The Edge on Brickell is over: site trades for $18M

The developer of the proposed Edge on Brickell has sold the Miami Riverfront site for $18 million to a Brazilian businessman, who plans to spend $200 million to build a 60-story condo-hotel, The Real Deal has learned. Leo Macedo, owner of the Brick Group, bought the two adjoining parcels, at 39 Southwest Miami Avenue Road…

Baptist Health gets OK to build Miami Beach facility

An outpatient and medical office complex proposed by developer Russell Galbut and Baptist Health South Florida for Alton Road and Seventh Street in Miami Beach is moving full steam ahead. Wednesday afternoon, the Miami Beach Planning Board voted 6-1 to grant Galbut-affiliated South Beach Heights II permission to build…

AMAC and Belfonti pay $16M for Miami-Dade development site

A joint venture between AMAC Holdings and Belfonti Cos. paid $16.16 million for a residential development site in the Biscayne Shores neighborhood of Miami-Dade County.  Bay Harbor Island-based 11200 Biscayne LLC, managed by Irwin Tauber, sold the 5.8-acre site at 11150 Biscayne Blvd. to 1st Sun Properties, an affiliate of Hamden…

Tri-Rail downtown link picks up steam

Putting one of the final pieces of a complicated puzzle into place, directors of the Southeast Overtown/Park West Community Redevelopment Agency voted unanimously Monday to contribute $17.5 million for the extension of Tri-Rail into downtown Miami.  “This will be paid by bond proceeds, and we…

One River Point Granted Approval, Will Include Biometric Security Features

Miami’s Planning and Zoning Department granted approval last week for the Rafael Viñoly-designed One River Point towers in downtown Miami.  As with most MUSP modifications, approval came relatively quickly, just two months after plans were submitted. Developer KAR Properties is modifying a Major Use Special Permit…

Pasión del Cielo, Pubbelly Sushi join restaurant lineup at Brickell City Centre

Miami brands Pasión del Cielo and Pubbelly Sushi have claimed space at Brickell City Centre, developers announced Tuesday, and both eateries are expected to open by fall 2016 in the development’s 500,000-square-foot shopping center.  Miami-based Pubbelly Restaurant Group will open its second Pubbelly Sushi with a menu similar to its…

UM bonds to expand health services

The University of Miami is on its way to expanding its health service centers.  The university has applied for the issuance of up to $764 million in revenue bonds by the county’s Education Facilities Authority to finance new university projects as well as refinance a portion of its existing…

Historic site repeal may raise cost of bridge

A decision by city commissioners regarding land on the Miami River might ultimately impact the design and cost to replace the Southwest First Street Bridge.  It might also affect how much access to the river is available for upland properties that have a long history of connections with the river…d. On July 23, they accepted the final plat…

Marlins contract makes soccer next door a tougher game

Much as we might want a Major League Soccer stadium near Marlins Park, the clock is running out and obstacles loom, an unreported barrier being the Miami Marlins.  The group David Beckham fronts has yet to secure a franchise from the league, which has made a soccer-specific stadium a condition to get…

Miami Dade College in building mode

To expand the breadth and depth of its course offerings and create space for greater enrollment, Miami Dade College is building new academic facilities and parking garages on some of its campuses.  In spring, construction wrapped up on major renovations to the Hialeah campus. Students and faculty…

PortMiami cargo nears record

Cargo containers entering PortMiami are nearing a record, approaching highs last seen a decade ago.  Cranes have unloaded about 740,000 containers from ships this fiscal year, which ends Sept. 30, up 12.6% from the same period last year. In fiscal 2014, 876,000 containers flowed into the port.  Direct…

One of the brightest spots in the economy is… nail salons?

Who knew nail salons were on such a roll?  In the accompanying chart from FRED (Federal Reserve Economic Data) the aggregate revenue of a rather eclectic group of business types are plotted.   These include nail salons, oil change and lubrication shops, bowling centers…

Berger Commercial Realty Secures 282,000 SF In New Leasing and Management Assignments

The three new assignments are for properties in Fort Lauderdale and West Palm Beach.

Panama Canal Expansion is Reshaping America’s Ports – Including Miami’s

According to CBRE Group, the Panama Canal’s expansion, the first major renovation the canal has undergone since its opening in 1914, is a milestone that will have a major impact on the global trade industry, and specifically, the way cargo is handled and transported throughout North America.  Scheduled to open in April 2016, the larger canal…

Easton & Associates Announces More Than 160,000 SF Of Industrial Leases

Demand for new industrial space remains strong in Miami Dade County.

Criddle & ICM Sign 30,000 SF At Cypress Executive Center

ICM Realty Group recently purchased the building and is currently repositioning the asset as a class “A” office building via a capital improvement program slated to be completed by the end of the year.

Rent, Don’t Buy: PMG Bringing Small, Expensive, Youth-Oriented Rentals Downtown, Calling the Building ‘Vice’

About an hour ago, we published a report that the average working millennial (read: young person) in Miami is able to afford only eight percent of the rental housing stock in Miami, less than anywhere else in the country. Now The Next Miami has details and renderings, following up on a Miami Herald…

The Rent is Too Damn High: Miami Rents are the Most Expensive in the USA for Millennials

A new study put together by Zillow for Bloomberg (h/t: New Times) shows that Miami is the most expensive of the fifty largest cities in the US for millennials to rent in, by a long shot. Using 30 of your income as a rule of thumb for the max on…

Big law firm moving from downtown Miami to Brickell

Kenny Nachwalter P.A. will move its Miami offices from downtown to the Brickell financial district.  Cushman & Wakefield’s Gordon Messinger represented landlord Millennium Partners in signing the law firm to a 21,000-square-foot lease on the 11th floor of the Four Seasons Tower at 14…

Curbed National: How Will Cuba’s Real Estate Market Adjust to a New Era?

“Come on, this is bullshit, this is for show, it can’t actually be real.”  When travel journalist Nick Watt was told that travelers to Havana’s Paseo del Prado could find not just snack vendors and tourists on the famous promenade, but a thriving…

Monochromes: Vintage Panoramas of a Bygone Miami

Before you could take a panorama with an iPhone, they were a big deal. You had to buy special film and get it developed, then the really long photos never fit in those envelopes with the other photos that one hour photo places gave you. In the 1920s and 1930s they were an…

Miami Industrial Real Estate Market Report Midyear 2015

The Midyear 2015 Industrial Real Estate Market Reports shows that the Vacancy Rate has fallen once again to just under 5% and the Average Lease Rates are up to $8.62 per sq. ft. This marks the eleventh consecutive quarter since 2012 of such trends. Prospective buyers and tenants continue to find it…

Pipeline Workspaces to open Doral location

Shared office space company Pipeline Workspaces will open its fifth location in Doral, the company announced on Tuesday.  Pipeline, which opened its first space in Brickell, will lease 13,000 square feet at Doral Concourse, which is adjacent to CityPlace Doral.

Miami Beach considers plans for Baptist Health, hotel parking garage

The Miami Beach Planning Board will take up two significant items on July 28 – a medical building that would be occupied by Baptist Health South Florida and a parking garage with some retail that would serve a hotel.  Plans for the Baptist Health outpatient offices have proven contentious, as Miami Beach-based Mount Sinai Medical…

Property owners approve Lincoln Road tax district

Eligible property owners voted in favor of creating a special tax district on Lincoln Road to fund improvements to the popular shopping, dining and entertainment area in Miami Beach. The office of the city clerk reported that more than 95 percent of the ballots cast were “yes” votes favoring creation of a self-taxing Lincoln Road Business…

Condo development scarce outside Miami, New York

Residential condominium development is robust in such cities as Miami and New York, but in the rest of the country, new condos are scarce. Condo construction comprised 5.5 percent of total U.S. multifamily construction in the first quarter. It was the smallest such percentage since the Commerce Department started…

Levy Realty Advisors Negotiates More Than 60,000 SF In Lease Deals

One of the deals includes a 3-year, 14,000-square-foot lease deal for distribution/warehouse space at Lakeview Center in Dania Beach negotiated by Levy’s Matthew Jones.

Brenner Closes 98,000 SF Lease For Corporate HQ

Brenner Real Estate Group negotiated an additional 35,331-square-feet in lease deals.

Uber Bringing 10,000 Jobs to Miami and Palm Beach, Facing a Battle Royale in Ft. Lauderdale and Key West

Uber is tough, really, really tough. It’s the hardened General Patton of app-based ride sharing services, while Lyft is… General MacArthur? Both companies are fighting the taxi medallion-owning establishment, cabbies protesting in France, a backlash from New York’s Mayor DeBlasio, and now half…

Commercial Real Estate National News Roundup For July 27, 2015

Seniors, minorities and millenials push multifamily growth, industrial markets looking very healthy, more companies are moving their headquarters to urban centers, Class B housing on the rise for working class families and more. It’s all here at the…

Developer proposes 347-unit apartment building in Fort Lauderdale

The apartment craze in Fort Lauderdale’s Flagler Village neighborhood could get a new player.  The city’s Development Review Committee will consider plans for the Morgan on 3rd Avenue on July 28. The $75 million project would have 357 apartments, 4,292 square feet ground floor retail, and 506 parking spaces.  Flagler…

Sony Music Inks Big Deal in Coconut Grove

Miami has long been known as the Gateway to Latin America, and deals like this just reconfirm that status.

Sony Music expands Latin American HQ, plans hiring in Coconut Grove

Sony Music has expanded its Latin American headquarters in Coconut Grove (demographics, commercial listings) and plans to boost its headcount there. Savillis Studley’s Robert Orban and Tyler Wyant represented the music company in the extension of its lease by 8 years and the addition of 6,500 square feet to its current 20,800 sf…

New trolley service to start in Coconut Grove Village West

The Coral Gables trolley will be running in Village West, making five stops, starting on Monday, July 27. This is great for Village West. Along with the opening of the new visitor’s center recently at the KROMA Gallery this is excellent news for the neighborhood.  “The Grand Avenue Route” will come from the Douglas Metrorail station…

What Shorecrest Financing Really Means

Although the deal isn’t large, it speaks volumes about the state of multifamily financing in Miami.

Robotic Condos: Wave of the Future?

For all the wild amenities in Miami condos these days, this one deserves a place on the list….

Kendall Sees $47M Multifamily Rise

After starting construction in two luxury multifamily communities in Central Florida, the company has turned its attention to Miami.

Are Chinese Buyers Overtaking LatAm Investors?

GobeSt.com caught up with Tim Lobanov, managing director of Verasca Group, to get his thoughts on the foreign investment coming into the market in this interview.

Coral Gables to plant 3,000 trees

Tree Succession project will plant over 3,000 trees and palms in residential areas throughout the City.  The project started in May of 2015 and will take 10-12 months to complete the planting portion of the project.  The contractor is SFM Services, Inc., and they will be responsible for the planting of the trees and palms as well as…

TriStar buys Atlas Plaza in Miami Design District for $65M

Atlas Plaza, the Miami Design District property that’s home to the popular Michael’s Genuine Food & Drink, was sold for $65 million to an affiliate of TriStar Capital and RFR Holdings.  Buena Vista Design Plaza, Buena Vista Design Plaza II, and Magnolia Court LLC, all headed by Russell D. Atlas in Miami Beach, sold the property…

Partial interest in Aventura development site sold for $11M

A 49 percent stake in a medical office development site in Aventura sold for $11.25 million.  A trust belonging to Marion Mutchnik of Hallandale Beach sold a 49 percent interest in the 1.6-acre lot to North Miami Beach-based Aventura Medical Center LLC, which is managed by Yerachmiel Mutchnik and Bernardo Rieber. It’s located…

Aria Development updates Yotel plans, remains coy about next downtown Miami project

Aria Development Group’s founding principal David Arditi offered an update about his company’s Yotel project, but remained reluctant to reveal plans about another downtown Miami development in the works.  Arditi told the South Florida Business Journal that Yotel is still expected to have about 250 rooms, and the most recent plans…

Miami River Multifamily Asset Trades

River Villas comprises 21 units with 600 feet of river frontage.

Stockbridge Capital Acquires El Mercado

Stockbridge Capital Group LLC acquired the El Mercado shopping center at 2400-2436 W. 60th St. in Hialeah, FL from Terranova Corporation for $23.1 million, or about $241 per square foot.  The 96,041-square-foot retail center was built in 1988 on nine acres in the Medley / Hialeah submarket, west…

PortMiami welcomes the return of Hamburg Sud

Ranked among the world’s largest container shipping lines, announced its return to PortMiami with the arrival of the Hamburg Sud chartered Catherine Rickmers. The new weekly service expands trade opportunities between Florida and Asian markets.

In the Rezone: These are the Rules of the Big New Wynwood Zoning Code

The Big Wynwood Rezoning has happened, leading to a more dynamic, pedestrian-friendly, mixed-use, and admittedly developer-friendly Wynwood (the old code was quite hostile to anybody trying to build condos), spearheaded by the Wynwood BID and designed by PlusUrbia. It was approved…

What the Neighborhood Revitalization District Means for Wynwood Retail

Authentic, independent retailers do very well in Wynwood and fit in with the neighborhood’s innovative and creative vibe. What impact with the NRD make?

Wynwood revitalization plan gets OK from Miami commission

The city of Miami commission granted the first approval for the rezoning of the emerging Wynwood neighborhood as tens of millions of dollars of developer dollars have poured into the area.  Having gained international fame for its street art, Wynwood is in the midst of a transformation from a district of old warehouses and empty lots…

Met Square Mixed-Use Project Latest to Break Ground In Miami’s Booming Downtown

MDM Group has broken ground on Met Square, a 43-story residential tower with attached movie theater, shops and restaurants that will be the fourth and last phase of MDM’s $1 billion Metropolitan Miami master development in downtown Miami.  Underscoring South Florida’s heated multifamily…

Launches and Releases: Related Launches Hyde Beach House Tower, Which is Not Beachfront, but Close

The Related Group has launched yet another condo tower at its Hollywood/Hallandale Beach, city-line-boarder straddling compound that so far includes Apogee Beach, Hyde Beach Resort, Beachwalk, and the Hyde Beach Club. This one’s the called Hyde Beach House, and it’s on the Intracoastal Waterway…

Doral office building loses $23M foreclosure judgment, competing buyers could head off auction

The Doral Court office building has been scheduled for foreclosure auction on Sept. 1, but several potential buyers are competing to purchase the property before then.  Doral Court Debt Holdings, an affiliate of New York-based Triangle Capital Group led by Michael Pinewski, won a $22.7 million foreclosure judgment against 45 LLCs…

Doral Resort Was Donald Trump’s Most Profitable Business Last Year

Donald Trump’s made more money from his resort in Doral last year than any other business, he revealed yesterday.  Trump National Doral, which includes a hotel and golf course, brought in $49.4 million in income last year from ‘golf resort related revenues.’ The resort itself was valued above $50 million, according to the disclosure form.

In Detail: FBI South Florida Headquarters

In addition to developing buildings that embody “the dignity, enterprise, vigor, and stability of the American national government,” and the “finest contemporary American architectural thought,” the U.S. General Services Administration’s (GSA) Design Excellence Program asks the architects it commissions to be site conscious…

15 New murals going up throughout Wynwood, Little Haiti, Little Havana, and Hialeah

Given its abundance of sunshine, affinity for tropical hues, and persistently warm hot weather, it’s like Miami was made for outdoor art. And in keeping with its growing international reputation in this arena, the city is about to see 15 colorful new additions.  Thanks to the Beck’s Urban Canvas project, works of art are going up…

Developer plans 280 apartments in south Miami-Dade

A local developer wants to build 280 apartments in the Naranja area of southern Miami-Dade County.  Deering Grove would be located on the 9.3-acre site at the southwest corner of Southwest 256th Street and Southwest 137th Avenue, according to an application filed with Miami-Dade County on July 13. Village at Tuscany LLC…

Berger Commercial Realty Closes Three Sales Totaling More Than $10 Million

Berger Commercial’s Lloyd Berger, Keith Graves, Joe Byrnes, and Roxanna Collins negotiated the deals.

Met Square, Final Phase of $1B Master-Planned Community In Downtown Miami, Breaks Ground

The project is slated for completion in mid-2017.

What’s in a name?: Renzo Piano’s Luxury North Beach Tower Has a Name and It is Eighty Seven Park, not Biltmore Terrace

Hold the phone Joan, the luxury residential building that Renzo Piano is designing for the Terra Group in North Beach has a name, and it’s Eighty Seven Park, because it’s on Eighty Seventh Street and has a park on one side. Of course usually when a building has a name like that it’s because that…

Daiquiri Sunset: Several iconic Miami hotels make way for high-end condominiums

A series of residential towers is set to replace some of Miami’s historic hotels. The city has seen a wave of development in the last 10 years, and neighborhoods such as North Beach—once off the radar—have become new urban hot pockets.  Many long-time residents are concerned about the dangers of luxury condo-fication…

CRE Lending Expected To Peak In 2016

A majority commercial real estate lenders expects that new lending volume will peak for this cycle in 2016 or 2017, according to the forthcoming Spring 2015 RELA-Chandan Survey of Commercial Real Estate Lender Sentiment. Specifically, 39% of lenders expect peak lending in 2016, while a further 36%…

10,000 Homes, Business, And Office Growth Being Sought In West Kendall

Land use changes are due for action as amendments to the Miami-Dade Comprehensive Development Master Plan. The largest CDMP application creates a “Green City” on 860 acres on Kendall Drive.

Miami Innovation Tower plans nixed by city — again

Miami Innovation Tower is officially on life support.  Late Thursday, the Miami City Commission ratified an initial June vote adopting an ordinance that eliminates so-called “media towers” on the site proposed for the 633-foot high-rise featuring five large…

New juice joint taking aim at Miami-Dade

Another juice shop is moving into Miami: Raw Juce has leased two new locations in Aventura and South Beach, marking the company’s first foray into Miami-Dade County, the real estate firm RKF announced Thursday.  RKF Director Andrea Blade and Vice President Drew…

Here’s what sold between $1M and $8M this week

Doral office building trades for $3.2M.  The offices at 9300 Northwest 25th Street in Doral.  A two-story office building in Doral was just sold to a group of investors for $3.2 million.  The property, at 9300 Northwest 25th Street, is the 25th Street Executive Building. It has 24,430 square feet of space…

Jugofresh to open South Pointe pop-up restaurant

Jugofresh is opening a pop-up restaurant in its South Pointe location: jugofresh r + d kitchen.  The local juice, smoothie and vegan foods brand, will open the 2,000-square-foot space in Miami Beach as a restaurant on Aug. 1, according to a…

Miami remains steady for cash sales in June

Miami held its place last month as the nation’s third most popular city for cash sales, according to a RealtyTrac report released on Thursday.  Despite a continued national decline of these deals, Miami has retained its third place for most of this year.

Ridge Building Spec Industrial in Medley

“Demand for sites with the ability to stage trailers and containers on-site in a secure environment is increasing…”

Large industrial building planned on newly acquired Miami-Dade site

Ridge Development plans to build a 182,057-square-foot industrial distribution facility on a site it recently acquired in Medley.  Langer Holdings Corp. sold the 9.75-acre site for $5.3 million to Ridge Medley Partners, an affiliate of Ridge Development, the industrial property arm of Transwestern Development Co. Transwestern Senior…

Wynwood Property Owners And Developers Band Together To Voluntarily Control Development

The group has crafted a comprehensive zoning plan that its members say will encourage preservation of Wynwood’s characteristic warehouses and funky vibe.

Miami considers multifamily project on Coral Way

The city of Miami commission will consider a 61-unit residential project in the Shenandoah neighborhood on Thursday.  The 8-story building with a 3-story parking deck would be located at 2240 S.W. 13th Ave. and 1300 to 1312 S.W. 22nd Street (Coral Way). The area is just south of Little Havana and north of Coconut Grove.

Miami Industrial Land Sale Garners Premium Pricing In Red Hot Market

The buyer, an affiliate of Chicago-based Ridge Development, is planning 175,000 square feet of spec industrial warehousing on the site.

Columbus Properties Sells Office, Garage for $32M

Columbus Properties, Inc. sold the 12-story office building at 155 S. Miami Ave. and the Watts Parking Garage at 26 SE. 1st St. in Miami, FL to Moishe Mana for $32 million.  The 160,712-square-foot office building was constructed in 1980 and is currently more than 50 percent vacant. The Watts…

Century 21 Dept Stores Acquires Miami Retail Bldg

ASG Equities, on behalf of Century 21 Deparmtnet Stores, acquired the retail building at 70-74 NE 40th St. in Miami’s design district for $14.6 million, or about $3,200 per square foot.  The single-story, 4,530-square-foot storefront property has been recently remodeled from a class C…

Grand Beach Apts Sell for $27.2M

FIP Realty Services LLC sold the Grand Beach Apartments at 7780-7810 Tatum Waterway Dr. in Miami Beach, FL to YTECH International for $27.15 million, or about $151,000 per door.  Built in 1948, the multifamily community totals 151,106 square feet across 20 buildings on 3.8 acres. The property has…

FAA is Considering Raising its Hated Downtown Miami Height Restrictions, by About 40 Feet

Reaction on pressure from developers wanting to build taller in Downtown Miami and Brickell, the Federal Aviation Administration is looking into raising the max heights of buildings in and around Miami’s urban core—a height limit it imposes to keep the flight paths in and out of Miami International…

Comment of the day: “If you’ve seen renders for CityPlace…

“If you’ve seen renders for CityPlace Doral and how ugly it looks, anybody would be grateful for another boring work by Zyscovich. I’m not too sure about the height. While I like that the Midtown East project coordinates with the overall lower density of the area between the FEC Railway and closer…

Fort Lauderdale Real Estate market Is Booming

Ten new condo buildings with more than 100 units have been announced for the Las Olas Isles neighborhood located between the Downtown Fort Lauderdale mainland and the barrier island beaches – In the Downtown Fort Lauderdale and Beach market, developers have announced plans to construct at…

Mexican Hospitality extends its operations in Miami

The Grupo Posadas Company has been able to strike a new deal in its efforts to establish an affiliate branch in Miami. The Company is a Mexican hotel operator that…

Inside look: New renderings of the Gale Fort Lauderdale

Developers released new renderings of the $120 million Gale Hotel & Residences Fort Lauderdale Beach on Wednesday, designed by Miami Beach-based Urban Robot Associates.  Newgard Development Group, Menin…

Miami home sales in June set 10-year record

Home sales in Miami scored a small victory last month, setting a new volume record for the past 10 years.
June saw a total of 1,390 homes sold in the Miami market, an increase of 8.6 percent year-over year, and an increase of 80 homes from the previous record that was set in…

Chatham Lodging REIT sets sights on Fort Lauderdale hotel

The Chatham Lodging Trust is picking up two hotels for $55 million, one of which is in Fort Lauderdale, the real estate investment trust announced on Tuesday.  The REIT is under contract to buy the Residence Inn Fort Lauderdale…

Hughes Supply leases 40,000 sf in Doral

A wholesale plumbing supplier signed a lease for 40,000 square feet at MICC in Miami-Dade, The Real Deal has learned.  Hughes Supply signed the longterm lease at the Doral corporate park, which is owned and managed by PS Business Parks.

Beckham: “We can build a world-class stadium” at Orange Bowl site

David Beckham made it official today: He wants to build a soccer stadium next to Marlins Park near the site of the old Orange Bowl. In a letter sent to Mayor Tomas Regalado, Beckham and his partners pledge a “world-class stadium” on the site — while offering scant few specifics on exactly what they’re plotting.

Chinese annual investment in CRE swells to record $10B

Rendering of 111 Murray Street (credit: Kohn Pedersen Fox) and 717 Fifth Avenue (inset: Chinese flag)
From the New York website: Over the past four years, outbound commercial real estate investment from China has increased 72 percent to $10 billion in 2014, with cities in the United States…

Château buys Collins Avenue apartments in Surfside

The Château Group has added to its Surfside holdings with the $5.15 million purchase of an apartment building on Collins Avenue, Miami-Dade County records show.  Hialeah-based Grand Futura Properties sold the 15,000-square-foot property…

All Aboard seen as boost for downtown West Palm

All Aboard Florida’s South Florida high-speed passenger train line, scheduled to open in 2017, should help lift the downtown West Palm Beach real estate market, local property professionals told The Real Deal.

Condo Developers Compete With Wild Amenities

Glitz and glamor are nothing new to Miami. But some of the condo amenities are well over the top in this cycle.

Developer Singh wants to build 199-unit resort on Knights Key

One of the most successful developers in the Florida Keys is looking to build a luxury destination spot at the site of the Knights Key RV Resort and Marina.  Pritam Singh, who built Tranquility Bay Resort and Indigo Reef Marina Homes in Marathon and Truman Annex in Key West, among many others, wants to convert the RV park…

Seas could rise ten feet in next 50 years, famed climate scientist warns

The latest doom-and-gloom climate change prediction has arrived this week — and it’s a doozy. The study, written by alarmist (yet reputable and regularly correct) climate change scientist James Hansen predicts that sea levels will rise ten feet in the next 50 years.  That seems like a lot, especially when many of the 2.4 million people…

South Florida’s hotel market entered slow season in June, report says

South Florida’s hotel market tends to slump with fewer heads in beds during the summer months, and this summer started out no different, according to the data from STR, Inc.  The independent research company’s numbers indicate that business will start to pick up in October for hotels in the tri-county area, with January through…

CRE in a bubble?  Here’s what 13 top economists think

Commercial real estate prices are through the roof, and now the Fed has voiced concerns over a potential bubble. But has it formed yet? We reached out to some of the country’s top economists to get their take. Here’s what they told us.

After cashing out in Design District, developer buys Midtown Miami building for $10M

Giampiero Di Persia’s Tirrenia Developments came away with a $20 million profit after selling a building it constructed in the Miami Design District earlier this year and now it’s invested some of those proceeds in a property in Midtown.  New Midtown Studios 55 LLC, a Miami-based company managed by Gino Tozzi, sold the property…

Board Defers Decision On Liquid Lofts And One Brickell Until October

Miami’s Planning, Zoning and Appeals Board deferred decisions on two major projects at a meeting last week:  One Brickell (444 Brickell) – the association of neighboring condo tower 500 Brickell had appealed the city’s decision to approve the project, saying that it was too big and intense.  Liquid Lofts – architect Charles Sieger…

South Florida home and condo sales post solid gains in June

Homebuyers ramped up their activity in South Florida this summer as both sales volume and prices grew in June, according to the Florida Realtors.  There were 5,017 sales of existing single-family homes in the tri-county region, up 15.6 percent from June 2014. The median sales price climbed 7.3 percent to $295,000.  The statewide…

Transit team told ‘Think small’

While many grand plans – and ways to pay for them – were discussed at Monday’s Fiscal Priorities Committee meeting of Miami-Dade’s Metropolitan Planning Organization (MPO), one member asked the committee to think small.  “Let’s look at our mistakes,” said…

State may pay to narrow boulevard

Miami’s Downtown Development Authority has requested $1 million from the Florida Department of Transportation to kick-start Biscayne Green, its ambitious project to narrow a stretch of Biscayne Boulevard from Northeast Eighth Street south to Biscayne Boulevard Way.  Biscayne Green aims to reduce…

Dredging up funds to clean pollution

The clean-up of a contaminated tributary of the Miami River is one step closer after action by Miami city commissioners.  In January, commissioners approved the Wagner Creek/Seybold Canal Dredging Restoration.
On July 9, they wrapped up paperwork to get a nearly $23 million loan from the state to…

FYI Miami: July 23, 2015

SAFE PASSAGE: County crews last week began five months of road resurfacing and bike lane-widening along Crandon Boulevard between Bear Cut Bridge and the Village of Key Biscayne. The new bike lanes, to be painted bright green, will be separated from auto traffic by a 2-foot-wide striped buffer zone…

Just because there’s money, you don’t have to spend it all

Miami-Dade aims to spend every cent of a tax windfall while patting itself on the back for not raising taxes.
Instead, the county is hailing all the good things that everything it’s adding to spending next year will do – including erasing some past budget cuts.  That’s all possible…

$23 Million Sale Of Hialeah Shopping Center Brokered

The shopping center was 99% occupied with a strong roster of both national and local tenants at the time of the sale.

Chiquita Brands Relocates Banana Division HQ To 19,000 SF Office In Dania Beach

Proximity to shipping lanes through Port Everglades was a driver in the move.

Uber, South Florida Business Journal Sign Leases at Brickell City Tower in Downtown Miami

Uber Technologies Inc. and the South Florida Business Journal have leased office space at Brickell City Tower, a 33-story office building located at 80 S.W. 8th St. in downtown Miami. The 287,000-square-foot tower is one of the premier office assets in Miami’s Brickell Financial District. Transportation tech firm Uber has leased 9,333…

Big Wynwood Rezone Up for Big Vote, Woonerfs and All

The Miami City Commission is scheduled to vote on the implementation of the Wynwood Neighborhood Revitalization District, a.k.a. the masterplan to guide Wynwood’s urban development, this week. The plan is intended to preserve everything good about the neighborhood, including Wynwood’s famous mural…

An Incredibly Gorgeous Video about the Design of PAMM

The Perez Art Museum Miami is the rare, special breed of building that everybody loves. Since the day it opened, not that long ago really, Miamians have been obsessed with the architectural triumph that is the city’s flagship art museum, designed by Herzog & de Meuron. On…

Industrial Lease Negotiated For U.S. Customs Brokerage Firm

Lucia Custer and Gabriel Garcia-Menocal, SIOR represented Clear Freight, Inc. in a 5-year, 14,489 square foot lease at 11350 Northwest 25th Street in Miami.

TRD to host South Florida real estate showcase on Oct. 15

The countdown’s begun until The Real Deal’s 2nd Annual South Florida Real Estate Forum & Showcase, taking place on Oct. 15 at the Moore Building in Miami’s Design District.  Last year’s showcase was the industry event of the year. More than 3,000 real estate professionals…

Williams-Sonoma, Pottery Barn returning to Lincoln Road

Williams-Sonoma and Pottery Barn, which shuttered their shops on Lincoln Road in March, are returning to the district — in Lucky Strike’s former space, The Real Deal has learned.  Several real estate sources told TRD that the stores, both part of Williams-Sonoma…

Trial pits down-zoned land owner against Hollywood

The owner of down-zoned land on Hollywood Beach is seeking up to $36 million in damages from the city of Hollywood in a jury trial scheduled to start Aug. 6.  “There’s no doubt it’s going to trial,” Scott Marder told…

Larkin Community Hospital closes on Hollywood nursing home

South Miami-based Larkin Community Hospital closed on the sale of a Hollywood nursing home for $16.1 million, Broward County records show.  High Ridge Management Corp. transferred ownership of the 58,189-square-foot hospital and rehab facility at 1200 North 35th…

Group P6 taps Dick Building Co. for SoFla projects

A rendering of the Opal unit in 327 Royal Palm, a 3,177-square-foot unit.Venezuelan developer Group P6 hired a general contractor for its residential projects in Boca Raton and Deerfield Beach, The Real Deal has learned.
Jefferson Hills, Pennsylvania-based Dick Building Company will lead const…

Second new Fort Lauderdale condo project completed

A second new condo project has been completed in the booming Downtown Fort Lauderdale and Beach market since this current South Florida real estate cycle began in 2011.  Transactions in the newly completed five-story Cymbrinas Cay project…

Boca Raton country club begins $50M renovation

The Boca West Country Club is embarking on a $50 million renovation project, starting with the demolition of its clubhouse, the property announced.  The 1,400-acre country club, at 20583 Boca West Drive, is home to about 3,400 families. It was…

Uber Picks Brickell for Miami Offices

Brickell City Tower, a 33-story office building in the heart of Downtown Miami’s Brickell Financial District, is adding some high-profile tenants to its roster….

Lincoln Submarket Trophy Hits Market

M&M’s Drew Kristol calls this a “rare opportunity” for an investor. Get all the details.

Lululemon, Cole Haan, 2 more retailers announce space at Brickell City Centre

Brickell City Centre on Tuesday announced five more brands that have claimed storefronts at the massive mixed-use development. They include fitness apparel chain Lululemon Athletica, Italian casualwear brand Harmont & Blaine, American lifestyle retailer Cole Haan, handmade Italian sunglasses retailer Illesteva and Colombian…

Lennar sues family of Atlanta developer Wayne Mason for $137M

A subsidiary of Lennar Corp. is suing the family of Atlanta developer Wayne Mason for $137 million that Mason allegedly “fraudulently transferred” to them to keep it from going to creditors.  In an amended lawsuit filed July 17 in federal court in Atlanta, a subsidiary of Miami-based home building giant Lennar Corp. (NYSE: LEN) claims…

Class A Miami Office Building Goes On The Block

The asset is listed for $38,000,000.

Wynwood-ish Murals Come to South-of-Fifth’s Marriott Stanton

South-of-Fifth, the enclave of South Beach where the expensive minimalist white look is more of a thing than exuberant walls of color now has a few… exuberant walls of color, albeit temporary ones. The Marriott Stanton South Beach has commissioned local street artists to paint wall murals on the…

Uber leases office on Brickell for Miami headquarters

Uber parked its Miami headquarters at Brickell City Tower.  The San Francisco-based ride-sharing service signed a 9,333-square-foot lease in the 33-story tower at 80 S.W. 8th Street. Blanca Commercial Real Estate’s Danet Linares and Alexander Cahlin represented the landlord while CBRE’s Shay Pope represented Uber in the deal.

Arrested Development: Miami’s Planning Dept. Killing Fairholme Capital Art Museum

The situation with Bruce Berkowitz’s Fairholme Capital private art museum, which the art collector plans (planned?) to establish on Biscayne Boulevard, is at a standstill. People at the city say they want it but, despite a redesign with a two-building configuration to…

National Commercial Real Estate Roundup For July 20, 2015

Department of Energy needs your help, options and collaboration remain key in today’s office, brick and mortar retail boom time, multifamily fund surpasses $1 billion and more. It’s all here at the Commercial Real…

Private REIT picks up nearly 10 acres in Medley

Medley site, Roger Langer Jr. and Roger E. Langer, and James Martell, chaiman and CEO of Ridge Property Trust.
A Chicago-based real estate investment trust paid $5.3 million for vacant land in Medley, according to a deed recorded in Miami-Dade County on Monday.  Langer Holdings Corp. sold the 9.75-acre…

Self-Storage Sells at Record Price

“The seller did a phenomenal job maintaining the facility and it will make a tremendous addition to the buyer’s portfolio.”

Moishe Mana Strikes in Miami Again

The CRE team worked through various obstacles to get the deal done. Get all the details.

Class A Downtown Office Building Hits Market

M&M says the building is posed to take advantage of Downtown Miami’s explosive growth.

Will Call Miami Closes Down to Make Room for Miami Worldcenter

Love it or hate it, everyone knew about Will Call. The hybrid music venue perched at the doorstep of the American Airlines Arena for the last four years was many things to many people. But now, Will Call Miami is officially closed down, its doors shut, bar emptied. Modeled to be a great rock & roll venue, Will Call served the needs of many…

All Aboard Florida’s MiamiCentral Scale Model Includes Supertower That Could Reach 1,000 Feet

Somewhere in All Aboard Florida’s headquarters is a scale model of their under-construction MiamiCentral project.  We now have evidence that the model exists, and that it includes a so-called “Supertower”, thanks to Local10 cameras which captured video of it earlier this week. The supertower is planned to be built as part of the…

Construction Has Commenced At 396-Unit Paraiso Bayviews

Foundation work is underway at Paraiso Bayviews, about 14 months after developer Related Group began accepting reservations.  This marks the third tower under construction at the Paraiso Bay complex. Foundation work at the 53-story One Paraiso began last month, while the first 53-story Paraiso Bay tower is now about a dozen floors up.

TriStar and RFR Capital pay $6,565 a square foot for Lincoln Road property

An affiliate of TriStar Capital and RFR paid what is near a record $6,565 per square foot for retail space on South Beach’s famed Lincoln Road.  The Lauren Investment Corp., managed by Paul B. Yang in Monroe, New York, sold two retail condos in the Lauren Building at 918 and 920 Lincoln Road for $18.5 million to 918 Star LLC…

Atlantic Commercial Group Completes Sale Of Downtown Delray Building

The property is comprised of approximately 10,000 square feet of ground floor retail space and 2nd floor office space.

Publix-anchored center in Hialeah sold for $23M

The Publix-anchored El Mercado shopping center in Hialeah sold for $23.1 million.  El Mercado Associates, a Miami-based company managed by Allen Greenwald, sold the 101,484-square-foot center at 2400 West 60th Street to Stockbridge El Mercado, an affiliate of Atlanta-based Stockbridge Capital Group. The deal included…

Berger Commercial Realty Tapped To Market Three-Building Retail Property

The asset is listed for sale for $32 million.

Hollywood Self Storage Facility Fetches Record Price

The $18,825,000 sales price equates to $146 per square foot.

Unusual Amenity Alert: Mikveh-Equipped Sunny Isles Condo Tower Gets Thumbs Up

Aurora, the first major condo tower to be proposed west of Collins Avenue in Sunny Isles Beach, got the big thumbs up from city commissioners after developer Verzasca Group downsized the building from seventeen stories to sixteen, from 71 units to 66, and making the average unit size about a…

Bend it Like Beckham: Finally, David Beckham’s Stadium Will Go Next to Marlins Park

Stop everything. David Beckham is about to begin negotiations with the City of Miami to build his Major League Soccer stadium next to Marlins Park. Finally. A combination of factors may have led to this decision, a bold change of heart from an earlier stance against the…

Going Up: Met Square Breaks Ground Over Archeological Site

MDM Group’s Met Square, the fourth and final portion of the Metropolitan Miami megaproject, has broken ground according to a press release. So, basically that big, gapping void between the first Met tower and the Marriott Marquis that had that amazing archeological site is being filled in with the…

Hostel Takeover: Part One

On our New Miami blog we often talk about Miami’s role as a trendsetting market for the hospitality industry. Over the last few years, Miami has been a popular launching point for luxury brands, such as The Thompson Miami Beach, Ian Schrager’s EDITION  Hotel South Beach, SIXTY Hotel…

Foreign investors staking claim to Miami’s office and retail sectors

High net worth investors, families, and wealth managers from Latin America, seeking to diversify their portfolios, have been on a buying binge for office buildings and single-tenant retail properties throughout Miami-Dade County during the past 18 months, real estate…

Drastic Price Appreciation Not Uncommon

“ These are all areas that are also investing heavily in their infrastructure and maintaining high quality of life standards.”