Ares cements top ranking for pricey purchases in South Florida, paying $147M for Miami Lakes industrial complex

Ares Management paid $147 million for a recently completed Miami Lakes warehouse complex, notching the biggest industrial purchase so far this year. It’s also the third time in less than a year that Los Angeles-based Ares dropped nine figures for a South Florida commercial property. An affiliate of the private equity firm acquired Midway Miami Park, a collection…

Bridge Industrial expands warehouse portfolio near Miami International Airport with $45M purchase

Bridge Industrial continues stacking up warehouse sites in Miami-Dade County, acquiring a Doral business park for $45.4 million. An affiliate of Chicago-based Bridge, led by CEO Steve Poulos, acquired Corporate Park of Doral at 7705 Northwest 48th Street, records and real estate database Vizzda show. Sitting on 15.7 acres, the complex consists of eight buildings with…

Work On 40-Story Edgewater Tower To Begin Q1 2025

In Edgewater, a 40-story tower known as Cove Miami has converted reservations for condos into contracts and announced a construction start date. Construction work is planned to commence in Q1 2025, the developers of the project said yesterday. Even before converting to contracts, there was strong interest in the 134 condo units planned through the reservation process…

Ricardo Dunin’s Oak Capital, Edifica propose 832-key Brickell hotel, boosting their development in Miami’s financial district

Developer Ricardo Dunin and Peruvian firm Edifica propose a 43-story hotel in Brickell, marking the companies’ continued investment in Miami’s financial district. North Development, a joint venture between Dunin’s Miami-based Oak Capital and Edifica, are under contract for an undisclosed price for the 0.6-acre development site at 132, 142 and 152 Southwest Ninth Street…

Demolition Permit For One Brickell City Centre Supertall Site Back In Review

A total demolition permit for an older building at the One Brickell Citycentre site is back in review. The demolition permit for an office building at 799 Brickell Plaza was first applied for in April 2023, and is now in its tenth review cycle as of October 10. Demolition of another office building at 700 Brickell Avenue recently wrapped up. It also forms part of the One Brickell…

Doral Gateway East project adds 330 residences, removes hotel

Doral officials are moving forward with updated proposed Doral Gateway East residential development modifications. With a 4-1 in favor vote during the Oct. 9 council meeting, Centrum Doral Owner LLC ‘s request for a modification to the Master Development Agreement (MDA) and a modification to the Pattern Book (PB) for the east portion of Doral Gateway East Neighborhood…

Miami Office Leasing on Track For Slowest Activity Since Pandemic

Office leasing in Miami is on track for one of its slowest years since the pandemic hit the country. It comes from Avison Young’s third-quarter market report that evaluated the performance of the asset class. As of September, leasing inched just over 2.5 million square feet year-to-date. At the same time in 2022, the figure was around four million and just under that mark a year later.

10 Story Apartment Towers with 1,426 Units Proposed for Miami Springs

The Miami Springs City Council discussed plans that were circulating at Miami-Dade County to develop three parcels of Miami Springs land currently owned by Miami-Dade County Aviation. According to an article by Theo Karantsalis and published in The Miami Herald, those plans include three (3) 10-story towers with 1,426 apartment units. I’m sure you’ve noticed some…

Aimco under contract to sell Hamilton multifamily tower, nearby Edgewater dev site for $204M combined

Aimco is selling the Hamilton apartment tower at 3333 Biscayne Boulevard in Edgewater and a nearby development site for a combined $204 million. The pending deals come as the real estate investment trust has been putting some of its prime South Florida holdings on the market this year. Denver-based Aimco is under contract to sell the Hamilton tower for $190 million…

Buyer revealed: Kushner purchasing Hamilton apartment tower in Miami’s Edgewater for $190M

Aimco is selling the bayfront Hamilton apartment tower in Miami’s Edgewater to Kushner Companies, The Real Deal has learned. Denver-based Aimco, led by CEO Wes Powell, previously announced it’s under contract to sell the 28-story, 276-unit Hamilton at 555 Northeast 34th Street and its share of the nearby development site at 3333 Biscayne Boulevard…

This Week’s South Florida Deal Sheet: Aimco To Sell 2 Edgewater Properties For $204M

Apartment Investment and Management Co. has reached two all-cash deals for a combined $204M to sell the Hamilton apartments and a nearby Edgewater development site. The apartment REIT declined to name the buyer of the 276-unit, 28-story Hamilton, but it said the property is under contract for $190M with the buyer committing to a nonrefundable deposit.

Aimco Strikes $204M Deal to Sell Miami Assets

Aimco has struck a deal to sell its equity in two real estate properties in Miami, Florida for $204 million. One of them is for The Hamilton, a 276-unit apartment building. The other is for a development at 3333 Biscayne Boulevard, which sits on 2.8 acres. For the latter sale, the real estate firm said its unnamed joint venture partner purchased its stake for $13.8 million, with the gross…

Tri-Rail express to downtown Miami booms; daily passengers up 54% in 4 weeks

Tri-Rail’s one-seat weekday express, launched July 1, has been regularly achieving a 100% on-time performance and ridership is growing, reports Victor Garcia, South Florida Regional Transportation Authority public affairs director. The express leaves West Palm Beach at 6:30 a.m., stopping at Boca Raton, Fort Lauderdale Airport and Metrorail Transfer, arriving at MiamiCentral…

Miami International Airport terminal upgrade advances

County commissioners were expected this week to approve a seven-year, $40 million contract for architectural and engineering services as part of a far larger expenditure to upgrade Miami International Airport’s Central Terminal. “The Central Terminal is a key part of MIA’s infrastructure,” a mayor’s report to commissioners says. “It houses various essential services and facilities…

Two projects spring from Miami’s deal with Adler Group

Fences surround the formerly proposed location for Miami’s administration offices downtown as construction begins at the site where a 36-story apartment tower will rise instead, with the municipal building breaking ground in the first quarter of 2025 near the airport. Miami-based Adler Group is developing the two projects as part of a public-private partnership…

Miami-Dade Aviation Department CEO Ralph Cutié: Piloting airport’s improvements as passenger traffic soars

Since being appointed director and chief executive officer of the Miami-Dade Aviation Department about three years ago, Ralph Cutié has led an unprecedented investment of $7 billion in capital improvements and $1.7 billion in maintenance upgrades. Over the next 10 years, Miami International Airport flyers will see upgraded restrooms, new passenger boarding bridges…

Terra, Turnberry score $75M grant for Miami Beach Convention Center hotel project

Terra and Turnberry are getting a $75 million taxpayer infusion for the joint venture’s convention center hotel project in Miami Beach. Despite securing more than $500 million in private financing for the Grand Hyatt-branded development at the intersection of 17th Street and Convention Center Drive, Terra and Turnberry need to plug a funding gap in construction costs…

Meta Development Plans 36-Unit Luxury Condo at 1888 Brickell Avenue in Miami

International firm Meta Development has plans to demolish the five-unit Houses of Brickell Condominium and replace it with a luxury development. The new venture would offer 36 residences with the cost of ownership hovering around $2.5 million each. The Real Deal reports that the project’s scope calls for two five-story buildings that would be connected by a rooftop pool…

Värde seeks $77M foreclosure against Coral Gables office complex owner

Värde Partners is foreclosing on the owner of a Coral Gables office complex for allegedly defaulting on a $68.9 million mortgage. Since August, the amount owed ballooned to $77.4 million, including accrued interest and late fees, according to a foreclosure complaint filed this week in Miami-Dade County…  buildings at 1 Alhambra Plaza. It is owned by an affiliate of…

Affinius Capital Faces Foreclosure On $69M Coral Gables Office Loan

A 262K SF Coral Gables office tower could be headed to foreclosure as it struggles with occupancy despite the neighborhood’s rising profile as a destination for Miami’s office users. The foreclosure suit was filed against San Antonio-based Affinius Capital regarding a $69M mortgage backed by Columbus Center, a 14-story office building located at 1 Alhambra Plaza.

Final cut: Cachita Universal Studios could lose Doral production facility to foreclosure

Cachita Universal Studios near Doral could be entering its final filming season after a lender filed a foreclosure complaint against the owner of the television production facility. An affiliate of Miami-based Altamar Financial Group is suing Alain Piedra-Hernandez, president of HH Coffee Group, which owns the 81,765-square-foot building at 7355 Northwest 41st Street…

Recently Delivered 500,000 SF Logistics Park – Miami Midway Park – Sells

CBRE has arranged the sale of Miami Midway Park, a four-building distribution business park totaling 505,518 sq. ft. on… The four buildings included in the sale were: 9695 NW 174th Street: 71,708 sq. ft.; 100% occupied; 9675 NW 174th Street: 71,708 sq. ft.; 76% occupied; 9575 NW 174th Street: 181,051 sq. ft.; 100% occupied; 9535 NW 174th Street: 181,051 sf…

Pre-Application Filed for 600-Unit Apartment Development at Pullman Miami Airport Hotel Parking Lot

London + Regional Properties, the Pullman Miami Airport hotel owner at 5800 Blue Lagoon Drive, has filed a pre-application with Miami-Dade County to develop two eight-story apartment buildings on the hotel’s parking lot. The proposed project would introduce 600 new apartments to the 10-acre site, which currently houses the 281-room, 13-story hotel built in 1986.

120-Unit ‘Courtside II’ to Break Ground at 1698 NW Third Avenue and 1501 NW Fourth Avenue in Miami

The second and final phase of an affordable housing development will soon break ground in Miami-Dade County. Courtside II is the second phase of Courtside, the first phase of which opened in 2016. The $58 million venture will comprise 120 residences in two seven-story buildings. Multi-Housing News reports that Courtside II will require 161,000 square feet of new…

Mapping the five proposed Live Local Act projects in Miami’s Wynwood

On the corner of Northwest Sixth Avenue and Northwest 26th Street in Miami’s Wynwood, a developer wants to replace the one-story Austin Burke menswear store with an apartment tower of up to 20 stories. The project would jut out above the surrounding one-story and two-story warehouses retrofitted into businesses, as well as above a 10-story building to the east.

MG Developer’s pipeline grows after landing $15M for Coral Gables condo project

MG Developer nabbed a $14.5 million loan for pre-development costs associated with a planned Coral Gables boutique condominium project. Three New Tork-based lenders, H Equities, 141 Funding and Maxim Capital Group, provided the financing for Alhambra Parc, a planned 11-story building with 78 condos at 33 Alhambra Circle, a press release states. A Colliers team led…

HTG Begins Construction on $58M Affordable Housing Community in Miami’s Overtown Neighborhood

Housing Trust Group (HTG) has begun construction on Courtside Apartments II, a $58 million affordable housing community project located in the Overtown neighborhood of Miami. Upon completion, the property will total 120 units in one-, two- and three-bedroom layouts. This marks the second and final phase of a two-phase development that began with the opening…

HTG teams up with Alonzo Mourning’s nonprofit on Overtown affordable housing project

Housing Trust Group and NBA Hall of Famer Alonzo Mourning’s nonprofit plan a 120-unit affordable housing project in Overtown, as development of below-market rate rentals booms in South Florida. Coconut Grove-based Housing Trust Group and AM Affordable Housing will develop the $58 million Courtside Apartments II with a pair of seven-story buildings…

HTG, AM Affordable Housing Build in Miami

Construction has begun on Housing Trust Group and AM Affordable Housing’s Courtside Apartments II, a $58 million affordable community in Miami’s Overtown neighborhood. Comprised of 120 units, Courtside Apartments II marks the second part of a comprehensive two-phase development. Funding for the project included a $30 million construction…

Site Work Permit Issued for 67-Story JEM Private Residences at Miami Worldcenter

Miami’s Building Department has issued a site work permit for JEM Private Residences, a 67-story mixed-use development at 1016 Northeast 2nd Avenue in Miami Worldcenter. Valued at $3 million, the permit was granted on October 3, with Coastal Construction as the contractor. The building will feature 259 condominium units on the upper floors and 530 multi-family…

Discount shopping: Easton nabs JCPenney store at Miami International Mall

Easton Group bought a JCPenney store at Miami International Mall, and the struggling retailer will stay on as the tenant. Ed Easton, chairman of his Doral-based eponymous firm, told The Real Deal that he has no immediate plans to redevelop the 10.3-acre site at 1603 Northwest 107th Avenue in his home city. Other developers like Electra America and Codina Partners…

Brickell Office Building Sold For Record-Breaking $443M

The 701 Brickell office tower has been sold for $443M – the most ever for an office building in Brickell. It is also the second highest price for an office building in Florida, trailing only the $540 million sale of the 1.2 million square foot Southeast Financial Center in 2016. 701 Brickell last sold in 2002 for $172m, property records show. The 32-story building has 685,279 square feet…

40-Story, 466-Unit Flow House Launches Sales At Worldcenter

Flow House is launching sales at Miami Worldcenter. The new property will offer the same amenities and community events as Flow’s existing rental towers. Flow House will rise 40-stories, and include 466-units. Units will be delivered finished and furnished, with studios starting at $450,000 and one bedrooms starting at $600,000. Units will include sustainably sourced…

Developer Plans Condo Building At 1870 Brickell

Miami-based META Development says it has acquired the property at 1870 Brickell Avenue, with plans to build a condo building. The company is also in contract to buy the adjoining 1880 Brickell Avenue, which will be merged to form the development site. The combined purchase price is $21m. The new condo building will rise 5 stories, with 36 units. Prices will start at $2.5m…

Brooklyn developer launches sales for second Bay Harbor Islands condo project

Brooklyn-based developer Redhoek+ is launching sales for its second planned condo project in Bay Harbor Islands. The planned seven-story, 18-unit Pool Haus at 1130 100th Street is intended to be a “sister building” to Solina Bay Harbor, the first South Florida condo project that Redhoek+ launched, said CEO Lee Cohen. Redhoek+ tapped Alyssa Soto Brody and Alyssa…

Closings underway at Fort Partners’ Seaway at the Surf Club luxury condo project

Fort Partners completed a boutique condo project next to its record-setting Four Seasons Hotel and Residences at the Surf Club in Surfside, newly recorded closings show. An affiliate of Fort Lauderdale-based Fort Partners, led by Nadim Ashi, has so far sold 13 luxury condos at Seaway at the Surf Club, a 34-unit, two-building development at 9149 Collins Avenue. The oceanfront…

UBS Is Sounding The Alarm About Miami Real Estate – Is It Overpriced?

Miami, Florida, has been one of the real estate industry’s biggest success stories over the last several decades. A combination of great weather, development, and a bustling job market has turned Miami into one of America’s top real estate destinations. However, recent concerns have emerged. Analysts at UBS are expressing concerns that the Miami real estate…

New Interior Renderings Revealed For ELLE Residences Miami

ELLE Residences Miami has revealed a fresh set of interior renderings, giving a detailed look into the design aesthetic of its 25-story residential tower, set to bring Parisian elegance to Miami’s Edgewater neighborhood. The project will feature 180 residences, each reflecting ELLE’s iconic design ethos, rooted in the chic sophistication of Paris. The interiors…

Renderings: Public Park Proposed On Watson Island In Exchange For Condos

A new website has been created showing conceptual images of a park on Watson Island (to see all 16 images, click here). Developers Terra and ESJ Capital, the owner of Jungle Island want to develop hundreds of condos on the north side of the island. In exchange, they would buy or lease the Jungle Island property, cancel the theme park and hotel lease, build a 13-acre park…

Lender seeks $13M foreclosure against Hollywood warehouse owner

A Hollywood warehouse owner is in danger of losing the building to foreclosure. Nearly a dozen entities managed by David Frank in Miami allegedly failed to repay a $1.8 million loan and a $10.8 revolving line of credit secured by a single-story, 8,640-square-foot industrial building at 1980 Grant Street, court records show. The lender, Woodlands, Texas-based…

City of Miramar to Review Plans for “The Park Miramar” Mixed-Use Development at October 16 Commission Meeting

The City Commission of Miramar will review a proposed large-scale mixed-use development named The Park Miramar, designed by 505Design, on October 16, 2024. The project, planned for a 125.8-acre site at the northeast corner of Red Road and Miramar Parkway, will include various residential, commercial, and recreational components. The development will consist…

Dual-Branded Fairfield Inn & TownePlace Suites Proposed for Miramar Park of Commerce

A dual-branded Marriott hotel is being proposed just off Florida’s Turnpike in Miramar, marking another significant development in the growing area. The City Commission is set to review the site plan for the Fairfield Inn & TownePlace Suites on October 16. The project is being developed by Miramar Park Hotels, led by Sanjaykumar Patel, Sadhanaben Patel, and Akesha Sanjay…

First Look: Interiors at 23-Story Residential Tower ‘Lumaire’ in Downtown West Palm Beach

Lumaire, rising 23 stories at 201 Clearwater Drive in Downtown West Palm Beach, offers a first glimpse of its interiors, marking a significant debut for CetraRuddy’s first interior design project in the area. In partnership with DesignBAR, the firm has crafted 457 residences featuring floor-to-ceiling windows, wide plank flooring, European-inspired kitchens…

Wheelock lists The Ben West Palm Beach for $208M

Wheelock Street Capital is accepting bids for a 208-key hotel along West Palm Beach’s waterfront, starting at $1 million per room. Greenwich, Connecticut-based Wheelock recently put The Ben West Palm Beach at 251 North Narcissus Avenue on the market with an asking price of $208 million, according to an online listing. CBRE is marketing the property.

Industrial On Pace To Absorb More Than 100M SF This Year

https://www.globest.com/2024/10/09/industrial-on-pace-to-absorb-more-than-100m-sf-this-year/ Fueled by unleased speculative deliveries, the national industrial vacancy rate has climbed by 30 basis points during the third quarter to reach 6.4%, according to Cushman & Wakefield’s latest industrial segment research. This represents the lowest quarterly…

Office Submarkets Bucking the Trend Through Mid-Year

Highlights: As of the second quarter of 2024, our top 82 primary office markets were evaluated based on their year-to-date change in effective revenue. Among our five regions, while the Northeast was the top ranked region for the multifamily and retail sectors, its office sector performance ranked last given its effective revenue declined by 129-bps over the first half of the year.

Video: Deloitte Real Estate Solutions Leader John D’Angelo Presents 2025 Commercial Real Estate Outlook

On the latest episode of America’s Commercial Real Estate Show, the show host sat down with John D’Angelo, Real Estate Solutions leader at Deloitte, to discuss Deloitte’s 2025 Commercial Real Estate Outlook. The conversation covered crucial national market trends and predictions, bringing insights that resonate across the industry, especially as we close out…

Video: The Counselors of Real Estate Chair Anthony DellaPelle Discusses Top Ten Issues Affecting Real Estate 2025

In a recent episode of *America’s Commercial Real Estate Show*, the show’s host welcomed Anthony DellaPelle, chair of The Counselors of Real Estate (CRE) and also a lawyer with the New Jersey based firm of McKirdy, Riskin, Olson & DellaPelle, to discuss the Top Ten Issues Affecting Real Estate for 2025. This annual report, developed by the CRE through extensive polling…

CMBS Troubled Loan Tracker: Office Delinquencies Accelerate to Nearly 5X the Level of Early 2023

Conduit & fusion loan delinquencies continue to creep up toward the pandemic high of 8.3% after increasing for the eleventh consecutive month to 7.0% and show no signs of slowing down. Although the Federal Reserve has slashed interest rates by 50 bps and many have priced in another 25 to 50 bps cut by the end of the year, the elevated maturities and lack of debt…

Commercial Real Estate Nationally: Moody’s Q3 2024 Preliminary Trend Announcement

Multifamily Performance Steadied, Office Stress Continued to Manifest, Retail Vacancy Declined, And Industrial Cooled Down The commercial real estate (CRE) industry received welcome news in September as the FOMC lowered the target federal funds rate by 50 basis points (bps) bringing expectations of continued relief in meetings ahead. The period of…

Rent burden may not hinge on the election result

Summary: Housing Affordability Crisis: The United States is facing a significant housing affordability crisis, with homeownership rates dropping and a large percentage of renters being cost-burdened.Impact of the Pandemic: The pandemic exacerbated the housing burden by accelerating household formation and deepening pre-existing housing shortages due to a tight labor…

With Pandemic-Era Excess Savings Depleted, What Lies Ahead for the Hotel Sector?

Highlights: Although excess pandemic-era savings have been fully depleted as of March 2024, Moody’s expects the Federal Reserve will navigate a soft landing for the U.S. economy with real GDP expected to increase by the mid-2% area in 2024 and the low-2% area in 2025.With non-financial assets such as real estate holdings and vehicles accounting for a larger share…

Hurricane Helene data story: 161,849 commercial properties in direct path of hurricane

Hurricane Helene’s projected track across Florida’s panhandle and the South has potential implications for public safety and business continuity. Nearly 162,000 commercial real estate properties in the state have a greater than 50% probability of being exposed to wind speeds of at least 50 mph — the wind speed at which some damage is likely. The total estimated value…

Hurricane Milton’s destruction: crane collapse, tornado damage, flooding

In the wake of Hurricane Milton, developers and contractors in the Tampa Bay area are evaluating damage at project sites, calling insurers and preparing to resume construction work. Milton made landfall as a Category 3 storm with winds of 120 miles per hour on Wednesday night in Siesta Key in Sarasota County, flooding streets and homes, and spawning tornadoes…

What is the gross rent multiplier?

There are many factors to consider when evaluating multifamily investment properties. The gross rent multiplier (GRM) is one tool that can help investors quickly estimate a property’s value. What is the GRM in real estate? The GRM is the ratio of an investment property’s market value to the annual gross rent it generates. The lower the GRM, the better the estimated…

The What and the When Matter for the Losses of Real-Estate Lenders

Not every commercial-real-estate lender in the U.S. is at risk following the sharp downturn in prices since 2022. The timing of loan originations and the type of properties used as collateral are key factors in estimating losses. Lenders who originated loans late in the cycle, such as debt funds, tended to have larger unrealized losses on the underlying collateral.

Updated RealPage Forecast Indicates Strong Multifamily Demand, More Mild Rent Growth

After starting the quarter below its long-term average, employment ended September on a high note, with an increase of nearly 254,000 jobs. This brings the total number of jobs created in the first nine months of the year to 1.8 million, which is 24% below the level seen during the same period last year. As inflation has been on a downward trajectory for some time now…

Office Loan Maturity Monitor: Maturities Picked Back up in August

Highlights: $2.5 billion CMBS office loans reached fully extended maturity in August, the highest monthly total since we started tracking in January 2023. The payoff rate was strong, at 56.9%. Maturities with debt yield above 8% and limited lease rollover continued to exhibit the strongest performance Although several large loans paid off in August, smaller loans continue to pay…

$443M Sale of 701 Brickell Office Tower in Downtown Miami Arranged

JLL Capital Markets has arranged the $443 million sale of 701 Brickell, a trophy office building totaling 685,279 square feet in the heart of downtown Miami’s Brickell financial district. The sale marks the second-largest office transaction in Florida history, according to JLL. Morning Calm Management and its partner purchased the asset from Nuveen Real Estate.

Nuveen Sells Miami Trophy Tower for $443M

The newly-sold tower (pictured in the center) rises inside Miami’s financial district. Image courtesy of JLL Nuveen Real Estate has sold 701 Brickell, a 685,279-square-foot trophy office tower in Miami. Morning Calm Management and its partner acquired the Class AA asset for $443 million in an all-cash deal. JLL represented the seller and procured the buyer. The deal marks…

Elliott completes Brickell office tower purchase for $443M, solidifying the hedge fund’s position as major South Florida player

Paul Singer’s Elliott Investment Management completed its purchase of a Brickell office tower for $443 million. The deal, billed as the second largest office deal in state history by the brokers involved, makes Singer’s hedge fund a major player in one of South Florida’s most active office submarkets. Elliott, which is now based in downtown West Palm Beach after moving from New York…

Nuveen Closes On Sale Of Brickell Office Tower For $443M

Nuveen sold the 685K SF office tower at 701 Brickell Ave. in Miami’s financial district for $443M, more than twice what it paid for the property two decades ago. The deal shows that there is still big investor appetite for prime office buildings in desirable markets. Boca Raton-based Morning Calm Management and an unnamed partner purchased the 33-story tower in an all-cash…

Miami Trophy Office Trades for $443M

Morning Calm Management and its partner has acquired a trophy Class AA office building in the heart of Miami’s financial district for $443 million. The sale of the 685,279 square foot building, owned by Nuveen Real Estate, was structured as an all-cash transaction and represents the second largest office transaction in Florida history, just behind the $540 million sale…

Multiple Permits Filed for 38-Story Mixed-Use Tower at 401 Northeast 29th Street

Construction permits for 2900 Terrace, a 38-story mixed-use tower planned at 401 Northeast 29th Street in Miami’s Edgewater neighborhood, are advancing through the approval process. Three permits are under review: a phased vertical permit and a tree removal permit, filed on October 4, and a site work permit for foundation work submitted on October 7.

Banyan Street Capital Requests Modification for 8750 NW 36th Street and 3787 NW 87th Avenue in Doral

An affiliate of Miami-based Banyan Street Capital hopes to get a modification request granted for a mixed-use project in Doral. City records list the project’s name as “Gateway DMU MDA & Pattern Book Modification”, and it concerns 12.4 acres of a larger 25.2-acre site. When the project was originally approved in 2014, developers sought to construct 150 hotel rooms…

FDOT Planning Street Realignment In Front Of Brickell City Centre

Plans are underway for a project that will see a street realignment and a new crosswalk in front of Brickell City Centre. The area is among the busiest for both pedestrians and vehicles in Miami. The street planned for realignment is the north leg of South Miami Avenue. It runs between an existing Brickell City Centre block, and the former Tobacco Road property, where a future phase…

Miami-Dade legislation seeks way to add major new airport

Mayor Daniella Levine Cava would have to detail within 90 days how to handle the Herculean task of creating another major Miami-Dade airport under legislation a committee faces this week. That airport must handle cargo, commercial passengers and general aviation within the county’s system, according to Commissioner Kevin Marino Cabrera’s resolution. He cites rapid passenger…

Should Miami Build New Airport? County To Discuss

Miami-Dade commissioners are set to vote on a resolution that would authorize a feasibility study on building a new airport. Miami-Dade’s Airport and Economic Development Committee is scheduled to have a hearing on October 9 where the resolution is on the agenda. Commissioner Kevin Marino Cabrera sponsored the resolution. The resolution notes that the county…

Metromover To South Beach Moving ‘Expeditiously’

Miami-Dade is advancing with plans to extend the Metromover to South Beach, according to Miami Today. The county plans to move forward “expeditiously” with the project, according to Josiel Ferrer-Diaz, who is the Deputy Director of Miami-Dade’s Department of Transportation and Public Works. The comments were made at a meeting of the Citizens’ Independent…

New passenger rail in play for East-West Smart Plan corridor

A county measure to be discussed this week would order Mayor Daniella Levine Cava to report in 90 days on the feasibility of alternate modes of transportation, including passenger rail, instead of an earlier bus solution for the East-West Corridor of the long-awaited Smart transportation effort. The vote would direct the mayor to “take all necessary actions in order to provide…

Hotusa checks into Miami Beach, pays $20M for Art Deco hotel

Grupo Hotusa is booking into Miami Beach, acquiring an Art Deco hotel for $19.7 million. An affiliate of Barcelona-based Hotusa, led by President Amancio Lòpez Seijas, bought the Eurostars Winter Haven, a 71-room property completed in 1939 at 1400 Ocean Drive, records and real estate database Vizzda show. Hotusa also owns Eurostars, the brand that operates the hotel.

Undaunted By Prior Rejections, Continuum Co. Offers $141M For Surfside Condo Buyout

The Four Winds condominium building is prime real estate in the heart of Surfside, and it has become a sort of white whale for developers chasing beachfront property. Ian Bruce Eichner’s Continuum Co. is trying for a third time to buy out the condo units at the building at 9225 Collins Ave., offering $141M, Commercial Observer reports. The developer offered $125M last year…

Little Havana mixed-use project has ‘a little art deco feel’

A developer is proposing a new mixed-use residential project for Little Havana, offering ground floor retail and a parking garage with dedicated electric vehicle charging outlets. WR Flagler LLC plans the project, 2157 Flagler Residences, for property on West Flagler Street and Northwest 22nd Avenue. The eight-story building will have 197 residential units, more than 4,500 sf…

Eric Carpenter: Miami Beach’s city manager looks for workforce housing

Eric Carpenter, a public servant with over 20 years of experience, was appointed Miami Beach city manager in July. With a decade in various senior roles within the city, Mr. Carpenter replaces Alina T. Hudak, who became the first woman to hold the role in 2021 before retiring from government this year. A licensed professional engineer, Mr. Carpenter’s introduction…

Resia Sells New 390-Unit Resia Old Cutler Apartment Community in Goulds Neighborhood of Miami-Dade

Resia has sold Resia Old Cutler, a 390-unit apartment community located at 22555 S.W. 107th Ave. in Goulds, roughly 30 miles southwest of Miami. Kayne Anderson Real Estate acquired the property — which was completed in 2023 and offers one-, two- and three-bedroom residences — for an undisclosed price. Amenities at Resia Old Cutler include a multipurpose room…

Resia Sells Miami Area Property

Resia has sold Resia Old Cutler, a 390-unit community in Goulds, Fla., just south of Miami. Kayne Anderson Real Estate bought the property, marking its first acquisition from Resia. The seller will continue to manage the property. Completed last year, the pet-friendly property came online with help from a $60.3 million construction loan originated..

Meta Development plans Brickell boutique condominium

Meta Development is planning a boutique lowrise condominium with 36 units in Miami’s Brickell, once it completes its acquisition of an assemblage for a total of $21 million. The Miami-based firm, which launched late last year, is under contract to purchase a small apartment building at 1880 Brickell Avenue for $10.7 million, Meta President Andrew Rasken told The…

Sushi Garage Joins the Culinary Lineup at The Standard Residences in Midtown Miami

Rosso Development, Standard International, and Midtown Development have announced that Sushi Garage, a popular Miami eatery, will open at The Standard Residences, Midtown Miami. This restaurant, founded by the Juvia Group’s Jonas and Alexandra Millán, is known for its modern take on traditional Japanese cuisine and will be a central dining venue at the highly…

Northwood dips into South Florida’s industrial market with $47M Doral warehouse purchase

Northwood Investors is wading into South Florida’s booming industrial market after paying $46.5 million for a Doral warehouse. An affiliate of Northwood, a Denver-based real estate investment firm, purchased a 201,827-square-foot facility at 10000 Northwest 15th Terrace, records and real estate database Vizzda show. The deal breaks down to $230 a square foot.

Massive Mixed-Use ‘HueHub’ Planned for 8400 NW 25th Avenue in Miami

27th Ave HollandPark EcoreResidences LLC has plans for a massive mixed-use project in Miami-Dade County. If approved by city officials, HueHub would comprise five high-rise buildings, measuring 26 to 37 stories above grade. Plans call for 3,233 residences and 57,260 square feet of retail. There would also be a one-story amenity center and two parking garages…

SmartStop adds fourth self-storage facility to South Florida portfolio, paying $31M for North Miami site

SmartStop beefed up its South Florida self-storage portfolio, buying a recently completed North Miami facility for $30.8 million. An affiliate of Ladera Ranch, California-based SmartStop, led by CEO H. Michael Schwartz, acquired a three-story 99,280-square-foot self-storage building at 250 Northeast 135th Street, records and real estate database Vizzda show.

FAA Permits Filed for 28-Story Residential Tower in Miami’s Little River Neighborhood

Developers 8038 and 165 Owner LLC, an affiliate of Infinity Collective and MVW Partners, have submitted FAA permits for a new residential tower planned for Miami’s Little River neighborhood. Filed on September 17, 2024, the request asks for approval to construct a 360-foot-tall building, or 368 feet above mean sea level. The application is currently under review by the…

MG Developer, Prosper pay $31M for North Bay Village condo dev site

MG Developer teamed up with Prosper Group to acquire a waterfront condo development site in North Bay Village for $30.9 million, The Real Deal has learned. Miami Beach-based Prosper, a development firm led by Jay Roberts, has been in contract to buy the 1-acre assemblage at 1681 North Bay Causeway and 1725 79th Street Causeway. Coral Gables-based MG Developer…

The EcoTech Visions Foundation Moves Closer to Project Construction at 2090 Ali Baba Avenue in Opa-locka

The EcoTech Visions Foundation has secured a rezoning change to make its affordable housing development possible. A new ruling has released the 15,625-square-foot property from the Infill Housing Initiative Program, which did not allow for the development of multi-family communities. Now, the Miami Gardens-based organization can proceed with an eight-story…

‘Exceptional Response’: Already Nearly $500M In Contracts For New Brickell Tower

Swire Properties has announced that it is experiencing an “exceptional” sales response for its planned Brickell towers, The Residences at Mandarin Oriental, Miami. Nearly $500 million in contracts were signed in the first 60 days of sales, out of nearly $1 billion in reservations, the developer said. A 7,000-square-foot sales pavilion opened at the development site…

Pre-Application Filed For Another Brickell Avenue Supertall

There could be another supertall tower coming to Brickell Avenue. A pre-application for the new tower at 1414 Brickell was submitted to Miami-Dade planners on October 2. The tower is proposed to rise 81 floors, or 1,010 feet. Elevations submitted as part of the filing show that it is the maximum height limit allowed by the FAA for the property. 1414 Brickell is proposed to include…

P6 enters Miami-Dade market after paying $16M for dev site near Aventura Mall

P6 Group expanded its pipeline into Miami-Dade County, paying $16 million for a development site near Aventura Mall. The Boca Raton-based developer is planning The Gateway, an 18-story mixed-use project with 210 apartments and 13,185 square feet of office space. A P6 affiliate acquired a 1.4-acre assemblage at 2600 and 2630 Northeast Ives Dairy Road in Ojus…

Ares cements top ranking for pricey purchases in South Florida, paying $147M for Miami Lakes industrial complex

Ares Management paid $147 million for a recently completed Miami Lakes warehouse complex, notching the biggest industrial purchase so far this year. It’s also the third time in less than a year that Los Angeles-based Ares dropped nine figures for a South Florida commercial property. An affiliate of the private equity firm acquired Midway Miami Park, a collection…

East Capital’s Miami-Dade industrial buying binge continues with $48M purchase near Aventura

East Capital Partners is amassing industrial properties in Miami-Dade County, buying its third warehouse complex this year. An affiliate of Darien, Connecticut-based East Capital, led by co-founders Drew DeWitt and David Archibald, paid $48 million for Skylake Executive Industrial Park at 19501-19599 Northeast 10th Avenue near Aventura, records and real estate database…

South Miami grants initial approval to Sunset Place development agreement

South Miami commissioners unanimously approved a development agreement with Alex Vadia’s firm for the Shops at Sunset Place mixed-use project, the largest redevelopment planned in the city. The resolution will return to the South Miami commission for a second reading vote on Oct. 15. Commissioners will also take up site plan approval at the meeting later this month.

More Details Revealed for Summit Brickell, Highlighting Building Program and Public Benefits

More details on the building program for Summit Brickell have been revealed from a recent filing, highlighting key aspects of the project and its contributions to the community. The 65-story, 750-foot tower at 1015 Southwest 1st Avenue (alternatively addressed as 88 SW 10th Street) in Miami’s Brickell Financial District is set to include 505 residential units, with 1,933 sf…

Domus Brickell Park Begins Vertical Ascent at 1611 SW 2nd Avenue in Miami’s Brickell Financial District

Following several months of foundational work, Domus Brickell Park, a short-term-rental-friendly condominium tower at 1611 Southwest 2nd Avenue, is beginning its vertical ascent in the heart of the Brickell Financial District. The 12-story, 171-unit development from North Development is set to redefine the traditional condo-hotel market, with progress moving swiftly since…

New Renderings Unveil Amenities and Living Spaces for ‘Cassia’ at 4011 Salzedo Street in Coral Gables

Alta Developers has unveiled new renderings of Cassia, a 12-story luxury condominium development designed by Behar Font & Partners at 4011 Salzedo Street in Coral Gables’ Merrick Park District. These renderings provide a glimpse into the Grand Lobby, Wellness Lounge, Spa Indoor Pool, Executive Business Center, and Social Club. The images also showcase the thoughtfully…

Developers File Pre-Application for Wellness Hotel at 132 SW 98th Street in Miami

Developers have filed a pre-application for the House of Wellness Hotel in Miami-Dade County. The hotel, measuring 43 stories above grade, would occupy a 0.6-acre site. Upon completion, it would offer 823 units, spanning levels 11 to 42. The South Florida Business Journal reports that the high-rise tower will have 339 parking spots on floors two through nine.

La Baia North Breaks Ground at 9481 E Bay Harbor Drive in Bay Harbor Islands

The Continuum Company has officially broken ground on La Baia North, the second of two planned boutique bayfront condominiums in Miami’s Bay Harbor Islands. This milestone follows the company’s success with La Baia South, which secured a $90 million construction loan and sold out all units. La Baia North, located at 9481 E Bay Harbor Drive, is an eight-story building…

Javier Cervera bulks up retail portfolio with $18M Kendall shopping center purchase

Javier Cervera now has a dozen retail buildings and shopping centers in his Miami-Dade commercial portfolio, after paying $18.2 million for a Kendall shopping center anchored by a Firestone tire and car repair shop. An affiliate of his Coral Gables-based firm, Cervera Real Estate Ventures, or C-Rev, acquired Miller Plaza at 5801 Southwest 137th Avenue, records show.

Jason Talbot and Monceau settle lawsuit over workforce housing dev site in Goulds

Jason Talbot has made peace with Monceau Real Estate after the Miami Beach-based firm’s owners agreed to buy out his minority interest in a Goulds development site. Talbot, principal of Miami-based Workforce Housing Partners, settled his recent lawsuit against Monceau and its principals, siblings Adrian, Julien and Sarah Haccoun, court records show.

Bluenest buys Homestead site for 219 townhouses, as south Miami-Dade resi development keeps surging

Bluenest Development bought a Homestead site with plans for 219 townhouses, as residential construction in south Miami-Dade County continues to surge. The Miami-based firm scooped up the 20-acre vacant property on the southeast corner of Tower Road and Lucy Street in three deals for a combined $12.5 million, according to records. In the biggest purchase, Bluenest bought…

Growing Pains Weigh On Miami’s Ascension As A Global Capital

The dust is settling after the pandemic upended work life, logistics, retail strategies, migration patterns and more. In Miami — one of the biggest winners of new business, people and capital during the coronavirus era — commercial real estate professionals are doubling down, convinced that the city’s rapid growth was more of a turning point than a flash in the pan. The city…

Morgan and Carlyle pay $19M for Pompano Beach dev site that includes closed Macy’s store

Morgan Group and Carlyle Group are moving ahead with plans for a new garden-style apartment complex in Pompano Beach after paying $18.8 million for a redevelopment site that includes a shuttered Macy’s store. The New York-based department store chain sold a 150,353-square-foot retail building at 1200 Northeast 12th Street within the Pompano Beach Citi Centre open-air…

US Development lands $68M additional construction financing for Pompano Beach condos

U.S. Development has secured a total of $73.8 million in construction financing for its planned Salato Residences in Pompano Beach. Records show the Philadelphia-based developer secured a $67.8 million loan from Maxim Capital Group last week, in addition to the initial $6 million loan Maxim provided in 2022, bringing the total construction financing to $73.8 million.

Site Centers offloads another South Florida retail property, selling Boynton Beach shopping center for $31M

Less than a month after selling a Midtown Miami building anchored by Target, Site Centers offloaded a Boynton Beach shopping center. An affiliate of Beachwood, Ohio-based Site Centers sold The Village Square at Golf for $31.1 million to an affiliate of New York-based DRA Advisors, records and real estate database Vizzda show. Anchored by kosher grocery store KC Market…

Germany’s Largest Pension Fund Investigated By Bavarian Parliament For Risky U.S. Real Estate Bets; Including Miami Beach Property

Pension fund Bayerische Versorgungskammer, after being named as a defendant in a lawsuit against developer Michael Shvo, is under fire in the Bavarian State Parliament for its real estate investments. BVK, Germany’s largest pension fund, has been one of the top German investors in American real estate over the past few years as part of a push in global investment that began…

The decline in the US international investment position

Net international investment position (NIIP) captures the difference between two large numbers: the value of US-owned assets abroad (foreign assets) and the value of foreign-owned assets in the US (foreign liabilities). The NIPP determines whether a country is a net creditor (positive position) or a net debtor (negative position) and is an important indicator of a country’s…

How Multifamily Owners Can Guard Against Renter Fraud

Scammers lurk in the background of virtually every industry, and the multifamily sector is no exception. Some renters will leap at the chance to exploit loopholes in the system and take advantage of unprepared landlords. “As a baseline definition, we classify rent fraud as any act of intentional deception by a renter to deceive the property owners to gain financial or personal benefit…”

How CDFIs can protect against fraud

CDFIs can be susceptible to fraud for many reasons. While they share vulnerabilities with other businesses and financial institutions, CDFIs’ mission-driven focus and community-oriented goals can amplify certain risk factors.Volume: Like all financial institutions, CDFIs possess a significant amount of capital, assets and data, naturally making them targets for bad actors.

Strong Apartment Demand Persists Nationally in 3rd Quarter as Supply Hits 50-Year High

Apartment demand again looked quite remarkable in 2024’s 3rd quarter, even as a record number of deliveries hit the market. In turn, rent growth remained quite muted nationwide, as has been the case for several months. The U.S. apartment market absorbed 192,649 market rate apartment units in the July to September time frame. Concurrently, the U.S. delivered 162,595…

Damage from hurricanes Helene, Milton could top $200B

As Florida’s Tampa Bay region braces for Hurricane Milton to make landfall on Wednesday, many in the storm’s path are still reeling from Hurricane Helene’s destruction. Both hurricanes could result in damage topping $200 billion, estimates show. The storms are expected to affect insurance premiums, along with commercial and residential property owners across the state. For years…

Shops at Midtown Miami Sold, Has Over 3.4 million Annual Visitors

Benderson Development has completed the purchase of the Shops at Midtown Miami. JLL Capital Markets said it worked on behalf of the seller to complete the transaction. The property has a leasing rate of 98.3%, and attracts 3.4 million annual visitors. It opened in 2006. Tenants include Target, Ross Dress for Less, Dick’s Sporting Goods, Marshalls and HomeGoods.

With Purchase of The Shops at Midtown Miami, Benderson Again Grows South Florida Footprint

A Target store anchors The Shops at Midtown Miami. Image courtesy of JLL Benderson Development has purchased The Shops at Midtown Miami, a 347,740-square-foot, grocery-anchored retail center in Miami. SITE Centers sold the asset for $83.8 million in a transaction arranged by JLL. It was only a few days prior to this transaction that Benderson acquired…

Benderson bulks up South Florida retail portfolio with $84M Midtown Miami purchase

Benderson Development added a third South Florida retail property to its national portfolio, acquiring a big box center in Midtown Miami for $83.7 million. An affiliate of New York-based Benderson, led by President Randy Benderson, acquired Shops at Midtown Miami, a 347,740-square-foot building with a garage at 3401 North Miami Avenue, a press release states.

Benderson Development Acquires 347,740 SF Shops at Midtown Miami

Benderson Development has purchased Shops at Midtown Miami, a 347,740-square-foot infill power shopping center located at 3401 N. Miami Ave. in Miami. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the seller in the transaction. The seller and sales price were not disclosed, but South Florida Business Journal reports that SITE Centers Corp…

Construction Begins on La Maré Signature Collection at 9781 East Bay Harbor Drive in Bay Harbor Islands

Chicago-based Regency Development Group has officially broken ground on the first building of the La Maré Brand Collection, a residential development located at 9781 East Bay Harbor Drive in Bay Harbor Islands, Florida. This project was designed by renowned architect Kobi Karp, and its interiors were designed by the acclaimed Debora Aguiar Arquitetos.

Vertical Construction Now Underway At 606-Unit Worldcenter Tower

Vertical construction is now underway at 600 Miami Worldcenter, according to photos taken by Ryan RC Rea. Groundbreaking for the 32-story tower took place in March, when a site work permit was issued. A phased vertical permit was issued in May. The 606-unit tower is 100% sold, and the developers obtained a $95M construction loan earlier this year. All 606 residential units…

Okan Tower ‘Averaging Floor Per Week Vertical Rise’

Okan Tower is now “averaging a floor a week vertical rise,” according to contractor Jacob Companies. A photo posted to social media showed a line of concrete trucks ready for a pour, which took place at 4AM. The 70-story Okan Tower is eventually planned to reach a height of 902 feet in the air. It will be one of Miami’s tallest towers when it reaches completion, which…

Design District Building Approved By FAA At 330 Feet

The Federal Aviation Administration has issued a letter stating that a building planned on Biscayne Boulevard does not represent a hazard to air navigation. A description attached to the FAA filing states the proposed building development project is to be located at 3801-3833 Biscayne Boulevard in Miami. The approved height is 320 feet above ground, or 330 feet above sea level.

Here’s When Demolition On One Bayfront Plaza Is Expected to Begin

Demolition at One Bayfront Plaza is tentatively expected to get underway in early October, according to a memo posted to social media by @AllThings305. The memo was issued by the manager of an office building across the street. The first phase, which includes demolition of a garage and a portion of the structure closest to the street, is expected to last through December…

Baylink transit linking Miami Beach-Miami rolling ahead

A Baylink transit line between Miami and Miami Beach that has been a 40-year dream has cleared objections of the City of Miami Beach and a National Environmental Policy Act Review for an elevated Metromover on the MacArthur Causeway and is moving ahead. “We plan on moving this project forward expeditiously,” Josiel Ferrer-Diaz, deputy director and chief project delivery…

First new Smart Program rapid transit stuck in slow lane

The first route of the Smart Program to add six Miami-Dade transit legs was not elevated as some had hoped, but much of it sits up in the air as it nears two years past its initial completion date with nobody yet aboard. South Dade Bus Rapid Transit remains in construction, with opening targeted in next year’s second quarter. But the trust that doles out transit tax receipts to help…

Terreno Realty Corporation Announces Development Completion In Hialeah

Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced that it has completed the development and stabilization of Countyline Corporate Park Phase IV Building 39 in Hialeah, Florida effective September 30, 2024. Building 39 is 100% leased to one tenant. Building 39 of Terreno Realty Corporation’s…

New Renderings Of 65-Story Summit Brickell

New renderings and details have been filed for the Summit Brickell tower, which is currently moving through the approval process. Developers are seeking site plan and zoning approval for the tower, and filed a presentation with the county earlier this month highlighting the refined design. The 65-story, 750-foot tower is planned to include 505 residential units…

Elliott Strikes $450M Deal for Miami Office

Elliott Investment Management has struck a contract agreement for roughly $450 million to acquire a Miami office building, according to a report from The Real Deal. The asset, 701 Brickell Avenue, spans 687,000 square feet asset and was first opened in 1985 before undergoing renovation in 2021. The 33-story building now features floor plates, an art conference facility…

Foodmageddon: South Florida restaurant landlords experiencing record tenant turnover

Goat Hospitality Group is giving up on its Miami taco stand while the firm searches for a bigger spot. The Miami-based food and beverage firm recently put on the market its lease for Pilos Tacos at Paseo Brickell, a retail and restaurant center. Prospective restaurateurs interested in taking over a fully built-out 990-square-foot space with a kitchen and furnishings would pay…

43-Story Downtown Miami Tower Near Top Off, Permit Pending For Second

A downtown Miami apartment tower is now about five floors from topping off, new photos by Ryan RC Rea show. The 43-story tower is being built by developer Namdar. It wall have 680 apartments upon completion. Namdar is also now in permitting to build a second tower on the property with an additional 714 units, bring the total apartment count to 1,394 units.

Alliance HP acquires first Miami-Dade industrial site for $24M

Alliance HP made its first foray into Miami-Dade’s industrial submarket with a $24 million warehouse acquisition near Hialeah. An affiliate of Bryn Mawr, Pennsylvania-based Alliance HP and partner, Southern Star Shipping Co., bought Airport East Business Center, a 101,685-square-foot industrial building at 4201 Northwest 37th Court, records and real estate database…

Three New Retail Tenants Announced for Miami Worldcenter’s Expanding Commercial Space

Three new retail and restaurant concepts are set to open at Miami Worldcenter, the $6 billion, 27-acre mixed-use development reshaping Downtown Miami. The project’s ownership group has finalized leases with Go Greek Yogurt, HŸP, a sneaker and streetwear retailer, and SkinSpirit, a medical aesthetics clinic and spa. These additions are expected to open by early 2025.

Andrew Korge makes $28M offer for Location Ventures Coconut Grove dev site

Andrew Korge is aiming to drop $28.2 million for a former Rishi Kapoor development site in Coconut Grove that ignited the embattled developer’s legal troubles. Bernice Lee, a court-appointed receiver managing the assets of Kapoor’s defunct Coral Gables-based Location Ventures, is seeking a federal judge’s approval to sell a mixed-use building at 3120–3170 Commodore Plaza…

Construction Underway for Bay Harbor Towers at 10141 East Bay Harbor Drive in Bay Harbor Islands

PPG Development and L3C Capital Partners have officially broken ground on Bay Harbor Towers, an eight-story waterfront condominium at 10141 East Bay Harbor Drive in Miami’s Bay Harbor Islands. Designed by renowned architect Kobi Karp, the project offers luxurious living with modern architecture and unparalleled views. The residences’ sales started in late 2023…

Northwood Investors Acquires $160M Industrial Portfolio in Sun Belt, Including Miami

Northwood Investors has acquired a $160 million industrial portfolio located in Georgia, Florida and Texas. Totaling 1.8 million square feet… fully leased at the time of sale. The portfolio comprises three industrial buildings: Home Depot Cedar Port Distribution Center in Baytown, Texas; Havertys Distribution Center in Braselton, Ga.; and 10000 N.W. 15th Terrace in Miami.

The Brits are coming: Billionaires Simon and David Reuben are seeking majority stake in W South Beach for $400M-plus

British billionaires Simon and David Reuben are betting big on Miami Beach’s hospitality market, seeking majority ownership of the W South Beach for close to a half-billion dollars. Reuben Brothers, their eponymous London-based global investment arm, is negotiating a deal with the 395-room hotel’s current owners, Aby Rosen and David Edelstein, who lead New York-based…

West Eleventh Residences Breaks Ground at 18 Northwest 11th Street in Miami’s Park West Neighborhood

Developers Property Markets Group (PMG), Lion Development Group, and Marc Roberts Companies have broken ground on West Eleventh Residences in Miami. This 44-story project will feature 659 fully furnished luxury residences in the Park West neighborhood. It is designed with short-term rental flexibility in mind, allowing owners to host guests year-round…

Miami Beach board approves expanding Standard hotel

A star-studded group that includes billionaire developer Barry Sternlicht, architect Bjarke Ingels and hospitality CEO Miguel Isla Esteve secured approval to expand and renovate the Standard Spa, Miami Beach. Sternlicht, Ingles, Isla Esteve, Anthonio de la Rúa and Sebastian Sas are leading the redevelopment of the waterfront Venetian Islands hotel at 40 Island Avenue in…

Bridge lands $53M construction loan to redevelop ex-Ryder HQ in Miami-Dade, as industrial market chugs along

Bridge Industrial landed a $53 million construction loan to redevelop Ryder System’s former headquarters site in Miami-Dade County with a logistics complex. Chicago-based Bridge plans the 326,400-square-foot Bridge Point Flagler Station with a 128,800-square-foot building and a 197,600-square-foot building at 11690 Northwest 105th Street in an unincorporated area…

Bill Fuller and partners score nearly $13M settlement from city of Miami

Developer Bill Fuller and two partners extracted a $12.5 million settlement from the city of Miami stemming from… The complaint alleged the Miami-based company suffered $27.9 million in damages after its businesses, Ball & Chain bar at 1513 Southwest Eighth Street, and Taquerias El Mexicano restaurant at 521 Southwest Eighth Street, were forced to close due to…

C-III Capital pays $71M, scoring $25M discount for two Doral office buildings

Another South Florida suburban office property sold at a steep discount, as C-III Capital Partners acquired two Doral buildings for $25 million below the previous sale price seven years ago. An affiliate of Irving, Texas-based C-III Capital, led by CEO Andrew Farkas, acquired One Park Square at Doral, a 3-acre campus at 3470 Northwest 82nd Avenue, for $71 million…

Construction Starts on Luxury ‘Bay Harbor Towers’ at 10143 East Bay Harbor Drive

Construction has started on Bay Harbor Towers, an eight-story residential venture in the eponymous Bay Harbor Islands. Led by PPG Development, the community will offer 44 condos, offering two-bedroom to four-bedroom floorplans. According to Miami Residential Group, residences will measure 1,870 to 3,393 square feet, featuring floor-to-ceiling windows…

Adam Neumann’s Flow launches Miami condo sales

Flow, the apartment startup founded by Adam Neumann, is adding condominium ownership to its offerings in South Florida. Neumann is launching sales at Flow House, a 466-unit project in Downtown Miami. The residences at the 40-story development within Miami Worldcenter are expected to be delivered next year. The option for ownership under the Flow umbrella…

One West Twelve Residences in Overtown Gets Quick FAA Approval

Overtown’s One West Twelve Residences has been approved by the FAA, just a few weeks after it was submitted for review. The FAA approval allows the tower to be built at a permanent height of 300 feet above ground, or 314 feet above sea level. Approval was issued on September 23. The application was submitted on September 11. One West Twelve Residences is now also…

New Interior Renderings Released of North Edgewater 25-Story Elle Residences

Elle Residences has released new interior renderings of its residential units The One Atelier is leading interior design in collaboration with Elle. The 25-story development is planned to be built at the north end of Edgewater. It will include 180 residences, delivered move-in ready. Units will range in size from 450 to 845 square feet, with one or two bedrooms, and prices…

From London To Miami, Hedge Funds Are Buying Into Real Estate

Two of the world’s best-known hedge funds are taking on real estate deals in the UK and U.S. as financial investors spot an opportunity in the sector due to asset and share price declines. In the UK, GoldenTree Asset Management agreed to buy a listed property company that was in wind-down mode, and Elliott Management is continuing a London office buying strategy.

Photo: Signature Miami Bridge Arches Under Construction

A photo taken this week shows the Signature Bridge arches under construction in downtown Miami. According to a presentation to stakeholders his month, the project remains on schedule for completion in late 2027. The budget has also not changed recently, and remains at $840m. Photo is by Phillip Pessar.

Take a Tour of SoLé Mia, North Miami’s Mini-City

Situated on 184 acres near Oleta River State Park in North Miami, SoLé Mia is a $4 billion master-planned community that encompasses luxury living, nature, wellness, recreation, shopping, dining and more. The mini-city is rising at the intersection of NE 151 Street and Biscayne Boulevard, with three residential buildings—The Shoreline, Villa SoLé and Villa Laguna—already completed.

Report Names Miami A Top Destination For Those With 100M+

Miami remains a strong draw for individuals with a high net worth, according to a new report. New World Wealth and Henley & Partners listed the top “holiday hotspots,” where those with over $100m liquid investable wealth had primary or secondary homes. Miami was at the top of the list, with over 650 centi-millionaires having either primary or secondary residences.

Lease roundup: Italian restaurant Rosemary’s coming to Wynwood, Miami Worldcenter lands tenants

New York Italian restaurant Rosemary’s will open in Miami’s Wynwood neighborhood. New York-based hospitality firm Casa Nela leased 7,000 square feet at 310 Northwest 25th Street, where Rosemary’s will open in late fall, according to the tenant’s news release. Carlos Suarez is founder of Casa Nela, and Craig Giunta will be the executive chef at the Wynwood restaurant.

Eight-Story ‘Hollywood Oaks’ Planned for 4220 and 4226 N. 58th Avenue in Hollywood

New York-based Kushner Co. has a 5.7-acre site in Broward County under contract from 58 Oak LLC and 4220 N 58th Avenue Partners LLC. There, it hopes to build Hollywood Oaks, an eight-story mixed-use venture. The South Florida Business Journal reports that the project will feature 470 apartments, along with a seven-story parking garage with 813 spots.

Baptist Health wins approval for 100-bed hospital in Sunrise

Baptist Health South Florida won approval for a seven-story, 100-bed hospital in Sunrise — a city with a population of about 90,000 but no hospital. The Sunrise City Commission on Tuesday approved a site plan for the Baptist Health Sunrise Hospital and a special exception allowing hospital operations on the vacant 25-acre development site at 12401 West Oakland Park Boulevard.

128,550 SF Lake Shore Plaza II Office Building in Sunrise Brokered

CBRE has brokered the sale of Lake Shore Plaza II, a 128,550-square-foot office building located at 1300 Concord Terrace in Sunrise, roughly 19 miles west of Fort Lauderdale. Miami-based Galium Capital purchased the five-story property for an undisclosed price. Christian Lee, Sean Kelly, Amy Julian, Andrew Chilgren, Tom Rappa and Matthew Lee of CBRE represented…

Sunrise OKs density boost for massive Metropica project

Developer Joseph Kavana secured initial approval from Sunrise commissioners this week to increase the density of his long-planned, phased, mixed-use development called Metropica. The 65-acre master-planned project in western Broward County has been in the works for at least a decade. The site at 1800 Northwest 136th Street is sandwiched between the Florida Everglades…

Galium Capital snags Sunrise office building at deep discount, paying $17M

In a sign that office properties in South Florida suburbs are bargain deals, Galium Capital acquired a five-story building in Sunrise for $17 million, roughly half the previous sale price nearly a decade ago. An affiliate of Miami-based Galium, led by managing partners Jacques Bessoudo and Iser Rabinovitz, bought Lake Shore Plaza II at 1300 Concord Terrace, records and real estate…

Miami-Dade warehouse sold for $47M as part of portfolio deal

Northwood Investors acquired a distribution warehouse in Doral for $46.5 million as part of a three-building portfolio deal. UBS Realty Investors affiliate 10000 NW 15th Terrace Industrial Investors sold the 201,827-square-foot warehouse at 10000 N.W. 15th Terrace to NW FL Logistics LLC, part of Denver-based Northwood Investors. The price equated to $230 per square foot.

Tavistock begins closings on Pier Sixty-Six condos in Fort Lauderdale

Tavistock Group began closings on units in its Pier Sixty-Six condo project in Fort Lauderdale this week. The developer completed construction on its two-building, 31-unit Resort Residences this summer. Its 11-story, 29-unit, Azul condos recently received a temporary certificate of occupancy, and its 11-story, 28-unit Indigo building is expected to receive its TCO in the coming…

Suburban Fort Lauderdale Office’s Value Cut In Half In $17M Sale

A less than 20-year-old suburban Fort Lauderdale office building traded for $17M, nearly half the property’s previous $32M purchase price in 2013. Galium Capital purchased the five-story, 129K SF office building at 1300 Concord Terrace in Sunrise from a joint venture of Boston-based Barings and MassMutual Financial Group. North Miami-based New Wave Loans provided…

‘Salato Pompano Beach’ Moves Forward After Construction Loan at 305 Briny Avenue in Pompano Beach

In May 2023, Florida YIMBY reported on Salato Pompano Beach, a nine-story residential venture in Broward County. Now with the acquisition of a $73.8 million construction loan, it’s expected to break ground soon. Located on a 1.33-acre parcel, the high-rise building is slated for completion by the conclusion of 2026. Its 40 condos will measure 2,106 to 3,354 square feet…

Dermot is back in South Florida, scoops up 350-unit Wellington apartment project for $144M

Two years after splashing into South Florida to buy multifamily properties, Dermot Company added a Wellington apartment complex for $144.2 million. An affiliate of Dermot, a New York-based, multifamily-focused real estate investment firm, acquired The Quayle at Lake Circle, records and real estate database Vizzda show. The buyer assumed a $60 million State Farm mortgage.

Dermot Pays $144M for West Palm Beach Property

The Dermot Co. has bought The Quaye at Wellington, a 350-unit luxury community in Wellington, Fla. This acquisition further expands the company’s portfolio in the Sunshine State, where it already owns and manages 1,800 units. Stockbridge Capital Group sold the Class A asset for $144.2 million, according to Yardi Matrix information. In addition, the buyer assumed the outstanding…

Moody’s: Q3 2024 Preliminary Trend Announcement

Multifamily Performance Steadied, Office Stress Continued to Manifest, Retail Vacancy Declined, And Industrial Cooled Down The commercial real estate (CRE) industry received welcome news in September as the FOMC lowered the target federal funds rate by 50 basis points (bps) bringing expectations of continued relief in meetings ahead. The period of ‘higher for longer’ has…

Shortages mere days away as ports strike cripples shipping

A port strike from Maine to Texas that began Tuesday could lead to surcharges and inflation. The ripple effect raises concerns for many. “All of us in the warehousing portion of the business,” said Gary Goldfarb, chief strategy officer of Miami-based Interport Logistics, “have customers’ inventories that may last three, four, five, six days without additional freight, but then afterwards…

Video: LARC President Ryan Meliker Provides Hospitality Real Estate Update; Hotel Performance, Forecast

The dynamic landscape of the U.S. hotel industry was the focus of a recent episode of America’s Commercial Real Estate Show. The guest, Ryan Meliker, president of Lodging Analytics Research and Consulting (LARC), provided a deep dive into current trends, challenges, and opportunities shaping the hotel market. This article highlights key insights from their conversation…

With Pandemic-Era Excess Savings Depleted, What Lies Ahead for the Hotel Sector?

Highlights: Although excess pandemic-era savings have been fully depleted as of March 2024, Moody’s expects the Federal Reserve will navigate a soft landing for the U.S. economy with real GDP expected to increase by the mid-2% area in 2024 and the low-2% area in 2025.With non-financial assets such as real estate holdings and vehicles accounting for a larger share…

Office Loan Maturity Monitor: Maturities Picked Back up in August

Highlights: $2.5 billion CMBS office loans reached fully extended maturity in August, the highest monthly total since we started tracking in January 2023. The payoff rate was strong, at 56.9%. Maturities with debt yield above 8% and limited lease rollover continued to exhibit the strongest performance Although several large loans paid off in August, smaller loans continue to pay…

Report: More Than 8 in 10 CEOs Think Hybrid Work Will Be Dead Within 3 Years

Office usage across the 10 largest metro areas is still at roughly 60.5% of prepandemic levels, according to Kastle Systems’ keycard swipe data. But most CEOs think the era of remote work is coming to an end. In a survey of 1,300 global CEOs conducted by KPMG, 83% said they expect their companies will shift back to requiring five days of office attendance sometime in the next…

Vape Shops Caught Fire Nationally. Now Regulations Could Smoke Them Out Of Existence

Cities and towns across the country have watched a proliferation of vape shops waft across the landscape over the past half-decade, and Sugar Land, Texas, is no different. With about a dozen stores primarily selling electronic cigarettes and accessories, the city is part of a fast-moving retail trend that saw the number of electronic cigarette stores grow almost 20% annually…

Sizing up Hurricane Helene’s expected multibillion-dollar damages, effects on insurance market

As Hurricane Helene churned toward Florida, property owners and insurers braced for the impact from another devastating and costly storm. The Category 3 hurricane, which is expected to make landfall Thursday evening in the Big Bend region of Florida as a Category 4, could cause catastrophic storm surge of up to 20 feet above ground in some areas, according to the National…

Despite Helene’s Record Size And Strength, Property Insurance Market May Weather The Storm

Hurricane Helene continued to punch across three states Friday as a weakened tropical storm after making landfall along Florida’s Big Bend region Thursday night. Professionals across the commercial real estate and insurance industries woke up Friday morning to assess the devastation, which is expected to total billions of dollars. As of Friday evening, at least 25 people across…

U.S. Apartment Market Sees Negligible Change in August

Stability continued to be the key storyline in the U.S. apartment market in August. U.S. apartment occupancy remained stable at 94.1% in August, marking the 10th consecutive month of occupancy straying no more than 10 bps in either direction. In fact, the difference between July (94.16%) and August (94.13%) looks to be incorrect when viewing the data on a chart because…

Developer Moves Forward with Plans for 7,500-Unit Mixed-Use Development and New Tri-Rail Station in Miami’s Little River District

Swerdlow Group, led by veteran developer Michael Swerdlow, is moving forward with plans to transform the Little River District in Miami’s Little Haiti neighborhood. The proposed development, spanning approximately 63 acres, will include 7,500 residential units, combining affordable, workforce, and market-rate housing. Swerdlow’s vision for the area builds on his…

Developer Planning 7,500 Units In Little River, Will Build New Tri-Rail Station

Swerdlow Group is advancing plans for a massive project in Little River, according to Multi-Housing News. The development will include approximately 7,500 residential units, with a mix of affordable, workforce and market-rate housing. The affordable units will be higher end and look like market rate apartments, similar to Swerdlow’s recently completed Sawyer’s Walk…

$103 Million Loan Secured for Mixed-Use Development ‘The Gardens Residences’ in North Miami

Berkadia has arranged a $103 million construction take-out loan for The Gardens Residences, a mixed-use multifamily project in North Miami being completed in two phases. The financing was secured by Berkadia’s Senior Managing Director Charles J. Foschini, Managing Director Christopher Apone, Vice President-Originations Lourdes Carranza-Alvarez, and Associate Director…

659-Unit Condo Tower West Eleventh Residences Breaks Ground, Nearly 100% Sold (New Renderings)

The 44-story West Eleventh Residences is now officially under construction, and almost the entire building was sold before groundbreaking. The developer told the SFBJ that just nine condo units remain to be sold, out of 659 available. The new 482-foot tower will include: 659 condo units 30,000 square foot, tri-level experiential entertainment venue 4,840 sf…

New Permitting Activity At 41-Story HUB Miami

There is now permitting activity this week for the the 41-story HUB Miami tower site. A site work permit went into prescreening with Miami’s Building Department on September 24. The site work permit was first applied for in May 2023, but later moved to inactive status. It was reactivated on September 20, with a note stating that the soil permit was ready to be submitted.

Commuter Train Service Between MiamiCentral & Aventura To Enter Engineering Phase

Brightline has provided an update on the commuter rail service planned on its tracks, known as the Northeast Corridor. The project is expected to formally move to the engineering phase in October 2024, according to a development update released to investors on September 20. Brightline said it has substantially completed negotiations with Miami-Dade County…

Romero Britto buys his art studio in Miami’s Little River

Brazilian artist and sculptor Romero Britto purchased his biggest gallery piece, his company’s headquarters. Britto paid $11.8 million for the 58,000-square-foot art studio at 795 Northwest 72nd Street in Miami’s Little River neighborhood, according to a press release. Real estate investor Joe Del Vecchio sold the property. The Britto Group creates artwork for consumer goods…

Developer Seeks Funding for ‘Flagler Villas’, Planned for 5215 West Flagler Street in Coral Gables

An affordable housing developer is seeking funding for a 60-unit complex in Miami-Dade County. Flagler Villas would comprise 60 affordable residences, reserved for seniors earning up to 30 percent of the area median income (AMI). At the time of publication, Miami-Dade County reported that a one-person household would have to earn $23,850 a year to qualify.

Citadel Tower Submitted At Taller 1,032′ Height

Citadel’s new supertall headquarters tower has been submitted for site plan review, at a taller height. In late August, the plans were submitted to Miami-Dade for zoning review showing a height of 1,032 feet above sea level. Zoning review is currently in process. With the new site plan filing on September 23, the height has been increased to 1,049 feet above sea level.

You Can Now Watch Live As The 56-Story Casa Bella Tower Rises

A webcam showing construction of the 56-story Casa Bella Residences by B&B Italia tower is now live and available on YouTube. The webcam was created by Ryan RC Rea. You can expect to see lots of activity on the feed. Crews now appear to have reached the typical residential floors, where shell construction typically moves fastest. A groundbreaking ceremony…

Bal Harbour Condo Tower Designed By SOM Breaks Ground

In Bal Harbour, a 24-story condo tower designed by Skidmore, Owings & Merrill is now under construction. A ribbon-cutting ceremony was held on September 20 to celebrate groundbreaking. It will include 56 ultra-luxury units “Designed to provide a single-family home experience,” with private elevators and garages. Units will range in size from 3,300 to nearly 13,000 sf.

Elliott buying Brickell office tower for $450M, as hedge fund amplifies its South Florida investments

Paul Singer’s Elliott Investment Management is under contract to puvrchase the 701 Brickell office tower in Miami for about $450 million. The deal marks the New York-based hedge fund’s expanding investments in South Florida. Elliott is buying the 33-story tower at 701 Brickell Avenue in Miami from New York-based Nuveen Real Estate, according to a source.

Blackstone subsidiary nabs $95M loan for Medley industrial complex

Link Logistics secured a $95 million loan for a quartet of recently completed warehouses in Medley. An affiliate of New York-based GID provided the loan to Link Logistics, the industrial real estate subsidiary of investment giant Blackstone, led by CEO Stephen Schwarzman. Both firms are headquartered in New York. The mortgage is secured by Palmetto 74 Logistics Center…

Ansin family’s Sunbeam buys North Bay Village condo complex

The billionaire Ansin family’s Sunbeam Properties paid $8 million to complete a bulk purchase of an aging condo complex in North Bay Village. Sunbeam acquired the 24-unit, six-building Treasure Island Cove property at 1631 North Treasure Drive, said Andy Ansin, president and CEO. The acquisition equates to about $333,000 per condo. Treasure Island Cove was built…

Future Of $4B American Dream Miami Clouded Amid Lawsuit Over Land Sale

Nearly a decade after it was first proposed, the American Dream Miami mall remains just a dream, and its future is getting more uncertain. Triple Five Group, the Canadian development firm that proposed the 6M SF retail and entertainment complex outside of Hialeah, recently filed a lawsuit to keep alive its plan to purchase a large segment of the site to make way…

Miami Beach won’t raze Jackie Gleason Theater

Miami Beach has rejected a call to tear down and replace the landmark Fillmore Miami Beach at Jackie Gleason Theater but now must decide what to do next and who’s going to pay for it. Commissioners this month asked administrators to talk with Live Nation, the theater’s operator, to decide whether to tear out the interior and start over or just renovate what’s there…

283-Unit River District 14 Condo Project Gets $78M Construction Loan

River District 14 has obtained construction financing. Forman Capital granted a $77,805,708 loan to an affiliate of Alta Development. River District 14 will include two 16-story towers with 283 fully furnished condo units, allowing short term rentals. More than 50% of units have been sold. “The new construction condominium market continues to sizzle, and residences…

$77.8 Million Loan Secured for Short-Term Rental Condominium Project in Miami’s River District

Forman Capital, a private direct real estate lender, has provided a $77.8 million loan to finance the construction of River District 14, a short-term rental condominium project in Miami. Developed by Alta Development, the project will be situated on a 1.3-acre site at 1420 NW 14th Ave., near the Miami River. Construction is set to commence before the end of the year….

Developers Propose 42-Unit ‘River Square’ for 2655 N.E. 205th Street in Miami

Two Sunny Isles Beach-based developers have proposed a mid-rise housing complex in Miami-Dade County. The South Florida Business Journal reports that the venture, known as “River Square”, would measure eight stories above grade and offer 42 apartments. The one-bedroom and two-bedroom residences would span 677 to 1,056 square feet. The publication notes that…

Developer proposes 42-unit multifamily project in Ojus, amid record South Florida apartment pipeline

A developer proposes a 42-unit multifamily project in Ojus, amid a record apartment construction pipeline in South Florida. Entities managed by Jacobo and Fortuna Toledano of Sunny Isles Beach want to build the eight-story building on a 0.7-acre assemblage on the southwest corner of the Florida East Coast Railway tracks and Northeast 206th Street in unincorporated…

Solina Bay Harbor Breaks Ground at 1055 93rd Street in Bay Harbor Islands

Solina Bay Harbor, a boutique condominium development by RedHoek+, has officially commenced construction after surpassing the 50% sales milestone within six months. Located at 1055 93rd Street in the heart of Bay Harbor Islands, this exclusive project is set to redefine the standard of luxury living in the area. In partnership with The INSIDE Network, sales and marketing…

Little River Tower Submitted To FAA, Demolition Permit Issued

A tower planned in Little River under Florida’s Live Local act is advancing. Miami’s Building Department issued a total demolition permit for the property on September 9, records show. On September 17, the FAA received a submission showing a proposed structure height of 360 feet above ground, and 368 feet above sea level on the property. The 28-story tower had a hearing before…

South Miami Moves Forward With $309M Transit Oriented Development

South Miami commissioners voted Tuesday to move forward with a redevelopment at its City Hall property. The development will be transit oriented, according to a presentation to commissioners. It is a short distance from a Metrorail station. There will be two phases to the $309m development. Combined it will have: 70,000 square feet of civic space…

13th Floor will redevelop South Miami city hall with 670 apartments, new municipal building

13th Floor Investments will redevelop South Miami’s city hall with a mixed-use project that will include 670 apartments and a new municipal building. On Tuesday, city commissioners voted to select the Coconut Grove-based firm as the developer. The $309 million project, called Link at SoMi, will be on the 4.5-acre site 6130 Sunset Drive. Link at SoMi will include…

Inside Miami’s Milestone Senior Housing Project, Block 55 at Sawyer’s Walk

More than 90,000 units are needed in Miami-Dade County for renters earning below 80 percent of the area median income—which is roughly $75,000—according to an analysis released earlier this year by nonprofit Miami Homes for All. And seniors are among the most cost-burdened population. One project that caters to this vulnerable segment recently opened in the Overtown…

“Miami has jumped the shark”: Analyzing South Florida’s office sales slump

South Florida real estate players became giddy in recent years over the influx of businesses and ensuing office leasing spree at record rents. The bonanza prompted an investment sales flurry, with buildings from Brickell to Boca Raton trading at ever-rising prices. But that party ended. The Federal Reserve imposed 11 aggressive interest rate hikes, lenders turned skittish…

Miami Office Deal Volume Increases, Prices Surge

Miami’s office market continued its good performance recorded at the beginning of the year, CommercialEdge data shows. The metro’s significant development pipeline was coupled with heightened investment activity, as assets changed hands at high prices. The Offices at 601 is the most recent office project delivered in Miami as of August. The Offices at 601 is a recently…

Waldorf Astoria’s Miami Supertall Tower Now Several Floors Up

Waldorf Astoria’s 1,049-Foot Miami supertall tower is rising vertically out of the ground, photos by Ryan RC Rea show. Second-level columns appear to have been poured as of early September. A foundation pour for the tower was completed in June, and the developers obtained a record-breaking $668M construction loan that same month. Completion of the tower…

What is happening to Shops at Sunset Place? Future of South Miami mall takes new path

It’s déjà vu for a South Miami landmark on the verge of disappearing and turned into the next big thing. We’ve seen this a few times before on the 10-acre property at Red Road, Sunset Drive and U.S. 1. First, a beloved bakery plant, where Holsum doughnuts and bread sent up the most heavenly of scents, cleared the way for a mixed-use center called Bakery Centre.

Omega scores $103M refi, bridge loan for North Miami apartment project, as South Florida financing flows

A developer scored a $103 million loan for a nearly finished apartment project in North Miami, marking a continuing surge in South Florida lending. Omega Real Estate Management landed the financing, which consists of a construction loan refinancing and a bridge loan, for the 358-unit Gardens Residences at 1155 Northeast 126th Street, according to Berkadia’s Charles…

Lost sizzle: BurgerFi vacates four South Florida restaurants and corporate office as part of bankruptcy strategy

BurgerFi is cutting the fat from its real estate, abandoning leases at four South Florida restaurants and its corporate office in Fort Lauderdale. The fast food chain, which also owns Anthony’s Coal Fired Pizza, abandoned leases for its headquarters at 200 West Cypress Creek Road, three BurgerFI spots in Pembroke Pines, Jupiter and Delray Beach and a pizzeria in Hallandale…

Lease roundup: Toscana Divino making a comeback in Key Biscayne, Christmas pop-up on tap in Coral Gables

Italian restaurant Toscana Divino, once a staple at Mary Brickell Village, will re-open as a pop-up in Key Biscayne. Toscana Divino Hospitality Group leased retail space at the Towers of Key Biscayne residential condominium at 1121 Crandon Boulevard, according to the tenant’s news release. The pop-up will be open on Fridays and Saturdays starting Oct. 4, Eater Miami…

Nurock Cos. Proposes ‘the Residences at Foxcroft Cove’ for 3300 Foxcroft Road in Miramar

In January 2023, Florida YIMBY reported on a project we knew then as “Foxcraft Estates”. Led by Pinnacle, the venture called for 84 homes on a 2.13-acre site. Yet, the developer didn’t close on the land acquisition, so the project never came to fruition. Now, we have an exciting development regarding this affordable housing venture. The South Florida Business Journal…

Developers plan 500-unit resi project on Fort Lauderdale church property, as religious site redevelopment becomes canon in South Florida

A development partnership proposes a 500-unit residential project on a 3.2-acre assemblage in Fort Lauderdale that includes a church, as redevelopment of religious sites surges in South Florida. Tal Levinson and Eric Malinasky’s preliminary plan is for a pair of six-story buildings with about 400 units to 500 units and ground-floor retail on the southwest corner of Northwest…

Cleared for landing: Patrick Bet-David pays $25M for Broward office building and airplane hangar

Patrick Bet-David is ready for takeoff after paying $25 million for a Fort Lauderdale office building and airplane hangar. An entity tied to Bet-David acquired the mixed-use project at 1200 and 1400 Northwest 62nd Street in a bankruptcy sale, records show. Bet-David is an author and social media influencer with more than 10 million followers on Youtube, X, Instagram…

Related, BH score approval for larger Plantation mixed-use project

Related Group and BH Group are planning a larger mixed-use project in Plantation than the joint venture previously envisioned. On Tuesday, the city’s planning and zoning board approved a site plan for Plantation City Center, a complex featuring 512 apartments and townhomes, 24,970 square feet of retail space and 833 parking spaces. The joint venture had previously…

Urban League advances plan for 469-unit affordable housing development in Oakland Park

The Urban League of Broward County expects to break ground next year on Village at Oakland Park, a 469-unit affordable housing development that will include for-sale townhouses west of I-95 in Oakland Park. The Oakland Park City Commission on Wednesday rezoned the 19.7-acre development site, on the northwest corner of Northwest 21st Street and Northwest 26th…

Sienna Motors expands in Pompano Beach, buys shuttered dealership for $22M

Sienna Motors is expanding in Pompano Beach, acquiring a shuttered dealership less than a block away from its existing auto sales site for $21.9 million. An affiliate of Sienna, led by CEO Claude Senhoreti, acquired the former home of defunct Pompano Ford Lincoln at 2714 North Federal Highway, and an adjacent retail strip plaza at 2860 Northeast 17th Avenue…

Boca Raton Approves Glass House at 280 E Palmetto Park Road in the City’s Downtown Area

The City of Boca Raton has approved Glass House Boca Raton, a luxury residential development and the first modern glass building to be constructed in the city’s downtown area. Situated at 280 East Palmetto Park Road, the 9-story development will feature rooftop amenities on the 10th level and is expected to reach completion by the fourth quarter of 2026. Sales for the 28-unit…

Mill Creek Residential Proposes ‘Modera Boca’ for 400 South Dixie Highway in Boca Raton

Boca Raton-based Mill Creek Residential could replace a mixed-use building with a 12-story residential venture in Palm Beach County. Modera Boca would comprise close to 330,000 square feet of leasable space. The South Florida Business Journal reports that there would be 304 homes in six different floorplans, featuring studios, lofts, and multi-bedroom units.

Boca Raton approves Anthony Perera and ASG’s Glass House condos

Anthony Perera and ASG Development won approval from Boca Raton for their planned Glass House condos. Groundbreaking for the nine-story, 28-unit project at 280 East Palmetto Park Road is slated for early 2025, according to a press release. Douglas Elliman Development Marketing is leading sales for Glass House, which launched in February with prices ranging…

JV buys Delray Beach hotel for $58M, amid resurgence of hospitality investment sales

A joint venture scooped up the Ray Hotel Delray Beach, Curio Collection by Hilton for $57.7 million, marking a resurgence of hospitality investment sales. Tmgoc Ventures and Certares Management bought the four-story, 141-key hotel at 233 Northeast Second Avenue, according to records and real estate database Vizzda. The property’s sale price according to the deed…

Ventas expands South Florida health care portfolio with $37M Riviera Beach hospital purchase

Ventas bulked up its South Florida hospital portfolio after paying $37 million for a 79-bed facility in Palm Beach County. An affiliate of Ventas, a Chicago-based, health care-focused real estate investment trust led by CEO Debra Cafaro, acquired Kindred Hospital The Palm Beaches at 5555 West Blue Heron Boulevard in Riviera Beach, records and real estate database…

CS Ventures buys Worth Avenue luxury storefronts for $30M

Spencer Schlager and Charles Rosenberg’s CS Ventures bought six Worth Avenue luxury storefronts for $30.3 million. The investment firm bought the 8,500-square-foot retail building at 243 Worth Avenue from Middleburg, Virginia-based Greenstone Realty Advisors, records show. The building, built in 1925, is center stage on the island’s luxury shopping corridor.

Senior Housing Asset in Lake Worth Trades for $64M

Focus Healthcare Partners has bought Mariposa, a senior housing community in Lake Worth, Fla. Ventas sold the asset for $63.8 million, and a seven-year, $48 million fixed-rate acquisition loan from Freddie Mac was involved, according to public records. JLL Capital Markets represented the seller and procured the buyer. Arbor Senior Living is the new property manager.

Video: RealPage Director of Research & Analysis Provides Multifamily Market Update; Occupancy, Performance, Wildcard Markets

In a recent episode of America’s Commercial Real Estate Show, the show’s host engaged with Carl Whitaker, Director of Research & Analysis, Market Analytics at RealPage, to discuss the multifamily housing market. Their conversation explored current trends, market forecasts, and challenges facing multifamily properties in the U.S., offering valuable insights…

America Needs More Affordable Housing, Not Just Class A Inventory

Highlights: After eight consecutive FOMC meetings of holding the federal funds rate steady at a 23-year high, the Federal Reserve lowered its benchmark policy rate by 50-bps to the target range of 4.75% to 5.0%.The notion of ‘higher-for-longer’ is well in the rear view mirror as the focus on the Fed’s dual mandate has shifted away from price stability to maximum employment.

How interest rate cuts could impact commercial real estate

The Federal Open Market Committee (FOMC) lowered its benchmark by 50 basis points—the first rate cut in over four years—bringing the target federal funds range to 4.75%–5.25%. The Fed indicated it will continue to decrease interest rates, but the timing and pace of rate decreases will depend on multiple factors, including inflation and other future economic data.

Using bridge loans with agency financing in multifamily

Bridge loans and agency loans can be a powerful combination for multifamily investors. A bridge-to-agency execution pairs flexible short-term capital with competitive long-term financing to help investors implement a business plan with an eye to locking in long-term fixed rates. “Our goal is to provide clients with as many options as possible and let them choose what’s best…

Protect data and residents with multifamily technology

While apartment safety and security is wide ranging, it can be divided into two categories: data security and physical security. Multifamily technology is key to addressing both. Multifamily technology for data security. Multifamily technology can help organizations improve data security by providing real-time visibility into cash flows. The same technology can help prevent rent…

House Of Wellness Hotel Proposed In Brickell, With 832 Lodging Units

A pre-application has been filed with Miami-Dade reviewers for a hotel tower in Brickell called House of Wellness. House of Wellness is proposed to rise 43 stories, and include: 832 lodging units 347 parking spaces A rooftop pool deck is planned on level 43. Approval of the development is planned through Miami-Dade’s Rapid Transit Zone, rather than through the City of Miami…

Mexican firm sells condo dev site in Brickell to partner

A Mexican firm that invested in Brickell development sites over the past two years sold one of the properties. Yet, it still plans to partner on developing the planned condo project, according to a source familiar with the matter. Menesse International sold the 0.4-acre vacant lot at 1870 Brickell Avenue in Miami for $10.3 million, according to records. The purchasing entity ties…

850-Foot Construction Crane Planned To Be Installed At Bentley Residences Site

Two very tall construction cranes are planned for the Bentley Residences Miami site in Sunny Isles, according to a new FAA filing. Tower Crane #1 at Bentley Residences is planned to reach 850 feet above ground, or 857 feet above sea level. Tower Crane #2 is planned to reach 742 feet above ground, or 749 feet above sea level. The work schedule for the cranes is estimated to begin…

Miami Metro Ranks #3 For Job Growth Over The Past Year

The Miami area continues to outpace the rest of the country when it comes to job growth, according to the U.S. Bureau of Labor Statistics. As of July 2024, the metro area job growth was 2.6 percent over the previous year. The U.S. as a whole saw 1.6 percent growth during the same period. The Miami metro added 75,300 nonfarm employees during the period. Only New York…

Developer Aimco Gets Construction Financing For ‘Condo Quality’ Edgewater Apartment Tower

Aimco says it has obtained construction financing for a “condominium quality” luxury apartment tower in Edgewater. Work is already underway, photos taken in August show. The developer secured $56 million of preferred equity from investment firm Sixth Street, and $172 million of senior construction financing from Apollo. Apartments in the 38-story waterfront tower…

Aimco scores $172M construction loan, $56M in equity for Edgewater apartment tower

Aimco scored a $228 million financing package to develop a 114-unit apartment tower in Miami’s Edgewater, as construction loans keep flowing in South Florida. The Denver-based real estate investment trust landed a $172 million senior construction loan from Apollo Global Management, and $56 million in preferred equity from partner Sixth Street, according to news…

FPL Wants To Install Solar At Metrorail Station To Power New Transit Oriented Development

A residential development currently under construction could be powered by solar panels installed at an adjacent Metrorail station. Metro Grande is being built next to the Okeechobee station. Construction is well underway, photos by MiamiSprings.com show. The development planned to have a combined 286 apartments, along with retail, with Cornerstone Group…

Ira Giller’s Miami Beach mixed-use project design gets green light

Miami Beach architect Ira Giller can move forward with plans for a new mixed-use building in his home city’s Mid-Beach neighborhood. Earlier this month, the Miami Beach Design Review Board approved the design for Giller Tower, a planned seven-story building at 976 Arthur Godfrey Road and 3915-3925 Alton Road. The project would include ground-floor retail and restaurants…

Infinity Collective evicts LuxUrban Hotels from South Beach building

Infinity Collective is the latest Miami Beach landlord to give troubled hospitality firm LuxUrban Hotels the boot. Last month, New York-based Infinity, led by Steve Kassin, Etienne Locoh and David Berg, took possession of a five-story short-term rentals building at 1700 Alton Road after winning an eviction lawsuit against Miami-based LuxUrban, court records show.

Rothschild pulls plug on 830 Brickell office, marking third firm to exit South Florida after market boom

Financial services firm Rothschild & Co won’t be opening at the 830 Brickell tower, marking the third company that leased during South Florida’s boom to scrap its planned office. Rothschild, which traces its roots to 18th century Europe when Rothschild family members rose to prominence in banking, had leased 5,000 square feet last year at 830 Brickell in Miami. The deal marked…

Alo Yoga founders expand retail portfolio with $17M South Beach acquisition

Alo Yoga founders Danny Harris and Marco DeGeorge expanded their retail portfolio by acquiring a South Beach condominium’s ground-floor retail space. An entity managed by Delaware corporations tied to Harris and DeGeorge, co-CEOs of Beverly Hills-based Alo Yoga, paid $17.3 million for four commercial units on the first floor of The Decoplage, a 16-story condominium…

Victoria’s Secret to Open New Miami Beach Flagship Store on Lincoln Road

Women’s undergarment apparel retailer Victoria’s Secret has signed a lease to occupy 8,000 square feet on Lincoln Road, a high street retail corridor in Miami Beach. Jonathan Carter and Ryan Brodsky of Colliers represented the landlord, ALTO Real Estate Funds, in the long-term lease negotiations. Brandon Nocella of Strategic Retail Advisors represented the tenant.

Multifamily Project Proposed For First Time At 250-Acre Miami Office Park

Apartments could be coming to Waterford Business District, the sprawling office and hotel complex directly south of Miami International Airport. London and Regional Properties is proposing a plan to add up to 600 apartments to the surface parking lot and grounds surrounding the Pullman Miami Airport hotel at 5800 Blue Lagoon Drive. The developer’s plans…

Location Ventures’ receiver seeks to sell Miami Beach dev site for $18M

The receiver managing the assets of defunct firm Location Ventures wants permission to sell a Miami Beach development site for $17.5 million. Receiver Bernice Lee filed a motion on Tuesday seeking an order from U.S. District Judge Cecilia M. Altonaga to allow the sale of the 0.7-acre assemblage at 1234 and 1260 Washington Avenue. Pakman Miami Beach, a Fort Lauderdale entity…

Miami Urban Development Review Board to Consider ‘2157 Flagler Residences’ for 2157 and 2199 West Flagler Street in Miami

A retail plaza with buildings constructed in the 1960s and 1970s could be replaced with a project dubbed “2157 Flagler Residences”. WR Flagler LLC has proposed an eight-story venture comprising 197 apartments ranging from 524 to 1,056 square feet. The South Florida Business Journal reports that floorplans span studios to two-bedroom layouts. Communal amenities…

Robert Rivani’s Black Lion scores design approval for Miami Beach mixed-use building renovation

A Miami Beach board gave Robert Rivani’s Black Lion the green light to revamp the exterior of a mixed-use building off Lincoln Road. Earlier this month, the Miami Beach Design Review Board unanimously approved the planned renovation of the building at 1691 Michigan Avenue and its garage facades. Miami-based Black Lion is giving the six-story structure…

Second Mercedes Benz Tower Now Under Construction In Brickell

The second tower at Brickell’s Mercedes Benz Places is now under construction. Foundation construction at the first tower is also now nearly complete, according to Serhant, which is handling condo sales. The second tower now underway will be 763 feet, while the first tower will reach 780 feet, according to plans submitted to the county in July. The combined development…

Demolition Underway At Two Small Brickell Properties

Demolition is now underway at two small properties in Brickell currently housing multifamily buildings. A video posted by Due Italiani a Miami shows demolition this morning at the first building, at 239 SW 12 Street. Building department records show a demolition permit was also issued on the same day for another building directly behind it, at 250 SW 11 Street. The properties…

32-Story Tower Planned In Edgewater

Plans have been filed for a 32-story tower in Edgewater. The development is planned to include: 68 lodging units; 57 off-street parking spaces; recreation and amenities on levels 7, 8, 9 and 32. Residential units on levels 10-26 will be 1 bedrooms, ranging from 720 to 750 square feet. On levels 27 through 31, there will be larger units. The top of the tower is planned at 385 feet…

Baywood scores approval for 124-key Hyatt House in Doral, amid uptick in hospitality project proposals

Baywood Hotels scored approval for a 124-key Hyatt House hotel in Doral, amid an uptick in hospitality project proposals across South Florida. The six-story building will rise on the vacant portion of the 3.3-acre site at 10234 Northwest 19th Street, adjacent to an existing 135-key Residence Inn by Marriott. On Wednesday, the town council unanimously approved the project.

South Miami Leaders Consider 13th Floor Investments for $309M City Hall Redevelopment Project

South Miami leaders are considering 13th Floor Investments for a $309 million redevelopment project that would transform the city’s municipal complex. The project’s design is by Miami-based Corwil Architects, with Coral Gables-based RJ Heisenbottle Architects serving as the historic preservation consultant. Known as The Link at SoMi, the mixed-use development would…

Miami-Dade departments getting new offices after $182M acquisition

Miami-Dade County paid $182 million for a 1970s office complex that will house various departments. An affiliate of New York-based Bushburg Properties sold The Current Miami at 9250 West Flagler Street to Miami-Dade, records and real estate database Vizzda show. The 26-acre property includes a six-story building and a one-story building spanning a total of 671,088…

BH, Lennar launch sales for Greenview at Presidential Estates near Aventura

BH Group and Lennar launched sales for a luxury 103-single-family home community near Aventura, nearly 17 years after litigation with neighboring homeowners stalled the project. The joint venture’s Greenview at Presidential Estates will offer six options featuring four-, five- and six-bedroom houses priced between $2.5 million to $3.5 million, according to a price sheet obtained…

Miami and Sunbelt Ranked Among Cheapest Places to Rent Coworking Spaces

For some businesses, rents for offices aren’t worth the cost of admission anymore given the slowdown the CRE asset class has seen with the work-from-home trend picking up since the pandemic. However, the solution to save money might be opting for coworking spaces – with Miami and other Sunbelt areas leading the charge. A report from CoworkingCafe compared the annual…

Construction Starts on ‘Royal Pointe Apartment Homes’ at 11350 Dunbar Drive in Miami

Hollywood-based Cornerstone Group, in partnership with the Martin Memorial AME Church, has started construction on an affordable housing development in Miami-Dade County. The developer first filed the pre-application phase in September 2021. Now, the venture is one step closer to completion. Royal Pointe Apartment Homes will comprise 102 residences, spanning…

$9.1M Sale of Miami Industrial Building Brokered

Avison Young has brokered the $9.1 million sale of an industrial property located at 7400 NW 37th Avenue in Miami. RAM Steel Framing occupies the building, which totals 109,000 square feet. John Crotty, David Duckworth, Michael Fay and Brian de la Fé of Avison Young represented the seller, Plage Associates, and the buyer, Azora Exan, in the transaction. The same team previously…

Residences at Six Fisher Island Breaks Ground, Expected to Complete in 2026

Related Group, along with partners Teddy Sagi, BH Group, and Wanxiang America RE Group, have officially broken ground on the Residences at Six Fisher Island, a highly anticipated residential tower within the exclusive Fisher Island community. Situated on the last development site of the 216-acre island, the project will feature just 50 bespoke residences spread across…

Construction Permit & Building Heights Submitted For Overtown Condo Development

An Overtown condo development is moving forward with multiple new filings to prepare for the start of construction. The condo tower is known as One West Twelve Residences. It will allow short term rental flexibility. Yesterday, the planned height of the building was filed with the Federal Aviation Administration for review. According to the FAA filing, the tower is planned…

Report: Downtown Miami To Aventura Rail Line Sees Costs Increase By 72%

The Northeast Corridor rail line planned between MiamiCentral and Aventura was originally estimated to cost $538M. Now, the estimated cost has increased 72% to $927M, according to the SFBJ. FDOT has agreed to increase funding for the project, the report said. Originally, FDOT had committed $103.5m toward the project, (the remainder was to come from Miami-Dade…

Demolition Of First Building At One Brickell City Centre Site Essentially Complete

Demolition of a building at the One Brickell Citycentre site is now nearly complete, according to Due Italiani a Miami. Work to demolish a second building on the site is still not approved however. The demolished building is at 710 Brickell Avenue. The second building at 799 Brickell Plaza is closer to the Brickell City Centre complex. A demolition permit for 799 Brickell Plaza…

44-Story Lofty Brickell Tower Begins Vertical Construction

Vertical construction is now underway at the 44-story Lofty Brickell tower, according to photos by Ryan RC Rea. The photos show that building columns’ are now rising out of the ground, with cranes in place. The cranes were approved by the FAA in July for heights of 650 feet above ground, or 653 feet above sea level. Lofty Brickell is planned to include 364 residential units…

Related Group JV Closes $527M for Miami Condo Tower

Related Group and Integra Investments have closed $527 million in financing for St. Regis Residences, Miami. The 50-story condominium property on the Biscayne Bay waterfront in the South Brickell neighborhood is on track for completion in 2027. TYKO Capital provided the loan, led by Adi Chugh. Robert A.M. Stern Architects (RAMSA) designed the property…

Shops at Sunset Place redevelopment scores South Miami approval

Alex Vadia’s Midtown Development is moving forward with plans to redevelop the Shops at Sunset Place in South Miami into a mixed-use project with about 1,500 residential units. The South Miami Planning Board on Wednesday evening unanimously approved a resolution granting initial site plan approval for the site at 5701 Sunset Drive. The resolution next heads to the South Miami…

How ELLE Residences Are Bringing a Touch of Europe to Miami

Miami’s condo market is ripe with luxury high-rise developments that attract a high-profile clientele. After Armani, Fendi and many others, ELLE is the latest European brand that wants a slice of the scrumptious Magic City pie. I believe that developments by European brands will set a new standard in Miami’s condo market, said Nuñez y Lugones.

Lease roundup: Ugo Colombo’s CMC scores bagel shop in Coral Gables, AEW lands four retail tenants in Broward

Bagel Emporium & Grille will move its Coral Gables restaurant to CMC Group’s 4000 Ponce building in the city. The bagel and deli shop leased 9,000 square feet on the ground floor at the office and retail building at 4000 Ponce de Leon Boulevard, according to the landlord’s news release. Bagel Emporium, which now is at 1238 South Dixie Highway, will move next year.

MIA Passenger Count Up 10% In 2024, Breaking New Records

Miami International Airport is setting records for the number of passengers using the facility in 2024. From January through July, a total of 33,840,894 passengers have either departed or landed at MIA, up 9.91% compared to the same period in 2023. If current trends continue, MIA will have broken new passenger records three years in a row. MIA passed 50 million…

Close Flagler Street To Cars On Weekends, City Resolution Urges

Miami commissioners are scheduled to vote on a resolution urging Downtown Miami’s Flagler Street be closed to vehicles at certain times. Miami-Dade County controls the street, so City of Miami commissioners can only pass a resolution urging the county consider the closure request. City commissioners are scheduled to consider whether to adopt the resolution at a meeting…

Vow to pick solid waste plant site goes up in smoke

The only crucial item missing Tuesday from the “who, what, where, when” discussion about a new waste-to-energy facility was the “where.” Miami-Dade County Commission Chairman Oliver G. Gilbert III vowed at the commission’s last full meeting two weeks ago that the “where” would be answered this week. It wasn’t. At Tuesday’s fretful and sometimes contentious…

Surprise Land Swap Offer Upends Miami-Dade Decision On Site For New Incinerator

Facing a packed room of concerned and angry residents, Miami-Dade County commissioners punted on a decision about where to put a new trash incinerator that officials say is needed to ensure that real estate development can continue in the region. After months of consideration — and spirited debate at Tuesday’s meeting — commissioners voted to defer a plan put forward…

Ansin family’s Sunbeam proposes nearly 3,000-unit resi project in Miramar, amid record apartment pipeline

The billionaire Ansin family proposes a massive mixed-use project with more than 2,800 residential units in Miramar, amid a record multifamily construction pipeline in South Florida. The Ansins’ Miramar-based Sunbeam Properties wants to develop Park Miramar on a 125.8-acre vacant site the firm owns on the northeast corner of Miramar Parkway and Red Road, according…

First Look: Newgard Development Group’s Brand-New Renderings of Natiivo Fort Lauderdale

Newgard Development Group has unveiled new renderings for Natiivo Fort Lauderdale, a 40-story residential tower featuring 384 units at 200 West Broward Boulevard in downtown Fort Lauderdale. The project, designed by Arquitectonica with interiors by IDDI, aims to bring a fresh approach to urban living. These renderings offer a detailed look at the building’s residences…

Maxx scoops up 145-unit apartment complex in Wilton Manors for $47M, amid multifamily investment sales slowdown

Maxx Properties scooped up a 145-unit apartment complex in Wilton Manors for $46.6 million, amid a South Florida multifamily investment sales slowdown. The Purchase, New York-based firm bought the ANKR Wilton Manors complex consisting of 11 three-story rental buildings and a clubhouse at 513 Northeast 21st Court from Gables Residential, according to records…

Construction Starts on Second Phase of Atlantic Crossing at 777 East Atlantic Avenue in Delray Beach

In 2021, Florida YIMBY reported on the first phase of Atlantic Crossing, a mixed-use venture that offers apartments, office space, and retail ventures. Now, we’ve learned that Ohio-based Edwards Cos. has broken ground on the venture’s second phase in Delray Beach. The South Florida Business Journal reports that the second phase of Atlantic Crossing will feature three buildings.

Macy’s offloads two South Florida retail properties for a combined $28M

Macy’s offloaded a couple of retail properties in South Florida, selling both for a combined $28 million. Most recently, an affiliate of Columbus, Ohio-based Washington Prime Group paid $15 million for a Macy’s department store at Boynton Beach Mall at 801 North Congress Avenue in Boynton Beach, records and real estate database Vizzda show. Washington Prime…

Focus Healthcare drops $64M for Palm Beach County assisted living facility, as senior care deals continue

Focus Healthcare Partners scooped up a 377-unit assisted living facility in Palm Beach County for $63.8 million, as South Florida senior care facilities continue to trade. The Chicago-based firm bought the Mariposa property consisting of a three-story building and a one-story building at 9130 Hypoluxo Road in an unincorporated area of the county from Ventas, according to records…

West Palm Beach adds hundreds of rentals

Thousands of residential units are in the development pipeline in West Palm Beach, following a rush of post-pandemic investment in the coastal city. While many of those projects are luxury condominiums years out from completion, others are rental buildings beginning to open their doors. In this lease roundup, Related Companies, Tortoise Properties, Hyperion Group…

The first rate cut is here: now what?

Moody’s CRE economists weigh in on the long-awaited Fed move Today’s 50 basis point rate cut from the Federal Reserve is more aggressive than many expected. It marks a crucial step on the road towards recovery for the overall economy, and especially for the Commercial Real Estate (CRE) industry. Economist Twinkle Roy notes that businesses should…

Why Light Industrial Properties Will Continue to Shine

The often-overlooked multi-tenant light industrial subsector has strong fundamentals and will remain solid in a supply-constrained environment, according to a new research study by BKM Capital Partners. The report argues that the light industrial subsector demonstrates particular resilience, especially when compared with other property types, including…

2023 Was Another Challenging Year for Insurance Expenses

Insurance coverage cost and availability has become an increasing pain point for commercial real estate (CRE) market participants. Property insurance expenses traditionally inflated by roughly two to three percent per year, which is a typical expense budgeting target of underwriters, lenders and asset managers. However, year-over-year insurance cost growth has spiked…

Moody’s Mid-Year Multifamily Performance Review

Highlights: As of the second quarter of 2024, our primary 82 multifamily markets were evaluated based on their year-to-date (YTD) change in effective revenue. Two of the top five metros were from the Northeast and two of the bottom five metros were from the Western region. The Northeast was the top-performing region with effective revenue up 125 basis points (bps) YTD…

Video: Costar Director of Office Analytics Provides Office Market Update; Miami Gets a (Bright Spot) Mention

Office Real Estate Sector Shows Signs of Optimism Despite Persistent Challenges The latest episode of America’s Commercial Real Estate Show featured an insightful discussion about the U.S. office market. Hosted by a seasoned real estate expert, the show welcomed Phil Mobley, National Director of Office Analytics at CoStar. The conversation centered on the state of the office…

The CRE outlook: new normals, the Fed, and the latest performance data

The Commercial Real Estate (CRE) industry has been anxiously awaiting action from Jerome Powell and the Federal Reserve for several quarters now. Even though the industry has largely begun to emerge from its most recent lows, the first rate cut is crucial to recovery. The question remains, however: will these cuts be enough to get the CRE market back up to speed?

Unpacking the Menu of Inflation Reduction Act Incentives for Commercial Real Estate

Earlier this week the Urban Land Institute Northwest hosted the first in a series of webinars helping CRE owners identify opportunities to leverage Inflation Reduction Act (IRA) incentives and understand how they fit in with other regulatory and financing mechanisms already in place. In this first webinar, “Introduction to IRA Tax Incentives,” Ben Evans at the US Green Building…

Using IRR to evaluate real estate investments

The internal rate of return (IRR) is a powerful tool for assessing a commercial real estate investment’s profitability. IRR can be particularly valuable when comparing potential investment opportunities with varying cash flows over time. What is IRR? IRR measures an investment’s compound annual growth rate, accounting for all cash flows over the life of the investment.

Converting Office To Industrial Space Is Picking Up Steam

One of the growing trends in commercial real estate is converting vacated office space into industrial use. Since the onset of the pandemic, more employees have been working from home. While office vacancies in some markets are recovering, it’s still nowhere close to 2019 levels. Of course, CRE developers have noticed that trend and are getting creative. During the year-to-date…

Whale & Star Wynwood to Develop Eight-Story Cloud One Hotel, Residences in Miami

A joint venture doing business as Whale & Star Wynwood Owner LLC has announced plans for a new, eight-story mixed-use project in the Wynwood neighborhood of Miami. Spanning half a city block at 2215 N.W. 1st Place, the development will feature a 214-room hotel, as well as 87 residential condominiums. The City of Miami’s Wynwood Design Review Committee recently…

Wynwood’s Whale & Star Site Eyed for Mixed-Use Redevelopment with Hotel and Condos

Plans have been submitted for potentially redeveloping the Whale & Star building in Miami’s Wynwood Arts District into a mixed-use project. The site is located at 2215-2237 Northwest 1st Place, 175 Northwest 22nd Street, and 170 Northwest 23rd Street, and spans 37,822 square feet. Currently, the property contains 27,406 square feet of commercial buildings, which would be…

German group scores approval for 214-unit hotel with 87 condos in Wynwood, amid district’s development boom

A German group scored design approval for a 214-key hotel with condos in Wynwood, amid a continuing flurry of development proposals in Miami’s arts district. On Tuesday, the Wynwood Design Review Committee voted in favor of the eight-story building with 87 condos and 11,400 square feet of commercial space on the southeast corner of Northwest 23rd Street and Northwest First…

Construction Starts on ‘The Dolce by Wyndham Miami’ at 1745 James Avenue in Miami Beach

Our sources report that two developers have broken ground on a mid-rise hotel in Miami Beach. The Dolce by Wyndham Miami is a five-story venture offering 90 rooms, occupying a 15,000-square-foot property that once hosted a 36-unit condo, which has been demolished. Upon its anticipated completion in 2026, the hotel will create 45 jobs. Communal amenities at the high-end…

MG Developer expands into hospitality after buying Miami hotel for $36M

MG Developer is entering the hospitality sector after paying $36 million for a hotel near Miami International Airport. Coral Gables-based MG, led by Alirio Torrealba and Diego Torrealba, acquired Regency Miami Airport by Sonesta, a five-story hotel with 176 rooms at 1000 Northwest 42nd Avenue, records and real estate database Vizzda show. The deal breaks down…

Brickell Tower Designed By Robert A.M. Stern Architects Gets Giant Construction Loan

The 50-story tower St. Regis Residences, Miami has obtained a massive construction loan after reaching a sales milestone. Developers Related Group and Integra Investments closed on $527 million in financing to build the luxury tower from TYKO Capital. It is one of the largest residential construction loans in Florida to date, following the $668 million loan for Miami’s Waldorf…

Gus Machado’s family sells late car dealer’s longtime Hialeah dealership for $19M

Gus Machado Ford in Hialeah is no longer owned by the late car dealer’s family, which sold the auto retailer site for $19.3 million. A trust managed by Machado’s surviving relatives sold the 5.7-acre property to an entity managed by Victor Benitez, records and real estate database Vizzda show. City National Bank of Florida provided the buyer with a $15.4 million mortgage.

Domus Brickell Center Gets FAA Approval, Demolition Permit Issued

FAA height approval has been issued for a 35-story tower known as Domus Brickell Center. A demolition permit has also been issued for the site. The FAA approval was issued on August 30, and allows for a permanent tower height on the property of 405 feet above ground, or 419 feet above sea level. The demolition permit was issued earlier in August, with Thornton Residential LLC…

Expansion Proposed For Miami Beach Hotel, Designed By Bjarke Ingels

The Standard Hotel in South Beach is proposed to be renovated and expanded, a new filing with the city shows. One wing of the hotel is proposed to be renovated, while another is proposed to be redeveloped. The number of hotel rooms will remain the same, while six residential units would be added. The design team includes Bjarke Ingles Group and Kobi Karp Architecture.

Plans Filed for Major Redevelopment of Sunset Place In South Miami with Nine Towers and Mixed-Use Components

Plans have been submitted to redevelop Sunset Place in South Miami, transforming the site into a massive mixed-use complex with nine towers. The proposed towers will rise to various heights, including two at 12 stories, two at 15 stories, one at 21 stories, one at 25 stories, and three at 33 stories. The architectural concept for the Sunset Place redevelopment moves away from…

Shops at Sunset Place redevelopment scores South Miami approval

Alex Vadia’s Midtown Development is moving forward with plans to redevelop the Shops at Sunset Place in South Miami into a mixed-use project with about 1,500 residential units. The South Miami Planning Board on Wednesday evening unanimously approved a resolution granting initial site plan approval for the site at 5701 Sunset Drive. The resolution next heads to the South Miami…

Nine Towers Rising Up To 33 Stories Proposed At Sunset Place

Plans have been filed for a massive redevelopment of Sunset Place. The redevelopment would include nine towers. They would rise 12 stories (2), 15 stories (2), 21 stories, 25 stories, and 33 stories (3). Sunset Place is proposed to include: 1,513 residential units 287 hotel keys 1,300 seat movie theater / performing arts theater 149,506 square feet of retail 50,892 square feet of office…

90s-Era Shops of Sunset Place Mall Could Be Replaced with Mixed-Use Venture at 5701-5795 SW 72nd Street in South Miami

The Shops of Sunset Place, which was built in 1999, has become mostly vacant in recent years. Currently home to a movie theater, 40 apartments, and some office and retail space, the venture could soon find new life as a massive, mixed-use venture. The revitalization, known as “Sunset Place”, would span 1.47 million square feet amongst nine high-rise towers.

Longpoint bulks up South Florida industrial portfolio with $27M Medley purchase

Longpoint continues bulking up its South Florida industrial portfolio, recently paying $27.2 million for three Medley warehouses. An affiliate of Boston-based Longpoint, led by founding partner Dwight Angelini, acquired the 113,936-square-foot complex at 9942 Northwest 89th Court, records and real estate database Vizzda show. The deal breaks down to $237 per sf…

Court clears way to partly demolish Coconut Grove Playhouse

At the end of August, the Third District Court of Appeal dismissed the latest petition filed by city residents to stop county plans to partially demolish the Coconut Grove Playhouse, clearing the path for the project to proceed. The Playhouse’s fate has been in limbo for years, dating back to 2004 when county voters approved a far-ranging bonding measure that would have under…

FAA Approves 764-Foot 848 Brickell Tower Designed By Skidmore, Owings & Merrill

The Federal Aviation Administration (FAA) has officially approved the height of 848 Brickell, a 51-story Class-A office and retail development in Miami’s Brickell neighborhood. Planned by Key International in collaboration with Sterling Bay, the project has been given the green light to rise 764 feet above ground, or 775 feet above mean sea level. This approval, issued…

Mixed-Use Development Proposed In Wynwood

Plans have been filed for a new mixed-use development in Wynwood. The 8-story project is planned to include: 87 multi-family dwelling units 214 lodging units 11,350 square feet of commercial space 87 on-site parking spaces, spread over two floors Zoning requires 252 gross parking spaces. A 30% Transit Corridor Waiver is being requested to reduce that to 177 spaces.

Developer Says 444 Brickell Won’t Be Demolished Until 2028 ‘At Earliest’

Related Group says 444 Brickell will not be demolished until 2028 at the earliest, according to the Herald. Demolition of 444 Brickell will allow for a new section of baywalk to connect two existing baywalk sections, along with a new tower. The property has been designated as an archaeological landmark, as part of a deal to allow two towers to proceed next door. Miami’s Historic…

Here’s When Citadel’s Brickell Supertall Tower Is Expected To Begin Construction

An expected construction start date for Citadel’s new supertall headquarters tower has been revealed. Construction is estimated to begin in the third quarter of 2025, a Citadel spokesperson told The Real Deal. Miami-Dade records show that the zoning review application was accepted on September 9, after an initial August 26 filing was revised. The development is now being assigned…

Triple Double, Stonerock Capital could lose downtown Miami office buildings to foreclosure

Two years after buying a pair of downtown Miami office buildings, Triple Double Real Estate and Stonerock Capital Partners could lose the properties to foreclosure. An affiliate of Atlanta-based Ardent Companies filed a foreclosure complaint… against the Triple Double and Stonerock Capital entity that owns…. at 200 Southeast First Street, as well as… 44 West Flagler Street. Ardent alleges…

The Graham Cos. Reshapes Plans for Lakeside Apartments at 14650 Oak Lane, Miami Lakes, FL

The Graham Cos. is shifting plans for a multi-family housing development in Miami Lakes. Previously, the developer secured a zoning approval for a senior living facility on the 9.5-acre site. Now, it hopes to move forward with the Lakeside apartments, which would offer 220 units in four four-story buildings. The one-bedroom to three-bedroom units would span 750 to 1,409 sf…

Graham family plans 220-unit multifamily complex in Miami Lakes, amid record South Florida rentals pipeline

Graham Companies, the family owned developer of Miami Lakes and its biggest property owner, proposes a 220-unit multifamily complex in the town. Led by CEO Stuart S. Wyllie, Graham wants to build the Lakeside project with four four-story buildings on a 9.5-acre vacant site at 14610, 14620, 14640 and 14650 Oak Lane, according to the Miami Lakes Town Council…

Cult Movie Director’s New Studio Is Latest Signal Of Miami Beach’s Pivot Away From Partying

Acclaimed oddball film director Harmony Korine is opening a 30K SF creative design studio on Lincoln Road. The new headquarters for EDGLRD, a digital-first studio focused on film, gaming, advertising and sensory experiences, on the top floor of 230 Lincoln Road was announced by Miami Beach City Commissioner Joseph Magazine from the stage at Bisnow’s Future of Miami…

Developer Seeks Approval for ‘Alexandria Gardens’ at 13317 Alexandria Drive in Opa-locka

An affiliate of VS Real Estate could build an apartment complex featuring workforce housing in Opa-locka. Alexandria Gardens would comprise 216,152 square feet of new construction amongst seven four-story buildings. It would offer 225 apartments. The South Florida Business Journal reports that 12.5 percent of the units (28) would be workforce housing. The developer…and children’s playground. There would also be 285 parking spots, averaging to about 1.27 per unit.

Video & Pics: Banco Santander Announces It Will Begin ‘Landmark’ Brickell Tower

Banco Santander says it is proceeding with plans to build a new 1.6 million square foot tower in Brickell. A 14-story office tower is currently on the site. Demolition will begin shortly, according to the company. The property has already been fenced off, according to Ryan RC Rea. There are currently 650 Santander employees working from the old tower, who will be moved…

Site Work Permit Issued For Former Miami Arena Site, Where 2,350 Units Planned

Miami’s Building Department has issued a site work permit for the former Miami Arena site. The permit was issued on August 26, with Coastal Construction listed as the contractor, records show. Three towers are planned on the property, to be built in phases. A master construction permit for the first tower, with 894 residential units, is currently moving through the approval…

Monceau entangled in legal rift with partner over Goulds workforce housing dev site

Family-owned Monceau Real Estate allegedly reneged on buying out a partner involved in a Goulds workforce housing development site, a recently filed lawsuit alleges. Jason Talbot, principal of Miami-based Workforce Housing Partners, sued Miami Beach-based Monceau and its sibling owners, Adrian, Julien and Sarah Haccoun, in Miami-Dade Circuit Court on Friday for breach…

848 Brickell Office Tower Approved By FAA At 764 Feet

The Federal Aviation Administration has issued a letter stating that an office tower planned on Brickell Avenue does not represent a hazard to air navigation. The tower is known as 848 Brickell. The approval letter was issued on September 5 to developer Key International. Skidmore, Owings & Merrill is listed as a representative. The approved height is 764 feet…

Developers Respond to South Florida’s Affordability Crisis with Modern Workforce and Affordable Housing Projects

As South Florida’s population continues to grow, so does its affordability challenge. According to Miami Homes For All, the tri-county area currently faces a shortage of 90,181 housing units for households earning below 80 percent of the area median income, estimated at around $75,000 annually. The recent passing of Florida’s Live Local Act offers incentives aimed at addressing…

Developers Secure $527M Financing for St. Regis Residences Miami in South Brickell

Developers Related Group and Integra Investments have announced the closing of $527 million in financing for St. Regis Residences, Miami, a highly anticipated residential tower located on the Biscayne Bay waterfront in Miami’s South Brickell neighborhood. The loan, provided by TYKO Capital, marks one of the largest residential construction loans in South Florida’s…

Florida Developers Score $527M Loan for Miami Condo

Florida CRE developers Integra Investments and Related Group have scored a $527 million loan to work on a multifamily project in Miami. The 50-story tower at 1809 Brickell Avenue is set to feature 152 condos, according to a report from Bisnow. The unit options will range from two to six bedrooms. The Brickell project will include eateries such as an “upscale restaurant…”

Related, Integra JV pays $100M for waterfront St. Regis Brickell site

Integra Investments sold the St. Regis Residences, Miami development site to a joint venture it formed with the Related Group. Downtown Miami-based Integra, led by Paulo Tavares de Melo, sold the waterfront 3.2-acre property at 1809 Brickell Avenue for $100 million to 1809 Brickell Venture, property records show. The Integra and Related entity recently…

Construction Tops Off at The Standard Residences in Midtown Miami

Construction at The Standard Residences, Midtown Miami, a 12-story pied-à-terre-style building, has reached its topping-off milestone, and window installation has progressed up to the eighth floor. The project previously secured $45.045 million in financing from Bank OZK and has announced two major food and beverage offerings: Solana by Juvia Group on the rooftop…

Vita at Grove Isle Tops Off Construction, Set for Late 2025 Completion

Grove Isle’s first new residential development in decades has reached a major milestone as CMC Group, led by developer Ugo Colombo, topped off construction of Vita at Grove Isle, a 65-unit luxury condominium. Situated on the 20-acre private island of Grove Isle, just offshore from Miami’s Coconut Grove neighborhood, the seven-story waterfront development is comprised…

Mill Creek Residential Downsizes Second Phase of ‘Moderna Aventura’ in Miami-Dade County

In April 2023, Boca Raton-based Mill Creek Residential broke ground on the first phase of Moderna Aventura, which will offer 420 apartments, 6,400 square feet of retail, and 632 parking spots. The developer received approval for a second phase with the same specs, but now has filed plans for a smaller phase. The South Florida Business Journal notes that it’s “rare” for…

Acre scores controversial upzoning approval for 337-unit rental project near MiMo’s Legion park

A developer scored approval for a controversial upzoning for a 337-unit apartment project adjacent to Miami’s Legion Memorial Park, despite vehement pushback from neighbors. The Miami Planning, Zoning and Appeals Board greenlit the rezoning of a 3.5-acre vacant assemblage on the northeast corner of Biscayne Boulevard and Northeast 64th Street. Acre…

Lennar in contract to buy Barry University land, downsizes proposed project to 277 townhomes

Lennar proposes a 277-townhouse development on Barry University land in Miami Shores, marking a significant downsizing of the homebuilder’s previously planned project. Miami-based Lennar is under contract to buy about 24 acres of Barry-owned land immediately west of the university’s main campus at 11300 Northeast Second Avenue, according to a Barry spokesperson…

Lease roundup: Pipeline Workspaces renews Coral Gables office, French bakery opening in Kendall

Co-working and shared office space provider Pipeline Workspaces is staying put in Coral Gables. Miami-based Pipeline renewed its 14,000-square-foot lease at Alhambra West at 95 Merrick Way, according to a news release from the tenant’s broker. Shay Pope of Stream Realty Partners represented the tenant. Steven Hurwitz and Doug Okun were part of the…

How Miami-Based Pura Vida Took Over Florida and Then New York

Miami has seen an influx of New York restaurants and cafés lately, but over the summer, a Miami spot did a switch-up and returned the favor back to New York City. Pura Vida, the healthy café chain that has taken Florida by storm with its all-day breakfast and signature pastel blue umbrellas, is making waves beyond its home base with an ambitious expansion into New York…

Developer proposes 198-unit Live Local project near Seminole Hard Rock, amid flurry of applications under affordable housing law

A developer proposes a 198-unit Live Local Act project near the Seminole Hard Rock Hotel & Casino in Hollywood, amid a surge of applications under the state’s affordable housing law. An entity led by Eloy Garcia and Nick Mendizabal, founders of Car Factory Outlet, wants to build a 14-story building with 6,000 square feet of commercial space and 277 parking spaces…

Rreef sells Pembroke Pines multifamily complex for $110M — a 9% discount from purchase price two years ago

Rreef Property Trust sold a 368-unit apartment complex in Pembroke Pines for $110 million, marking a 9 percent discount from its purchase price two years ago. The deal comes as South Florida’s multifamily market is turning from the boom times of the past four years. Higher interest rates, elevated property management and upkeep costs, and skyrocketing insurance have…

DWS Group Fund Takes $11M Loss On Plantation Apartments

A real estate fund run by a Deutsche Bank subsidiary took a nearly 10% haircut on its recent sale of the Marela Apartments southwest of Fort Lauderdale. Abacus Capital Group paid $110M for the 368-unit, garden-style apartment complex in Pembroke Pines, or around $299K per unit. The seller was an entity controlled by RREEF Property Trust, which is run by DWS Group…

Pompano Beach Property Lands Financing for Rental-to-Condo Conversion

Plantation, Fla.-based Invesca Development and the Gold Coast Florida Regional Center, an EB-5 immigration investing program center, have secured a $55.2 million bridge loan to convert Envy Pompano Beach into condominiums. The 214-unit Class A rental property is located in Pompano Beach, Fla. Envy Pompano Beach in Pompano Beach, Fla., courtesy of Forman Capital.

MAXX Properties Buys 145-Unit Asset in Wilton Manors

Privately held MAXX Properties has bought ANKR Wilton Manors, a 145-unit rental community in Wilton Manors, Fla., between Pompano Beach and Fort Lauderdale. The previous owner was Gables Residential, according to Yardi Matrix information. This marks the buyer’s fifth multifamily asset in the state. The new ownership intends to modernize the community’s interior…

Schmier adds mixed-use complex to Boca Raton portfolio

Schmier Property Group pumped up its Boca Raton portfolio by acquiring a mixed-use complex for $32 million. An affiliate of Boca Raton-based Schmier, led by principals Brian and Robert Schmier, acquired Boca Financial Plaza at 5530 and 5550 West Glades Road, records and real estate database Vizzda show. Seacoast National Bank provided the buyer with an $18 million…

Jeff Greene fires back at One West Palm’s former project manager

Billionaire Jeff Greene is hitting back at the general contractor previously overseeing his One West Palm mixed-use project. Greene’s development entity 1370 South Ocean on July 29 countersued Coral Gables-based Kast Construction in Palm Beach County Circuit Court. Greene’s complaint alleges Kast mismanaged construction of the planned $3 billion two-tower complex…

Publix bags two more South Florida shopping centers for $67M

Publix filled up its real estate cart with more South Florida shopping centers, paying a combined $67 million for a pair of Palm Beach retail properties anchored by its stores. The sites are part of Publix’s recent $224 million purchase of a seven-shopping center portfolio across Florida that includes two retail properties in Davie acquired for a combined $83 million.

Data story: reimagining offices in a hybrid world

US vacancy rate of office buildings sits at a historic high four years after COVID-19 upended the industry COVID-19 completely upended work dynamics, but none more so than for office workers. Both central business districts (CBDs) and suburban offices became ghost towns. Suddenly, all “non-essential workers” – the typical white-collar worker – began performing their job…

Increasing Office Visits Not A Panacea for Record High Vacancy Rates

Highlights: According to Placer.AI – a startup that uses cell phone data to analyze foot traffic patterns down to the property level – nationwide employee office visits were 27.8% lower than compared to July 2019 and 16.5% higher than July 2023.Perhaps unsurprisingly, among the eleven metros included in Placer’s report, San Francisco’s office recovery has been the most mired…

Coastal Properties are Exposed to Multifaceted Risks, but Solutions Exist

Last week, the Urban Land Institute published Surge – Coastal Resilience and Real Estate, a report unpacking a range of risks  threatening coastal real estate, as well as highlighting solutions already in practice. From sea level rise and coastal storms, to sunny-day flooding, subsidence and erosion, the report put risk into dollar terms, as well as explaining risk pathways…

How the New PFAS Ruling Impacts CRE Transactions

Real estate professionals have a lot of questions about how PFAS may impact their deals EPA’s PFAS ruling of July 8, 2024. The ruling designates two of the most widely used categories of PFAS as hazardous substances under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA, also known as Superfund). This means that in order to evaluate…

Florida’s Live Local Act—An Admirable Vision Meets Reality

In the heart of Miami, the Wynwood neighborhood shines as a success story of urban development. Once an industrial area, Wynwood has transformed itself from warehouses and factories to a street-art-laden hub for creativity and innovation. Wynwood’s coffee shops, art galleries, vibrant bars, and cafes have attracted locals, tourists, and a community of entrepreneurs.

Industrial Absorption Set To Grow On Rate Drop Expectations

Industrial net absorption for the second half of 2024 is expected to reach approximately 114 million square feet, up from 67.1 million square feet absorbed during the first half of the year. First-quarter absorption was down substantially from its historic peak in 2021 when it totaled 749.3 million square feet for the year, according to CoStar data. It also lagged absorption recorded in the same per…

Developer Proposes Multifamily Development in RTZ at 1136 NW 8th Ave in Miami

On Saturday, Florida YIMBY reported on San Sebastian Luxury Homes, a venture seeking to double its density because of new Rapid Transit Zone (RTZ) rules. Now, we’ve learned of another transit-oriented development in Miami-Dade County. The South Florida Business Journal reports that an affiliate of New York-based Urban Builders Collaborative and Lettire Construction…

Mixed-Use Project with Affordable Housing Proposed for 1400 NE 116th Street in Miami

Biscayne Shores Development Group LLC, an affiliate of New York-based Ben-Josef Group Holdings, has plans for a residential project in Miami’s Biscayne Shores neighborhood. The unnamed complex would occupy a vacant 4.10-acre site that the developer purchased for $3.2 million in 2004. If city officials approve the project, it would comprise 561 apartments, with floorplans…

Related, Integra score $527M construction loan for St. Regis Brickell condo project

The Pérez family’s Related Group and its partner, Integra Investments, secured $527 million in construction financing for St. Regis Residences, Miami, a luxury condo development in Brickell. Tyko Capital, a private equity and credit investment management firm led by Adi Chugh, is the lender, according to a press release. The loan will fund construction of the 50-story branded…

So long, Miami: Andreessen Horowitz closes South Beach outpost amid doubt over office market’s viability

Venture capital firm Andreessen Horowitz closed its South Beach office, amid looming questions over South Florida’s ability to remain a magnet for out-of-state companies. Andreessen Horowitz exited in May its five-year lease for 8,300 square feet at Barry Sternlicht’s Starwood Capital Group headquarters building at 2340 Collins Avenue in Miami Beach, Bloomberg reported…

Andreessen Horowitz Exits Miami Office In Latest Blow To City’s Tech Dreams

Mayor Francis Suarez’s hopes of making Miami the Silicon Valley of the South and the country’s cryptocurrency capital have been dealt another setback. Andreessen Horowitz, one of Silicon Valley’s most high-profile venture capital firms, has shuttered its office in Miami Beach. The firm, also known as a16z, left its roughly 8,300 SF office at 2340 Collins Ave., a boutique office building…

Saddled with debt woes, Raoul Thomas’ hotel investments are unraveling. But he’s not giving up.

As Raoul Thomas clung to hope that he would recapitalize his $285 million loan on the Waldorf Astoria Washington DC in time to avoid losing the hotel, the financier got tired of waiting. Lender BDT & MSD Partners foreclosed last month after postponing the auction by 45 days to give Thomas time to cure his default. The historic 263-room property in the Old Post Office building…

County plans waste disposal complex at South Dade landfill

Miami-Dade County commissioners are expected to approve this week a $15 million professional services agreement for the transformation of the old South Dade Landfill into an updated Waste Facility Complex for the Department of Solid Waste Management. The project includes the preparation of a complete set of construction documents for a new…

Proposal Intends to Double ‘San Sebastian Luxury Homes’ Garden Style Units at 23220 SW 124th Avenue in Homestead

Developers have filed a pre-application for San Sebastian Luxury Homes, a garden-style housing development in Miami-Dade County’s Goulds neighborhood. In 2023, B2R Builders aimed to have the property rezoned from RU-1 to RU-3M, which would allow for the construction of 39 apartments in two buildings. Yet, the venture never came to fruition. B2R Builders acquired…

Q & A: Michael Swerdlow dishes on Overtown project and other recent deals

For nearly a half-century, Michael Swerdlow has been a driving force in retail and mixed-use development in Miami-Dade County. In the early 2000s, the Coconut Grove-based developer teamed up with Bloomfield Hills, Michigan-based Taubman Centers to build Dolphin Mall, a 1.4 million-square-foot outlet retail and entertainment center in Sweetwater. He cashed out in 2002…

Doral’s Beloved Cow Pasture to be Replaced by Warehouses

While many people visit Doral for its sprawling golf courses and upscale food halls, there’s one longtime attraction that isn’t labeled on Google Maps: the “cow lot.” The sprawling, 175-acre green space — situated on the corner of NW 107th Avenue and NW 41st Street — has long been a familiar landmark for Miami locals. Once owned by siblings Claudia Lemon Cook and Charles Buck…

Barry Sternlicht proposes Bjarke Ingels-designed redevelopment of the Standard Miami Beach

A group of investors led by billionaire Barry Sternlicht is proposing a luxury overhaul and redevelopment of the waterfront Standard hotel in Miami Beach. Starchitect Bjarke Ingels of BIG is designing the project, which is planned for the 100-plus-key hotel at 40 Island Avenue and adjacent properties at 1 and 2 Farrey Lane. Kobi Karp Architecture & Interior Design is the architect…

Plans Submitted To Miami-Dade County for 81-Story Dolce&Gabbana Tower at 888 Brickell Avenue

Plans have been submitted to Miami-Dade planners for the Dolce&Gabbana Tower, an 81-story mixed-use skyscraper designed by Studio Sofield with ODP as the architect of record. Located at 888 Brickell Avenue in Miami’s Brickell district, the tower is set to rise 1,049 feet and will house 259 residential units along with 102,805 square feet of commercial space, including retail…

Panattoni picks up former Miami Herald headquarters in Doral

Panattoni Development jumped into the Doral office submarket, picking up a two-story building that previously housed the headquarters for Miami Herald and El Nuevo Herald. An affiliate of Irvine, California-based Panattoni, led by Carl Panattoni, acquired the 9-acre property at 3511 Northwest 91st Avenue, records and real estate database Vizzda show. The deal breaks down…

Foundation Completed for Baccarat Residences Miami, Marking Key Milestone in 75-Story Condo Tower in Brickell

Related Group and GTIS Partners marked a significant development milestone this past weekend with the foundation pour of the highly anticipated Baccarat Residences Miami. The pour required over 10,000 cubic yards of concrete and 1,500 tons of reinforcing steel, setting a new record for both development firms. This project will be the legendary French crystal brand’s first…

The builders: Ranking Miami’s construction firms

At a busy intersection in North Miami, construction of the 382-unit Manor Biscayne apartment project is underway. So far, the eight-story building is a gray shell with gaping holes for windows and doors, flanked by a pair of cranes. Construction has reached the top floor, and interior finishes are expected to be installed next year, when the project is slated to be completed.

Lease roundup: FIFA opens permanent office in Coral Gables ahead of 2026 World Cup

FIFA expanded its South Florida office ahead of the 2026 World Cup, with plans to keep the space permanently as a base for the Americas. The international soccer governing organization now has a total of 75,000 square feet on four floors at 396 Alhambra Circle in Coral Gables, after adding 15,000 square feet to its previously leased space, Bloomberg reported, citing anonymous…

Three Self-Storage Ventures Proposed for South Florida Region

The construction of self-storage facilities is on the rise in Florida. Our sources point to three separate ventures intending to meet the need for these services. The first is an Extra Space Storage facility headed for the 2.05-acre site at 2401 W. Okeechobee Road in Hialeah. The 113,475-square-foot storage facility will measure three stories above grade, offering 1,025 climate-controlled…

Bradley Houser: Attorney heads Orange Bowl Committee targeting tourism

In February, Bradley D. Houser was officially named the 86th president and chair of the Orange Bowl Committee, and he has not stopped carrying the bowl’s legacy, mission and commitment to the South Florida community.  In this role, Mr. Houser will lead the Orange Bowl Committee’s community outreach, education and youth sports programs, including a full slate of events…

Meet Miami-Dade’s go-to lobbyists for real estate developers

They add skyscrapers to Miami’s skyline and bring new single-family home communities into existence in southwest Miami-Dade. But they’re not the developers. No, they’re the developers’ hired guns: the lobbyists, land use lawyers and consultants who get projects off the ground and across the finish line. They know the ins and outs of municipal and county government and have…

Real Estate Developer Files Application to Build Miami Apartments and Commercial Space

Biscayne Shores Development Group LLC has filed a pre-application with Miami-Dade County to build a multifamily and commercial building. The affiliate of Ben-Josef Group is targeting a vacant 4.1-acre site, which it bought for $3.2 million in 2004, located on the west side of Biscayne Boulevard at 1400 Northeast 116th Street, according to a report from the South Florida…

New 14-Story Apartment Building Proposed Near Seminole Hard Rock Hotel & Casino in Hollywood

A new apartment building has been proposed directly across the street from the iconic Seminole Hard Rock Hotel & Casino Hollywood, utilizing Florida’s Live Local Act to bring more residential units to the area. The proposed development, named Guitar View, is slated for a 38,545-square-foot lot at 5200 S. State Road 7, currently occupied by a used car business called Car Factory Outlet.

Pembroke Pines condo complex deemed structurally unsafe to hit the market

A Pembroke Pines condo complex that was evacuated following monthslong structural safety concerns and allegations of prior board members’ mismanagement will hit the market. Heron Pond, a 304-unit complex at 8400 Southwest First Street, will go up for sale and the condo association will be dissolved, after engineering reports found extensive deterioration that needs…

Condo owners opposing sale of Pembroke Pines’ Heron Pond complex lose first court fight

A pair of condo owners at the embattled Heron Pond complex in Pembroke Pines lost their first court fight against the receiver’s plan to list the property for sale. The 25-acre Heron Pond, at 8400 Southwest First Street, is home to 304 units in 19 two-story buildings. Since last summer, the city has slammed Heron Pond with multiple unsafe structure notices, rendering six buildings…

Citrix sells its Fort Lauderdale HQ for $37M, leases back office space

Cloud computing and software company Citrix sold its headquarters in Fort Lauderdale for $37 million, leasing back its office space. Citrix sold the nine-story building at 899 West Cypress Creek Road, six-story building at 851 West Cypress Creek Road and adjacent garage, according to records and real estate database Vizzda. The buyer is an entity tied to Maksim…

Publix’s $83M double play: Grocer adds two Broward shopping centers to South Florida portfolio

Publix continues expanding its South Florida portfolio, picking up a pair of Davie shopping centers for a combined $83 million. The Lakeland-based grocery chain paid $50.7 million for Davie Shopping Center at 4601-4777 South University Drive, and $32 million for Regency Square Shopping Plaza 4801-4995 and 4997 Southwest 148th Avenue, records and real estate…

Could Mega Publix Supermarkets Be Coming to Broward?

Florida’s largest supermarket chain is on the path to expanding even further throughout the state — and it’s making huge moves in Broward. Publix has just purchased two Davie shopping centers for a combined total of $83 million. According to records acquired by the Real Deal, the grocery chain paid $50.7 million for Davie Shopping Center located at 4601-4777 S. University…

Bridge Loan Secured for Condo Conversion in Pompano Beach’s Growing Koi Community

Forman Capital has provided a $55.22 million bridge loan to facilitate the conversion of 214 Class A rental units into for-sale condominium residences in Pompano Beach, one of South Florida’s rapidly developing cities. The Envy project comprises two 11-story buildings located at 450 E. Atlantic Blvd. between Dixie Highway and U.S. 1, and is part of the larger Koi…

BH and Related score design board approval for oceanfront Pompano Beach condo-hotel project

BH Group and Related Group can plow ahead with a planned oceanfront condo-hotel project in Pompano Beach after securing a design board’s approval. The Pompano Beach Architectural Appearance Committee on Tuesday approved a site plan for a 24-story tower with a parking podium that would include 77 condominiums and 303 hotel rooms at 1 North Ocean Boulevard…

Invesca lands $55M loan for rental-to-condo conversion in Pompano Beach, aiming to match demand

Invesca Development Group landed a $55.2 million loan for an apartment-to-condo conversion of a 214-unit complex in Pompano Beach. The plan to switch the Envy complex, completed in 2021, at 425-475 East Atlantic Boulevard, comes amid continued demand for condos and a slowdown of the multifamily market in South Florida. Invesca and Gold Coast Florida Regional Center…

Buyers Sue To Get Their Deposits Back At Long-Delayed Boca Raton Mandarin Oriental

Construction of the 86 condos and 164 hotel rooms at the Mandarin Oriental Hotel & Residences, Boca Raton was originally scheduled to be complete in 2020. Four years past its original delivery date, the project remains an unfinished shell, with developer Penn-Florida Cos. promising to finish construction by the end of next year. But some of its hopeful residents are tired of waiting.

West Palm Beach Development Group Seeks $10.6M Incentive for 25-story Mixed-Use Project with Affordable Housing in Downtown West Palm Beach

A development group is seeking up to $10.6 million in incentives to incorporate affordable and workforce housing into its proposed 25-story mixed-use project ‘Fern & Gardenia’ designed by Miami-based Arquitectonica in downtown West Palm Beach. The city’s Community Redevelopment Agency (CRA) Board will review the term sheet for tax increment financing (TIF) from WPB Fern…

Construction Starts on ‘the Spruce’ Apartments at 2501 Spruce Avenue in West Palm Beach

Fort Lauderdale-based Affiliated Development has broken ground on the Spruce apartments, an affordable/workforce housing venture. The South Florida Business Journal reports that the Spruce will measure eight stories above grade, offering 270 apartments. Eighteen homes will be reserved for those earning 70 to 80 percent of the area median income (AMI), while another…

Affiliated Development Breaks Ground in West Palm Beach

Affiliated Development has launched construction on The Spruce in West Palm Beach, Fla., after closing $50 million in financing. Situated between 24th and 25th Streets in the heart of Northwood Village, The Spruce will be a 270-unit, eight-story mid-rise building located near Northwood’s shopping, dining and nightlife. Apartments will be offered in one-, two- and three-bedroom…

Affiliated scores $50M construction loan for West Palm multifamily project

Affiliated Development started construction of a planned West Palm Beach apartment building after nabbing a $50 million loan. Bank of Montreal provided the financing for The Spruce, an eight-story multifamily project with 270 units being developed on a 1.5-acre site at 2501 Spruce Avenue, a press release states. Fort Lauderdale-based Affiliated plans to complete The Spruce…

The last piece of paradise: Palm Beach battles for its only major dev site left

The room burst into applause. That’s not typical for development review meetings. But Maggie Zeidman, then-president of Palm Beach’s Town Council, had just suggested a new park in the heart of the island, one block away from the beach. “Whoever owns it gets to make it a park,” she said in the January meeting. “So I just leave it out there for you, if you can make that happen…

Bullish on Palm Beach County, Banesco USA brings local expertise to booming C&I and CRE Industries

Miami real estate may be grabbing headlines, but its neighbor to the north is also capturing the spotlight. Long known for its agricultural production, Palm Beach County is rapidly transforming into a major hub for high-end residential, finance and commercial investment, growth that continues to accelerate in the wake of the pandemic. TRD sat down with Banesco USA Senior…

AvalonBay plans Lake Worth Beach multifamily project adjacent to Publix-anchored shopping plaza

AvalonBay Communities acquired a multifamily development site in Lake Worth Beach that is next to a built-in retail component anchored by a Publix store. Arlington, Virginia-based AvalonBay is planning Northlake Promenade Apartments on a 9-acre site the firm acquired for $16.5 million, records and real estate database Vizzda show. The vacant property is adjacent…

Video: Atlanta Fed Commercial Real Estate Expert Brian Bailey’s View on the Economy, Lending, and the Market

In a recent episode of “America’s Commercial Real Estate Show” the show host engaged in a deep conversation with Brian Bailey, a commercial real estate expert from the Federal Reserve Bank of Atlanta. Their discussion provided valuable insights into the current state of the commercial real estate market, touching on key economic factors, market trends, and strategies…

CMBS Troubled Loan Tracker: Delinquency Rates Nationally Approaching Pandemic Highs

Conduit loan delinquencies ticked up for the tenth consecutive month to reach 6.5%. The rate is now 1.9% above their post-pandemic low of 4.6% in May of 2022 and 4% above their pre-pandemic low of 2.5% in March 2020. Large-loan, single-asset, single-borrower (LLSASB) has followed a similar double-hump pattern, and both segments of the market are marching toward their…

2024 Q3 State of the Property Insurance Market

Time really does fly by. As you read this, you’ll have finished off the first half of the year, celebrated our nation’s independence and engulfed yourself in a transitioning excess and surplus lines property market that picked up a fair amount of speed and momentum as the year progressed. I was at a talk recently, and the speaker indicated that if he had one wish, he would hope to be…

The Fed: Beige Book Reports Slowing Activity

The new Beige Book from the Federal Reserve Bank of Atlanta reports that economic activity slowed a bit in the Southeast during July and the first half of August compared to the previous six weeks. Still, employment in the district edged higher, even as some contacts said they were curtailing hiring for the rest of 2024. Most firms told the Atlanta Fed that it became easier to find talented…

Foundation Completed for One Park Tower at SoLé Mia in North Miami

Turnberry has completed the foundation pour for ONE Park Tower by Turnberry, a 33-story ultra-luxury condominium tower within the 184-acre master-planned community of SoLé Mia in North Miami. The tower, located at 2411 Laguna Circle, will feature 292 residences overlooking a seven-acre Crystal Lagoon® and natural landscapes. The project is designed by Arquitectonica…

Citadel Unveils Conceptual Plans for 1,032-Foot Super-Tall Tower at 1201 Brickell Bay Drive

Conceptual plans for Citadel’s new supertall tower in Brickell have been revealed, marking a significant addition to Miami’s ever-evolving skyline. The tower, set to rise 1,032 feet above sea level at 1201 Brickell Bay Drive, is the first phase of a multi-phase development that aims to reshape the landscape of Miami’s bustling financial district. The property is approximately 4.17 acres…

Conceptual Plans Revealed For 1,032′ Supertall At Citadel’s 1201 Brickell Bay Drive Property

Conceptual plans have just been revealed for a new Brickell supertall. Details of the multi-phase project were unveiled in a filing with county planners this morning. 1201 Brickell Bay Drive is planned to rise 1,032 feet above sea level with 54 stories, and include: 1,293,373 square feet of office area 212 hotel rooms and accessory uses, including health spa, fitness club, ballroom…

Details, renderings revealed for billionaire Ken Griffin’s $1B Miami supertall

Billionaire hedge fund manager Ken Griffin spent $670 million assembling land in Miami’s Brickell neighborhood in 2022, generating huge interest in his companies’ move to South Florida. Now his attorney has filed more detailed plans for the proposed supertall, a mixed-use tower with nearly 1.3 million square feet of office space, a 212-room hotel, fine dining restaurants with 915 seats…

Plans Revealed For Citadel’s Miami Supertall Headquarters Tower

Citadel CEO Ken Griffin filed plans for the hedge fund’s 1,032-foot-tall Miami headquarters, revealing plans for a tapering supertall with office space topped by a hotel. The hedge fund’s leader is planning a tower at 1201 Brickell Bay Drive with 1.3M SF of office space and 212 hotel rooms across its highest 14 floors, according to records submitted to Miami-Dade County Monday.

Santander To Demolish Brickell Office To Make Way For 41-Story Tower

At least four office towers are planned in Miami’s financial district of Brickell, with some developers searching for anchor tenants for their properties before beginning construction. Meanwhile, Santander Bank is plowing ahead. The Madrid-based bank will begin demolition of its Brickell office building in the next few weeks to make way for a new 41-story tower, it announced…

Watson Island developers plan two hotels, residences, more

Two Miami developers are teaming up to update a 20-year-old vision and revive 10.8 acres of city-owned land on the south side of Watson Island with reduced density and more open, walkable space for the public, including a 1,000-foot waterfront promenade along the bay. This November, city residents will be asked to approve Watson Harbour, a mixed-use development…

Doral OKs 552 residences, 10% for workforce

Development plans for Doral Parc: Midtown Doral Phase IV, V & VI are moving forward in the most northern part of Doral. Doral city officials approved the mixed-use development of 552 units across three 10-story buildings. Situated on the east side of Northwest 107th Avenue, between Northwest 86th and Northwest 90th streets, Doral Parc is to feature a mix of one-, two…

MG expands development pipeline into Doral

MG Developer is adding Doral to its mixed-use project pipeline. The Coral Gables-based firm and its partner, Ernesto de Luca, who owns a printing company in Doral, are planning Doral Parc, a complex of three buildings with 552 apartments, nearly 23,000 square feet of ground-floor retail and two garages, a press release states. The city of Doral recently approved the mixed-use…

Developer proposes 119-unit multifamily project near Miami’s Culmer Metrorail stop, amid record apartment pipeline

A developer proposes a 119-unit multifamily building near Miami’s Culmer Metrorail Station, amid a record South Florida apartment construction pipeline. New York-based Urban Builders Collaborative, through an affiliate, wants to develop the 16-story building on a 0.8-acre vacant site at 1136 Northwest Eighth Avenue, according to the developer’s application filed this month…

Condo Buyouts Stall As Developers Balk At Sellers Looking To ‘Hit The Jackpot

South Florida’s thousands of aging condos are at a crossroads. For unit owners it’s a crisis that will likely force hundreds of people out of their homes. For developers, it’s an opportunity to snap up some of the region’s most desirable development sites to build new luxury towers. Deadlines loom for condo owners to pay for expensive repairs mandated by a new law, creating…

Michael Lewis: It’s time for Florida to dig its oldest landmark out of the grave

More than 25 years ago, Miami Today reporter Marilyn Bowden revealed that an archaeologist’s dig at the mouth of the Miami River had uncovered a stone structure. Six months later the Miami Circle turned into a national sensation that everyone waited to see. Two weeks ago, we reported that parking is still lacking to get visitors to the site, where they still can’t see Miami’s most…

FIFA Expands Its Coral Gables Office Space As Workers Relocate From Zurich

Soccer’s international governing body leased another full floor to expand its recently opened office at 396 Alhambra Circle in Coral Gables, a spokesperson for Blanca Commercial Real Estate, which handles leasing at the property, confirmed. Bloomberg first reported the new deal, citing anonymous sources. FIFA, headquartered in Zurich, already has around 350 staff…

Resul Sahinol, Consul General for the Republic of Türkiye in Miami, Seeks to butild trade, investment, cultural ties with Türkiye

Resul Sahinol arrived in Miami in October 2023 after working in Washington as the Deputy Chief of Mission at the Turkish embassy. After serving ten months as the Chargé d’Affaires in Miami, Mr. Sahinol was officially appointed the Consul General for the Republic of Türkiye in Miami at the beginning of August. Established in 2014, the Turkish consulate in Miami caters…

$5.2M Sale of 17.5K Office Building in Miami Brokered

A broker has brokered the $5.2 million sale of an office building located at 2150 Coral Way in Miami. Jeremy Larkin and Craig Merlin of NAI Miami | Fort Lauderdale represented the seller, an entity doing business as Ocean Coral Way Inc., in the transaction. Alphatur LLC acquired the property, which totals 17,450 square feet and is situated along…

1,049-Foot Dolce&Gabbana Tower Submitted For Review

Plans for the Dolce&Gabbana Tower were submitted to Miami-Dade planners last week. According to a letter attached to the application, the developer is requesting administrative site plan review for the new building. The new filing shows the tower will rise 81 stories and include: 259 residential units 102,805 square feet of commercial uses, including retail, restaurant…

Coastland plans 371-unit rental project with workforce housing near Tropical Park, amid swell of below-market proposals

Coastland Residential plans a 371-unit multifamily project with workforce housing near Miami-Dade County’s Tropical Park, as developers continue to bet on below-market apartments. Pinecrest-based Coastland wants to build an eight-story building with 7,500 square feet of retail at 4201, 4321, 4351 and 4383 Southwest 75th Avenue in an unincorporated area…

Lewis Swezy proposes 132-unit low-income multifamily project, as developers seize on affordable housing

Developer Lewis Swezy proposes a 132-unit, age-restricted affordable apartment project in Miami-Dade County’s Princeton neighborhood. The plan comes as South Florida developers continue to seize on low-income housing, which can better withstand the current economic climate of elevated interest rates, as well as skittish debt and equity funding.

Blue Suede nabs $27M loan to update two Miami Beach hotels and apartment building

Blue Suede Hospitality Group landed a $27 million loan to refurbish two Miami Beach hotels and an apartment building undergoing renovations. Franklin BSP Realty Trust, an affiliate of New York-based asset management firm Benefit Street Partners, provided the two-year mortgage secured by Kayak Miami Beach at 2216 Park Avenue, Blue Moon Hotel at 944 Collins Avenue…

Yakov Cohen adds Aventura big box store to North Miami-Dade holdings

Yakov Cohen expanded his holdings in northeast Miami-Dade County after paying $17.7 million for an Aventura big box store. An entity managed by Cohen and partner, Shimon Bouskila, both of whom are based in Sunny Isles Beach, acquired the single-story, 28,376-square-foot building at 18495 Biscayne Boulevard, records show. The deal breaks down to roughly $624 a square foot.

Foundation Pour Completed For 75-Story Baccarat Tower In Brickell

A foundation pour took place this weekend for Brickell’s 75-story Baccarat Residences tower. The pour began on Friday and continued into Saturday, according to Due Italiani a Miami. Roads were closed during the pour. Baccarat is approved by the FAA for a permanent height of 848 feet above ground. The development will include 324 tower residences, 8 penthouses and 28…

Foundation Pour Completed For 65-Story E11EVEN Beyond Tower

A foundation pour was completed over the weekend at the E11EVEN Residences Beyond tower in Park West, according to the developer’s social media. A total of 760 concrete trucks were pouring 6,800 cubic yards of concrete, the post said. It is the second E11EVEN tower to begin construction on the same block. Both towers are planned to top off at the same height of 699 feet…

Construction Now Underway At 58-Story Downtown Miami Tower, Downtown 6

Construction is now underway at the 58-story Downtown 6 tower, according to the SFBJ. Completion is expected in about two years, the report said. The tower is being built on the same block where the two 52-story Downtown 5th towers were completed in 2021 by the same developer. A total of 1,042 apartments are included in those towers. Also on the same block, the 70-story…

Miami at Low End Florida’s Most Expensive Apartment Markets, Ranked by Rent-to-Income

Palm Bay, located along the Atlantic coastline, just about an hour southeast of Orlando, claimed the state’s highest… Meanwhile, only one of Florida’s largest apartment markets boasted a rent-to-income ratio below the national norm: Lakeland at 22% as of July. Deltona, Tampa and Miami also posted rent-to-income ratios within 100 basis points of the national norm.

MG Developer Receives Approval For 552-Unit, Mixed-Use Development In Doral As It Expands Into The City Of Doral

MG Developer, one of South Florida’s most prominent residential developers, has received approval from the City of Doral for Doral Parc: Midtown Doral Phase IV, V & VI, a premier mixed-use development with 552 units across three 10-story buildings, as well as 22,740 square feet of retail throughout two new parking garages. This ambitious project…

Developers Secure $178 Million Refinancing for Society Wynwood

National development firm Property Markets Group (PMG), in collaboration with Canadian-based private equity firm Greybrook Realty Partners (Greybrook), has secured $178 million in refinancing for Society Wynwood, a 10-story mixed-use building designed by MKDA at 176 Northwest 25th Street in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing…

Onicx Lands Refi for Miami Medical Office Building

The 104,238-square-foot Mercy Medical Arts building at 3683 S Miami Avenue came online in 2017. The Onicx Group has received $20.7 million in refinancing for Mercy Medical Arts, a 104,238-square-foot medical office building in Miami. Lake Michigan Credit Union provided the loan, according to Miami-Dade County records. Berkadia Medical & Life Sciences…

FAA Approves 637-Foot Height for Edge House Miami at 1825 Northeast 4th Avenue in Edgewater

The Federal Aviation Administration (FAA) has approved the height for Edge House Miami, a new 55-story condominium tower planned at 1825 Northeast 4th Avenue in Miami’s Edgewater neighborhood. According to an FAA determination letter issued on August 19, the tower can rise 637 feet above ground or 641 feet above sea level. Designed by Kobi Karp Architecture & Interior…

Doral Approves Mixed-Use Development with 552 Units and Retail Space at Midtown Doral

MG Developer has received approval from the City of Doral for Doral Parc: Midtown Doral Phase IV, V & VI, a mixed-use development that will include 552 units in three 10-story buildings and 22,740 square feet of retail space in two new parking garages. This project is a joint venture between MG Developer and Latin American entrepreneur Ernesto De Lucas. As Doral continues…

Funding keeps flowing: Two recently completed Miami mixed-use projects score loans totaling $237M

A pair of mixed-use projects built in the last two years in Miami’s Wynwood scored loans totaling $237 million. In the larger deal, funds managed by Ares Management and Monarch Alternative Capital provided a $178 million loan to an affiliate of New York and Miami-based Property Markets Group, or PMG, and Toronto-based Greybrook Realty Partners.

Site Work Permit Issued for 56-Story ‘Villa Miami’ Condo Tower at 710 Northeast 29th Street in Edgewater

Miami’s Building Department has issued a site work permit for Villa Miami in Edgewater, marking a significant step forward in the development process. The permit, issued on August 2, comes with a revision filed on the same day and allows for excavation, piles, site improvement, and soil improvement. Moss & Associates is listed as the contractor on the permit, covering 22k sf…

Developer Royal Palm Companies Plans Branded Condo-Hotel In Miami With Up To 360 Units

Planning is now underway by a developer to build a branded condo-hotel in Miami, according to a press release. A rendering shows the building will have around 30 floors. The developer is working with the City of Miami to increase the site’s density to accommodate up to 360 units, the release said. An $8.36 million pre-development bridge loan was secured for the property…

Maturing Industrial Outdoor Storage Sector Sees New Opportunities For Growth

The industrial outdoor storage asset type has been maturing over the past several years and is now reaching a stage of transition that is creating new opportunities to create value for existing owners and new market entrants. Beginning about five years ago, investors began flocking to the IOS market and institutionalizing the asset class via aggregation. Smaller investment…

$8.36M Bridge Loan Secured for Condo-Hotel Development in Miami’s Arts & Entertainment District

Forman Capital has issued an $8.36 million pre-development bridge loan secured by a residential development site along North Miami Avenue in Miami’s Arts & Entertainment District. The borrower, Royal Palm Companies (RPC), led by Dan Kodsi, plans to develop a 40-story condo-hotel on the properties, likely under the Elevate brand. The transaction was finalized on August 16…

Dan Kodsi reworks plans for Miami resi tower, seeks density boost

Dan Kodsi’s Royal Palm Companies is reworking plans for a residential tower in Miami’s Arts & Entertainment District. When Kodsi and his former partner, Rafael Pecchio, acquired the site at 1317 to 1353 North Miami Avenue two years ago, they planned to build a 200-unit apartment building. Now, Royal Palm is moving forward with a roughly 30-story condo tower, joining other…

Meta Development launches sales for boutique Coconut Grove condos

Meta Development launched sales for a boutique Kobi Karp-designed condo project in Coconut Grove, with prices starting at $2.5 million. Meta, a joint venture between Miami-based Lucid Investment Group and Brazil’s Iron Capital, is planning Opus Coconut Grove for the site at 3137 Southwest 27th Avenue, according to a press release. The planned six-story building will have 14 units…

Rockpoint Lands $59M For Strata Wynwood

Rockpoint, a Boston-based private equity firm, secured a $59M loan from Fannie Mae for the residential portion of the mixed-use Strata Wynwood, according to a release. Strata Wynwood, at 21 NE 22nd St., was completed by CIM Group in 2022. It includes 257 apartments, 60K SF of creative office space atop a 474-car parking garage. CIM Group sold the property to Rockpoint…

Continental Realty Corp. Sells Davie Shopping Center for $22M

Completed in 1984, Ridge Plaza encompasses four buildings spread on some 13 acres. Image courtesy of JLL Capital Markets Continental Realty Corp. has sold Ridge Plaza, a 138,554-square-foot regional shopping center in Davie, Fla. An affiliate of JBL Asset Management purchased the asset for $22.3 million. JLL Capital Markets represented the seller. The shopping center…

Continental Realty sells Davie shopping plaza for $22M, amid uptick in retail deals

JBL Asset Management, through an affiliate, bought the Ridge Plaza retail center in Davie for $22.3 million, marking an uptick in shopping center deals. Continental Realty Corporation sold the 138,600-square-foot property at 9000-9200 West State Road 84, according to a news release from the seller’s broker. Danny Finkle and Eric Williams were part of the…

Alliance HP’s downtown Fort Lauderdale office tower faces foreclosure

Alliance HP could lose a downtown Fort Lauderdale office tower to foreclosure. An affiliate of Atlanta-based lender Trimont on Tuesday filed a foreclosure complaint in Broward County Circuit Court that alleges Bryn Mawr, Pennsylvania-based Alliance HP defaulted on a $59.2 million mortgage that matured in October of last year, according to real estate database Vizzda…

‘Oaklyn Crossing’ to Offer 101 Units and Retail Space at 3520 N.W. 9 Ave. in Broward County

About two acres of riverfront land in Broward County could be developed into an affordable housing development. Oaklyn Crossing (not to be confused with “Oaklyn”) would measure 62 feet high, offering 101 residences. The South Florida Business Journal reports that units would range from studio to two-bedroom floorplans. Other features include 170 parking spots and…

Grant Cardone is on a Broward multifamily buying binge, paying more than $200M for two projects

Grant Cardone can’t get enough of Broward County. In recent months, funds affiliated with his Aventura-based Cardone Capital acquired two apartment complexes in Fort Lauderdale and Plantation as part of a half billion-dollar shopping spree across Florida. Cardone, a crowd-funding multifamily syndicator and business advice guru is also possibly buying a third Broward…

Buyers sue developer of long delayed Mandarin Oriental Boca Raton

Frank and Nancy Scala signed a contract for a condo at Mandarin Oriental in Boca Raton, and expected to close on their unit in June 2021. That year, the Scalas sold their waterfront home in Boca Raton. They provided the developer with a nearly $1.3 million deposit. But the closing date for their $4.1 million condo came and went. According to their contract with the developer…

Boca Raton couple siphoned over $40M from investors in a real estate fraud, SEC alleges

A Boca Raton couple siphoned off most of the $56 million they raised from 660 people nationwide for purported real estate investments, according to a Securities and Exchange Commission lawsuit. West Palm Beach-based Wells Real Estate Investment, company CEO Janalie C. Bingham and her husband, Jean Joseph, promised investors their funds would go toward purchasing…

Tribune parent’s real estate arm expands West Palm Beach industrial portfolio

Twenty Lake Holdings, a subsidiary of Tribune Publishing owner Alden Global Capital, is expanding its industrial portfolio in West Palm Beach. An affiliate of Stamford, Connecticut-based Twenty Lake purchased five warehouses spanning 57,282 square feet at 601 Roseland Drive, records and real estate database Vizzda show. The deal breaks down to $262 per square foot.

Vanderbilt, Trinity land $96M refi for West Palm office tower, as South Florida financing keeps flowing

The joint venture that owns Northbridge Centre in downtown West Palm Beach, known as the “Darth Vader building,” landed a $96 million refinancing for the office tower. Vanderbilt Office Properties and Trinity Capital Advisors scored the refinancing for the tower at 515 North Flagler Drive from BMO, according to a news release from the landlords’ broker.

Q&A with a U.S. Practice Lead for Hospitality and Leisure

Like many other sectors of commercial real estate, the hospitality industry is entering a new normal as it seeks firm footing after severe ups and downs brought on by the COVID-19 pandemic. Hospitality now must deal with less business travel, a cooling of the leisure travel market and higher costs. In June, Scotsman Guide spoke with Tom Rowley, an executive managing…

The Warehouse Of The Future: Where Sci-Fi Meets Supply Chain

Traditional warehouses are dangerous workplaces. Warehouse injuries and illnesses nearly doubled from 42,500 to 80,500 between 2016 and 2021. In 2022, forklift accidents caused 73 deaths and thousands of lost work hours in 2021-2022. While the increase in the number of warehouses during these five years may inflate the statistics, the raw numbers still paint a hazardous work…

BNN Bloomberg Video: Christian Ulbrich sees real estate prices stabilizing globally

The Conversation: A Deep Dive into the Real Estate Sector. In a recent segment on BNN Bloomberg’s Trading Day, Amber Kanwar engaged in an insightful conversation with Christian Ulbrich, Global CEO of Jones Lang LaSalle (JLL), about the current state of the real estate market, the impact of potential rate cuts, and the evolving trends in the sector. The discussion provided…

Office Loan Maturity Monitor: U.G.L.Y.: Underperformance Grows vs Last Year

Highlights: A total of $880 million across 28 CMBS office loans reached fully extended maturity in July with a dismal payoff rate of 14%. Maturities with debt yield below 8% and limited lease rollover have underperformed but there are very few observations. Loan size continues to be a significant factor in whether or not a loan pays off but all sizes trail 2023. Spotlight: How a pickup…

Moody’s Identifies Oversupplied Multifamily Markets

Highlights: As of the second quarter of 2024, our 82 primary multifamily markets were evaluated based on their level of excess supply (or demand). Excess supply was measured by total completions less net absorption on a rolling 12-month basis – positive values imply excess supply and negative values excess demand. Excess supply (or demand) was then expressed as a percentage…

National Heat Strategy’s Vision Supports Resilience for CRE

July 22, 2024 was the hottest day on record, with extreme heat baking various parts of the US and the world throughout this summer. Known as the silent killer, extreme heat is the top weather-related cause of death in the US. While it sometimes gets less attention than storms and wildfires which cause structural damage and substantial insurance claims, extreme heat also…

Study: Florida Gained the Most High Income Households Last year

Florida is by far the top state where high income households are moving to, according to a recent analysis. SmartAsset analyzed IRS data from the 2021-2022 tax year for the study. Florida had a net inflow of 29,771 high-income households during the period. That includes 46,874 arriving high-income households, and 17,103 moving elsewhere. The average income of high-earning…

Video: MSCI Real Assets Chief Economist Jim Costello Discusses U.S. Commercial Real Estate Distress Tracker; Updates, Forecast, & Strategies

The commercial real estate market has been under the microscope lately, especially with the specter of distress looming large across various sectors. This topic took center stage in a recent episode of America’s Commercial Real Estate Show featuring Jim Costello, Chief Economist at MSCI Real Assets. The discussion provided critical insights into the state of distressed assets…

JP Morgan: Three reasons we see a potential comeback in commercial real estate nationally

The menacing commercial real estate (CRE) headlines just won’t stop. “U.S. office prices headed for ‘severe crash.” “Wall Street braces for commercial real estate time bomb.” The headlines suggest things will likely get worse. We disagree. CRE property prices have fallen 12%, in aggregate, since peaking in 2022. Following the fastest Federal Reserve (Fed) hiking cycle since the early 1980s…

Florida’s top affordable housing issues

The affordable housing statistics in Florida are staggering. The Sunshine State has only 25 affordable and available rental homes for every 100 extremely low-income renters, according to The Gap report from the National Low Income Housing Coalition. Most extremely low-income Florida renters—82%, the second highest in the country—are severely cost-burdened.