David Beckham to pay $9 million for final piece of MLS stadium development site in Overtown

Miami’s Major League Soccer stadium may finally become a reality. David Beckham is ready to close on the 3 acres of Miami-Dade County-owned land needed to build the stadium, and he now has an investor to pay for it, the Miami Herald reported. While the county has been ready to negotiate a deal for the Overtown land, Beckham held off, until Los Angeles Dodgers owner Todd Boehly came on board to help back the stadium. The Miami-Dade County Commission could vote on the deal…

Miami-Dade county is closer to building new courthouse

Miami-Dade is getting closer to building an estimated $361 million civil courthouse, whether through a private partnership or some kind of lease payment from the private sector for properties the county owns. Commissioners at Chair Esteban Bovo Jr.’s policy council May 4 voted support for legislation directing the administration to solicit ideas from developers, financiers, real estate investment companies, contractors and builders to design, build, finance, operate or maintain…

Don Peebles: Inflated Land Prices Are a Detriment To Affordable Housing In Miami Ttansit-Oriented Developments

A prominent East Coast developer is bowing out of the Miami development scene until land prices justify affordable housing projects near transit stations. Cameron Sperance Don Peebles at Bisnow’s Trump Era Forecast event in Boston Don Peebles said some people seeking to live at transit nodes cannot afford the luxury prices of new apartment developments, which behooves developers to add affordable and workforce housing units in transit-oriented developments. But land costs prevent…

Wynwood expansion effort stumbles, will continue

A push to extend the boundaries of the Wynwood Business Improvement District (BID) suffered its second setback in the past few weeks but will continue, directors say. Earlier this year, BID directors sent out all ballots to property owners in the area soliciting them to join; 350 positive replies were needed to expand the boundaries. The district received 390 positive votes, but a glitch forced the vote to be thrown out. There were plans, pending the city’s commission’s approval, to send…

$160 million state budget cuts for South Florida hospitals

Local hospitals – especially safety-net institutions that serve uninsured people – emerged as the losers as this year’s session of the Florida Legislature that ended Monday. That body included $160 million in budget cuts for South Florida hospitals in the budget it passed and sent to Gov. Rick Scott. For the fiscal year beginning July 1, the Legislature cut the proportion of federal Medicaid funds and state tax revenues it will send to hospitals. In Miami-Dade County, Jackson Health System…

Miami Beach setting the pace on gambling for all of us

For all the right reasons, Miami Beach this week is to vote to keep casinos out of its city limits. The legislation should be passed, and then should become a model for every other government in Miami-Dade County to do the same thing. The most important reason for every city to act now to bar gambling is that neither the state legislature nor county hall can be counted on to hold the gates against the constant battering ram of mega-casinos. Each legislative session casino interests get…

Miami Beach preservation board expresses concerns over stalled Faena Versailles tower

In order to protect the gutted 16-story Versailles Hotel in Miami Beach from the elements, and to avoid the wrath of code enforcement, developer Alan Faena plans to wrap the entire 77-year-old building with a plain red wrap absent of logos while the development company re-evaluates its proposed renovation project. The building during Art Basel: A wrap with the logo “Culture Reimagined Faena District” was partially blown down about a month ago, said Matthew Barnes, a consultant…

Neighbors want Miami City Commission to scuttle part of Avra Jain and Mattoni’s Bayside Motor Inn redevelopment

Miami activist Elvis Cruz and the Morningside Civic Association are hoping to put the kibosh on Avra Jain and the Mattoni Group’s plans to demolish a building tied to the redevelopment of the Bayside Motor Inn (aerial view) site. Cruz and the association are asking the Miami City Commission to overturn a February vote by the Miami Historic and Environmental Protection Board that authorized tearing down a 6,430-square-foot structure at 5125 Biscayne Boulevard. The appeal…

Taubman, retail co-developer of Miami Worldcenter, is at odds with hedge fund

Taubman Centers, which operates Dolphin Mall and is planning the retail component of Miami Worldcenter, is battling with activist investor Jonathan Litt’s hedge fund, after it filed documents to nominate Litt and a corporate governance guru to Taubman’s board. Taubman, a Bloomfield Hills, Michigan-based real estate investment trust, said in a filing with the Securities and Exchange Commission that it has reviewed the nominees from the hedge fund, Land & Buildings Investment…

What To Do About Multifamily Insurance Sticker Shock

Owners and buyers of multifamily housing are experiencing sticker shock when they refinance, sell or purchase properties. Insurance premiums have jumped as much as 25% because of the broadened insurance requirements set forth by lenders. GlobeSt.com caught up with Ryan Cassidy and Evan Seacat, both senior directors at Franklin Street Insurance Services, for a deeper understanding of why lenders have changed their standards and what owners and buyers can expect in part one…

Miami parking agency wants to control Biscayne Green boulevard

Art Noriega, the man who runs the City of Miami’s parking agency, says he wants control of a project called Biscayne Green, designed to make one of the busiest streets in Miami smaller, less imposing and more pedestrian friendly. The plan has been around for at least a half dozen years, and along with eliminating lanes of traffic on Biscayne Boulevard, it would reduce public parking spaces from 388 to 187 and cost the Miami Parking Authority $1.2 million a year in revenue. Although…

Miami Realtors Commercial Event To Provide Key Market Update; American Dream Mall Presentation, Other Topics

More than 100 MIAMI members will attend the fifth annual Miami Association of Realtors® Miami Realtors Commercial Alliance (RCA) Midyear Update event on Friday, May 12, at the Coral Gables Country Club. Ten industry leaders, including an American Dream Miami consultant, will discuss the state of South Florida commercial real estate. “Miami’s commercial real estate continues to evolve in new and exciting ways,” said José María Serrano, the 2017 Miami…

Sam Zell on WeWork: “Wouldn’t let those guys near my business with a 10-foot pole”

Sam Zell isn’t sold on WeWork’s business model — especially when it comes to the unicorn company consulting on office management for corporations outside of its own shared spaces. “I wouldn’t let those guys near my business with a 10-foot pole,” he quipped during an appearance on CNBC earlier this week. “The last thing I want to do is introduce somebody else’s culture and have them influence the way my company is run.” WeWork’s move…

Brickell Key getting water taxi site, park

A site on Brickell Key is being dedicated as a public park and water taxi pick up and drop off location. Miami city commissioners meeting today (5/11) are to consider accepting a right-of-way deed of dedication for upland property on the key, a man-made triangular island at the foot of Southeast Eighth Street. It is part of a development agreement the city has with property owner-developer Swire Properties. The legislation is a resolution authorizing and directing City Manager…

International Inn in North Beach might be designated historic, amid uncertain future

The Miami Beach Historic Preservation Board unanimously directed city staff to look into the feasibility of designating the International Inn on the Bay in North Beach as an historic landmark, amid uncertainty about its future. The action, which came during a meeting Tuesday, could lead to a moratorium on any demolition activity for the next 60 days if a preliminary report from the city’s Planning Department sees evidence that the International Inn is worthy of preservation…

Related Group buys into East End Capital’s Wynwood project

The Related Group will jump in as a 50-50 partner on East End Capital’s Wynwood 25 mixed-use project at 339 NW 24th Street (birdseye), the two firms announced on Wednesday. Related and East End will break ground on the 289-unit rental development this summer and deliver the building in 2019, East End founder Jonathon Yormak said. Yormak declined to provide the total project cost, but said the project is close to securing construction financing that would cover…

Video: Ernst & Young’s Mark Grinnis Discusses the Trump Effect on Real Estate

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, in particular the potential effect of a Donald Trump Presidency. Highlights include: Thinks there will be a lot of resistance to significant tax cuts; Believes there will be some tax cuts, both personal and corporate; Have had a long period of slow growth; In general, seems optimistic but cautious.

The Common Sense of Common Space

Today’s office is all about space – and how to best utilize space that’s often shrinking and more expensive. There’s open space and space dedicated to focused individual work, small group space and larger meeting space, shared space and co-location space. With an emphasis on flexibility, productivity, and cost-effectiveness, it only makes sense for the office common space – also known as the break room …

Forecast: Commercial Real Estate To Grow Modestly By 2019

A recent forecast out of the Urban Land Institute (ULI) presents a modest growth scenario for the economy, as well as the real estate industry in the commercial sector. The ULI Real Estate Consensus Forecast, a semi-annual projection based on survey responses, anticipates commercial real estate will see $450 billion in transaction volume in 2017.

Publix buys West Miami store from Brandon Partners for $23M

Publix just closed on the purchase of a new West Miami location for $23.2 million, according to data from Real Capital Analytics. Orlando-based Brandon Partners sold the three-story building at 1500 Southwest 57th Avenue to the Lakeland-based grocer, partner Steve Brandon confirmed. The deal, which has not yet cleared public records, was first reported by the South Florida Business Journal. The 110,905-square-foot building was completed last year and includes parking on the second…

Will More Apartments Bring Less Traffic In Doral?

Doral City Council members will be taking a preliminary vote on whether to change the land use from business and office/residential to high density residential for a 10-acre palm tree nursery.

A Developer Talks Miami River, Market Challenges, And His Project, One River Point

Shahab Karmely was part of a panel discussion on the economics of new development amid a new administration and continuing global market fluctuation at TRD‘s Third Annual Broward Real Estate Showcase & Forum in April.

Norwegian Cruise Lines (Bahamas) getting new terminal in Miami

County commissioners on Tuesday approved an agreement between Miami-Dade and Norwegian Cruise Lines (Bahamas) Ltd. for construction of a new cruise terminal, expected to cost $100 million, at PortMiami. Joe Martinez voted against it, saying the actual price of the terminal has not yet been determined. Port Director Juan Kuryla said the agreement that commissioners were asked to approve is for the port to sit down with Norwegian Cruise Lines and determine exactly what…

Is a lease always just a lease?

For one Miami-Dade County shopping center owner, the answer is now yes, but only after a ruling from Florida’s Third District Court of Appeal in Garcia v. Dadeland Station Associates, Ltd.  In 2015 that owner found itself getting billed for property taxes on land it does not own, suggesting that a lease is not always just a lease. The owner of Dadeland Station leases land from Miami-Dade County under a 90-year ground lease since 1994.  The owner built the shopping center and from…

Coconut Grove is getting another new office building in 27@Lincoln

This one has hydraulic car elevators There’s yet another new office building in the works in Coconut Grove, with LointerHome announcing plans for 27@Lincoln, a boutique mixed-use development expected to rise at 3151 Southwest 27th Avenue. The building is planned for five stories, encompassing 68,000 square feet of “Class A” office space and 5,000 square feet of retail space. The location is a block off South Bayshore Drive and a brief stroll from CocoWalk. William Hamilton Arthur IV…

New Miami Beach condo planned to supplant Marlborough House

The underground parking could be an issue A new Miami Beach condo has been proposed for 5775 Collins Avenue by a company owned by a Brazilian billionaire named Jose Isaac Peres, per The Next Miami. The 12-story Marlborough House, which was constructed in 1961 and sold in bulk last year, would be demolished and replaced by a new 16-story tower designed by Arquitectonica with 86 condo units and 185 parking spots. The latter would be housed in a two-story garage…

How Miami’s improving office market could affect your life

While the lack of affordable housing and the glut of luxury condos were getting all the attention, another segment of Miami’s real estate has started to heat up: The lowly, unglamorous office space. The total square footage of office space leased in Miami-Dade in the first quarter of 2017 shot up 40 percent over the same period last year, according to a new report by the real estate brokerage firm JLL. The average asking price per square foot was $36.99, which continues a steady climb since…

Miami River site asking $5.6 million under contract

A Miami River investor who listed his property for $5.6 million in late April is under contract to sell the site for close to the asking price, listing broker Andrey Laranjeira of Engel & Völkers told The Real Deal. Investor Jerry Yoham is looking to sell the 18-parcel assemblage at 2974 Northwest North River Drive (aerial view). It hit the market April 21st and went under contract less than a week later. Laranjeira declined to name the buyer, but said a developer and two investors made offers…

Monument Names Rauscher as COO

Monument Real Estate Services, a Miami, FL-based multifamily asset and property management firm, has named Jaime Rauscher as its chief operating officer in the firm’s North Carolina office. Most recently the vice president of operations at Monument, Rauscher’s expanded role will see her lead an experienced team of professionals overseeing 60 apartment communities across 10 states and help set the strategic direction of the firm while leading its…

Video: REIS Chief Economist & SVP Victor Calanog Provides an Update on 2017 REIS Q1 Multifamily Market Trends

In this video, REIS Chief Economist and Senior Vice President Victor Calanog provides a quick update on first quarter 2017 multifamily property/apartment building market fundamentals and trends. Highlights include: National vacancy rate for multifamily properties ending the first quarter of 2017 at 4.3%, down 10 basis points from the end of the prior quarter; Vacancy reate is unchanged versus a year prior; Market participants are paying a lot of attention to the 250,000 units expected…

Miami Beach is moving quickly to ban casinos in the city

The Miami Beach City Commission unanimously voted on Wednesday to start the process for new legislation that would ban casinos throughout the city. The proposed measure will now go before the Miami Beach Planning Board on May 11 followed by a first reading vote by the city commission. The move was in response to the State Legislature’s proposed expansion of gambling facilities in Miami-Dade County, which stalled late Tuesday as a result of an impasse between House and Senate…

Knight Convention Center deal could upgrade downtown waterfront

Redevelopment of the city-owned James L. Knight Convention Center and attached neighboring hotel at 400 SE Second Ave. could see a rebirth of a prime waterfront site in the heart of downtown Miami. That’s the feeling of city commissioners who voiced approval of administrative staff’s continuing negotiations for a new long-term lease of the high-profile property, adjacent to a city park and city dockage on the Miami River. Commissioner Ken Russell called the area…

South Florida Investors Seeking Opportunities Farther Outside Miami Proper

An investor from the Dominican Republic buying a mélange of properties in the Allapattah neighborhood is just the latest deal in a trend of investors looking outside of prime Miami markets. The unidentified investor purchased four lots: 2140 NW 36th St. and 2135, 2141 and 2145 NW 35th St. They include 50K SF of commercial properties, such as an auto dealership, small multifamily properties and vacant lots for the sum total of $3.1M, said Ralph Reguiero with Southeast Management…

Miami may kick-start sports park on Virginia Key landfill

Miami Commissioner Ken Russell is ready to kick-start a sports park on an old Virginia Key landfill. He made his pitch to the Virginia Key Advisory Board. He’d asked to discuss potential development of a sports and recreational facility on the city-owned key. It’s not a new idea: it’s part of the 2010 Virginia Key Master Plan, which includes information on the landfill, the scope of a park on top of it, and a site plan of sporting fields, parking and more. It’s even referred to as Landfill Park.

Miami’s One Thousand Museum by Zaha Hadid to be featured in Impossible Builds documentary

As downtown Miami’s One Thousand Museum continues its 62-story climb, the Zaha Hadid-designed luxury development has been tapped to appear in an upcoming documentary that will air on Discovery and PBS titled “Impossible Builds.” The show will focus on the creation of complex structures across the globe and will also feature four other projects, including a resort villa in Dubai and a super-thin skyscraper in New York City. One Thousand Museum’s most unique feature has to be…

How smart is SMART plan when transit use is falling?

As road traffic congeals, Miami-Dade County is busy setting mass transit use records – but they’re not records to be proud of. The transit system just lost riders monthly year over year for the 23rd consecutive month, dropping to its lowest monthly ridership since at least 2006 and maybe longer. These February figures, the transit system’s most recent public tally, show just over 7.5 million boardings on all county mass transit, including buses, Metrorail and Metromover.

Adornus Cabinetry To Occupy 23,000 SF At Beacon Lakes Industrial Park

The lease brings Beacon Lakes Industrial Business Park Building 23 to 100% occupied.

The Standard Miami Beach is getting a facelift

The structure formerly housing the Lido Spa Hotel is getting leveled The Standard Miami Beach is on the cusp of a dynamic renovation that will include the demolishing of its east wing, reports The Real Deal, which used to be the Lido Spa Hotel and is currently comprised of hotel rooms and the outdoor Lido Bayside Grill.
The existing spa, which is connected the building, will remain intact and the proposed renovation will not affect spa operations, according to a hotel…

On Israeli bond market, US real estate players are now mishpacha

From TRD New York: In 2015 and early 2016, the Israeli bond market had become the Promised Land for U.S. developers. Players here had raised hundreds of millions of dollars in cheap debt from Israeli investors, and the nascent financing model was expected to become a long-term source of funding for U.S. projects, particularly as EB-5 was going through legislative challenges. Then came Urbancorp. The Canadian…

Retail will be “smaller but healthier” in 5 years: Sternlicht

From TRD New York: Retailers are closing stores across the city and the country, and in the end the industry will be better off for it, Starwood Capital Group’s Barry Sternlicht said. “A lot of retailers don’t know how to behave in this environment, and they’re panicking,” Sternlicht told Bloomberg. “I see the tenants in my malls that get it, and the ones that are as confused as…

FedEx’s downtown Miami site for sale, could fetch $40M

FedEx’s downtown Miami distribution facility is up for grabs, and could fetch close to $40 million, The Real Deal has learned. The property, at 200 South Miami Avenue, is leased to FedEx until 2029, with a five-year renewal option. The company leases the entire nearly 110,000-square-foot building, using it as its “last-mile delivery” facility serving downtown, said Cushman & Wakefield Vice Chairman Robert Given, who has the listing. Starting…

Blackstone Sells 1221 Brickell Office Tower in Miami

The Blackstone Group LP has sold the 1221 Brickell office tower at 1221 Brickell Ave. in Miami, FL for $155 million, or about $380 per square foot, to a joint-venture between Rockpoint Group LLC and LaSalle Investment Management, Inc. Blackstone took control of the asset in its $39.2 billion leveraged buyout in 2007 of Equity Office Properties, which paid $111.6 million ($273 pSF) for the property back in October 2006.

Video: REIS Chief Economist & SVP Victor Calanog Provides an Update on Q1 2017 Office Market Trends

In this video, REIS Chief Economist and Senior Vice President Victor Calanog provides a quick update on first quarter 2017 Office property market fundamentals and trends.  Highlights include: It was a relatively uneventful quarter for the office property market; National office vacancy rates ended the quarter at 15.8%, unchanged versus the prior quarter; Office property vacancy is down 20 basis points from 16.0% a year prior; Asking rents increased by 0.5% in the quarter, while effective…

Miami-Dade Says Airbnb Hosts Should Make Sure Tenants Aren’t Sex Offenders

Renting out your house on Airbnb is a good way to make some extra money, but it can also be a real pain in the ass. Your tenants might be deranged meth heads, but even if they aren’t, your neighbors will probably still complain that the guests’ rolling suitcases are too noisy. And in certain parts of Miami, you could be fined up to $20,000 just for listing your place. Now there’s one more thing you have to worry about: sex offenders. Under new regulations proposed by Miami-Dade…

Rockpoint Group acquires 1221 Brickell office building

Rockpoint Group has acquired 1221 Brickell (aerial), a Miami office building. The seller was not identified. No financial terms were disclosed. Holliday Fenoglio Fowler LP represented the owner in the sale. Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 1221 Brickell Avenue, a 408,423-square-foot, iconic office building in Miami’s Brickell Financial District. HFF represented the owner in the sale of 1221 Brickell to Rockpoint Group LLC. Additionally, HFF represented the prior owner..

Custom Space, a Short-Term Warehouse Leasing Firm, Nabs First South Florida Location In Doral

California-based Custom Space has leased its first South Florida location with an 85,000-square-foot industrial space at Doral Logistics Center. The firm is similar to temporary-office provider Regus, but for warehouses. It provides month-to-month leases for warehouse and office space ranging from 300 to 20,000 square feet while providing support services, such as receiving inventory and answering phones for tenants. State Street Realty’s Frank Trelles represented Custom Space in the deal while Transwestern’s Thomas…

Shahab Karmely’s secret backer is hedge fund titan Dan Loeb: sources

Shahab Karmely’s KAR Properties announced itself in swashbuckling fashion on the South Florida scene with a series of big, all-cash purchases of parcels along the Miami River, in Hallandale Beach and in Wynwood. The firm spent over $112 million on acquisitions since 2013, and millions more on pre-development costs. Which led many in the market to ask: How exactly was Karmely pulling it off? Karmely has always maintained that he has a silent partner, whose deep pockets allowed KAR to become an aggressive purchaser…

High Ground Is Becoming Hot Property as Sea Level Rises

One of the first sea-level rise maps Broadway Harewood saw was a few years back, when climate activists gathered in his neighborhood to talk about how global warming would affect people in less-affluent South Florida communities. Harewood had a realization, one that he illustrates with his hands. One hand represents the city of Miami Beach. The opposite hand, moving like the incoming tide, demonstrates how the seas will eventually rise, potentially bringing the coastline of South Florida closer to Miami’s historically…

Miami’s Real Estate Drawing Middle Eastern Buyers

Every month, the Miami Association of Realtors announces the top 10 foreign countries that use its website to search for Miami real estate. As you might expect, this list typically features the “usual suspects” month after month, such as Colombia, Canada, Brazil, Venezuela, Argentina and France. However, the most recently published report (from January 2017) included an unfamiliar newcomer: Turkey, ranked at No. 7. Miami has always attracted foreign buyers, and we are very used to seeing strong interest from Latin America…

Inside St. Regis Bal Harbour’s enhanced lobby and new restaurants

Fresh off a $35M renovation The St. Regis Bal Harbour underwent a $35 million “enhancing” that was completed a few months ago, with Michael Wolk Design Associates orchestrating the redesign of their new lobby lounge and Atlantikos restaurant. Unveiled in the Fall, these enhancements followed several other new elements that included a new four-bedroom suite collection; a couple of other new restaurants in the BH Burger Bar and St. Regis Bar & Sushi Lounge; and a 1,800-square-foot event space name…

Miami ranks 9th nationally in rent as Fort Lauderdale climbs to 12th

Median Miami one-bedrooms stick at $1800 While Miami continues to rank ninth in the country in median rent for one-bedroom units at $1800, Fort Lauderdale has climbed up to No. 12 with the same units priced at $1590. Zumper’s latest rent report, which covers the month of April, shows Miami is now tied with Honololu at No. 9 while Fort Lauderdale makes gains on No. 11 Chicago ($1680) after rising one spot in the monthly ranking. Miami’s one-bedroom figure shows about a 5-percent decrease year…

Artsy Wynwood Garage secures $22M in construction financing

Featuring parking, retail, and office space Another artsy Miami garage is rising in the form of the Wynwood Garage, with Holliday Fenoglio Fowler, L.P. announcing it has secured $22 million in construction financing on behalf of developer Goldman Properties for the mixed-use development in the flourishing neighborhood north of downtown Miami.
Within Wynwood’s first public parking garage will be 430 parking spots, 30,000 square feet of Class A office space, and 23,000 square feet of ground-floor…

Miami-Dade may impose new rules on short-term rentals

A proposed ordinance would impose a pile of new regulations on short-term rentals in unincorporated Miami-Dade County. Hosts on such platforms as Airbnb and HomeAway would be required to obtain a certificate of use and a business tax receipt and to enforce compliance by guests with short-term rental standards. Miami-Dade Commissioner Sally Heyman, who is sponsoring the proposed ordinance, told the Miami Herald the proposal is “a work in progress.” The county commission is scheduled to consider the proposal…

Miami’s Aria on the Bay tops off at 80 percent sold

A 53-story tower in Edgewater Aria on the Bay has become Miami’s latest luxury condominium to top off, with the 648-unit tower rising to 53 stories in Edgewater. Developed by Melo Group and designed by Arquitectonica, the development is 80 percent sold and expected to be completed by the first quarter of 2018. Units range from one to four bedrooms, with prices starting in the $400,000s and maxing out at $6 million. The mixed-use project is located at 1770 North Bayshore Drive, next to the water…

Supreme Court ruling on Miami paves way for cities to sue over predatory lending

From TRD New York: Cities, not just individuals, may now be able to sue banks over discriminatory lending practices, following a U.S. Supreme Court ruling Monday. The court found the city of Miami is legally permitted to use the Fair Housing Act of 1968 to sue banks that allegedly issued risky mortgages to black and Hispanic borrowers at higher rates than other groups, the New York Times reported. Miami is trying to sue Bank of America and Wells Fargo…

New USCIS ombudsman was top exec at anti-EB5 group

From TRD New York: The new ombudsman for the United States Citizenship and Immigration Services was a longtime top executive at a group that actively lobbies for the elimination of the EB-5 program. The appointee, Julie Kirchner, was for more than a decade the executive director of the Federation for American Immigration Reform (FAIR), a lobbying group that advocates for the end of EB-5, which has become a key fundraising vehicle for real estate developers.

Market Trend: South Florida’s Office Vacancy Decreases to 9.8%

The South Florida Office market ended the first quarter 2017 with a vacancy rate of 9.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 913,257 square feet in the first quarter. That compares to positive 609,681 square feet in the fourth quarter 2016. Vacant sublease space increased in the quarter, ending the quarter at 640,091 square feet. The Class-A office market recorded net absorption of…

Construction Financial Management Association Economic Advisor Anirban Basu Discusses the State of the Construction Industry

Anirban Basu, Economic Advisor with CFMA (Construction Financial Management Association) comes on The Commercial Real Estate Show to discuss trends and forecasts in the construction industry. Some highlights include: Construction costs becoming more expensive due to labor cost increases; Skilled labor particularly difficult to find; Some materials costs increasing as well, yet many are below highs of years ago; Expect compensation costs to continue to rise as few young people take construction industry…

Barbara Denham, Senior Economist at Reis, Discusses Retail Property Market

Barbara Denham, Senior Economist from Reis, comes on The Commercial Real Estate Show to discuss the retail property market, including performance, vacancy, and cap rate trends. Some highlights of this interview include: Starting to see a trickle in impact of store closures on retails property market; Some declines in rents and increases in vacancy in some markets trickling in; Overall rent grew on average in prior year while vacancies declined; Restaurants are adding jobs while retailers cut; Seeing…

Russell Galbut wants to redevelop Miami-Dade courthouse in exchange for $1.8 billion over 99-year lease

Developer Russell Galbut made an unsolicited offer to build Miami-Dade a new, $300 million courthouse in exchange for a 99-year lease and the right to redevelop the existing courthouse. Under Galbut’s proposal, his firm Crescent Heights would collect at least $18 million a year in rent from the county on the new 35-story courthouse, which would be built on a lot across the street at 54 West Flagler Street. At $18 million, it would amount to nearly $1.8 billion over 99 years. Galbut would get to convert the historic courthouse, which…

Restaurants Key To Retail Developers In South Florida

Miami residents’ stomachs are becoming key to the future of the retail experience in South Florida. Bisnow Franklin Street senior vice president of investment sales Greg Matus, Comras Co. CEO Michael Comras, Kimco Realty president Paul Puma, Terranova Corp. development director Joshua Gelfman, CBRE senior associate Danny Diaz and Plaza Construction president Brad Meltzer “Food is the future,” Terranova Corp. development director Joshua Gelfman said. “Human beings are social animals, and we want…

Chris Marlin: Targets realty buyers abroad, EB-5 investors for Lennar

Before becoming president of Lennar International, the global engagement arm of one of the nation’s leading homebuilders, Chris Marlin was an Arkansas native working as a labor and employment lawyer in Orlando. Today, Mr. Marlin is still an Arkansas native – the only American on his team at Lennar International

County in bed with casino giant Genting, sells out cheap

County commissioners sold out the area around the Adrienne Arsht Center for the Performing Arts to one of the globe’s biggest casino operators last week and knew exactly what they were doing. To fund a small sliver of a vast mass transit upgrade, they took from Malaysian giant Genting a free bus station and $10 million up front plus long-term rent in return for partnering with Genting, which has touted what was going to be the world’s largest casino on our bayfront. And you think native Americans…

Jorge Perez of Related Group named Lifetime Achiever

Internationally recognized as a visionary developer, Jorge M. Pérez, chairman, CEO & co-founder of The Related Group, is the force behind many of the iconic residential  evelopments that comprise Miami’s skyline. He’s also a longtime patron of the arts, perhaps most visibly through generous donations to the coffers and collections of The Jorge M. Pérez Art Museum of Miami-Dade County, often referred to as PAMM. For these contributions to the Greater Miami community, Mr. Pérez is Miami Today’s 2017 Lifetime…

Five Things You Need To Know About Industrial Real Estate

Investors and commercial real estate players should be aware of these five key trends within the red-hot industry. The first three months of the year boded well for the industrial sector, which remains red-hot, hitting record low vacancies nationally and record net occupancy gains. There are five key trends investors and commercial real estate players should be aware of within the industry. 1. Lowest Vacancies Levels In Three Decades: National industrial vacancy levels hit 30-year lows this quarter. Vacancies continued to decline…

Brickell Bridge traffic controversy just won’t quit

What started as an attempt to make bicyclists and pedestrians safer has mushroomed into a controversy that seems to have no resolution, observers say. Several years ago, the Florida Department of Transportation floated four alternatives to calm traffic on and near the Brickell Avenue Bridge for the sake of those on bike or on foot, and also to protect buildings from errant vehicles. Alternative 1 would have left all lanes on the Brickell Bridge as they were (three northbound and three southbound) and would have erected…

LLCs, rejoice! Cohn and Mnuchin debut tax plan that would be amazing for landlords

From TRD New York: The Trump administration unveiled its long-awaited tax reform plan on Wednesday, proposing massive cuts to individual, corporate and other business taxes in what would be the largest change to the tax code since at least 1986. Treasury Secretary Steven Mnuchin and National Economic Director Gary Cohn briefed reporters on the plan at the White House. Cohn spoke first, detailing the changes the plan would bring to individual…

ESJ Capital Partners Pays $60M for Jungle Island in Miami

ESJ Capital Partners LLC, an investment management company, acquired the Jungle Island zoological park at 1111 Parrot Jungle Trl. in Miami, FL for $60 million, or about $373 per square foot, from PJG Watson Island. The 182,799-square-foot entertainment building has been the home of the park since 2003. The 18-acre site is encumbered by a ground lease with the City, which gave its approval on the sale. Both parties handled the direct deal…

How an Uptick in Collaborative Workspaces Could Affect the Demand for Commercial Real Estate

Workspace evolution contributes to the CRE revolution: The world of work – or at least the world of the workspace – is undergoing a major evolution as a result of a changing workforce, technology, and the twists and turns of the modern economy. As a result, the commercial real estate market is also seeing a shift in demand due to how that space is utilized. CRE and the mobile generation: Advances in technology have allowed workers, particularly those in Generation Y and Z (who are most comfortable…

Multi-Tenant Infill Industrial: Unicorn Of CRE Investment?

Getting caught up in the thrill of the chase can sink an investor in the long run, when what seemed like the golden ticket ends up revealing hidden surprises. A savvy investor will counteract that urge by relying on careful study, specific market knowledge and proven relationships. Multi-tenant industrial real estate is hot, especially in…

Hyatt may rebuild Miami hotel and convention center

Hyatt Hotels Corp. and the Miami city government are discussing a deal to redevelop the company’s Hyatt Regency hotel in downtown Miami and the adjacent James L. Knight Center convention complex. The hotel and convention center opened on the north bank of the Miami River in 1982. Terms of a potential redevelopment plan would give Hyatt 12 months to produce a master plan for construction of a new hotel with meeting space, plus a mixed-use project, at the 4.5-acre site at 400 Southeast 2 Avenue.

Alta acquires assemblage near Dadeland Mall for $14.4M

Miami-based Alta Developers this month paid $14.4 million for an assemblage of land on South Dixie Highway near Dadeland Mall for a mixed-use development with 400-plus apartments. Alta, led by principal Henry Pino, paid $11 million for a 1.45-acre industrial site at 9600 South Dixie Highway. The seller was WLPW2 LLC, managed by Wendy L. Whitmire. Alta bought two other parcels for the assemblage. The company paid $2 million for a site measuring 6,250 square feet at 9514 South Dixie Highway. The seller…

Inside CMX Movie Theater, Brickell City Centre’s New “VIP Cinema Experience”

Down the street from the bums on Brickell and around the corner from Blackbird Ordinary, there is a gleaming, chrome and concrete monolith poised to transform one of the more blighted and ignored areas of downtown. Brickell City Centre, a luxurious, open-air shopping center, opened in November of last year, but is still taking its final shape. Recently, BCC unveiled its latest crown jewel: CMX – the VIP cinema experience. It’s a concept familiar to anyone who’s frequented an upscale movie theater. Other worthwhile…

Avesta Communities Snags $95 Million In Loans For Miami Multifamily Buy

Avesta Communities, a real estate company that focuses on properties in Texas and Florida, secured $94.7 million in loans for its purchase of a North Miami multifamily property, commercial real estate lender Walker & Dunlop Inc. said in a Friday statement. The first loan was short-term, six-month bridge financing worth $48.4 million. Walker & Dunlop then transitioned that loan into a permanent Freddie Mac floating-rate loan worth $46.3 million, according to the statement. It was not immediately clear when Avesta…

The rise and fall of the mall that changed Miami

Forty years ago, a mall opened for business in Miami. But it wasn’t just any mall. This one had a carousel. A multiplex movie theater. A bakery with killer cinnamon bread. A hotel. The mall gave workers in downtown Miami somewhere to spend their lunch hour. It gave kids in Miami Beach, Little Havana and Overtown somewhere cool to hang out. The Omni International Mall opened on Biscayne Boulevard at 14th and 15th streets in February 1977 on the site of the old Jordan Marsh department store, which was melded into…

Construction of American Dream Miami may not be completed for another five years

Speaking to a Greater Miami Chamber of Commerce crowd, an American Dream Miami consultant said construction on the massive theme-park-oriented mall may not be completed until 2022, when all roads and expressway interchanges into the development have been finished. In the meantime, fostering more development around public transit hubs is the key ingredient in creating the kind of critical mass that will transform Miami into a true urban center, according to a panel of downtown and Brickell evelopers.

Bridge Completes $80 Million Sale To Duke For 700,000 SF Of Industrial Assets

Bridge Development Partners, one of South Florida’s most active industrial real estate developers, today announced the disposition of three Class-A, industrial buildings totaling 676,835 square feet—Bridge Point Crossroads East and South located in Hialeah Gardens. CBRE’s Capital Markets team including Chris Riley, Vice Chairman in Atlanta; Christian Lee, Vice Chairman in Miami; and José Antonio Lobón, Senior Vice President in Miami represented Bridge Development in the sale to Duke Realty Corp.

American Dream Miami Construction May Not Begin For Another 8 Years

Speaking to a Greater Miami Chamber of Commerce crowd, an American Dream Miami consultant said construction on the massive theme-park-oriented mall may not begin until 2025, three years after all roads and expressway interchanges into the development have been completed. In the meantime, fostering more development around public transit hubs is the key ingredient in creating the kind of critical mass that will transform Miami into a true urban center, according to a panel of downtown and Brickell developers.

Tour Brickell’s new CMX movie theater

Located in Brickell City Centre and now open for business CMX has opened its VIP cinema experience in Brickell, bringing 10 screens and two bars to a 35,759-square-foot space in Brickell City Centre. The state-of-the-art cinema features all-laser theaters and cutting-edge audio technology from Meyer Sound Laboratories, including one Dolby Atmos room, the crown jewel viewing room within the complex due to the rich audio traveling from all directions of the room. This is the first CMX theater in…

Miami’s historic Biltmore Hotel to undergo lobby renovation

A collaboration between D’Shakil Designs and Studio 5 Design + Architecture Step inside Miami’s historic Biltmore Hotel this summer and you’ll notice some enhancements to its already distinct main lobby, as the landmark hotel in Coral Gables has announced D-Shakil Designs and Studio 5 Design + Architecture are collaborating on a redesign. The renovation is expected to conclude this July and will include new materials, drapery, and furniture in an effort to modernize the 91-year-old hotel…

Richman breaks ground on Edgewater rentals with $59M loan

Multifamily developer the Richman Group just broke ground on an apartment building in Edgewater with a nearly $58.6 million construction loan, property records show. Bank of America provided the financing to Richman affiliate Biscayne Apartments LLC for Biscayne 27. The 330-unit building will feature a sixth-floor amenity deck, about 9,600 square feet of retail on the ground floor, a parking garage, courtyard, pool and spa, according to a notice of commencement filed…

Miami Hotel Tour: The redesigned Ritz-Carlton Key Biscayne

The Ritz-Carlton Key Biscayne, Miami has unveiled a multi-phase renovation which includes redesigns of the lobby, all 450 guest rooms, and a new signature restaurant called Lightkeepers under Executive Chef Raul A. Del Pozo. The “re-imagination,” in the words of the hotel, is inspired by “Florida’s ocean hues and the effervescent spirit of the Caribbean.” Spearheading the upgrading of the beachfront resort’s rooms is Wimberly Interiors, which utilized subtle blues and grays, “with pops of green.” New room…

CMC Group Lands $236 Million Loan for Miami Luxury Condo Project

Miami-based CMC Group has secured mezzanine and senior loan financing totaling $236 million to completion development of Brickell Flatiron, a 64-story luxury residential condominium tower in Miami’s Brickell financial district. The 549-unit project under construction at 1001 South Miami Ave. across from The Shops at Mary Brickell Village and near Brickell City Centre received a $138.3 million senior loan and a $97.97 million mezzanine loan, with…

Lloyd Jones Capital Appoints New, Miami Based, Operations Group President, COO

Holly Costello has been appointed president and chief operating officer of Lloyd Jones Capital’s operations group. Based in the firm’s Miami, FL office, Costello will manage the firm’s Florida, Texas and South Carolina offices. She joins Lloyd Jones Capital’s executive and investment committees. Costello has been in the multifamily real estate industry for more than 25 years, working with CPM Services, Balfour Beatty and Walden Residential…

Jones Joins Monument Real Estate Services Mgmt

Monument Real Estate Services (MRES) hired Lesly Jones as its vice president of marketing and leasing with Monument Capital & Asset Management in Miami, FL. In her new role, Jones will oversee and develop marketing services in support of the company’s multifamily portfolio. Prior to joining Monument, Jones was responsible for regional property management with Pegasus Residential. With more than 20 years of industry experience, Jones also worked…

Whalen Joins NorthMarq Capital

Paul Whalen has joined NorthMarq Capital, a leader in financing commercial real estate in the U.S., as a vice president in the firm’s Miami Lakes, FL office. In his new role, Whalen will deploy the full range of investor capital on behalf of clients, including fixed rate first mortgages, subordinate debt, equity and other financial products. Whalen brings more than 37 years of industry experience, most recently serviung as the managing director…

Sale of Miami-Dade industrial buildings worth over $60 million

Commercial real estate transactions of any kind can be complex and involve a number of negotiations during the process. A high-end real estate company based in Boston, TA-Realty, was involved in a transaction that could mean major changes to the Miami-Dade commercial real estate scene. Realty Associates Fund IX, part of TA-Realty, recently sold 45 properties to real estate funds belonging to Brookfield Property Group based out of New York as part of a national portfolio deal worth $854.5 million…

The old mall is dead and Florida’s largest retail developments are showing what comes next

When Victor Gruen designed the first contemporary American malls in the mid-1950s, he changed the changed the way Americans shopped. Much to his chagrin, however, what malls would become over the next 50 years would be far from the civic social suburban spaces that he had envisioned. He would eventually distance himself from the typology. Today, malls, as a typology, are going through major change. Whether due to a changing economy or a changing customer base, malls—as 1990s mall rats knew them…

Miami Industrial Real Estate Market Report First Quarter 2017

The new year starts off with a slightly lower average lease rate of $9.54 per sq. ft. and a higher vacancy rate to 3.9%. The positive absorption was a mediocre 602,988 sq. ft. The most significant disposition so far this year was TA Associates’ sale of seven warehouses totaling 550,000 sq. ft. to Brookfield Asset Management for $60M. The largest lease transaction was a renewal by Bel USA of 342,750 sq. ft. in Medley Logistics Park worth an estimated value of $30M. While most of the…

Southcoast Simulation Lands in Miami Warehouse

Southcoast Simulation, Inc. has recently moved into its brand new 17,000 sq. ft. class A warehouse space at South Florida Logistics Center located at 3200 NW 67 Avenue in Miami, Florida. Southcoast is based in Montreal, Canada and specializes in Visual System Technical Support for flight simulators originally produced in England and Canada. “Southcoast employees offer years of  highly experienced systems engineering and program…