Miami Commercial Real Estate News July 17, 2015
Moishe Mana’s Wynwood assemblage expands west of I-95
Moishe Mana bought a site on the west side of Interstate 95, across from his large holdings in Miami’s trendy Wynwood neighborhood. Paradise Dairy Acquisitions, an affiliate of affordable housing developer Pinnacle Housing Group, sold the 5.32-acre site, at 2451 N.W. Seventh Ave., for $8.5 million to a company controlled by Mana…
IMC Property buys repossessed Miami-Dade office from Regions Bank
IMC Property Management bought a repossessed office complex in Miami-Dade County’s West Kendall at a 24 percent discount to its old mortgage. An affiliate of Regions Bank (NYSE: RF) seized the property, at 8785 S.W. 165th Ave., in March in a $16.45 million deed in lieu of foreclosure with Lucky Start Executive Plaza.
Market Reports: The Miami Market’s Unsustainable Boom has Ended
Douglas Elliman just published their 2Q 2015 Real Estate Market Reports covering Miami, Fort Lauderdale, Boca Raton, and Palm Beach. As always, report author Jonathan Miller of Miller Samuel, lover of charts and graphs, is back to break down the South Florida market for us.
Art gallery/office building in Miami’s Wynwood sold for $10.8M
A Palm Beach Gardens investor paid $10.8 million for an art gallery and office building in Miami’s hot Wynwood neighborhood. Zadok Real Estate Holdings, managed by Dror Zadok and Miriam Zadok, sold the building at 2534 N. Miami Ave. and the parking lot at 26 N.W. 26th St. to 2534 Morse LLC. C1 Bank provided a $6.2 million…
Comment of the day: “Nothing could be more important for Little Havana…
“Nothing could be more important for Little Havana than getting this right, but none of the solutions proposed, including this one or FDOT quite gets there. Think two-way auto, on-street parking & transit on 8th in traditional Main Street configuration. Think two-way auto, with protected bike…
Are We Overheating?
Could the rapid appreciation be perceived as a sign of an overheated commercial real estate market? M&M’s Alex Zylberglait sounds off in this interview.
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Miami-Dade Releases July 1st Preliminary Certification of Taxable Values for 2015
Click to view PDF
Get out your wallet.
Property Appraiser Pedro J. Garcia has announced the July 1 Preliminary Certification of Taxable Values to Miami-Dade County area taxing authorities . “For the first time since 2007, every municipality in Miami-Dade County has seen a value increase. This growth has been steady with the coastal communities leading the way,” said Mr. Garcia. For 2015, the countywide taxable value is $230,429,191,490, 9.4% more than 2014, recognizing the strong price trends in Miami-Dade County.
The municipalities below experienced the greatest value increases in 2015:
Sunny Isles Beach 16.7%
El Portal 15.4%
Key Biscayne 15.3%
Miami Beach 13.3%
Miami 13.1%
Surfside 12.4%
Indian Creek 12.0%
Golden Beach 11.6%
Bay Harbor Islands 11.3%
North Bay Village 11.3%
Biscayne Park 10.8%
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Miami Commercial Property News July 16, 2015
Scott Robins’ new building off Lincoln Road for sale: $30M
A newly constructed building off Lincoln Road, developed by Scott Robins and Miami Beach Mayor Philip Levine, has just been up for sale for $30 million, The Real Deal has learned. The 18,000-square-foot, glass-enclosed building at 1000 17th Street in Miami Beach is the new site for Suitsupply, a European men’s brand that opened last month.
Big-name developers competing for $74M Miami-Dade affordable housing project
Some of South Florida’s biggest builders are among the six developers competing to redevelop Liberty Square in Miami as part of the county’s $74 million affordable housing project. The Liberty Square Rising project would create a new income-restricted community on the Lincoln Gardens site at 4750 N.W. 24th Court, and relocate…
Developers: Broward is hot competitor to Miami-Dade
Three active developers in Broward County said the area is a hot spot for condo and retail projects and is competing well with Miami-Dade County for development dollars. “We’ve never seen Broward more vibrant, so interesting …. Right now is the time to jump in,” said Harvey Hernandez, chairman and CEO of Miami-based Newgard Group…
Too Big And Intense: One Brickell May Need To Be Redesigned After Neighbor Complains
One Brickell’s approval by the city’s Planning Department is being appealed by a neighbor. A lawyer representing 500 Brickell’s condo association filed the appeal last month. In a letter, he wrote that that the project is “too big and intense” for the property on which it is proposed at 444 Brickell Avenue. As part of the approval, the Planning…
Technology Company Magic Leap To Move Into 340,000 SF Facility
The secretive company is consolidating the majority of its Florida workforce.
U.S. Customs Brokerage Firm Inks 14,000 SF Lease Deal
NAI Miami’s Lucia Custer and Gabriel Garcia-Menocal, SIOR negotiated the 5-year deal.
Judge Rules for Business Partner in Disputed Lot Sales
A judge rejects a breach of fiduciary duty claim in a dispute between two business partner over the $2.5 million bulk sale of 279 lots.
Lennar Forms $1.1 Billion Equity Fund for Multifamily Development
Homebuilder Lennar Corp. has formed an equity fund between Lennar Multifamily Communities and global sovereign and institutional investors with $1.1 billion in equity commitments, including a $504 million co-investment commitment by Lennar. The new fund, Lennar Multifamily Venture, will seek to…
Miami Design District Bldg Sold for $24M
The Comras Company, Inc. sold the retail building at 17-27 NE 39th St. in Miami, FL for $24 million, or approximately $2,900 per square foot, to a joint-venture between RedSky Capital LLC and London-based JZ Capital Management. Delivered in 1972, the 8,300-square-foot, multi-tenant retail strip…
Apple Hospitality REIT Pays $23M for Hampton Inn Fort Lauderdale
Apple Hospitality REIT, Inc. acquired the 156-room Hampton Inn Fort Lauderdale at 250 N. Andrews Ave. in Fort Lauderdale, FL for $23 million, or about $147,000 per door, from Hospitality Opertaions, Inc. Built in 2002, the 11-story, 136,609-square-foot hotel sits on eight-tenths of an acre in the…
Melo Group’s Aria on the Bay Breaks Ground Early
The Melo Group has broken ground on its luxury condominium project, Aria on the Bay, at 1770 N. Bayshore Dr. in Miami, FL. Aria is located near Biscayne Bay, which is situated in the heart of Miami’s Arts & Entertainment District and within walking distance to the Adrienne Arsht Center’s…
Shore Club project demolition approved for Cromwell Hotel
After four hearings before the Miami Beach Historic Preservation Board, New York-based HFZ Capital Group received approval to carry out the “near total demolition” of the Cromwell Hotel, a structure that will be part of an eventual luxury condo-hotel complex anchored by the iconic Shore Club hotel at 1901 Collins Avenue. Saying…
Mindboggling Reveals: Miami River Jose Marti Park Could Get Big Revamp & Big Art
On Monday, the Miami River Commission reviewed plans submitted by the Chetrit Group to redo Jose Marti Park to plans by landscape architect Raymond Jungles, connecting it by river walk to their neighboring project and adding a massive hanging sculpture to the highway above. This is basically how…
All Aboard Florida, the passenger rail line that the Florida East Coast Railway is constructing between Miami and Orlando, is making fast progress on all three of its South Florida stations, and they want the world to know it. They put together three videos on the construction of the biggest stations…
Eco-Village Looks To Expand Miami-Dade Development Boundary
A new development project, Green City, just released its plans to build a 860 acre eco-friendly village in west Miami-Dade County. The ambitious project is slated to be built over the next two decades and calls for the inclusion of, among other things, 1.36 million square feet of retail, 11,401 new homes (a portion of which will be set aside…
Aldi to Open on Biscayne July 23rd
Aldi, the king of discount grocers, opens its newest location at 1290 NE 108th St. next week. The chain, along with Trader Joe’s, is owned by Germany’s Albrecht family — Trader Joe’s is operated by Aldi Nord and Aldi is operated by Aldi Sud. It is modeled after sensible German grocery stores, where shoppers prefer a no-frills experience…
Design Firm PlusUrbia Proposes to Transform ‘Highway Ocho’ into a Main Street Again
The Florida Department of Transportation is currently studying Little Havana’s main street, SW 8th Street, also known as Calle Ocho, along with the accompanying SW 7th, going from I-95 as far west as SW 27th Avenue, as part of all the new West Brickell development. Both SW 7th and 8th Streets are…
Real Estate Spinoffs, Monetization and High-Yield Investments
Some of the most active areas in real estate today are being driven by operating companies and investors eager to monetize the value trapped in their real estate holdings. Both can benefit via such methods as non-recourse financing, sale-leaseback transactions and, increasingly, REIT conversions and…
This Downtown Street Seeing Triple-Digit Appreciation
It took Miami Beach’s Lincoln Road decades to experience that kind of appreciation. What’s going on?…
Why Flagler Street is Suddenly En Vogue
Investors are pouring millions of dollars to buy old office and retail properties in an area public and private investment has largely ignored for decades.
South Florida 6th-worst for foreclosures in first half 2015, RealtyTrac says
Foreclosure filings dropped significantly in South Florida during the first half of 2015, but the region still had the sixth-highest foreclosure rate, according to RealtyTrac. There were 28,409 foreclosure filings in the tri-county area during the six-month period, a 30 percent drop from the same time a year ago. RealtyTrac counted new…
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Federal Reserve Chair Janet Yellen Semiannual Monetary Policy Report to the Congress on July 15, 2015
Chair Janet L. Yellen
Semiannual Monetary Policy Report to the Congress
Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.
July 15, 2015
Chairman Hensarling, Ranking Member Waters, and members of the Committee, I am pleased to present the Federal Reserve’s semiannual Monetary Policy Report to the Congress. In my remarks today, I will discuss the current economic situation and outlook before turning to monetary policy.
Current Economic Situation and Outlook
Since my appearance before this Committee in February, the economy has made further progress toward the Federal Reserve’s objective of maximum employment, while inflation has continued to run below the level that the Federal Open Market Committee (FOMC) judges to be most consistent over the longer run with the Federal Reserve’s statutory mandate to promote maximum employment and price stability.
In the labor market, the unemployment rate now stands at 5.3 percent, slightly below its level at the end of last year and down more than 4-1/2 percentage points from its 10 percent peak in late 2009. Meanwhile, monthly gains in nonfarm payroll employment averaged about 210,000 over the first half of this year, somewhat less than the robust 260,000 average seen in 2014 but still sufficient to bring the total increase in employment since its trough to more than 12 million jobs. Other measures of job market health are also trending in the right direction, with noticeable declines over the past year in the number of people suffering long-term unemployment and in the numbers working part time who would prefer full-time employment. However, these measures–as well as the unemployment rate–continue to indicate that there is still some slack in labor markets. For example, too many people are not searching for a job but would likely do so if the labor market was stronger. And, although there are tentative signs that wage growth has picked up, it continues to be relatively subdued, consistent with other indications of slack. Thus, while labor market conditions have improved substantially, they are, in the FOMC’s judgment, not yet consistent with maximum employment.
Even as the labor market was improving, domestic spending and production softened notably during the first half of this year. Real gross domestic product (GDP) is now estimated to have been little changed in the first quarter after having risen at an average annual rate of 3-1/2 percent over the second half of last year, and industrial production has declined a bit, on balance, since the turn of the year. While these developments bear watching, some of this sluggishness seems to be the result of transitory factors, including unusually severe winter weather, labor disruptions at West Coast ports, and statistical noise. The available data suggest a moderate pace of GDP growth in the second quarter as these influences dissipate. Notably, consumer spending has picked up, and sales of motor vehicles in May and June were strong, suggesting that many households have both the wherewithal and the confidence to purchase big-ticket items. In addition, homebuilding has picked up somewhat lately, although the demand for housing is still being restrained by limited availability of mortgage loans to many potential homebuyers. Business investment has been soft this year, partly reflecting the plunge in oil drilling. And net exports are being held down by weak economic growth in several of our major trading partners and the appreciation of the dollar.
Looking forward, prospects are favorable for further improvement in the U.S. labor market and the economy more broadly. Low oil prices and ongoing employment gains should continue to bolster consumer spending, financial conditions generally remain supportive of growth, and the highly accommodative monetary policies abroad should work to strengthen global growth. In addition, some of the headwinds restraining economic growth, including the effects of dollar appreciation on net exports and the effect of lower oil prices on capital spending, should diminish over time. As a result, the FOMC expects U.S. GDP growth to strengthen over the remainder of this year and the unemployment rate to decline gradually.
As always, however, there are some uncertainties in the economic outlook. Foreign developments, in particular, pose some risks to U.S. growth. Most notably, although the recovery in the euro area appears to have gained a firmer footing, the situation in Greece remains difficult. And China continues to grapple with the challenges posed by high debt, weak property markets, and volatile financial conditions. But economic growth abroad could also pick up more quickly than observers generally anticipate, providing additional support for U.S. economic activity. The U.S. economy also might snap back more quickly as the transitory influences holding down first-half growth fade and the boost to consumer spending from low oil prices shows through more definitively.
As I noted earlier, inflation continues to run below the Committee’s 2 percent objective, with the personal consumption expenditures (PCE) price index up only 1/4 percent over the 12 months ending in May and the core index, which excludes the volatile food and energy components, up only 1-1/4 percent over the same period. To a significant extent, the recent low readings on total PCE inflation reflect influences that are likely to be transitory, particularly the earlier steep declines in oil prices and in the prices of non-energy imported goods. Indeed, energy prices appear to have stabilized recently.
Although monthly inflation readings have firmed lately, the 12-month change in the PCE price index is likely to remain near its recent low level in the near term. My colleagues and I continue to expect that as the effects of these transitory factors dissipate and as the labor market improves further, inflation will move gradually back toward our 2 percent objective over the medium term. Market-based measures of inflation compensation remain low–although they have risen some from their levels earlier this year–and survey-based measures of longer-term inflation expectations have remained stable. The Committee will continue to monitor inflation developments carefully.
Monetary Policy
Regarding monetary policy, the FOMC conducts policy to promote maximum employment and price stability, as required by our statutory mandate from the Congress. Given the economic situation that I just described, the Committee has judged that a high degree of monetary policy accommodation remains appropriate. Consistent with that assessment, we have continued to maintain the target range for the federal funds rate at 0 to 1/4 percent and have kept the Federal Reserve’s holdings of longer-term securities at their current elevated level to help maintain accommodative financial conditions.
In its most recent statement, the FOMC again noted that it judged it would be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term. The Committee will determine the timing of the initial increase in the federal funds rate on a meeting-by-meeting basis, depending on its assessment of realized and expected progress toward its objectives of maximum employment and 2 percent inflation. If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target, thereby beginning to normalize the stance of monetary policy. Indeed, most participants in June projected that an increase in the federal funds target range would likely become appropriate before year-end. But let me emphasize again that these are projections based on the anticipated path of the economy, not statements of intent to raise rates at any particular time.
A decision by the Committee to raise its target range for the federal funds rate will signal how much progress the economy has made in healing from the trauma of the financial crisis. That said, the importance of the initial step to raise the federal funds rate target should not be overemphasized. What matters for financial conditions and the broader economy is the entire expected path of interest rates, not any particular move, including the initial increase, in the federal funds rate. Indeed, the stance of monetary policy will likely remain highly accommodative for quite some time after the first increase in the federal funds rate in order to support continued progress toward our objectives of maximum employment and 2 percent inflation. In the projections prepared for our June meeting, most FOMC participants anticipated that economic conditions would evolve over time in a way that will warrant gradual increases in the federal funds rate as the headwinds that still restrain real activity continue to diminish and inflation rises. Of course, if the expansion proves to be more vigorous than currently anticipated and inflation moves higher than expected, then the appropriate path would likely follow a higher and steeper trajectory; conversely, if conditions were to prove weaker, then the appropriate trajectory would be lower and less steep than currently projected. As always, we will regularly reassess what level of the federal funds rate is consistent with achieving and maintaining the Committee’s dual mandate.
I would also like to note that the Federal Reserve has continued to refine its operational plans pertaining to the deployment of our various policy tools when the Committee judges it appropriate to begin normalizing the stance of policy. Last fall, the Committee issued a detailed statement concerning its plans for policy normalization and, over the past few months, we have announced a number of additional details regarding the approach the Committee intends to use when it decides to raise the target range for the federal funds rate.
Federal Reserve Transparency and Accountability
These statements pertaining to policy normalization constitute recent examples of the many steps the Federal Reserve has taken over the years to improve our public communications concerning monetary policy. As this Committee well knows, the Board has for many years delivered an extensive report on monetary policy and economic developments at semiannual hearings such as this one. And the FOMC has long announced its monetary policy decisions by issuing statements shortly after its meetings, followed by minutes of its meetings with a full account of policy discussions and, with an appropriate lag, complete meeting transcripts. Innovations in recent years have included quarterly press conferences and the quarterly release of FOMC participants’ projections for economic growth, unemployment, inflation, and the appropriate path for the Committee’s interest rate target. In addition, the Committee adopted a statement in 2012 concerning its longer-run goals and monetary policy strategy that included a specific 2 percent longer-run objective for inflation and a commitment to follow a balanced approach in pursuing our mandated goals.
Transparency concerning the Federal Reserve’s conduct of monetary policy is desirable because better public understanding enhances the effectiveness of policy. More important, however, is that transparent communications reflect the Federal Reserve’s commitment to accountability within our democratic system of government. Our various communications tools are important means of implementing monetary policy and have many technical elements. Each step forward in our communications practices has been taken with the goal of enhancing the effectiveness of monetary policy and avoiding unintended consequences. Effective communication is also crucial to ensuring that the Federal Reserve remains accountable, but measures that affect the ability of policymakers to make decisions about monetary policy free of short-term political pressure, in the name of transparency, should be avoided.
The Federal Reserve ranks among the most transparent central banks. We publish a summary of our balance sheet every week. Our financial statements are audited annually by an outside auditor and made public. Every security we hold is listed on the website of the Federal Reserve Bank of New York. And, in conformance with the Dodd-Frank Act, transaction-level data on all of our lending–including the identity of borrowers and the amounts borrowed–are published with a two-year lag. Efforts to further increase transparency, no matter how well intentioned, must avoid unintended consequences that could undermine the Federal Reserve’s ability to make policy in the long-run best interest of American families and businesses.
Summary
In sum, since the February 2015 Monetary Policy Report, we have seen, despite the soft patch in economic activity in the first quarter, that the labor market has continued to show progress toward our objective of maximum employment. Inflation has continued to run below our longer-run objective, but we believe transitory factors have played a major role. We continue to anticipate that it will be appropriate to raise the target range for the federal funds rate when the Committee has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term. As always, the Federal Reserve remains committed to employing its tools to best promote the attainment of its dual mandate.
Thank you. I would be pleased to take your questions.
Commercial real estate investors tend to pay close attention to Federal Reserve policy given its affect on interest rates and the economy. Commercial property of all kinds, retail, office, multifamily, and industrial properties, may see cap rates move as interest rates change, and can have their net operating income affected with changes in economic activity.
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28 New Miami-Dade Commercial/Business/Ag Land Listings on MLS in 7 Days to July 13, 2015
Miami-Dade MLS Comm’l/Bus/Ag Land 7 Days to July 13, 2015
In the seven days to July 13, 2015, MLS counts 28 new listings for commercial/business/agricultural land, up rather significantly from from the prior week ending July 6th, which saw 15 new listings of this type.
Other indicators during this period that commercial real estate investors may wish to review are trends in commercial real estate prices and availability. These are influenced by trends nationally as well as by demographic and economic trends and expectations in the area. To get a feel for how the market for vacant land is now, view Miami area vacant land listings,
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Number of New Commercial Improved MLS Listings Up Markedly in July
New Miami-Dade County commercial property listings on MLS reached one of the highest levels in the past 5 years. The 423 new listings level has only been surpassed a half dozen times in the last 5 1/2 years, and even then by a small margin. Additionally, this level, in the upper end of a new normal today, is almost twice as high as what was considered “normal” in 2010 and 2011.
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95 Miami-Dade New Commercial Property Listings on MLS in 7 Days to July 13, 2015
Miami-Dade Commercial Properties 7 Days to July 13, 2015
In the seven days to July 13, 2015, MLS counts 95 new listings for improved commercial/industrial properties within Miami-Dade County, exactly the same, rather coincidentally, as in the prior week ending July 6th.
Other indicators during this period that commercial real estate investors may wish to review are trends in commercial real estate prices and availability. These are influenced by trends nationally as well as by demographic and economic trends and expectations in the area. To get a feel for how the market is today, view Miami area commercial property listings filtered by zip code, price range, or property type.
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Miami Commercial Real Estate News July 13, 2015
Midtown Miami Getting Another 700 Apartments At Chiquita Property
Booming Midtown Miami has attracted the attention of a national apartment developer. The result could be yet another massive residential project. AMLI Residential, controlled by Morgan Stanley, has filed plans to build a 12-story, 700 unit project on the former Chiquita Banana distribution facility in the Midtown Miami area.
North Miami Beach to consider The Highlands apartment project
A developer wants to build the 60-unit the Highlands apartment project in North Miami Beach.
The project is set to go before the city’s planning and zoning board on July 13. North Miami Beach recently rezoned a large area to encourage more dense development. Nicover LLC, a Bay Harbor Islands-based company…
Revealed: Architect Charles Sieger’s 76-Story Liquid Lofts Tower Proposed For Downtown Miami
Architect Charles Sieger has submitted plans for a 76-story residential tower in downtown Miami. Sieger’s Liquid Lofts, LLC is proposing to build the tower on a .48 acre lot at 37 SW 1st Street, next to downtown’s Macy’s. It would replace a parking garage. =Sieger owns a 100% stake in the developing entity. If approved, it would include…
Kuwait’s AQARAT Planning To Build 45-Story Yotel And Residences In Downtown Miami
AQARAT, a Kuwait-based Real Estate Company, has submitted plans to build a 45-story Yotel hotel and condo project in downtown Miami – taller and bigger than they originally planned. Miami’s Aria Development Group is a partner on the project, with AQARAT owning a 51% stake. The Yotel is planned for a small lot at 235 NE 2nd…
Pinnacle Housing Group proposes 250 affordable apartments in south Miami-Dade
Pinnacle Housing Group wants to build 250 affordable housing units near Cutler Ridge in southern Miami-Dade County. Caribbean Village, an affiliate of the Miami-based developer, filed a zoning application with the county to build the project on a 3.4-acre site that’s currently a parking lot for the South Miami-Dade Busway…
This 633-Unit Arquitectonica Project Will Promote Metrorail Ridership, Developer Says
The eight story project is to be called River Central. It will include 839,594 square feet of floor area, with 633 residential units and a small amount of ground floor retail. It is also proposed to include 656 parking spaces – fewer than required by code, due to the project being located a quarter of a mile away from the Culmer Metrorail…
Gulfstream Park condo tower halts sales
Gulfstream Park Tower, a condominium proposed at the site of the racetrack casino and retail complex in Hallandale Beach, has halted its sales. Brokerage ISG World listed the project as “cancelled” in its second quarter report on the Miami/Fort Lauderdale condo market. A spokeswoman of ISG World said the sales representatives at…
Proposed ‘Green City’ Would Move Urban Development Boundary, Add Thousands Of Homes
Property owners are proposing to extend Dade’s Urban Development Boundary westward with a massive new project. The project would be called Green City, according to plans submitted last month. It could add about 26,000 new residents and thousands of new jobs near the edge of the Everglades. Planned for the 859 acres include…
Hidden gem in Wynwood sells amid retail explosion
A small, charming and ramshackle home on a street bursting with new commercial activity in Miami’s Wynwood neighborhood has traded for nearly $1 million, The Real Deal has learned. The residence, at 158 Northwest 24th Street, was purchased for $995,000 by Saban Family Properties, attorney and developer Ariel Saban told TRD.
Berger Commercial Realty Brokers Close 4 Lease Deals At Lyons Tech IV
Berger’s Judy Dolan and Greg Milopoulos represented the landlord in the transactions.
Renting and flipping new Miami condos is all the rage
The majority of new condo buyers in Miami have been looking to capitalize on their investments by flipping the units or renting them out, according to research by CraneSpotters.com. Looking at the four largest condo towers completed in greater downtown Miami since construction resumed in 2011, anywhere from 45 percent to 96…
JLL Launches New Online Marketplace For Commercial Real Estate Office Market
HiRise – which launched in Washington, D.C. last week – is the first online, transactional marketplace for commercial real estate, allowing tenants and landlords to connect and complete their entire real estate transaction online.
Fort Lauderdale Beach’s Bahia Mar Resort & Marina has proposed a big revamp and expansion that includes the demolition of a low-rise hotel building, the renovation of the existing and rather brutalist hotel tower (hopefully with bigger windows, although you can’t really tell from these renderings…
FAA Approves 57-Story SLS Lux, Vertical Construction Commences
SLS Lux is going vertical after receiving the blessing of the Federal Aviation Administration. Yesterday, the FAA granted approval for the tower to be built at a height of 648 feet above ground, or 654 feet above sea level. The 57-story SLS Lux was designed by Arquitectonica, and will include 450 residences and 95 hotel suites.
Edgewater Property Owner Proposes 28-Story Residential High Rise
The new owner of a property in Edgewater is proposing to build a residential tower. Union Excalibur, LLC has submitted plans to build a 28-story, 293-foot residential tower at 522 and 526 NE 34th Street. The company purchased the 16,500-square-foot site at the edge of the Bay Point condo parking lot for $3.6 million earlier…
Commercial Real Estate National News Roundup July 13, 2015
The good news on the horizon for CRE doesn’t seem to want to stop, the complicated prospects of marijuana legalization, rents up and cap rates down, and here come the German grocers. It’s all here at the Commercial Real Estate national news roundup…
July 2015 Florida Real Estate Case Law Updates
By: Daniel T. Pascale, Esq. Foreclosure Sale Notice. Skelton v. Lyons, 157 So. 3d 471(Fla. 2d DCA 2015). Background: Debtor filed objection to foreclosure sale of property. The Circuit Court sustained the objection and set aside the foreclosure sale. Third-party purchaser appealed. Holding: The District…
The Road That Time Forgot ~ NE 2nd Avenue Above Design District: The Sequel
Buena Vista Bistro. Shokudo Miami. The Embassy. Lemoni Café. The District. Mandolin Aegean Bistro.
All of these popular eateries can be found within a few blocks of each other along NE 2nd Avenue, just north of the Miami Design District. In fact, seven restaurants can be found on or near NE 2nd Avenue between 43rd…
Miami Isn’t the Only Hot Florida Hotel Market
Beyond Southeast Florida, cities on the other coast are also winning lender confidence. Find out what’s going in in this Southwest Florida city.
Miami’s Urban Design Revolution
These days their concepts permeate the lives of nearly everyone living in Miami-Dade — when you find an astonishing plaza tucked into the Design District, walk out of a Brickell condo building to stroll along a Miami River walkway, or see a Biscayne Boulevard motel refurbished because of a complex sale of zoning rights.
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Yield Curve Quarterly Snapshot – 2015 Q2
U.S. Treasury Yield Curve Nominal and Real Q2 2015 vs. Q1 2015
At the end of the 2nd quarter of 2015, U.S. Treasury yields, on a nominal basis, were largely unchanged in the shortest maturities versus the quarter prior, but higher as maturities lengthened, about 50 basis points higher on 30-year maturities, but only about 30 basis points higher on the more relevant (to commercial real estate) 10-year maturities. On a real basis, these yields closed somewhat higher across all maturities reflecting a lower inflationary environment.
Interest rates affect commercial real estate in numerous ways (see this, this, and this). Borrowing costs are affected directly, with higher rates increasing borrowing costs and thus negatively affecting demand. Cap rates typically move with interest rates, albeit not in lockstep, with considered analyses generally seeming to conclude that cap rates on average move in the direction of 10-year rates, but only about a third as much. Interest rates affect the economy, which in turn affects vacancy and rents. In short, the interest rate environment is highly important to commercial real estate investment.
View more yield curve quarterly snapshots.
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Miami Commercial Property News July 10, 2015
Miami to consider 76-story tower downtown, Little Havana apartments
Two big residential projects are set to go before the city of Miami’s planning, zoning and appeals board on July 15 – a 76-story tower downtown and an apartment project in Little Havana. City staff recommended the denial of both applications but their fate is up to city officials. Charles Sieger, head of Miami Beach-based Sieger Suarez…
Chetrit Begins Demolition At Miami River Project Site
Demolition is underway at Jospeh Chetrit’s Miami River project, according to Golden Dusk Photography and Phillip Pessar. Eventually, the development is to include over 4 million square feet, including thousands of residential and hotel units, along with commercial space (some have wondered whether Chetrit simply intends to flip the project.)
Progress At Met Square, One Of Two New Movie Theaters Coming To Downtown Miami
Work continues at the Silverspot Cinema at Met Square, which is one of two movie theaters under construction in downtown Miami (the other is Cinemex at Brickell City Centre.) In addition to the movie theater and a restaurant being developed by MDM, Met Square will include an apartment complex. Developer ZOM will build…
Miami Design District property to be updated after $15M sale
A New York firm expanded its holdings in the Miami Design District with the $14.6 million purchase of some retail buildings. Tryumph DD LLC, a Miami Beach-based company managed by Robert Curran, sold the buildings at 70 and 74 N.E. 40th Street to an affiliate of ASG Equities. The brokers on the deal were Tony Cho and…
SFBJ Lists Top Residential Developers
Ranked by S. Fla. closings year ended March 31, 2015. Locally Researched by: Gilberto Medina, South Florida Business Journal.
Bay Harbor Islands condo hotel nabs $23M construction loan
The developer of the Esplendor Bay Hotel in Bay Harbor Islands obtained a $23.09 million construction loan. Bay Village Condos LLC, an affiliate of Dario Elrich’s Blue Sky Group, received the mortgage from Texas-based Hall Bay Harbor Islands. It recently broke ground on a six-story, 96-unit condo hotel with a rooftop pool and bar.
Developer Of 100-Acre Industrial Park Awards Multi-Million Dollar Site Development Contract
The expansive South Florida industrial park is moving quickly toward vertical in time for businesses to meet burgeoning trade implications from Panama Canal widening.
Moishe Mana — whose spending spree stretches from downtown Miami to Wynwood — has just added an apartment building to his existing assemblage. Mana paid $9.95 million for Wynwood Gardens, a 50-unit property at 2000 Northwest Fifth Place, and an 115,000-square-foot lot, creating a link from his existing Wynwood sites to 20th…
North Beach’s Ocean Terrace upzoning still up in the air
A proposed zoning change for Ocean Terrace in North Beach that would allow for greater height and density sparked an outcry from some residents at the Miami Beach City Commission meeting on Wednesday. The proposed upzoning would create an overlay district between Collins Avenue, Ocean Terrace, 73rd Street, and 75th Street.
Heron Bay Corporate Center Trades For $20 Million
The two-building, 89,043-square-foot office campus is 100% occupied.
Related completes fifth new condo tower this cycle
The Related Group — South Florida’s most prolific vertical residential developer — has completed its fifth new condo tower since the current real estate cycle began, with nearly a combined 1,100 units located east of I-95 in the tri-county South Florida region.
As restoration and renovation work continues at Hialeah Park Race Track, the track has dropped a slew of renderings showing what’s coming next; a project for which the track just received a $30 million loan to undertake. In the current renderings, the bougainvillea arches are restored, gracefully…
Mindboggling Reveals: Developer’s Grand Plans for ‘Midtown East’ Are Really Boring
After all that time and effort it took developer Alex Vadia to assemble the triangle of property east of Midtown Miami that included the old Chiquita Banana facility, he’s in contract to sell it to a firm called AMLI Residential, which wants to erect 700 completely nondescript looking apartments…
Underline This: James Corner Field Ops. Reveals Plans for the Underline
At a set of two public meetings a few weeks ago, masterplan designers James Corner Field Operations and the Friends of the Underline laid out their initial vision for The Underline, the epic linear park planned to stretch underneath…
Argentine developers pick up North Beach assemblage
A bundle of properties on Harding Avenue in Miami Beach sold for $5 million, according to a deed recorded on Thursday. Harding Excalibur, an LLC led by Andres Goldenberg and Alejandro Eskenazi, bought the four parcels at 8011, 8017, 8021 and…
Conrad Miami, a 203-key luxury hotel, is now for sale, CBRE Hotels announced on Wednesday. The property at 1395 Brickell Avenue is located in the Espirito Santo Plaza in Miami’s Brickell neighborhood, which includes offices, 103 luxury condos and a retail component. No listing price is offered, but CBRE told The Real Deal that…
Miami-Dade ranks second for distressed sales in U.S.
Miami continues near the top of the list of cities with the highest percentage of distressed home sales, this time during the month of April. A total of 23.8 percent of home sales in the Miami, Kendall and Miami Beach areas were distressed properties…
RelatedISG launches new commercial division
RelatedISG International Realty, along with ISG World, launched its commercial real estate division, The Real Deal has learned. Dirk Saecker, who specializes in commercial properties, will head the division. Before he transitioned into real estate, Saecker founded and led a travel agency and hotel marketing firm. The announcement comes…
Iconic Brickell Hotel Hits the Market
“It’s rare that an asset of this caliber on Brickell Avenue, Miami’s most prominent business address, becomes available.”
Review Helped Commissioner Spread Maligning Speech
The chairman of the Miami-Dade County Historic Preservation Board writes to complain of irregularities in the appeal of the historic designation of the Bay Harbor Continental in Bay Harbor Islands.
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Number of Active Miami-Dade Commercial Improved MLS Listings Ticks Up in July
After dipping to a 3 month low of 2,914, the number of active commercial (improved) listings in Miami-Dade County MLS spiked up to 2,980 in June, the highest level since November of 2014. This is still fairly short of the 5-year peak of 3,500 reached in October 2012, but represents the upper end of a tighter range in recent months.
Among the new commercial real estate listings is an exciting redevelopment opportunity across from Brickell City Centre listed, as of this posting, for $32,877,000. This is one of a couple dozen or so commercial properties, both improved commercial and commercial/business/agricultural/industrial land, in Miami-Dade County that are currently on MLS with an asking price of more than $10 million.
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Miami Commercial Real Estate News July 9, 2015
New Player Enters Downtown Miami Monopoly Board Game
A Flagler Street retail asset has traded for more than $550 per square foot.
Firm Tapped To Market Iconic Miami Hotel Property
The property is proximate to some of Miami’s most recognizable attractions, including Bayside, American Airlines Arena, Miami Tower, Port of Miami and Mary Brickell Village.
Citigroup Renews 125,000-SF Lease at Miami Center
Global banking and financial services corporation Citibank signed a 15-year lease for 123,263 square feet in the Miami Center office building at 201 S. Biscayne Blvd. in Miami, FL. The 34-story building totals 786,267 square feet of 4-Star office space on 5.4 acres in the Downtown Miami submarket…
IMC Purchases The Shoppes of Tamiami East for $15.9M
Gemini Real Estate Advisors LLC sold The Shoppes of Tamiami shopping center located at 14138-14150 SW 8th St. for $15.9 million, or approximately $283 per square foot, to IMC Property Management & Maintenance. Delivered in 2004, the 56,204- square feet shopping center is located in western Miami…
Doral Hotel Sells for $15.9M
Baywood Hotels sold the Las Palmas Hotel & Suites at 8436 NW 36th St. in Doral, FL for $15.9 million, or about $154,000 per room, to Schulte Hospitality Group. The 45,158-square-foot, 103-room hotel was built in 1990 and renovated in 2006. The four-story property features a swimming pool…
Palm Square Sold for $17.6M
Bar Invest Group acquired the Palm Square shopping center at 9801- 9965 Pines Blvd. in Pembroke Pines, FL from Pebb Enterprises for $17.6 million, or about $214 per square foot. The center totals 82,063 square feet in southwest Broward County. The asset was 94 percent leased at the time of sale…
Sleeping Around: Downtown Miami Getting a Yotel, Possibly with a Luggage Robot
A Kuwaiti real estate company called AQARAT and Miami’s Aria Development Group have submitted plans for a 45 story combo hotel and residential tower smack dab in the middle of Downtown. The hotel will be a Yotel Hotel, a funky chain known for its small but high-tech rooms…
Mana Downtown Mania: Moishe Mana’s Early Downtown Miami Plans Are Lookin’ Good
Downtown Miami
In its mysterious, totally non-transparent way The Next Miami has scored an early video with renderings “produced by associates of Mana” of developer Moishe Mana’s plans for his many properties in Downtown Miami focused around Flagler Street. What’s revealed is obviously not a full look at the…
The Top Ten Issues Affecting Real Estate Right Now
The impact of retiring Baby Boomers and the rise of the Millennial generation – will likely have the most significant impact on real estate near- and long-term.
Developer of big residential and commercial project in North Miami Beach seeks partner
The owner of the largest development-ready site in North Miami Beach is looking for a partner as it prepares plans for up to 2,300 residential units and 2.5 million square feet of commercial space. Moore 77 LLC, managed by Jacob Elharar, paid $17 million in June 2014 for the former TECO Gas site at 15780 West Dixie Highway. Along with…
Miami Worldcenter Developers Adding 10,000
Miami Worldcenter is already making a measurable economic impact. Find out what happened in Overtown this week.
Related Closes $137M Loan for Doral Project
“This will be a game changer for Doral,” says Steve Patterson, president of Related Development.
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