved plans for River District 14, a proposed condominium by Alta Development on a six-parcel site at 1451 Northwest 14th Street less than half-a-mile from the Miami River. The board also gave the green light…

Owner Of Kayak-Branded Miami Beach Hotel Faces Foreclosure

The owner of the hotel that served as a guinea pig for online travel search company Kayak’s foray into operating hospitality properties is staring down a foreclosure lawsuit. An affiliate of lender Varde Partners filed suit in Miami-Dade Circuit Court this month after claiming the owner of the Kayak Miami Beach at 2216 Park Ave. failed to pay off a $13.7M mortgage when it matured in December…

Varde files foreclosure against Kayak Miami Beach hotel owner

Two years after opening the Kayak Miami Beach, the hotel’s owner is facing foreclosure over an allegedly unpaid $13.9 million mortgage debt. Minneapolis-based Varde Partners sued New York-based and Santa Monica, California-based Raven Capital Management last week in Miami-Dade Circuit Court, according to Vizzda and court records. The complaint alleges Raven’s hotel ownership…

The Standard Residences Breaks Ground In Midtown Miami With 228 Units

A groundbreaking ceremony was held last week for The Standard Residences in Midtown Miami. It is the first stand-alone residential project for The Standard, a hotel brand. The Standard Residences in Midtown Miami is planned to include: 228 residential condo units 11,000 square feet of retail 34,000 square feet of amenity space, rooftop lounge The project experienced rapid…

UDRB Approves 283-Unit Residential Project Near Metrorail

A proposal to build a residential project near a Metrorail station was approved 6-0 by Miami’s Urban Development Review Board last week. The project is proposed to rise 16 stories and include: 283 dwelling units 326 parking spaces (using a 30% waiver from zoning requirements due to transit proximity) The project site is at 1428 NW 14th Ave. Metrorail’s Civic Center station…

Prologis Raises Outlook Amid ‘Healthy’ Industrial Property Demand, Rising Warehouse Rents

The world’s biggest industrial developer said rents are rising and warehouse demand is holding steady even as the softening economic picture starts to weigh on some of its customers. The San Francisco-based real estate investment trust reported 98% occupancy in its massive global portfolio in the first three months of the year — a slight increase from the same time in 2022…

Videos: Janney Montgomery Scott’s Chris Marinac Provides Bank & Lending Outlook for Real Estate

Chris Marinac, Director of Research at wealth management firm Janney Montgomery Scott, joins Americas Commercial Real Estate Show to discuss the outlook for US banks and the effects of that outlook on commercial real estate. Chris leads the Bank Research Team at his firm. This is an excellent discussion of banks overall from balance sheets to commercial real estate loan exposure…

Residences in the Grove Requires Hotel Redevelopment at 2855 Tigertail Avenue, Miami, Florida

Residences in the Grove is a boutique high-end community headed for Miami, Florida. The $40 million could start construction in July 2023, with the Terra Group and AB Asset Management serving as the developers. Upon completion, the five-story building will offer 174 residences. Per Miami Residential, these homes will vary from studios to three-bedroom apartments…

Planners envision grand global boulevard along US 1

The Miami-Dade Transportation Planning Organization (TPO) has wrapped up a US 1 multimodal and roadway intersection analysis in Coral Gables and has presented recommendations with the grand vision of transforming US 1 into a boulevard. Similar to many of the grand boulevards around the world, US 1 connects Miami’s urban core with dense mixed-use suburbs, the study…

Centners buy assemblage for teacher housing, as private school expands in Miami

Private school owners David and Leila Centner bought an assemblage near their Edgewater campus where they plan to build teacher housing, The Real Deal has learned. The controversial owners of Centner Academy paid $6.1 million for the nearly half-acre contiguous properties at 125 to 145 Northeast 20th Street in Miami, according to their spokesperson. The Centners could develop…

The Rise of Real Estate: Despite doubts about the U.S. economy, Miami real estate still attracts billions of foreign dollars

Like an incoming tide, billions of dollars are flowing into Miami’s residential and commercial real estate market from foreign investors. Last year, foreign spending on residential properties crested $6.8 billion, rising sharply from the previous year. Overseas capital for the commercial sector – the money used to build not only residential high-rises but office, retail, and mixed-use…

Consulates of Paraguay, Guatemala, Mexico move to Coral Gables

Since its founding almost a century ago, Coral Gables has been known for its international appeal. Today, the city is the home of thriving consular operations with 23 consulates and foreign government offices making Coral Gables its home, Mayor Vince Lago told Miami Today. “Consulates help us attract businesses and executives to the city,” he said. “They strengthen our…”

46-story tower with 430 units planned for Park West

A new mixed-use residential skyscraper is planned for the Park West neighborhood of Miami, right next door to the rising Miami Worldcenter district. The developer refers to the project as Project NMA, and it is to include 46 stories, 430 residential units, about 7,510 square feet of ground floor commercial and parking for 455 vehicles, at 1018 N Miami Ave. The city’s Urban…

Tri-Rail offered to lead new Miami-Dade rail plans

As transportation planners seek more rail service in Miami-Dade County, the board chairman of tri-county Tri-Rail says it, rather than the county, should be driving the train. “I think that Tri-Rail should be the operator” of new Miami-Dade rail service, Raquel Regalado, board chair of the South Florida Regional Transportation Authority, which runs Tri-Rail, told the Miami-Dade…

More CSX freight trains seen as route to add passenger rail too

Planners who had been spotlighting transit passenger solutions to Miami-Dade’s road congestion are suddenly shifting their focus to freight, but with the same objective. For years commissioners looked to dormant freight rail lines to carry passenger transit but had no success in dealing with owner CSX rail system. But recent discussions have uncovered a desire by CSX…

Plan OK’d for 20-mile-long pedestrian and bicycle trail along South Dade TransitWay

The state and the county are splitting the cost of planning and designing a pedestrian and bicycle trail running the full 20-mile length of the South Dade TransitWay, where high-speed bus service is expected to begin next year. Each of the two is to provide $3 million for the planning of the South Dade Trail Shared-Use Path, which is to sit within the TransitWay’s 100-foot right-of-way.

Michael Lewis: Vital downtown mobility plan gets on the road decades late

Our Better Late Than Never Award goes to last week’s Transportation Planning Organization vote to revamp the Miami Downtown Transportation Master Plan to meet current and future needs. That’s a very smart move – but decades late. The last time planners focused on transportation downtown was 20 years ago, meaning that for two decades we’ve based mobility…

Standard International And Rosso Development Break Ground On The Standard Residences, Midtown Miami

Hospitality and real estate innovators Standard International, Rosso Development, and Midtown Development have started construction on The Standard Residences, Midtown Miami. Situated at 3100 Northeast 1st Avenue in Midtown, nestled between the Design District and Wynwood, the 12-story building is a collaboration between the internationally acclaimed architecture firm…

Different Takes on US Commercial-Property Sales in Q1

Deal activity for U.S. commercial property in the first quarter could be viewed as a sign of a calamitous market downturn ahead or a simple return to long-run averages after a period of excess liquidity. One’s viewpoint may differ across property types. Relative to Q1 2022, which was the most active first quarter on record, sales across property types fell 56% to USD 85 billion.

Metro Station Gets Approval for 2691 East 11th Avenue, Hialeah, Florida

Metro Station recently got the green light from Miami-Dade officials, the South Florida Business Journal reports. The 0.2-acre build site was rezoned from industrial/retail use to multifamily use just a few days ago. The residential venture will comprise 55 units in an eight-story building. This is MG Developers’ third apartment complex in the area, with the other projects being…

The Multi-Family Game: How real estate developer from Lebanon Ziyad Mneimneh found new success in Miami

For Polaris Realty Capital CEO Ziyad Mneimneh, his firm’s investment strategy is both simple and profound: There will always be demand for decent, non-nonsense housing for America’s workforce, regardless of other economic factors. People will always need somewhere to live and the demand for multifamily housing will not disappear,” says Mneimneh, whose firm has structured…

County Considering New Metromover Systems, Commuter Rail To South Dade

Miami-Dade’s Transportation Planning Organization voted on Thursday to study the possibility of several new mass transit options in the county. The first resolution authorized a study on adding new People Mover systems similar to Metromover throughout the county. The consultant running the $120,000 study will be asked to identify the top five feasible areas suitable for a People…

MG Developer scores approval for Hialeah apartment complex

Hialeah is getting another apartment project near a major public transit facility. This month, the Hialeah city council approved on second reading the rezoning of a 0.2-acre industrial and retail parcel at 2691 East 11th Avenue for multifamily use. The property owner, Miami-based MG Developer, is planning to replace a gas station and convenience store with Metro Station…

Miami Unemployment Rate Hits 1.7 Percent, Lowest Nationwide

Miami has the lowest unemployment rate in the nation, according to an April 5 release by the U.S. Bureau of Labor Statistics. The agency said that Miami-Miami Beach-Kendall metropolitan division unemployment rate stood at 1.7 percent in February, which was the lowest of any metropolitan division nationwide. The unemployment rate for the entire Miami-Fort Lauderdale-West Palm…

BH3 Management and Merrimac Ventures Join Forces to Realize Vision  for New Development on Watson Island in Miami  

BH3 Management and Merrimac Ventures, two of South Florida’s leading development firms, have teamed up to execute the City of Miami’s long-held vision of a thriving destination on Watson Island. The joint venture will draw upon their deep local roots and collective expertise to bring to life 10.7 acres of land on the island,… The post BH3 Management and Merrimac Ventures…

South Florida office leasing slows, rents rise in first quarter

Office leasing activity fell across South Florida in the first quarter, a recent report shows. Landlords experienced a drop in newly signed leases in Miami-Dade and Palm Beach counties, compared to the same period of last year, while new tenants in Broward wanted smaller spaces, according to Avison Young. Despite the softening market, office property owners continued to raise…

CMC Group Breaks Ground On Vita At Grove Isle In Coconut Grove, Miami

Prominent Miami developer, Ugo Colombo of CMC Group, has recently broken ground on Vita at Grove Isle, a boutique condominium at 5 Grove Isle Drive on the 20-acre gated private island just off the shore of the city’s Coconut Grove neighborhood. Collaborating with global architecture and design firm CallisonRTKL, local architectural firm S & E Architects, and Italian designers…

Skybridge Connected E11EVEN Residences Beyond Planned for 60th NE 11th St., Miami, FL, 33132

E11EVEN Hotel & Residences hasn’t even opened yet, and it’s already sold out. This has prompted developers to move forward with E11EVEN Residences Beyond, an adjoining tower connected by a skybridge. Per Miami Residence, the 65-story tower will comprise at least 380 residences, starting in the mid-$400,000s. Units range from studios to three-bedroom layout plans…

Calta buys Coral Gables apartments from Shoma co-founder Maria Lamas

The Calta Group is quickly expanding its multifamily division after acquiring a Coral Gables apartment complex from Shoma Group co-founder Maria Lamas. A Calta affiliate paid $12 million for Venetian Flats, a two-building property with 32 units at 915 and 920 Palermo Avenue, according to records and Vizzda. The buyer obtained a $7.8 million mortgage from Terrabank.

Residential Development Plunges In South Florida As Rising Costs Hold Back Construction

Despite South Florida’s status as one of the fastest-growing regions in the United States, its pipeline of housing units is slowing sharply. New residential housing permits in South Florida dropped 21% in 2022 compared to 2021, the Sun Sentinel reported, citing data from Point2Homes. The high cost of land, stubbornly high construction costs, rising interest rates and tightening…

Ugo Colombo’s CMC Group Breaks Ground on Vita at Grove Isle in Miami’s Coconut Grove Neighborhood

Miami’s most renowned luxury developer, Ugo Colombo of CMC Group, has broken ground on Vita at Grove Isle, his most sophisticated residential development to date. The ultra-luxe boutique condominium is located on the exclusive Grove Isle, a 20-acre gated private island situated just offshore of the city’s trending Coconut Grove neighborhood. The…

Developers propose 630-unit rental complex outside Miami-Dade’s UDB

A group of developers wants to build a 630-unit multifamily complex outside Miami-Dade County’s Urban Development Boundary — an invisible greenbelt that’s meant to restrict suburban sprawl. Legacy Residential Group, CD Group and Fenix Contractors propose 14 three-story and four-story buildings on 20 acres at the southeast corner of Southwest 252nd Street and Southwest 145th Avenue…

Conway Commercial Real Estate Collects $13M for Parcel in Miami’s Little River Neighborhood

Conway Commercial Real Estate has sold 2.2 acres in the Little River neighborhood of Miami, FL for $13.2 million. Alfredo Riascos of Gridline Properties represented the seller. Tony Arellano of DWNTWN Realty represented the unidentified buyer. “Developers are recognizing the growth and the emergence of strong fundamentals, finding opportunities to appeal to the creatives…

Residence 27 Proposed Between Midtown & Edgewater, With 247 units

Plans for a building called Residence 27 have been submitted to City of Miami planners. Residence 27 is proposed to rise 20 stories and include: 247 residential units 7,800 square feet of ground floor retail space 374 parking spaces TF Edgewater Apartments LLC is the developing entity. The company is an affiliate of Chicago-based developer Trilogy. SB Architects is the architect.

Florida Bills Put Tens Of Thousands Of Historic Properties At Risk Of Demolition

A pair of bills quickly moving through the Florida state legislature could open up tens of thousands of historic properties across the state to demolition by stripping local governments of authority to preserve buildings from redevelopment. The bills, SB 1371 and HB 1346, would block local governments from prohibiting the demolition of any property that is within a half-mile…

Brickell’s ‘Chicken Lot’ Could Get Rapid Transit Zoning, Allowing High Intensity Development

Brickell’s “chicken lot” is among those proposed to be added to Miami-Dade’s Rapid Transit Metromover Subzone, hinting that a high intensity development is in the works for the property. Brazilian developer Galwan won approval in 2016 for a 44-story hotel on the site, designed by Arquitectonica. In 2017, the company announced it would be managed by Wyndham…

Waterfront North Bay Village condo building deemed unsafe

A waterfront condo building in North Bay Village undergoing its 60-year-recertification was deemed unsafe by the city on Thursday. Residents have until Tuesday to evacuate the property. Part of the ceiling collapsed last week due to significant rainfall, which inspectors say was caused by a leak from a roof drain of the historic three-story, 36-unit Art Deco building at 7946 East Drive…

Apartment Market Comparison: The South Florida Trio

Miami is a coastal metropolis and the second-most populous city in Florida. West Palm Beach is known for its natural beauty and palm trees, while Fort Lauderdale boasts affordable beach vacations and boating canals. These neighboring apartment markets combine to make up the South Florida region. While very similar in demographic makeup and economic strength…

Florida bill restricting foreign real estate purchases a “slippery slope,” brokers say

A proposed bill in Florida that would dramatically restrict investment in real estate from Chinese buyers and those from other communist countries could have ripple effects on the rest of the foreign buyer market, experts say. Florida lawmakers are advancing controversial House Bill 1355, which would ban Chinese nationals from purchasing real estate anywhere in the state. Chinese…

Q1 2023 Major U.S. Hotel Sales Survey

With continued elevated levels of inflation and interest rates, and fears of an impending economic recession, the U.S. commercial real estate industry continues to find itself in choppy waters. The recent stunning and swift collapse of Silicon Valley Bank (SVB), and subsequent failures of Signature Bank (SB), and Credit Suisse Group AG (CS) has created a perceived credit crunch…

Stranded Assets: Climate Change Could Put CRE In A Precarious Position

Commercial real estate (CRE) owners who want to preserve the value of their assets must ensure they reach certain sustainability levels within the next 10 years or risk losses. While many municipalities and states are mandating compliance with laws aimed at reducing greenhouse gas emissions, prudent property owners are responding to demand from tenants and their own…

Miami named the No. 1 city in the U.S. for Gen Z tech workers

Miami was recently named the top city in the nation for Gen Z techies by online form builder Jotform. The study examined the 150 largest U.S. cities and scored them on Gen Z friendliness, tech friendliness, internet connectivity and affordability. Miami was cited for its percentage of Gen Z residents, 22.7%, average tech salary of $105,790 and overall internet connectivity.

‘Frightening Tsunami’: Office Investment Nose-Dives In Q1 To Lowest Point Since 2010

Investment in office properties across the country fell 68% in the first quarter to $10.7B, the lowest level since 2010 and an indicator of the degree of deep freeze property markets plunged into after their most challenging year in more than a decade. Sales of all property types declined, according to Colliers, citing new MSCI data. But in the face of rising interest rates, shriveled office…

Supreme Court: Mall Of America Owner Can Challenge 100-Year, $10 Lease For Vacant Sears Box

The U.S. Supreme Court has granted the owner of the largest mall in the U.S. another chance to get out from under a deal it made with Sears that looks more regrettable every year. In a unanimous vote, the nation’s high court ruled that Mall of America owner MOAC Mall Holdings LLC can challenge the transfer of a lease it signed in 1991 with Sears for a 120K SF anchor box…

Grant Cardone faces tenant uproar over rain damage at Las Olas apartment building

A Grant Cardone-owned apartment building in Fort Lauderdale is at the center of a tenant uproar over water damage caused by historic rainfall this month. On April 12, when the city was hit with 26 inches of rain that flooded streets, single-family homes and shut down Fort Lauderdale International Airport, dozens of units in the south tower of 10X Living Las Olas were inundated with…

Town Council Unanimously Approves 2.8-Million-Square-Foot Mixed-Use Development In Davie, Florida

The Town Council of Davie, Florida, unanimously approved the largest multifamily project in its history on Wednesday, April 19. The groundbreaking development, The District in Davie, collaborates with esteemed developer El-Ad National Properties, a subsidiary of Elad Group, acclaimed architecture firm Cooper Carry, and renowned landscape architect EDSA. Located at 4801–4999…

El-Ad National Properties Plans $1B District in Davie Mixed-Use Project Near Miami

El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The Town of Davie has approved the development.  The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256…

El-Ad National Properties Unveils Plans for The District in Davie, a Vibrant 2.8 Million-Square-Foot Rental Residential Apartment, Dining and Retail Project

Award-winning developer El-Ad National Properties, an El-Ad Group company with a South-Florida based team, is bringing its expertise and exceptional reputation to Davie, Florida with its upscale 2.8 million-square-foot mixed use rental residential apartment and commercial project named The District in Davie. This is the largest multi-family project in Davie’s…

El-Ad plans $1B mixed-use multifamily project in Davie

El-Ad National Properties plans a 2.8 million-square-foot mixed-use multifamily project in Davie. The development, called The District in Davie, will have roughly 1,256 apartments in five towers ranging from 20 stories to 24 stories at 4801-4999 South State Road 7, according to an El-Ad news release. It also will have 36,000 square feet of retail and restaurants, and 2,650 parking…

Miami Jewish Health, McDowell Housing Break Ground on $137M Affordable Seniors Housing Project in Pembroke Pines

Miami Jewish Health (MJH) and McDowell Housing Partners have broken ground on Douglas Gardens Residences, a 410-unit affordable seniors housing community in Pembroke Pines, approximately 20 miles north of Miami. Development costs for the project, which will combine healthcare and housing, are estimated at $137 million. Of the total units, 390 will be reserved for age…

Time Equities pays $44M for Boynton Beach Town Square assemblage

A new developer is taking over the buildout of the commercial portions of Boynton Beach Town Square. Affiliates of New York-based Time Equities paid a combined $44 million for 8.8 acres at 117 Northeast First Avenue, 120 Southeast First Avenue, 125 Southeast Second Avenue and 130 East Boynton Beach Boulevard, according to records and Vizzda. The buyer obtained a $40 million…

Developers Breaks Ground On 18-Acre Multifamily Development in Palm Springs, Florida

South Florida real estate development and investment firm Mast Capital has joined forces with Boston-based Rockpoint and The Spear Group to break ground on an 18-acre multifamily development in Palm Springs, FL. With $42.5 million in construction financing from Santander Bank, the project, located at 2085 S. Congress Ave., will rise on the site of the former YMCA…

Mark Bellissimo And NEXUS Luxury Collection Partner To Develop 600-Acre Residential Club Community In Wellington, Florida

Wellington resident and entrepreneur Mark Bellissimo has announced a partnership with NEXUS Luxury Collection, founded by Joe Lewis and his Tavistock Group, Tiger Woods, Justin Timberlake, and Ernie Els, to create The Wellington, a luxury residential club community in the heart of Wellington that celebrates the best of South Florida and equestrian sport. Through their new partnership…

Tiger Woods, Justin Timberlake Back 600-Acre Palm Beach County Project

An international hospitality and real estate company backed by investors including Tiger Woods and Justin Timberlake has struck a deal to develop a multibillion-dollar, 600-acre community around a renovated golf course and expanded equestrian showgrounds in Palm Beach County, Florida. Nexus Luxury Collection — a celebrity-backed development group that counts Woods, Timberlake…

Bellissimo taps Tiger Woods, Justin Timberlake for massive proposed Wellington development

Developer Mark Bellissimo unveiled his latest version of a massive planned luxury community in Wellington — and he’s proposing to build it with golf greats Tiger Woods and Ernie Els, singer-songwriter Justin Timberlake, billionaire Joe Lewis’ Tavistock Group and founding eBay president Jeff Skol. Now called The Wellington, the more than 600-acre development would be completed…

Celebrity-Backed Venture Plans Wellington Club Community

The golf course at the property. Image courtesy of Wellington Lifestyle Partners A partnership between the Tavistock Group’s NEXUS Luxury Collection and entrepreneur Mark Bellissimo is developing the Wellington, a 600-acre luxury residential club community near West Palm Beach, Fla. The project will be located in Wellington, Fla., in Palm Beach County. Other venture partners…

Residents Reject Kolter Group’s $500M Offer for Palm Beach County Oceanfront Trailer Park

Residents of an oceanfront mobile-home park in South Florida rejected a $503 million buyout offer from The Kolter Group. Nestled between some of the country’s most expensive ZIP codes, the Briny Breezes community spans 43 acres, housing 488 mobile trailers on a barrier island in Palm Beach County. Structured somewhat like a co-op, each homeowner owns between 20 and 80…

GL Homes revives controversial 1,000-home proposal for Ag Reserve

GL Homes is pursuing a controversial development proposal for a 1,000-home age-restricted community in Palm Beach County’s Agricultural Reserve. Next week, the Palm Beach County Commission is expected to consider the Sunrise-based homebuilder’s plan that includes a land swap. Under GL Homes’ proposal, the firm would be allowed to build out 682 acres…

 

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April 26, 2023

Miami Commercial Real Estate News April 20, 2023: 310-Unit Tower Planned for Brickell as 430-Unit One Planned for Park West; Developers Take Over Lease for Watson Island Development; More…

‘Meticulously Designed’ 24-Story Tower With Micro Units Proposed In Brickell

Plans have been filed for a 24-story residential tower in Brickell. According to a letter sent to City of Miami planners, the developer is proposing an urban infill, mixed- use project, in a structure that is “meticulously designed.” The project is proposed to include: 240 dwelling units (of which 70  will be micro-units) 43,920 square feet of commercial space on the ground…

Empira plans 310-unit tower in Brickell

Empira Group bought a Brickell development site with plans to build a 26-story multifamily tower, marking the Swiss company’s second project in Miami after its debut last summer. The firm, in partnership with Grand Peaks Properties, purchased the 1-acre site at 901 Southwest Third Avenue and 244 Southwest Ninth Street, according to an Empira news release.

Empira Group Acquires Brickell Development Site, Plans 26-Story Multifamily High-Rise

Swiss real estate investment powerhouse, Empira Group, has made headlines with its recent acquisition of the 901 Southwest 3rd Avenue development site for $21.5 million, previously referred to as Empire Brickell, in the bustling Brickell neighborhood of Miami. This marks the firm’s second foray into greater downtown Miami’s development landscape in just under a year, with the…

Developers Announce Lease Takeover On Watson Island, With Plans To Build

Two Miami-area developers have reached a deal to take over a portion of the former Island Gardens development at Watson Island. BH3 Management and Merrimac Ventures said in a press release that they acquired the lease and development rights to 10.7 acres of land on the island (not including the marina area). In a press release, the developers said that initial site work at the property…

Turkish investors plan Midtown Miami mixed-use project

A group of Turkish investors paid $10.5 million for a commercial building in Midtown Miami, with plans to develop a mixed-use tower. Furkan Bayoglu and other investors bought the two-story, 12,500-square-foot building at 175 Northeast 36th Street from David Feinberg, according to records and real estate database Vizzda. The buyers took out $6.2 million…

Renderings Show Potential Apple Store At Miami Worldcenter

Plans were filed with City of Miami planners last year for a potential Apple Store at Miami Worldcenter, newly released documents show. The application seeking warrant site plan approval for the store is dated June 2022, so it’s possible the design may have changed since then. Building Department records show that a construction permit was applied for at the same site…

Merrimac, BH3 take over lease on Miami’s Watson Island to develop mixed-use project

Merrimac Ventures and BH3 Management partnered to take over the lease of a long-stalled development site for a mixed-use project on Miami’s Watson Island. After a series of delays and controversy, Flagstone Property Group, led by Mehmet Bayraktar, sold the lease for nearly 11 vacant acres to Merrimac and BH3. The two firms plan to finish what Flagstone started more than…

BH3 Management, Merrimac Ventures to Develop Mixed-Use Project on Miami’s Watson Island

South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction.

EDEN Multifamily, Dermot Plan Miami High-Rise

Miami-based EDEN Multifamily and the Dermot Co. are developing their first residential project together, a 44-story, 430-unit Class A luxury multifamily tower in Miami’s Park West district. The high-rise, which will offer 8,000 square feet of ground-floor retail space, is designed by prominent local architect Kobi Karp. The partners are still…

Eden and Dermot team up to build Park West apartment tower

A pair of multifamily developers are planning a luxury apartment tower in Miami’s Park West neighborhood. A joint venture between Eden Multifamily and The Dermot Company is under contract to buy a 0.7-acre site at 1018 North Miami Avenue owned by Park West investor Michael Simkins, according to Miami-Dade records. A spokesperson for the partnership declined comment…

EDEN Multifamily and The Dermot Company Unveil Plans for Downtown Miami High-Rise Residential Project

EDEN Multifamily, the prolific South Florida developer, is partnering with multifamily developer and investor The Dermot Company to bring a Class-A, luxury rental residential tower to downtown Miami’s Park West district. EDEN and Dermot plan to develop a 44-story, 430-unit high-rise designed by the award-winning architect Kobi Karp. This development represents the first…

Lululemon, Sephora Open Stores at $4B Miami Worldcenter Development

Retailers lululemon athletica and Sephora have opened stores at Miami Worldcenter, a $4 billion mixed-use development in downtown Miami. The stores are located adjacent to one another along the development’s 7th Street pedestrian promenade that overlooks World Square Plaza, a 20,000-square-foot park. CIM Group, a co-developer of Miami Worldcenter, is leading…

Empira Group Acquires Development Site in Miami’s Brickell Area for 26-Story Apartment Tower

Empira Group, a Switzerland-based institutional real estate investment firm, has acquired a development site at 901 SW Third Ave., formerly known as Empire Brickell, in Miami’s Brickell area. The firm plans to build a 26-story apartment tower comprising 310 market-rate units with roughly 2,500 square feet of retail space on the ground floor. Construction is scheduled to commence…

Developer Seeks UDRB Approval For 24-Story Mixed-Use Project At 296 SW 7th Street In Brickell, Miami

Development plans have been filed for a 24-story mixed-use building at 296 Southwest 7th Street in Brickell, Miami. Designed by Beilinson Gomez Architects P.A., with Gardner + Semler Landscape Architecture (GSLA) as the landscape architect, and developed by Rockville Hospitality LLC, led by Amit Patel and Chris Desai, the proposed development aims to create an urban…

Gears shifting from buses to rail for East-West Transit corridor

Plans for East-West Corridor rapid transit in Miami-Dade County, which since 2020 had officially been targeting express buses in partnership with the Miami-Dade Expressway Authority (MDX), now are focusing again on an older plan to use CSX tracks and run rail instead. The topic is on today’s agenda (4/20) of the Miami-Dade Transportation Planning Organization…

Metromover-like transit targeted in five systems countywide

Transportation planners are looking to add automated people mover lines like downtown’s Metromover system in as many as five Miami-Dade County locations. The Transportation Planning Organization today (4/20) is to vote on a contract to pinpoint the top five places to add automated people movers to “provide a safe, convenient and effective connection to major transit…

Michael Lewis: What must we do to get our affordable housing plan right?

A plan to tally Miami-Dade’s affordable housing needs impresses us, but we question what assumptions will shape the results. County Commissioner René Garcia’s detailed proposal reported on Miami Today’s front page last week is impressive because it looks holistically at a vital problem that has to date been dealt with piecemeal, almost unit by unit. Sen. Garcia seeks quantified…

Electrical union could redevelop Miami headquarters

A union representing electrical workers could rezone its headquarters in Miami’s Allapattah neighborhood to set up a mixed-use development. The city’s Planning, Zoning and Appeals Board will consider… concerns the 1.83-acre site at 1544, 1649 and 1650 N.W. 16th Terrace; 1657, 1601 and 1667 N.W. 17th Ave.; and 1700 N.W. 15th Street Road. The IBEW has owned the property since 1948.

South Florida’s Industrial Asking Rents Climb In First Quarter

Industrial asking rents in Broward and Palm Beach counties climbed at least 40 percent in the first quarter, year-over-year, while Miami-Dade County saw a 14 percent jump, according to a newly released report. The first quarter findings show the South Florida industrial market remains on a stable trajectory, as demand continues to outpace supply, said Tom O’Loughlin…

Revealed: 65-Story Tower Proposed At Miami Worldcenter

Developer Naftali Group has formally filed plans to build a 65-story tower at Miami Worldcenter’s Block A. Nafatali purchased the property at 1016 Northeast Second Avenue last year for $40.5 million. The developer requested height approval for a new tower on the property from the FAA in September. Approval by the FAA for a 691-foot tower was issued in January.

New York’s Naftali Group Unveils Downtown Miami Condo Development

Two more residential towers are set to rise in Downtown Miami, according to two separate proposals filed to Miami’s Urban Development Review Board. In the largest of the two proposals, New York’s Naftali Group unveiled plans to develop a 65-story condo high-rise. The development, designed by Arquitectonica, is set to include 723 units, 2,187 square feet of commercial space…

Revealed: 46-Story Residential Tower Proposed In Park West

Plans have been filed with City of Miami planners for a 46-story residential tower in Park West. The development is referred to as Project NMA by the Planning Department. Project NMA is planned to include: 430 dwelling units 7,510 square feet of commercial use 455 parking spaces The development will feature a robust landscaping plan incorporating native trees that…

Related Group, partners score $165M refi for Wynwood project

Related Group and its partners scored a $165 million refinancing for the Dorsey mixed-use project in Wynwood, even as the market nationwide for loans remains challenging, The Real Deal has learned. New York-based MF1 Capital, a lender for multifamily properties in the U.S., provided the financing, sources said. It’s a 30-month, interest-only loan, according to Related.

Video: How Contractors Are Building Foundation At 100-Story Waldorf Astoria Supertall

The Wall Street Journal has published an in-depth feature showing how contractors are building the foundation at the 100-story Waldorf Astoria supertall tower in Downtown Miami. A technique called “deep soil mixing” is being used to make the onsite soil much stronger than normal. The process also seals out nearly all water. The technique was previously mainly used…

Pinnacle nabs $89M in construction financing for Princeton affordable rentals

Pinnacle scored $88.6 million in construction financing for an affordable apartment complex in south Miami-Dade County’s Princeton neighborhood. The development firm has started building the 215-unit garden-style community on 6.5 acres at 25155 Southwest 136th Avenue in an unincorporated area of the county, according to a Pinnacle news release. Dubbed Pinnacle…

Proposal For Tower At 2600 Biscayne Submitted To FAA At 529 Feet

Plans for a tower at 2600 Biscayne have been submitted to the Federal Aviation Administration. According to the April 13 filing with the FAA, the tower is proposed to rise 521 feet above ground, or 529 feet above sea level. In July 2022, a partnership of developers announced they had closed on the purchase of 2600 Biscayne, and have unveiled development plans…

Rental Asset Management pays $28M for Hialeah apartment complex

Rental Asset Management acquired a recently completed apartment complex in Hialeah for $27.5 million. An affiliate of the Oakland Park-based multifamily investment firm acquired Station 21 Lofts at 102 East 21st Street in Hialeah, according to records and Vizzda. Rental Asset Management, or RAM, assumed the seller’s $13 million mortgage from Boca Raton-based Amzak Capital Partners.

Berkadia Arranges $165M Refinancing for The Dorsey Mixed-Use Development in Miami

Berkadia has arranged a $165 million loan to refinance the construction loan for The Dorsey, a recently completed mixed-use development located in Miami’s Wynwood neighborhood. The property — which was co-developed by Related Group, LNDMRK and Tricera Capital — features 306 apartments, 73,000 square feet of offices and 36,000 square feet of retail space.

Eden Multifamily, Dermot Plan 44-Story Apartment Tower in Miami’s Park West District

Locally based Eden Multifamily and New York-based The Dermot Co. have teamed up to develop a 44-story apartment tower in Miami’s Park West district. Construction is set to begin at the site, located at 1018 N. Miami Ave., in 2024. The project will be situated near Miami Worldcenter and a Brightline station. Kobi Karp is designing the unnamed high-rise, which will feature…

JV Tops Out 1,201-Bed Student Tower in Miami

Terrazul topping out ceremony. Image courtesy of Gonzalo Rodriguez and Coastal Construction A joint venture between AARE Sunbelt, an affiliate of Adam America Real Estate and JW Capital Management has topped out Terrazul, a student housing development near Florida International University in Miami, which will total 1,201 beds. The project is subject to a $147 million…

Video: Inside storied past of Jeffrey Soffer’s Story nightclub in Miami Beach

Story nightclub is a popular party venue in Miami Beach, and a property with a storied past and contentious present. The two-floor, white building on the southwest corner of Collins Avenue and Second Street was developed by Lawrence Kaine in 1994. Shortly after, nightlife impresario André Boudou opened Amnesia nightclub, bringing the brand to the shores of South Beach…

Story Nightclub’s Last Stand: Venue Fights Miami Beach to Stay Open

Champagne bottles were popping, the bass was booming, and confetti was flying as rapper French Montana performed at Story nightclub. The dancefloor stayed packed shoulder-to-shoulder while the liquor flowed, seemingly business as usual at the Miami Beach venue just 10 days ago. The club is now eerily quiet — shuttered until further notice as its future hangs…

Miami condo association on the hook for $1M-plus tied to unusable commercial space

More than 16 years after buying a five-story commercial space at the bayfront Miami condo Blue, the Atlanta-based owner is one step closer to gaining access to basic utilities that would make it operational — including central air conditioning, a must in South Florida. An affiliate of Goddard Investment Group, Blue Grouper Ventures, won at jury trial more than $1 million…

CMC Group Breaks Ground on Coconut Grove Luxury Condo Project

Vita at Grove Isle. Rendering courtesy of CMC Group Ugo Colombo’s CMC Group has broken ground on Vita at Grove Isle, a 65-unit luxury boutique condominium project on the private island of Grove Isle in Miami. Three separate architecture firms are involved in the project: CallisonRTKL, S&E Architects and A++ Architecture. Delivery is expected in the second or third quarter of 2025.

South Florida business boom expected to outlive pandemic-era boost

Florida was the top destination for people fleeing Northern states for the South during the pandemic, bringing a big business boost. Three years in, that boom is extending even as storm clouds form over the national economy. Population data released late last year from the U.S. Census Bureau showed that Florida is growing quicker than any other state, with its population growing…

The Fed’s Beige Book: Southeast Banking Conditions Remain Steady

The Southeast economy grew modestly in the six weeks through the end of March, and banks in the region reported strong loan growth despite concerns about liquidity following the failure of two banks in the West and Northeast, according to the Federal Reserve Bank of Atlanta’s Beige Book report of economic conditions in the Southeast. Banking contacts also reported they…

Florida Senate tweaks bill amending condo safety law. Here’s what that could mean

Florida lawmakers made changes to a bill that aims to clarify aspects of the condo safety law passed last year, after it resulted in condo association boards scrambling to meet looming deadlines for financial and structural repairs. State senators voted unanimously to approve Senate Bill 154 on Wednesday. It’s now in the Florida House, and if it passes as expected, would then…

The lender of last resort : Data on bank loans made by the Fed

The Federal Reserve System serves as a “lender of last resort” for insured financial institutions in the US by providing liquidity to commercial banks, thrift institutions, credit unions, or US branches and agencies of foreign banks. The liquidity provided by the Fed takes the form of loans, which are collateralized and have historically been paid back in full, on time, and with interest.

Tracking monetary policy’s effects on access to financing

The federal funds rate (FFR) is a key instrument through which the Federal Reserve conducts monetary policy in the US. When inflation is high, the Federal Reserve typically raises the FFR to mitigate aggregate demand, easing pressure on prices. One channel through which monetary policy achieves these goals is by increasing borrowing costs for banks and, in turn…

Food Hall Okeydokey Opens in Brickell with Local Food and Cocktails

A new food hall that blends fast-casual and full-service experiences is coming to Miami. The new venue is Okeydokey, a project that is several years in the making, according to cofounder and CEO Stephane Benkemoun. Born and raised in France, Benkemoun tells New Times he decided to take his entrepreneurial passion from Europe to Miami to take the food hall fast-casual…

Cortland Opens New Phase of Development in Kendall

Cortland, a multifamily real estate investment, development, and management company, has opened its newly built phase of Cortland South Kendall, an upscale apartment community in one of the fastest growing areas of Miami. The Atlanta-based multifamily firm bought the community, formerly known as Mareas, along with the nearly 10-acre site for the second phase from Ram…

Concord Summit Capital Arranges $60M Construction Financing for Multifamily Development in Hollywood, Florida

Concord Summit Captial LLC has arranged a $50 million construction loan and $10 million of preferred equity for the development of a 180-unit apartment community in Hollywood. David Larson, Keegan Burger and Daniel Rojo of Concord Summit’s Miami office served as advisors and sourced the financing on behalf of the borrowers, The Calta Group and Gilu Holdings and Development.

Memorial Healthcare pays $49M for dev site in Hollywood

Memorial Healthcare System bought a development site in Hollywood for $49 million, with preliminary plans for a health and wellness center. Memorial Healthcare bought 8.2 acres on the southeast corner of Hollywood Boulevard and State Road 7 from the Ben-Shmuel family, according to records and real estate database Vizzda. The property at 101 South State Road 7 consists…

JV Secures $60 Million for South Florida Apartments

Hollywood Entertainment Center. Image courtesy of Concord Summit Capital A joint venture between The Calta Group, a Miami-based luxury apartment developer, and Gilu Holdings has secured $60 million in construction financing for the development of Hollywood Entertainment Center. The seven-story, 180-unit luxury apartment community will be located at 2215-2233 Hollywood…

Estate Cos. to Develop 321-Unit Multifamily Property in Downtown West Palm Beach

The Estate Cos. has received site plan approval for Soleste Palm Station, a 321-unit apartment development in downtown West Palm Beach. The City of West Palm Beach’s Downtown Action Committee voted unanimously to approve the project, which is scheduled to break ground in July. Soleste Palm Station will deliver a mix of studio, one-, two- and three-bedroom…

Estate scores approval for downtown West Palm rental project

Estate Companies scored approval for its first apartment project in downtown West Palm Beach. The 321-unit development will consist of a pair of eight-story buildings at 520 North Rosemary Avenue, a half-mile walk from the Brightline station, according to an Estate news release. Dubbed Soleste Palm Station, the 298,000-square-foot project will offer studios, as well as…

The Estate Companies Obtains Unanimous Site Plan Approval for Soleste Palm Station Luxury Rental Community in Downtown West Palm Beach

The Estate Companies (EIG), a leading developer of luxury multi-family projects throughout South Florida, has obtained site plan approval for Soleste Palm Station, featuring two 8-story buildings with 321 luxury rental apartments, located at 520 N. Rosemary Ave. in downtown West Palm Beach.  “We’d like to thank the City of West Palm Beach…” Jeffrey Ardizon, principal, The Estate Companies.

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April 20, 2023