GID Snaps Up Rental for $91M Along Miami’s Ludlam Trail
GID, a Boston-based investment firm, paid $91.4 million for a newly constructed apartment complex along Miami’s Ludlam Trail, property records show. Seller BBX Capital Real Estate, which owns the Fort Lauderdale-based development firm The Altman Companies, completed Altis Ludlam Trail last year. The seven-story building houses 312 units at 7004 SW 40th Street, just south…
Spiegel pays $34M for Rail 71 in Miami’s Little River
Spiegel Associates picked up Rail 71, an office and service retail business park in Miami’s Little River, for $34.4 million, The Real Deal has learned. Spiegel, a Long Island, New York-based real estate investment and development firm, acquired the 132,000-square-foot commercial complex at 7205 Northeast Fourth Avenue, said Devlin Marinoff with Dwntwn Realty Advisors.
$6.9M Sale of Miami Store Leased to Walgreens Brokered
Marcus & Millichap has brokered the $6.9 million sale of a single-tenant retail property located at 1699 N.W. 7th St. in Miami. The store is net-leased to Walgreens. An unnamed individual/personal trust purchased the property from the undisclosed seller. Jonathan De La Rosa and Eduard Toledo of Marcus & Millichap’s Miami office represented the buyer in the transaction.
New 118,000 SF Warehouse In Doral Nearing Completion
Seagis Property Group just announced that its 118,000 square foot, speculative warehouse development in the Doral submarket of Miami-Dade County is 75% complete. The project, located at 8315 NW 27th Street in Transal Park, is scheduled for delivery by year end. The 32′ clear, rear-loaded building features 32 dock doors and 110 auto parks. The building provides immediate…
SP, Continua plan 612-unit Hialeah apartment complex, pay $24M for dev site
A pair of developers bought a block of single-family homes in Hialeah for $23.5 million, with plans to build a 612-unit apartment complex. SP Developments and Continua Developments purchased all but one of the houses between East 27th and 28th streets, and between East Ninth and 10th avenues, Daniel Jaramillo, of SP, told The Real Deal. The development site spans 3.6 acres.
Navigating Commercial Leases: Understanding Duration and Negotiation with ESQ.title
When it comes to commercial leasing, the duration of the lease plays a significant role in shaping the business’s future. A commercial lease is not a one-size-fits-all arrangement; it can vary widely in terms of length and flexibility. At ESQ.title, a trusted real estate law firm in Coral Gables, Florida, we specialize in helping businesses navigate the intricacies of commercial leases…
Raphael Ammar proposes 18-story mixed-use project in Ojus
Preschool developer and operator Raphael Ammar wants to build an 18-story mixed-use project with apartments in Ojus, amid a flurry of project proposals targeting the area near Brightline’s stop. Called The Gateway, the building would consist of 210 apartments starting on the seventh level, 99,600 square feet of offices on levels two to six and 17,600 square feet of retail on the ground…
Focus proposes 39-story, 516-unit apartment tower in Brickell
Focus wants to build a 516-unit apartment tower on a Brickell site it bought last year, marking a continued flurry of project applications targeting Miami’s financial district. The Chicago-based firm proposes a 39-story building with ground-floor retail on nearly an acre at 128 Southwest Seventh Street, according to Focus’ filings to Miami-Dade County submitted this month. Apartments…
A Guide to Gross, Net, and Modified Gross Commercial Leases
Selecting the right type of commercial lease is a crucial decision that can significantly impact your business’s financial health and operational efficiency. The lease structure you choose should align with your business’s needs, goals, and budget. At ESQ.title, a reputable real estate law firm located in Coral Gables, Florida, we understand that navigating the intricacies…
Black Lion Brings RosaNegra to Brickell for U.S. Debut
Real estate visionary and President of Black Lion, Robert Rivani, announces the U.S. debut of internationally-recognized entertainment restaurant RosaNegra in Miami. The Mexico-based Grupo RosaNegra has signed a 10-year lease with Rivani to occupy the coveted ground floor space at SLS Brickell. “Bringing this legendary restaurant group to South Florida…”
Real estate exec Robert Rivani taps Mexico-based eatery to open its first US location
He talks big, he walks big — and with a jet-black bushy Mohawk, a matching beard and a buff physique, he stands pretty big too. Robert Rivani, the larger-than-life commercial real estate titan and president of Black Lion — who, until recently, called a “Harry Potter” and “Game of Thrones”-inspired mansion his home — also thinks big. So when it came to filling the 13,634-square-foot…
Kimco Realty Proposes Complex at 11800 Mills Drive in Kendall
Kimco Realty, a New York-based developer, hopes to get approval for two 12-story towers in Kendall, Florida. The high-rise buildings would offer a total of 630 apartments. One tower could comprise 269 units, offering 13,000 square feet of retail. The other tower would offer 361 apartments and close to 22,000 square feet of retail. According to the Real Deal, the homes…
Construction Permit Issued At The Crosby Miami Worldcenter, With 450 Condos
Miami’s Building Department issued a construction permit last week for The Crosby at Miami Worldcenter. Approval of the construction permit took about a year, with the full plans filed with the Building Department in August 2022. The permit was issued on August 7. A groundbreaking ceremony took place in January. The Crosby is planned tor rise 33 stories, or 390 feet…
250 Affordable Units Planned In 12-Story Building in Little River with Solar Efficient Design
The Healthy Housing Foundation is planning a 12-story affordable housing building in Little River, according to the SFBJ. Little River Plaza is planned to include: 250 affordable apartments, including micro-studio and one bedrooms landscaped resident plaza ground floor retail 200 parking spaces in a 3-story podium A zig-zag aluminum screen and balcony rail system is planned…
Pennsylvania-based Seagis Property Group is nearing completion of a 118,000-square-foot warehouse project near the cargo entrance of Miami International Airport. The speculative facility, which is estimated as being 75 percent complete, is located at 8315 N.W. 27th St. in Doral. Situated within Transal Park, the rear-load warehouse will feature 32-foot clear heights, 32 dock doors…
Gauging the Fed’s Current Tightening Actions: A Historical Perspective
At the conclusion of their July 26, 2023, meeting, the Federal Open Market Committee (FOMC) voted to raise the target range of the federal funds rate by 25 basis points to 5.25% to 5.50%. This blog post will examine the magnitude of the FOMC’s current actions relative to those since 1983 and, importantly, whether monetary policy has moved into restrictive territory.
Olympia Theater upgrade on hold as tenant hangs on
After an unsuccessful request for proposals earlier this year, the restoration of the historic Olympia Theater and Tower at 174 E Flagler Street has hit another roadblock as the last tenant has failed to vacate an apartment unit within the building. On July 27, the Miami City Commission authorized the city attorney to proceed with legal action, if necessary, against a tenant residing…
606-unit Miami Worldcenter condo tower to have five parking spaces
A new luxury condominium tower planned for Northeast First Avenue downtown expects to be the second-to-last development making up the multi-block mixed-use development known as Miami Worldcenter. Developer Aria Development Group proposes to construct the 31-story building, called 600 MWC, at 600 NE First Ave. offering 606 residential units, about 3,750 square feet…
Kevin Marino Cabrera: Seeks to add workforce housing, speed permit applications
Kevin Marino Cabrera got elected to the county commission last November and has made it his priority to streamline the process by which residents apply for permits, how the county works to update the sewer system and environmental preservation, and the development of workforce housing. Commissioner Marino Cabrera represents District Six, including Miami…
Ritz Carlton Owner Proposes 15-Story Tower, Lincoln Road Rebuild
The owners of the Ritz Carlton South Beach have submitted plans to build a new residential tower while rebuilding a portion of Lincoln Road. The project is proposed to include: The rebuilding of Lincoln Road in front of the Ritz Carlton A new 15-story, 212-foot tower with 30 residential units The Ritz Carlton is also planned to get a single-story rooftop addition to its cabana building…
Construction Tops Off On University Of Miami’s Centennial Village In Coral Gables
Coastal Construction Group (Coastal), one of the largest privately held construction companies in the Southeast, has topped out the University of Miami’s Centennial Village, a state-of-the-art student residence that will accommodate over 2,000 students. This is the fourth construction project Coastal has topped out for the University of Miami, including the Thomas P. Murphy Design…
Coastal Construction Group Celebrates Topping Out of University of Miami’s Centennial Village
Coastal Construction Group, one of the largest privately held construction companies in the Southeast, has topped out the University of Miami’s Centennial Village, a state-of-the-art student residence that will accommodate over 2,000 students. This is the fourth construction project Coastal Construction has topped out for the University of Miami, including the Thomas…
La Maré, Offering 42 Homes Total, Unfolds In Miami-Dade County’s Bay Harbor Islands
La Maré is a luxury housing development unfolding in the Bay Harbor Islands. The Class A development will offer 42 condos and penthouses. La Maré will comprise two buildings, per the Real Deal. The first (called the “Regency Collection”) will measure eight stories and offer 33 residences. These homes will come with deep soaking tubs, imported cabinetry, and other…
Tricera Capital and LNDMRK Development Secure Several Exciting Tenants at Society Wynwood in Miami
Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, and LNDMRK Development completed several leases totaling almost 14,000 square feet at major mixed-use development Society Wynwood. The highly sought-after project’s newly signed tenants include Starbucks, Chama De Fogo Brazilian Steakhouse and Nacho Daddy. Starbucks will occupy 2,615…
$38M Sale Brokered of Multifamily Development Site in Miami
Avison Young has brokered the $38 million sale of a 7.9-acre multifamily development site located at 1556 110th Ave. in Miami. The site is approved for a 690-unit, 10-story project, dubbed Dolphin Square. David Duckworth, Michael Fay, John Crotty, Brian de la Fé and Wayne Schuchts of Avison Young arranged the transaction on behalf of the seller, Boca Raton, Fla.-based Procacci…
Learning curve: Brokers, developers navigate South Florida’s private school crunch
Not one empty seat could be found at the Benjamin School when classes started on Tuesday. “We’re completely full,” said Amy Jablonski, the Palm Beach Gardens private school’s director of enrollment management. Across South Florida, private school acceptance rates are down, and enrollment is at unprecedented highs. The culprit: The same migration of wealthy families driving…
DAMAC International Addresses Misconceptions Surrounding 8777 Collins Avenue Project In Surfside
DAMAC International, a luxury property developer renowned for setting ambitious standards in design and innovation around the globe and the developer behind the forthcoming Zaha Hadid Architects-designed ultra-luxury condominium at 8777 Collins Avenue, is setting the record straight to address misconceptions and misinformation following the July 25th Town…
Freedom-Focused Fintech Firm Relocates To South Florida From Las Vegas
An online payment processing company that bills itself as a Christian merchant services firm is moving its headquarters from Sin City to South Florida. Revere Payments is currently working out of a Venture X coworking space at 2000 PGA Blvd. before its planned relocation to the nearby former headquarters of PGA of America. Revere Payments has signed a lease to move its…
Miami’s Dreams Of Becoming The ‘Silicon Valley Of The South’ Have Stalled
Miami Mayor and presidential hopeful Francis Suarez and has long touted his city as a growing hub for tech companies, advocating for cryptocurrency expansion and personally recruiting the tech industry to Magic City. But despite talk of creating the “Silicon Valley of the South,” Miami’s tech sector hasn’t seen the booming growth the mayor and others predicted. Only two tech…
Oasis Hallandale Breaks Ground On West Tower
Oasis Hallandale, the 10-acre community anchoring a new live, work, play center for the burgeoning beachfront city, announces the commencement of construction on the first of a pair of 25-story residential towers set within the mixed-use community, already delivering retail, lifestyle and workspaces. Designed by world-renowned architectural firm Arquitectonica, Oasis…
Construction Commences On First Of Twin 25-Story Towers At Oasis Hallandale In Hallandale Beach
Construction is officially underway on the residential component for Oasis Hallandale, located at 1000 East Hallandale Beach Boulevard in the City of Hallandale Beach, marking the third phase for the sprawling 10-acre mixed-use community. Spearheaded by developer Giuseppe Iadisernia, the project is set to redefine luxury living in this coveted coastal destination.
The Calta Group Breaks Ground On Revv, A 180-Unit Multifamily Apartment Building In Hollywood
The Calta Group, a real estate design, development, acquisition, and construction company, has broken ground on Revv, an 8-story, 180-unit multifamily development located at 2233 Hollywood Boulevard in Hollywood, Florida. Revv is the first multifamily property in Broward County for the Coral Gables-based developer, who purchased the property in 2022 for $9.5 million with…
Related, BH pay $30M for Hollywood Diplomat dev site
Related Group and BH Group paid $30 million for a condominium development site adjacent to the Diplomat Beach Resort in Hollywood, The Real Deal has learned. The joint venture closed on Friday on the site at 3210 – 3690 South Ocean Drive, sources familiar with the deal said. Related and BH did not respond to requests for comment. Jaret Turkell and Omar Morales with Berkadia…
ANF Group Completes 212-Unit Multifamily Project Eden West In Tamarac, FL
ANF Group, Inc. has announced the completion of Eden West, a 212-unit garden-style multifamily development in the City of Tamarac, FL. Located at 8601 West McNab Road, Eden West features a variety of floor plans ranging from 598 to 1,388 square feet, offering one, two, and three-bedroom options, plus studios, to suit different lifestyle preferences and serve families of varying sizes…
Blackstone sells Broward hotel portfolio for $64M
Blackstone shed some more hotels in South Florida, selling three Marriott-branded properties for a combined $64 million. Affiliates of New York-based Three Wall Capital bought two hotels in Miramar, a Courtyard by Marriott at 14500 Hotel Road and a Residence Inn by Marriott at 14700 Hotel Road. Three Wall also picked up a Residence Inn by Mariott at 130 North University Drive…
Sterling buys Pompano Beach warehouse, amid uptick in industrial deals
Sterling Investors picked up a fully leased warehouse in Pompano Beach, amid an uptick in South Florida industrial investment sales. The New York-based real estate investment firm paid $24.3 million for the building at 4000 North Dixie Highway, according to records and real estate database Vizzda. The selling entity ties to Bellevue, Washington-based Farmers New World Life Insurance…
Investments Limited hopes to get approval for two 11-story hotels in Boca Raton, Florida. Presently, the 1.63-acre build site is home to a restaurant and U.S. Post Office. If approved, the towers would comprise 336,781 square feet of new construction, offering 266 keys and more than 32,000 square feet of retail space. The retail aspect would mostly feature restaurants and stores…
Developers Seek Revision for the Concierge at 22 SE Sixth Street in Boca Raton
Florida YIMBY has learned of an exciting housing development seeking revisions to its initial proposal. Meet the Concierge. Previously, per the Real Deal, the nine-story complex was to offer 88 units designed for seniors and those requiring memory care services. The new proposal hopes to get approval for a similar project with one major difference: the community would…
HTG Completes $33M Affordable Property in West Palm Beach
Flagler Station is the first affordable community to be built in downtown West Palm Beach in 30 years. Image courtesy of HTG Housing Trust Group has completed Flagler Station, a 94-unit affordable housing community in West Palm Beach, Fla. The City of West Palm Beach and Palm Beach County were part of the public-private partnership that developed the $33 million project.
BGI Companies and Blue Road Group have broken ground on Alba Palm Beach, a 22-story waterfront residential condominium development located at 4714 North Flagler Drive in West Palm Beach. Designed by locally-based Spina O’Rourke + Partners with Schmidt Nichols as the landscape architect, the 262-foot-tall structure will deliver a collection of 55 boutique luxury…
Meyers Accesso nabs $46M in construction financing for Lake Worth Beach project
Meyers Accesso, a joint venture between South Florida developers Meyers Group and Accesso Partners, secured $46.1 million in construction financing for a planned multifamily project in Lake Worth Beach. Iowa-based American Equity Investment Life Insurance provided a $38.2 million mortgage, and Greenwich, Connecticut-based StepRock Capital gave a $7.9 million…
Jeff Greene starts $20M renovation of Tideline Ocean Resort in Palm Beach
Developer Jeff Greene plans a $20 million revamp of his Tideline Ocean Resort & Spa in Palm Beach. The hotel closed on Monday ahead of the planned renovation, which will include a replacement of the air conditioning system, flooring, cabinetry and furniture in the rooms, the Palm Beach Daily News reported. The spaces for the two restaurants, Brandon’s and Mizu, also will be renovated.
Brian Tuttle’s next act: Longtime “land guy” turns developer
Brian Tuttle sits in his home office at a Manalapan home, a large window framing the Intracoastal Waterway behind him, and says he is done being a land guy. For over two decades, Tuttle found tracts in emerging neighborhoods across Florida, convinced owners to sell, readied the land for construction and flipped it to developers. “It’s so hard and it’s so risky,” he cautioned.
Calmwater seeks takeover of West Palm’s Banyan Cay after $102M sale fails
The largest creditor in the Banyan Cay Resort & Golf Club’s bankruptcy case wants to seize control of the unfinished mixed-use development in West Palm Beach. Days after the $102.1 million sale for 200-acre Banyan Cay fell apart, an affiliate for Calmwater Capital is seeking to purchase the property at 200 Banyan Way through a credit bid, according to a motion filed Friday…
Price revealed: Harbor pays $75M for rental complex near West Palm
Resia sold the recently completed Pine Ridge apartment complex in central Palm Beach County for $75 million, according to disclosures filed by the seller’s parent company. Harbor Group International bought the 288-unit complex at 6200 Wallis Road in an unincorporated area near West Palm Beach. The deal, which closed in late June, was completed through a purchase of the interest…
Developers propose 25-story apartment project in downtown West Palm
Developers want to build a 25-story apartment project in downtown West Palm Beach, marking a continued wager on the area’s residential market. An entity tied to John Hoecker of real estate firm Jupiter Realty and Norbert Kent Wilmering propose a 190-unit building on nearly an acre at 315 South Dixie Highway and 411 Fern Street, according to city records.
Return-To-Office Mandates Now Cover Nearly 2 Million Workers. Occupancy Has Barely Budged
2023 is officially the year of the return-to-office mandate, with nearly 3 million workers already under, or expected to be subject to, a new in-person work requirement in the coming months. The jury is still out on whether it will also be the year office workers actually return to their desks in force. The mandates that have taken effect so far, including from some of the country’s…
Here’s Why Industrial Will Stay a Landlord’s Market
Fundamentals have been softening in the industrial asset class as demand declines and the overall vacancy rate expected to rise about 75 basis points over the next year. However, this erosion is not enough to change the landlord-tenant dynamics that current exist in the space. The industrial market will, in short, remain in landlord’s territory, a new report by Colliers says.
Commercial Spotlight Florida: People and jobs keep flowing into the Sunshine State
Finance professionals of all types are familiar with the “Wall Street South” movement. About 10 years ago, private equity firms, asset managers and other financial services companies began to relocate to South Florida due in large part to favorable tax conditions. This trend accelerated after the arrival of the COVID-19 pandemic as the Sunshine State had relatively few public…