Developer of American Dream Miami mega-mall struggles to finish one in NJ

The developer of the massive American Dream Miami shopping mall missed a target date to raise construction financing to finish building another mall development in New Jersey. Developer Don Ghermezian expected in December to raise $2.7 billion to finish construction of the half-built American Dream shopping mall on a 90-acre site in the Meadowlands area of northeastern New Jersey. But construction work at the mall site has been suspended. A spokesman for Triple Five last week told WNYC News…

12 Tenants Fill 82,000 SF At Miami International Commerce Center

Miami International Commerce Center’s overall leasing portfolio now stands at 99% occupancy, the highest leasing occupancy level at the park in recent years.

Forcing developers to build workforce and affordable housing is a bad idea, panelists say

When it comes to addressing the affordable housing crisis in Miami-Dade County, community land trusts, increasing surtax funding for workforce units, rent-to-own programs and expanding the density of multifamily properties are good ways to start tackling the problem. But forcing developers to set aside a small percentage of their projects to be sold or rented at affordable rates is a terrible idea, according to a trio of real estate professionals at a Greater Miami Chamber of Commerce panel discussion on Thursday.

Miami Beach is getting a Trader Joe’s in 2018

Miami’s second Trader Joe’s The Miami Beach grocery shopping scene is about to get very crowded. A Trader Joe’s is coming to South Beach in the latter half of 2018, according to The Real Deal, giving Miami-Dade County its second store. The first opened in Pinecrest a few years ago and, judging…

Commercial Real Estate Indicators Signal Robust 2017 Across South Florida

Commercial real estate experts are saying that the year-end surges in the office, industrial and retail sectors foreshadow future economic growth.

Reduction In Business Rent Tax Part Of Gov. Scott’s 2017 Tax Cut Plan

If enacted, the proposal would reduce a business’ rent tax by 25 percent in 2018.

Miami Marine Stadium May Tap Into Foreign Investments Cash

The city’s EB-5 regional center has decided that the stadium restoration deserves a preliminary designation as an eligible EB-5 project.

Video: Fitch Ratings Managing Director Discusses Multifamily REITs Performance and Prospects – Part 1

Steven Marks, Managing Director of Fitch Ratings, discuss the current state of multifamily real estate investment trusts (REITs) on the Commercial Real Estate Show.

PriceSmart Pays $46M For Flagler Station Development Site

Records show Section 31 Holdings LLC, an affiliate of Florida East Coast Industries subsidiary Flagler Global Logistics, sold 18.6 acres at 11255 Northwest 106th Street. PriceSmart financed the deal with a $35.7 million loan from Union Bank. Flagler Global Logistics is the developer behind Flagler Station, the three-phase industrial park at 10800 Northwest 100th Street. PriceSmart contracted Flagler to build a 330,000-square-foot facility at Flagler Station III in late July, and announced it would keep 100,000 square feet…

French investors buy New Hotel and Lou’s Beer Garden in North Beach

A French investment group just bought the New Hotel and Lou’s Beer Garden at 7337 Harding Avenue in North Miami Beach, with plans to upgrade the historic property and rename the restaurant and bar, The Real Deal has learned. The buyer, 83 Invests LLC, led by Thierry Sportich and Laurent Ben Soussan, paid $2.4 million for the 10-unit hotel built in 1937, as well as the restaurant/bar. The price equates to $320 per square foot for the 7,500-square-foot lot or $515 per square foot for the 4,662-square-foot building.

Retail Sector Video Commentary: The State of American Malls

Senior Analyst of Green Street Advisors DJ Busch shares some insights on the factors that his firms uses to determine a mall’s valuation and his overall outlook on the state of malls in the USA in 2016. Their retail team estimates that over 15% of malls will be closed or re-purposed over the next…

New court decision affects Florida foreclosures

Until late 2016, Florida appellate courts had not considered what happens to liens placed on property between a foreclosure final judgment and a foreclosure sale. However, an August 24, 2016 opinion issued by the Fourth DCA had the immediately and fundamentally altered the foreclosure sale process.

Miami Marine Stadium may tap into foreign investments cash

Miami Marine Stadium, finally destined for a multi-million-dollar rebirth, might benefit from foreign investment funds. Plenty must happen first, but if plans move forward, the stadium’s rebuilding will be eligible for foreign funds through the City of Miami EB-5 Regional Center. Mikki Canton, the center’s managing director, said that is contingent upon survival of the EB-5 program, which Congress extended in December to April 28. The EB-5 immigrant investor visa is designed to create jobs and spur economic development.

Miami’s 10 best hotel properties in 2017, mapped

Miami’s ten best hotels according to U.S. News & World Report’s 2017 hotel rankings The Acqualina Resort & Spa on the Beach is the No. 1 hotel in Miami-Dade County right now, according to U.S. News & World Report’s 2017 hotel rankings. The five-star hotel in Sunny Isles Beach also ranked sixth…

State Road 836 first corridor to get new federal transit funds

Members of the governing board of the Miami-Dade County Metropolitan Planning Organization (MPO) voted Jan. 26 to accept a $960,000 federal grant to study transit-oriented development along State Road 836, but at least one member wants to make sure the county isn’t locked into any particular mode of transit. “This represents new federal transportation funds coming into our plan,” said Aileen Boucle, MPO executive director, referring to the Strategic Miami Area Rapid Transit plan, which identifies six…

Condo inventory skyrockets in South Florida as foreign buyers remain on sidelines

An Argentine investor looking to buy luxury real estate in South Florida can expect to pay 403 percent more today than in 2007. That’s how much value the Argentine peso has lost against the dollar, according to a newly released Esslinger Wooten Maxwell report. A Venezuelan buyer would likely have to pay 365 percent more today than in 2007, and a Russian buyer would have to shell out 149 percent more. The statistics explain why the once robust flow of foreign investors purchasing luxury condos and single family homes…

Report: Miami’s Aston Martin Residences to offer an off-site ‘Beach Club’

The building was inspired by an Aston Martin DB11 In a clear effort to stand out among Miami’s explosive development scene, new and intriguing details of Aston Martin Residences have trickled out, via Miami Condo Investments, including an off-site Beach Club: One additional new piece of information…

Miami International Boat Show spawns waterborne transit push

Success of the 2016 Miami International Boat Show in carrying more than 50,000 attendees by water taxis, coupled with continued City of Miami pressure, helped motivate county officials to begin planning waterborne transportation to alleviate road traffic. Use of water taxis was a panel discussion topic at “The Waterfront,” a Jan. 18 program by the Greater Miami Chamber of Commerce. “We have an amazing waterfront,” said Irene S. Hegedus, chief of transportation enhancements for Miami-Dade County, “but we’re not using…

Trump to sign order to roll back Dodd-Frank regs

Steven Mnuchin and President Donald Trump.  Continuing his flurry of executive actions since taking office, President Donald Trump is expected to sign an order sharply limiting the Dodd-Frank Act rules today. In addition to scaling back the regulatory…

MLS says Beckham’s Miami stadium is still in the works, MLS says

David Beckham at a Miami press conference in 2014. Despite multiple delays, the Major League Soccer organization is still counting Miami into its expansion plans. MLS President and Deputy Commissioner Mark Abbott said at a conference on Wednesday that the league will add two…

$40 Billion Global Logistics Properties Receives Multiple Takeover Offers

Global Logistic Properties Ltd. confirmed it has received various non-binding acquisition proposals from a number of unidentified potential buyers in connection with its ongoing strategic review. The Singapore-based firm is one of the largest owners of industrial properties in the world, with…

Video: Retail Property Market Update from Morningstar Credit Ratings

Lea Overby, Director of Structured Finance Research with Morningstar Credit Ratings, discuss the retail commercial property market. Included in the discussion are the anchor store closings by Macy’s and others and the potential impact on malls and the REITs that tend to own them. The deteriorating…

State Road 836 First Corridor To Get New Federal Transportation Funds

Members of the governing board of the Miami-Dade County Metropolitan Planning Organization (MPO) voted Jan. 26 to accept a $960,000 federal grant to study transit-oriented development along State Road 836, but at least one member wants to make sure the county isn’t locked into any particular mode…

After long delays, developers agree to purchase Miami site

Property in Miami can be of significant interest when it comes to the real estate market. Those who are involved in commercial real estate are constantly on the lookout for properties that can be developed and become profitable. Naturally, there are various issues that go along with so ambitious an…

Muse Residences: Deepak Chopra designs houses scientifically healthy to improve your wellness!

When it comes to health, we sometimes forget that architecture and design of the place we live in, have a lot of influence in our physic and emotional daily performance. Knowing this, Property Markets Group Company jointly with S2 Developments, have implemented a unique project between the high…

Major Commercial Players Split On State Of The Real Estate Cycle

In a recent survey conducted by the CREFC, one of the country’s largest commercial real estate trade groups, the majority of respondents expect the greater U.S. economy to be at least “somewhat better” in 2017 than last year.

Miami-Dade commission grants first approval for American Dream Miami project

If the first public hearing for American Dream Miami is an indicator of what’s to come, the developer of the largest proposed mall and theme park project in North America is in for a long battle. After slogging through nearly seven hours of testimony from representatives for developer Triple Five Group, its competitors, municipal officials, tourism boosters and residents, the Miami-Dade County Commission voted 11-1 to approve a comprehensive master plan amendment, changing the designation for the 194.5-acre development site…

Video: American Institute of Architects Chief Economist Kermit Baker Discusses Trump Effect on Economy, Commercial Real Estate

Kermit Baker, Chief Economist at the American Institute of Architects (AIA), discusses the potential impacts a Trump administration on the economy and commercial property / commercial real estate, with Michael Bull on the Commercial Real Estate Show. The post Video: AIA Chief Economist Kermit Baker…

Doral Considering Proposal To Build More Apartments

About 250 apartments may be coming to Doral. Developers placed an item on Wednesday night’s zoning meeting agenda asking that the city approve the rezoning of 10 acres of land — currently a plant nursery — from “general use” to “planned unit development.” The item was ultimately deferred to March’s zoning hearing. The date has yet to be determined.The land is located north of Northwest 41st Street and between 107th and 109th Avenues. If the rezoning is approved, the complex is expected to include 250…

Miami’s Little Havana is named a ‘National Treasure’

A long-term planning process for the historic area launched today Little Havana, one of Miami’s most historic neighborhoods, was just named a National Treasure by the National Trust for Historic Preservation, with a long-term planning process launching today designed to “ensure that Little Havana…

Deepak Chopra, wellness firm ink deal with PMG for “healthy” residences

New Age and alternative medicine advocate Dr. Deepak Chopra is partnering with a wellness firm to launch health-oriented packages for Property Markets Group’s condos in South Florida. Chopra, a sometimes controversial celebrity health guru, designed the finishes for units at Muse Residences in Sunny Isles Beach, a 49-story tower that PMG and co-developer S2 Development will deliver next year. The wellness firm, Delos, founded by former Goldman Sachs partner Paul Scialla, is designing the wellness…

Developers close on land, begin on $125M distribution center in Pembroke Pines

Rendering of Pembroke Pines distribution center. Inset: Scott Helms. After closing on its 60-acre development site in Pembroke Pines last week for $14.25 million, joint venture partners Core5 Industrial Partners and Helms Development are moving forward with their plans for a distribution center that…

Study: Miami’s Condo Market Is Plummeting

It’s really difficult to be the bearer of more bad news this week. Progressives have woken up every day this week in a state of panic, crawling out of bed to check their news feeds, only to get the wind knocked out of them upon reading President Trump’s newest slate of racist executive orders that seem all but designed to stir global unrest and disaster. Trump is certainly a threat to Miami. But according to a study released yesterday, so is the city’s condo market. The study, by Andrew Stearns, a real-estate analyst…

$3B American Dream Miami Megaproject Receives First Dade County Approvals

The Miami-Dade County Commission voted 10-1 for preliminary approval of American Dream Miami, a proposed $3 billion “retail theme park” in northwest Miami to be developed at the Florida Turnpike and Interstate 75. The proposal by Triple Five Group, a Canadian development firm owned by the Ghermezian family, would create the largest mall and amusement park in North America, with a nearby mixed-use commercial center developed by Graham Cos. The project now goes back to state authorities…

Video Discusses How Real Estate Disrupters Will Create Opportunities in Commercial Real Estate

In this brief video, Joi Mar Real Estate Analytics Analyst with Green Street Advisors, explains why long-term disrupters (of society at large) like driverless cars and online education are not being reflected in operating fundamentals and values. Similar to the evolution of online commerce, “real…

Video: Dr. Larry Souza of Pillar 6 Advisors Discusses Trump Effect on the Economy, Commercial Real Estate

In this video, Dr. Larry Souza, Senior Investment Advisor with Pillar 6 Advisors, a San Francisco based a full-service wealth advisory firm specializing in experiential financial planning, discusses a number of potential effects, good and bad, of a Donald Trump administration on commercial real estate…

Armani Residences: 2017 started with the best energies for this expected project!

The first branded residential tower in the United States is already being built, increasing the reasons to invest in Miami. We are talking about the Armani Residences, created by the prestigious Italian designer Giorgio Armani. For many years he has covered an important portion of fashion market and…

New flood-prevention project will raise streets by 2 feet in central Miami Beach

Construction crews may break ground by fall for a new $100 million flood-prevention project that will raise street elevations an average of two feet in the La Gorce and Lakeview neighborhoods of Miami Beach. The City of Miami Beach expects by summer to award construction contracts for the project, one of several the city has undertaken to protect people and property from sea level rise and increased flooding. The project, scheduled for completion in 2019, involves not only raising streets but also installing pumps…

The Pritzker Prize, every day closer to Miami!

When it comes to Architecture, there is countless talent who work day by day to print a personal stamp on their amazing works. The Pritzker Prize it’s considered the most prestigious award that can join the trajectory of an architect. It’s awarded since 1979 by Hyatt’s Foundation…