Prologis pads its South Florida industrial portfolio, pays Codina $57M for Doral warehouse

Prologis is ending the year with South Florida’s eighth largest industrial deal of the past 12 months, paying $57 million for a Doral warehouse. An affiliate of Coral Gables-based Codina Partners, led by Armando Codina and Ana-Marie Codina Barlick, sold the 157,214-square-foot facility to San Francisco-based Prologis, led by Hamid Moghadam, records show.

Prologis Adds Doral Warehouse To South Florida Industrial Portfolio

Prologis is closing out the year with one of South Florida’s largest industrial transactions, acquiring a Doral warehouse at 13155 Northwest 19th Lane for $57 million, making it the eighth largest industrial deal in the region over the past 12 months. The 157,214-square-foot property was sold by an affiliate of Coral Gables-based Codina Partners, led by Armando Codina…

Here are South Florida’s biggest industrial leases of 2024

South Florida’s industrial market started showing signs of softening this year. The three biggest leases signed this year were for 200,000 square feet or more, while last year five leases broke this size threshold. In 2022, two leases were for more than 500,000 square feet. In the years immediately after the pandemic’s onset, South Florida’s industrial market boomed…

Here are South Florida’s top office sales of 2024

This year’s office investment sales in South Florida were squarely in line with market trends. The biggest deal was in Miami’s booming Brickell Financial District, while properties in the suburbs traded at a discount amid an elevated interest rate environment. In the leasing frenzy of the past four years, Brickell was a top choice among out-of-state companies expanding or moving…

Here are South Florida’s biggest office leases of 2024

South Florida office leasing fell off its peak this year. The slowdown marks a turnaround from the leasing blitz of the past three years, as South Florida became a magnet for new-to-market companies. Firms opened offices in the tri-county region or moved their headquarters, attracted by the business friendly climate and rents that offered a bargain compared with New York…

Here are South Florida’s biggest retail leases of 2024

Low vacancy rates and strong asking rents fueled another healthy year for South Florida’s retail market. Still, the biggest leases of the year were a fraction of the size of last year’s top leases. Gyms, theaters, discount retailers and grocery stores were some of the tri-county region’s top tenants in 2024. Related Ross’ CityPlace in West Palm Beach scored two of South Florida’s biggest…

The 11 Biggest South Florida Commercial Real Estate Sales Of 2024

As 2024 wraps up its final chapter, we can look back on another big year for South Florida’s commercial real estate market. While most end-of-year lists keep things tidy with 10 things, we’re turning ours up to 11 because it wouldn’t be a proper Miami list if it weren’t a little over the top. These deals span hotel, office, industrial and multifamily trades, and they total $2.7B…

Developer Secures Construction Loan for ‘9900 West’ at 9900 West Bay Harbor Drive in Bay Harbor Islands

In June 2024, Florida YIMBY shared that 9900 West, a residential housing development in Miami-Dade County, had officially broken ground. Now, we have an update regarding this emerging venture. Developer The Horizon Group has secured a $27 million construction loan to help make the project possible. Upon completion, the seven-story venture will yield 23 homes.

Landau, Taubco land $74M construction loan for Bay Harbor office project, as South Florida financing keeps flowing

Landau Properties and Taubco scored a $74 million construction loan for an office project in Bay Harbor Islands. The deal comes as financing continues to flow for South Florida developments, including offices, despite general concerns about the asset class’s long-term viability. New York-based Landau and North Miami-based Taubco will start construction this month…

BH targets North Bay Village, under contract to purchase multifamily project for $80M-plus

BH Group is adding a North Bay Village multifamily project to its South Florida portfolio, The Real Deal has learned. The Aventura-based firm, led by Liat and Isaac Toledano, is under contract to purchase Wake Biscayne Bay, a 329-unit apartment project at 7501 and 7525 East Treasure Drive, for more than $80 million, a source familiar with the deal told TRD.

Wellness-Focused Residences Planned for 2855 Tigertail Avenue in Coconut Grove

Terra and THE WELL have announced plans for THE WELL Coconut Grove, their second wellness-focused residential project in Miami. The $650 million development, located at 2855 Tigertail Avenue, will follow the success of THE WELL Bay Harbor and continue the integration of wellness-centered design into high-end residential living. Located in Coconut Grove…

Amtrak derails decades of deals to serve Miami International Airport

Amtrak, now eight years late pulling its first train into a station built to its specifications at Miami International Airport, has finally set a firm arrival date: never. In a short letter, the National Railroad Passenger Corp. stunned transportation officials who had been negotiating final details of Amtrak’s station lease by saying that running its Miami trains as far as the airport would…

Gray look wins OK for Cymbal DLT Midtown development

A developer who plans to bring new workforce housing to Miami with a new tower between Midtown Miami and Wynwood is now advancing after a redesign of the project. Owner-developer North Miami Avenue LLC proposes a 35-story building at 3466 N Miami Ave. with 598 residences, 18,108 square feet of retail and 4,547 square feet of offices, plus a large parking…

Whitman family lands mammoth $740M refi, construction loan for Bal Harbour Shops expansion

Bal Harbour Shops’ owner landed a $740 million loan for the high-end retail center, marking continued lending in South Florida. New York-based investment behemoth Blackstone provided the loan, which refinances a $550 million debt secured in 2019 and also provides construction financing for the shopping center’s expansion, according to records and the landlord’s news…

Bridge to Aventura Mall put off another year

A footbridge across Biscayne Boulevard from Brightline’s rail station in Aventura to land owned by retail giant Aventura Mall that was to have opened by Thanksgiving 2024 “in time for the holiday rush at the mall” instead is due by Thanksgiving 2025. Details aren’t final, Jose Gonzalez, senior vice president of Brightline owner Florida East Coast Industries, told…

Tight Coconut Grove office market keeps rents rising

Office space in Coconut Grove remains in high demand as low vacancy rates reflect the limited amount of space available. Bert Checa, a principal at Lee and Associates South Florida, says the vacancy rate in Coconut Grove is 2.75% and the average rental rate for Class A and Class B office spaces combined is $70 per square foot. Impacting the conversation are new developments…

Villa Miami Secures $285 Million in Financing Following Groundbreaking in Edgewater

Terra and One Thousand Group have secured a $285 million construction loan for Villa Miami, a 650-foot-tall waterfront condominium set to rise in Miami’s East Edgewater neighborhood. Designed by ODP Architects, the tower will feature a distinctive copper-colored exoskeleton and mark the first residential project branded by Major Food Group (MFG). Construction…

Developer Files Pre-Application for Five-Story, Mixed-Use Project in West Miami

Part of a 1980s-era strip mall in Miami-Dade County could be replaced with housing and retail. Longpoint Realty Partners has filed a pre-application for a five-story mixed-use venture that would offer 176 apartments occupying the mid-rise’s top four floors. The one-bedroom and two-bedroom homes would measure 700 to 950 square feet each; communal amenities…

Developers Secure $74M Loan to Begin Construction on One Kane Concourse in Bay Harbor Islands

Miami-based real estate development firm Taubco and national developer Landau Properties are moving forward with One Kane Concourse, a boutique Class A office building in Bay Harbor Islands. Designed by architect Luis Revuelta, the seven-story development will feature 75,000 square feet of luxury office space, a ground-floor waterfront restaurant…

$2.3M Sale of Office Building in Miami’s Pinecrest Village Brokered

NAI Miami | Fort Lauderdale has brokered the $2.3 million sale of a two-story, 9,192-square-foot office building located at 9703 South Dixie Highway in the Miami village of Pincecrest. Jeremy Larkin, Joseph Gallaher and Valentina Tawil of NAI Miami | Fort Lauderdale represented the seller, an entity doing business as 9703 Dixie LLC, in the transaction.

JV Secures $74M Loan for Bay Harbor Islands Building

A joint venture of Taubco and Landau Properties has received a $74 million construction loan to develop One Kane Concourse, a 125,000-square-foot office building on Miami’s Bay Harbor Islands. Rendering of the One Kane Concourse office building on Miami’s Bay Harbor Islands. Image courtesy of One Kane Concourse The seven-story waterfront project at 9551 E. Bay Harbor…

Developers Break Ground on 8-Story Mixed-Use Development at 8111 S. Dixie Highway in West Palm Beach

Woodfield Development and Flagler Realty & Development Inc. have officially broken ground on a mixed-use development at 8111 South Dixie Highway in West Palm Beach, Florida. Designed by Spina O’Rourke + Partners and with Verdex Construction as the general contractor, the project is located along the C-51 Canal in the city’s South End neighborhood and will…

YAKOL Capital Plans 320-Unit Biophilic ‘House’ at 237 NE 54th Street in Miami

YAKOL Capital is working with a Japanese architect on an “attainable” condo development in Miami-Dade County. One project is House, a 320-unit project that would offer residences at about $1,100 per square foot. Here, the smallest homes would start in the low $300,000s. Sources indicate that construction will start construction in 2026, offering a pathway…

Two-tower Little River development targets 355 residences

Miami-based B Developments is proposing a major mixed-use project bringing multi-family residential units and more than 35,000 square feet of ground-level retail space to a high-profile intersection in the Little River neighborhood of Miami. Applicant LGE 79 LLC plans to build the 12-story dual tower development, 7880 Biscayne Boulevard, on property…

As Miami-Dade Courthouse set to open, historic site gets buying offer

Relentless time has pushed completion of the new Miami-Dade County Courthouse a tad passed its scheduled opening, now set for Jan. 21, according to Kathy Labrada, chief efficiency & compliance officer for the county’s Internal Services Division. Miami Today was given that deadline in early December. In mid-October, Miami Today was given a completion date almost…

Loan advances transit-oriented Upland Park residences near Dolphin Park-and-Ride Transit Terminal

A $170 million construction loan is moving a $1 billion mixed-use community off the back burner with a 47-acre West Miami-Dade project – including residential, retail and commercial uses – transforming the Dolphin Park-and-Ride/ Transit Terminal into a major multimodal transit hub. Developer Terra is receiving the loan from SCALE Lending, part of the Slate…

Apartments about to rise as Southplace stores are built out

Southland mall in Cutler Bay is on track to be replaced by Southplace City Center as the project is soon to deliver residential units, dining options and updated shopping options. Apartment construction is expected to start early in 2025 and stores are already building out space. Electra America, a real estate private equity firm, and BH Group, a Miami-based private real estate…

Project OK’d for Overtown to include micro-dwellings

A real estate developer plans to bring more housing to Miami’s Overtown/Park West community, including micro-dwellings. Block 19 Owner LLC plans to construct ONE W12 residences at 1129 NW First Court, a 22-story mixed-use tower, home to 372 residences, about 4,892 square feet of commercial space, and a parking podium for more than 800 vehicles.

Edgewater residential project to wrap in existing church

A sleek new residential tower framed by an exoskeleton is planned for the Edgewater neighborhood of Miami, about two blocks from Biscayne Bay. Ofizzina Edgewater LLC, the applicant and co-owner of the property at 422 NE 29th St., plans to build Black Salmon-Edgewater, a 36-story mixed-use building containing 229 residential units, 4,416 square feet of retail…

Terra, One Thousand Group land $285M construction loan for Major Food Group-branded condo tower in Edgewater

Terra and One Thousand Group scored a $285 million construction loan for a Major Food Group-branded condo tower in Edgewater, amid a flurry of South Florida financings. Terra and One Thousand Group started development this month on the 56-story, bayfront Villa Miami with 70 condos at 710 Northeast 29th Street in Miami, according to the developers’ news release.

Barry Sternlicht’s Starwood provides $64M refi for Lissette Calderon’s Allapattah project

Lissette Calderon’s nearly completed multifamily project in Miami’s Allapattah scored a $63.5 million refinancing from billionaire Barry Sternlicht’s Starwood Property Trust. Miami Beach-based Starwood provided the bridge loan to Calderon’s Miami-based Neology Development Group. The new mortgage pays off a previous $57.5 million construction loan from Churchill…

UHealth Doral Opens 160,000-Square-Foot Medical Center in Downtown Doral

UHealth and construction firm Robins & Morton marked the opening of UHealth Doral with a ribbon-cutting ceremony on November 21. The six-story, 160,000-square-foot medical center at 8375 NW 53rd Terrace is part of the larger Downtown Doral mixed-use community in Miami-Dade County. The facility includes 33 exam rooms, eight operating rooms, three endoscopy suites…

Robins & Morton Delivers 160,000 SF UHealth Doral Medical Center

Birmingham-based general contractor Robins & Morton has delivered a new 160,000-square-foot medical center in Doral, a western suburb of Miami, on behalf of University of Miami health system UHealth. The six-story UHealth Doral property opened in late November. Designed by Arcadis, the healthcare property features 33 exam rooms, eight operating rooms…

Kushner Cos. Acquires The Hamilton Apartments in Miami for $190M

Kushner Cos. has acquired The Hamilton, a 276-unit apartment community located in the Edgewater neighborhood of Miami. Apartment Investment and Management Co. (Aimco) sold the multifamily property for $190 million.  Located at 555 N.E. 34th St. along Biscayne Bay, the community is situated with proximity to downtown Miami and the city’s Brickell financial district.

‘One West Twelve Residences’ Slated for 1129 NW 1st Court in Miami

PMG, Lion Development Group, and LNDMRK Development have plans for a high-rise residential endeavor in Miami-Dade County. One West Twelve Residences (also known as ONE W12) will offer 372 residences that allow for short-term rental options through platforms like VRBO and AirBnb. Layout plans include studio and one-bedroom homes. According to the venture’s…

‘Upland Park’ to Break Ground Next Year in Miami-Dade County

South Florida-based Terra is one step closer to breaking ground on Upland Park, thanks to the acquisition of a $170 million construction loan from SCALE Lending. Upon completion, the $1 billion “multimodal” venture will offer residential, retail, and commercial space. Here’s what’s in store. Multi-Housing News shares that the first phase will offer 578 apartments.

Helm Equities plans mixed-use Miami Design District project using Live Local Act

After a decade of owning a development site on the eastern end of the Miami Design District, Helm Equities submitted plans for a $500 million mixed-use project that would use the state’s Live Local Act. Helm Equities, an affiliate of New York-based JEMB Realty, plans a two-building project with 162 branded condos, 116 rental apartments, 80,000 square feet of office space…

Starchitect’s Firm Could Design Downtown Miami’s Metrocenter

The name of the architecture firms involved in bidding for Downtown Miami’s Metrocenter project have been revealed, according to the SFBJ. Metrocenter could also have 5,000 residential units, one of the bidders said. Three bidding teams have emerged for the development, each comprised of multiple major developers. According to the report, the architects now…

Tony Robbins Buys Penthouse At Under-Construction Waldorf Astoria Supertall

Life and business strategist Tony Robbins has purchased at the under-construction Waldorf Astoria Hotel & Residences Miami, according to developer PMG. In addition, Robbins’ multi-billion family office, Robbins Gupta Holdings, acquired office space at the property to expand the firm’s footprint in the city. Ajay Gupta, a co-founder of the firm, also purchased a penthouse…

Demolition Underway At One Bayfront Plaza Supertall Site

Demolition at the One Bayfront Plaza supertall site now appears to be underway, photos posted to social media by @AllThings305 and Anthony De Yurre show. Interior demolition of building began in May 2023. According to a memo posted by @AllThings305 in October, the demolition process will now occur in multiple phases. The first phase includes demolition of a garage…

TA Realty drops $160M for Opa-locka warehouse campus, marking South Florida’s third biggest industrial deal this year

TA Realty dropped $160 million for a warehouse complex in Opa-locka, marking the third biggest industrial deal in South Florida this year. Boston-based TA Realty bought the Ironwood Commerce Center 12700 Northwest 42nd Avenue from New York-based Link Logistics, according to records and real estate database Vizzda. It’s the latest sale by Blackstone subsidiary…

Presidente Supermarket on tap in Miami Gardens and Other South Florida Leasing News

Presidente Supermarkets will open an outpost in Miami Gardens in July of next year. The grocery store leased 26,800 square feet at 5580 Northwest 167th Street, according to the tenant’s news release. Alan and Josh Levy were part of the Levy Realty Advisors team that represented the landlord. Neyda Bravo and Luis Gonzalez of Bravo & Partners represented the tenant.

Lease roundup: Ferraro moving law office to Miami’s Edgewater, boutique investment bank Max Benjamin Partners opens in Brickell

The law firm leased 28,000 square feet at Oak Row Equities’ mixed-use tower at 2600 Biscayne Boulevard in Miami, where it will move in 2026, according to the tenant’s news release. The space is bigger than Ferraro Law Firm’s current 22,000-square-foot office at 600 Brickell Avenue in Miami, where the firm’s lease ends in 2028. Ferraro Law firm also…

‘Soleste Reserve I’ to Soon Break Ground at 5079 SW 48th Street in Davie

Earlier this March, Florida YIMBY reported on Soleste Reserve I and II, a multi-family housing development in Davie, FL. Now, we have an update regarding this emerging project. Sources indicate that developer The Estate Cos. intends to soon break ground on the first phase, which upon its anticipated completion in two years, will offer 347 apartments in eight stories.

Estate lands $78M construction loan for 347-unit rental project in Davie, amid record South Florida multifamily pipeline

Estate Companies landed a $78 million construction loan for a 347-unit apartment building in Davie, amid a record multifamily pipeline in South Florida. South Miami-based Estate plans the eight-story Soleste Reserve 1 with some workforce-price units at 5079 Southwest 48th Street, according to the developer’s news release. Banesco USA provided the financing, which consists…

FCP drops $68M for new 250-unit Miramar rental complex, amid year-end rush on South Florida investment sales

FCP bought a newly completed 250-unit apartment complex in Miramar for $67.5 million, amid a year-end rush on South Florida investment sales. Chevy Chase, Maryland-based FCP, which is short for Federal Capital Partners, bought Alexan Miramar at 3155 Southwest 147th Terrace from the developer, Trammell Crow Residential, according to records and real estate…

BAM plans 257-unit multifamily development near downtown Fort Lauderdale

BAM Property Development won approval for a 257-unit multifamily development in Fort Lauderdale’s Flagler Village area. The Fort Lauderdale City Commission unanimously approved the site plan Tuesday and conditioned its approval on the firm making a $2.6 million payment to the city in lieu of an affordable housing development. New York-based BAM, led by Mayer Berkovits…

Green Mills plans affordable senior housing and food bank in Fort Lauderdale

Green Mills Group plans Lofts on Sixth, an eight-story mixed-use development near downtown Fort Lauderdale, with 90 affordable housing units for low-income seniors and a new home for a local food bank catering to the elderly. “We’re hoping to close financing and put shovels in the ground in the second quarter of next year,” Mitch Rosenstein, a founder and principal…

Spira Equity pays $20M for low-income rental complex in Lauderdale Lakes, amid continued appetite for South Florida affordable housing

Spira Equity Partners bought a low- and moderate-income apartment complex in Lauderdale Lakes for $20 million. The deal marks continued investment appetite for South Florida affordable housing, which buyers view as more resilient to elevated interest rates and the record supply of market-rate units amid slower demand. Vancouver, Canada-based Spira Equity…

Stiles Buys Wilton Manors Retail Center

Stiles and FCA Partners have acquired Shoppes of Wilton Manors, a 77,746-square-foot neighborhood retail center in Wilton Manors, Fla., part of Greater Fort Lauderdale, for $27.6 million. The seller was Grass River Property, a South Florida investor, which acquired the property in 2018 for $21 million. Shoppes of Wilton Manors was re-acquired by Stiles.

Stiles drops $28M for Wilton Manors shopping center, plans renovations

Stiles bought a shopping center in Wilton Manors for $27.6 million, but it won’t pursue the seller’s previous plan to redevelop a portion of the site with an apartment building. Fort Lauderdale-based Stiles bought the Shoppes of Wilton Manors at 2200-2292 Wilton Drive from an entity linked to Coconut Grove-based Grass River Property, according to records and real estate database…

Four Corners drops $49M for Plantation rental complex, amid flurry of South Florida multifamily deals

Four Corners Development Group bought a 210-unit apartment complex in Plantation for $48.6 million, amid a flurry of year-end multifamily deals. The New York-based firm purchased Nottingham Pine at 1 South Pine Island Road from investors Krishna Persaud and Arvind Reddy, according to records and real estate database Vizzda. The deal breaks down to $231,333…

Bowery buys 352-unit rental complex in Lauderhill for $44M, as year-end multifamily deals continue

Bowery Properties bought a 352-unit apartment complex in Lauderhill for $44.1 million, marking a continuation of the year-end rush of South Florida multifamily investment sales. An entity tied to Bowery owner Thomas Neary purchased Windward Vista Apartments at 4491 Northwest 19th Street from an affiliate of Chevy Chase, Maryland-based FCP, according to records…

South Florida by the numbers: Broward on the rise

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Bookended by billionaire buyers in Palm Beach and Miami, development pros in Broward County are leaning into what works in that market: high-quality waterfront and downtown condos that are (relative to its northern and southern neighbors) reasonably…

‘Seacrest Sound Apartments’ Approved for 1390 North Seacrest Boulevard in Boynton Beach

On December 17th, Boynton Beach’s City Commission approved plans for an affordable housing development known as “Seacrest Sound Apartments”. The venture will offer 89 homes divided amongst two three-story buildings, comprising close to 75,000 square feet of new construction. Residences will span one-bedroom to three-bedroom units, available to those earning…

PulteGroup plans 41 workforce-priced homes in Boynton Beach, 75 luxury houses near Palm Beach Gardens

PulteGroup plans to build 41 workforce-priced homes in Boynton Beach and 75 luxury houses near Palm Beach Gardens. The Atlanta-based homebuilder will start construction early next year of the workforce-priced Heart of Boynton complex with 19 single-family homes and 22 townhomes between North Seacrest Boulevard and Northeast First Street, and between Northeast…

Developers Break Ground on Rosewood Residences Hillsboro Beach

Construction has officially commenced on Rosewood Residences Hillsboro Beach, a luxury waterfront condominium development at 1180 Hillsboro Mile in Hillsboro Beach by developers Related Group and Dezer Development. This marks the area’s first hospitality-branded condominium and features 92 residences offering oceanfront and coastal living. Completion is slated for 2026….

The Belgrove Resort & Spa Joins Marriott’s Autograph Collection in West Palm Beach

The Belgrove Resort & Spa has opened its doors along Lake Mangonia in West Palm Beach, marking its debut under Marriott International’s Autograph Collection. Developed by Access Real Estate and Witkoff, the six-story property introduces a modern retreat to the region, featuring 150 guest rooms and plans for 22 villas to be completed by late 2025.

Westlake Palms Shopping Plaza to Break Ground in Palm Beach County’s Growing Westlake Community

Westlake, Palm Beach County’s newest city, will see the addition of the Westlake Palms shopping plaza, with construction scheduled to begin on January 3, 2025. The 1.3-acre commercial development site, located at 4931 Seminole Pratt Whitney Road, was sold by Minto Communities, the master developer of Westlake, to Westlake Palms, LLC, led by Don Hearing….

Billionaire Jeff Greene sells former Palm Beach Post Office to the Breakers for $28M

Billionaire Jeff Greene sold the former Palm Beach Post Office to the Breakers for $28 million. Records show the developer sold the building at 95 North County Road, adjacent to the Breakers golf course, to the Breakers Palm Beach. The Breakers resort spans 140 acres at 1 South County Road, and includes a 534-key hotel, two 18-hole golf courses and a private beach.

Video: PwC Real Estate Deals Leader Tim Bodner Discusses 2025 Real Estate Deals Outlook

In a recent episode of America’s Commercial Real Estate Show, the show host engaged in an insightful discussion with Tim Bodner, Partner and Global Real Estate Deals Leader at PwC, about the outlook for commercial real estate in 2025. The episode covered pivotal topics such as transaction volume, interest rates, emerging sectors, and the overall economic environment.

The Fed on whether financial conditions are tight or loose; calculating and graphing z-scores

Credit spreads are the difference between the performance of corporate-issued debt and the spot Treasury curve. Analysts look at these spreads to gain insight into the return investors get for owning riskier securities, as opposed to risk-free Treasury bonds. However, different segments of the corporate credit sector have different means and variance, which makes it difficult…

Retailer Bankruptcy Update: Party City to Close All Stores, The Container Store Files for Chapter 11

In a one-two punch of holiday retail bankruptcy announcements, Party City has issued a formal statement declaring that it will close all its U.S. stores within the coming months, while The Container Store has also formally filed for Chapter 11 bankruptcy protection. CNN first reported on Friday, Dec. 20, that Party City, which filed for Chapter 11 bankruptcy protection…

Integrating Climate Resilience into Cashflow Projections: Insights from IIGCC Report

2024 is expected to be the first calendar year that has global average surface temperatures above the 1.5°C goal set by the Paris Agreement, making it the hottest in at least 125,000 years. This target is meaningful, because beyond this amount of warming, climate tipping points are expected to lead to significantly more damaging physical impacts from the warming climate.

Video: Ares Management CEO Michael Arougheti on Navigating Commercial Real Estate Opportunities in the New Year

In a recent Bloomberg TV interview with Sonali Basak, Michael Arougheti, CEO of Ares Management, shared insights into how rising interest rates could drive M&A activity in 2025. He explored the shifting competitive dynamics in private credit, Ares Management’s strategic approach to real estate investing, and the challenges and opportunities presented by their…

Developer CMC Group Completes $5 Million Renovation of 4000 Ponce in Coral Gables

CMC Group has completed a $5 million renovation at 4000 Ponce, a nine-story Class A mixed-use office and retail development in Coral Gables’ Southern Business District. Originally developed in 2002 by Ugo Colombo’s CMC Group, the property features 150,000 square feet of office space and 32,000 square feet of ground-floor retail. The building, which houses tenants…

Developer Centennial Management Corp Files Pre-Application for ‘Earlington Court Apartments’ at 4052 NW 22nd Avenue in Miami

Miami Lakes-based Centennial Management Corp. hopes to get approval for a mixed-use venture with affordable housing near the Earlington Court Metrorail Station. The eponymous Earlington Court Apartments would offer 80 residences, spanning 610 to 850 square feet each. There would be one-bedroom and two-bedroom layout plans. Communal amenities include rooftop…

Federal Government Announces Plan To Sell Brickell Plaza

The U.S. General Services Administration has announced it will begin the disposition process for its Brickell Plaza property at 909 SE 1st Avenue. Brickell Plaza sits on a 54,105 square foot lot that is in the center of an area seeing intense development. A nine-story building is currently on the site, built in 1971. The property is next to the site where the Dolce&Gabbana supertall…

‘Eye Catching’ ONE W12 Overtown Residential Development Submitted For UDRB Review

Plans for the ONE W12 residential development in Overtown are scheduled for a hearing before Miami’s Urban Development Review Board today. The condo tower is also known as One West Twelve Residences. It will allow short term rental flexibility. Construction permitting is already underway. According to the UDRB filing, the development will include: 372 residential…

FAA Approves 989-Foot Construction Crane In Brickell

The FAA has issued approval for a 989-foot construction crane at the Summit Brickell site. The application for height approval for the crane was submitted on November 21, and issued on December 13. Summit Brickell recently completed the zoning review process with Miami-Dade, and is currently moving through site plan approval with the country…

Aston Martin Residences, The Tallest Building Completed In Miami In 2024

The Aston Martin Residences tower in downtown Miami is the tallest completed in the city in 2024. The 66-story tower opened in April. It reaches 816 feet above ground, making it the second tallest building in both Miami and all of Florida. A total of 391 luxury condos were built. As of this morning, a total of 365 deeds have been recorded…

Terra Obtains $170M Construction Loan for First Phase of $1B Upland Park Mixed-Use Project in Sweetwater

Terra, a Miami-based developer, has obtained a $170 million construction loan to fund the development of Upland Park, a planned $1 billion mixed-use development in the west Miami suburb of Sweetwater. Terra is transforming Miami-Dade County’s Dolphin Park-and-Ride/Transit Terminal Facility into a multimodal hub that will feature a transit station, residences…

Groundbreaking Planned For Largest Public-Private Transit-Oriented Development In Miami-Dade History

Miami-Dade’s largest-ever public-private transit-oriented development will soon break ground after the developer secured a construction loan. Terra landed a $170M loan for the first phase of Upland Park. The loan was issued by SCALE lending, the debt financing arm of Slate Property Group. Upland Park will eventually be a $1B development, with over 2,000 mid-rise…

Terra Lands Construction Loan for $1B Miami Project

South Florida development firm Terra is moving ahead early next year with construction of Upland Park, a $1 billion mixed-use community across from the Dolphin Park-and-Ride/Transit Terminal in West Miami-Dade County. Upon full buildout, the project is anticipated to include more than 2,000 mid-rise and garden-style residential units.

Miami UDRB to Consider ‘Black Salmon Edgewater’ at 422 NE 29th Street

A Miami-based developer has plans for a mixed-use high-rise tower that would occupy a 1.02-acre site. Black Salmon Edgewater would require 552,326 square feet of new construction, rising 36 stories and offering 229 multi-family units. Our sources note that the one-bedroom to three-bedroom homes would span 706 to 2,298 square feet. The South Florida Business…

Construction At 100-Story Waldorf Astoria Surpasses Adjacent Building

Downtown Miami’s under-construction Waldorf Astoria tower is now taller than its neighbor. The Waldorf Astoria is planned to rise 100 stories, becoming Miami’s first supertall. Now, the structure of the tower has surpassed that of the 10-story Holiday Inn next door. A foundation pour for the Waldorf was completed in June, and the tower began rising vertically out of the…

Griffin: Citadel Will Break Ground On Brickell Supertall Tower In 2025

Billionaire Ken Griffin has confirmed that Citadel is planning to begin construction on its headquarters tower in the third quarter 2025, according to the SFBJ. The new building will be iconic not just for Miami, but for the entire world, Griffin added. Griffin also said that growing pains in Miami such as traffic and rising housing prices are preferable to the stagnation…

Ken Griffin: Citadel’s Miami Headquarters ‘Will Be An Iconic Building In The World’

Mayors and city officials from across Miami-Dade County greeted Ken Griffin with raucous applause Monday as the billionaire hedge fund founder gave his two cents on how the area should manage the growth he is helping to fuel. Griffin is developing a billion-dollar headquarters for Citadel and Citadel Securities in Miami’s Brickell district, which will also feature a luxury…

MIA To Break Ground On New Concourse After Record Breaking 2024

Miami International Airport will begin construction on new terminal space next year after a record-breaking 2024. The airport said yesterday it is on track to pass 55 million passengers by the end of this year – the highest passenger numbers in its history. It will be the third consecutive year MIA has broken its own passenger records. Until 2022, MIA had never reached…

Construction Permit Submitted For 28-Story Edgewater Tower

A 28-story tower planned in Edgewater has moved to the construction permitting phase. The building, known as Metro Edgewater 2, was first revealed in a hearing before the Urban Development Review Board earlier this year. On December 10, the plans were submitted to Miami’s Building Department in order to obtain a master construction permit. According to the construction…

Top and Bottom Markets for Proportional Share of High-Rises, Miami at #2

Apartment performance in high-rise properties was deeply affected by lockdowns and government restrictions during the COVID-19 pandemic, with rent change and occupancy experiencing the deepest declines among product types throughout 2020 and 2021. As work from home and hybrid workplace situations continue to evolve, high-rise apartment performance continued…

TA Realty Buys Opa-Locka Industrial Park Ironwood Commerce Center

Phase One of Ironwood Commerce Center occupies more than 28 acres. Image courtesy of CBRE TA Realty has purchased Ironwood Commerce Center, a four-building industrial park located at 12700 NW LeJeune Road and totaling 505,436 square feet in Opa-Locka, Fla., outside Miami. Link Logistics previously owned the asset, according to CommercialEdge data.

Sale of 505,436 SF Industrial Park in Opa-Locka Brokered

CBRE has brokered the sale of Ironwood Commerce Center, a four-building industrial park in metro Miami spanning 505,436 square feet. Boston-based TA Realty purchased the newly built park in Opa-locka, a city in the north-central region of Miami-Dade County, for an undisclosed price. José Lobon, Frank Fallon, Trey Barry, Royce Rose, Gabriel Braun and Daniel…

Terra lands $170M construction loan for $1B mixed-use project near Dolphin Mall

The first phase of a $1 billion mixed-use project near Sweetwater’s Dolphin Mall is in motion after David Martin’s Terra scored a $170 million construction loan. Terra plans to break ground next year on a 578-unit apartment community at a 47-acre development site owned by Miami-Dade County that includes an existing bus depot, a press release states. The Coconut Grov…

Miami Metromover upgrade shutdowns extended into 2026

After rolling nearly 40 years, downtown’s Metromover for two years has been undergoing updates and renovations to keep it gliding, inconveniencing riders in the process. Though that work was due to end next year, officials say it’s lagging and now won’t end until mid-2026. Metromover’s subsystems have “met their designed lifespans” and must be replaced for functionality…

Miami Beach erecting barriers to new non-oceanfront hotels

Miami Beach elected officials say they are standing strong alongside their residents as they take a stance on hotel constructions. They unanimously approved a city commission warrant process for future hotel approval at first reading last week. “While I’m always hesitant to do any type of back patting,” said Commissioner Joseph Magazine, “I think this commission collectively…”

Ludlam Trail facing brownfields designation

Several areas of the proposed Ludlam Trail may receive “brownfield” designations, which doesn’t sound good but is generally considered a positive measure. Let’s break it down. The Ludlam Trail is a planned 5.6-mile linear park and urban trail that will run north-south through Miami-Dade County, roughly along the former Florida East Coast Railway corridor…

Isabel Cosio Carballo: Sparkplug heads South Florida Regional Planning Council

Throughout her 27-year tenure at the South Florida Regional Planning Council, Executive Director Isabel Cosio Carballo’s primary focus has been the creation of collaborative, broad-based partnerships with public and private sector, non-profit, philanthropic, and community leaders. Ms. Carballo and the planning council have identified areas of opportunity and addressed…

Developer Ytech Secures $19.5 Million Predevelopment Loan for 41 and 75 Broadway Assemblage in Brickell

Ytech has secured a $19.5 million predevelopment loan from Israel Discount Bank for two parcels at 41 and 75 Southwest 15th Road, dubbed 41 and 75 Broadway, in Miami’s Brickell neighborhood. The combined 0.3-acre site, situated two blocks west of Brickell Avenue and across the street from Mast Capital’s Cipriani-branded luxury condo complex, is set to become home…

First Phase of ‘The Village of Casa Familia’ Planned for 2026 Opening at 11025 SW 84th Street in Miami

Non-profit Casa Familia intends to open the first phase of “The Village of Casa Familia” in the first half of 2026. The community, which will include three phases, is geared toward individuals with intellectual disabilities. The organization’s website shares that the first phase will yield a three-story building with 50 apartments, including one-bedroom and two-bedroom floorplans.

‘Diagrid Envelope’ Design Proposed For 36-Story Tower

Black Salmon has filed plans to build a 36-story tower with a Diagrid Envelope design. The diagrid pattern is being designed by Arquitectonica to runs from the second floor to the roof, uniting the podium with the tower above. Plans also call for a new 5-story building for the Mission San Francisco y Santa Clara church next door, connected to a new parking garage.

Predevelopment Loan Issued In Brickell, Ultra-Luxury Condo Planned

A developer has secured a predevelopment loan for an ultra-luxury condominium tower in Brickell. Yamal Yidios, CEO of Ytech, secured the $19.5 million loan for an assemblage known as 41 and 75 Broadway. The loan was issued by Israel Discount Bank. Predevelopment activities, including the demolition of existing structures, are already underway at the site.

Developer Files Pre-Application for ‘Legacy Park’ at 13850 SW 248th Street in Homestead

An affiliate of Paxton Development Group has plans for a mixed-use project in Miami-Dade County. Legacy Park would offer 230 apartments in two eight-story buildings, with some reserved as affordable housing. There would be a mix of one-bedroom to three-bedroom units; communal amenities would include a dog park, swimming pool, and 2,500-square-foot…

In $53M deal, Paul Singer’s firm adds Gates Hotel South Beach to growing South Florida portfolio

Less than four months after buying a Brickell office tower, Paul Singer’s firm is still beefing up its South Florida portfolio, paying $53 million for a waterfront Miami Beach hotel. An affiliate of West Palm Beach-based Elliott Investment Management acquired The Gates Hotel South Beach at 2360 Collins Avenue, records show. Deutsche Bank provided the buyer with an $82.5 million loan.

Urban Design Review Board Approves 12-Story Mixed-Use Tower in Little River

The City of Miami’s Urban Design Review Board (UDRB) has approved the design of a new 12-story mixed-use tower in the city’s Little River neighborhood. The project team includes locally based developer B Developments and Stantec, which is serving as architect, MEP engineer and structural engineer for the development. The tower will be located on a 3.5-acre site…

EcoStone scoops up 63-unit rental building in Miami’s Little Havana for $18M, amid year-end rush on multifamily deals

EcoStone Group bought a 63-unit apartment building in Miami’s Little Havana neighborhood for $17.6 million. The deal comes amid a year-end rush on multifamily investment sales across South Florida. Miami-based EcoStone bought Ipanema Apartments at 120 Southwest Eighth Avenue, scoring a $12 million loan for the purchase from Intercredit Bank…

Miami Design District Sees Largest 2024 Retail Rent Growth in Americas

South Florida continues to be an appealing place to shop — whether that’s for tourists or residents. According to Cushman & Wakefield’s 2024 Main Streets Across the World report, which tracked 138 locations in the Americas, Miami’s Design District retail rents surged 67 percent year-over-year, with its $500 per square foot pricing. That was the highest of all the locations…

DXD Capital, Olympus Ventures Complete 774-Unit Self-Storage Facility in Miami

A partnership between DXD Capital and Olympus Ventures has completed a 774-unit, three-story self-storage facility located at 11210 N.W. 105th St. in Miami. Extra Space Storage manages the facility, which spans 74,388 net rentable square feet. ARCO was the general contractor for the climate-controlled storage property, and TBK Bank provided an undisclosed amount…

Regus Inks Full-Building Lease in Miami Beach

Regus has leased the entire 429 Lenox building in Miami Beach, Fla. Image courtesy of Colliers Regus has fully leased 429 Lenox, a 45,789-square-foot Class A flex office building in Miami Beach, Fla. The lease covers more than 10 years, Commercial Observer reports.  Colliers Vice Chair Stephen Rutchik and Vice President Ana Paula worked on behalf of the landlords…

Regus Signs 46,000 SF Office Lease in Miami Beach for Spaces Brand

Coworking operator Regus has signed a long-term lease for nearly 46,000 square feet in Miami Beach, committing to occupying an entire Class A, boutique office building. Set to move in before the end of the year, Regus will establish its third and largest space in the submarket at 429 Lenox, where the new location will operate under the firm’s Spaces brand.

Cade Capital jumps into mobile home parks, acquiring 8-acre site in West Miami for $27M

Cade Capital expanded its real estate holdings with the $26.5 million purchase of a West Miami motel, mobile home park and Autozone store. An affiliate of the Miami-based firm acquired Sunnyside Motel & Trailer Park at 6020 Southwest Eighth Street and a retail building at 6024 Southwest Eighth Street, records and real estate database Vizzda show. Altamar Financial Group…

Delinquency Pushes CGI Merchant’s Miracle Mile Building Into Special Servicing

Raoul Thomas’ CGI Merchant can add the office and retail building at 55 Miracle Mile in Coral Gables to its growing roster of properties facing debt troubles. A $25M CMBS loan tied to the 65K SF property was transferred to special servicer LNR Partners last month after becoming delinquent on mortgage payments, according to the Morningstar Credit database.

Lease roundup: Regus takes over WeWork’s former South of Fifth space, Ares opening Sunset Harbour office

Co-working firm Regus took over office space vacated by WeWork in Miami Beach’s South of Fifth neighborhood. Regus leased the entire 45,800-square-foot building at 429 Lenox Avenue, where it is expected to open by year-end, according to a news release from the landlord’s broker. Stephen Rutchik and Ana Paula of Colliers represented the landlord.

Delano Miami Beach to Reopen in Late 2025 Following Comprehensive Renovation

Ennismore and Cain International have unveiled the first glimpse of the redesigned Delano Miami Beach located at 1685 Collins Avenue and set to reopen in late 2025 following a comprehensive renovation. The project will preserve the hotel’s iconic design while incorporating modern elements. Elastic Architects, working in collaboration with Ennismore’s…

Developer One Thousand Group Acquires Edgewater Site for Tower 36 Designed by KPF Architects

One Thousand Group has announced acquiring and financing a 1.6-acre site in Edgewater, Miami, where they plan to build a mixed-use development dubbed Tower 36. The $53 million transaction, financed by Cirrus Real Estate Partners, includes three parcels at 3601 Biscayne Boulevard, 345 NE 36th Street, and 409 NE 36th Street. Positioned at a key intersection…

Construction Starts on ‘Urbania NoMi 125st’ at 1150 NE 125th Street in North Miami

In October 2023, Florida YIMBY reported on Urbania NoMi 125st, a mixed-use venture proposed by Continua Developments. Now, the project has broken ground in Miami-Dade County. Upon completion, it’ll offer both residential and commercial space. Regarding the residential aspect: plans call for 195 apartments in 12-story building measuring 122 feet above grade.

“Unexpected”: Study finds dozens of coastal high-rises in Miami-Dade are sinking

Nearly three dozen buildings from Miami Beach to Sunny Isles Beach are sinking at “unexpected” rates, a new University of Miami study found. Those familiar with luxury real estate in Miami know many of the buildings by name: Four Seasons Residences at the Surf Club, Porsche Design Tower, Estates at Acqualina and two Trump towers. It’s not a cause for alarm…

What Lies Beneath: 35 Miami Buildings Are Sinking

The ground beneath Miami’s fancy beachside condos and high-rises isn’t as solid as you might think. According to a new study from the University of Miami, 35 buildings across Miami Beach, Sunny Isles Beach, Surfside, and Bal Harbour are sinking. Not falling into giant sinkholes or anything (this isn’t a disaster movie), but they’re sinking slowly — by as much as three inches…

Bidders Named For Massive Downtown Miami Metrocenter Development

The developers partnering up for Downtown Miami’s Metrocenter have been named, according to The Real Deal. A memo from the county in May said that they had shortlisted three prequalified proposers for the project. The newly named bidders include: A partnership between Terra, Atlantic Pacific Companies, and Sterling Bay A partnership between Related Urban…

Height Approval Issued For 806 Apartments In Walking Distance Of Douglas Road Metrorail Station

The FAA has approved the heights proposed for a transit-oriented mixed-use development at the Douglas Road Metrorail station. According to a December 12 notification, construction cranes were approved at 500 feet above ground and 445 feet above ground. Approval of the towers themselves were issued on December 11, for a permanent height of 380 feet…

Brightline Bridge To Aventura Mall In The Works

Miami-Dade’s Commission had a special meeting scheduled for this morning on an easement for the Brightline pedestrian bridge in Aventura. The bridge would cross Biscayne Boulevard, allowing a direct connection from the Brightline Aventura station to the Aventura Mall property. A sketch depicting the easement shows a 1,325 square foot building proposed at the corner…

Site Work, Phased Vertical Permits Filed For Second 43-Story Tower At Namdar Site

Miami’s Building Department commenced review this week for a phased vertical permit to build a second 43-story tower at the Namdar site in downtown Miami. The first tower topped off in Mid-November, also at 43 stories. The phased vertical permit plans for the second tower were accepted for review by the Building Department on December 10. A site plan permit…

Lender sues Stephanie and Masoud Shojaee over allegedly unpaid $11M debt

Masoud and Stephanie Shojaee are facing off against an aggressive lender seeking repayment of a $10.5 million loan. On Tuesday, an affiliate of Delaware entity Right Meow Capital sued the Shojaees, the married couple who lead Coral Gables-based Shoma Group, and two trusts under Masoud Shojaee’s name. Filed in Miami-Dade Circuit Court, the complaint alleges…

Receiver seeks approval of bulk sale in Coconut Grove as next step in developer’s alleged fraud saga

The receiver managing the properties tied to developer Doug Cox’s alleged fraud in Coconut Grove is seeking court approval for a bulk sale of the majority of the remaining townhouses. The receiver, retired Miami-Dade Judge Alan Fine, filed a motion last week for the $18.2 million sale of the nine townhouses at 2955, 2957, 2960, 2962, 2978, 2980, 2984, 2986 and 2992 Coconut…

These are South Florida’s biggest industrial sales of 2024

In the past 12 months, South Florida’s 10 biggest industrial sales totaled a combined $1.1 billion, eclipsing last year’s priciest deals by nearly $300 million. Link Logistics, the industrial subsidiary of New York-based Blackstone, took advantage of institutional investors’ industrial appetite, selling this year’s top two deals, a pair of warehouse portfolios for more than a half-billion…

Here are South Florida’s biggest hotel sales of 2024

The top 10 South Florida hotel sales of the past year featured some of the biggest institutional names in real estate taking over a handful of luxury waterfront resorts. The mix of buyers included British billionaire siblings David and Simon Reuben and New York-based investment giant Blackstone purchasing W-branded hotels in Miami Beach and Fort Lauderdale, respectively…

Here are South Florida’s largest multifamily sales of 2024

South Florida’s multifamily market felt the pinch of elevated interest rates this year. No single-asset purchase by an institutional investor broke the $200 million threshold, marking a decline in pricing compared to last year. Even though interest rates already were higher in 2023, the biggest deal of that year was $223.5 million. This year, the biggest single-asset deal was $144 million.

Pier Sixty-Six Residences Unveils First Look at Completed Azul Building in Fort Lauderdale

Pier Sixty-Six, a prominent fixture in Fort Lauderdale’s waterfront, is undergoing a transformative redevelopment spearheaded by Tavistock Development Company. Established in the 1950s as a Phillips 66 Petroleum fuel dock, the site became a landmark in the 1960s with the construction of its iconic spire tower. Now reimagined as a 32-acre luxury destination…

Developer to Break Ground on 14-Story Luxury Condo at 2908 East Sunrise Boulevard in Fort Lauderdale

Miami-based Integra Investments plans to break ground on Ocean Park Residences (formerly Ocean Park Hotel and Residences) in spring 2026. The original plans in June 2022 were to feature two buildings: an 11-story tower with 54 condos and a 12-story high-rise with 100 hotel rooms. However, because of rising construction costs, plans have since then been amended to include…

Midtown Miami developer Jon Samuel heads north, pays $28M for Broward Mall’s shuttered Sears store

Jon Samuel, one of the first developers at Midtown Miami, is venturing into Broward County, acquiring a shuttered Sears store for $28 million. An affiliate of Samuel’s Miami-based Midtown Group acquired the 18-acre property at 8000 West Broward Boulevard that includes an empty big box building, records and real estate database Vizzda show. A source familiar…

Plantation approves Related, BH mixed-use project

Related Group and BH Group notched final approval to develop a mixed-use complex on a former AT&T campus in Plantation. Last week, the Plantation City Council greenlit the project’s site plan and six zoning waivers by a 6-1 vote, video of the meeting shows. The approvals passed without any discussion from council members. The waivers included a reduction in parking spaces…

JSB Capital drops $69M for 197-unit Dania Beach apartment complex, amid year-end rush on multifamily deals

JSB Capital Group scooped up a 197-unit apartment complex in Dania Beach for $69 million, marking a continued year-end rush on multifamily deals in South Florida. The Miami Beach-based firm bought the Stellar at Emerald Hills at 5800-5840 Lakeshore Drive from Stellar Communities, according to records and real estate database Vizzda. JSB Capital assumed…

Larsen MacColl scoops up Boca Corporate Center for $20M, as suburban offices keep trading

Larsen MacColl Partners bought the Boca Corporate Center for $20 million, marking continued appetite for South Florida suburban office buildings. The investment firm scooped up the four-story building at 2101 Northwest Corporate Boulevard in Boca Raton, borrowing a $14 million loan from Deutsche Bank for the purchase, according to a news release from the seller’s broker.

Owens Realty, Galium sell Palm Beach Gardens Seacoast building for $30M

Owens Realty Capital and Galium Capital sold the Seacoast Banking Centre building in Palm Beach Gardens for $30.3 million. The deal comes at a time of slower office investment sales in South Florida, amid elevated interest rates, doubts over the market’s viability and other headwinds. Owens Realty Capital, a subsidiary of Orlando-based Owens Realty Services…

Renovations Advance at HAVN Residences & Yacht Club in Palm Beach Shores, Completion Set for April 2025

Johnston Group Capital Management, Inc., an affiliate of Palm Beach Gardens-based Johnston Group Development & Construction, has announced significant progress on HAVN Residences & Yacht Club in Palm Beach Shores. The 2.5-acre development, comprising five mid-rise buildings, is on track for completion by April 2025, with interior and exterior renovations…

Related Ross lands $200M refi for CityPlace in downtown West Palm, as lending flows in South Florida

Developer Steve Ross landed a $200 million refinancing for a portion of the CityPlace mixed-use complex in downtown West Palm Beach. The deal marks a continuation of financing in South Florida, despite elevated interest rates. Ross’ recently launched Related Ross, which is heavily focused on downtown West Palm, scored the new loan from Ares Commercial Real Estate…

Al Adelson, Morrisons launch sales for Berkeley condos in West Palm Beach

Developer Al Adelson and the Morrison family’s Sympatico Real Estate broke ground and launched sales for their planned West Palm Beach condo project. Shovels hit the dirt and champagne popped at the groundbreaking ceremony on Thursday that doubled as a sales launch for the project, called the Berkeley Palm Beach. After the event at the development’s…

K. Hovnanian taking over development of 100 single-family homes at Brian Tuttle’s Royal Palm project

K. Hovnanian Homes will develop 100 single-family homes at Brian Tuttle’s Royal Palm Beach mixed-use project. The Matawan, New Jersey-based homebuilder has a purchase option agreement for the homesites with TPG Angelo Gordon’s Essential Housing Asset Management land bank, according to a statement from Jon Isherwood, K. Hovnanian’s…

Synagogue to sell its waterfront West Palm Beach campus to Related Ross for $30M

The members of West Palm Beach’s Temple Israel approved a $30 million deal to sell a majority of the synagogue’s waterfront campus to Related Ross, following a redesign of the developer’s planned Shorecrest condos. Previous plans included 21,500 square feet for a house of worship and a daycare at the project at 1901 North Flagler Drive, with the intent that Temple Israel would…

Miles behind, Miles to Go: National Commercial Real Estate Update

The commercial real estate (CRE) market continues to be shaped by economic stability, evolving interest rates, and shifting demand dynamics. We’ll check in on the latest performance data for core sectors and capital markets to highlight how interest rates, supply and demand imbalances, and regional variations have influenced market performance. Checking in on…

The Risks of Appraisal Uncertainties in Private Real Estate

The gating of withdrawals from some open-end funds in the commercial-property downturn introduces an element of risk for the U.S. private-equity real-estate model moving forward. The heart of the problem is uncertainty around asset valuation and the ability of limited partners (LPs) to get at their capital. Had all valuations been beyond reproach, redemption queues…

How Long Does It Take to See a Return on a Ground-up Development in Self Storage?

The most opportunistic type of investing takes time, but typically offers the greatest return profile. This outlines what a typical investment timeline looks like for ground-up self storage investors. 1. Construction Phase (12 Months): This phase requires substantial capital investment, as no revenue is generated during construction. The primary focus here is on project execution…

FHFA’s 2025 multifamily volume caps signal strong activity

The Federal Housing Finance Agency increased Fannie Mae and Freddie Mac’s multifamily loan purchase caps for 2025, indicating a modestly positive outlook for the multifamily market with somewhat greater demand for financing. The agency loan purchase caps, announced annually, are an important signal of the market outlook for the year to come. The caps also…

CMBS – US Year-End Spotlight

NOI Index Performance: Riding the Recovery or Risking the Fall? In this report we examine net operating income (NOI) trends for key collateral types backing commercial mortgage-backed securities (CMBS) loans, encompassing Agency, Conduit/Fusion, Large Loan, and Single Asset/Single Borrower (SASB) deals. Spanning the period from 2000 to 2023, our NOI index series…

Three all-star teams of developers qualify to bid on $10B Miami-Dade project

Miami-Dade County’s ambitious plan to redevelop 17 acres of land in downtown Miami into a $10 billion mixed-use project will pit some of the biggest names in real estate against each other, The Real Deal has learned. Three all-star development teams have qualified to bid on a request for proposals to build Metrocenter, a mix of new office and residential towers on a hodgepodge…

Excel Miami Breaks Ground at 1550 NE Miami Place in Arts & Entertainment District

Shawmut Design and Construction and Clearline Real Estate have officially broken ground on Excel Miami, a 24-story residential tower located at 1550 NE Miami Place in Miami’s Arts & Entertainment District. The project will bring 427 rental apartments to the area, providing a range of housing options. Designed by Arquitectonica, with LEO A DALY serving as the…

University of Miami beefs up commercial portfolio with $68M Allapattah purchase

The University of Miami expanded its real estate portfolio near its Allapattah medical school… led by President Joseph James Echevarria, bought a strip mall with medical offices at 1050 Northwest 14th Street for $28 million; an adjacent parking lot for $34 million; and a former bank building at 1000 Northwest 14th Street for $6 million, records and real estate database…

Developers Propose Affordable Housing Complex at 17601 NW 78th Avenue in Hialeah

A 1960s-era shopping center in Miami-Dade County could be replaced with an affordable housing development. The Hub apartments (not to be confused with the HUB Miami) would measure five stories above grade and comprise close to 200,000 square feet of new construction. Of that square footage, 155,232 square feet would be 108 apartments, with the two-bedroom…

Developer Planning Tower Near Brickell City Centre Signs Public Benefits Agreement

The developer planning a 39-story residential tower a block from Brickell City Centre has signed a public benefits agreement to allow development to proceed. The agreement was recorded on December 10 and is for the former Starlite Motel property, which was recently demolished. The project is being developed under Miami-Dade’s Rapid Transit Zoning plan. A special…

Report: 340 Biscayne Scheduled For Auction

An auction is scheduled next week for the property at 340 Biscayne Boulevard, according to The Real Deal. The auction date is December 17, a public notice says. In 2014, plans were filed with Miami’s UDRB for the 77-story World Trade Center of the Americas on the site. The proposal included eight floors of office, ten floors of hotel, and 40 floors of residential, along with a parking…

Downtown Miami Holiday Inn hit with $70M UCC foreclosure, as debt woes pop up in South Florida

The Holiday Inn Port of Miami-Downtown is headed to a foreclosure auction. Lender Cirrus Real Estate Partners filed a Uniform Commercial Code foreclosure against the landlord tied to a $70 million loan on the 200-key hotel at 340 Biscayne Boulevard in downtown Miami, according to a public notice Cirrus filed last month. The auction is scheduled for next Tuesday.

Lore, Element Development to launch 48-unit boutique condo project in Coconut Grove

Brickell-based Lore, a real estate firm that’s a partnership between Leste Group and the Brazilian real estate firm Opportunity Fundo de Investimento Imobiliário, teamed up with Miami-based Element on the planned eight-story, 48-unit building at 2650 Lincoln Avenue, which shares the same address as 3151 Southwest 27th Avenue in Miami. Javier Lluch, president of Element…

Art Basel Miami Beach Economic Impact Similar To Super Bowl

Art Basel Miami Beach’s local economic impact hit a new record high this year, according to the SFBJ. The report cites research by BizCosts.com, which is a unit of Boca Raton’s The Boyd Co. Total economic impact rose 9.4% this year, to $547 million. In 2020, the Miami Super Bowl Host Committee released research stating the economic impact of hosting Super Bowl LIV…

Auto Showroom Planned At Mary Brickell Village

An auto-related commercial establishment is planned at Mary Brickell Village. Miami’s Office of Zoning issued a notification on December 6 that a final decision was complete on a warrant for the establishment. The project name is listed as Auto Showroom – Mary Brickell Village. It will be located in space 152 at the shopping center. A construction permit to build out 4,000 sf…

Developers Close On Purchase Of Tower 36 Site In Edgewater

The developers planning Tower 36 in Edgewater have completed the acquisition of the property and announced plans to build branded residences. Developer One Thousand Group paid $53M for the site where the tower will be built. A fence permit for the site was submitted last week, and a demolition permit for a former gas station on the site entered its third review cycle…

One Thousand Group pays $53M for dev site in Miami’s Edgewater

One Thousand Group paid $53 million for a development site in Edgewater, marking the group’s third project in the Miami neighborhood, The Real Deal has learned. The group, led by Louis Birdman, Kevin Venger and Michael Konig, acquired the assemblage at 3601 Biscayne Boulevard and 345 and 409 NE 36th Street, near the Miami Design District and the ramp to I-195…

67-Story Mercedes Benz Places Brickell Towers ‘Fastest-Selling Residential Project In South Florida History’

The developer building the 67-story Mercedes Benz Places towers in Brickell is reporting strong sales. Michael Stern of JDS Development Group told The Times that it was the “fastest-selling residential project in the history of south Florida.” More than 50 nationalities are represented among the buyers, the report said. The Mercedes Benz Places towers will include 791 residential…

Brightline Breaks Another Ridership Record In November After New Train Cars Added

Brightline says it broke a long-distance ridership record in November after it added new train cars. A total of 155,939 long-distance passengers rode on Brightline last month – the most ever, and a 67% increase from November 2023. Long distance ridership is defined as being between the Miami area and Orlando. The ridership surge came after the company placed…

Report: Miami Was The Hottest Residential Rental Market Again In 2024

Miami was once again the strongest rental market in the nation in 2024, even though it cooled from last year, according to RentCafe’s Year-End Report. It is the third year in a row that Miami has held the title. During the year, Miami saw a 4.12% increase in new rental units added to its inventory (0.41% more than in 2023). 72% of Miami renters renewed their leases…

Miami may lease historic high school for commercial uses

Tucked amidst Brickell’s towering skyline, Miami’s first high school – a bungalow-style structure built in 1905 – may soon be reactivated as a public center with commercial, retail, restaurant and café spaces. Today (12/12), the Miami City Commission is to vote on a resolution to authorize a lease agreement with 191 SW 12 Owner LLC, the developer of One Southside Park…

Project for historic Salvation Army Citadel back to drawing board

A developer has plans to reactivate the rehabilitation of the historically designated Salvation Army Citadel building and the redevelopment of the adjacent property in a tower with 526 residences in the City of Miami. Owner-developer 49 NW 5th Street LLC is proposing the major rehabilitation of the historic site at 49 NW Fifth Street and 50 NW Sixth Street.

Chetrit scores financing, new partner for long-awaited Collins Park Hotel in Miami Beach

Chetrit Group is nearing the finish line of a long-awaited Miami Beach hotel project. Joe Chetrit’s firm refinanced its loan on the Collins Park Hotel at 2000 Park Avenue with Kawa Capital and brought in a new partner, The Real Deal has learned. The new loan from Kawa totals $88 million, and Chetrit Group chipped in a significant amount of capital, according to a source familiar…

Collins retail revival? Art Deco assemblage hits market for roughly $50M

Individually, the properties are listed at between $5 million to $20 million, according to the listings. The offerings include the building at 751 Collins Avenue, which was previously leased to Aldo Shoes; the building at 826 Collins Avenue, which was once home to a Levi’s store; and the building at 832 Collins Avenue, which was previously leased to a Barney’s New York Co-op store.

Miami funds target homeless housing in Cutler Bay

An $8 million investment from the City of Miami could help transform a former hotel in Cutler Bay into permanent housing for homeless and low-income residents. Miami commissioners are voting on a resolution today (12/12) to allocate monies from the city’s ARPA funds to the Miami-Dade County… to acquire and convert the La Quinta Inn & Suites at 10821 Caribbean Blvd…

Coral Gables City Hall repairs won’t be done until 2029

During Tuesday’s city commission meeting, Coral Gables officials were presented with a preliminary timeframe for all the renovations and repairs City Hall will need to be fully operational. They did not act on the information. Development and construction completion for the historic Coral Gables City Hall would be more toward the fall of 2029, José Gómez, the assistant city manager…

Partnership for Miami President Raul Moas: Partnership for Miami targets affordable housing, mobility

As president of nonprofit Partnership for Miami, Raul Moas leads a dynamic group of business leaders acting in the civic interest to build a world-class Miami that works for all its residents.  Through the Partnership, Mr. Moas collaborates with grassroots organizations, researchers, policymakers, and philanthropists to develop and implement solutions that improve…

Edelstein, Karakhanian and Integra list Design District dev site for $47M

David Edelstein’s Tricap, Integra Investments and Alex Karakhanian’s Lndmrk Development are listing their development site at the entrance to the Design District and Midtown Miami for nearly $47 million, The Real Deal has learned. The partners paid $23 million for the vacant 1-acre site at 3601 North Miami Avenue from the previous lender in 2022, and they planned to build…

Six-story Wynwood Norte residences win recommendation

A developer has put together a plan to bring more residential units to the evolving Wynwood Norte neighborhood, along with several retail spaces. Owner-developer Kambucha LLC plans to construct the new six-story Rose Wynwood building at 444 NW 33rd St. The overall project will amount to 232,095 square feet of floor area, home to 140 residential dwelling units…

Construction Underway For Viceroy Brickell Tower Overlooking Miami River

Work is underway for Viceroy Brickell – The Residences, an upcoming residential tower developed by Related Group and GTIS Partners, and hospitality company Viceroy. Designed by Arquitectónica with interiors by Meyer Davis, the striking 45-story glass structure will comprise 420 residences overlooking the Brickell skyline, the Miami River, and Biscayne Bay….

Newmark Arranges $1.75B Refinancing of Two Miami Hotel Resorts

Newmark has arranged two loans totaling $1.75 billion for the refinancing of a pair of hotel resorts in Miami. Jordan Roeschlaub, Jonathan Firestone, Nick Scribani and Tyler Dumon of Newmark arranged the loans on behalf of the borrower, national hospitality owner-operator Fontainebleau Development. In the first deal, the Newmark team arranged a $1.2 billion loan…

Jeffrey Soffer scores $550M refi for JW Marriott Miami Turnberry Resort & Spa

Billionaire Jeffrey Soffer is on a refinancing roll, landing a new $550 million loan for his Aventura resort from the same lenders that provided a $1.2 billion debt for his Miami Beach hotel. In the latest…  refinanced a previous $412 million loan from Bank of China New York Branch, secured by the JW Marriott Miami Turnberry Resort & Spa at 19999 West Country Club Drive in…

Jeffrey Soffer’s firm seeks $1.2B refi for Fontainebleau Miami Beach resort

Jeffrey Soffer’s real estate firm is seeking to raise $1.2 billion in the bond market to refinance the Fontainebleau Miami Beach resort. The plan is for the capital stack to come from a $975 million sale of commercial mortgage-backed security and a roughly $225 million mezzanine loan, Bloomberg reported. Soffer, chairman and CEO of Aventura-based Fontainebleau…

Fontainebleau Development Snags $1.75B to Refinance Two Miami Resorts

Fontainebleau Development has secured a total of $1.75 billion so it can refinance to resorts in South Florida. They come courtesy of multiple loans arranged by Newmark from Goldman Sachs and J.P. Morgan. One of them is for its Fontainebleau Miami Beach luxury hotel for $1.2 billion. The other refinancing is for $550 million and applies to Fontainebleau’s JW Marriott…

Federal Government Looks To Sell Office Building In The Heart Of Brickell

The U.S. government is looking to sell a 53 year-old office building in Miami’s sought-after Brickell neighborhood as it works to streamline its portfolio. The General Services Administration, which oversees the federal government’s real estate portfolio, has identified 909 SE First Avenue, its Brickell Plaza Building, as one of eight properties it will move to dispose of…

CGI Merchant hit with $49M UCC foreclosure on Coral Gables office building, its fourth distressed asset

Raoul Thomas is having a rough year. After losing two of his marquee hotels… could also forfeit a Coral Gables office building due to financial woes. Lender Cerberus Capital Management filed a Uniform Commercial Code foreclosure against Thomas’ Coconut Grove-based CGI Merchant Group tied to a $48.7 million loan on the 15-story 550 Biltmore Way building…

Developers Break Ground On Copper-Clad Tower Villa Miami in Edgewater

Developers have broken ground on a 56-story “masterpiece” of a building in Edgewater called Villa Miami. The 650-foot residential tower will be clad in copper, making it stand out in Miami’s growing skyline. Despite the tall height, there will be just 70 condo units in the building. Residents will have access to a 3-story amenity space called The Copper Club. A rooftop helipad…

The Perrin To Break Ground In Brickell Early Q1 2025

Real estate investment manager Empira Group has released new details on a residential development it is planning in Brickell. The 26-story tower will be known as The Perrin (it was previously called Empire Brickell). Groundbreaking is planned for early Q1 2025. The Perrin will include 310 upscale residences, ranging from studios to 3-bedrooms. There will also be a rooftop…

Miami-Dade GDP Increased 3.5 Percent In 2023

Miami-Dade’s GDP grew 3.5 percent between 2022 and 2023, according to newly released data from the Bureau of Economic Analysis. That is slightly faster than the national average of 2.9% during the same period. The Miami-Fort Lauderdale-Pompano Beach MSA saw a GDP growth rate of 4% during the period, while the State of Florida growth rate was 4.3%. Miami-Dade’s growth…

First 44-Story Tower At One Brickell Riverfront Now Rising

In Brickell, the 44-story Lofty Brickell tower is rising vertically. It is one of three towers planned at the One Brickell Riverfront complex. Lofty Brickell is planned to include 364 residential units allowing short-term rentals. The second tower will be the 45-story Standard Residences. Plans were submitted to the UDRB last year for a third tower on the site. It is planned to rise 59…

MMG and Linkvest Acquire 4.8 Acre MXU Entertainment Center Homestead Station

Linkvest Capital and MMG Equity Partners are pleased to announce the acquisition of Homestead Station, a 4.8-acre mixed-use entertainment center located at 4 South Krome Ave. in Homestead, FL. LV Lending previously held a first mortgage on the property, and the acquisition was completed through a deed in lieu of foreclosure. MMG and Linkvest have been…

Miami-Dade Commission Considers Land Buy Near Airport For $17 Million

The property just east of MIA is intended to be utilized by the Aviation Department for any compatible land use. The seller has already provided the four tenants at the property — including a luxury car rental business — with a notice of termination of their leases and will reportedly pay for the demolition of existing buildings within six months of purchase.

This Week’s South Florida Deal Sheet: Miracle Marketplace Sells For A $30M Loss

Chicago-based Heitman sold the Miracle Marketplace retail property at 3301 Coral Way for $62M, $30M less than what the company bought it for in 2013. The buyer, an entity tracing to South Florida-based IMC Equity Group and Alan Lipton, secured the retail center with new debt of $42.5M from Pacific Coast Bankers’ Bank that matures in November 2034, according to the Vizzda database.

Construction Complete at Sol Vista, a 227-Unit Affordable Senior Community in Cutler Bay

ANF has completed work on Sol Vista, a 227-unit affordable senior housing community in Cutler Bay, Miami-Dade County. Designed by Burgos Lanza & Associates and co-developed by MRK Partners and Cypress Equity Investments, the project aims to address the region’s growing need for affordable housing. Located at 11251 Caribbean Boulevard, the development includes…

Developer Rebrands and Reveals Plans for “The Perrin” at 244 SW 9th Street in Miami’s Brickell District

Empira Group, a prominent real estate investment manager, has unveiled updated plans and renderings for The Perrin, a 26-story multifamily development set to rise at 244 SW 9th Street in Miami’s fast-growing Brickell neighborhood. Formerly referred to as Empire Brickell, the project marks Empira’s vision for high-quality urban rental housing in one of Miami’s most…

Green Certified Condominium Announced at 2650 Lincoln Avenue in Coconut Grove

LORE Development Group, a real estate development company formed by Leste Group and Opportunity Fundo de Investimento Imobiliário, together with Element Development, has announced The Lincoln Coconut Grove, a new Green Certified luxury condominium. Located at 2650 Lincoln Avenue in Coconut Grove, Miami, the eight-story development…

Waymo Bringing Driverless Robotaxis To Miami

Waymo has announced plans to bring its driverless taxi service to Miami. The company’s fully electric Jaguar I-PACEs will begin arriving in Miami in early 2025 to become better acquainted with local streets (Waymo previously tested here in 2023). Waymo intends to begin allowing riders to book its service in Miami beginning in 2026, using the Waymo One app. Uber and Lyft…

Miami To Vote On Funding For Signature Bridge Underdeck

Miami commissioners are scheduled to vote on a funding agreement for the recreational space to be built under Downtown Miami’s Signature Bridge (previously known as The Underdeck). The 33-acre space is expected to include an amphitheater, event lawn, community plaza, children’s play area, dog play area, multi-use court, and water feature, a resolution text…

Mapped: The 15 South Florida Housing Projects That Have Won Funding From The Live Local Act

Since the Florida state legislature passed the Live Local Act last March, most of the attention it has gotten — from lawmakers, developers and the public alike — has been about the changes to zoning laws that reshaped the project approval process to sidestep local control of development. But the landmark law, designed to spur the construction of affordable and attainable housing…

Steady Construction Progress On Fountain In Downtown Miami’s Bayfront Park

Construction is progressing steadily on work to rebuild the large fountain at Downtown Miami’s Bayfront Park, according to the Bayfront Park Management Trust. The fountain is being rebuilt with a new lighting scheme, and will be “iconic” and an “unparalleled engineering feat,” the Trust previously said. Opening of the rebuilt fountain was announced earlier this year, and was…

Developer Plans To Activate 120-Year-Old First Miami School House in Brickell

Miami commissioners are scheduled to vote on a plan that would see the First Miami School House in Brickell activated by a developer. The building dates to around 1905. It was relocated several decades ago from a nearby property where the Axis condo towers were built. The approximately 3,000-square-foot building is now in Southside Park, which itself is being rebuilt…

Where Is Miami’s Place In The Data Center Explosion?

The U.S. data center boom is expected to reach $1T invested in the next five years, but Miami is being left behind. Miami’s leaders have touted the city as the Silicon Valley of the South, with companies like Microsoft and Apple opening offices in recent years. But data center development and demand haven’t followed suit. The city’s data centers have a 16.4% vacancy rate, according…

Ten30 condo association sues Shoma for alleged construction defects

Shoma Group developed a shoddy luxury boutique condo project in South Beach, a new lawsuit alleges. The Ten30 Condominium Association is suing the Coral Gables-based development firm led by power couple Masoud Shoajee and Stephanie Shojaee for alleged construction defects at the three-story, 33-unit building at 1030 15th Street in Miami Beach. The complaint…

IWG Leases Miami Beach Building WeWork Rejected During Bankruptcy

The world’s largest coworking company has leased a full building on Miami Beach that WeWork… Regus, part of IWG, is taking over a former location in Miami Beach just seven months after WeWork cut its losses with the property. International Workplace Group has signed a lease for the entirety of the office building at 429 Lenox Avenue, according to a press release….

Lease roundup: OKO, Tao opening restaurant and lounge atop 830 Brickell; Japanese eatery on tap in Miami Design District

A Mediterranean restaurant and a private lounge will open atop the 830 Brickell office tower. Miami Members Hospitality, a new joint venture between Vlad Doronin’s OKO Group and Tao Group Hospitality, will open the restaurant and members-only lounge next year on the top two floors of the 55-story building, according to an OKO Group news release. The tower is at 830…

Construction Starts on ’21 Hollywood’ at 2100 N. Federal Highway in Hollywood

21 Hollywood, a mixed-use venture Florida YIMBY covered last year, has officially broken ground in Broward County. The 13-story venture will comprise 200 apartments (18 of which are penthouses), along with 10,000 square feet of retail and 301 parking spots, averaging to about 1.51 per unit. The amenity-rich community will include a swimming pool deck, fitness…

Site Plan Filed for Cypress Creek Station Redevelopment Featuring 121,633-Square-Foot Target in Fort Lauderdale

A Site Plan Level III application has been filed to redevelop Cypress Creek Station in Fort Lauderdale, with plans for a new Target store at 6415 North Andrews Avenue. The Development Review Committee (DRC) and Planning and Zoning Board will review the proposed site plans today. Spearheaded by Cypress Creek Associates LP, the project involves replacing the existing Regal…

Asi Cymbal wins approval for first phase of $1.5B project with 1,200-plus residential units and hotel near downtown Fort Lauderdale

Developer Asi Cymbal expects to start construction next year on the first two towers of Nautico District, a planned development with more than 1,200 residential units and a hotel on the New River south of downtown Fort Lauderdale. The Fort Lauderdale City Commission on Tuesday approved a site plan for three of five planned towers: a 37-story condominium, a 30-story apartment…

‘Plantation City Center’ Approved for 8601 W. Sunrise Boulevard in Plantation

Two developers have secured approval for a mixed-use project on the former site of an AT&T training center in Broward County. Plantation City Center will occupy a 13.7-acre site and comprise more than 860,000 square feet of new construction. The South Florida Business Journal shares that upon completion, the venture will offer 512 residences, with 51 reserved…

Blackstone cashes out of another South Florida industrial portfolio, selling five Sunrise facilities for $206M

Blackstone continued lightening its industrial property load in South Florida, selling five Sunrise warehouses for a combined $205.5 million. The deal is on the heels of the New York-based institutional giant’s $331.3 million sale of 10 industrial properties in Miami-Dade, Broward and Palm Beach counties last month. Affiliates of Blackstone subsidiary Link Logistics sold…

Grover Corlew lands $114M refi for 355-unit Pompano Beach rental complex

Grover Corlew landed a $114.4 million refinancing for its newly finished 355-unit apartment complex in Pompano Beach. The deal marks a continuation of loan deals in South Florida, despite elevated interest rates. PNC Financial Services Group provided the new debt for the Mayla Pompano complex at 11 Northeast 24th Avenue, according to a Grover Corlew news release.

Related, Dezer score approval for Rosewood Residences in Hillsboro Beach after nabbing $307M loan

Related Group and Dezer Development received back-to-back good news for their Rosewood Residences luxury condo project planned in Hillsboro Beach. After securing $307 million in construction financing for the 92-unit development planned for 1174 and 1185 Hillsboro Mile, the developers on Tuesday secured approval from the town to build their project under new coastal regulations…

Penn-Florida hit with $145M UCC foreclosure on Boca Raton’s Via Mizner, as South Florida multifamily debt woes grow

Penn-Florida Companies could lose its 101 Via Mizner apartment building in Boca Raton to foreclosure over its alleged failure to pay off a $145 million loan at maturity. Blackstone Mortgage Trust, through its Parlex 15 Finco lending affiliate, filed a Uniform Commercial Code foreclosure on the 14-story, 366-unit building at 101 East Camino Real. It is seeking to hold an auction…

Synagogue to sell its waterfront West Palm Beach campus to Related Ross for $30M

The members of West Palm Beach’s Temple Israel approved a $30 million deal to sell a majority of the synagogue’s waterfront campus to Related Ross, following a redesign of the developer’s planned Shorecrest condos. Previous plans included 21,500 square feet for a house of worship and a daycare at the project at 1901 North Flagler Drive, with the intent that Temple Israel would…

Great Gulf Proposes 32-Story Tower for 5400 North Flagler Drive in West Palm Beach

Earlier this year, the Commercial Observer shared that Canada-based Great Gulf had purchased a three-acre waterfront site in Palm Beach County, speculating that it would likely host luxury condominiums. Now, as the year draws to a close, the South Florida Business Journal has confirmed that theory, noting that Great Gulf is seeking approval for a 32-story high-end tower.

Related Ross lands $200M refi for CityPlace in downtown West Palm, as lending flows in South Florida

Developer Steve Ross landed a $200 million refinancing for a portion of the CityPlace mixed-use complex in downtown West Palm Beach. The deal marks a continuation of financing in South Florida, despite elevated interest rates. Ross’ recently launched Related Ross, which is heavily focused on downtown West Palm, scored the new loan from Ares Commercial Real Estate…

Embattled Arch Companies sells rental complex near West Palm for $18M, amid year-end surge of multifamily deals

F/Advance Capital bought a 60-unit apartment complex near West Palm Beach for $17.5 million, amid a year-end surge of multifamily investment sales in South Florida. The Miami-based private equity investment firm scooped up Melrose Apartments at 3200 North Haverhill Road in unincorporated Palm Beach County from Arch Companies, according to records and real estate…

Big-Box Industrial Tides May Be Turning

Big-box industrial product continues to set the tone for the overall industrial market, according to a new report from global investment management firm Colliers. The segment attracted the lion’s share of the record demand in response to the pandemic, and is largely what developers have been building during the ongoing cycle. Craig Hurvitz, Colliers’ director of national industrial…

Where Norges, Starwood And Other Real Estate Giants Say They Plan To Keep Spending

As commercial real estate markets begin to transition into the next cycle, with prices bottoming and dealmaking climbing, the world’s largest property investors are settling on which bets they plan to double down on and which may require cashing out. Chief among those conversations in the U.S. is the Sun Belt, which developers turned to as Americans moved away from coastal…

Understanding Valuation Gaps in M&A: Why Buyers and Sellers Disagree

Every dealmaker has faced it: the elusive valuation gap that turns promising negotiations into drawn-out debates. In mergers and acquisitions (M&A), the negotiation process often hinges on one key question: What is the business worth? While both buyers and sellers may start with the same formula, such as multiplying EBITDA by an industry-standard multiple…

U.S. Imports Surge Amid Tariff And Strike Fears

With a strike at East and Gulf Coast ports possible in January, and President-elect Donald Trump planning to increase tariffs, the United States’ major container ports are expected to see a continued surge in imports. According to the latest Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates on Thursday, the surge is forecast…

Beige Book: Region’s Economy Expands as Employment, Prices Hold Steady

The Southeast economy grew slightly during October and the first half of November, as labor market conditions continued to normalize and prices remained broadly stable, according to the new Beige Book report on economic conditions from the Federal Reserve Bank of Atlanta. Employment across the region remained mostly steady since the previous Beige Book report…

How Elie Schwartz Went From Rising Real Estate Star To Alleged Fraudster

Elie Schwartz rose from obscurity in Brooklyn to stake a claim on the skylines of Manhattan and Philadelphia — and then it all came crumbling down. The CEO and co-founder of Nightingale Properties was charged with wire fraud on Dec. 4, a crime carrying a maximum 20-year prison sentence if convicted. Schwartz pleaded not guilty at an Atlanta federal courthouse…

Can Builders Stay Ahead of Deportations and Tariffs?

On August 17, 2024, I blogged about the sharp decline in construction job openings. Over the past three months, the trend has continued to tell the story of a serious slowdown in construction activity. This could be derailed by the double gut punch of tariffs and deportations. Foreign-born workers will take the manual labor jobs that US-born residents don’t want, especially framing…

Dune Real Estate CEO Dan Neidich on office-to-home conversions: We see ‘a fire hose of opportunities’

Office-to-Residential Conversions: A Billion-Dollar Trend Shaping Urban Landscapes The transformation of office buildings into residential properties is gaining momentum, exemplified by a $1 billion venture spearheaded by Dune Real Estate Partners and developer TF Cornerstone. This initiative, discussed here recently on CNBC’s Squawk Box with Dune Real Estate…

New ASTM Guide on Property Resilience Assessment Will Help Mainstream Resilience in CRE Investing and Lending

CRE professionals are increasingly aware of the need to minimize the risk of damage and loss by consider properties’ resilience to physical climate risks, but inconsistent terminology and lack of clear translation from risk exposure to resilience, has hindered consistent uptake across the industry. ASTM International, the standardization organization, recently published a new guide…

State Rescued Stalled Affordable Housing Projects With Live Local Act Funding

Florida legislators passed the Live Local Act in 2023 with the goal of funneling millions of dollars to new affordable housing construction to combat a growing housing crisis. But pandemic-era price spikes forced lawmakers to pivot, redirecting nearly half of the money awarded in the first year to projects already in the works when the law was passed, shrinking the pool…

CMBS Troubled Loan Tracker: Office delinquencies more than double in the past year

Summary Conduit & fusion loan delinquencies show no signs of slowing down and have been steadily rising over the past year. In November 2023, the conduit delinquency rate sat just below 5.0% but is now reported at 7.4% in November 2024. Unsurprisingly, office has been the main culprit, skyrocketing to 11.2%, more than double what it was a year ago.

Five 800+ Foot Towers Now Under Construction In Miami

There are now five 800-foot tower under active construction in Miami, for the first time ever. There are also now two completed towers taller than 800 feet, making it seven Miami towers either completed or under construction at that height. Miami’s first 800-foot tower was completed in 2017, when the 868-foot Panorama Tower opened in Brickell. Another reached completion…

Rooftop Club & Restaurant Coming To New 830 Brickell Tower In 2025

Plans have been announced for a rooftop club and restaurant at the new 830 Brickell tower. Developer OKO Group and hospitality operator Tao Group are partnering on a new venture called Miami Members Hospitality. The space at 830 Brickell will be their first venue. The rooftop at 830 Brickell will include a Mediterranean restaurant and club which features a private…

51-story 848 Brickell office tower adds to county donation, wins

Zoning approval for a 51-story tower that would add 14% to the Brickell area’s pricy Class A office space, twice deferred as county commissioners sought more from the applicant, sailed through as developers raised their cash contribution to $2 million. “I really do appreciate all the work that’s happened,” said Commissioner Eileen Higgins, who in two earlier meetings…

Bell Partners drops $79M for Kendall West apartment complex, its second South Florida multifamily deal this month

Bell Partners scooped up a 228-unit apartment complex in Kendall West for $78.5 million, marking its second investment this month in South Florida’s multifamily market. The Greensboro, North Carolina-based firm bought the community at 8485 Hammocks Boulevard in unincorporated Miami-Dade County from the Los Angeles County Employees Retirement Association, or Lacera…

I-395 Signature Bridge project rises higher

As the year winds to a close, the Florida Department of Transportation (FDOT) can boast of significant progress in 2024 on all three project corridors in the vast and impactful I-395/SR 836/I-95 Design-Build Project in Miami. The $818 million undertaking is the product of a partnership between FDOT and the Greater Miami Expressway Agency and its contractor…

Two Wynwood towers to add 1,300 residences

A dual tower mixed-use residential development with more than 20,000 square feet of commercial uses is proposed for a site at 520 NW 26th St., near the heart of the Wynwood Arts District and in the shadow of I-95. Owner-developer Ultimate Equity Inc. plans to build Ultimate Wynwood, a pair of 36-story towers, home to 1,300 residential units, 21,601 square feet…

Art Basel has most galleries in 16 years

As artists, art vendors, and art lovers prepare to turn out to another year at Art Basel Miami Beach, the Miami Beach Convention Center is preparing itself for its largest festival yet. This year, the acclaimed arts festival is boasting 286 galleries, the largest selection of artists and galleries present at Art Basel since 2008. This year also marks one of the more diverse lineups present…

Miami #2 in List of Top 10 REIT-Dominated Self Storage Markets

The U.S. self storage sector has grown exponentially over the past few decades, as the demand upswing has also drawn the attention of institutional investors. As of October, the industry totaled more than 1.9 billion rentable square feet of space according to Yardi Matrix data. Among the players influencing this booming commercial real estate sector are the five self storage REITs…

70-Story Brickell Tower ‘Calle 8’ Submitted For Final Site Plan Approval

Brickell planned 70-story Calle 8 tower has moved to the Administrative Site Plan Review phase. The December 2 site plan filing with Miami-Dade revealed new and refined details planned at the development. The building is moving through an approval process with Miami-Dade, under their Rapid Transit zoning plan, rather then being reviewed by the City of Miami…

142 Residential Units Planned At Culmer Metrorail Station

A residential development is in planning at Metrorail’s Culmer Station. A special exception application for the property was submitted to Miami-Dade on November 26. The property is within Miami-Dade’s Rapid Transit Zoning area. A variance is being requested to allow for development of the building without a habitable liner, including the ground floor and parking garage.

Developer Files Pre-Application for 81-Story Tower at 1421 South Miami Avenue

A developer has proposed a supertall skyscraper in Miami-Dade County. Walter Defortuna, the brother of Fortune International Group’s CEO, wants to move forward with an 81-story building. The South Florida Business Journal reports that the 1,010-foot-tall tower would host 560 residences, with the homes spanning 533 to 1,907 square feet each. The studio to three-bedroom…

Negotiations With One Brickell City Centre Anchor Tenants ‘Ongoing’

There are new details on plans to build a near supertall office tower at Brickell City Centre. Previously filed plans showed the tower would reach a height of 68 stories, or 977 feet, putting it just below supertall height. Developers Swire Properties and Related Companies are partnering on the development, which will have around 1.5 million leasable square feet of office.

Hearing Scheduled On Brickell Avenue Supertall Church Site

Miami’s Historic and Environmental Preservation Board has scheduled a hearing on the Brickell Avenue’s First Presbyterian Church property, where a supertall tower could be built. The First Presbyterian Church and partner developer 13th Floor Key Church, LLC are requesting an amendment to the historic designation. An iconic, 80-story tower is being planned…

Cranes, Construction Permit Submitted In Little River Where 454 Units Planned

A Live Local apartment building in Little River is advancing with multiple new filings. Filings with the FAA on November 27 show that two construction cranes are planned to be installed at the property, reaching heights of 390 and 430 feet above ground. A master construction permit application was also filed with Miami’s Building Department on November 18…

New Renderings Of 400-Foot Deauville Towers

The developers planning to rebuild the Deauville in North Beach have revealed new details and renderings in a presentation to a city board last week. The Deauville hotel was demolished in 2022, and there are plans add two new condo towers in addition to rebuilding the original tower. The design team for the new development will include Foster + Partners, ODP, and Shulman…

Thor Equities Secures Loan for Wynwood Walk Neighborhood Retail Center

Thor Equities Group has secured a $37 million construction loan from ACRES Capital for the 63,000-square-foot Wynwood Walk neighborhood retail center in Miami. Wynwood Walk is at 230 N.W. 29th St. in Miami. Image courtesy of CommercialEdge The funding reportedly will enable the ongoing leasing of the property, whose tenants already include Puttery, Velvet Taco…

Industrial Rent Growth Rises Nationwide As Miami Takes The Lead

National in-place rents for industrial space increased 6.8% year over year in October to $8.22 per square foot, which was a six-cent increase from September, according to CommercialEdge’s US industrial market report. October was one of the few months in which a Southern California market did not lead in rent growth. Industrial rents grew fastest in Miami – up 11% year-over-year – with more t…

ASPR Filed for 50-Story Mixed-Use Tower at 1315 NE Miami Court in Miami’s Omni/Arts and Entertainment District

An Administrative Site Plan Review (ASPR) has been filed with Miami-Dade County for a 50-story mixed-use tower proposed at 1315 NE Miami Court in the Omni/Arts and Entertainment District. Submitted by 1315 Partners LLC, the project is designed by Behar Font & Associates, Inc. and aims to leverage its location in the Metromover Subzone of the Rapid Transit Zone…

Developer Files Pre-Application for ‘Jardon’s Tower’ at 4350 SW 8th Street in Coral Gables

Wellness Stay LLC has proposed a mixed-use project featuring medical space, homes, and a hotel in Miami-Dade County. Jardon’s Tower would comprise 134,350 square feet of new construction. Conceptual renderings show an eight-story building connected to a four-story parking garage via a pedestrian bridge. The smaller structure would feature 78 parking spots and three…

New EV Charging Station To Be Unveiled In Doral

On Monday, December 2nd, Miami-Dade Solid Waste Management Department (DSWM) will unveil the newly completed construction charging station with five dual port chargers capable of charging 10 light EV units simultaneously from its operations building. The state-of-the-art charging station can replenish an EV within six to eight hours, depending on battery level…

Wynhouse Rebranded as Joule House, Opening Spring 2025 at 2200 NW First Avenue in Wynwood

Fisher Brothers has rebranded the Wynhouse Miami project as Joule House. Located at 2200 NW First Avenue in Wynwood, the eight-story development is slated to open in Spring 2025. Bozzuto will serve as the exclusive leasing and marketing agent. Joule House will featuring 308 rental residences, 26,000 square feet of ground-floor retail and paseo space, and over 23k sf…

Two Multifamily Projects Add (or Will Add) Homes to Miami-Dade County

Florida YIMBY has learned of two Miami-based projects: one that has finished construction and another that could break ground next year. Here’s what we know. Atlanta-based ACRE (formerly Asia Capital Real Estate) is moving forward with the second phase of Adela at MiMo Bay. The multi-family housing development, which currently comprises 236 apartments, opened in 2020.

Developer Announces Plans for Mixed-Use Development at 3101 Grand Avenue in Coconut Grove

The Allen Morris Company has announced plans for a mixed-use development at 3101 Grand Avenue, located at the intersection of Grand Avenue, Matilda Street, and Florida Avenue in Coconut Grove. Covering approximately 1.7 acres, the project will include office, residential, and retail spaces designed to blend seamlessly with the neighborhood’s natural and cultural fabric.

Related Group, Rockpoint Deliver Mixed-Use Highley House in Miami’s Wynwood District

A partnership between development firm Related Group and Boston-based private equity firm Rockpoint has delivered The Highley House, a mixed-use project in Miami. Situated at 2150 N. Miami Ave. in the city’s Wynwood district, the development features two towers comprising 304 rental apartments, approximately 72,000 square feet of Class A offices and 18,000 sf…

Wynwood’s ‘Condo Quality’ Highley House Reaches Completion

A mixed-use complex in Wynwood called The Highley House has just opened, with robust demand for its luxury residential units being reported. The Highley House includes two towers with 304 “condo quality” residences being offered for rent, 72,000 square feet of Class A office space, and 18,000 square feet of retail. With apartment leasing now underway, developers say they…

The Tallest Tower In Miami Beach Is Now Complete

Miami Beach has a new building that has taken the title of the city’s tallest. Five Park, a 48-story, 519-foot tall luxury condo tower, received its TCO, its developers said. It is now the tallest tower in the city of Miami Beach (although there are much taller buildings across the causeway in the City of Miami). Condos range from 1 to 4 bedrooms, with prices from $1.5M…

Demolition Permit Issued For Brickell Site Where 90-Story Dolce&Gabbana Tower Planned

Miami-Dade has issued a total demolition permit for the Brickell Avenue site where the 1,049-foot Dolce&Gabbana Tower is planned. A 7-story office building dating to 1972 with 53,000 square feet and one basement parking level is currently on the site. Alpha Wrecking Group is listed as the contractor. The new 90-story Dolce&Gabbana tower planned on the site recently…

Ceremonial Tree At Newly Topped Off Downtown Miami Tower Being Built by Namdar

A 43-story Downtown Miami tower that topped off construction appears to have a ceremonial tree on the rooftop, recent photos show. A top-off ceremony for the 680-unit apartment tower took place on November 15. The photos below were taken on November 22. The tower is being built by developer Namdar. Namdar is also now in permitting to build a second tower on the property…

Five Park, Miami Beach’s Tallest Tower, Is Now Complete at 500 Alton Road

Five Park, a 48-story residential tower located at 500 Alton Road at the entrance to South Beach, is now complete, standing as the tallest building in Miami Beach. Developed by Terra and GFO Investments, the project combines modern design, green spaces, and residential amenities at one of Miami Beach’s most prominent locations. The tower, which rises alongside the newly…

Miami’s New Billionaires Jeff Bezos, Ken Griffin Are Making Local Donations

Amazon founder Jeff Bezos and Citadel founder Ken Griffin have announced new charitable donations in Miami. Bezos announced he was moving to Miami a year ago. Griffin announced he was moving his company headquarters to Miami in 2022. The Miami-Dade County Homeless Trust announced last week it had received a $5 million donation from Jeff Bezos and Lauren Sánchez…

Brickell’s 645-Foot Miami River Tower Moving Closer To Completion

The 54-story Miami River apartment tower under construction in Brickell is moving closer to completion, new photos by Phillip Pessar show. The photos show that a decorative element is now being installed on the building’s parking garage. The building will include 632 rental apartments. Also now under construction is retail space, and a riverfront promenade open to the public.

North Miami Developer Files Application for 50-Story Tower at 1315 NE Miami Court

Optimum Property Management hopes to get approval for a high-rise tower in Miami-Dade County. Plans call for the demolition of a low-rise apartment complex built in 1960. In its place would rise a 50-story building comprising close to 560,000 square feet of new construction. There would be 378 studio to two-bedroom residences, with square footage ranging…

Terreno Sells Doral Industrial Property For $20.6 Million

Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, sold an industrial property located at 1401 NW 78th Avenue in Doral on November 21 for a sale price of approximately $20.6 million. The property consists of one industrial distribution building totaling 75,000 square feet on 2.8 acres, which is 100% leased to one…

Developers Announce The Standard Residences, Brickell, a 45-Story Tower at 690 SW 1st Avenue

Newgard Development Group and Two Roads Development, in collaboration with The Standard team, have officially announced The Standard Residences, Brickell, a new residential tower in Miami’s Financial District. Located at 690 Southwest 1st Avenue, this project is part of the One Brickell Riverfront mixed-use development featuring three high-rise towers. The Standard Residences…

Developers Secure Construction Loan for ‘Rivage Residences’ at 10245 Collins Avenue in Bal Harbour

The acquisition of a $424 million construction loan will make completing Rivage Residences in Miami-Dade County possible. Florida YIMBY first reported on this luxury high-rise in early 2023. The venture will comprise 56 condos (also called “sky villas”, according to the South Florida Business Journal) and measure 24 stories above grade. The homes will span about…

The St. Regis Residences, Miami, Now Under Construction at 1809 Brickell Avenue

The St. Regis Residences, Miami, a 50-story residential tower at 1809 Brickell Avenue on the Biscayne Bay waterfront in South Brickell, is now under construction. A groundbreaking ceremony for the development was held on the morning of November 21, featuring 152 bespoke residences—including penthouses, sky villas, and two stand-alone garden villas. The project offers…

Simon, Brookfield face tough road ahead for their South Florida zombie malls

The outlook for owners of two South Florida zombie malls to refinance maturing nine-figure loans next year is pretty grim. Even with recent interest rate cuts, Simon Property Group and Brookfield Asset Management face a tough road convincing commercial mortgage-backed security lenders that Miami International Mall in Doral and Pembroke Lakes Mall in Pembroke Pines…

Brickell condo board president ousted after passing $21M assessment

Unit owners at a two-tower condo on Brickell Avenue in Miami voted out their board president following a series of events that included the allegedly illegal passage of a $21 million special assessment. Some condo owners at 1060 Brickell flew in from out of the country to vote in person, after their board president, Jacob Kassell, eliminated electronic voting. On Saturday they…

Miami board shoots down Oak Row’s and Asi Cymbal’s projects

A Miami review board approved four projects, but shot down two others at its meeting this week. The Miami Urban Development Review Board didn’t take kindly to the designs of Oak Row Equities’ proposed downtown Miami apartment tower and to Asi Cymbal’s Live Local Act project in the Wynwood Norte neighborhood. The board approved CMC Group and Fort Partners…

Allen Morris Co. plans condo, office development in Coconut Grove

The Allen Morris Company is shifting its attention to Coconut Grove, where the development firm is planning a mixed-use office and condo project with a streetscape and park component. Coral Gables-based Allen Morris plans to move its headquarters to the development, The Real Deal has learned. The company, led by its namesake Chairman and CEO…

Longpoint’s industrial binge: $331M South Florida warehouse portfolio purchase from Blackstone

Longpoint Realty Partners continues to gorge on South Florida industrial properties, picking up a Blackstone warehouse portfolio for a combined $331.3 million. The purchase represents the largest industrial deal of this year. Affiliates of Boston-based Longpoint, led by Dwight Angellini, acquired 26 properties in Miami-Dade, Broward and Palm Beach Counties from affiliates…

Miami Live Local Act project planned on Model City Burger King site

A Burger King in Model City may soon be replaced with a Live Local Act workforce housing project after it traded for just below $4 million. An affiliate of Houston-based BCS Capital sold the 35,966-square-foot site for $3.65 million on November 25, according to a special warranty deed recording with Miami-Dade County. Including broker fees, the transaction totaled…

Developer Proposes to Build Tallest Building in Miami at 1010′

1414 Brickell LLC, under the leadership of Walter Defortuna, has filed a pre-application with Miami-Dade County to redevelop a mixed-use site that would include 81 stories. Should the plans materialize, the property on Brickell Avenue would become Miami’s largest tower — standing at 1,010 feet, according to a report from the South Florida Business Journal. The current setup…

Argentinian sports stars, including NBA legend Manu Ginobli, seek county deal for $337M Homestead project

A consortium of retired Argentinian sports stars, including NBA Hall of Famer and ex-soccer player Juan Sebastián Verón, wants to build a $337 million mixed-use project on county-owned land in Homestead. A majority of Miami-Dade County commissioners last week authorized Mayor Daniella Levine Cava to negotiate a possible 99-year lease agreement with Ponte Vedra…

Adam Neumann’s Flow, Israeli firm Canada Global buy Aventura Corporate Center for $116M

Adam Neumann’s Flow and an Israeli real estate firm bought the Aventura Corporate Center for $116.2 million. Flow and Canada Global bought the three-building office complex at 20801, 20803 and 20807 Biscayne Boulevard in Aventura, according to Canada Global’s filing to the Tel Aviv Stock Exchange last week. Neumann contributed about $36 million…

IMC Equity bags Miami shopping center for $62M –– 33% less than sale price over a decade ago

IMC Equity Group bagged a retail center in Miami for $62 million, marking a 32.6 percent discount off its purchase price over a decade ago. The North Miami-based firm bought Miracle Marketplace at 3301 Coral Way from an affiliate of Chicago-based Heitman, according to IMC Equity Chief Investment Officer Carlos Segrera. The buyer borrowed $42.5 million from Ocean Bank.

Electra, BH land $125M pre-dev loan for $1B Southplace City Center in Cutler Bay

Electra America and BH Group are gearing up for the first phase of a $1 billion mixed-use project in Cutler Bay after landing a $125 million predevelopment loan, The Real Deal has learned. New York-based Tyko Capital provided the financing for the joint venture’s planned Southplace City Center at 20505 South Dixie Highway, confirmed Joe Lubeck, CEO of Tampa…

The Majestic Hotel South Beach listed for $35 million (Photos)

The Majestic Hotel South Beach, an 83-year-old Art Deco-style hotel in Miami Beach, was listed for $35 million. The boutique accommodation at 660 Ocean Drive was listed Nov. 20 by Susan Gale of Miami Beach-based Gale Group International, an affiliate of Coconut Grove-based One Sotheby’s International Realty. Trending: University of Miami buys shopping…

Clearline Secures $95M for Miami Tower

Clearline Real Estate is getting $94.5 million in funding to support the development of a multifamily tower called Excel Miami Apartments. Centennial Bank is providing a $68.5 million loan to support the construction. The subordinate loan worth $26 million total, is being issued by Sunrise Realty Trust, Inc. and an unnamed affiliated entity. They are committing $13 million…

Citigroup Center scores five new tenants, soccer apparel store plans first US outpost in Miami Beach

Citigroup Center in downtown Miami scored five new tenants. Wealth management firm Boreal Capital Management leased 12,500 square feet at the 34-story tower at 201 South Biscayne Boulevard, where it will move in 2026 from its office in Brickell, according to the landlords’ news release. Boreal now is at 1450 Brickell Avenue in Miami, the firm’s website shows.

South Florida’s Retail Sector Sees Slowdown in Leases for Q3

South Florida is seeing a slowdown in retail leasing activity, as available space becomes more scarce in the region. The news comes from Matthews Real Estate Investment Services’ third-quarter market report, which analyzed the performances of Miami, Palm Beach, and Fort Lauderdale. Most notably, leasing is down significantly in Miami and Palm Beach, with 2.5 million and 1.6…

Inter Miami opens store at Miami International Airport, UBS moving Coral Gables office

The Inter Miami Major League Soccer team opened a retail store at Miami International Airport. Inter Miami leased nearly 200 square feet between gates D27 and D28, according to a Miami-Dade County news release and a spokesperson for the Miami-Dade Aviation Department. The landlord is the county’s aviation department. The store offers Inter Miami apparel…

Closings begin at Martin and Galbut’s $1B Five Park tower, tallest in Miami Beach

Developers Russell Galbut and David Martin completed the tallest building in Miami Beach, a 48-story condo tower called Five Park. Galbut’s family office, Miami-based GFO Investments, and Martin’s Coconut Grove-based Terra secured a temporary certificate of occupancy and began recording condo closings at the project at 500 Alton Road, records show.

Shoma’s Stephanie Shojaee newest cast member of the “Real Housewives of Miami”

Bravo’s Andy Cohen introduced the newest cast member to join “Real Housewives of Miami:” developer Stephanie Shojaee, president of Shoma Group. Shojaee, who is married to Masoud Shojaee, co-founder of Coral Gables-based Shoma, joined the reality TV show after Dr. Nicole Martin announced she would not be returning this upcoming season. Shojaee has teased the news…

The Easton Group’s Next Generation Taking 50-Year-Old Family Business In New Direction

Almost every Sunday after church, Ed Easton and his seven siblings would pile into the family Buick, cruising Pittsburgh’s horizons past rolling farmland. Their father, Samuel M. Easton, a lumberman with an eye for opportunity, would talk business as they drove, plotting how to turn his profits into new lots across the city. Ed Easton took those lessons with him when he moved…

Under fire, Miami-Dade incinerator site choice put off to February

Newly-elected county commission Chairman Anthony Rodriguez had his feet held to the proverbial fire Tuesday as commissioners once more dove into where to build Miami-Dade’s new waste-to-energy plant to replace the one real fire destroyed some 661 days ago. And, for the most part, Chairman Rodriguez emerged unscathed, or at the least, no worse than outgoing chairman…

Design and Site Plan To Be Reviewed for 120,000-Square-Foot Retail and Recreational Development at Oakwood Plaza in Hollywood

Oakwood Plaza LP, an affiliate of New Hyde Park, New York-based Kimco, has filed plans for a new two-story retail and commercial building at 2800 Oakwood Boulevard within the Oakwood Activity Center in Hollywood, Florida. The proposed development, spanning 120,000 square feet, will include an outdoor recreational track, associated parking, and pedestrian-friendly…

Multifamily deals heat up: Blackstone sells 349-unit Miramar rental complex for $121M

Blackstone sold a 349-unit apartment complex in Miramar for $121.3 million, a sign that multifamily deals are heating up. Greensboro, North Carolina-based Bell Partners, through its value-add fund VIII, bought the garden-style community at 11338 Southwest 45th Place, paying $347,564 per unit, according to records and real estate database Vizzda. The buyer borrowed a $73.6M…

Naftali launches Viceroy-branded Fort Lauderdale condo project

Naftali Group is launching sales for a Viceroy-branded luxury condo tower in Fort Lauderdale, nearly a year after a neighboring hotel owner sued to stop the project. Naftali, led by Chairman and CEO Miki Naftali, is launching Viceroy Residences Fort Lauderdale with Douglas Elliman leading sales, according to a press release. The 45-story tower will have 370 units on…

Integra to launch sales of 14-story, 76-unit waterfront condo project in Fort Lauderdale

Integra Investments will launch condo sales at the start of the new year for Ocean Park Residences, a 14-story, 76-unit waterfront building planned for the northern end of Fort Lauderdale’s beach area. Miami-based Integra had won city approval in June 2022 to build an 11-story, 54-unit condominium and a 12-story, 100-room hotel on the development site at 2851 and 2901 NE…

World’s First Pickleball Stadium Nears Completion in Fort Lauderdale, Secures $7M Construction Loan

Fort Lauderdale is set to welcome The Fort, the world’s first dedicated pickleball stadium and entertainment complex, nearing completion at 891 SW 34th Street in Snyder Park. Spanning 10 acres, this innovative facility blends sports and leisure, featuring state-of-the-art amenities designed to elevate the pickleball experience in South Florida….

Plans Unveiled for Bungalow East, a 14-Story Condo at 530 North Birch Road in Fort Lauderdale Beach

Merrimac Ventures has unveiled plans for Bungalow East, a 14-story condominium at 530 North Birch Road in Fort Lauderdale Beach. The boutique development will feature 34 residences, with construction expected to begin in late 2025 and a completion timeline of 18 months.Merrimac Ventures Unveils Plans for Bungalow East, a 14-Story Condo at 530 North Birch Road…

Whitfield Hotel Redesign Adds Condos and Increases Height at 1007 East Las Olas Boulevard in Fort Lauderdale

The Whitfield Hotel, located at 1007 East Las Olas Boulevard in Fort Lauderdale, is undergoing a significant redesign to add luxury condominiums and increase its height. Initially approved as a 10-story development with 140 hotel rooms, the updated plans call for a 12-story building that will reduce the number of hotel rooms to 81 and incorporate 17 upscale condos.

Hall of Fame Partners Obtains Financing for Phase I of $200M Aquatics Complex Redevelopment in Fort Lauderdale

Hall of Fame Partners has obtained a $54 million credit-tenant lease loan for the construction and permanent financing of Phase I of the International Swimming Hall of Fame (ISHOF) complex. ISHOF is the planned $200 million redevelopment of the Ft. Lauderdale Aquatics facility, which was originally built in Fort Lauderdale in 1965. Phase I of the ISHOF complex…

‘Cross Creek Apartments’ Could Occupy Former Motel Site at 1201 NW 31st Avenue in Pompano Beach

The Related Group hopes to move forward with an affordable housing complex in Broward County. Plans involve purchasing a now-shuttered Motel 6 that occupies a 5.2-acre site. A community known as “Cross Creek Apartments” would replace the hotel, offering 467 residences. The South Florida Business Journal indicates that 327 homes would be affordable housing…

AMAC and ROVR Propose 302-Unit Complex for 3151 to 3251 N. Federal Highway in Pompano Beach

In September 2022, Florida YIMBY reported on Sentosa, a proposed 285-unit apartment complex in Pompano Beach. Now, we have an update: two developers hope to expand the number of units under the Live Local Act. In June, AMAC and ROVR purchased Sentosa’s undeveloped 6.2-acre site from Falcone Group for $13.5 million. The South Florida Business Journal notes…

General Contractor Appointed for Glass House Boca Raton at 280 E Palmetto Park Road

Developer 280 E Palmetto Park Road, LLC has selected KAST Construction as the general contractor for Glass House Boca Raton, a nine-story luxury condominium development in downtown Boca Raton. Located at 280 E Palmetto Park Road, the project will feature 28 residences and rooftop amenities on the 10th floor, with completion anticipated in the first quarter of 2027….

The Nora Hotel Breaks Ground at 1021 North Railroad Avenue in West Palm Beach’s Nora District

Construction has officially begun on The Nora Hotel, a 201-key boutique hotel set to anchor the transformative Nora District in West Palm Beach. Developed by BD Hotels in partnership with Wheelock Street Capital, Sean MacPherson, NDT Development, and Place Projects, the project marks BD Hotels’ first new construction outside of New York City.

‘Berkeley Palm Beach’ to Offer 193 Luxury Condos at 601 and 621 Clearwater Park Road in West Palm Beach

Berkeley Palm Beach, a luxury residential building, is slated to break ground in the second week of December. The 25-story condo will offer 193 units, with layout plans ranging from two-bedroom to four-bedroom models. Twenty units have already been pre-sold. Al Adelson and Sympatico Real Estate are the developers. According to the venture’s website…

Details Revealed for Shorecrest at 1901 North Flagler Drive in West Palm Beach

Developer Related Ross recently unveiled renderings for Shorecrest, a residential development in West Palm Beach. Designed by Roger Ferris + Partners, the redesigned construction at 1901 North Flagler Drive features a curvilinear façade with floor-to-ceiling glass and panoramic views of the waterfront. Interiors and amenities are designed by Rottet Studio…

Is Fort Partners planning a West Palm project? Firm pays $20M for aging waterfront apartment complex

Luxury developer Fort Partners bought an aging bayfront apartment complex in West Palm Beach for $20 million. The deal could signal that the firm, which owns all of South Florida’s Four Seasons-branded hotels and condominiums, will join a growing number of developers seizing on West Palm’s waterfront with high-end developments. Fort Lauderdale-based Fort Partners…

On hallowed ground: Pulte plans 42-unit Wellington luxury community on 23-acre church site

National homebuilder PulteGroup is planning a 42-unit luxury single-family home community in Wellington. The developer’s luxury division, DiVosta, just bought the 22.5-acre site from the Catholic Church for $11.7 million, a spokesperson confirmed. The land is an unused portion of the 39 acres the church owns at its St. Therese De Lisieux Church at 11800 Lake Worth…

National CBD Office Vacancy Rates

As the office sector continues to work through its period of distress, one positive development in the third quarter was that the national vacancy rate ticked down ever so slightly by 10-bps to 20.0%. Despite this, we should not necessarily expect it to monotonically increase going forward with our baseline forecast predicting a peak in late 2025/early 2026. The path ahead will be…

Q3 2024 Housing Affordability Update

Housing Affordability and Emerging Affordability Concerns in Student Housing Key Takeaways The national median household income rose 3.6% over the year, easing the Rent-to-income (RTI) ratio which declined to 26.7%, providing relief for rent-burdened metros.Population growth in the South, driven by migration from expensive cities, is changing demographics…

Office Loan Maturity Monitor: Is 8% Debt Yield Enough?

Highlights: $1.75 billion CMBS office loans reached fully extended maturity in October, the third month in a row with over one billion reaching maturity69% of the loans maturing in October paid off, a significant improvement over September’s 7.2%While most loans with high debt yield and limited lease rollover pay off, loans with low debt yield regardless of lease rollover struggle…

Video: Placer.ai Director of Research Caroline Wu Discusses Whether Malls are Making a Comeback

In the latest episode of America’s Commercial Real Estate Show, the show host explored the evolving landscape of malls and retail, addressing common misconceptions about the state of these commercial spaces. Featuring Caroline Wu, Director of Research at Placer.ai, the discussion illuminated trends, innovations, and opportunities driving a resurgence in mall traffic.

Scheduled Apartment Supply Peaks by Market

We on the data provision side of things talk (and hear) a lot about the national supply peak, but the local figures are what really matters for those on the practitioner’s side of the business. That isn’t to discount the national narrative, but ultimately what’s happening in your city is going to tell you more about the near-term than the nation at large. Macro and micro go hand in hand…

Americans are moving back to cities. Here’s why.

The pandemic had a major impact on migration, hitting gateway metros the hardest. After several years, migration trends have normalized, with current urban-to-suburban patterns largely in line with pre-pandemic numbers. Economic, lifestyle and environmental issues influence migration patterns across the United States. While major metros have seen a return to urban living…

Four challenges facing Commercial Real Estate lenders

Commercial Property Lenders need to get creative to succeed in the current market The landscape of commercial real estate (CRE) lending has changed steadily over the last decades, but the changes brought about by the pandemic and its affects are leaving lenders reckoning with a whole host of unprecedented issues. Offices remain empty, transaction activity has all…

Meruelo family, David Martin propose big plans for Deauville Miami Beach site

The Meruelo family and David Martin are proposing land use changes that would allow them to build a larger project on the former site of the Deauville Beach Resort in Miami Beach. Recent legislative changes would allow a floor area ratio, or overall project size, of 5.5. The 3.8-acre Deauville site at 6701 Collins Avenue currently has an FAR of 3.0 to 3.15. The Miami Beach Planning…

Floyd Mayweather Jr. buying stake in former Versace Mansion in Miami Beach

Floyd Mayweather Jr. is making more moves in Miami Beach. The retired boxer turned real estate investor is partnering with the Nakash family and Eli Gindi to acquire a large stake in the former Versace Mansion, now known as Villa Casa Casuarina, The Real Deal has learned. Mayweather is taking the majority of Gindi’s interest in the iconic property at 1116 Ocean Drive for…

Report: Developer In Talks To Buy 1001 and 1111 Brickell Bay Drive for Around $500m

A developer is in talks to buy a waterfront property in Brickell, according to Commercial Observer. Oak Row Equities has signed a Letter of Intent and placed a refundable deposit on the properties at 1001 and 1111 Brickell Bay Drive. Aimco currently owns the properties. The negotiations are for a purchase price of around $500m. Two towers are currently on the property…

Sky-High Prices Forcing South Florida’s Industrial Developers To Look Elsewhere

South Florida’s industrial market has gotten so hot coming out of the pandemic that developers are eyeing a Plan B. While developers say the region is still attractive with the influx of new residents and its business-friendly environment, developers are beginning to look elsewhere due to Miami’s soaring prices and the dwindling supply of land. “For us, we’ve had to sort…”

New Renderings Released Of 45-Story Standard Residences, Under Construction

New renderings and details have been released for the Standard Residences in Brickell. According to a fact sheet on the developer’s website, the tower is currently under construction, with completion planned in 2027. A total of 422 units are planned, finished with porcelain floors. Unit sizes range from 432-square-foot studios to 963-square-foot two-bedroom residences…

So nice, they tried it twice: Standard International plans second branded condo tower in Miami

Standard International plans to brand a second condo tower in Miami, this time with developers Harvey Hernandez and Two Roads Development, The Real Deal has learned. Hernandez’s Newgard Development Group recently brought on Two Roads as a partner for the three-tower One Brickell Riverfront project along the Miami River. Standard, a hotel group that was…

Groundbreaking Ceremony For 50-Story Brickell Tower St. Regis Residences

A groundbreaking ceremony took place this morning for the 50-story St. Regis Residences. Developers Related Group and Integra Investments recently closed on $527 million in financing to build the luxury tower. “The groundbreaking for The St. Regis Residences, Miami marks a pivotal step in bringing an unparalleled luxury experience to one of South Florida’s…

Developers Secure $424M Financing To Build Bal Harbour Condo Tower

A construction loan has been obtained for a 24-story Bal Harbour condo tower. Rivage Residences Bal Harbour broke ground in September. Developers Related Group, Rockpoint and Two Roads Development announced today that they have secured a $424 million construction loan from TYKO Capital. Just 56 condos are planned, with units ranging from 3,300…

Related, partners score $424M construction loan for oceanfront Bal Harbour condo tower

Related Group, Rockpoint and Two Roads Development secured a massive construction loan for Rivage Residences, a planned luxury oceanfront condo project in Bal Harbour. The developers closed on a $424 million loan from Adi Chugh’s Tyko Capital, according to a press release. Construction began in September, and the developers plan to complete the 24-story…

Miami Beach investor Fred Karlton and partner won nearly $9M foreclosure judgment for Miami office building

Miami Beach investor Fred Karlton and his partner, Beneficial Funding Corp., secured an $8.7 million foreclosure judgment against the owner of an office building near Coconut Grove. An auction to sell the 12-story tower at 3150 Southwest 38th Avenue is set for Dec. 9, court records and real estate database Vizzda show. On Oct. 24, after a non-jury trial, Miami-Dade…

Developers Say Miamians Will Have To Get Used To Smaller Apartments

Miami is living large in shrinking units. Between 2013 and 2022, the average new Miami apartment was 912 SF, about 3% bigger than the national average. But South Floridians used to spacious units are going to have to learn to think smaller. “The same people that are willing to pay whatever they were paying for rent for an 800 SF, one-bed [apartment] are now going to have…”

Miami World Tower Now Complete, First Residents Moving In

Get ready for hundreds more residents at Miami Worldcenter. The 52-story Miami World Tower is now open, and the first new residents are moving in. It took about three years of construction to complete the tower. There are 556 apartments in the building, with some available for move in tomorrow and others available in June. Prices range from $2,755 to $5,485…

Two Roads joins Harvey Hernandez on three-tower Miami River project

Two Roads Development is partnering with Harvey Hernandez’s firm on his planned One Brickell Riverfront project along the Miami River, The Real Deal has learned. The two developers are now 50-50 partners on the three-tower project, said Two Roads’ Taylor Collins and Hernandez, founder and CEO of Miami-based Newgard Development Group. Construction recently…

Terreno Realty Corporation Announces Development Completion In Hialeah

Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it has completed the development and stabilization of Countyline Corporate Park Phase IV Building 31 in Hialeah, Florida effective November 21, 2024. Building 31 is 100% leased to one tenant. Building 31 of Terreno…

Miami’s UDRB to Consider ‘the Cymbal DLT Midtown’ Project for 3466 N Miami Avenue

Miami-based Cymbal DLT has proposed a high-rise tower under the Live Local Act in Miami. The project, which our sources call “the Cymbal DLT Midtown”, would require more than 850,000 square feet of new construction. It would rise 36 stories and feature 598 apartments, with about 240 reserved for those earning 120 percent of the area median income (AMI).

Board Denies Extension For Graffiti-Covered 19-Story Downtown Miami Building

Miami’s Code Enforcement Board voted to deny an extension for a 19-story building in downtown Miami to clean up graffiti, according to NBC 6. The building is slated for demolition, to make way for a supertall tower called One Bayfront Plaza. Interior demolition on the old building began in May 2023. In early December 2023, the building was painted over in graffiti. A total…

Adam Neumann’s Flow Pays $116M For Miami Office Building, 500-Unit Development Site

Adam Neumann is back in the spotlight, with the WeWork co-founder’s real estate firm partnering to buy a Miami office building on an expansive site zoned for two residential towers. Flow and Israeli investment firm Canada Global acquired the Aventura Corporate Center for $116.2M, according to Tel Aviv Stock Exchange filings reported by the South Florida Business…

Israeli co Canada Global buys Aventura real estate for $116m

Israeli income producing real estate company Canada Global (TASE: CNGL), controlled by Israel Canada (TASE: ISCN) controlling shareholders Asaf Touchmair and Barak Rosen (60%) notified the Tel Aviv Stock Exchange (TASE) this morning that it has bought an office complex in Miami for $116 million. Canada Global’s investors include WeWork founder Adam Neumann…

Demolition Of Former INS Building Underway: Here’s What Will Replace It

The former INS Building at 79th Street and Biscayne is now being demolished. It will be replaced with an apartment complex, according to plans submitted to the City of Miami. Records show that a total demolition permit has already been issued by Miami’s Building Department. The owner of the property told the SFBJ that demolition is underway, and should be complete…

Plan for vast new Miami airport on runway

A flight path is being cleared to build a major new airport in Miami-Dade County to handle mushrooming demand. A commission committee last week recommended ordering Mayor Daniella Levine Cava to detail within 90 days how to go about creating a vital airport to handle cargo, commercial passengers and general aviation. “It’s honestly just about forward thinking…

Five new offices cost Miami-Dade $30 million

Nearly $40 million in federal funding is geared to breathe new life into Overtown, transforming distressed housing, sparking fresh investments and creating a vibrant, connected future for one of Miami’s most historic neighborhoods. Today (11/21), the Miami City Commission is poised to accept a $39,968,424 grant from the US Department of Housing and Urban…

Lights, Camera, Incentives! County funding big film productions

Miami-Dade is set to be the backdrop to upcoming film and video productions as incentives lure more projects into the community. Last December, said Marco Giron, chief of film and entertainment at the Miami-Dade County Office of Film and Entertainment, “the board of county commissioners passed a resolution to incentivize production with the creation of the High Impact…

Clearline Obtains $95M in Construction Financing for Excel Miami Multifamily Development

Clearline Real Estate, a multifamily development firm with offices in New York City and Miami, has obtained $95 million in financing for the construction of Excel Miami, a 24-story apartment tower. Clearline is developing the 427-unit apartment community at 1550 N.E. Miami Place in the city’s Arts & Entertainment District. The financing includes a $68.5 million senior loan…

Jenny Bernell lands $95M in construction financing for 427-unit rental tower in Miami’s A&E District, amid record multifamily pipeline

Jenny Bernell’s Clearline Real Estate landed a $94.5 million construction financing package to build an apartment project in Miami’s Arts & Entertainment District, as South Florida experiences a record multifamily pipeline. Clearline, based in Miami and New York, plans the 24-story Excel Miami Apartments with 427 units at 1550 Northeast Miami Place. The project will consist…

Miami Tower Secures $95M Construction Financing

Clearline Real Estate has secured construction financing for the Excel Miami Apartments, a 24-story multifamily tower in downtown Miami. Centennial Bank provided a $68.5 million senior construction loan on behalf of the project while Sunrise Realty Trust has committed $13 million to a $26 million subordinate loan. “We’re excited to partner with Clearline…”

$94.5M Construction Loan Secured for 24-Story Multifamily Tower ‘Excel Miami’ in Miami’s Arts & Entertainment District

Construction is progressing at Excel Miami, a 24-story multifamily tower rising at 1550 Northeast Miami Place in Miami’s Arts & Entertainment District. The project has secured $94.5 million in construction financing, comprising a $68.5 million senior loan from Centennial Bank, facilitated by Jay Brito, and a $26 million subordinate loan originated and agented…

Miami’s UDRB to Review Plans for ‘Rosee Wynwood’, Located at 3223 NW 5th Ave

Miami’s Urban Development Review Board will consider plans regarding Rosee Wynwood on November 20th. The preconstruction venture will measure six stories above grade and offer 140 units, with square footage ranging from 430 to 1,342 square feet. Miami Condo Investments shares that residences come with nine-foot-high ceilings, Euro-style appliances…

Blackstone South Florida Industrial Portfolio Trades for $331M

Late last year, Longpoint acquired another 1.4 million-square-foot portfolio in South Florida. The deal included a 96,175-square-foot facility in Davie, Fla. Image courtesy of CBRE Longpoint Partners has acquired a 26-building, 1.4 million-square-foot industrial portfolio in South Florida for $331.3 million. Blackstone sold the assets, according to the Commercial Observer.

‘Atelier Residences Miami’ Planned for 2025 Groundbreaking at 1265 SW 22nd Street in Miami

BLDG Ventures has plans for a high-rise condo in Miami-Dade County. Atelier Residences Miami is set to measure 10 stories above grade, offering 148 units. The Real Deal reports that residences would span studio to three-bedroom layouts, with square footage measuring 360 to 1,500 square feet. The fully furnished luxury homes currently start in the mid-$400,000s. Our sources…

Estate scores $110M refi for North Miami Beach apartment tower, as financing continues to flow

Estate Companies landed a $110 million refinancing for its completed North Miami Beach apartment tower. Los Angeles-based Ares Management provided the refinancing for the 23-story Soleste NoMi Beach tower at 16395 Biscayne Boulevard, according to a news release from Estate’s broker. The loan has a floating interest rate. Brian Gaswirth and Paul Adams…

Billionaire Ken Griffin linked to Miami condo buyout next to his planned supertall

Billionaire hedge fund manager Ken Griffin may be tied to a condo takeover attempt in Miami’s Brickell, next to where the Citadel founder plans a bayfront supertall. Nearly half the units at Solaris at Brickell Bay, a 22-story, 141-unit condo tower at 186 Southeast 12th Terrace, have sold in the past two years to similarly named Delaware LLCs with the same manager, the Wall Street…

Buying spree for grocery-anchored shopping centers propels South Florida’s retail market in third quarter

South Florida’s retail market is in the midst of a buying spree for grocery-anchored shopping centers, buoyed by low single-digit vacancy rates and healthy asking rents. Deal volume for grocery-anchored shopping centers in the tri-county region hit $1.7 billion during the 12 months that ended Sept. 30, according to a third quarter Colliers report. The deal flow was fueled by…

43-Story Downtown Miami Tower Celebrates Top Off

The first of two towers at Namdar Towers has topped off, according to architect Behar Font & Partners. Namdar Towers will include two 43-story towers upon completion. There will be a combined 1,394 residential units and 7,984 square feet of commercial space between the two high rise buildings. Construction on the first tower began around April 2023. The first tower will have…

Excel Miami Gets $95M Loan, With Construction Underway

The developers of Excel Miami have secured construction financing. The 24-story apartment tower is already under construction just north of downtown Miami and Miami Worldcenter. It will include 427 apartments, with studio, one-bedroom, two-bedroom and 13 townhouse loft units. A total of 214,183 rentable square feet is being built. The building’s amenity floor…

Dalfen Signs HVAC Company to 96,000 SF Industrial Lease at Midpoint Miami Logistics Center in Hialeah

Dalfen Industrial has signed Cooper & Hunter, a leading HVAC equipment company, to a 96,000-square-foot lease at Midpoint Miami Logistics Center in Hialeah. Wayne Ramoski, Skylar Stein and Ivana Leitner Perez of Cushman & Wakefield represented Dalfen Industrial in the lease transaction, while Cook Commercial Realty represented Cooper & Hunter…

Plans Unveiled For 598-Unit ‘Wave Pattern’ Tower Across From Midtown Miami

Plans have been filed for a 35-story tower across from Midtown Miami. The design of the tower will use vertical frames in a wave pattern to add visual interest, according to an architectural narrative submitted with the filing. The development is being proposed under Florida’s Live Local Act. Exactly 40% of units will be income restricted (and they will be studio units).

‘Striking’ 45-Story Tower Across From MiamiCentral Submitted To UDRB

The developers planning downtown Miami’s First and Fifth tower have submitted plans to Miami’s Urban Development Review Board. Plans call for a complete restoration of the remaining portion of the historic Salvation Army Citadel building, while a later addition would be demolished. According to an architectural narrative submitted by the architect, the “striking” new…

140 Units Proposed In Wynwood Norte, With Design By Belgian Architect

Plans have been submitted to the Urban Development Review Board for a 6-story residential development in Wynwood Norte. The development is planned to include: 140 residential units 10,456 square feet of retail, including 6,771 square feet of micro-retail 207 parking spaces Parking spaces are planned in a basement level, and on two above ground levels lined…

Ecuadorian ex-official’s son pleads guilty in connection to Odebrecht money laundering scheme involving Miami real estate

The son of a former Ecuadorian government official pleaded guilty in connection to an alleged $16.5 million international bribery scheme that funneled funds into Miami-Dade County condos, an office building and other assets. John Christopher Polit diverted bribe money that his father, Carlos Ramon Polit Faggioni, had obtained while serving as Ecuador’s comptroller general.

Developers To Partner On 3 Towers At ‘Iconic’ One Brickell Riverfront

New details have been revealed for the “iconic” One Brickell Riverfront, which is already partially under construction. Newgard Development Group said in a press release that Two Roads Development has joined as a partner on the development. The developers are working on a master-planned project with three towers. The first 44-story tower, known as Lofty Brickell…

Construction Commences on The Residences at 1428 Brickell, Miami’s First Solar-Powered Residential High-Rise

Miami-based Ytech has officially broken ground on The Residences at 1428 Brickell, a 70-story, 195-unit residential tower designed by ACPV Architects and Arquitectonica. Set to become a prominent feature of the Miami skyline, it will be the world’s first high-rise partially powered by solar energy. The building integrates photovoltaic glazing into its façade, bringing a new level…

Interior Renderings Unveiled for The Residences at Mandarin Oriental in Miami

Renderings were recently released of the interiors of The Residences at Mandarin Oriental, Miami. The much-anticipated two-tower development by Swire Properties is being built on the southernmost tip of Brickell Key with panoramic views of Biscayne Bay and Miami cityscape. The two towers, designed by Kohn Pedersen Fox, will be connected by a landscaped podium…

Judge approves $18M sale of Location Ventures’ Miami Beach dev site

The $17.5 million sale of a former Location Ventures development site in Miami Beach is moving ahead, but prospective condo buyers won’t be happy. Proceeds from the sale will pay off a lender with a pending foreclosure complaint, but more than 30 investors under contract to buy co-living condo units in the abandoned project will collectively lose more than $10 million in deposits.

SEC agrees to settle fraud lawsuit against Rishi Kapoor

The U.S. Securities and Exchange Commission is calling a truce in its civil case against disgraced developer Rishi Kapoor. In a motion filed by SEC lawyers in Miami federal court on Wednesday, Kapoor, the ex-founder of defunct Coral Gables-based Location Ventures, is settling the pending lawsuit without admitting or denying the allegations against him. The proposed judgment…

Lease roundup: Consultancy moving HQ from Las Vegas to Miami, Northbridge Centre now 95% leased

A consulting firm specializing in helping clients obtain low-interest financing will move its headquarters to River Landing Shops & Residences. Boge Group leased 14,300 square feet at the Offices at River Landing and will move in the fourth quarter of next year, according to a River Landing news release. Boge, led by CEO Andrew Imbesi, is now based in Las Vegas.

City Officials to Review Plans for 120-Unit ‘Hillcrest Apartments’ at 1101 Hillcrest Drive in Hollywood

Hollywood’s Technical Advisory Committee intends to review plans for an income-restricted housing development next week. The proposed Hillcrest Apartments would measure eight stories above grade and comprise 120 apartments. The one-bedroom to three-bedroom units would span about 670 to 1,420 square feet. There would be 148 parking spots…

Tobin proposes 120-unit apartment building in Hollywood, amid record multifamily construction pipeline

Real estate firm Tobin wants to build a 120-unit apartment project in Hollywood, as South Florida experiences a record multifamily construction pipeline. Hollywood-based Tobin proposes an eight-story building on the 2-acre site at 1101 Hillcrest Drive, according to an application filed to the city. The project, called Hillcrest Apartments, will offer one- to three-bedroom…

Developers Secure Construction Loan for ‘the Residences at Shell Bay’ at 501 Diplomat Pkwy in Hallandale Beach

Two developers have secured a multi-million-dollar construction loan for the Residences at Shell Bay, a luxury venture in Hallandale Beach. The South Florida Business Journal reports that the project will have both a residential and commercial aspect, with plans calling for a 20-story, 108-unit condominium, along with a 60-key Auberge resort hotel. At the time…

Witkoff, Ari Pearl land $273M construction loan for Shell Bay in Hallandale Beach

Witkoff Group and Ari Pearl’s PPG Development scored a $273 million construction loan for Shell Bay, a mixed-use luxury condo and hotel project in Hallandale Beach. J.P. Morgan and BDT & MSD Partners are providing the financing for the 150-acre property anchored at 501 Diplomat Parkway, according to a press release. Shell Bay calls for an Auberge-branded condo…

South Florida retail king Ranaan Katz picks up Miramar shopping center for $42M

An investors’ buying spree for South Florida shopping centers wouldn’t be complete without retail king Ranaan Katz getting in on the action. An affiliate of Katz’s Sunny Isles Beach-based RK Centers paid $42.3 million for Fountains of Miramar, a two-building complex at 2905-3161 Southwest 160th Avenue, records and real estate database Vizzda show.

Lincoln Property Lands $68M Refi in Plantation

Royal Palm I and II came online between 2001 and 2007. Image courtesy of JLL Capital Markets Lincoln Property Co. has received $68.2 million in refinancing for Royal Palm I and II, two Class A office buildings totaling 465,592 square feet in Plantation, Fla. Barclays provided the fixed-rate loan, in a deal arranged by JLL Capital Markets. Lincoln Property purchased…

The Armani Group Partners with South Florida Developers for Armani/Casa Residences Pompano Beach

Armani/Casa Residences Pompano Beach, a two-tower luxury condominium project, is coming to 1550 North Ocean Boulevard in Pompano Beach. Developed by SP Developments, Vertical Developments, WellDuo, and GCF Development, the project will introduce 28 exclusive oceanfront residences, each occupying an entire floor across 19 stories. Sales are being led…

Branded boom carries on: Two-tower Armani/Casa condo project planned in Pompano Beach

A group of developers plans to build Armani/Casa Residences Pompano Beach, marking the second South Florida condo project for the luxury Italian furnishings company amid a sea of branded developments in the region. The development team, led by Vertical Developments, WellDuo, GCF Development and SP Developments, will soon launch sales of the twin 19-story…

BH, Related land W brand for Pompano Beach condo-hotel project

BH Group and Related Group are bringing the W Hotels brand to Pompano Beach, securing a deal with Marriott for the joint venture’s 24-story waterfront project. The frequent development partners signed a licensing agreement with Marriott for the W Hotels brand to adorn a 373-unit condo-hotel being developed at 1 North Ocean Boulevard, a press release states. Marriott owns…

“It’s a canvas”: Kenneth Himmel digs into Related Ross’ West Palm Beach bet

Most South Florida octogenarians plan to wind down in the region long known as a playground for retirees. Not Steve Ross. The 84-year-old Ross, who founded Related Companies 52 years ago, carved out its Southeast U.S. division this summer into Related Ross, which Ross leads as chairman and CEO. The firm’s primary focus: West Palm Beach, where Related Ross is the biggest…

Chetrit avoids foreclosure of Hollywood, Pompano Beach projects

Joe and Jacob Chetrit refinanced their massive Hollywood Beach and Pompano Beach projects, staving off a foreclosure attempt by Madison Realty Capital. Madison had launched a non-judicial foreclosure against the Chetrits’ stake in the two South Florida developments earlier this year, but the real estate heavyweights recently came to terms on a deal.

Vertical Construction Underway at South Flagler House in West Palm Beach

Vertical construction has officially begun at South Flagler House, a luxury residential development located at 1355 South Flagler Drive in West Palm Beach. The project, developed by Related Ross, marks the firm’s first luxury condominium venture in Florida. Comprising two 28-story towers—The Park Tower and The Lake Tower—South Flagler House will feature 108 two…

Related Ross launches redesigned Shorecrest condo project in West Palm Beach

The condos are planned for the current waterfront site of the synagogue at 1901 North Flagler Drive. The original design included 21,500 square feet for a house of worship and a daycare, but temple leaders “came to the realization it would be preferable to have their own standalone curb appeal and their own standalone operation,” said Bryan Cho, executive vice president…

The Investor Perspective on Surging Insurance Premiums 

A lively end to hurricane season has many wondering about the broader insurance market implications of extreme storms. We have covered the challenges in the insurance industry in great detail, including tracking premium increases, examining potential solutions and discussing the likely impact of Hurricane Milton on the insurance landscape.  Today, we’ll share highlights…

Using a rent roll in multifamily real estate

Whether you’re evaluating a potential investment property, looking to get a loan or refinancing an existing one, there’s a key document that informs those decisions: a rent roll. A rent roll provides a record of a multifamily property’s occupancy and the rental income it can generate. That information can help multifamily investors evaluate how much cash flow a property will produce…

Video: BGO Chief Economist Ryan Severino Discusses Potential Impact of Trump Presidency on Economy and Real Estate

On a recent episode of America’s Commercial Real Estate Show, the host sat down with Ryan Severino, Chief Economist at BGO, for an in-depth discussion about the state of the economy, commercial real estate, and the potential impact of the Trump presidency. The conversation navigated through economic optimism, sector-specific challenges, and strategies for navigating…

Commercial real estate equity waterfalls, explained

A commercial real estate equity waterfall is a useful method for describing how investors will share proceeds from an investment. When one investor actively manages a project on a group’s behalf, a waterfall can help keep incentives aligned by adjusting distributions based on investment performance. What is a waterfall in real estate? A waterfall model outlines how cash flow…

Geopolitics and international technology trade

The FRED Blog has described how the value of technology exports from the United States to the rest of the world has steadily declined. This post adds geopolitical characteristics to the discussion. The FRED graph above uses Bureau of Economic Analysis data to track the inflation-adjusted value of US technology services exported to other countries, measured in royalties…

Imports Could See Surge Ahead Of Trump Tariffs And A Potential Port Strike

Import volumes at the nation’s major container ports could be higher than previously expected for the remainder of this year as retailers face another potential East Coast/Gulf Coast port strike and tariff increases planned by President-elect Donald Trump, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Asso…

Collaborating with Utilities and Tenants on the Energy Transition 

Increasing attention will be drawn to state and local climate policy in the coming months and years and meanwhile building performance standards setting emissions limits on buildings will continue to emerge. Electrification is a key element of the transition to a low carbon economy, and it presents challenges in terms of grid capacity, pricing and resilience during extreme weather.

How interest rate cuts could impact commercial real estate

The Federal Reserve dropped rates by 25 bps at its November meeting in response to a steady slowdown of inflation. The target federal funds range is now 4.50%–4.75%. This is the second cut in 2024, following a series of rate hikes and over a year of interest rate uncertainty. The Fed indicated it remains on a path to neutral and risks to achieving employment and inflation…

Share Of Immigrant Workers In Construction Hits New Record High

The number of immigrant workers in the construction industry has sharply risen in recent years, showing how the industry has increasingly relied on the very people who could be the targets of President-elect Donald Trump’s promised mass deportation campaign. Of the 11.9 million-strong U.S. construction workforce at the end of 2023, 3 million were immigrants…

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…