Downtown Miami is getting its first new office tower in six years

Another piece in the ambitious Miami Worldcenter project has clicked into place. Hines, the privately-owned real-estate investment firm with a presence in 189 cities in 20 countries, will build a 45-story tower with 600,000 square feet of Class A office space at 110 NE 10th St. in downtown Miami. The tower, to be called 110 10th, will fill one of the last remaining parcels of vacant land at Miami Worldcenter, the $2 billion, 27-acre mixed-use development covering 10 blocks in downtown.

Miami’s CocoWalk unveils new renderings of a transformed center

Following a slew of new retail projects sprouting across Miami, CocoWalk has unveiled details and renderings of a multiphase renovation, which is expected to begin this summer and modernize the heart of Coconut Grove. Led by new ownership, the redesigned Cocowalk will be comprised of a contemporary open-air plaza at its core with café seating, water features, foliage, and a new façade. It’s designed by Beame Architectural Partnership and Foreseer. Renovations to the existing retail…

Miami Transit Director: Uber And Lyft May Not Be The Answer

They are helpful, but unless they become financially stable, Uber and Lyft may not be Miami’s answer to last-mile transit. Or so says the head of Miami-Dade County’s transit planning organization.Aileen Bouclé, the executive director of the Miami-Dade Transportation Planning Organization, said ride-sharing app services do help the county’s transit system with those connections between station and destination, but their financial instability makes them something the county may not be able…

Business Rent Tax in Florida Budget

It may not sound like a lot to cut Florida’s business rent tax from 6 percent to 5.8 percent, but after years of calling for the elimination of the levy, lawmakers home from legislative session say that education shouldn’t be ignored. “It’s a lot in the sense that we finally got something started,” says state Rep. Jim Boyd, R-Bradenton. “My goal next year is for us to continue whittling away at that.” Florida today stands as the only state in the union to charge a tax on commercial leases, something…

Brokers From Three Companies Combine On 164K SF Industrial Deal

A Miami warehouse known as the Econocaribe Building traded with the help of three brokers who formed a unique partnership to seal the deal. The South Florida trio marketed the property at 2401 NW 69th Street (birdseye aerial) on behalf of an ownership group that included Econo 1 LLC, Joseph Luchese Jr. and Michelle Gersten. The 164,432-square-foot distribution facility named for its lone tenant houses the headquarters of ECU Worldwide, a global freight company formerly…

Micro Apartments Are Coming To Miami

Miami’s rental apartment market is about to get smaller — literally. Micro-units — compact, affordable apartments aimed at young, single professionals who want to live in popular neighborhoods without paying exorbitant rents — are sprouting up in Wynwood… Groundbreaking is scheduled to begin in July on Wynwood 25, a $100 million mixed-use project by Miami’s Related Group… Vice, a 464-apartment rental tower at 230 NE Fourth Street, is part of a national rollout of micro-units…

Crocker Inks 80K+ SF In Deals In Revitalized Citigroup Center

Crocker Partners’ $20M renovation bet on Miami’s second-tallest office tower seems to be paying off in big leases. Those deals at Citigroup Center (aerial view) in Downtown Miami include the expansion by its anchor tenant, Citigroup, by nearly 10K SF to more than 136K SF. The biggest, so far, is the 23,500 SF deal inked by Harvard Maintenance, which is relocating from One Biscayne Tower, said Tower Commercial Real Estate founder Jon Blunk, who, along with Cristina Glaria…

Multifamily Investor Angst: Miami neighborhood map shows dipping rents

Compared to last year, rents in many popular neighborhoods have fallen While renting in Miami remains relatively high on a national scale (median rents ranked ninth in the U.S. last month), it would appear the asking rents in many core neighborhoods have dipped with the rising supply over the last year. According to Zumper’s latest neighborhood rent map (it’s not to be taken literally as far as the neighborhood outlines are concerned), rents have decreased throughout most…

Coming to Miami Worldcenter: 45-story Class A office building

Comprised of 600,000 square feet Plans have been unveiled for a 45-story office building at Miami Worldcenter in downtown Miami. Developed by Hines and named “110 10th Street,” the mixed-use tower will be comprised of 600,000 square feet of Class A office space and high-street retail. It will include three indoor/outdoor terraces and is expected to open by late 2020 or early 2021. It’s the first building of its kind in Miami’s Central Business District in eight years and will rise between…

Miami River site near Beckham’s stadium hits the market for $11.8 million

A development site along the Miami River was just listed for $11.8 million, near David Beckham’s planned MLS stadium, broker Jonathan Molano told TRD. The owner, Blue Road Properties planned to develop the 1.1-acre site at 600 Northwest Seventh Avenue, but because of the stadium decided to list it for sale. The firm is not in a rush to sell and if it doesn’t sell, Blue Road will develop it, Molano, of Blue B Properties, said. Miami Beckham United plans to build an over $300 million…

Video: REIS Chief Economist & SVP Victor Calanog Delivers an Update on Industrial Property Market Trends for 2017 REIS Q1

In this video, REIS Chief Economist and Senior Vice President Victor Calanog provides a quick update on the market fundamentals in the industrial sector for Q1 2017. Highlights include: In contrast to most other sectors, lots of movement in industrial property fundamentals; Vacancy ended quarter at 10.1% down 10 basis points for the quarter and 40 basis points over the past year; Flex/R&D property vacacny ended at 10.9% down 20 bp for the quarter and 80 basis points for the year…

Market Report – 2017 Q1 South Florida Pre-Construction Condo Market Update

Ladies & Gentlemen, we have already arrived at the second week of May, which can only mean two things: 1. The Miami Marlins are almost out of the playoff hunt (already); and 2. First Quarter market reports are out for real estate markets around the world. These reports are certainly useful to industry insiders and real estate brokers/agents, particularly because it helps them get a quick picture of the current health of any given market. However, the information in these reports can also…

Aldi-anchored shops in Miami Gardens listed for $32 million

Westport, Connecticut-based Rand Real Estate Services listed Palmetto Plaza (aerial view), an Aldi-anchored shopping center in Miami Gardens, for $31.75 million, a nearly 48 percent increase from its last sale about four years ago. The 176,000-square-foot center, at 16301 Northwest 57th Avenue, is 93.3 percent occupied by Aldi, Sherwin Williams, Dunkin’ Donuts, a Regions Bank and others. Rents average about $20 per square foot, which broker Drew Kristol said is “much lower than in the…”

Island Gardens under consideration for Watson Island multimodal transit hub

Instead of a mega resort for the rich called Island Gardens, Ken Russell sees Watson Island as home to a multimodal transit hub with plenty of wide open green space offering “the most amazing views of our downtown skyline.” The City of Miami commissioner shared his vision for the city-owned island at the tail end of the commission’s May 11 meeting. Mr. Russell vowed to bring a motion at the May 25 meeting to find developer Flagstone Property Group LLC in default of a…

Strategic Miami Area Rapid Transit stops identified

While many details about the six corridors of the Strategic Miami Area Rapid Transit plan remain to be worked out, the county’s Transportation & Public Works Department has identified tentative stops along all of the routes. Speaking before the Transportation Planning Organization’s Fiscal Priorities Committee, Albert Hernandez, department assistant director, said many of the stops dovetail with existing transit. On the 9.7-mile Miami to Miami Beach corridor, an extension of…

Miami and Fort Lauderdale rank as top “buy” markets for retail property assets: report

As the nation’s retail market struggles amid store closings and mounting pressure from online shopping, South Florida stands out as a top market for retail assets, according to a newly released report. Ten-X’s Retail Market Outlook ranked Miami as the top long-term “buy” market, based on demand, followed by Fort Lauderdale, Houston, Austin and Tampa. In Miami, retail vacancies dropped by 0.05 percent to 5.7 percent at the end of last year. Rents averaged $23.37, and are projected to rise…

See the winning  and controversial design of the I-395 signature bridge

The Florida Department of Transportation voted for the winning design of Miami’s I-395 reconstruction and new signature bridge – sans public input – and on a tight margin. A state panel endorsed a proposal by a joint venture team led by Archer Western and The de Moya Group for the $800 million project on Friday, the Miami Herald reported. The proposal, which beat the Fluor-Astaldi-MCM team by half a point, was not scored by the FDOT committee on aesthetics. In fact, a panel…

Miami Beach convention center hotel plan has been delayed

Miami Beach won’t be told how to develop a headquarters convention hotel until June or later, more than a year after commissioners appointed a seven-member study team that was expected to wrap up Monday. The Blue Ribbon Steering Committee did outline nine action points, including the site, a straw ballot to gauge perception and the aim that the hotel’s architect be renowned, but in the end it decided to review the action points one last time and reconvene after Memorial Day for a twelfth…

Future of Mana Wynwood snags on power lines

A development agreement that would allow Moishe Mana to build up to 9.72 million square feet on more than 23 acres in Miami’s Wynwood neighborhood may go back to the drawing board over the issue of power lines. The Wynwood Business Improvement District’s board of directors on Wednesday approved a resolution asking that the Miami City Commission either require Mana remove and place underground all power lines along Northwest 25th Street between I-95 and North…

J. Milton’s apartment development in East Little Havana won Miami board approval

A 12-story apartment building in East Little Havana proposed by J. Milton & Associates is moving forward. Miami’s Urban Design Review Board voted 4-0 on Wednesday in favor of the proposal by the Coral Gables developer for a vacant property at 1000 Northwest Seventh Street near Marlins Park and the Miami River. “Not everybody takes the risk to go into this area,” said board member Fidel Perez. “There is a stigma that it is a low income area. We should not give it that image.”

Field of Broken Dreams Extends to Garages as Mayor Braces for Final Insult

As the Miami Marlins owner considers offers to buy the team, the public that funded the bulk of the $600 million stadium and garage complex is bracing for one final insult: a delay in any sale beyond March of next year. After that date, local governments would receive no share of net profits. at was part of the deal owner Jeffrey Loria cut with Miami-Dade County and the City of Miami, in exchange for the governments taking on a debt load of more than $2.6 billion – including all the interest that…

American Dream Miami mega-mall expects October approval

The backers of the American Dream Miami mega-mall in Northwest Miami-Dade County predict that the County Commission will approve their concept in October, said Robert Gorlow, an attorney for the complex. He and Edgar Jones, a development consultant for the entertainment and shopping mall, spoke at Friday’s meeting of the Realtors Commercial Alliance, part of the Miami Association of Realtors. “The county thinks we’re going too fast, but they’re okay with it,” Mr. Gorlow said.

The single secret ingredient to unsnarl downtown Miami traffic

The simplest, least-costly solutions to problems often are the best, but also the most overlooked. Take the gelatinous slow-moving traffic on the main streets in Brickell and downtown. Driving is rapidly deteriorating. On the other hand, the most-discussed solutions are the least promising – at least, in the next few years. For Brickell, the hot topic is to tunnel under the Miami River near the Brickell Avenue Bridge starting from far to the south to dump out cars somewhere…

Ronit Neuman: Ties Sagamore Hotel into city’s fast-growing arts scene

Roughly a year ago, Ronit Neuman walked into the Sagamore Hotel, which her dad had just purchased (owner info) on somewhat of a whim, to find white walls and a proverbial blank canvas. Though she’s a fashion school graduate with some experience in the real estate and medical industries, Ms. Neuman felt ready for the job of taking the Sagamore, historically known as Miami’s art hotel, to the next level by elevating its presence and making it a major art destination for people other than…

PriceSmart Opens 325,000-Square-Foot Distribution Center

U.S. Rep. Mario Diaz-Balart of Miami joined PriceSmart President and CEO Jose Luis Laparte for a ribbon-cutting ceremony Tuesday for PriceSmart’s new distribution center in Miami-Dade County. PriceSmart is the largest operator of membership warehouse clubs in Central America, the Caribbean and Colombia. The 325,000-square-foot Class A facility, at 11441 NW 107th St. in Flagler Station in Medley, will serve 75 warehouse clubs across its retail network in Latin America.

Little Havana’s first museum targets winter opening

El Museo de Little Havana Little Havana’s first museum, El Museo de Little Havana, is expected to open on Calle Ocho this winter, according to the Miami New Times.
Located at 1637 SW 8th Street, the space will “aim to showcase the social, cultural, and political importance that the area brings to South Florida.” The project was announced yesterday onsite by Barlington Group and HistoryMiami Museum. The latter will provide resources for the exhibits in the form of photos and artifacts…

Bal Harbour Shops’ $400M renovation receives final approval

Adding over 340,000 square feet of retail A $400 million enhancement of the Bal Harbour Shops (birdseye view) received final approval last night, paving the way for a multi-year renovation of one of Miami-Dade County’s most high-end malls. The renovation plans, designed by Zyscovich Architects, will add 340,387 square feet of new retail space, which nearly doubles the open-air shopping center’s current retail portion. The project also will create over $100 million in public benefits…

Future of Mana Wynwood hits snag over power lines

A development agreement that would allow Moishe Mana to build up to 9.72 million square feet on more than 23 acres in Miami’s Wynwood neighborhood may go back to the drawing board over the issue of power lines. The Wynwood Business Improvement District’s board of directors on Wednesday approved a resolution asking that the Miami City Commission either require Mana remove and place underground all power lines along Northwest 25th Street between I-95…

J. Milton’s apartment development in East Little Havana wins Miami board approval

Rendering of Reflections Apartments. Inset: CEO Joseph Milton. A 12-story apartment building in East Little Havana proposed by J. Milton & Associates is moving forward. Miami’s Urban Design Review Board voted 4-0 on Wednesday in favor of the proposal by the Coral Gables developer for a vacant property at 1000 Northwest Seventh Street near Marlins Park and the Miami River. “Not everybody takes the risk to go into this area,” said board member Fidel Perez. “There is a stigma that it…

Video: REIS Chief Economist & SVP Victor Calanog Updates on 2017 REIS Q1 Retail Property Market Trends

In this video, REIS Chief Economist and Senior Vice President Victor Calanog provides a quick update on the market fundamentals in the retail propery sector for the first quarter of 2017. Highlights include: Retail fundamentals were mostly flat in 2017; Vacancy rate for neighborhood and community shopping centers remained flat at 9.9%; Also flat on a year over year basis at 9.9%; Asking rents rose by 0.5%, with effective rents rising 0.4%, 2% for the year; Regional mall vacancy rose by 10…

Despite 9,000 new units, Miami rental apartments demand soars

Demand for rental apartments is increasing in South Florida despite the opening of more than 9,000 new units in 2016, according to a first quarter market update from Cushman & Wakefield’s Multifamily Investment South Florida Team – a dynamic that continues to draw investor interest. Record apartment sales in the region were recorded for the second consecutive year in 2016, the report shows, with the sale of 278 properties valued at an estimated $3.6 billion…

Anheuser-Busch to Open Boutique Brewery in Wynwood

Anheuser-Busch InBev is adding another brand to its craft-and-import-focused, “high-end” portfolio with the launch of Veza Sur Brewing Co. this summer in Miami. The beverage megacompany has tapped Colombia’s Bogota Beer Company and Oregon’s 10 Barrel Brewing for the collaboration. Veza Sur is set to open at 55 NW 25th Street early this summer. The 10,000-square-foot space will include a 15-barrel DME brewhouse and a 5,000-square-foot taproom with a terrace. The brewery gets…

Little Havana Institution Morro Castle Sells Property, Looks to Move West

Morro Castle, one of Little Havana’s oldest, best, and most beloved frita spots, will close its doors sometime in the coming months, says owner Alberto Villalobos, who sold the property last month. But don’t fret. Villalobos says he’s looking to relocate the beloved cafeteria at 2500 NW Seventh Street farther west to a larger, more comfortable space that will better accommodate customers who’ve been coming to the place since it opened in 1962. “There’s no air conditioning,” Villalobos…

Wolfsonian-FIU takes first step to build expansion

The Wolfsonian-FIU has issued an Invitation to Negotiate, or ITN, for the ground lease of two Miami Beach properties – The Annex, 1538 Lenox Avenue, and a nearby surface parking lot at 1500 Lenox Ave. The posting represents the first step in long-awaited plans to expand the museum and research facility’s exhibition space, said Director Tim Rodgers. The county granted the Wolfsonian $10 million in bond money in 2004 to increase public access to the collection as part of a $2.9 billion…

Miami-Dade accepting proposals from developers to rebuild historic courthouse

Miami-Dade County commissioners approved several developmental sites that could replace its downtown civil courthouse at a meeting on Tuesday. The county is also accepting proposals from builders interested in generating revenue for a courthouse replacement, the Miami Herald reported. Already, Crescent Heights developer Russell Galbut made an unsolicited offer to build a new $300 million courthouse in exchange for a 99-year lease that would collect $18 million a year in rent from…

Recent College Grads Can Afford Only 2 Percent of Miami’s Rental Market

There comes a point in life when you grow tired of living in six-person apartments, swatting flies from the leftover pastelitos your roommate left congealing on the table, and cleaning up after the feral cats your other housemate insists on bringing into your tiny space. For a huge number of people, that desire comes right after college ends. But according to data that real-estate site Trulia released last week, a scant 2.2 percent of Miami’s rental market is affordable to recent college graduates.

Filing a lawsuit after a construction defect

A building’s infrastructure is something we all take for granted. Unfortunately, some buildings and houses in Florida are not built according to contract or regulations. These defects in the structure can result in a great deal of construction litigation. Oftentimes, the builder or developer will find themselves in disagreement with a homebuyer. There are also a number of cases where contractors are in dispute with subcontractors who have worked on the home. In these cases…

Industrial Building In Medley Sells For $22 Million

The recently completed Airport North Logistics Center in Medley was sold for $22.02 million, or $120 per square foot. Ridge Medley Partners, an affiliate of Transwestern Development Co.’s industrial development arm Ridge Development Co., sold the 184,008-square-foot industrial building at 9101 N.W. 87th Avenue. to CFFI Airport North LLC, managed by CFFI Investors in Dallas. Airport North Logistics Center was completed in 2016 with 32-foot clear ceiling heights.

So just where is David Beckham’s stadium site?

Retired soccer super star David Beckham is reportedly ready to buy the last three acres needed to complete his nine-acre stadium site, which made me interested in exactly where it is and what’s in the neighborhood. I was partially curious because Beckham had talked about fans walking en masse to watch games at previously proposed sites at PortMiami and next to the AmericanAirlines Arena. I’m also wondering whether Beckham’s stadium would do more to transform its neighborhood…

Miami’s $800M ‘signature bridge’ project chosen amid major controversy

Spiderman would love it After years of chatter, the design for a state-funded “signature bridge” at Miami’s core has been chosen, albeit through a questionable selection process that could potentially delay the innately controversial $800 million project. The winning proposal — approved by the Florida Department of Transportation on Friday with no public input — is named “Fountain” and was created by a joint venture team led by Archer Western and The de Moya Group, edging the next…

Little Havana apartment development ‘Reflections’ planned near Marlins Park

A residential development named Reflections has been proposed for a Little Havana site a few blocks east of Marlins Park. The 12-story building would be located at 1000 Northwest Seventh Street, featuring 138 apartments, 228 parking spaces, and ground-floor retail. The developer is J. Milton Associates, which recently opened a 177-unit apartment complex near Midtown called Miami Bay Waterfront Midtown Residences. Axioma3 is the architect. Miami’s Urban Design and Review Board…

Sparks fly over politics and projects at fiery NY developer panel

Someone snatched The Real Deal managing web editor Hiten Samtani’s moderator notes just minutes before the beginning of the TRD Forum’s panel on how the Trump administration is impacting real estate. But this was a group that needed hardly any prompting to get the conversation going. The panel began with what sounded like a strong defense of the Trump…

Wynwood retail building lists for $9.85M

A retail property on the edge of Wynwood has hit the market at $9.85 million. The asking price for the 14,000-square-foot site (45° aerial) at 2830 Northwest Fifth Avenue equates to $704 per square foot. Marcus & Millichap’s Scott C. Sandelin and Jonathan De La Rosa have the listing, representing the seller, Fifth Avenue Real Estate LLC. Property records show the entity, led by Robert Nacron and Doree Fromberg, paid $225,000 for the property in 1974. The building was built in 1950.

Miami condo Aston Martin Residences won’t be getting its private beach club on Virginia Key

Aston Martin Residences, a fancy new condo that will rise on a waterfront lot next to the Epic Hotel in downtown Miami, has failed to secure what would’ve ended up being one of Miami’s most unique condo amenities: an off-site private beach club on Virginia Key. The Miami Herald reports that city commissioners have decided not to pursue an unsolicited bid from G and G Business Developments to construct a $4 million pavilion at Virginia Key Beach Park despite its attorney assuring…

Condo sales slow down even more during the first quarter, less than 1% of pipeline sold: ISG Miami Report

Developers sold only 212 units — or less than 1 percent of the pipeline — during the first quarter of this year, as the supply of preconstruction condos slowly gets absorbed, according to a new ISG Miami Report released on Monday. As of May, 80 percent or 19,326 units were presold of the 23,220 in the pipeline, according to ISG. The company surveys the sales centers and sales teams of each project in the following areas: Brickell…

Miami Worldcenter’s fully capitalized and SLS Lux Brickell is close to sold out: panel

Amid a slumping real estate market, developers of two major luxury projects in Miami’s urban core told a gathering of real estate professionals that construction timelines on their developments are moving ahead at full steam. Allen Morris, president and CEO of The Allen Morris Company, said the SLS Lux Brickell luxury tower his company is building in partnership with The Related Group is very close to being sold out. “Yesterday, we sold one,” Morris said.

The Economist: Supreme Court says Miami, other cities may sue banks over predatory lending

IN 2012, John Roberts, America’s chief justice, angered conservatives when he formed a majority with his four liberal colleagues to save Obamacare from its first major legal attack. Three years on, in 2015, he did so again to uphold campaign-finance rules for judges. Later that spring, he and Justice Anthony Kennedy teamed up with the liberals to rebuff a second assault on Obamacare. On May 1st, the moderate side of Justice Roberts reappeared when he once again shuffled to the left…

Ernst & Young’s Mark Grinnis Discusses the Potential Impact of Rising Interest Rates

Global Real Estate Investment Funds Leader with Ernst & Young Mark Grinis  joins The Commercial Real Estate Show to discuss E&Y’s Global Market Outlook, including the impact that rising interest rates might have on commercial real estate. Some highlights include: At inauguration markets moved, including an increase in 10 year rates, but this has dropped back; Central bank balance sheet has moved from around $2 trillion before the financial crisis to $12 trillion today; How this…

$4,425,000 Sale Of SAAM Building In Coral Gables Secured

NAI Miami’a Tom Smith represented the seller in the sale of the 24,039-square foot office building. NAI Miami announced today that Tom Smith represented the seller, SAAM Building, Inc., in the sale of a 24,039-square foot office building. The property is located at 3195 Ponce De Leon Boulevard in Coral Gables, Florida. The buyer is 3195 Ponce, LLC.

Live at the Metrorail station — and bid horrible South Dixie traffic goodbye?

Miami’s lone rapid-transit system, Metrorail, began rolling in 1984 under a forward-looking premise that went beyond shuttling commuters downtown: Metro stations would become urbanized hubs where residents wouldn’t need a car to get to work, or to visit a lunch spot or the gym, or to pick up groceries or their dry cleaning. It took just 33 years, but that train’s finally pulling into the station. And fast. The high-demographics stretch of South Dixie Highway that runs between…

84,364 SF of Leases Arranged at Downtown Miami Office Tower

Tower Commercial Real Estate has arranged 84,364 square feet of leases at Citigroup Center, a 34-story, 802,974-square-foot office tower in downtown Miami. The lease deals include Harvard Maintenance signing for 23,540 square feet, law firm Kobre & Kim signing for 9,366 square feet and anchor tenant Citigroup expanding its office by 9,507 square feet, as well as opening a 6,250-square-foot bank branch on the ground floor. Additionally, Tower Commercial executed about 32,000…

Miami condo Paraiso Bayviews tops off at 43 floors in Edgewater

Progress is mounting in Miami’s Paraiso District, with Paraiso Bayviews recently topping off at 43 stories in the booming Edgewater neighborhood. It’s the second of Paraiso’s four towers to complete vertical construction after Paraiso Bay topped off last summer, with the latter expected to be completed in the coming months. The 54-story Gran Paraiso was the final tower to begin construction after breaking ground last February. Paraiso Bayviews is 90 percent sold, and sales updates at the…