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…

‘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.

Neology Tops Off $100M Luxury Tower in Miami’s Allapattah Neighborhood

Development Group Neology Life Development Group has topped off The Julia, a 323-unit luxury multifamily tower in Miami. Designs were provided by Behar Font Architects, and JAXI Builders serves as general contractor. Completion is scheduled for February 2024. Lissette Calderon led Neology broke ground on the $100 million project in 2021, financing its construction…

Citadel, Sterling Bay part ways on planned $1B waterfront Miami tower

Billionaire Ken Griffin’s hedge fund Citadel cut ties with Chicago developer Sterling Bay to build its new headquarters in Miami. Citadel, which moved to Miami from Chicago, where it still has a large presence, is no longer working with Chicago-based Sterling Bay to build its planned $1 billion tower on Miami’s Biscayne Bay, Crain’s Chicago reported. Instead, Griffin’s firm will handle…

Citadel Breaks Off Partnership With Sterling Bay For Planned Miami HQ

When hedge fund giant Citadel announced plans last summer to move its headquarters from Chicago to a new skyscraper in Miami, it tapped one of its longtime Chicago corporate neighbors to build it. But that partnership is now off. While Citadel and Citadel Securities are still planning to move into a $1B new development in the coming years, Sterling Bay will no longer be involved…

Redwood scores $24M construction loan for Opa-locka rental project

Redwood Dev Co scored a $24 million construction loan for an Opa-locka multifamily complex. The deal marks the developer’s continued bet on the city and on apartment demand from South Florida’s middle class. The five-story, 98-unit Mosaic Apartments, under construction at 13800 Northwest 22nd Avenue, isn’t formally workforce or affordable housing, as it doesn’t…

Sabal sells waterfront apartment building in Miami Beach’s Normandy Isle

Sabal Development sold a recently completed apartment building on Miami Beach’s waterfront… entity managed by Jason and Amanda D’Herin.. couple who own a facility management company in Detroit, paid $13.5 million for the five-story boutique building at 1930 Bay Drive in Normandy Isle… In 2015, the Sabal entity paid $1.9 million for the property, and completed the four-unit…

Dolce & Gabbana to brand Michael Stern’s condo tower in Miami

Dolce & Gabbana is partnering with developer Michael Stern to brand a condo tower in Miami. The Italian designer is the latest fashion house to work with a developer on branded condos in South Florida, as it expands into real estate worldwide. Dolce & Gabbana announced this week it planned two residential… including one in Miami with Stern’s JDS Development Group…

Sales of Three Walgreens-Occupied Properties – One in Metro Miami – Totaling $22.6M Arranged

Hanley Investment Group Real Estate Advisors has brokered the sales of three single-tenant properties totaling $22.6 million. Each of the properties is leased to Walgreens.  Kevin Fryman and Ed Hanley of Hanley, in association with ParaSell Inc., arranged the sale of the first property, located in Minneapolis, on behalf of the seller, a California-based private investor. A New York-based…

Carlos Rodriguez: $1 billion in hospitality assets on new syndication model

Carlos Rodriguez is founder, CEO and chairman of Driftwood Capital, a hospitality investment firm that has provided the foundation for development of hotels in South Florida and across the US, with more than $5 billion in hospitality assets in its portfolio. Its real estate syndication model, launched in 2015, was proven a lifesaver during the pandemic. His goal is now to continue…

EB-5 investors allege ex-developers of Miami immigration property diverted $70M

The failed redevelopment of the former U.S. immigration building in Miami’s Upper Eastside sparked another lawsuit… for allegedly misappropriating more than $50 million. Chun Liu… filed the March 16 complaint…against Fu Jing “Leo” Wu and Wai Kin “Benny” Lam. Wu and Lam… entity that owns… 7880 Biscayne Boulevard. Liu… seeking a court… 8500 Biscayne Boulevard, the new lawsuit…

Sunstone Hotel Investors scores approval for 339-Key Confidante Miami Beach revamp

Sunstone Hotel Investors can move forward with a planned $60 million revamp of the oceanfront Confidante Miami Beach. The Miami Beach Historic Preservation Board on Tuesday unanimously approved the Irvine, California-based real estate investment firm’s proposed renovation of the Art Deco hotel. Last year, Sunstone paid $232 million for the 339-key hotel, records show.

Notable Retail Leases Signed in South Florida Q1 2023

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida in the beginning of 2023 and throughout 2021. This past quarter was busy overall, and there were a few big box leases signed and sealed. Despite the sentiment that the traditional retail market is taking a hit due to several factors, particularly e-commerce and several retail…

Coming of age: Distress player Fuse enters the development arena

The South Florida real estate party that began two years ago is over. High interest rates, coupled with exorbitant insurance and construction costs, have halted the investment and development bonanza, and left some projects exposed to distress. But for Fuse Group Investment Companies, the real estate party is only getting started. Beginning in the third quarter, the firm…

French investors buy MiMo motel Biscayne Inn, Blue Collar restaurant

A French… family bought a long-closed motel in the MiMo Biscayne Boulevard Historic District, with ground-floor commercial space that is home to Blue Collar restaurant. Eric Shea…  sold the 52-key Biscayne Inn at 6730 Biscayne Boulevard… The buyers… Armand and Ledicia Amsellem… sons Eric and Stephane Amsellem… daughter Sylvie Amsellem-Mouyal… her husband, Eric Mouyal — paid…

Pinnacle Obtains $72.3M in Financing for Affordable Housing Development in Miami’s Princeton Neighborhood

Locally based developer Pinnacle has obtained $72.3 million in construction financing for an affordable housing development located in Miami’s Princeton neighborhood. The 215-unit community, called Pinnacle at Tropical Pointe, will be located at 25155 S.W. 136th Ave. in an unincorporated area of Miami-Dade County. Bank of America, Citibank, Miami-Dade County, Miami-Dade…

Lender sells Wynwood dev site for $26M a year after foreclosure

Lender Gamma Real Estate sold a Wynwood development site for $26 million, marking a new chapter for the 1-acre assemblage that went through a foreclosure last year. New York-based Gamma, led by the Kalikow family, sold the properties at 2825 Northwest Second Avenue, 169 and 179 Northwest 28th Street, and 166 and 172 Northwest 29th Street, according to records. The buyer is…

Lease roundup: Hollo family, Asana score tenants

The Hollo family’s Florida East Coast Realty signed four tenants at its 1101 Brickell office towers for a combined 12,000 square feet. The British Consulate General will move its Miami office into a 7,300-square-foot penthouse at 1101 Brickell Avenue in Miami, according to Florida East Coast representatives. The consulate, now at 1001 Brickell Bay Drive, will move later this year.

RFR and Tricap settle legal battle over W South Beach

Aby Rosen’s RFR and David Edelstein’s Tricap reached a truce in their dogfight over the W South Beach, The Real Deal has learned. The New York-based firms dismissed dueling lawsuits accusing each other of trying to sabotage negotiations over control of the condo-hotel at 2201 Collins Avenue in Miami Beach, according to court filings in New York Supreme Court and…

Soaring Insurance Costs Could ‘Paralyze’ CRE, So Investors Are Calling For Reform

The price of commercial property insurance has risen so dramatically in the last two years that it has reached a crisis point, real estate players, who are calling for lending reform and government support to alleviate the pressure it is putting on the market, say. “Something’s got to give or it’s just going to paralyze the industry,” said Kevin Keane, the chief operating officer at Bainbridge…

Great investment potential in industrial warehouses in key areas in Miami

The South Florida industrial market has been one of the best performing sectors in commercial real estate. This is attributed to Miami’s robust economy, increased tourism, new businesses relocating to Florida, and the growth of e-commerce. The demand for industrial warehouses has exceeded the supply. Even with the new properties under construction, there are still not enough…

Inside the Mind of Miami’s Retail Visionary; Terranova President Mindy McIlroy

As we celebrate Women’s History Month, Commercial Property Executive is highlighting the inspirational accomplishments of a wide range of female leaders. Mindy McIlroy is a visionary in the restaurant and retail sector, currently serving as the president of Coral Gables, Fla.-based Terranova Corp. With a keen eye for spotting trends and passion for creating unique experiences…

Stripe report: Miami among top hubs for new startups

Move over, Austin. Miami is officially a prime location for new startups. The Miami-area ranks No. 4 in an analysis of U.S. startups hubs, according to Stripe, a financial services platform headquartered in San Francisco and Dublin, Ireland. The region came in behind the San Francisco Bay Area, New York City and Los Angeles and ahead of Austin, Texas. Stripe reports Miami has gained…

CRE Values Keep Sliding Nationally, Down 15% From Last Year

Commercial real estate property prices are down sharply compared with a year ago, according to Green Street, with its commercial property price index down 15.2% from March 2022. The index is off 0.2% compared with February 2023. Some property types have been hit harder than others year-over-year, but according to Green Street, all property types have lost some…

Video: Carl Whitaker with RealPage Analytics Discusses Multifamily Performance 2023

Carl Whitaker, Director of Research and Analysis with RealPage Analytics, joins host Michael Bull to share market performance, investment strategies, and forecasts for United States domiciled apartments / multifamily properties. Among the topics discussed are apartment rent and occupancy updates, new multifamily supply levels as compared to corresponding demand, and opportunities…

What Does History Reveal about Reducing the National Debt Burden?

The U.S. has once again reached its debt ceiling in the first month of 2023, a limit that Congress last set at $31.4 trillion in 2021. If no action is taken, the Congressional Budget Office estimates that the U.S. could potentially face yet another debt-ceiling crisis sometime between July 1 and Sept. 30. The current debate surrounding the national debt limit is not a new one. In fact…

Commercial-Property Debt Not Just a Small Bank Story

Recent industry chatter suggests that smaller banks are behind 70% of all commercial-real-estate lending in the U.S. Such exposure would have worrying implications for commercial real estate’s performance as these financial institutions face new challenges. That figure, however, is likely a misread of Federal Reserve data showing smaller banks are behind roughly 70% of the existing…

Fixing the Hated Open-Design Office

In 1967 chemical company DuPont gutted a floor of an office building in Delaware and rebuilt it. The firm put almost everyone into one big room with low partitions. In one corner, they provided a lounge with armchairs and Eero Saarinen end tables. This was the first major corporate adaptation of an “open-plan” office in the U.S., following the latest thinking by German architectural…

Azor-Led Partnership Breaks Ground on Wawa Gas Station in Plantation

A partnership led by South Florida-based shopping center owner and developer Azor Advisory Services has begun construction on a Wawa gas station and convenience store located in Plantation, roughly 30 miles north of Miami. The partnership, which is doing business as FLA BPI LLC, broke ground on the project April 4. Located at 100 South Pine Island Road, the property…

Brookdale Group Pays $38M for Plantation Office Asset

The Brookdale Group has acquired Cornerstone Corporate Center I, a 170,172-square-foot, Class A office building in Plantation, Fla. Public records show that the asset changed hands for $37.9 million. JLL Capital Markets brokered the deal on behalf of the seller, AFL-CIO Building Investment Trust, advised by PNC Realty Investors, and also procured the buyer. According to…

BH Group, PEBB Buy Boca Raton HQ for $104M

The ODP Corp. has sold its 639,830-square-foot headquarters in Boca Raton, Fla., for roughly $104 million. BH Group and PEBB Enterprises acquired the asset in a partial sale-leaseback deal: The parent company of Office Depot and OfficeMax will maintain its headquarters in a portion of the building, totaling some 285,000 square feet, for at least two years. CommercialEdge information…

Pebb, BH buy Boca Raton’s Office Depot HQ for $104M

Pebb Enterprises and BH Group picked up a national retailer’s headquarters, in the first office deal to break $100 million in South Florida this year. The joint venture paid $104 million for the Office Depot campus at 6600 North Military Trail in Boca Raton in an off-market transaction, BH principal Isaac Toledano told The Real Deal via email. Toledano said Pebb and BH obtained…

Attainable Housing Community Opens in Miami

Douglas Enclave, a 199-unit attainable housing community in Miami, has opened its doors to residents. The Astor Cos. received the development’s temporary certificate of occupancy from the City, expecting a final one in the next 60 days. Douglas Enclave comprises a mix of workforce and affordable units, as well as 3,265 square feet…

CP Group, PCCP Add 14 New Tenants at Downtown Miami One SE Third Avenue Tower

CP Group and PCCP LLC have added 14 new office tenants to join One Southeast Third Avenue, a 31-story office tower in downtown Miami. The new tenants span multiple industries, including real estate, legal and tech, and combined represent 47,533 square feet in new leases. Additionally, Bohler, a civil engineer firm, has expanded its footprint at the 440,000-square-foot…

Unused Miami International Airport hub for Amtrak needs upgrades

A 5,355-square-foot building the Florida Department of Transportation (FDOT) completed more than a half-decade ago to Amtrak specifications is still shy a few renovations and one more thing: Amtrak. The “beautiful building,” as it was described last week by several members of the county’s Citizens’ Independent Transportation Trust, has remained unused by Amtrak…

Wynwood-Edgewater mixed-use midrise wins backing

A developer plans to build a midrise mixed-use residential building with ground floor retail on land near where Edgewater meets Wynwood in the City of Miami. Owner-developer Wynwood 21 Apartments LP proposes property at 100 NE 21st St. for the 11-story building. The project, named Wynwood 21, is to be home to 97 dwellings, about 3,550 square feet…

Signature Bridge megaproject now delayed to fall 2027

The vast highway project downtown budgeted at $818 million is steadily progressing, says the Florida Department of Transportation, as the monumental new I-395 Signature Bridge reshapes Miami’s skyline. But completion has now been pushed back to late 2027, years behind earlier schedules. “Supply chain issues, among other factors, including weather and holidays…

Arena heads for Kaseya branding for $117 million

“Kaseya Center” is the new name Miami-Dade County commissioners chose unanimously Tuesday for the county-owned arena at 601 Biscayne Blvd. Pending approval after a public hearing, the county will assign naming and sponsorship rights to Kaseya US LLC for a 17-year term and a payment of $117.3 million. The Miami-based company is a global provider of IT management…

Salmon producer Atlantic Sapphire with ops in Homestead swims toward global primacy

A Norwegian fish-farming complex that plans to produce at full build-out about 1 billion servings of salmon a year near Homestead at what would then be the world’s largest aquaculture facility is getting a $250 million loan boost with industrial revenue bonds approved by Miami-Dade commissioners. Atlantic Sapphire USA is in expansion mode at its 22275 SW 272nd St. operation…

A World of His Own; The Saga of Nitin Motwani and the Miami Worldcenter

The pool deck on the top floor of the new Paramount building in Downtown Miami is no place for anyone with a fear of heights. Here, from the 60th floor, the views are breathtaking – and harrowing for any acrophobic – with only a clear glass railing around the deck. “I didn’t realize this was the highest elevation for a swimming pool in the City of Miami,” says Nitin Motwani…

Island Gardens May Have New Co-Developer

The Island Gardens project appears to have a new development partner. Last week, the Federal Aviation Administration issued a height approval letter for a portion of the development. The March 31 approval letter was issued to BH3 TCO Sub, which shares an address with BH3 Management. Previously, the only known developer was Flagstone. Last week’s FAA approval letter…

Related scores partial victory over development of future Baccarat site

The Pérez family’s Related Group scored a partial victory with the future of a three-tower development site along the Miami River, where artifacts and human remains dating back thousands of years were discovered. The Miami Historic & Environmental Preservation Board unanimously voted on Tuesday evening to withdraw its proposed designation of 77 Southeast Fifth Street…

HEPB Meeting Scheduled Today On 444 Brickell Archaeological Dig

A presentation to Miami’s Historic and Environmental Preservation Board is scheduled today on the 444 Brickell archaeological dig. The main architectural finding to date is postholes in the ground, and “one or possibly two circles,” the presentation shows, according to Local10. The postholes represent a foundation of homes, the report said. Hundreds of archaeologists have…

Wealth manager adds to waterfront assemblage with $49M purchase on Brickell Ave

A company led by a wealth manager paid $48.5 million for a waterfront home on Brickell Avenue in Miami’s Coconut Grove, adding to a multi-acre assemblage. Records show Paul Morelli, a managing partner at San Francisco-based Vernal Point Advisors, heads the LLC that acquired the 1.5-acre property at 3007 Brickell Avenue. Alan Richter and Mary Widel sold the 7,800-square-foot…

French Apparel Retailer Etam to Open First US Store at Dadeland Mall in South Florida

Etam, a French apparel retailer founded in 1916, plans to open its first U.S. store at Dadeland Mall, a shopping mall in the Miami suburb of Kendall. Simon, the mall’s landlord, expects to debut the new Etam store this summer. The store will carry Etam’s line of lingerie, bras, underwear, sleepwear and swimwear. The retailer currently operates more than 850 stores throughout Europe…

58-Story Villa Residences Announced In Edgewater

Developers have announced plans for a 58-story tower in Edgewater called Villa Residences. The project was officially launched on March 31, according to an Instagram post by Louis Birdman, a co-developer. There will be roughly 60 to 70 units in the tower, with a rooftop helipad and baywalk. A restaurant by Major Food Group is also planned. ODP Architects is the architect.

Dark-store theory is still an issue

The dark-store theory is increasingly becoming more about practice than theory since emerging during the Great Recession in the late-2000s. The concept is relatively simple – the value of warehouse space, big-box retail building or other commercial property should be determined by the value of the building when it is empty. The owners complained that they were over-taxed…

Brickell Gateway Tower Submitted To FAA At 761 Feet

Plans have just been filed with the Federal Aviation Administration for the 61-story Brickell Gateway tower. According to the March 28 FAA filing, the Brickell Gateway tower is planned to rise to a height of 761 feet above ground, or 772 feet above sea level, making it one of the tallest rental apartment buildings in the city. Construction is estimated to run from January 2024…

Kaseya Center: Miami Heat’s Arena Proposed To Be Renamed Through 2040

The Miami Heat’s arena is proposed to be renamed the Kaseya Center for the next 17 years, under a deal set for a vote by Miami-Dade commissioners. Kaseya would pay just $117,370,000 for the naming rights through 2040, the terms of the deal show. The deal is similar in value to one made by the county with FTX, before it filed for bankruptcy. By comparison, the naming rights…

Revealed: 930-Foot Tower Proposed At 1210 Brickell Avenue

Plans have been filed with Miami City Planners for the 76-story Ora by Casa Tua tower at 1210 Brickell Avenue. A 7-story parking garage will be demolished to make way for the new tower. A 20-story office building on the site will remain. The new tower is proposed to rise 930 feet, short of supertall status (supertalls are defined as being 300 meters, or 984 feet). The development…

Mystery 709-Foot Tower Proposed In Brickell

An application was filed yesterday with the Federal Aviation Administration for a previously unannounced tower in Brickell. According to the filing, the tower is proposed to rise 709 feet above ground, or 711 feet above sea level. Location data attached to the filing shows it will be located on riverfront land next to the under-construction Lofty Brickell tower. The Lofty tower was previously…

$39M Sale of Biscayne Centre Office Building in North Miami Brokered

CBRE has brokered the $39 million sale of Biscayne Centre, a 156,446-square-foot office building located at 11900 Biscayne Blvd. in North Miami. Totaling eight stories, the property — which was 81 percent occupied at the time of sale — features ground-floor retail space and an attached multi-level parking garage. Amenities include front desk security, an in-house café and a day spa.

North Miami Office Asset Biscayne Centre Changes Hands for $39M

11900 Biscayne Blvd. Image courtesy of CBRE Biscayne Real Estate Holdings LLC has acquired Biscayne Centre, a 156,446-square-foot office building in North Miami, Fla. According to public records, the buyer is an entity tied to Atlantic Coast Automotive Inc. CBRE Senior Vice President Benjamin Silver and Vice President Charlie Manuel brokered the $39 million transaction on behalf…

Contingencies provide a safety net in commercial real estate contracts

As with residential real estate contracts, commercial real estate contracts often need contingencies to avoid unnecessary risk. Adding a few carefully crafted contingency plans are safety measures that can be helpful or provide peace of mind to buyers and sellers and perhaps be the difference between catastrophe and triumph. While no deal is risk-free, an attorney who…

Miami Beach seeks end to spring break as we know it

Next year’s spring break in Miami Beach may not look the same, as city officials said they will work the police and the business community to end spring break as we know it. After two people were fatally shot in South Beach on March 17 and 19, the city commission on Monday passed an ordinance declaring an intent for curfews from Thursday to Monday during the most intense weeks…

Mixed-use tower planned at busy Coral Way corner

A new mixed-use residential development is coming to a high-profile corner of the Coral Way neighborhood in Miami. Owner-developers 27th Avenue and Coral Way LLC and 27th Avenue and Coral Way 2 LLC plan the 10-story building at 2200 SW 27th Ave., where it intersects Coral Way. The building will be home to 166 residential units, about 10,100 square feet of retail…

Miami unemployment lowest in history

Employers struggling to find candidates to fill jobs now know why: Miami-Dade’s unemployment in February was the lowest on record at 1.7%. The previous record low was 1.8% unemployment in the condo boom – before the condo bust – in December 2005 and February 2006, according to US Bureau of Labor Statistics records that stretch back to 1990. The new record 1.7% that…

Excel Miami plans 216 micro housing units near Metrorail

A new mixed-use residential development planned near a Metromover station will include more than 200 micro units among 424 residential units. Owner-developer Clearline Real Estate plans the 26-story Excel Miami at 1550 NE Miami Place, north of the School Board Station, near the northwestern end of Downtown Miami, and west of the Arts & Entertainment District.

Bids Are In: Former Miami Herald Site Could Sell For Nearly $1.5B

The former Herald site in downtown Miami is attracting significant interest from developers, according to Bloomberg. Bids are coming in at prices which could set a U.S. record for a development site, listing broker Michael Fay told the news service. The highest bid came in at just under $1.5 billion. A total of five of the bids exceeded $1 billion, Fay said. Based on those bids…

Genting scores 5 offers, each over $1B for downtown Miami dev site

Five bidders are willing to wager on a prime assemblage of waterfront land in downtown Miami, each offering more than $1 billion for the 15.5-acre site. Malaysian gambling operator Genting Group secured nine offers for the property at 1431 North Bayshore Drive in downtown Miami’s Arts & Entertainment District. Five exceeded $1 billion, and those could advance…

Catch restaurant, Sunset Harbour mixed-use project head for design approval

Developers of a South of Fifth seafood restaurant and a planned Sunset Harbour mixed-use project are aiming to reel in design approvals from the city of Miami Beach next week. On Tuesday, the Miami Beach Design Review Board will consider approving a renovation plan by New York-based Catch Hospitality Group. It is proposing…  at 200 South Pointe Drive, adjacent to the Continuum…

How Terra’s proposed $500M Miami Beach condo buyout could play out

The fate of one of the largest oceanfront sites in Miami Beach could play out in the coming months, as developer David Martin is offering $500 million for the Castle Beach Club condo building. The move comes months after condo giant Related Group and partner 13th Floor Investments pulled their bid for the property. Though Martin’s Terra is offering the same amount for the 4-acre…

Signature Bridge Project Completion Pushed To Late 2027; Double Deck Highway Poured

The completion date for the massive Downtown Miami Signature Bridge and highway reconstruction project has been pushed back to late 2027, according to the project website. The project budget remains listed at $840 million, as it was last year. Last year, the project website listed a completion date of Summer 2026. Before that, the completion date was listed as Fall 2023.

Atlantic Pacific proposes affordable rentals in Perrine

Atlantic Pacific Companies wants to build an affordable housing complex in south Miami-Dade County’s Perrine area. The project would consist of a six-story building and a seven-story building with a combined 270 units at 10060 West Evergreen Street in unincorporated Miami-Dade, according to a development application filed to the county last week. Atlantic Pacific would lease…

TA Builders scores $18M construction loan for Coral Gables rentals

TA Builders scored an $18 million construction loan for a 25-unit luxury apartment project in Coral Gables. The firm has started demolishing an existing eight-unit condominium and duplex on the development site at 701 and 711 Valencia Avenue to make way for the planned seven-story building, TA co-owner Luis Arevalo told The Real Deal. The project, called 701 Valencia…

TA Builders plans 126 apartments in two Coral Gables projects

TA Builders plans a pair of multifamily projects with a combined 126 units in Coral Gables, marking the developer’s continued bet on the city’s residential market. First on tap will be a nine-story building with 69 units at 211 Santillane Avenue, followed by another nine-story building with 57 units at 1008 East Ponce de Leon Boulevard, TA co-owner. Luis Arevalo told…

Auto dealer picks up North Miami office building for $39M

Auto dealer Ali Ahmed bought a North Miami office building for $39 million. An entity managed by Ahmed, owner of Miami Lakes Automall and other dealerships across Florida, acquired Biscayne Centre at 11900 Biscayne Boulevard, according to a press release. Benjamin H. Silver and Charlie Manuel with CBRE represented both sides in the sale of the eight-story…

$7.3M Sale Arranged of Doral Store Leased to CVS

Franklin Street has arranged the $7.3 million sale of a 14,900-square-foot, single-tenant retail store located at 3750 NW 87th Ave. in Doral, a suburb of Miami. The property was triple-net leased to CVS. Greg Matus, Adam Tiktin and Alex Lazo of Franklin Street, along with Norman Matus of Red Rock Realty, represented the seller, Illinois-based Curfin Property US…

L. Milton proposes 274-unit rental complex in Naranja

Family owned development firm L. Milton Construction wants to build a 274-unit apartment complex in south Miami-Dade County’s Naranja neighborhood. The proposal is for the second phase of the company’s Lanai Landings project, and marks continued development appetite for south Miami-Dade. L. Milton proposes two nine-story buildings that will include 2,700 square feet…

Crescent buys Colonnade Hotel in Coral Gables for $63M

Crescent Real Estate is planting a flag in South Florida, acquiring the Colonnade Hotel in Coral Gables for $63 million. The Dallas-based real estate development and investment firm is the buyer of the property at 180 Aragon Avenue, according to three sources familiar with the transaction, including Crescent’s partner in the deal. The hotel operates under Marriott’s Autograph…

Walgreens drop-off: Retailer sells another South Florida store

Walgreens is on a South Florida selling spree, shedding more than a half dozen stores since December for a combined $64.3 million. But don’t expect any to close. The national retailer signed five-year leaseback deals with different buyers for each. Most recently, the drugstore chain sold a Walgreens at 791 Northeast 167th Street in North Miami Beach. An entity managed…

Rivani’s Black Lion buys SLS Brickell restaurant space from Qatari royals

Robert Rivani’s Black Lion is on the prowl again, snatching the restaurant space at Brickell SLS Miami from a family of royals. A Black Lion affiliate paid $10 million for the 13,500-square-foot, indoor/outdoor commercial unit in the condo-hotel at 1300 South Miami Avenue, Rivani told The Real Deal. The seller is a Delaware entity managed by Francois Faber of Fiduciaire Fernand Faber…

Giovanni Bertolotti, Abiel Ballesteros and Rene Sanchez of SAR Apartment Capital, and Michael Mallory pay $13M for Ocean King property

A partnership of four investors scooped up an aging North Miami apartment building, with plans to fix it and raise rents. Giovanni Bertolotti, Abiel Ballesteros, Rene Sanchez and Michael Mallory bought the Ocean King Apartments at 14500 Northeast Sixth Avenue from an affiliate of Miami-based Ezkanda Group for $13 million, Bertolotti told The Real Deal. Ballesteros and Sanchez…

Florida’s $711M affordable housing bill becomes law

Florida Gov. Ron DeSantis signed affordable housing legislation that will pump $711 million into housing programs and incentivize developers with major tax breaks. DeSantis signed Senate Bill 102, known as the Live Local Act, on Wednesday, days after the legislation passed in the Florida House of Representatives. In addition to setting aside funds for affordable housing…

Florida’s affordable housing law could “change the look of coastal cities”

Developers are analyzing how to take advantage of Florida’s new legislation, which will set aside over $700 million in funding, create tax breaks, and provide zoning-related incentives for affordable and workforce housing developments. The law could contribute to a new boom in housing development, from entirely affordable buildings to mixed-income towers on commercial…

DeSantis Signs $711M Housing Bill, Rent Control Ban Into Law

Florida lawmakers on Wednesday signed into law the largest state government investment in housing in the state’s history. Gov. Ron DeSantis signed SB 102, legislation that directs $711M toward programs that would fund the development of affordable and workforce housing throughout the state. The law also forbids municipal governments from enacting rent control…

Videos: MSCI’s Jim Costello Presents Retail Sales & Investment Update, Advice for Retail Property Investors

In these videos, the big question for retail in 2023, whether post-COVID “revenge spending” will continue to fuel high sales, or will instead inflation and higher interest rates overpower demand to slow consumers down, is address. Jim Costello, Chief Economist with MSCI – Real Estate, joins Michael Bull of America’s Commercial Real Estate Show to consider retail performance and how…

Why Miami’s Retail Scene Is Hotter Than Ever

While many cities are still facing major challenges, the Miami retail scene is having a moment. After years of pandemic-fueled tourism and population increases, retailers — many new to the city — are following their wealthy customers to the South Florida hot spot in droves. In fact, recent openings like Kith in the Design District and Nike’s new Rise concept shop in Aventura mall…

Fewer Lenders Active in US Commercial Mortgages

The debt markets have come into sharp focus with the failures of Silicon Valley Bank and Signature Bank. The upheaval highlights a fluid situation as lenders come to grips with an environment of higher interest rates. Borrowers in the commercial real-estate market themselves have faced challenges, with higher mortgage costs repressing some investment activity. The increase…

How the threat of a U.S. debt default could impact multifamily real estate

As of January 2023, the Treasury Department began taking “extraordinary measures” to prevent the United States from defaulting on its debt. Although past congressional debt-ceiling talks have come to resolutions at the last hour, it’s important to understand what happens if the U.S. defaults on its debt and what’s at stake. What is the debt ceiling? The debt ceiling is the total amount…

Medical group plans four-story surgical center in Kendall

A retail/medical plaza in the Kendall area of Miami-Dade County could be redeveloped into an outpatient surgery complex plus a medical office building. Majorca Investment Properties, managed by orthopedic surgeon Dr. Jorge L. Orbay of the Miami Bone & Joint Institute, filed a pre-application with county officials concerning the 4.3-acre site at 8100 S.W. 81st Dr./Kings Creek Drive…

After Amazon’s Pullback, The Future Of Multistory Warehouses Is In Question

It’s been less than five years since Prologis built the first multistory warehouse in the country, and the number of these pricey properties has taken off since. But with millions of square feet of multistory industrial under construction and seeking tenants, questions remain about how deep the demand for this space goes. There are five multistory properties under…

Slowdown in warehouse construction will keep rents on the rise

The bumpy economic conditions have pushed many transport rates to pre-pandemic lows, but warehouse rents remain stubbornly high. And what’s worse is they are predicted to continue rising – albeit at a reduced pace. The market will struggle with economic headwinds, according to the latest outlook by commercial real estate services firm…

Despite U.S. Economic Slowdown, Industrial Sector Remains Strong

According to the CommercialEdge latest U.S. industrial market report, despite elevated levels of new supply coming online over the past few years, the continued demand for industrial space is keeping market fundamentals healthy across the U.S. The national average rent for in-place leases stood at $7.12 per square foot in February, growing 6.9% over year-ago figures. While most industrial…

WSJ: Apartment-Building Sales Drop 74%, the Most in 14 Years

Sales of rental apartment buildings are falling at the fastest rate since the subprime-mortgage crisis, a sign that higher interest rates, regional banking turmoil and slowing rent growth are undercutting demand for these buildings. Investors purchased $14 billion of apartment buildings in the first quarter of 2023, according to a preliminary report by data firm CoStar Group.

Miami Developers Court New York Restaurateur to Help Sell Luxury Condos

Major Food Group, the proprietor of trendy Manhattan restaurants such as Dirty French and the Italian eatery Carbone, is extending its brand into the booming Miami residential real-estate business. The hospitality company, which opened its first restaurant in 2011, is joining two Miami-based developers to build a 58-story luxury condominium tower on the southern Florida…

Apartment Sales Plunge Nationally As Lower Values, Cost Of Financing Stop Deals In Their Tracks

Apartment sales have plummeted to their lowest point in 11 years, signaling hesitance among investors who once viewed the sector as commercial real estate’s golden child. Investors purchased $14B worth of apartment buildings in the first quarter of 2023, a 74% drop year-over-year and the largest decline since Q1 of 2009, according to a Wall Street Journal report citing…

Developer Nets $55M Madison Realty Loan for West Palm Beach Property

A rendering of Olara in West Palm Beach. Image courtesy of Madison Realty Capital and Binyan Studios Real estate investment firm and developer Savanna has obtained a $55.1 million in debt to construct Olara, a luxury waterfront condominium tower in West Palm Beach. Fla. Private equity firm Madison Realty Capital provided the loan. Situated at 1919 N Flagler Drive, Olara…

Watermark, ZOM Open 154-Unit Seniors Housing Community in West Palm Beach

Watermark Retirement Communities and ZOM Senior Living have opened The Watermark at West Palm Beach, a 154-unit seniors housing community in the South Florida city of West Palm Beach. The community is the latest addition to Watermark’s luxury Élan Collection of communities. Spanning over 245,000 square feet, The Watermark at West Palm Beach encompasses studios…

Steve Ross’ Related plans more office towers in West Palm

Stephen Ross’ Related Companies plans a pair of towers at The Square mixed-use complex in West Palm Beach. The projects would mark the firm’s seventh and eighth office buildings in downtown, as it bets on an influx of businesses to the area. Related wants to build the East Tower and West Tower, each with 430,000 square feet of office space, on the northeast corner of South…

Federal Reserve raises interest rates by a quarter point, keeping inflation in crosshairs

The Federal Reserve is raising its key interest rate by 0.25%, continuing on its crusade against inflation while warning that recent instability in the banking sector could weigh on the economy. In announcing their ninth consecutive rate hike — which increases the benchmark federal funds rate to a range of 4.75% to 5% — Fed officials said in a statement Wednesday that…

Miami board approves three rental, condo projects in Overtown, Wynwood and Edgewater

A pair of mixed-use projects and a mega-condominium development scored Miami board approvals for their designs, a key step toward breaking ground. The Miami Urban Development Review Board on Wednesday gave the green light to three condominium towers, including an Edition-branded condominium in Edgewater, despite protests from neighborhood residents.

Four-Story Time Century Jewelry Center Nears Completion

The Time Century Jewelry Center in downtown Miami is nearing completion, new photos show. The New York Times ran a report on the project in January, which said that more than 60 leases have already been signed in the new complex. Opening was expected to begin last month, phased over a 12 month period, the report said. The former Metro Mall building, which dates to the 1920s…

CC Homes pays $13M for church’s dev site near Coral Gables

CC Homes, the joint venture between powerhouse developers James Carr and Armando Codina, paid $13.2 million for a development site near Coral Gables, after scoring zoning approval for a residential community. A CC Homes affiliate bought 13.5 acres of vacant land at Southwest 72nd Street, also known as Sunset Drive, near the Palmetto Expressway, according to Vizzda and records.

Industrial Real Estate Market’s New Demand Driver Changing Space Requirements

Industrial became the belle of the commercial real estate ball after the pandemic supercharged e-commerce demand and led Amazon to accelerate its already-voracious warehouse expansion. But that party couldn’t last forever. “That was a one-time event. That’s like laying down the railway tracks for the rest of time because you’re building an infrastructure for transportation…

Brickell Megaproject Will Proceed, Developer Says

A proposed three-tower complex in Brickell will proceed as planned following the completion of archaeological exploration, the project’s developer said. Jorge Perez, founder of developer Related Group, wrote in the Herald that they will build a “world-class” residential complex on the Miami River in Brickell. Hundreds of archaeologists have been working to excavate…

To ease rent crisis, Miami looks to co-living development zones

After gaining notoriety as the center of the housing crisis in the US, Miami is looking to co-living developments to calm soaring rent prices. Today (3/23), the Miami City Commission is considering changes to the zoning code to establish regulations regarding co-living. If adopted, the amendment will allow for communal living developments to rise in Miami’s bustling central…

Pickleball tossed into Crandon Park Tennis Center pickle

Pickleball aficionados seeking to use Crandon Park Tennis Center on Key Biscayne are following the same required administrative path as the Miami Open, which tried to expand there and finally was forced to Hard Rock Stadium, where annual tournament play began this week. Commissioners this month voted 12-0 with no discussion to direct Mayor Daniella Levine Cava…

On hold: Miami-Dade’s partial demo of Grove Playhouse foiled by neighbors

Miami-Dade County’s plan to demolish a portion of the Coconut Grove Playhouse in preparation for its redevelopment and restoration is on hold. A Miami board revoked the county’s demolition permit issued administratively by city staff. The Miami Planning, Zoning and Appeals Board on Wednesday sided with Coconut Grove residents Anthony Vinciguerra and Courtney Berrien…

Three-tower Edgewater residences to replace older condos

A large three-tower mixed residential project is planned for property on Biscayne Bay in Edgewater. Called Biscayne 21, when completed the towers will offer about 705 multi-family dwelling units, ground floor commercial space, and more than 800 linear feet of new waterfront promenade. Miami’s Urban Development Review Board recommended approval of the project…

Decade after approval, Overtown project reworked, advances

Significant new housing is coming to Miami’s Overtown neighborhood in the form of a 25-story building with 413 multi-family apartments. Developer RNG Overtown LLC plans to build the project, Overtown Block 19, at 105 NW 11th Terrace. The city’s Urban Development Review Board recommended approval of the project. Along with the new apartments, the building…

Industrial Outdoor Storage Can Be A Siren’s Song, And The Inexperienced Should Beware

Investors today are finding it difficult to resist the siren song of industrial outdoor storage, that alluring array of fenced-in parking lots for trucks. IOS has rapidly become one of commercial real estate’s hottest asset classes as a flood of new money has sent prices sky-high. “You create a buzzword, make it sound sexy and interesting, and everybody wants to have it,” Blau & Berg…

FAA Approves 700-Foot Height For Proposed Worldcenter Project

The Federal Aviation Administration has issued approval for a development at the former Miami Arena site. The determination was made on March 19. According to a letter sent to developer WG 700 North Miami LLC, a proposed maximum height of 685 feet above ground, or 700 feet above sea level would not be a hazard to air navigation. Tower cranes rising up to 794 feet above sea…

New Joint Partner On Beckham Overtown Site Where Stadium Once Planned

A developer appears to have joined as a joint partner on David Beckham’s Overtown property. A stadium was once planned on the site, before the developers decided to build it elsewhere. 8th Street Connections Holdings LLC is said to be a new joint partner on the Overtown land, according to a letter sent to Miami-Dade’s Dept. of Regulatory and Economic Resources…

Centner Academy owners assemble land in Wynwood

The controversial owners of Centner Academy in Miami are assembling land in Wynwood Norte, The Real Deal has learned. Entities tied to David and Leila Centner acquired the adjacent parcels at 3442 and 3490 Northwest Second Avenue for $4.7 million in January, records show. The lots total 0.2 acres and include a 7,660-square-foot building the Centners have been using as storage…

Shoma Bay Planned With 333 Condos & North Bay Village’s First Publix

North Bay Village is getting its first ever Publix. The Publix will be located within the Shoma Bay development, with construction planned to begin in summer 2023. Shoma Bay will rise 24 stories. A total of 333 condos are planned, to be delivered fully furnished. The Publix will be 35,037 square feet. There will also be another 6,325 square feet of retail space, which includes a rooftop…

9 Reasons to Invest in South Florida Commercial Real Estate

On a national and global level, Florida and particularly the South Florida CRE markets has been among the strongest globally, with continually solid returns and safety for the capital of international & domestic investors. US News & World Report currently ranks Florida #8 in fiscal stability and #8 with its economy nationwide. South Florida commercial…

Doral Warehouse/Distribution Facility Within Westport Corporate Park Sold For $6.895M

The Easton Group arranged the sale of a 21,890-square-foot warehouse/distribution facility in Doral at 10655 NW 29th Terrace, just off 107th Avenue, north of the Florida Turnpike. Andrew Easton and Michael Foxwell of Easton represented the seller, PL Developments, a manufacturer and distributor of over-the-counter (OTC) pharmaceuticals and consumer healthcare goods.

Miami Multifamily Report – February 2023

Miami rent evolution, click to enlarge With substantial investment activity and steady rent gains, South Florida’s multifamily market had a solid run in 2022. Rents increased 8.1 percent year-over-year, with the metro ranking fourth nationally for rate improvement. In the last quarter however—as the U.S. economy began to decelerate—rent growth flattened, and the average rate…

Triarch Capital picks up Doral retail plaza for $18M

Triarch Capital Group picked up a fully leased retail plaza in Doral for $18 million. An affiliate of Aventura-based Triarch acquired Shoppes at 41st Street, a two-building complex at 10355 Northwest 41st Street and 10405 Northwest 41st Street, said Ernesto Pentenero with GP Global Group, who brokered the sale. The deal breaks down to roughly $580 a square foot. Spanning nearly 31,000…

Terra offers $500M for aging oceanfront Miami Beach condo building

David Martin’s Terra is offering half a billion dollars to buy out the Castle Beach Club condominium building in Miami Beach, The Real Deal has learned. The offer comes months after condo giant Related Group and 13th Floor Investments withdrew their $500 million bid for the 57-year-old property 5445 Collins Avenue. Castle Beach Club, an 18-story, roughly 570-unit condominium…

Mast Capital, Rockpoint Underway on Nine-Story Multifamily Project in Miami Beach

Mast Capital, in partnership with Rockpoint, is underway on a nine-story, 178-unit multifamily development located at 3900 Alton Road in Miami Beach. Designed by Arquitectonica, the unnamed apartment community will consist of units ranging from studios to three-bedroom apartments sized from 560 square feet to 1,410 square feet. Amenities will include an elevated…

Commercial Borrowers Seek Flexibility Amid Volatile Lending Landscape

By Taylor Williams After eight interest rate hikes totaling 450 basis points over the last 10 months, courtesy of the Federal Reserve’s war on inflation, commercial borrowers can only hope that the fundamental law of gravity — “what goes up must come down” — will start to become reality in 2023.  But the economic clarity that the commercial lending community seeks…

Agreement Signed: ‘Iconic’ 80-Story Brickell Avenue Tower Moves Forward

Brickell Avenue’s First Miami Presbyterian Church has signed an agreement with a developer on a deal that could lead to one of Miami’s tallest buildings being built. The leader of the church has previously said the new tower would be “iconic.” According to a memorandum recorded with Miami-Dade’s Clerk of Court on March 2, the terms of the agreement include: the developer’s…

Miami Population Surge: Traffic Jams Up Sharply Since 2019, Study Says

Traffic has gotten significantly worse in Miami since 2019, according to data published by Inrix. The study is another indicator of Miami’s population surge since the start of the pandemic. According to the data, Miami drivers lost 105 hours to traffic jams in 2022, up 30% since 2019. Miami now ranks worse than Los Angeles – coming in at 9th worst for traffic congestion worldwide…

AMC Development proposes 512-unit apartment complex in Princeton

AMC Development Group wants to build a 512-unit apartment complex in south Miami-Dade County’s Princeton neighborhood. The proposed project, called AMC Park – South Dade, would include four eight-story residential buildings and two four-story garages with 656 spaces, combined, on land at 12501 Southwest 236th Street in unincorporated Miami-Dade, according to an…

Personal injury law firm pays $21M for Miami Lakes offices

The Ward Law Group paid $21 million for a Miami Lakes office complex, with plans to move the personal injury firm’s headquarters. The Kislak Organization, the Kislak family’s real estate investment and brokerage firm, sold the nearly 77,000-square-foot, two-building property at 7900 Northwest 154th Street, according to records. The Ward Law Group provided the purchase price.

How multifamily investors can prepare for a recession

More than half of commercial real estate leaders—including those with multifamily property rentals—believe a recession is likely this year, according to JPMorgan Chase’s 2023 Business Leaders Outlook: Commercial Real Estate. We asked three experts—Al Brooks, Head of Commercial Real Estate for JPMorgan Chase, Victor Calanog, Head of Commercial Real Estate Economics…

Miami ranks as nation’s second most competitive rental market

Miami-Dade County’s rental market ranked as the nation’s second most competitive, according to a newly released report. North Jersey was the most competitive rental market in the nation at the start of the year, according to the report from RentCafe. The North Jersey market includes Jersey City, Newark, Hoboken and Hackensack. The report analyzed 134 markets, calculating…

Atlantic Pacific Opens $34M Fort Lauderdale Affordable Project

Atlantic Pacific Cos. has opened Poinciana Crossing, a 113-unit affordable community in Fort Lauderdale, Fla. The $34 million project was realized in collaboration with the Housing Authority of the City of Fort Lauderdale and Wells Fargo. Michael Marra, director for Well Fargo’s Community Lending and Investment group stated that the bank provided a $25 million construction loan…

NR Investments Lands $51M for Oakland Park Mixed-Use Development

Sky Building rendering. Image courtesy of Walker & Dunlop NR Investments has obtained $51 million for the construction of Sky Building, a mixed-use development in Oakland Park, Fla., that is slated to include 136 affordable and workforce units. A Walker & Dunlop team secured the non-recourse financing execution above 80 percent loan-to-cost. Sky Building is the result…

$13.9M Sale of Retail Center in Sunrise Brokered

A Firm has brokered the $13.9 million sale of The Sawgrass Home Design Center, a retail center located at 13001-13191 W. Sunrise Blvd. in Sunrise, approximately 30 miles northwest of Miami in Broward County. The 45,000-square-foot property was 83 percent leased at the time of sale to tenants including DXL Casual Male, Bella Salon Suites, Lighting Outlet, Compass Research…

PGA Sells Longtime Palm Beach Gardens Headquarters After Move To Texas

After the world’s largest professional golf organization picked up its ball in South Florida and dropped it in Frisco, Texas, it has sold the spot where it landed more than 50 years ago. The PGA of America sold its longtime headquarters in Palm Beach Gardens for more than $12M, but it is keeping a small office space in the building, which sits next to the PGA National Resort…

Ruger proposes 76-room hotel near Miami Beach Convention Center

Ruger Holdings KG plans to convert an apartment building near the Miami Beach Convention Center into a hotel, The Real Deal has learned. On Monday, the Miami Beach Preservation Board will consider Cologne, Germany-based Ruger’s proposal to renovate and partially demolish Riviera Plaza, a Mediterranean Revival building at 337 20th Street. Completed in 1926…

Mast Capital JV Breaks Ground on Luxury Miami Project

Mast Capital and Rockpoint have begun construction on a 178-unit luxury community in Miami Beach, Fla. Nine stories tall, the development is anticipated to deliver in the fall of 2024. Construction began in February. Last November, the partnership landed $64 million in construction financing for the project from PNC Bank. Situated at 3900 Alton Rd., the community…

Logistics firm pays $17M for Brownsville industrial site

Miami-based logistics firm Bulk Express Transport snagged an industrial site in the city’s Brownsville neighborhood for $17 million. A Bulk Express affiliate paid $3.8 million per acre for the 4.4-acre site with a 14,000-square-foot warehouse, according to Vizzda. The buyer obtained a $13 million mortgage from Banesco USA. The seller, CUSA Investments managed…

In Miami Population Surge, Brickell Zip Codes Rank Highest

Two Brickell zip codes are the top ranked for people moving from out of state, according to a new analysis of Miami’s population surge by moveBuddha. The study analyzed searches by individuals who were either planning to move themselves or hire a moving company in the subsequent year. Brickell had significantly more inbound moving demand than outbound. Brickell’s 33131 zip code…

New Jersey investor proposes Miami Overtown mixed-use project

A New Jersey investor is proposing a 25-story mixed-use project in Miami’s Overtown neighborhood. The Miami Urban Development Review Board on Wednesday will consider… 413 apartments, 23,000 square feet of ground-floor retail and a parking garage. The 1.3-acre vacant development site is at 1135 Northwest First Court… An entity managed by Mitchell Newman in Morganville…

“A phenomenon”: What’s holding up South Florida projects?

Developer Jerry Aguirre has plans for a 220-unit apartment complex in West Kendall. But until next year, or maybe even 2025, the community will exist only on paper, as the site remains untouched by construction crews. “We want to start construction,” said Aguirre, co-founder of Miami-Dade County-based SH Communities. “But we need to hold it.” The project is on pause…

Brickell Area Street Proposed To Become One-Way Due To ‘Large Amounts Of Pedestrian Traffic’

Miami commissioners are set to vote on a resolution that could see a busy Brickell Street reconfigured. The change is proposed for a 338 foot stretch of Southwest 9 Street, from Brickell Plaza to South Miami Avenue. The buildings on that stretch include: the 58-story SLS Lux (completed in 2018), a multi-level Chabad Shul and community center (completed 2014), and the…

LeFrak, Turnberry Break Ground on Miami Luxury Tower

Oleta Partners, a joint venture between LeFrak and Turnberry, has broken ground on 2400 Laguna Circle, a 328-unit luxury multifamily community in North Miami, Fla. The 30-story tower is the fourth residential project at SoLe Mia, a $4 billion master-planned development. Designed by Arquitectonica and Stantec, the high-rise is expected to deliver in 2025. The property will encompass…

Club Studio Fitness Concept Signs 38,400 SF Lease at Grove Central Mixed-Use Development in Miami

Club Studio, a fitness retail concept and part of Fitness International LLC, has signed a 38,400-square-foot lease at Grove Central, a mixed-use development underway in Miami’s Coconut Grove neighborhood. A joint venture between Miami-based developers Terra and Grass River Property is developing Grove Central, which is expected to open in 2024. The project will feature a 23-story…

Sports bar Bru’s Room wins $6M judgment against former landlord

A South Florida sports bar won a $6.1 million judgment against its former landlord at a Miami-Dade County shopping center. Miami-Dade Circuit Court Judge Charles Johnson ruled last week that Bru’s Room Sports Grill was wrongfully evicted from 84 Shopping Plaza at 8358 Southwest 40th Street in the unincorporated Miami-Dade neighborhood of Westchester.

Retail Real Estate 101: 6 Questions and Answers

Whether you want to invest in commercial real estate (‘CRE’ sectors, such as retail real estate) or get the best deal on a lease, understanding the fundamentals of commercial real estate can help you make the best decisions. Let’s begin with a definition: what exactly is commercial real estate? Any real estate utilized solely for…

Way cleared for Miami Fire Station 4 inside 64-story tower

The City of Miami amended an agreement with the developer of a 64-story tower in Brickell to expedite the project and a complementary fire station included in the deal. Commissioners last week unanimously approved an amendment to the public benefits agreement with 191 SW 12 Owner LLC, an affiliate of the New York-based JDS Development Group behind One Southside Park.

PortMiami builds team for billions in new projects

A total of $17.6 million was divided equally among four contractors by county commissioners last week, a step forward in Miami-Dade County’s masterplan for Port Miami. “The current magnitude of the Seaport’s Capital Improvements Program (its 2035 master plan) and its complexity,” Mayor Daniella Levine Cava explained in a report to the commission, “requires teams of qualified…”

Two Roads seeks approval for Edgewater mega-project

A mega-project that would add another 705 condos to Miami’s Edgewater neighborhood is up for a key city vote tied to its design. The Miami Urban Development Review Board on Wednesday will consider approving a three-tower development that includes an Edition-branded condominium at 2121 North Bayshore Drive. Two Roads Development, a Miami-based and…

One Biscayne Tower seeks zero setback makeover

One of Downtown Miami’s longstanding and high-profile skyscrapers is planning a major new look and other exterior improvements. One Biscayne Tower, at 2 S Biscayne Blvd., is a 40-story multi-tenant office and mixed-use project owned by CP Group. The city’s Urban Development Review Board recommended approval of its modification plans to the planning director.

Chilean developer launches Artefacto-branded condo project

A Chilean developer is launching sales of a waterfront condo project planned for Bay Harbor Islands, adding to the pipeline of new developments in the town, as well as the trend of branded buildings across South Florida. VDA | Origin Miami, led by Mauricio Moya and Sergio Guzmán, is developing Origin Residences by Artefacto, a 27-unit condo building planned…

With $215 million funding, vast Wynwood Plaza gets moving

The owner-developer behind one of the largest mixed-use residential and office projects to rise in Wynwood, The Wynwood Plaza, held a groundbreaking after announcing it has secured major funding for the… development. The milestone was announced by L&L Holding Company and Oak Row Equities, along with project partner Shorenstein Properties and co-investor Claure Group…

310 Apartments Proposed Across From Kush In Wynwood

Plans have just been sent to Miami’s Urban Development Board for an apartment building in Wynwood. The 11-story project is proposed to include: 310 residential units 9,909 square feet of commercial 311 parking spaces There are 5 walk-up residential units on the ground floor, in addition to commercial space. Zoning would normally require 431 parking spaces. The developer…

166-Unit Apartment Building Proposed On Coral Way

Plans have just been sent to Miami’s Urban Development Board for an apartment building on Coral Way. A gas station is currently on the property. The 10-story project is proposed to include: 166 residential units 10,100 square feet of commercial 283 parking spaces The proposed number of parking spaces is exactly at the minimum required by the Miami 21 zoning code.

Urban Network Capital Group to Develop $50M Condo-Hotel Project in Miami

Urban Network Capital Group (UNCG) has announced plans for Visions at Brickell Station, a 111-unit condominium/hotel project in Miami. Upon completion, the community will feature residences in studio and one-bedroom layouts, with no rental restrictions. Owners of the units will be able to rent them out through a booking platform or participate in a professionally managed program.

Oleta Partners Breaks Ground on 30-Story Residential Tower in North Miami

Oleta Partners, a joint venture between developers LeFrak and Turnberry, has broken ground on 2400 Laguna Circle, a 30-story residential tower in North Miami. Situated within the 184-acre master planned community SoLé Mia, the multifamily development will feature 328 rental residences ranging in size from 686 to 1,315 square feet. Arquitectonica and Stantec are the architects…

Plans Submitted For Three Towers At Biscayne 21 In Edgewater, Rising 649 Feet Each

A developer has submitted plans to Miami’s Urban Development Review Board for a three tower project in Edgewater called Biscayne 21. Sales for one of the towers, known as Edition Residences, is already underway. All three of the towers are proposed to rise 649 feet above sea level, which is the maximum permitted by aviation rules in the area. Two will have 56 stories, and one…

New: Building With 424 Residential Units Planned Near Metromover Station

Plans have just been sent to Miami’s Urban Development Board for a 26-story residential project near a Metromover station. Renderings in the submittal show the name of the project as Excel Miami. The project is proposed to top off at 474 feet and include: 424 residential units (of which 216 will be micro-units) 128 off-street parking spaces No retail is shown in the plans.

LeFrak & Turnberry Break Ground On ‘World Class’ Luxury Apartment Tower At SoleMia

A 30-story luxury apartment tower has just broken ground in North Miami. Oleta Partners, a joint venture between LeFrak and Turnberry, said in a press release that they had begun construction on 2400 Laguna Circle at SoLé Mia. “We are creating a world class, luxury residential tower within the vibrant, growing community of SoLé Mia which will set a new standard…”

Florida commercial property in for big insurance hikes this year

Florida commercial property owners that have been dealing with escalating insurance costs for years are in for more bad news. This year, insurance rates in the state are expected to go up by 45 percent to 50 percent, and a doubling of premiums won’t be out of the question, according to a new Yardi Matrix report. While coastal regions are most susceptible to hurricane damage…

Video: Costar’s National Director of Office Analytics Phil Mobley Provides 2023 Office Market Update, Outlook

In these America’s Commercial Real Estate Show videos, Phil Mobley, National Director Office Analytics at CoStar Group, provides an office market update, then offers his thoughts on the office market moving forward to 2023 and 24. The office market update is particularly interesting given that the COVID-19 experience has largely been put behind us. Discussions include office…

The Fed’s Beige Book: Housing, Child Care Continue to Constrain Labor Supply

Economic activity across the Southeast grew modestly in January and early February as employers reported some easing of labor shortages despite continued reports that scarce affordable housing and child care discouraged some low-wage workers from seeking full-time jobs, according to the Federal Reserve Bank of Atlanta’s new Beige Book report of economic…

TPA pays $36M for industrial dev site in Palm Beach County

TPA Group bought an industrial development site west of Loxahatchee Groves for $36 million. The Atlanta-based firm bought nearly 60 acres of land at 20305 State Road 80, in an unincorporated area of west Palm Beach County, from an affiliate of mining company Palm Beach Aggregates, according to records and real estate database Vizzda. TPA took out a $10 million loan…

Bucking the trend: Mega church plans to convert Jupiter gym to house of worship

While churches across South Florida are selling off properties to developers, a mega church in Palm Beach County is planning to convert a gym into a house of worship. Christ Fellowship Church has applied for a special exception to convert the 20,000-square-foot Jupiter Fitness Center at 1200 West Indiantown Road to a church with seating for 368, according to Jupiter…

Developer Announces Plans For 111-Unit Visions At Brickell Station

Plans for a new condo-hotel have just been revealed in Brickell. Urban Network Capital Group said in a press release yesterday that it had acquired three parcels located at 1120, 1130 and 1136 SW 3rd Avenue in Miami for a combined $8.5M. The developer plans an 8-story condo-hotel called Visions at Brickell Station with 111 units. Unit sizes will range from 321 square feet studios…

More TOD: 247-Unit Merrick Parc Apartment Building Proposed At Metrorail Station

Plans were recently filed for yet another apartment building near the Douglas Road Metrorail station. The project was submitted with the name Merrick Parc Phase 1 (renderings show that there will be a second phase). Merrick Parc Phase 1 is planned to rise 20 stories, or 235 feet and include: 247 residential units and related amenities 9,485 square feet of commercial and office…

21-Story Condo Breaks Ground in North Bay Village with Design Showcasing ‘Simplicity Of Japanese Living’

In North Bay Village 7918 West Drive, a 21-story condo tower, has broken ground. 7918 West Drive is planned to include 54 residential condo units, along with 15,224 square feet of common areas, 148 parking spaces and 34 storage units. Amenities will include a swimming pool, fitness center, elevated garden, club room and fully equipped Chef’s kitchen. 7918 West Drive is said…

UDRB Unanimously Approves 54-Story Downtown 6th

A proposal to build a 54-story tower called Downtown 6th easily passed review by Miami’s Urban Development Review Board. The UDRB vote to recommend approval was at its February 15 meeting unanimous. Two recommendations were given by the board to the designers of the tower: Evaluate the relationship between the historic building (church) across the street Simplify…

ANF Group Breaks Ground on 227-Unit Affordable Seniors Housing Community in Cutler Bay, Florida

General contractor ANF Group Inc has broken ground on Sol Vista, a 227-unit affordable seniors housing community in Cutler Bay, approximately 20 miles south of downtown Miami. MRK Partners and Cypress Equity Investments are co-developers on the project. The two companies are partnering with the Housing Finance Authority of Miami-Dade County, the Florida…

Jeffrey Soffer’s Fontainebleau buys Story nightclub building

Jeffrey Soffer, who co-owns the Story nightclub with hospitality impresario David Grutman, bought the venue’s South Beach building for $23 million. Soffer’s Fontainebleau Development bought the 17,000-square-foot property at 124-136 Collins Avenue in Miami Beach from an entity managed by Patricia Kaine, according to records and real estate database Vizzda. The buyer financed…

Ryder System Sells Miami Headquarters, Will Select New Miami-Dade Location

Ryder System, Inc. announced it has sold its Miami headquarters campus, located at 11690 N.W. 105th Street, to Bridge Industrial, a privately-owned, vertically integrated real estate operating company and investment manager. The 16.8-acre property, which has housed Ryder’s 248,989-square-foot headquarters office building since 2005, was sold for $42.1 million. “Like many…”

Logistics giant Ryder sells Miami-Dade HQ for $42M

Logistics giant Ryder System sold its Miami-Dade headquarters for $42.1 million, as it plans to move to a smaller office elsewhere in the county. In a sale-leaseback deal, Bridge Industrial bought the nearly 250,000-square-foot office building at 11690 Northwest 105th Street in an unincorporated area of northwest Miami-Dade County, and rented it out to the seller for a one-year term…

South Florida Based Talkin’ Tacos to Expand Across Southeast

Talkin’ Tacos, a food truck turned fast-casual Mexican eatery based in South Florida, announced its expansion of the popular concept’s footprint throughout the Southeast. The brand has signed multi-unit franchise deals in Orlando, Tampa and Jacksonville with additional locations opening in New York. Two additional South Florida corporate locations are set to open in Coral Springs…

Constellation, Boschetti plan mixed-use project in North Beach

Constellation Group and Boschetti Group are planning to build a nine-story mixed-use project in the North Beach neighborhood of Miami Beach. The Miami Beach Design Review Board on Wednesday approved the joint venture’s proposed mid-rise building at 6940 Abbott Avenue. Miami-based Constellation and Coral Gables-based Boschetti plan to demolish an existing one-story…

Brightline Hits Record 130 MPH, Orders 20 More Cars To Increase Capacity

Brightline is said to have broken the speed record for trains in the region while testing its new tracks to Orlando yesterday. Brightline trains operated at 130 mph during test runs yesterday, which a company representative told Fox 35 was a record speed for a train operating in the southeast U.S. The trains will normally operate at 125 mph on the segment, but rules call…

Tech Firm Kaseya Signs 101,000 SF Office Lease at Wells Fargo Center in Downtown Miami

Kaseya, an IT and security management software firm, has signed a new 101,000-square-foot office lease at Wells Fargo Center, a 47-story office tower located on the corner of Brickell Avenue and Biscayne Boulevard in downtown Miami. The firm has already begun to move into its new space, which represents the company’s fourth office location. Ryan Holtzman…

Metropolitan Life Inks 101 KSF in Miami

Wells Fargo Center. Image courtesy of Cushman & Wakefield IT and security management software company Kaseya has signed a 101,000-square-foot lease at Metropolitan Life Insurance Co.’s Wells Fargo Center building in downtown Miami. Cushman & Wakefield brokered the lease agreement on behalf of both parties. The tenant has already initiated the move-in process…

County reverses decision to build new waste plant at Doral site of old one

As white-shirted Doral-area residents filled the front and center seats of the Miami-Dade County Commission chamber Tuesday to ask how the county planned to handle the Doral solid waste plant fire that started Super Bowl Sunday and smoldered more than a week, commissioners rescinded a decision to build a new solid waste plant at the same site. Former Doral mayor…

County courthouse nears apex, but completion date elusive

Twenty-two floors down, well, up really, and two to go. Well, technically, three to go on the new courthouse building. They’re including a 25th floor that can accommodate four additional courtrooms in the future. Completion of the new Miami-Dade County Courthouse, tentatively, is scheduled for Jan. 24, 2024, according to Alex A. Alfonso, assistant director of the Miami-Dade…

Apartment sizes shrink nationally, but in Miami they grow

Although apartment sizes in the US are shrinking, Miami has come out as an exception, where apartments have gotten larger, adding an extra 105 square feet in the past 10 years, but current growth in the city might end the trend. According to a report by RentCafe, new apartment sizes in Miami have an average square footage of 912. Ten years ago, the average rental square…

Miami’s Merrick Parc to rise near Gables’ Merrick Park

The first phase of what will be dual mixed-use residential towers in Miami’s southwest area has been presented to the city’s Urban Development Review Board. The project, Merrick Parc, was recommended for approval by the board, with conditions. Developer Merrick Parc LLC presented Phase I, a 20-story building with 247 residential units, related amenities, 9,485 square…

Miami area apartment rental market strong and stable

Local real estate experts are still predicting the Miami residential rental market will remain strong but say it has stabilized. Overall, the market is still strong and it varies by submarket, said Johnny De La Espriella, senior vice president of operations for RKW Residential. “A couple of data points are that rents are not growing in the historical levels they were in 2021 and 2022…

Wynwood Plaza Breaks Ground: New Renderings, Expected Completion Announced

A formal groundbreaking ceremony was held March 3 for the 1-million-square-foot Wynwood Plaza. Construction has actually been underway at the site for some time, beginning shortly after the developers said they obtained $215 million in construction financing from Bank OZK in January. The Wynwood Plaza will include a residential building with 509 luxury rental apartments…

Ricardo Dunin, Edifica plan Domus Brickell Park condo-hotel

Oak Capital’s Ricardo Dunin and Peruvian firm Edifica plan a condo-hotel development in Brickell, with a second site nearby under contract and more planned. North Development, a joint venture between Dunin and Edifica, is launching sales of Domus Brickell Park, a 12-story, 171-unit condo-hotel planned for 1611 Southwest Second Avenue, Dunin said. It would take about…

Urban Network plans Brickell condo-hotel

Urban Network Capital Group plans a 111-unit condo-hotel in Brickell, marking the firm’s first project in South Florida. The eight-story Visions at Brickell Station will rise on 0.3 acres at 1120, 1130 and 1136 Southwest Third Avenue. Urban Network has the property under contract for $8.5 million, said Robert Thorne, founder and CEO of the Miami-based development firm.

L&L Holding, Oak Row Break Ground on 1 MSF Wynwood Project

L&L Holding Co. and Oak Row Equities have commenced construction on The Wynwood Plaza, a 1 million-square-foot mixed-use development in Miami. The companies have teamed up with co-investor Claure Group and project partner Shorenstein Properties to develop the campus, which is expected to be completed in 2025. The groundbreaking comes shortly…

Subway Opens 2nd HQ in Miami

1000 NW 57th Court or “1000 Sub Way.” Image courtesy of Yardi Matrix Fast food chain Subway has opened a Miami office to act as a second headquarters alongside its counterpart in Connecticut. The new property’s address at 1000 NW 57th Court will be known by the custom name 1000 Sub Way, a street name sanctioned by Miami-Dade County and situated within the…

“Generational real estate”: Family office buys Wawa in Miami-Dade’s Fontainebleau

Ferber Company sold a recently completed Wawa in Miami-Dade County’s Fontainebleau neighborhood. Kit Realty, a New York-based family office managed by Diane Macari, paid $9.8 million for the gas station and convenience store at 7870 West Flagler Street, records and Vizzda show. Patrick Nutt with SRS Real Estate Partners listed the property on behalf of Ferber…

Developers Breaking Ground Soon On Two Additional 39-Story Towers At Metrorail Station

The developers of Link at Douglas announced that they are now moving forward with plans for the second and final phase of the project. 13th Floor Investments and Adler Group are partnering on the project. In a press release this week, the developers said they plan to break ground in late 2023. Miami-Dade records show that the second phase received planning approval last year.

Brightline’s Tracks To Orlando Nearly Complete: Testing Begins At 125 MPH

Brightline has begun testing its brand new tracks, as it prepares to begin operations to Orlando. Test trains on the newly built tracks are running at 125 miles per hour, the company said. The new segment is around 35 miles, running from Cocoa to Orlando International Airport. The tracks are fenced off, with no public road or other grade crossings, allowing the high speeds.

Breaking down Florida’s proposed affordable housing legislation

Florida’s proposed affordable housing legislation, aimed at incentivizing developers with major tax breaks and hundreds of millions of dollars in funding, is advancing in the state legislature. Senate Bill 102, known as the “Live Local Act,” and related legislation would be a boon for developers of attainable and workforce housing, real estate attorneys and developers say. 1.

JP Morgan: A Primer Historic Tax Credit certification

Through the federal Historic Preservation Tax Incentives program, commonly known as the Historic Tax Credit (HTC) program, real estate developers can transform buildings. The program can help convert office buildings and shuttered factories into apartments, or turn former hospitals into schools and community centers. A growing number of affordable housing projects…

Royal Senior Care Lands $27M for Luxury Senior Community in Davie

Oakmonte Village. Image courtesy of BHI Royal Senior Care has refinanced Oakmonte Village, a 199-unit luxury senior housing community in Davie, Fla., offering independent living, memory care and assisted living services. According to Broward County records, BHI Healthcare provided the $27 million loan; the financing pays off the outstanding balance of a $30 million note…

$13.9M Sale of Retail Center in Sunrise Brokered

Azor Advisory Services has brokered the $13.9 million sale of The Sawgrass Home Design Center, a retail center located at 13001-13191 W. Sunrise Blvd. in Sunrise, approximately 30 miles northwest of Miami in Broward County. The 45,000-square-foot property was 83 percent leased at the time of sale to tenants including DXL Casual Male, Bella Salon Suites, Lighting Outlet…

Topgolf to Anchor 223-Acre Mixed-Use Development in Pompano Beach

Topgolf is underway on the construction of a three-level venue located at the intersection of Powerline Boulevard and Race Track Road in Pompano Beach, roughly 35 miles north of Miami. Scheduled to open late this year, the new location will anchor Live! Pompano Beach, a 223-acre, mixed-use project currently being developed by The Cordish Cos. and Caesars Entertainment.

Related, BH Group submit plans for two-tower project near Diplomat resort

Related Group and BH Group’s latest project entails building a pair of luxury high-rises adjacent to the Diplomat Beach Resort in Hollywood. The joint venture on Friday submitted a site plan application with the city of Hollywood to build a 38-story condominium with 350 units, and a 43-story condo-hotel with 500 units. The two-tower project would rise on a pair of vacant parcels…

Lynd Begins Construction on 401-Unit Luxury Apartment Community in Royal Palm, Florida

Lynd Development, a subsidiary of San Antonio-based Lynd Group, has broken ground on The Villas at Tuttle Royale, a 401-unit luxury apartment development in Royal Palm. Situated on the west side of South Florida’s Palm Beach County, the property will feature 26 three-story, garden-style buildings and 55 townhomes. Lynd and partner Tuttle Land Investments recently…

24M-Square-Foot Downtown Miami Metrocenter Moves To RFQ Phase

The massive Metrocenter project in downtown Miami has moved to the Request For Qualification phase, according to the SFBJ. RFQ packages were issued February 10, the report said. After development teams are selected in the RFQ, a Request For Proposals will be issued to get detailed development plans and terms from those teams. The winning bidder will have the right…

Related, BH unveil plans for Icon Aventura

Related Group and BH Group submitted a site plan for their joint venture’s proposed mixed-use project in Aventura. The developers plan Icon Aventura as a 26-story tower with 308 apartments, 12,000 square feet of ground-floor retail and a garage on a 4-acre development site at 2999 Northeast 191st Street, according to an application submitted to the city of Aventura.

North Miami Beach Laurenzo’s Italian Food Market site could be replaced with 3 towers (Photos)

The former home of Laurenzo’s Italian Market in North Miami Beach could be redeveloped into a mixed-use project with three towers. May NMB LLC, an affiliate of Lakewood, New Jersey-based Accurate Builders, filed a municipal pre-application with Miami-Dade County concerning the 3.03-acre site at 16445 and 16385 W. Dixie Highway, plus 2255 N.E. 164th St. The site…

Terreno closes on $174M Countyline Corporate Park dev site

Terreno Realty closed on its purchase of a 123-acre development site at Countyline Corporate Park in Hialeah. The real estate investment trust paid $173.6 million for land on the northern edge of the industrial campus, with plans to develop 10 distribution facilities spanning up to 2.2 million square feet, according to real estate database Vizzda and the buyer’s filings to the Securities…

Chart: Adjusting Value Perceptions for the Recent Inflation Surge

We had an exceedingly long stretch of low inflation. In the five years that ended five years ago (2012 to 2017), prices as measured by the CPI increased a mere 7.17% total, a 1.39% annualized rate. It had been this way for so long, people in general forgot how to adjust their valuation perceptions. We intuitively consider value to be largely set, i.e. to not generally move over time.

LVMH & Jungle Island? Talks Reportedly Underway, New Renderings Released

LVMH is said to be in talks with the owners of Jungle Island to partner on dining and entertainment at the resort, according to World Red Eye. New renderings of the project have also been released. In December, plans were submitted to Miami’s Urban Development Review Board for an expansion of the complex, including a 12-story, 300 room resort hotel, and a 7-story parking…

Rickenbacker Causeway master plan on fast track

Expediting a Rickenbacker Causeway upgrade, Miami-Dade Mayor Daniella Levine Cava told commissioners last week that the administration is selecting a consultant for a causeway master plan due early next year. The master plan, her memo said, is geared for causeway improvements “to work to aggressively prioritize pedestrians’ and cyclists’ safety” along the only…

Miami’s Pull As A Corporate Relocation Magnet Is Only Getting Stronger

Most of the corporate headlines in 2023 so far have focused on layoffs and cost-cutting, but just like in 2022, the news in Miami is playing a different tune. This month alone, global banking giant Rothschild & Co. signed a lease for its first Miami office, Silicon Valley tech firm LeverX moved its global headquarters to the Magic City, and local IT company Kaseya announced…

DXD Capital Harnesses Allapattah Apartment Density for $19M Self-Storage Development

DXD Capital, a real estate and private equity fund based in Albuquerque, NM, is building a $18.7-million self-storage project located the Allapattah submarket of Miami, FL. The facility will be a five-story building with 865 units situated in an area with strong rental growth. According to DXD Capital, Allapattah is a prime market for self-storage due to its high multifamily occupancy…

DXD Capital plans $19M Allapattah self-storage project

DXD Capital is breaking ground this week on a $18.7 million self-storage facility in Miami, The Real Deal has learned. The Albuquerque-based real estate development and private equity firm is planning a five-story building with 865 units at 3500 Northwest 35th Street in the city’s Allapattah neighborhood, according to a press release. The facility will be managed and operated…

Miami Center for Mental Health and Recovery nears opening

The judge spearheading a project to end the homelessness-to-jail cycle confirmed the Miami Center for Mental Health and Recovery will open this year. The pioneer facility is to be a one-stop shop for primary care and psychiatric services for unhoused people with acute mental illnesses who are in the criminal justice system or at risk of entering it. Miami-Dade County…

Havenicks finalize $96M sale of Magic City Casino

The Havenick family’s era at Magic City Casino is officially over. PCI Gaming Authority, an affiliate of Alabama-based Poarch Band of Creek Indians, paid $96 million for the nearly 30-acre gambling site at 450 Northwest 37th Avenue, according to records and Vizzda. The deal is part of PCI’s acquisition of Magic City Casino’s operations, inventory, and state gambling license…

43-story Edgewater residences to feature robotic parking

A new mixed-use residential tower is planned for Miami’s Edgewater neighborhood, and with it a robotic parking system. Nardware Properties LLC and 510 NE 34TH LLC are the owners and developers of the properties at the southeast corner of Northeast 34th Street and Fifth Avenue. The project, One Edgewater, is to include a 43-story tower with 204 residential units…

Miami denies appeal, Marine Stadium boat ramp on fast track

The city is proceeding with plans to construct a new boat ramp at Miami Marine Stadium as it denied an appeal last week that listed more than 20 reasons why it shouldn’t. On Feb. 23, city commissioners heard an appeal by the Dade Heritage Trust urging they reverse the Planning, Zoning and Appeals Board (PZAB) decision recommending an exception to the Miami 21 code…

Brickell-based Kaseya gets incentive to add 3,400 IT jobs

Information technology and security management software company Kaseya has announced it will create 3,400 new tech jobs in three years, the largest tech job creation project in the county, along with a $16 million capital investment. Supported by the Miami-Dade Beacon Council, the county’s official public-private economic development partnership, under its Miami-Dade…

41st Street is Main Street in government vs. the people battle

Community news isn’t just local: some has broad, even national, implications. Our report last week on a meeting to revamp Miami Beach’s 41st Street should resonate wherever government decides what an area should be like. The tensions are similar. As our web headline said: “Miami Beach hypes aesthetics, residents just want the parking.” Planners showed a finished $500,000 design…

Brickell’s St. Regis Residences Gets Water & Sewer Utilities

The developers of the St. Regis Residences project in Brickell have signed a deal with Miami-Dade to supply water and sewer. According to the February 22 agreement, St. Regis Residences will include: 350 residential units 30 hotel rooms The developer will pay a connection charge estimated at $97,720.20. There’s also a Brickell Basin II sanitary sewer special connection charge…

Most Residents Living Car Free At New 1600 Unit Transit Oriented Development

Link at Douglas, a massive transit-oriented development next to the Metrorail, is attracting lots of residents living a car-free lifestyle. More than half of residents who have moved into the newly completed apartments don’t have a car, the developer told Local10. The Douglas Road Metrorail station is attached to the complex and is getting a beautification as part of the project.

FDOT Considers Double Decking Julia Tuttle Causeway

FDOT is considering adding a double deck to the Julia Tuttle causeway. An “overhead viaduct” for the Julia Tuttle is one of several possibilities being considered by the agency to expand highway capacity. Miami Today first reported on the possibility. The project is currently in the Project Development and Environment phase. This PD&E Study started in June 2022…

249-Unit Apartment Building Proposed Near River Landing

An 8-story apartment building has been proposed in Allapattah. The project is proposed to include: 249 dwelling units 8,753 square feet of retail an on-site parking garage providing 425 parking spaces Metrorail’s Civic Center station is an 8 minute walk from the site, according to Google Maps. The project was submitted to Miami’s Urban Development Review Board…

Commissioners Approve Buena Vista Yards Intensity Preservation Area In Midtown Miami

Miami commissioners voted February 23 to approve the Buena Vista Yards Intensity Preservation Area. They also voted to approve a second item amending the Midtown overlay district. The items cover residential density, floor area, and building height in the area. According to an explanation attached to the Buena Vista Yards Intensity Preservation Area…

Twist owner buys nightclub’s South Beach building

Joel Stedman, owner of South Beach gay nightclub Twist, purchased the venue’s building. Stedman, through an affiliate, bought the two-story, 9,600-square-foot building at 1057 Washington Avenue for $7.6 million from an entity led by Olga Rodriguez of Coral Gables, according to records and real estate database Vizzda. The deal marks the first time the South Beach…

MG Developer could replace 20 homes in Hialeah with apartment complex

MG Developer wants to replace a full block of 20 single-family homes in Hialeah with an apartment complex. The City Council will consider a land use amendment for the 3.84-acre site a block west of the Hialeah Tri-Rail/Metrorail Transfer Station on Feb. 28. It covers 901 to 983 East 26th Street and 906 to 990 East 27th Street. Metro Parc Hialeah II LLC, an affiliate of Coral…

Miami development site prices nosedive

At this time last year, Miami developer Harvey Hernandez found himself in a tough seller’s market as he competed with out-of-state high-rise builders for land deals in the city. “It was very difficult to do a deal,” Hernandez said. “Expectations were much higher than we thought land values were. Even if we found something that made sense, the pricing and the conditions were…

Mast Capital, Angelo Gordon Sell 306-Unit Townhome Community in Homestead

Mast Capital, in partnership with Angelo Gordon, has sold Seascape Pointe, a townhome community located in Homestead, roughly 40 miles southwest of Miami. IMC Equity Group purchased the property for an undisclosed price. Located on 31.7 acres at 1140 S.E. 24th Road, the Seascape Pointe features 54 buildings comprising 306 two-story, direct-access townhomes.

South Florida’s surge in office demand skirts Broward

South Florida’s office market is still riding a wave of Covid-era corporate migration to the Sunshine State. But it’s clear that most of the benefits are accruing to Miami-Dade and Palm Beach counties, with Broward County largely missing out. In Miami-Dade, net office absorption jumped more than 30 percent, year-over-year, in the fourth quarter of 2022, finishing the year…

Commercial Borrowers Seek Flexibility Amid Volatile Lending Landscape

After eight interest rate hikes totaling 450 basis points over the last 10 months, courtesy of the Federal Reserve’s war on inflation, commercial borrowers can only hope that the fundamental law of gravity — “what goes up must come down” — will start to become reality in 2023. But the economic clarity that the commercial lending community seeks is muddied…

Top Markets for Multifamily Deliveries 2022; Miami Comes in Fourth

Image by BarryD via Pixabay.com Rising inflation and interest rates have softened the amount of incoming multifamily stock in 2022. The record amount delivered in 2021—when 433,838 units were brought online—was always going to be tough to outdo, but few expected the drop-off to be as significant in 2022, which ended with 348,714 units delivered nationally…

Terra and AB Nab $44M to Begin Work on Coconut Grove Lux Condo

Terra and AB Asset Management secured a $43.2 million loan to begin site work for a luxury condo in Miami’s Coconut Grove neighborhood, the lenders and developers announced. The five-story project, called the Residences in the Grove, will feature 148 units as well as 22,000 square feet of wellness-focused retail space on the ground floor.

BlackRock Renews Lease at Brickell Office Tower

BlackRock has renewed its 5,103-square-foot lease at 701 Brickell in Miami’s Financial District, according to the brokerage that represented the landlord, Nuveen Real Estate. BlackRock, the world’s largest asset manager, opened its Miami office in 2018 on the 12th floor of the 33-story building, providing space for roughly 40 employees. Last August, it leased a second…

Proposed laws could have “chilling effect” on challenges to development approvals

The Florida Legislature is considering two sets of laws that aim to impose responsibility for attorneys’ fees in cases where litigants challenge local development approvals. The first group of laws, Florida House Bill 359 and Senate Bill 540, filed in January, would mandate that those who sue local governments over approvals pay the municipalities’ legal fees…

MG3 scoops up office building dev site in Aventura

MG3 Group bought a development site in Aventura in a bet on the city’s growth as an office market. MG3 paid $10 million for the assemblage at 21001 Biscayne Boulevard near Aventura Hospital, according to records and real estate database Vizzda. The firm plans to include medical office space in its project. The deal, which breaks down to $9.5 million per acre, comes…

Rothschild opening first Miami office at Doronin’s 830 Brickell

Rothschild & Co. leased space at 830 Brickell for its first Miami office. The Rothschild family’s global financial services firm took 5,000 square feet at the 55-story tower being developed by Vlad Doronin’s OKO Group and Jonathan Goldstein’s Cain International at 830 Brickell Plaza, according to the ownership group. The deal marks a continuation of the influx of new-to-market…

10-Story Condo Building Designed By Arquitectonica Planned In Miami Beach

Developers have filed plans for a 10-story condo building in North Beach. The property is at 6940 Abbott Avenue and was formerly owned by AT&T. The new building is planned to include: 96 residential units ground floor retail and co-working space rooftop pool, lounge, fitness, and pickleball court 90 parking spaces on levels 2 and 3 21 of the units will be below 550…

Mo Vaughn’s Omni America proposes mixed-use project on Edgewater-Wynwood border

Former Major League Baseball star Mo Vaughn’s company is planning a $17 million mixed-use project on the border of Miami’s Edgewater and Wynwood. An affiliate of Omni America, the New York-based development firm co-founded by Vaughn and his partner Eugene Schneur, recently submitted plans with the city of Miami’s building department for Omni 21.

Experts warn rising sea levels caused billions in damages in costal communities

On Wednesday, climate experts raised concerns to the U.S. Senate Committee on the Budget about rising sea levels and tidal flooding caused by global warming, warning that such changes are responsible for billions of dollars in damages to coastal communities. In the hearing titled, “Rising Seas, Rising Costs” experts also warned that the risk is still growing. Matthew Eby…

Demolition Underway At Edgewater Site Where 199 Room Hotel Planned

Two Edgewater buildings are now being demolished, on a site where a hotel is planned. Records show that two demolition permits were issued January 11, for buildings at 229 and 237 NE 32nd Street. The multifamily buildings being demolished date to 1925 and 1947, with a combined 14 living units. Green Circle Development LLC owns the properties, along with the adjacent 3200…

Renderings Show Omni 21 Apartment Building Planned In Edgewater

Newly obtained renderings show an apartment building called Omni 21 that is close to construction next to the Braman Motors property in Edgewater. The plans were submitted to Miami’s Planning Department in February 2022, with a request for 7 waivers – including a 30% parking requirement reduction due to proximity to a transit corridor. Omni 21 is planned to rise 12 stories…

Terreno To Develop $491M Industrial Project At Countyline Corporate Park In Hialeah

Terreno Realty Corp. intends to further expand at Countyline Corporate Park, a 620-acre master-planned industrial campus developed by Florida East Coast Industries in Hialeah. According to a Securities and Exchange Commission Filing from February 9, Terreno plans to pay $173.6 million for a 121-acre site within the Hialeah industrial park where a 2.2 million-square-foot…

Terreno Realty To Pay $174M For 121-Acre Hialeah Development in Countyline Corporate Park

A Bellevue, Washington-based REIT has reached a deal to acquire the site of a 2.2M SF industrial development in Hialeah for $173.6M. Terreno Realty Corp. has agreed to purchase 121 acres in Hialeah’s Countyline Corporate Park, it said in a Feb. 10 Securities and Exchange Commission prospectus. Terreno already owns seven fully leased buildings in the vast…

How Retail Consumer Trends Influence Retail Real Estate and Vice Versa

Retail consumer trends affect retail real estate in several ways, but the degree of influence may surprise you, especially if you’re new to the industry. The rule of thumb is that as consumers increase spending, investing in retail real estate follows suit. In turn, those properties become more valuable since they’ll have a clear justification…

Miami Apartment Vacancy Is On The Rise, But Don’t Expect Rents To Drop

After a historic run of growth that left Miami as the most expensive city to live in in America last year, South Florida’s rental market has cooled slightly in recent months. The billion-dollar River District from The Chetrit Group added a 52-story rental tower to Miami’s pipeline when it broke ground in December. Vacancy is on the rise, the number of apartments being leased is down…

413 Apartments Planned At Overtown Block 19, Near Brightline’s MiamiCentral

Plans have been filed with the City of Miami for an apartment project called Overtown Block 19. Overtown Block 19 is a 7 minute walk from Brightline’s MiamiCentral station, according to Google Maps. The property is adjacent to the Brightline tracks. Overtown Block 19 is proposed as twin 25-story towers with: 413 multifamily apartments 23,000 +/- square feet of ground…

Lawmaker Makes Development-Friendly Changes To Florida Anti-Rent Control Bill

The state legislator who is sponsoring legislation that would ban Florida localities from implementing any form of rent control, while funding the production of new housing, is making some changes to her bill. Republican state Sen. Alexis Calatayud, who represents part of Miami, filed a 95-page replacement to her bill, SB 102, that would streamline the development process…

CRE Investor Stephen Bittel on Industry’s 2023 Outlook in South Florida and Beyond

After the past few years we’ve experienced, nobody would have imagined what came our way in 2022. We began the year cautiously optimistic about a return to some sense of normalcy after two years of uncertainty, first due to the abrupt and sweeping shutdowns of 2020 and later because of supply chain difficulties and rising inflation in 2021. However, the war in Ukraine…

Silicon Valley Tech Company LeverX With 1600 Employees Moving World HQ To Miami

Yet another tech company has just announced plans for a world headquarters in Miami. LeverX said in a statement that it was moving it’s headquarters from Mountain View, California to Miami. The new office is at the 47-story Wells Fargo Center (previously known as Met 2) in downtown Miami, according to the company’s website. The LeverX website says it has over 1,600 employees…

Miami Worldcenter Files To Build Standalone Retail Building: Is It An Apple Store?

Miami Worldcenter has filed building plans for a new retail building. There are also rumors that Worldcenter may be getting an Apple Store, according to a Tweet from Ryan RC Rea, citing a source. It isn’t clear where the store would be built, Rea wrote. The new standalone retail building is known as Block F West and is planned next to World Square, on the same block…

Restaurant Closes On Edgewater Block Where 5 Towers Planned

At 3333 Biscayne Boulevard in Edgewater, a Wendy’s restaurant has now closed, according to a Reddit thread. At least five towers are now in planning for the block. Beitel Group has filed plans for a 3-tower mixed-use project on the property where Wendy’s is located. The Beitel project is planned to have a 41-story residential tower, 40-story residential tower, and a 12-story office…

Video: 2023 Commercial Real Estate Financing Outlook is Discussed by Mortgage Bankers Association VP of Research & Economics Jamie Woodwell

In this 20 minute video, Jamie Woodwell, Vice President, Research and Economics, at the Mortgage Bankers Association (MBA) joins America’s Commercial Real Estate Show host Michael Bull to share highlights from the newly released Mortgage Bankers Association’s report: MBA CREF Outlook Survey; Unsettled Markets to Dissipate in 2023. This is generated from…

First Glass Installed At 588-Unit Nema Apartment Tower in Edgewater

Nema Miami, a 39-story apartment tower under construction in Edgewater, has had its first glass installed, new photos show. Whole Foods Market has signed a lease to occupy the ground floor of the development. The new supermarket will serve adjacent areas including Midtown Miami and Wynwood. Nema’s first phase is planned to rise 39 stories, or 430 feet and include…

Omni 21 Apartment Project Planned With 97 Units

An apartment project called Omni 21 is being planned near the border of Edgewater and Wynwood. The project site is at 100 NE 21st St (previously listed for sale on Loopnet). Plans were recently filed with DERM for the construction of drainage wells, which usually indicates the start of construction is near. According to a filing with Miami’s Building Department, Omni 21…

Miami Station 42-Story Tower Construction Permit Reactivated

A construction permit to build the 42-story Miami Station tower has been reactivated, shortly after it was purchased by a development group. Miami Building Department records show the activation request was submitted on February 8. An email address at The John Buck Company is listed as the contact. Coastal Construction is listed as the contractor. A demolition permit…

Miami Beach hypes aesthetics, residents just want the parking

“Less about landscaping, and more about commercial revitalization and added parking” is what residents of Miami Beach echoed at a meeting for the 41st Street Corridor Revitalization, as the city presented a final concept design recommendation for the $15 million general obligation bond project. The capital improvement project to revitalize the 41st Street Corridor…

54-story downtown Melo tower to add 824 apartments

A family company that has brought hundreds of new apartments to the City of Miami, helping to ease the city’s major housing needs, is planning another major mixed-use residential project downtown. Owner-developer 6 Plaza LLC plans a 54-story multi-family residential tower with ground floor retail at 530 NE First Ave. and 46 NE First St. 6 Plaza LLC is affiliated with The Melo Group.

33-acre Underdeck has a plan but not the money

“The Overtown Miami Greenway, the heart of the city” is the name recommended by the Underdeck Executive Committee through survey results in its community engagement efforts to plan for the 33-acre green space that is to be built under the I-395 signature bridge that is under construction, with a 2026 date for completion. The project is not yet fully funded. “This name encompasses…”

Teahouse brewing for middle of Biscayne Boulevard downtown

Plans to break up busy Biscayne Boulevard with lush, green space and a quaint teahouse are still in the works as the developers work through permitting with the city. In August 2021, the Miami Parking Authority (MPA) announced its collaboration with real estate developer Property Markets Group on the Green Initiative to increase public green space and walkability…

Brickell towers near river to offer 784 new units

Miami’s Brickell neighborhood continues its impressive growth, with a developer ready to bring a pair of mixed-use residential towers to a high-profile property south of the Miami River. Newgard Development Group has proposed the project, One Brickell Riverfront, at 99 SW Seventh St. The site plan proposes a structure consisting of two towers of 43 and 44 stories with 784 residential…

HistoryMiami planning much larger new museum

As part of the county’s MetroCenter project plan, HistoryMiami Museum is currently engaged in the planning stages to create a world-class museum. Miami-Dade County officials recently released a Request for Proposal (RFP) that seeks to pre-qualify developers for a MetroCenter project that would redesign about 17 acres of county-owned land that include the present…

Asana Partners Adds Five New Tenants to Sunset Harbour Retail Center in Miami Beach

Asana Partners has announced the addition of five new tenants to Sunset Harbour, a 21,000-square-foot retail center in Miami Beach. Restaurants Casa Bufala, Sacro and Nautical Bowls will occupy 2,500, 2,813 and 950 square feet, respectively. Chip City Cookies will also join the food-and-beverage lineup, leasing 980 square feet. Additionally, fitness and wellness club The Outsider…

Largest Solar Rooftop Install Completed On Badia Spices Facility In Sweetwater

Florida solar contractor SALT Energy recently completed the installation of a 3.24-MW solar project on the roof Badia Spices’ 300,000-sq.-ft manufacturing facility in Sweetwater. The project is currently the largest privately owned solar project in Florida and is capable of offsetting approximately 80% of the facilities electricity consumption. Established in 1967 by Jose Badia…

Clara Homes Secures $26M Loan for Bay Harbor Islands Community

Rendering of the project. Courtesy of Clara Homes Clara Homes has landed construction financing for its first multifamily project in South Florida. The firm secured a $26 million loan that will be used to help develop the first building of its Clara Bay Harbor project in Miami. Maxim Capital provided the financing. The developer plans to break ground on the first building…

Master Building Permit Issued At 444 Brickell Tower 2 aka One Brickell Tower 2

A master building permit has been issued for 444 Brickell Tower II (also known as One Brickell Tower 2). Building department records show that the permit was issued to the contractor on February 7. A separate foundation permit had previously been issued on November 28. 444 Brickell Tower II will include 506 apartments in a 44-story tower. A $164M construction loan to build…

PortMiami Getting World’s Largest Shore Power System

Plans for a Shore Power system at PortMiami that will significantly reduce air pollution are moving forward, with a contractor given the go-ahead for build-out. Denmark-based PowerCon announced this week that it had been awarded a contract to build five shore power systems at PortMiami. It will be the largest shore power system in the world upon completion, expected…

Second 649-Foot Tower Approved By FAA At Brickell’s River District

The Federal Aviation Administration has issued height approval for a second tower at The River District in Brickell. The second tower is permitted to rise 642 feet above ground, or 650 feet above sea level – identical to an another tower already under construction in the district. The approval was issued on February 16. Construction on the second tower is expected to begin…

Berkadia Arranges $113M Refinancing of Gateway at Wynwood Office Building in Miami

Berkadia has arranged a $113 million loan to refinance Gateway at Wynwood, a 220,000-square-foot office building located at 2616 N. Miami Ave. in Miami that opened last year. Charles Foschini, Christopher Apone and Robert Iudice of Berkadia’s South Florida office arranged the loan through A10 Capital on behalf of the borrower and developer, New York-based Rose & Berg…

Rose & Berg Realty Lands $113M Refi for Miami Asset Gateway at Wynwood

Gateway at Wynwood. Image courtesy of Berkadia Rose & Berg Realty Group has received a $113 million loan for the refinancing of Gateway at Wynwood, a 220,000-square-foot office and retail building in Miami. Berkadia’s Senior Managing Director Charles Foschini, Associate Director Robert Iudice and Managing Director Christopher Apone arranged the financing…

Fisher Island Residents Rail Against Baylink Project

Nearly four decades in the making, Miamians may finally get public transit connecting the mainland and Miami Beach. But not if a vocal contingent of NIMBY detractors gets its way. First proposed in 1988, the long-awaited Baylink corridor has been championed by transit advocates and fed-up Miami commuters alike as an answer to the area’s notorious traffic and lack of parking.

The Estate Cos. Breaks Ground on Pompano Beach Luxury Property

Soleste Pompano Beach. Image courtesy of The Estate Cos. The Estate Cos. has broken ground on the 253-unit Soleste Pompano Beach community, its latest luxury multifamily development in South Florida under its Soleste Living brand. Located at 208 N Federal Highway in Pompano Beach, Fla., in Broward County, the building will measure eight stories with 4,000 square feet of…