Stabilized purchase: BentallGreenOak pays $60M for Medley warehouse with locked-in tenant

BentallGreenOak paid $60 million for a Medley warehouse with a tenant locked in for the next two decades. An affiliate of BentallGreenOak, a New York-based real estate investment firm led by co-CEOs Sonny Kalsi and John Carrafiell, bought a cold storage facility at 7600 Northwest 82nd Place, records and real estate database Vizzda show. Food distribution…

BGO Pays $60M for Miami Cold Storage Facility

BGO Cold Chain has purchased Medley Cold Logistics, a 178,000-square-foot Class A cold storage facility in Miami. Truist Securities sold the asset for $60 million, according to Miami-Dade County public records. JLL brokered the deal on behalf of the seller. BGO closed the deal as part of its Core Plus strategy. The property is fully occupied by Quirch Foods.

70-Story Solar-Powered Brickell Tower Breaks Ground, World’s First

A 70-story residential tower that will generate its own solar power has broken ground in Brickell, and is said to be the first of its kind in the world. The tower will have a 20,000 square foot “Solar Backbone,” with photovoltaic panels built into the glass façade. It will produce 175 MWh of electricity annually, reducing approximately 4,700 tons of CO2 and using 3,000 barrels less of oil.

Construction Permit Submitted For Santander Tower In Brickell

Santander Bank’s planned 765-foot tall office tower in Brickell has entered the construction permitting phase. A demolition permit for a smaller office building on the site has already been issued, and Santander employees have relocated. The master construction permit for the new tower was submitted on October 31, and entered pre-screening on November 8. A private provider is…

Phased Vertical Permit Application Submitted For $267M Riverside Wharf

A phased vertical permit application has been filed for the $267M Riverside Wharf complex in downtown Miami. The permit application was filed on October 16. It is not yet under review and is awaiting documents to be submitted. Riverside Wharf will include a Dream Hotel, along with food and beverage outlets and other uses. According to a utilities agreement completed last year…

Miami To Aventura Train Service Pushed To 2032

Completion of Northeast Corridor train service has been pushed back until 8 years from now. That is 5 years later than initially planned, even though Miami-Dade initially had an aggressive schedule. The reason for the delay: the Federal Transit Administration told Miami-Dade to “slow down,” according to Miami Today. It is currently taking six years for trainsets to be manufactured…

Fort Partners nabs $111M construction loan for oceanfront Surfside condos

Fort Partners is forging ahead with plans for another oceanfront condo development in Surfside. The Fort Lauderdale-based firm, led by Nadim Ashi, secured a $110.7 million construction loan for Surf House, an 11-story, 17-unit building planned for 8995 Collins Avenue, property records show. Athene Annuity & Life Company, managed by its investment adviser Apollo Global…

CP Group Executes 30,000 SF of Office Leases at The Landing at MIA in West Miami

CP Group has executed nearly 30,000 square feet of leasing agreements at The Landing at MIA, a 1.1 million-square-foot office campus in west Miami. The 11-building complex is situated on 50 acres directly adjacent to Miami International Airport. Gordon Messinger and Randy Carballo of CBRE represented CP Group in all eight lease transactions. The deals include Butler…

Developer Plans Sonder-Branded Hotel for 495 NE 25th Street in Miami

Habitus Edgewater HF B LLC hopes to move forward with an eight-story hotel in Miami’s Edgewater neighborhood. The 50,902-square-foot hotel would be under the Sonder banner, offering 61 rooms. Units would span 321 to 741 square feet, with a mix of studio, one-bedroom, and two-bedroom accommodations. There would be 23 parking spots; 21 off-street and two…

Ultimate Equity Files Plans For Live Local Wynwood Towers With 1,300-Units

Plans have been submitted for a pair of 36-story towers called Ultimate Wynwood. Ultimate Wynwood is planned to rise 395 feet and include: 1,300 residential units 21,601 square feet of commercial 1,099 on-site parking spaces, with 2 basement levels and additional parking on levels 2-5 The development is proposed under Florida’s Live Local Act, which requires at least…

Developer Files Plans To Build 22-Story Live Local Wynwood Tower

Plans have been newly filed for a 22-story mixed-use tower in Wynwood, on the Austin Burke site. Clara Homes is proposing to develop the tower under Florida’s Live Local act. Clara Wynwood is planned to include: 147 residential units 2,005 square feet of commercial 130 on-site parking spaces, on levels 1-4 At least 40% of the proposed residential units will be restricted…

PortMiami Was Once Again The World’s Busiest Cruise Port In 2024, With Record Traffic

PortMiami broke a new record for cruise traffic in fiscal year 2024, and remains the busiest cruise port in the world. A total of 8,233,056 travelers were recorded during the year, which started October 1, 2023 and ended September 30, 2024. The cruise passenger count for the year is the most ever for Miami, and is an increase of 12.79% over the previous year. PortMiami also…

800-Room Grand Hyatt Miami Beach To Begin Construction Mid-2025

The developers planning the Grand Hyatt Miami Beach have obtained a grant from Miami-Dade for the $600 million project, according to MeetingsNet. Up to $92.5 million will be issued by the county. Construction is now set to begin in mid 2025, with completion in Q3 2027. The Grand Hyatt is planned to include: 800 rooms (including 48 suites) amenities including a gym, two pools…

Doral’s $40 million offer to put waste plant elsewhere rejected

In a struggle to build a waste-to-energy plant, an attorney for Doral, where fire destroyed the old plant in February 2023, offered $40 million over 30 years if a new $1 billion-plus plant goes elsewhere. Miami-Dade commission Chairman Oliver Gilbert III said that wasn’t enough. “It doesn’t appear to be the sentiment of the board that $44 million would be enough over 30 years,” he…

PortMiami sets nation’s cruise passenger record

PortMiami, the world’s busiest cruise port, has sailed to another record, totaling 12.9% more passengers in the year ended Sept. 30 as it prepares for even greater passenger numbers during the current year. Figures unveiled last week show that the port recorded 8,233,056 passenger boardings and arrivals during the year. The prior record was 7,299,294, set last year.

Coral Gables manager vows to evacuate city hall for safety

After safety concerns were raised about City Hall’s structure, Tuesday’s Coral Gables commission meeting was held in the city’s police & fire conference meeting room as the city manager looks for a single place to move all the offices early next year and evacuate city hall – a step the mayor objects to. Under further investigation, it was discovered that the structural columns outside…

Unauthorized changes at historic Biltmore Hotel probed

After a recent walk-through at the city-owned historic Biltmore Hotel, city officials and staff encountered several unpermitted renovations being made throughout the hotel, said Commissioner Ariel Fernandez at Tuesday’s city commission meeting. Illegal painting was taking place, a speakeasy and a staircase was built without any permits, Mr. Fernndez said. “When we came in for…”

Miami Beach Convention Center sets events record

The Miami Beach Convention Center has closed out its record-breaking fiscal year of 2024 and prepares to welcome more events for fiscal 2025 with 64 definite events already booked. In the center’s fiscal year from October 2023 through September, said General Manager Freddie Peterson, “we did north of almost 100 events in total throughout the year, which is a record number…

Michael Lewis: A Northeast Miami-Dade commuter rail line is good, one that serves users is better

If you think a heaven-sent grant of $389.5 million to finish funding 13.5-mile commuter rail from downtown Miami to Aventura means you’ll hop aboard soon, take a deep breath: even if all goes as planned, the first ride is eight years away. That’s five years later than the original plan even as the cost has risen from $538 million to $927.3 million, supposedly the final figure.

Construction Timeline Unveiled for The Residences at Mandarin Oriental on Miami’s Brickell Key

Plans are advancing for The Residences at Mandarin Oriental, Miami, with a detailed construction timeline unveiled for the dual-tower project at the southern tip of Brickell Key. The development will feature two interconnected towers supported by a podium with parking and amenities. The South Tower, rising to 850 feet with 66 stories, will house 228 private residences, including…

Here’s When Demolition Is Expected For 850-Foot Brickell Key Tower

A more detailed construction timeline for the The Residences at Mandarin Oriental, Miami has been revealed. Two towers are planned, connected by a podium with parking and amenities. The taller tower will rise 66 stories, or 850 feet. It will include 228 residential condos. A shorter 426 foot tower is also planned. It will include 121 hotel units, 66 private residences, 28 hotel residences…

Cutler Manor Development to Offer Workforce/Affordable Housing at 10875 SW 216th Street

As it currently stands, Cutler Manor is a 218-unit apartment complex in Miami. Yet, an affiliate of Preservation of Affordable Housing (POAH) wants to redevelop the 1970s-era complex and replace it with workforce and affordable housing. The developer would demolish the already-existing buildings in three phases to mitigate displaced tenants. In the end, the new Cutler Manor…

Developer Achieves Double Milestone on The Village at Coral Gables

MG Developer has achieved a double milestone on The Village at Coral Gables, topping off construction and reaching 60% in sales. Located at 504 Malaga Avenue, the 48-unit development—comprising townhomes, lofts, and villas—broke ground just a year ago and has since attracted interest from buyers nationwide. Inspired by the vision of Coral Gables’ founder…

Terra CEO David Martin talks life, death and his biggest real estate projects

When David Martin enters a new neighborhood, the first thing he does is identify who is anti-development, and then he figures out how to engage with them. It’s partially how Martin, CEO of Coconut Grove-based Terra, has earned his reputation as someone who effectively works with local government, his competitors and NIMBYists. “There’s always things that we can do…”

PNC Bank To Open Dozens Of New Miami Branches

Pittsburgh-based PNC Bank got a taste of Miami, and now it’s hooked. PNC plans to open 35 new retail locations in Miami over the next five years in addition to the six new branches it announced plans to open a year ago. The bank’s Magic City expansion is part of a $1.5B push to update and grow its retail footprint, according to a release. In February, PNC announced plans…

New Tower Crane Permits Submitted to FAA for Waldorf Astoria Hotel & Residences Supertall Site in Miami

Permits for additional tower crane heights have been filed with the Federal Aviation Administration (FAA) for the Waldorf Astoria Hotel & Residences in Downtown Miami. Located at 300 Biscayne Boulevard (alternatively addressed as 249 Northeast 3rd Street), the 100-story tower has two active Maxim cranes installed on-site, initially requested to rise to 1,255 feet above ground…

FAA Permits Submitted for 1,046-Foot Supertall Tower at 1201 Brickell Bay Drive in Miami’s Brickell Area

Permits have been submitted to the Federal Aviation Administration (FAA) for work on a supertall tower at 1201 Brickell Bay Drive in Brickell, intended to house Citadel’s new headquarters. According to the FAA application, the proposed building would rise to 1,046 feet above ground, or 1,049 feet above sea level, securing its place among the city’s tallest planned structures.

Developer Delivers 342-Unit Luxury Apartment Community in Kendall

Altman has announced the opening of Altis Grand Kendall, its newest luxury multifamily community, delivering 342 apartment units to the vibrant Kendall neighborhood of Miami. Centrally located at 9455 Southwest 137th Avenue, the mid-rise development offers a range of one-, two-, and three-bedroom apartment homes. With modern design elements and efficient floor plans…

How Miki Naftali picked his South Florida luxury projects

Every New York luxury developer wants to build a shiny tower in South Florida, it seems. Many of these industry titans have sought to build skyscrapers for ultra-wealthy condo buyers in Brickell or Miami Beach. They chose established neighborhoods, near other luxury edifice. But Miki Naftali has a different approach. As usual. The developer is setting his sights on two…

Faena Residences Miami is coming to Downtown Miami

Faena Residences has finally arrived in Downtown Miami, offering one of the most exciting residential opportunities in recent years. This project is not only a continuation of Faena’s world-class reputation in luxury hospitality but also marks the creation of a new residential and cultural district in Miami, much like the transformation Faena spearheaded in Miami Beach.

Expected Construction Start Date For 60-Story Faena Towers Revealed

An expected construction timeline for the the twin 60-story towers Faena Residences towers in Miami has been revealed, according to the Herald. Construction is expected to begin in late 2025, the report said. Completion will take about three years. Faena Residences Miami is said to be a $700m project. The developers have the advantage of having started the approval and permitting…

Another Brickell Tower? Social Media Pages Hint

Is another new tower about to be announced in Brickell? New profiles on both Facebook and Instagram have been opened in the past few days for a development called The Standard Residences Brickell, with a rendering of the building uploaded. Photos of an architectural model of the tower has also been uploaded to Twitter by Ryan RC Rea. The tower will be a twin to the 44-story…

Demand for high-rise waterfront condos spreads north from Miami to Fort Lauderdale

National developer PMG has secured a waterfront site to build its first condominium project in Fort Lauderdale, Florida, to try to capitalize on spillover buyer demand for high-rise residences in Miami and West Palm Beach. PMG bought the site that is just over 2 miles from downtown Fort Lauderdale and within walking distance of the beach at 900 Intracoastal Drive…

“Not all brands are created equal:” Dezer, Pérez and Cervera dish on the branded condo boom

Everywhere you look in South Florida, developers are partnering with hospitality brands, automotive companies, lifestyle brands and more. But are luxury labels exhausted in Miami? It depends, according to top developers Gil Dezer and Nick Pérez and brokerage chief Alicia Cervera Lamadrid, who spoke at The Real Deal South Florida Real Estate Forum during a panel…

The Estate Cos. Lands Construction Loan for Homestead Project

The Estate Cos. has secured a $64 million construction loan from TD Bank for the residential component of Soleste Midtown, a 21-acre mixed-use community in Homestead, Fla. The larger project features 354 luxury garden-style apartments and 43,000 square feet of commercial space. Construction is expected to begin in December on the development, located at the…

“Slowed down”: Developers weigh in on South Florida multifamily pipeline at TRD Forum

South Florida’s multifamily market boomed over the past four years due to an influx of out-of-state residents that led to unprecedented demand and record rent growth. Developers seized on the bonanza with new projects, many of them completed and many more under construction. But now, the market climate is different. “Things have slowed down for sure since the pandemic…”

Self-Described ‘Funding King’ Moving Headquarters From Las Vegas To Miami

Digital consulting firm The Boge Group is leaving Las Vegas and moving its headquarters to Miami’s River Landing. The Boge Group says it provides entrepreneurs with $50K to $150K of 0% interest startup funding. It is led by 26-year-old founder and CEO Andrew Imbesi, who calls himself “the funding king,” according to its website. It signed a 14K SF lease at the office…

775-Unit Fort Lauderdale Towers With ‘Delicate Exoskeleton’ Planned

A developer has launched sales for a condo called Ombelle Fort Lauderdale. Ombelle will include 775 units, with prices starting from the $400,000s. The smallest unit starts at 465 square feet. There will also be an option to buy furnished units. Flexible rentals with a minimum of 30 days will be permitted. The development will have over 11,000 square feet of ground floor retail…

Lauderhill Mall Investments LLC Seeks Special Exemption for Mixed-use Development Regarding 1267 NW 40th Avenue in Lauderhill

An auto service store on the property of the Lauderhill Mall could be demolished to make way for a mixed-use development. Lauderhill Mall Investments LLC wants to construct three buildings: a five-story building with 56 units and ground-floor retail space, another five-story building with 55 units, and an eight-story building with 122 units and a clubhouse. But before any…

Investors sue developer Icon Equity for alleged fraud

Icon Equity Group allegedly duped investors into funding a quartet of uncompleted luxury home, condominium and restaurant projects in Broward and Palm Beach counties, according to a recent lawsuit. Three entities sued Delray Beach-based Icon Equity, seven affiliates and the firm’s principals Marc Shulman and Anthony Shafer in Palm Beach Circuit Court on Oct. 28, court…

Developers Seek Rezoning Approval for ‘Rosewood Residences’ at 1180 Hillsboro Mile in Hillsboro Beach

In 2022, the Related Group and Dezer Development secured approval for Rosewood Residences, a 10-story oceanfront condo. However, a lawsuit filed by four residents regarding the building’s height sidetracked the project. Now, the developers have filed a second rezoning request that would make the high-rise possible. The Hillsboro Beach Town Commission will consider…

Grand Peaks buys rental complex near Boca Raton for $91M –– a slight discount from its last sale price

Grand Peaks bought a 448-unit apartment complex near Boca Raton for $90.9 million, marking a slight discount from its last sale price five years ago. Denver-based Grand Peaks scooped up The Seven at West Boca at 10235 Boca Entrada Boulevard in unincorporated Palm Beach County from Tampa-based American Landmark Apartments, according to records and real estate…

Demolition Commenced at Site of Mr. C Hotel & Residences West Palm Beach

Terra, a prominent real estate development company in South Florida, and Sympatico Real Estate, a Palm Beach-based firm owned by the Morrison family, have announced they have commenced demolition of the existing structures at 320 Lakeview Avenue, the future location of the first branded residence in downtown West Palm Beach Mr. C Hotel & Residences West Palm Beach…

Lease roundup: Steve Ross lands GoldenTree, Amerant Bank at his downtown West Palm towers

Steve Ross scored new tenants and lease renewals at his downtown West Palm Beach office towers. New York-based global asset manager GoldenTree  Asset Management, founded by Steven A. Tananbaum; Chicago-based Vista Investments of Florida, founded by Tom Tisbo; and New York-based private equity firm OceanSound Partners will open at the 25-story One Flagler building…

Morrison family’s firm pays $17M for apartment complex with workforce units near West Palm Beach

The Morrison family’s Sympatico Real Estate scooped up an apartment complex with some workforce units near West Palm Beach for $17 million. Sympatico bought the 56-unit Aviara Green at 2157 South Haverhill Road in unincorporated Palm Beach County from Delray Beach-based MAG Real Estate & Development, according to records and a news release from the seller’s…

Abacus Capital pays $33M for 620-unit dev site in Palm Beach Gardens, amid record multifamily pipeline

Abacus Capital Group paid $32.5 million for a multifamily development site within Catalfumo Companies’ mixed-use PGA Station project in Palm Beach Gardens. New York-based Abacus Capital bought the site at 3701 Catalfumo Way South, which is approved for a pair of 13-story buildings with a total of 620 units, according to records and real estate database Vizzda.

“Makes sense for all of us”: TRD Forum panelists talk Live Local Act

South Florida developers have been giddy over the Live Local Act. Under the state law, those who include affordable apartments in their projects can build more than zoning allows, prompting a rush of applications for high-rises. But bigger projects won’t necessarily turn into a windfall, or even be feasible under the Live Local Act, panelists said at The Real Deal South Florida Real…

Florida Apartment Demand Rebounds in 2024, Catching Up to Supply

Across the state of Florida, apartment demand volumes are catching up to elevated supply. Florida was a state that benefitted heavily from the work-from-home trend seen during the pandemic. Since then, migration into the state has continued, with even the smaller markets gaining notable ground. Apartment demand volumes peaked in 2021 and then slowed significantly in 2023…

“Flight to Florida” will continue despite high costs, limited inventory: takeaways from The Real Deal Miami forum

The pandemic’s effects on South Florida’s real estate industry are well documented. Prices for homes and land skyrocketed, as did apartment, retail, office and industrial rents. Dozens of cranes filled the skyline. Billionaires moved to or expanded their holdings in the region. This “flight to Florida” will continue, experts said at The Real Deal’s South Florida Real Estate…

How Infrastructure Investment Drives Industrial Space Growth And Why Some Markets Are Expected To Benefit More Than Others

Infrastructure investment and demand for U.S. industrial space are strongly correlated, and accelerated public spending on infrastructure in the 2020s will act as a spur to further growth in the industrial sector, according to Newmark’s Road Work Ahead report. Infrastructure investment drives industrial market activity through a number of channels, some direct—such as space needed…

Multifamily Housing and the 2024 Election

Housing affordability played an important role in the 2024 election as both parties outlined their plans to respond to rising rent levels. Effective rents have climbed 20% nationally since Q4 2019 along with rising prices throughout the economy resulting from the period of heightened inflation that the Federal Reserve continues to fight. President-elect Trump’s second term is likely…

Video: PwC Partner Andrew Alperstein Discusses the PwC/ULI Emerging Trends in Real Estate 2025; The Time Has Come

In a recent episode of “America’s Commercial Real Estate Show,” the show host discussed the key findings from the Emerging Trends in Real Estate 2025 report published by PwC and the Urban Land Institute. The host was joined by Andrew Alperstein, a partner with PwC’s Financial Markets and Real Estate Group, who shared valuable insights from the survey results and interviews…

November FOMC meeting brings rate-cut relief, but the road ahead remains long

Moody’s CRE economists weigh in on the latest Fed cut Earlier this afternoon, the Federal Open Market Committee (FOMC) announced a 25 bps (basis points) point reduction of the federal funds rate. After the 50 bps cut at September’s meeting, the rate now sits at a range of 4.5% to 4.75%.  Director of Economic Research, Dr. Ermengarde Jabir, notes that the Federal Reserve…

Breaking down commercial real estate investment strategies

The best commercial real estate investors develop a customized portfolio of properties using common investment strategies. Kaj Lea, Head of the Pacific Northwest and Central Region for Commercial Term Lending at Chase, breaks down the fundamentals of common commercial real estate investment strategies, each with unique risk and return profiles…

Addressing Water Supply and Demand to Reduce Costs in CRE

Last week I joined investors, developers, architects and other commercial real estate (CRE) professionals in Las Vegas for the Urban Land Institute (ULI) fall meeting. Several sessions covered climate and sustainability topics. Today’s post summarizes key takeaways from the Randall Lewis Center Sustainability Forum focused on water stress, and a following post will share key…

Will Tariffs on China Affect Self Storage Construction?

With the election decided, we start trying to analyze and predict what may come with a new set of lawmakers and a shift in political ideology. One of those issues we hear a lot about with a Trump administration is tariffs. When I think of the impact of tariffs on China that will impact self storage construction, I think of steel. “Cheap steel from China” is a phrase I have heard over…

US store closings soar past any full-year total since height of pandemic in 2020

U.S. store closings have accelerated, surpassing any full-year total since the height of the pandemic in 2020. But there will be demand for that vacant retail space, according to industry analysts. As of late last week, U.S. retailers had announced 6,481 store closings for this year, according to Coresight Research, already eclipsing the 5,553 closings it tracked for the whole of calendar 2023…

Location, location, location strategy

Identifying the ideal location for your next multifamily investment can seem daunting. A well-researched location strategy can help. “‘Location, location, location’ is a cliché for a reason. Location drives appreciation, rental income and overall return on investment,” said Brooke Richartz, Senior Regional Sales Manager at Chase. A location strategy can guide investment…

Why PMG’s Kevin Maloney is deeply worried about Trump’s tariffs

A day after election night, most attendees at The Real Deal’s annual forum in Miami seemed to welcome Donald Trump’s victory. The crowd at the Mana Wynwood convention center applauded when the election or Trump’s name was brought up. Many panelists expressed optimism about the president-elect’s economic policies. But PMG founder Kevin Maloney had a different take.

Watson Island Referendums Pass, Allowing Four New Towers

Miami voters voted yes on two separate items on the ballot yesterday relating to Watson Island, paving the way for new development. The two separate ballot questions were: Charter Amendment: Partial Conveyance for Revised Development at 1111 Parrot Jungle Trail on Watson Island Shall Miami’s Charter be amended authorizing sale and/or lease of 5.4 acres on Watson Island…

Four Towers Planned On Watson Island

Developers are now planning a total of four towers on Watson Island, according to the Herald. The development proposals are contingent on two separate items to be voted on by City of Miami voters in a referendum, scheduled for tomorrow. On the north side of the island, two residential towers are planned to rise 40 stories each, by developers Terra and ESJ Capital Partners.

Voters approve Watson Island referendums to sell city land for condo projects

Miami voters approved two ballot measures tied to selling city-owned land to different development groups so they can build more condos on Miami’s Watson Island. In exchange, the city will receive public benefits in the form of park space and a baywalk. The referendums waive competitive bidding and allow the city manager to negotiate the sales of property on Watson Island…

Voters Give Thumbs-Up To $2B Of Development On Watson Island

Two high-rise projects are set to rise on Watson Island in Biscayne Bay after Miami residents voted to greenlight the developments by a comfortable margin Tuesday.  Coconut Grove-based Terra Group and Aventura-based ESJ Capital Partners gained approval to redevelop the Jungle Island animal theme park into two condo towers, paying the city $135M for 5.4 acres on the north…

56-Story Miami World Tower 1 Gets TCO

Miami World Tower 1 has obtained its initial Temporary Certificate of Occupancy, according to contractor Coastal Construction. It is TCO #1 for the tower, Coastal wrote. Miami World Tower 1 rises 56 stories and includes 565 apartments, 3,000 square feet of full service restaurant, and 401 parking spaces. Construction activity was first spotted at the Miami World Tower…

Another 57-Story Tower Planned In Edgewater

A developer has acquired property in Edgewater where it will soon file plans for a 57-story tower, according to the SFBJ. Grupo T&C will file plans in Q1 2025 for a building with 600 and 800 residential units. Some of the units will be developer-owned rental apartments, while others would be condos allowing flexible rentals. The developer paid just over $15m for property…

Peruvian developer William Ticona pays $15M for Edgewater resi dev site, expanding his Miami pipeline

William Ticona bought a residential development site in Edgewater for $15.1 million, advancing his plans to expand his real estate empire from Peru to Miami. Ticona, who leads Lima-based Grupo T&C, scooped up the 0.8-acre vacant property at 404, 412, 416, 420, 432 and 436 Northeast, according to his broker. The seller was G&L Associates at 35th Street, an entity led by Nicolas…

Private School Shortage Cited After Billionaire Moves Firm To Miami

Two years after billionaire Ken Griffin moved Citadel to Miami, his biggest concern is the shortage of private schools here, according to the NY Post. Griffin announced a donation earlier this year to a 2-year old private Catholic school in North Miami, according to the Herald. Citadel’s relocation was announced in 2022, and the company has been working out of offices…

Linkvest Capital, MMG Equity Acquire Mixed-Use Destination in Downtown Homestead

Linkvest Capital and MMG Equity Partners have acquired Homestead Station, a mixed-use entertainment destination located on 4.8 acres at 4 S. Krome Ave. in downtown Homestead, about 39 miles south of Miami. LV Lending previously held a first mortgage on the property, and the acquisition was completed through a deed in lieu of foreclosure to Linkvest Capital and MMG Equity.

$400M Sale of W Hotel South Beach in Miami Brokered

Newmark has brokered the more than $400 million sale of the W Hotel South Beach in Miami. Reuben Brothers purchased the 20-story, oceanfront property from Tricap. The sale marks the largest hotel transaction in the Miami market this year, according to Newmark. The property is also the newest hotel to sell in the market since 2021. The W Hotel, which Tricap completed in 2009…

Developers Unveil Updated Vision and New Details For Surf Row Residences at 8800 Collins Avenue in Surfside

Miami-based LD&D, in partnership with ONE Capital and IGEQ, has introduced a new vision for Surf Row Residences, a collection of 25 bespoke condominiums situated just a block from the beach at 8800 Collins Avenue in Surfside. Designed by Alfonso Jurado Architecture and Boris Pena Architects, the project has been reimagined to align with evolving market demands.

‘Jean-Georges Miami Tropic Residences’ to Offer 329 Luxury Condos at 3501 NE 1st Ave in Miami

Soon, Michelin-Star Chef Jean-Georges Vongerichten may be known for more than innovative cuisine: his name could soon be synonymous with luxury residences. Sales have launched for Jean-Georges Miami Tropic Residences, an upscale high-rise comprising 329 condos, ranging from one-bedroom to four-bedroom floorplans. Future residents will have access to more…

Developer Planning 70-Story Brickell Tower Signs Covenant

The developer planning a 70-story tower in Brickell has signed a covenant with the county. The covenant, which was recorded on November 4, states that the property is within feasible distance to the water and sewer system, and will be connected as a condition of a building permit. Miami-Dade is currently in process on zoning approval for the site. An updated version…

61-Unit Hotel Planned In Edgewater

Zoning approval is in process for an 8-story hotel in Edgewater. The development name is listed as the Sonder Hotel – Edgewater Miami on plans. The hotel units will be a mix of studios and 2-bedrooms. Units will range from 381 to 742 square feet. The roof level will have a pool and a gym. Parking for 20 cars is planned within the new building. Miami’s Planning, Zoning and Appeals…

Lease-Up Of 323-Unit Allapatah Apartment Building ‘The Julia Residences’ Reached In Under Six Months

Developer Neology says it has achieved lease-up for its newly completed Allapattah apartment building, known as The Julia Residences. The 14-story, $140 million tower is named after Julia Tuttle, the founder of Miami. The 323 “attainable luxury” apartments are now 95% occupied, which took less than six months. Neology’s first project in Allapattah, No. 17 Residences…

Bldg Ventures plans short-term rental-friendly condo project near Miami’s The Roads neighborhood

Bldg Ventures is planning to develop Atelier Residences Miami, a short-term rental-friendly condo project near Miami’s The Roads neighborhood. Prices for units in the planned 10-story, 148-unit building at 1265 Coral Way will range from $400,000 to $2 million, according to a press release. Bldg, led by CEO René Bello, anticipates a total sellout of $80 million…

Big plans, little construction: Mapping South Florida’s long-delayed megaprojects

Nearly a decade ago, the Ghermezian family unveiled plans for an ambitious project: American Dream Miami. The Ghermezians’ Triple Five Group, owners of American Dream mall in New Jersey and Mall of America in Minnesota, proposed a sprawling mixed-use, phased 6.2 million-square-foot development with up to 3.5 million square feet of retail space, a massive theme park…

Massive Golden Glades rebuilt on $908 million road

Now 10 years in the making, the Golden Glades Interchange is on track to be the largest state-funded construction effort in Florida history. The mammoth $908 million project will help ease traffic flow in South Florida, one of the most heavily congested corridors in the nation, targeting major highways. Florida Department of Transportation (FDOT) officials say they are very…

UHealth Doral opening piece by piece through 2026

UHealth Doral is being rolled out in a phased approach rather than all it once. “It [the opening date] was Sept. 16, and we’ve done a phased approach,” said Dede Austin, assistant vice president of ambulatory services at UHealth Doral. “It’s been a phased approach opening. We started with the radiation oncology on Sept. 16 and then we, each week, expanded the services.

Lourdes Boue: Doctors Hospital/West Kendall Baptist’s CEO looks ahead

A distinguished healthcare executive, Lourdes Boue leads two hospitals within Baptist Health’s 12-hospital network: West Kendall and Doctors. Since joining Baptist Health in the ‘90s working in strategic planning, Ms. Boue has built an impactful career spanning more than two decades, marked by her dedication to advancing healthcare services and community well-being.

Design review recommends adaptive reuse project for Wynwood

A developer who is already making an impact on the Wynwood Arts District with a mixed-use project called Wyncatcher I now proposes a companion project that will fill out the block with more new retail uses and office space. Wyncatcher II is an adaptive reuse designed to bring new life to an old two-story warehouse at 2150 NW Miami Court. The Wynwood Design Review Committee…

$500 Million Mixed-Use Project Planned on 147-Acre Site Near Miami Gardens

A company led by Juan Carlos Mas, a member of the prominent Mas family with stakes in MasTec, has proposed a $500 million mixed-use development on 146.8 acres of county land just west of Miami Gardens at 20000 Northwest 47th Avenue. The project is planned to include workforce housing, retail, a hotel, warehouses, and recreational sports facilities. The Miami-Dade…

400-Foot Tower Submitted To FAA Near Omni

Plans for a tower near the Omni have been filed with the Federal Aviation Administration. The proposal was received by the agency on October 29. According to the filing, the tower will rise 392 feet above ground, or 400 feet above sea level. The site coordinates match a property that was reportedly sold to an affiliate of Sabet Group of Los Angeles in 2022. At the time, the SFBJ…

How is Flow revolutionary? Adam Neumann: “It’s a feeling”

It’s been two years since Adam Neumann launched his residential venture Flow and over six months since its first properties went live. And yet the haziness around how Flow will “revolutionize” community-based living — as Neumann promised — is as thick as ever. At The Real Deal South Florida Real Estate Forum, founder and publisher Amir Korangy pressed Neumann to explain.

Pedestrian Bridge Connecting Brightline To Aventura Mall Sitting In Storage For Months

A $20m pedestrian bridge has been sitting in storage for months, according to Miami-Dade Commissioner Eileen Higgins. Drone photos of the bridge were captured by Joel Franco. The county is waiting for an easement to be signed by a private property owner before construction can begin, Higgins said. See the pictures below.

Plans Revealed for 420-Foot Condominium Tower at 1250 West Avenue in South Beach

A partnership between JDS Development, led by Michael Stern, and entrepreneur Gianluca Vacchi has announced plans for a 420-foot luxury condominium tower at 1250 West Avenue in South Beach. Designed by Kobi Karp, the proposed tower aims to replace an existing 286-unit building currently allowing short-term rentals. Unlike the current structure, the new development…

Self-Storage Project Unfolding at 275 South Krome Avenue in Florida City

In August, Florida YIMBY reported on three self-storage ventures unfolding in both Miami-Dade and Palm Beach counties. The projects intend to meet the growing need for storage as South Florida’s population rises. Now, we’ve learned of another self-storage development taking shape in Florida City. The project is led by Ohio-based Amsdell Storage Ventures 83 LLC. It purchased…

St. Regis Bal Harbour condo association sues Qatari owners, alleging host of defects

St. Regis Bal Harbour Residences condo association is suing the property’s owners and managers, alleging building defects, health and safety issues and financial mismanagement. Mold, corrosion, flooding and exposed wiring are just a few of the defects alleged in the lawsuit filed this week in Miami-Dade Circuit Court by the Bal Harbour North South Condominium Association…

Q & A: Ed Easton goes toe-to-toe with institutional giants in South Florida’s industrial market

Ed Easton doesn’t see himself ever retiring from South Florida’s real estate game. His Doral-based eponymous commercial real estate firm runs smoothly, entering its 50th year of existence by keeping it all in the family. Easton’s adult kids, nephews and grandchildren have all been groomed to keep Easton Group in peak condition against multibillion-dollar national conglomerates…

Easton Group Buys Former Sears At Miami International Mall

The Easton Group bought the former Sears store and surrounding parking lot at the Miami International Mall from Seritage Growth Properties for $17M. The Miami-based development and real estate management firm took out a $12M loan from North Miami-based New Wave Loans to acquire the 13-acre Doral property, according to property records sourced…

South Florida holds growing role in global trade

Miami once was known as the gateway to the Americas. More recently, South Florid has grown an outsized role beyond the hemisphere to become a critical global trade hub. From sea and airports, to the foreign trade zones, to the importers, exporters and logistics facilities that rely on them, the region’s trade infrastructure and providers are connecting South Florida to the world.

Lease roundup: Tricap, Foster + Partners opening Miami Design District offices; Eataly, pickleball on tap at CityPlace in West Palm

Real estate firm Tricap and architecture firm Foster + Partners will open offices at the Design 41 building in the Miami Design District. Tricap, led by David Edelstein, leased 1,500 square feet; and Foster + Partners leased 4,000 square feet of indoor office space and a 3,500-square-foot patio at 112 Northeast 41st Street, according to broker Tony Arellano. The companies are…

Late developer Sergio Pino’s Miami apartment building faces $45M foreclosure

A Miami apartment building developed by the late Sergio Pino is facing a $45.4 million foreclosure suit. Pino, a prominent South Florida real estate figure who founded Century Homebuilders Group, died on July 16 from a self-inflicted gunshot wound at his Coral Gables home. At the time, the Federal Bureau of Investigations was closing in on raiding his home and arresting him…

New office space will lure firms to South Florida: TRD Forum panelists

The number of companies migrating to South Florida has slowed, but will reaccelerate as the region’s inventory of new office space expands, according to panelists who spoke Wednesday at The Real Deal South Florida Real Estate Forum. “Relocation activity has moderated partly because we don’t have enough high-quality office space,” said Jeremy Larkin, a founding…

TRD Forum panelists: The “Citadel effect” is boosting Brickell

Billionaire hedge fund manager Ken Griffin’s bet on Miami’s Brickell office market is boosting the neighborhood’s cachet among out-of-town executive condo buyers, according to a trio of experts addressing thousands of real estate professionals on Wednesday. Griffin is spearheading the development of a planned $1 billion 54-story mixed-use tower with a 212-room hotel…

Developers’ choice, Tomas Regalado, coasts to victory in Miami-Dade Property Appraiser race

Backed by developers, Tomas Regalado rode the red wave in Miami-Dade County to win the property appraiser’s race. Regalado, a Republican who served as Miami mayor from 2009 to 2017, beat Democrat Marisol Zenteno by 15 percentage points in Tuesday’s presidential election. Zenteno, who works as an analyst for the office she was seeking, captured 42 percent…

Developers Behind ‘Sixth&Rio’ at 501 SE 6th Ave in Fort Lauderdale Secure $96 Million in Loans

In May 2023, Florida YIMBY reported on Sixth&Rio, a multi-million-dollar residential venture in downtown Fort Lauderdale that had recently broken ground. Now, we have an update. Locally based OceanLand Investments has secured $96 million in funding to bring this project to life. According to the South Florida Business Journal, multiple lenders funded the loans…

OceanLand scores $96M construction loan for Sixth&Rio Fort Lauderdale condos

OceanLand Investments scored a $96 million construction loan for its planned Sixth&Rio condo project in Fort Lauderdale. The Fort Lauderdale-based developer landed financing from Invictus Real Estate Partners, a New York-based real estate private equity firm, and West Palm Beach-based Tannenbaum Capital Group Real Estate, according to a press release.

Developers Unveil First Yacht-Branded Residential Tower: Riva Residenze in Fort Lauderdale

Developers WellDuo, Vertical Developments, and GCF Development, together with Italian yacht maker Riva, have unveiled Riva Residenze, marking the launch of the world’s first yacht-branded residential project. The 20-story development includes 36 residences, occupying two parcels with 200 feet of waterfront and a private marina with slips. Sales and marketing…

Walton Street picks up Sunrise warehouse for $19M, as pockets of South Florida’s industrial market soften

Walton Street Capital bought a warehouse in Sunrise for $18.5 million. The Chicago-based firm scooped up the 77,600-square-foot building at 4701 Northwest 103rd Avenue from Plantation-based Miller Property Group, led by Steve Miller, according to records and real estate database Vizzda. The building, known as the Sunrise Corporate Headquarters, was completed by Miller…

Developers Complete and Open Edera Palm Springs, a 264-Unit Residential Community in West Palm Beach

Mast Capital, Rockpoint, and The Spear Group have announced the official opening of Edera Palm Springs, a new residential community offering 264 upscale apartments in the rapidly growing village of Palm Springs within West Palm Beach. Located at 2085 South Congress Avenue, Edera Palm Springs offers a walkable garden-style community with 11 three-story buildings set…

Video: Moody’s Senior Economist Ermengarde Jabir Provides Industrial Real Estate Outlook

In a recent episode of America’s Commercial Real Estate Show, the spotlight was on industrial real estate nationally with a deep dive into the current trends, challenges, and future outlooks impacting the sector in 2024. Featuring insights from Ermengarde Jabir, a senior economist at Moody’s Analytics who also publishes articles at NAIOP, the discussion offered valuable…

CMBS loans in commercial real estate

The market for commercial mortgage-backed securities (CMBS) has created a powerful source of capital for investors—particularly those financing the largest properties. While CMBS loans are more complex than traditional bank loans involving just a borrower and lender, they can be an attractive option for financing commercial real estate, depending on the property…

The condo-hotel conundrum: new state law tweaks balance of power at mixed-use complexes

Many residents bought their condos at the Carillon Miami Wellness Resort because living in a luxury hotel had an obvious allure. The branded oceanfront property is actually a condo-hotel, a complex for both residents and visitors with two restaurants and two cafés offering beachside dining, four pools, a gym and spa. Yet, the paradise is actually a “dictatorship” for residents…

Amazon Reportedly In Talks To Lease Large Office Space In Wywnood

Amazon could become the latest tech giant to move to Wynwood. The company is reportedly in talks to lease between 60,000 and 80,000 square feet at the under-construction Wynwood Plaza, according to Commercial Observer. At the time of writing, the talks were for about 75,000 square feet of space, the report said. About a year ago, Amazon founder Jeff Bezos announced he…

Amazon in advanced talks to lease as much as 80K sf at Wynwood Plaza

Amazon is getting closer to signing an office lease at the Wynwood Plaza project that’s under construction in Miami. The e-commerce behemoth is in advanced talks to take about 75,000 square feet at the development, with the final space still being determined, possibly ranging from 60,000 square feet to 80,000 square feet, Commercial Observer reported, citing anonymous…

Auto dealers Ali and Faisal Ahmed jump into South Florida’s industrial market, buying Miami Lakes warehouse for $38M

Auto dealers Ali and Faisal Ahmed are revved up for South Florida’s industrial market, dropping $38.2 million for a Miami Lakes warehouse. An entity managed by the Miami Lakes-based car moguls acquired a 190,707-square-foot industrial facility at 14100 Northwest 60th Avenue, records and real estate database Vizzda show. Completed in 1971, the two-story…

Graham adds to portfolio, pays $69M for 448-unit Miami Lakes apartment complex

Graham Companies, led by the family that developed Miami Lakes, expanded its empire with a $69 million purchase of a 448-unit apartment complex. The firm bought the ground lease for the Courtyards at Miami Lakes at 6431 Cow Pen Road from Village Oaks Associates, led by Ariel and Oded Meltzer, according to records and real estate database Vizzda.

Simon and David Reuben plant flag in Miami Beach, complete $400M-plus purchase of W-branded hotel

Billionaires Simon and David Reuben are officially entering the Miami Beach hospitality game, acquiring the W South Beach for more than $400 million. Reuben Brothers, the siblings’ eponymous London-based global investment arm, bought the hotel at 2201 Collins Avenue from Aby Rosen and David Edelstein, who lead New York-based firms, RFR Realty and Tricap…

Reuben Brothers Buy W South Beach From RFR, Tricap For More Than $400M

British billionaire investors the Reuben Brothers have acquired the W South Beach hotel for nearly a half-billion dollars. The London-based Reuben Brothers bought the building and its 348 hotel rooms and managed condo units from New York-based developers RFR and Tricap, which opened the building in 2009 after acquiring the 3.5-acre site at 2201 Collins Ave. in 2004.

420-Foot Luxury Residential Tower Proposed In South Beach

A developer wants to build a 420-foot luxury condo tower in South Beach. An existing 286-unit building on the site allowing short term rentals would be demolished. The new tower would have a more compact footprint but rise to a taller height of 29 stories. It would include 100 long-term residential units, with short term rentals prohibited. Units will be larger, at over 2,000 square…

Edgewater Whole Foods Under Construction, Apartments Available Above

Whole Foods has filed a Notice of Commencement for its new store in Edgewater, near Midtown Miami and Wynwood. The filing was recorded in county records on October 9. It states that tenant build out of the grocery store was commencing. Miami’s Building Department issued a construction permit for the large new supermarket in August. According to the permit…

329-Unit NoMad Residences Wynwood Tops Off

NoMad Residences Wynwood has topped off at nine stories. A ceremony was held at the construction site in mid-October to celebrate the milestone. Completion is slated for Q4 2025. NoMad Residences will include 329 condos delivered finished and furnished, and allowing flexible rentals. More than 80% of units are in contract. A rooftop restaurant and NoMad Bar is planned…

Brickell’s Tallest Office Tower Is Now Open

830 Brickell is now officially complete. The Class A+ office building received its full Temporary Certificate of Occupancy, and the first tenants have moved in. Banco Santander, which took 95,000 square feet, is said to have been the first tenant to move in. As of mid-October, around 20% of the building was occupied and operational, with the remainder expected to be built out…

Downtown Miami’s 14 ROC Gets FAA Approval, Utilities; Tree Permit Submitted

The 14 ROC tower planned in downtown Miami has received FAA height approval, and a utilities deal has been completed. A tree permit has also been applied for. The Federal Aviation Administration approval was issued on October 5. It allows a permanent building height of 395 feet above ground, or 407 feet above sea level. Miami-Dade County completed a deal with the developer…

Target Is Now Open In Downtown Miami (Parking Is Free)

Target has opened its store at a new retail complex in downtown Miami near the Brightline station. The new 50,000-square-foot Target is part of the 1.5 million Sawyer’s Walk development in Overtown, which includes multiple levels of retail, office, and residential. Target Miami Downtown offers free parking, reviewers wrote on Google Maps. The store website says it also offers…

Total Demolition Permit Issued At Edgewater Property Where 3 Towers Planned

Miami’s Building Department has issued a total demolition permit for a former Wendy’s Restaurant at the 3333 Biscayne property where a major redevelopment is planned. Multiple other demolition permits for residential properties on the same block were also issued on the same day, October 25. Those properties make up part of the new development site. The Wendy’s permit had…

Esplanade at Aventura Expands Retail Offerings With Eight New Tenants in 2024

Esplanade at Aventura is enhancing its shopping and dining offerings by adding eight new-to-market tenants throughout 2024. Since its launch in December 2023, the modern destination in Aventura has drawn visitors with its unique blend of upscale eateries, wellness boutiques, and Class A office spaces. The newly introduced tenants span luxury retail to fitness and specialty…

US vows $390 million to build Miami-Dade county’s Northeast rail corridor

The Northeast Corridor Rapid Transit, part of the Strategic Miami Area Rapid Transit (SMART) Plan, moved closer to reality Tuesday with the Federal Transit Administration announcing that it could receive up to $389.5 million in federal grants. Odds of approval by a Republican-led Congress, however, drops the project into a big “Maybe” box, depending on the outcome…

Homeowners’ secret deal to support Barry Sternlicht and partners’ plan to redevelop Standard Miami Beach creates ethical dilemma

A secret $1.2 million deal between a star-studded roster of investors and a homeowner’s group for supporting a $61 million redevelopment of the Standard Miami Beach may violate the city’s ethics code. A partnership featuring billionaire Barry Sternlicht, architect Bjarke Ingels, lawyer and singer Shakira’s ex-boyfriend Anthonio de la Rúa and hospitality CEO…

Michael Stern’s JDS plans luxury condo next to Monad Terrace in Miami Beach

Michael Stern’s JDS Development Group plans to develop a luxury condo tower next to its Monad Terrace project, The Real Deal has learned. An affiliate of JDS plans a buyout of the 238-unit Bay Garden Manor condo building at 1250 West Avenue, according to a source. The firm has started closing on units, and so far six sales have been recorded since June, ranging from $215,000…

Meet Michael Stern’s new partner, Italian entrepreneur Gianluca Vacchi

Italian entrepreneur Gianluca Vacchi is partnering with developer Michael Stern, taking his marketing chops and wellness expertise to work on a $4 billion pipeline of new real estate projects, starting in South Florida. Vacchi, who has a combined 45 million followers on Instagram and TikTok, formed a joint venture through his GV Development Group and Stern’s JDS…

Faced with Sears site fallout, Miami appeals to the state

City officials are urging the state to reconsider the Live Local Act, which overrides local zoning for affordable housing, in order to limit the scale of a planned project near Miami’s Coral Gate neighborhood that has raised resident concerns. Coral Gate residents filled city hall on Oct. 24, voicing strong support during the commission’s comment period for limiting the size of a three-building…

JV Scores Miami Dade’s First Permit for IOS Purpose Built Facility

Timber Hill’s special purpose firm Coconut Palm TH LLC, and Champion Realty Advisors have scored a permit for their IOS facility project in Homestead, Florida. The move has allowed the joint venture to finally break the ground on the project at South Dade Truck Parking Overlay after the process took months. This marks the first time a purpose-built IOS facility was granted…

Air taxi flights targeting Miami’s skies by 2026

Air taxis could be cruising the skyline as soon as summer 2026, as UrbanLink is progressing with plans to launch an all-electric fleet geared to transform transportation in Miami. A South Florida-based startup, UrbanLink is an advanced air mobility (AAM) company working to revolutionize aerial and maritime transit through cutting-edge, zero-emission solutions. It plans…

Cipriani Residences Miami Completes Brickell’s Largest Foundation Pour of the Year

Developer Mast Capital has completed the largest mat foundation concrete pour in Brickell this year for Cipriani Residences Miami, marking a significant milestone in constructing the brand’s first North American ground-up residential project. The pour, spanning approximately 16 hours, involved 11,500 cubic yards of concrete and 2,500 tons of reinforcing steel, making…

Twin 60-Story Residential Towers Planned Inside New Faena District

Plans have been announced for two 60-story towers called Faena Residences Miami, along with a new cultural district, Faena District Miami River. The buildings will include 440 residential condos. At the top, the towers will be connected by a two-story 45,000-square-foot “cultural epicenter.” Rafael Viñoly Architects is designing the towers. It is one of the last works by the late…

Developers Plan 48-Story Jean-Georges Miami Tropic Residences near Design District

Sales are now underway for Jean-Georges Miami Tropic Residences. It is the first foray into residential development by Michelin-Star Chef Jean-Georges Vongerichten. Jean-Georges’ abc kitchens, a blend of his popular plant-forward restaurant abcV, Latin concept abc cocina, and abc kitchen will be located on the ground floor of the new development. There will also be a private…

$927M Miami-Aventura Train Service Approved For Engineering Phase With More Funding

Miami-Dade’s planned Northeast Corridor train service has received Federal Transit Administration approval to move to the engineering phase. The FTA issued a pre-award with a maximum of $389m towards the project (Miami-Dade was requesting $454m), according to a letter issued October 23. The county will fund an additional $338m, while the State of Florida will provide $200m.

Brickell Supertall Tower Submitted To FAA At 1049 Feet

The Federal Aviation Administration received an application last week with a proposal for a supertall tower in Brickell. The filing matches the same location where Citadel is planning to build its headquarters tower. According to the filing, the tower is planned to reach a height of 1,046 feet above ground, or 1,049 feet above sea level. The agency received the application on October 24.

Weekend Foundation Pour For 80-Story Brickell Tower

A foundation pour took place over the past weekend for the 80-story Cipriani Residences in Brickell (a video of the pour can be seen here). It was planned as Brickell’s largest concrete pour year to date, with over 750 truckloads brought in beginning on Friday evening. The tower will become the first-ever ground-up Cipriani residences in North America, with 397 luxury condos.

Pre-Application Filed For 50-Story Tower North Of Signature Bridge

A pre-application meeting request has been filed with county planners for a new 50-story tower in Miami. According to the filing, the new tower is planned to be built at 1315 NE Miami Ct, just north of Miami’s under-construction Signature Bridge. The approval process is planned through Miami-Dade’s Rapid Transit Zoning area, rather than through the City of Miami. 1315 NE Miami Ct…

Prologis To Ramp Up Warehouse Purchases With Global Demand Expected To Climb

Executives at the world’s largest warehouse owner and developer expect to ramp up property acquisitions in coming months in a bet that industrial real estate demand will accelerate next year after a period of rising vacancies and subdued rent growth. Prologis raised its projected spending on acquisitions to between $1.75 billion and $2.25 billion for the full year — up…

Aman Miami Beach Residences Gets FAA Clearance, Approved for Heights Up to 252 Feet Above Ground

OKO Group and Access Industries have secured Federal Aviation Administration (FAA) approval for the Aman Miami Beach Residences at 3425 Collins Avenue. The FAA issued two determinations, each specifying height clearances for different points of the building to ensure compliance with airspace regulations. The primary clearance permits a maximum height of 252 feet above…

Notable Retail Leases Signed in South Florida Q3 2024

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

Cayon, Easton ring up $17M Walmart-anchored shopping center purchase in Homestead

Cayon Development Group and Easton Group are joining the wave of buyers snatching up South Florida shopping centers, paying $16.8 million for a Homestead retail site anchored by a Walmart Neighborhood Market. The joint venture acquired a four-building retail complex at 14325 Southwest 268th Street, records and real estate database Vizzda show. Miami-based Cayon…

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

London + Regional Properties submitted an Administrative Site Plan Review (ASPR) application with Miami-Dade County on October 24 to develop two eight-story mixed-use buildings on the Pullman Miami Airport hotel site at 5800 Blue Lagoon Drive. The proposal outlines plans for 600 new residential units spread across two buildings on the hotel’s existing parking lot. The 10-acre site…

Swire Properties Announces 11 New Tenants at Brickell City Centre in Miami

Swire Properties has announced 11 new tenants as part of the North Block expansion at Brickell City Centre, a mixed-use development located at 701 S. Miami Ave. in Miami’s Brickell district. The new deals total 65,800 square feet and feature a mix of recent openings and openings for later this year and 2025. The new tenants joining Brickell City Centre include an anchor store…

Easton Group Acquires JCPenney-Leased Department Store at Miami International Mall for $12M

An affiliate of The Easton Group has acquired a single-tenant department store and adjacent parking lot in the Miami suburb of Doral for $12 million. Situated on a 10-acre site within Miami International Mall, the property totals 150,108 square feet of big box retail space. JCPenney currently occupies the building. Edward Easton, CEO and chairman of Easton Group, says that the…

Easton drops $17M for Miami International Mall’s closed Sears, plans up to 500 apartments

Easton Group bought Miami International Mall’s shuttered Sears for $17.1 million, with plans to develop up to 500 apartments on the site. The firm joins a growing number of investors that are seizing on floundering shopping centers in South Florida. Their plans include revamping the retail, as well as building new mixed-use projects on parking lots or on the site…

Faena Unveils a New Cultural District in Miami with a Landmark Riverfront Residential Project

Faena, in partnership with Fortune International Group and KAR Properties, is expanding its renowned brand to the heart of Miami by creating the Faena District Miami River. Set at 90 Southwest 3rd Street, this multi-phase cultural district will be located within the only 14-acre private park along the Miami River. Anchored by Faena Residences Miami, this transformative…

Think smaller: LD&D, partners relaunch sales for Surf Row in Surfside

The developers are relaunching sales of their planned Surf Row, a luxury condo project in Surfside, with smaller units and lower starting prices, according to a press release. Miami-based LD&D, led by Diego and Alejandro Bonet, partnered with George Samarjian’s IGEQ and Daniel de la Vega’s One Capital to first launch Surf Row in 2022 as an eight-unit townhouse development…

1950s-Era Silver Sands Beach Resort to be Replaced With 13-Story High-Rise at 301 Ocean Drive in Key Biscayne

Silver Sands Beach Resort in Key Biscayne, FL, will soon be replaced with a luxury condominium. Miami-based Terra recently secured approval from city officials, greenlighting a project that would replace the 1950s-era hotel with a 13-story tower. The high-rise would require 288,163 square feet of new construction, comprising 56 condos. The South Florida Business Journal…

David Martin’s Terra plans beachfront Key Biscayne condo development

Developer David Martin plans a luxury condominium in Key Biscayne, on the site of the Silver Sands Beach Resort. Martin’s Coconut Grove-based Terra is under contract to purchase the waterfront hotel at 301 Ocean Drive, according to an application submitted to the village of Key Biscayne. The Key Biscayne Council approved ordinances tied to the planned redevelopment…

South Florida industrial landlords are seeing pockets of softness as vacancies creep up

South Florida’s industrial market, the region’s bellwether commercial sector, is showing signs of softness as vacancy rates crept up across the region in the third quarter, a recent Colliers report shows. In Miami-Dade County, landlords dropped the average asking rent for a second consecutive quarter, after record highs in early 2024 and late 2023. Yet, institutional investors…

Lease roundup: Aldi, Ross Dress for Less on tap at Swerdlow’s Overtown project, Brickell City Centre lands Marc Jacobs, Anthropologie and more

Retailers are starting to open at developer Michael Swerdlow’s Sawyer’s Walk project in Miami’s Overtown. Already open are Target’s 50,000-square-foot store and Burlington’s 38,000-square-foot store, according to the developers’ news release. Next, Aldi will open in a 25,000-square-foot space and Five Below in a 10,000-square-foot space. In March, Ross Dress for Less will…

Redev Pipeline: Prices Have Collapsed For South Florida Condos 30 Years Or Older as Year End Regs Loom

A wave of aging condos are flooding the market amid looming year-end regulations that could prompt six-figure special assessments. Condo listings rose 60% in Miami-Dade, Broward and Palm Beach counties in the third quarter, and 85% of all listings are condos 30 years or older, according to a new study by real estate brokerage ISG World. Average sale prices for these older…

39-Unit Apartment Building Proposed for 2306 Van Buren Street in Hollywood

A 1940s-era apartment near Hollywood Circle could be demolished to make way for a four-story residential building. The unnamed development would offer 39 apartments, measuring 666 to 1,281 square feet each. The South Florida Business Journal reports that layout plans span one-bedroom to three-bedroom designs, with the average home measuring 824 square feet. Plans call…

PMG acquires development site for waterfront Fort Lauderdale condo project

PMG paid $19.2 million for a waterfront co-op building on Fort Lauderdale’s Intracoastal Waterway, as the firm moves forward with plans for a condo tower on the site. The New York and Miami-based firm secured approval from the city’s planning and zoning board for its planned project in October, according to a press release. The developer plans to build Sage Intracoastal Residences…

Bahia Mar developers unveil plans for St. Regis Resort and Residences in Fort Lauderdale

Another St. Regis-branded development is coming to South Florida, planned for Related Group, Tate Capital and Rok Acquisitions’ phased Bahia Mar project. The developers launched sales of the St. Regis Resort and Residences, Bahia Mar Fort Lauderdale during the Fort Lauderdale International Boat Show, according to a press release. The 40-acre Bahia Mar hosts…

Developers Launch $2B Monaco-Inspired Bahia Mar Redevelopment

To kick off this year’s Fort Lauderdale International Boat Show at Bahia Mar in Fort Lauderdale, the developers who control the property announced a $2B redevelopment they hope will catch the eyes of the superyacht shoppers descending on the area. Related Group, Tate Capital and Rok Acquisitions rolled out their plans Wednesday for a 40-acre luxury resort and residential…

Joint Venture Unveils Plans for $2B Waterfront Mixed-Use Development in Fort Lauderdale

A joint venture between Related Group, Tate Capital and Rok Acquisitions has unveiled plans for Bahia Mar, a $2 billion waterfront mixed-use development located in Fort Lauderdale. The joint venture is developing the 40-acre project in collaboration with Marriott International. Bahia Mar will be anchored by two 23-story condominium towers and a 197-room luxury hotel…

Plans Unveiled for The St. Regis Resort and Residences, Bahia Mar in Fort Lauderdale

Developers Related Group, Tate Capital, and Rok Acquisitions, in partnership with Marriott International, have unveiled plans for The St. Regis Resort and Residences, Bahia Mar Fort Lauderdale. This extensive project marks a transformative step for the renowned Bahia Mar Yachting Center, a major marina and host of the Fort Lauderdale International Boat Show (FLIBS)…

Link lightens South Florida portfolio, sells Fort Lauderdale mixed-use building for $19M

Link Real Estate’s South Florida portfolio just got a little lighter after the Miami-based firm sold a Fort Lauderdale building for $19 million. A Link affiliate sold The Glass Shop, a three-story office and retail building at 105 North Federal Highway, to North Miami Beach-based Jewish Culture High School, records and real estate database Vizzda show. The buyer obtained a $12.9 million…

Dependable Equities launches condo sales of massive Fort Lauderdale project

A Brooklyn developer is launching sales of a 775-unit luxury condo project in Fort Lauderdale, marking one of the biggest new developments planned in the city. Dependable Equities, led by Isaac Schlesinger and Rabsky Group co-owner Simon Dushinsky, tapped Douglas Elliman to lead sales of Ombelle Fort Lauderdale, which is set to rise at 300 Northeast Third Avenue…

La dolce vita: Vertical, GCF launch sales for Italian yacht-branded Fort Lauderdale condos

Vertical Developments, GCF Development and WellDuo are launching sales for a planned luxury condominium in Fort Lauderdale branded by the Italian yacht maker Riva. Prices for the 20-story, 36-unit Riva Residenze building planned for 3019 Harbor Drive start at $3.5 million, according to a press release. Fortune Development Sales is leading sales and marketing…

Italian Yacht Maker Riva The Latest To Lend Brand To Luxury South Florida Condos

A new yacht-branded tower is sailing into Fort Lauderdale. Italian yacht manufacturer Riva will lend its brand to a 20-story luxury condominium building at 3019 Harbor Drive, developers Vertical Developments, WellDuo, and GCF Development announced Wednesday at a press conference during the Fort Lauderdale International Boat Show. Named Riva Residenze, the tower…

Morgan, Carlyle land $67M loan for multifamily redevelopment of Pompano Beach Macy’s and parking lot

Morgan Group and Carlyle Group landed a $67 million loan for the redevelopment of a closed Macy’s and adjacent lot in Pompano Beach, where the developers plan a 356-unit apartment complex. The nearly 12-acre property consists of the Macy’s building at 1200 Northeast 12th Street within the Pompano Beach Citi Centre open-air mall, and a parking lot immediately to the south.

Construction Begins on Mosaic Palms Apartments at 7376 Lyons Road near Boynton Beach

Akel Homes has officially broken ground on Mosaic Palms, a new apartment complex west of Boynton Beach, following a $30 million construction loan secured from Seacoast Bank. The Stuart-based bank provided financing to Civic Hypoluxo Holdings, a Delray Beach-based Akel Homes subsidiary. This loan covers the 11.8-acre development site located at 7376 Lyons Road…

Construction Starts on ‘Mosaic Palms’ at 7376 Lyons Road in Boynton Beach

Construction has started on the Mosaic Palms apartments in Palm Beach County. Delray Beach-based Akel Homes is operating as both the developer and general contractor. Scheduled for delivery in the first quarter of 2026, the luxury venture will yield five three-story buildings. In total, the Mosaic Palms apartments will offer 187 homes, with floorplans spanning one-bedroom…

Two Downtown West Palm Beach Properties Acquired for Mixed-Use Redevelopment and Revitalization

EBC Capital, a real estate investment and development firm led by Eric Cohen, has acquired two properties in Downtown West Palm Beach for $5.6 million. The properties, located at 303 Gardenia Street and 501 S Olive Avenue, are part of EBC Capital’s plan to support the area’s revitalization, with leases already secured for tenants like men’s sportswear brand Redvanly…

Vanderbilt scores approval for $520M West Palm Beach campus

“Welcome to Palm Beach County,” county Mayor Maria Sachs said, as the room erupted in applause. Sachs had just presided over the unanimous approval of Vanderbilt University’s proposed $520 million graduate school campus in West Palm Beach during the Palm Beach County commission meeting on Tuesday. All seven county commissioners agreed to gift the…

Lowenstein family’s Lionstone buys Pearl condo dev site in Palm Beach Shores

The Lowenstein family’s Lionstone Development bought the site for a planned condo project in Palm Beach Shores. Records show a Lionstone affiliate bought the site at 123 Ocean Avenue from Kannega Glades LLC, a Florida entity managed by developer Deepak Khosa. Lionstone paid $13 million for the property and financed the purchase with a $7.5 million mortgage…

Mark Bellissimo, partners buy back Wellington International showgrounds

Developer Mark Bellissimo and his partners cut a deal to buy back Wellington International, the horse showgrounds at the heart of the village’s equestrian economy, three years after selling the site. The showgrounds play a pivotal role in Bellissimo’s planned 600-acre mixed-use development, the Wellington, a controversial project that will bring hundreds of homes to the equestrian…

Industrial Market Outlook: E-Commerce Resumes Growth

E-commerce, which slowed in 2023 after its pandemic-driven peak, is showing signs of recovery in 2024. According to the latest CommercialEdge national industrial market report, online sales reached $291.6 billion in the second quarter, marking a 1.3% increase from the previous quarter and a 6.7% rise year-over-year. With that, e-commerce now accounts for 18.8% of core…

Will This Market Have the Highest Rent Growth in 2025?

Last week, I commented on the New Residential Construction Report in 5 Graphs for September 2024. For this week’s article, I’ve kept the focus on the multifamily sector and given the recent release of our Q3 2024 Preliminary Trend Announcement, let’s take a look at our latest forecast and explore which regions and metros are poised to experience the highest rent growth…

Emerging Trends Report Predicts Rebound in Transaction Volume in 2025 as Capital Markets Are ‘Poised for Recovery’

At the September meeting of the Federal Open Market Committee (FOMC), the Federal Reserve lowered the federal funds rate by 50 basis points, which is the first easing of monetary policy in four years. This move lowered the short-term interest rate to a target range of 4.75 to 5 percent. Elevated borrowing costs have stifled commercial real estate transaction volumes the past couple…

No One Likes a Re-Trader in the M&A World

In the world of M&A, one of the quickest ways to damage your reputation and derail a deal is through what’s known as a “re-trade”—attempting to renegotiate the key business terms that were already agreed to in the letter of intent (LOI). While some people might think the LOI is just a non-binding starting point, treating it casually can be a huge mistake, both for…

Video: Joe Sarachek Discusses Distressed Real Estate Investing Playbook

Exploring Distress Investing in the Current Real Estate Market In a recent episode of America’s Commercial Real Estate Show, the show host and guest Joe Sarachek, a managing partner of the Sarachek Law Firm, author of Distress Investing Playbook, and Adjunct Professor at NYU, explored the world of distressed commercial real estate investing. The conversation centered on the…

Report: Absorption Is Positive Across All Property Types According to Third-Quarter Report

Perhaps the most salient information within Lee & Associates’ 2024 Q3 North America Market Report pertains to the office market. The third quarter of 2024 ended nine continuous quarters of negative net absorption in the office sector. However, additional occupancy losses may be on the horizon for the office market, even as supply pressures ease for this property type.

Supersizing retail sales : The growth of large-scale retail

Our previous FRED Blog post covered declining sales at electronics and appliances stores that may be due to consumers’ increased online shopping and diverted foot traffic. Today, we examine those expenditure patterns more closely by comparing recent US Census data on retail sales at general merchandise stores. The FRED graph above shows the value of inflation-adjusted retail…

Retail sales of electronics and appliances : Is online shopping replacing foot traffic?

The US Census reports the monthly value of retail sales grouped into 12 kinds of business activity. The terms for those activities, or industries, come from the outlets where the goods are sold. Think, gasoline stations, sporting goods stores, and home furnishings stores. But when consumers change where they go to purchase these products, the value of retail sales by industry…

If Florida Legalizes Weed On Election Day, CRE Could Feel The Effects ‘Right Away’

Commercial real estate might be the last thing on the minds of Florida voters on Election Day, but when they cast their ballots and vote on the state’s Amendment 3 referendum, which would legalize recreational marijuana, the outcome will have direct impacts on the industry. Amendment 3 needs 60% approval to pass, at which point state lawmakers, many of whom oppose legalization…

Target Opens 50,000 SF Store at Sawyer’s Walk in Miami’s Overtown Neighborhood

Target has opened a new 50,000-square-foot store at Sawyer’s Walk, a 1.5 million-square-foot mixed-use development underway in Miami’s Overtown neighborhood. SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, is the master developer. Construction on the 3.4-acre development began in summer 2021. The project includes a 578-unit…

Sawyer’s Walk Brings New Retail Era to Miami’s Overtown, Featuring Downtown’s First Target Store and More

Sawyer’s Walk (Block 55), the largest mixed-use development in the historic community of Overtown, announces the delivery of the retail component. A brand new Target just opened, and other major retailers are set to open over the coming weeks and months, including a Burlington, Five Below, Aldi supermarket, and Ross Dress for Less, which will serve the immediate…

13-Story ‘Traditional Condo’ Could Replace Closed Truist Bank at 2501 Galiano Street in Coral Gables

The Coral Gables Development Review Committee will review plans for a high-rise mixed-use project. Proposed by 2501 Galiano Street Holdings LLC, the 13-story building would comprise 98,335 square feet of new construction and feature 93 units. Floridian Development notes that 85 would be condos, and the remaining eight would be lodging units. The South Florida…

Race to the top: Developer proposes 1,000-foot-plus mixed-use Brickell supertall

Walter Defortuna, brother of Miami developer and broker Edgardo Defortuna, is proposing a 1,010-foot tall mixed-use tower in Brickell. The plan is the latest in a growing rush of supertall projects in Miami. The 81-story building would consist of 560 residences, 84 hotel keys and a 1,200-space parking podium on the 1.2-acre site at 1414 Brickell Avenue and adjacent lot at 1421 South…

Melo submits $35M stalking horse bid for 16-acre former trailer park in El Portal

Melo Group could expand its development pipeline into El Portal after placing a $35 million stalking horse bid for 16 acres along Biscayne Boulevard. An affiliate of Melo, a Miami-based family run development firm led by brothers Carlos and Martin Melo, made an offer for the former Little Farm Trailer Park at 8500 Biscayne Boulevard that has been managed by a receiver since 2020…

Review targets many changes in Flagler housing project

A developer has plans for a major Miami intersection, bringing new residential housing and a block-long stretch of retail businesses to the area. East Flagler Service Station LLC is the owner-developer of the 27 Flagler project, designed as a 12-story mixed-use building, home to 133 multi-family residential units, about 12,000 square feet of ground floor commercial-retail uses…

OK of 51-story Brickell office tower to fund transit

A 51-story Brickell Avenue office tower with ground-floor retail faces a hearing this week before the county’s comprehensive master plan and zoning board for a general site approval that would add 14% to Class A Brickell office space. If approved, the developer would contribute $1.1 million to improve the Tenth Street Metromover Station and pedestrian uses along….

County OK’s $75 million grant to get convention center hotel going

Miami-Dade has had its foot on a stubborn ground-breaking shovel for a hotel next to the Miami Beach Convention Center for almost a decade. It may just have started to dig in a little last week when commissioners agreed to toss another $75 million into the $500 million-plus project. That could get the 28-month hotel-building task started in early 2025 and opened by 2027.

41-Story ‘Flow House’ Planned for 2025 Unveiling at 697 N Miami Ave in Miami’s CBD

Flow House is an exciting high-rise headed for Miami Worldcenter, a project which its developers call “a nineteen-year secret in the making.” The 41-story tower is currently under construction, having topped off within the past few months. Planned for a 2026 reveal, Flow House will offer 466 fully furnished units, ranging from studios to two-bedroom units.

Tate proposes 348-unit apartment project on its North Miami HQ site, as redevelopment in city’s western side ramps up

Tate Capital proposes a 348-unit apartment project in North Miami, as redevelopment plans for the long-overlooked western side of the city ramp up. The firm, led by brothers Jimmy and Kenny Tate, wants to build a 17-story building with 39,300 square feet of ground-floor commercial space and a 636-space garage on the site of the company’s headquarters, according to records…

OKO Group, Cain International Deliver 57-Story Office Tower in Miami

OKO Group and Cain International have completed the development of 830 Brickell, a 57-story office tower located in Miami. Totaling 640,000 square feet, the fully leased building has now received its temporary certificate of occupancy (TCO) from the City of Miami. Tenants — which include Microsoft, Citadel, Kirkland & Ellis LLP, Marsh Insurance, Sidley Austin LLP…

Alan Faena heads to the Miami River: Fortune, KAR to launch Faena-branded condos

Developers Edgardo Defortuna and Shahab Karmely plan a Faena District along the Miami River, The Real Deal has learned. Defortuna’s Fortune International Group and Karmely’s KAR Properties are working with Alan Faena on Faena Residences, a planned 440-unit luxury condo development, Defortuna said. The two-tower project will be built on the site at 90 Southwest Third…

JEM Sky Villas with Interiors by FENDI Casa Unveiled at JEM Private Residences in Downtown Miami

Naftali Group has unveiled two luxury penthouses, JEM Sky Villas, with interiors designed by the renowned Italian brand FENDI Casa. Positioned at the top of the 67-story JEM Private Residences, these units showcase FENDI Casa’s signature design collections. Rising over 700 feet at 1016 Northeast 2nd Avenue in Miami Worldcenter, JEM Private Residences is designed…

FPL drops $60M for 350 acres in south Miami-Dade. Could a solar farm be in store?

Florida Power & Light bought nearly 350 acres of land in south Miami-Dade County near a solar panel facility owned by the energy company. Juno Beach-based FPL bought the site between Krome Avenue and Southwest 187th Avenue, south of the Black Creek Canal NO C-1W, in an unincorporated area of the county, according to records and real estate database Vizzda.

Institute of Contemporary Art, Miami expanding show space, pays $25M for building on same block

The Institute of Contemporary Art, Miami is nearly doubling its show space, paying $25 million for the former home of the de la Cruz Collection. Backed by high-profile Miami developers, the museum acquired a 30,765-square-foot building at 23 and 31 Northeast 41st Street, records and real estate database Vizzda show. The 36,388-square-foot institute, also known as ICA…

Industrial Supply in Miami-Dade Outpaces Absorption for First Time in 4 Years

South Florida is seeing some mixed results for the industrial sector, with Miami-Dade County seeing a big change in supply versus demand. This is based on three separate insight market reports from JLL, which not only evaluated the third quarter performance in Miami-Dade but in Palm Beach and Broward counties too. While Miami-Dade finished the third quarter…

Miami’s Industrial Sector Sees Record High Deliveries

Miami’s industrial sector is currently dealing with a surplus of supply, according to an analysis by Avison Young of the area’s third-quarter performance for the asset class. It found that the city has received more than six million square feet of new inventory, setting a new record, according to the CRE firm. But construction development in the pipeline has eased…

Sale of New 505,518 SF Industrial Property Miami Midway Park in Hialeah Arranged

CBRE has arranged the sale of Miami Midway Park, a four-building industrial park in Hialeah spanning 505,518 square feet. A real estate fund managed by Ares Management purchased the property from a joint venture partnership between Greystar and Butters Construction & Development for an undisclosed price. Jose Lobón, Frank Fallon, Trey Barry, Royce Rose, Devin…

Yes, chef: Terra, Lion Development launch sales of Jean-Georges condo tower Near Midtown Miami

French chef Jean-Georges Vongerichten is looking to cash in on Miami’s branded condo boom. The Michelin-starred chef is working with David Martin’s Terra and Michael Simkins’ Lion Development Group on Vongerichten’s first residential project, according to a press release. The developers launched sales of Jean-Georges Miami Tropic Residences at 3501 Northeast First…

Developers Hold Topping-Off Ceremony for NoMad Residences Wynwood

The NoMad Residences Wynwood, a new nine-story condominium tower located in the Wynwood Arts District, has officially topped off. Developed by Miami-based Related Group and Manhattan-based developer Tricap, the project is the first residential concept by the NoMad Hotels brand, under parent company Sydell Group. Over 80% of the building’s residences are…

New Jersey Developer Squeezes 378 Apartments Into Downtown Miami Proposal

A 50-story apartment tower with workforce housing is being proposed in Downtown Miami, four blocks west of the Adrienne Arsht Center. The 378-unit project at 1315 NE Miami Court was submitted in a preapplication to the county by Optimum Properties, a Jersey City-based developer and property manager. Optimum is looking to use rapid transit zoning rules…

Thousands of new apartments are here in South Florida (and more are coming)

One out of every 26 new apartments built nationwide since just before the pandemic have been built in South Florida. Over 14,000 new units open just this year. It is a brisk pace for a rental market that was squeezed by few apartments and a spike in demand during the COVID-19 pandemic migration to Florida. Over the past five years, over 74,000 new apartments have been…

Lease roundup: Korean restaurant Bonchon on tap at Moxy South Beach; More…

Korean fried chicken restaurant Bonchon will open at the Moxy Miami South Beach hotel. Bonchon leased 2,900 square feet at 915 Washington Avenue, according to a news release from landlord broker Comras Company. The restaurant is expected to open by year-end. Ryan Brodsky of Colliers represented the tenant, and Vicki Freeman of Comras represented…

How Sunshine, Palm Trees And Tropical Modernism Define Miami Design

Tourists flock to Miami Beach to stroll the streets lined with the city-defining art deco design. But the wave of permanent transplants to the city is staying for the tropical modernism that has for decades underpinned the city’s design ethos. Defined in part by its fondness for wide-open interiors, embrace of indoor-outdoor spaces and commitment to using locally sourced…

Brazilian Firms Target South Florida

Brazilian firms are targeting the South Florida regions to operate their businesses, as they look for opportunities that they wouldn’t get in their own country. According to a report from the state’s commerce organization, SelectFlorida, Brazil ranks as Florida’s second-biggest Latin America investor. Also, more than 100 Brazilian firms operate 115 locations in The Sunshine State.

Miami’s Office Leasing Is At A 4-Year Low As Pandemic-Era Deals Dry Up

Miami is on track to have its worst year of leasing activity since at least 2020 with a dearth of large deals and the average size of a new lease down to 3,682 SF. The 780K SF of third-quarter leasing activity puts Miami at 2.5M SF year-to-date, according to Avison Young. That’s on par with 2020, the worst-performing of the last five years. Large deals that helped propel Miami’s…

Plans Filed for 5-Story Condominium Development at 90 Isle of Venice Drive in Fort Lauderdale

Plans have been filed with Fort Lauderdale’s Development Review Committee (DRC) for the Adria Condominiums, a five-story, roughly 55-foot-tall residential project at 90 Isle of Venice Drive along the Rio Cervante Waterway. Designed by Adache Group Architects, with civil engineering by Craven Thompson and landscaping by EcoPlan, the development is proposed…

Eight-Story Affordable Housing Venture Could Replace Walgreens at 6105 W Sunrise Blvd in Sunrise

Affiliated Development hopes to get approval for an affordable housing venture that would replace a now-shuttered Walgreens in Sunrise, FL. The development would measure eight stories above grade and comprise 415 apartments. One-third of the units (about 138) would be designated as workforce housing, reserved for those earning up to 120 percent of the area median…

Developer Revises Plans for Mixed-Use ‘University Village’, Located at 555 Northwest Spanish River Road in Boca Raton

Boca Raton-based Penn-Florida Cos. has plans for a massive mixed-use venture in Palm Beach County. For starters, University Village will comprise 710 homes. According to the South Florida Business Journal, residences will be an array of apartments, single-family homes, and townhomes, along with options for senior living. They would average 1,007 square feet.

$75M Construction Loan Secured for 201-Room Hotel in West Palm Beach’s NORA District

BD Hotels has secured a $75 million construction loan to develop a 201-room hotel, the Nora Hotel, in the emerging NORA District of West Palm Beach. Metropolitan Commercial Bank provided the loan, which JLL’s Steven Klein and Mark Fisher arranged for financing. BD Hotels is working with NORA District master developers NDT Development, Place Projects…

Richard Born lands $75M construction loan for Nora hotel

BD Hotels, led by New York boutique hotelier Richard Born, and its partners landed a $75 million construction loan for a hotel at downtown West Palm Beach’s Nora District. BD, in partnership with Nora District master developers Place Projects, NDT Development and Wheelock Street Capital, landed the financing for the six-story, 201-key The Nora Hotel, according…

BH, Related add West Palm Beach dev site to growing portfolio

BH Group and Related Group snatched up another development site, paying $34 million for a waterfront lot in West Palm Beach nearby another project the duo are working on. The frequent partners acquired a 0.8-acre property at 2001 North Flagler Drive, which is less than half-a-mile from where Aventura-based BH and Coconut Grove-based Related are co-developing…

West Palm Beach board approves BH, Related’s Ritz-Carlton Residences project

BH Group and Related Group, two of the most prolific development partners in South Florida, can move forward with the first branded luxury condo project along West Palm Beach’s waterfront. On Wednesday, the West Palm Beach Planning Board voted 5-0 to approve the joint venture’s Ritz-Carlton Residences, West Palm Beach, a planned 26-story high-rise with 138 condo…

Integra picks up 317-unit West Palm apartment complex for $56M

Integra Investments picked up a 317-unit apartment complex in West Palm Beach for $55.5 million, in an otherwise sluggish multifamily investment market. The Miami-based firm bought Monaco Isles at 800 The Pointe Drive from New York-based Axonic Properties, according to Vizzda records. Integra took out a $41 million Freddie Mac loan originated…

Palm Beach County to vote on Vanderbilt campus

Palm Beach County is slated to vote on Vanderbilt University’s proposal for a $520 million graduate school campus. The Board of County Commissioners will consider the creation of a development and conveyance agreement (DCA) for the proposed West Palm Beach campus at its Oct. 22 meeting. Vanderbilt, nicknamed “the Harvard of the South,” presented its vision for a graduate…

Silverstone sells Palm Beach County senior living facility for $24M in deed in lieu of foreclosure deal

Silverstone sold a senior living facility in Palm Beach County for $23.5 million, as part of a three-way deed in lieu of foreclosure deal. The Dallas-based firm sold the two-story, 136-unit building at 8785 Lake Worth Road in an unincorporated area of the county to Walton Street Capital, according to records and real estate database Vizzda. The facility was rebranded Alamar…

Video: First American Economics Senior Commercial Real Estate Economist Xander Snyder Discusses Retail Property Outlook, Expectations for 2025

In a recent episode of America’s Commercial Real Estate Show, the discussion delved into the evolving state of the retail real estate market. The featured guest, Xander Snyder, Senior Commercial Real Estate Economist at First American Economics, provided valuable insights into the trends shaping the retail sector, which remains a crucial part of the U.S. economy.

Workforce Stress, Insurance and Resilience Innovations are Key Themes from Climate Week 2024 

Last month in New York City, organizations of all types hosted events as part of Climate Week. In addition to Moody’s event, Climate and Capital: Bridging the Gaps on the Path to Net Zero, I attended events focused on addressing insurance gaps, catalyzing resilience investment, advancements in physical risk data and innovations to address heat stress.  Among the many…

Regional Economy Cooling Slightly, Beige Book Shows

The new Beige Book from the Federal Reserve Bank of Atlanta showed economic activity in the Southeast has continued the slight slowdown that began in July into the current reporting period of September and the first half of October. Contacts reported declines in tourism in the wake of Hurricane Helene, in manufacturing output and commercial real estate, and also…

Protected: Financial Losses of the Florida “Self-Insured” May Be Near a Tenth of State’s GDP

Insurance is an issue in Florida. As a commercial real estate broker, I run into it all the time. It is either decreasing net operating income for an investor or increasing association fees on an industrial condo for an owner user or something. Its effect is everywhere. I’ve found owners can look at insurance as an expense, a requirement with no perceived benefit. I don’t view it this…

Florida Industrial Still Hasn’t Run Out of Gas

Four years after the global pandemic, Florida’s industrial real estate market continues to boom, fueled by a combination of demographic shifts, strong economic fundamentals, limited supply and increasing investment activity. The following analysis explores the key factors behind why the Sunshine State’s capital markets show no signs of slowing down…

Measuring labor market tightness with FRED

Economists measure labor market tightness as the number of job vacancies per unemployed worker, which is a key factor in monetary policymakers’ decisions. In the FRED graph above, the blue line shows the seasonally adjusted number of job openings as a fraction of the number of workers in the labor force since January 2020, just before the pandemic. The red line shows…

New Residential Construction Nationally in 5 Graphs

Table 1: Monthly New Residential Construction, September 2024 Last Friday, the Census Bureau released it New Residential Construction report for September 2024. For today’s article, I pulled together five charts (and one table) to help explain what’s going on in the housing market. In Table 1, you can see that permits, starts, and completions all softened during…

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…