Black Salmon, Allen Morris Co. Plan $1B Highland Park Miami Mixed-Use Project
Black Salmon and The Allen Morris Co. have unveiled plans to develop Highland Park Miami, a $1 billion mixed-use project that will span seven acres and increase the footprint of the Miami Medical District by approximately 10 percent. Plans call for 1,000 residential units designed by Oppenheim Architecture, a 150-room hotel and 500,000 square feet of medical-related office space…
Black Salmon, Allen Morris Launch $1B Medical District Mixed-Use Development
Highland Park Miami. All images courtesy of Black Salmon and The Allen Morris Co. Black Salmon and The Allen Morris Co. are teaming up to develop Highland Park Miami, a $1 billion mixed-use development that will span 7 acres and increase the footprint of the Miami Medical District by approximately 10 percent. The partners made the announcement on Tuesday, Sept. 26…
$1B Transit-Oriented Development Planned Near Metrorail
Developers have announced plans for a massive transit-oriented development in the Health District called Highland Park Miami, according to The Real Deal. The developers are said to have acquired around 50 properties over a 10 year period for the $1b project. Highland Park Miami is planned to include “half a dozen” buildings rising up to 22 stories on around 7 acres, with…
Billion Dollars Highland Park Miami Proposed at 800 NW 14th Street in Miami
Highland Park Miami. A billion-dollar proposal slated for Miami-Dade County. Our sources indicate that if approved, the venture could offer 1,000 residential units, along with 150 hotel rooms and half-a-million square feet of medical office space. Per the South Florida Business Journal, Highland Park Miami would be a multi-building venture, will the tallest tower measuring…
Black Salmon, Allen Morris plan $1B Miami Health District project
Developer Camilo Lopez’s Black Salmon is partnering with Allen Morris Company on a $1 billion mixed-use development in the Miami Health District, The Real Deal has learned. Lopez’s Black Salmon and Allen Morris are planning Highland Park Miami, a 7-acre project that’s expected to include 500,000 square feet of medical office, 1,000 apartments, a 150-key hotel, retail and green space…
FIFA Moving Over 100 Employees From Switzerland To Miami
FIFA is relocating over 100 employees from Switzerland to Miami. FIFA’s entire legal department will be relocating here, as well as audit, compliance and risk management teams, according to the AP. The move is expected to be complete by August 2024 FIFA has already leased 60,000 square foot of office space at 396 Alhambra in Coral Gables. Those offices opened last month…
Record deal: Monarch, Tourmaline buying 801 Brickell for roughly $250M
Monarch Alternative Capital and Tourmaline Capital Partners are buying the 801 Brickell office tower in Miami for about $250 million, The Real Deal has learned. If the deal closes at this price, it would mark a record for a South Florida office investment this year. Monarch and Tourmaline are buying the 28-story building at 801 Brickell Avenue in Miami from Nuveen Real Estate…
Caoba Miami Worldcenter’s Second 40-Story Tower Has Topped Off
The second tower at Caoba Miami Worldcenter topped off sometime in the past few months, a new photo by Kevin Amézaga shows. The newly topped off tower is 40 stories and will have 411 residential units. Photos taken at the end of May showed that the tower was at level 34 of construction. Caoba’s first phase was a 43-story tower completed in 2019. When both towers are open…
Biophlic South Beach Office Building Designed By Norman Foster Approved By Board
Miami Beach’s Planning Board voted unanimously to approve developer Shvo’s proposed Alton Road office project in South Beach. Pritzker Laureate Lord Norman Foster and the team at Foster + Partners is designing the project with a biophilic design, inspired by Florida’s climate and vegetation. Kobi Karp Architects is working along with Foster on the design.
One Brickell City Centre Demolition Red Tagged After Debris Falls On Road
Work at the One Brickell City Centre site was halted after a portion of a building under demolition appeared to have fallen onto the roadway. A demolition permit for one of the office buildings on the One BCC site at 700 Brickell Avenue was issued on July 7. Miami Building Department records show that permit under a red tag as of this morning. A second building at 799 Brickell…
Demolition paused after debris falls from Related, Swire’s Brickell development site
Demolition is on hold after a large chunk of concrete fell from the site of Related Companies and Swire’s planned supertall office building in Brickell. An excavator knocked building fragments from several stories up into the street below, with pedestrians and drivers looking on, according to a video posted by @OnlyInDade. No injuries were reported. The contractor and representatives…
Former Miami Beach Mayor Philip Levine sells Wynwood complex for $24M
Miami Beach’s former mayor Philip Levine has cashed in on a Wynwood complex known as the Whale & Star building. An entity managed by Levine sold three warehouses for $24 million. Combined, the buildings at 2215 Northwest First Place total 27,400, according to a press release. The deal breaks down to $623 dollars per square foot. The buyer is a Delaware LLC named…
Two South Miami-Dade Fully Affordable Communities, Sell for $54M
Completed in 2009, Sunrise Commons exchanged hands for $15.3 million. Image courtesy of Walker & Dunlop Lincoln Avenue Communities has purchased Sunrise Commons and Malibu Gardens, two affordable housing communities, totaling 365 units, in the Miami metropolitan area. Landmark Cos. sold the assets for a combined $54.3 million. Walker & Dunlop brokered…
Lincoln Avenue pays $54M for southwest Miami-Dade apartment complexes
Lincoln Avenue Communities bought a pair of southwest Miami-Dade County apartment complexes for a combined $54.2 million. The Santa Monica, California-based real estate investment firm picked up Malibu Gardens at 13700 Southwest 268th Street in the unincorporated neighborhood of Naranja, and Sunrise Gardens at 26600 Southwest 146th Court in Homestead…
University of Miami buys land for new medical education hub
Miami-Dade has agreed to a $6.2 million sale of county land to the University of Miami, which plans to build a multi-million-dollar medical education center on the site. The university confirmed the planned purchase Friday. The university wants to launch “Project Ignite” on the site, creating “a nucleus for the core of the Miami Health District,” a report states, “creating a true campus…
Miami-Aventura rail route cost rises quarter billion
Commuter rail from downtown Miami to Aventura is being promoted to the highest priority level of transportation aims in Miami-Dade County and being given a new and far higher development price tag of almost $600 million. The Transportation Planning Organization, which quarterbacks all county transportation improvements, is to vote this week to upgrade the priority…
42-story Edgewater tower a smaller plan at 42 stories
There is a new mixed-use residential tower coming to Miami’s Edgewater neighborhood. The development is a modification of an earlier project first approved in 2018 but not pursued. The redesigned structure is to be 42 stories, home to 544 residential units and 10,106 square feet of ground floor retail, all on a site at 1775 Biscayne Blvd. The city’s Urban Development Review Board…
Greenery Mall / Dadeland Square Acquired By Orion Capital Partners-Sponsored Dadeland Greenery, L.P.
The Greenery Mall, also known as Dadeland Square, a popular mixed-use landmark located at 7700 North Kendall Drive, was acquired by Dadeland Greenery, L.P., from Cofe ZM Dadeland, LLC, on Sept. 15, 2023, for a total of consideration of $58 million subject to assumption of an existing $39 million mortgage. With a vision to cultivate a dynamic and flourishing site for existing…
The prominent Coto Family of Argentina has set sights on a striking new addition to Miami’s skyline. In a recent letter of intent submitted to the Miami-Dade County Planning Department, Millennium Developments of Brickell, LLC, an affiliate of G&G Business Developments led by the same team behind the Aston Martin Residences, has formally requested a pre-application meeting…
Michael Shvo’s office, apartment project on Miami Beach’s Alton Road scores key vote
Michael Shvo scored a key approval for his proposed office and residential project on the former Epicure Gourmet Market & Café site on Miami Beach’s Alton Road. The city planning board voted 7-0 on Tuesday in favor of the six-story development that would consist of roughly 170,000 square feet of offices on levels four to six, and five apartments on the third level on the…
Avalon South Miami Starts Construction at 5850 SW 73rd Street in Miami
Nearly three years after purchasing a 1.86-acre parcel, developers have started construction on Avalon South Miami. The developer secured the build site for $18.95 million and demolished a 20,000-square-foot Winn-Dixie grocery store before breaking ground. 5850 S.W. 73 Street LLC was the seller. The 10-story Avalon South Miami will comprise 290 apartments, ranging…
Terranova Announces New Lincoln Road Tenant, IT’SUGAR
Terranova Corporation, a prominent commercial real estate firm led by Chairman Stephen Bittel and President Mindy McIlroy, announced today that Atlantic City-based brand IT’SUGAR, the beloved candy store known for its whimsical sugar creations, has signed a 2,751 square-foot lease at 801 Lincoln Road. The landlord for this deal is PPF MBL Portfolio, LLC. This location marks…
Lefferts Tops Out 206-Unit Miami Beach Tower
The property, 72 park, is located in Miami Beach. Image courtesy of Lefferts Lefferts, a real estate development firm specializing in residential and commercial properties in Miami and New York City, has topped out its 22-story, 206-unit luxury Miami Beach condominium, 72 Park. The project is slated for completion in summer 2024 and will be the first new luxury…
Coastline-Nakash plans 822-unit multifamily complex near Miami River
A developer wants to build an 822-unit apartment complex between Miami International Airport and the Miami River. Coastline-Nakash Equity Capital Group, led by Yaniv Nakash and Eyal Mehaber, plans the Eden project on roughly 7 acres at 3550 Northwest South River Drive along Palmer Lake in unincorporated Miami-Dade County, Nakash told The Real Deal.
Mast Capital targets another Miami Beach condo buyout near planned project
Developer Camilo Miguel Jr. is trying to acquire another oceanfront condo building in Miami Beach, The Real Deal has learned. It’s near the site of his planned Perigon development and the bulk buyout at Amethyst he is in the midst of negotiating. Miguel’s Mast Capital sent contracts to the owners at Imperial House, a 15-story 127-unit condominium at 5255 Collins Avenue, to buy out…
Trump Pushes High-Rise Project in Doral on Heels of New York Fraud Ruling
Doral city officials will soon gather to decide whether to give a green light to what former president Donald Trump has trumpeted as “perhaps the most exciting development in the country.” The 2024 presidential candidate and criminal indictment magnet is seeking approval from the City of Doral to rezone his sprawling 54-acre Trump National Doral resort in order to erect…
Construction Tops Off On The 22-Story 72 Park Condominium Tower In Miami Beach
Construction has topped off on Lefferts’ 22-story luxury condominium tower 72 Park. The developer celebrated the topping off of the 220-foot-tall structure on Wednesday, September 13, which stands prominently at 580 72nd Street in Miami Beach. Designed by the renowned national architecture firm Built Form with interiors and landscapes by Urban Robots Associates…
Last 1920s hotel on downtown Miami’s Biscayne Boulevard getting replaced by 104-story tower
For decades, the glass-and-aluminum facade of the YVE Hotel on Biscayne Boulevard in downtown Miami has concealed a historic secret. Beneath the mint-green panels that cover the exterior of the 16-story tower lies a significant relic of Miami’s 1920s real-estate boom. Once known far and wide as the Miami Colonial Hotel, it is, all outward appearances aside, the very last of a row…
Revealed: 699-Foot Calle 8 Planned In Brickell
A pre-application has just been filed with Miami-Dade planners for a new tower in Brickell with an iconic design. The project is tentatively named Calle 8, with Millennium Developments of Brickell, LLC listed as the developer. According to the filing, Calle 8 is proposed to rise 57 stories, or 685 feet above ground level and 699 feet above sea level, and include: 464 residential units…
MidRiverVu Planned At River Landing With 475 New Apartments
The developer behind River Landing has filed plans for a new tower called MidRiverVu. MidRiverVu is planned to rise 28 stories, or 303 feet above ground and 310 feet above sea level, and include: 475 apartments pedestrian bridge to River Landing shops and restaurants 533 parking spaces in an 8-story garage Touzet Studio is the architect. Urban-X is the developer.
Walgreens sells store near Coral Gables for $13M
Walgreens’ South Florida sell off continues as the pharmacy retailer sold a store near Coral Gables. It’s the tenth retail property the national chain has sold in the last 10 months. An entity managed by Steve Creekmore in Fort Smith, Arkansas, paid $12.7 million for a single-story retail building spanning 12,900 square feet at 3490 Bird Road, according to records and Vizzda.
“Hard to appreciate”: City board slams Lalezarian’s three-tower design at Miami Worldcenter
Two projects at Miami Worldcenter and another in Edgewater scored key approvals by a city board. But some of the developers’ architects might have more work to do after getting an earful about the buildings’ designs. Lalezarian Properties wants to build three towers of 68 stories, 67 stories and 31 stories with a total of 2,040 apartments at Miami Worldcenter. The buildings would rise…
Richman lists dev site approved for mixed-use project near Metrorail station
The Richman Group of Companies is seeking a buyer for a development site approved for a mixed-use project near a Metrorail station between Miami and Hialeah. An affiliate of Richman, a West Palm Beach-based multifamily development and investment firm, listed the 2.6-acre vacant property at 8001 Northwest 27th Avenue, according to an online brochure.
South Florida developers zero in on Messi fever
Two prospective buyers recently walked into the sales center at Oasis Hallandale dressed in Lionel Messi attire — down to the pink shoes — and signed contracts to buy condos. The buyers, who drove in from Naples, were attracted to the condo development’s proximity to Hard Rock Stadium in Miami Gardens and to Drive Pink stadium in Fort Lauderdale where Inter Miami plays…
Black Lion Partners and Massa Investment Group, both based in Miami, are planning to purchase the eight-story, 140K SF office building with a 499-space parking garage at 1601 Washington Ave. Nightingale paid $80M for the property in 2016, according to property records, before launching a crowdfunding campaign on the investment platform CrowdStreet in 2022 to raise money…
Robert Rivani, Mathieu Massa buying former Starwood HQ in Miami Beach for $82M
Robert Rivani’s Black Lion Investment Group is partnering with Massa Investment Group to acquire Starwood Capital’s former headquarters building in Miami Beach for $82 million, The Real Deal has learned. Rivani’s firm and Massa Investment, led by Mathieu Massa, are under contract to purchase the eight-story office building with ground-floor retail at 1601 Washington Avenue…
Stockbridge buys apartment complex in Fontainebleau for $156M
Stockbridge bought a 368-unit multifamily complex in Miami-Dade County’s Fontainebleau neighborhood for $156 million. The San Francisco-based firm scooped up the Park 82nd Apartments at 8255 Park Boulevard in unincorporated Miami-Dade, paying $424,000 per unit, according to records and real estate database Vizzda. The sellers, Trammell Crow Residential and Washington…
No surprise! Boucher, Major Food Group on track to win Nikki Beach Club bid
Boucher Brothers is still the city of Miami Beach’s top pick to take over the site Nikki Beach Club. Miami Beach City Manager Alina Hudak is recommending that Boucher Brothers and its partner, Major Food Group, be awarded a 10-year lease commencing in 2026 to operate the city-owned restaurant and entertainment venue at 1 Ocean Drive, according to a memo released on Wednesday.
Austin, Nashville, and Miami emerge as top U.S. commercial real estate investment destinations
Austin, Texas, remains the most promising city for investing in commercial real estate in the United States, according to the annual review conducted by the global law firm DLA Piper. A total of 128 real estate experts from around the world participated in the review, including CEOs, VPs of operations, real estate developers, and property managers. The report outlines the most attractive…
Art Institutes To Close, Vacate Space in Atlanta, Houston, Miami, Other Markets
The Art Institutes, a chain of private, for-profit colleges, plans to cease operations this week and vacate prime real estate in Atlanta, Houston, Miami and five other U.S. markets. The Art Institutes announced the closing on its website, saying its remaining eight campuses will shut this coming Saturday. The college system’s owner, Education Principle Foundation in New York…
Today, Fort Lauderdale’s Development Review Committee will review plans from New York-based Kushner Companies for the development of 400 North Andrews. This project envisions a mixed-use complex anchored by twin 41-story residential towers over a multistory podium at 400 to 446 North Andrews Avenue in Flagler Village, bordering the downtown area…
Mill Creek lands $82M construction loan for Coral Springs mixed-use project
After nabbing a $82.3 million construction loan, Mill Creek Residential broke ground on the second phase of its Coral Springs mixed-use project. Fifth Third Bank provided the financing to an affiliate of Boca Raton-based Mill Creek, which is building Modera Coral Springs at 3310 University Drive, according to records. Mill Creek also filed a notice of commencement with Broward County.
J. Milton scoops up apartment complex in Sunrise for $29M
The Milton family, real estate developers and investors, scooped up an apartment complex in Sunrise for $28.9 million. Coral Gables-based J. Milton & Associates bought the Shamrock of Sunrise at 4001 North Pine Island Road from Lloyd Jones, according to records and real estate database Vizzda. The deal breaks down to $243,200 per unit. Completed in 2005, the complex consists…
Related, Merrimac plan Waldorf Astoria condos in Pompano Beach
Related Group and Merrimac Ventures plan to launch a Waldorf Astoria-branded condo development in Pompano Beach, The Real Deal has learned. Miami-based Related, led by Jorge Pérez and his sons, Jon Paul and Nick, is partnering with Dev and Nitin Motwani’s Merrimac on the project at 1350 South Ocean Boulevard, according to plans submitted to the city this summer.
Related Cos. Buys West Palm Beach Retail Center from Pebb Capital
Pebb Capital has sold Ocean Walk, a 65,908-square-foot retail center in Singer Island, Fla., for $19.2 million. The buyer was Related Cos., according to CommercialEdge information. JLL Retail Capital Markets brokered the transaction on behalf of the seller. Pebb had purchased the asset back in 2017 for $7.6 million, the same source shows. After the acquisition, the company…
Related, BH buy Singer Island beachfront retail plaza for $19M
In another tag-team purchase, Related Group and BH Group paid $19.2 million for a beachfront retail plaza’s ground lease in Singer Island. An affiliate of Coconut Grove Related, Aventura-based BH and a third partner, Boca Raton-based Pebb Enterprises, is taking over control of the fully occupied Ocean Walk at 2401 North Ocean Avenue, according to a press release. This month…
First Round of Retail Tenants Sign Leases at Nora Development in Downtown West Palm Beach
The first round of retail and restaurant tenants have signed leases to join the commercial district at Nora, a mixed-use development underway in downtown West Palm Beach. A partnership between West Palm Beach-based NDT Development, Miami-based Place Projects and Greenwich, Conn.-based Wheelock Street Capital is developing Nora. The lineup of new tenants includes…
The Future Of The Office Is No Longer A Debate. Now What?
September. The summer holidays are over, and with their passing comes a renewed focus on whether workers will go back to the office in greater numbers. The answer, in the form of data from multiple sources, is a resounding no. Despite the focus on back-to-the-office mandates from large corporations like Goldman Sachs and Amazon, the fourth post-summer return since…
Jamie Dimon warns that the Fed could still raise interest rates sharply from here
JPMorgan Chase CEO Jamie Dimon is warning that interest rates could go up quite a bit further as policymakers face the prospects of elevated inflation and slow growth. Though Federal Reserve officials have indicated that they are near the end of their rate-hiking cycle, the head of the largest U.S. bank by assets said that may not necessarily be the case. In fact, Dimon said in…
Following 2022 Peaks, Urban Core Apartments Lose Pricing Power Nationally
Pricing power has waned recently across the U.S. apartment market, as new supply has put downward pressure on rents. Some urban core submarkets, however, have experienced a more extreme loss of pricing power in the past year. In the U.S. overall, annual effective asking rent change has flattened, with negligible growth of just 0.3% in the year-ending August 2023, according…
If You Need 100 Car Chargers Right Now, You’re Already Behind The EV Revolution
The rising popularity of electric vehicles is catching some developers and property owners by surprise. For Paul Williams, the founder and president of Greenspeed Energy Solutions, it has created an opportunity. He recently got a call from a multifamily developer looking to install his company’s EV chargers at their property. “They had only a couple of chargers in a new build, and nine…”