Brookfield’s oceanfront Ritz-Carlton Key Biscayne marketed for sale
Brookfield Properties is looking to sell the waterfront Ritz-Carlton resort at 455 Grand Avenue in Key Biscayne, sources told The Real Deal. Brookfield is working with JLL to market the 302-room, 275,000-square-foot property at 455 Grand Bay Drive, sources said. Brookfield acquired Watermark’s two-thirds stake in the property when it purchased Watermark Lodging Trust last year for $3.8 million.
FAA Approves Brickell Tower To Be Built At 1,049 Feet
The Federal Aviation Administration gave the green light this morning for a Brickell tower to be built at a supertall height. The 76-story Ora By Casa Tua tower is planned on the property where the approval was issued. The November 29 determination letter was sent by the FAA to 1210 Brickell, LLC. According to the letter, a tower height of 1,044 feet above ground, or 1,049 feet above…
Plans Submitted For Wynwood Hotel With 116 Keys
Plans have just been filed with the Wynwood Design Review Committee for a hotel development. The unnamed project is planned at 160 NW 28 Street. The hotel is planned to have 8 floors, with a ninth floor roof deck, and include: 116 Lodging Units 205-seat outdoor dining area on the second floor, plus 156-seat rooftop outdoor dining area rooftop pool 32 onsite parking spaces…
Tri-Rail Downtown Miami Link: Trains Expected To Begin Running Within Weeks
Tri-Rail’s Downtown Miami Link train service to MiamiCentral is expected to begin by the end of 2023, according to a report this week in Miami Today. Federal approval is expected in mid-December, with service launch by year end, barring unforeseen circumstances, a spokesperson confirmed to the paper this week. A total of 26 new trains per day are planned. The service had…
Developers Planning Miami Design District Building By ‘Inimitable Japanese Architect’
A famed Japanese architect is designing a building in the Miami Design District that will break ground next summer. Architect Kengo Kuma is designing the new three-story building known as Mirai. It is the first mixed-use project in the United States designed by Kengo Kuma and Associates. Mirai is planned to rise three stories. There will be 15,500 rentable square feet of retail…
Kushner Companies Propose Luxury Housing Complex for 9300 Collins Avenue in Surfside
Kushner Companies hopes to get the green light for a luxury housing complex in Surfside. The New York-based firm secured the 2.23-acre build site for $40 million back in September. Plans call for a 140,637-square-foot apartment building that would measure three stories above grade and offer 87 units. The South Florida Business Journal reports that homes will measure 1,128 square…
Fifteen Allapattah Moves Toward Completion at 1420 NW 15th Avenue in Miami
Despite various complications, Fifteen Allapattah is still undergoing construction in Miami, FL. Construction broke ground on the mid-rise project in 2021, with Proton Builders LLC operating as the general contractor. Yet, after a lawsuit alleging that the organization did not build the apartment in a timely manner, Ortega Construction Company is now handling matters. Proton Builders…
Amazon Looking For Big Chunk Of Miami Office Space After Bezos Announces Move Here
Amazon founder Jeff Bezos recently announced that he was moving to Miami after buying several properties here, saying he loved the city. Now, Amazon itself is looking for a sizable amount of office space in Miami, according to Bloomberg. The company is said to be looking for around 50,000 square feet of space. Amazon told the news service that it already has over 400…
Amazon.com browsing for more office space in Miami
Amazon.com is hunting for more office space in Miami-Dade County. The e-commerce giant is seeking about 50,000 square feet, Bloomberg reported. Its billionaire founder Jeff Bezos recently announced he plans to relocate to Miami from the Seattle area, months after buying a waterfront home in Indian Creek Village. Recently, Bezos purchased an adjacent mansion in the…
Amazon Searches For Miami Office Space After Bezos’ Mansion Purchases
Now that billionaire Jeff Bezos put down roots in Miami, the corporate behemoth he founded is following suit. Jeff Bezos, Amazon’s founder and executive chairman, said on Nov. 2 that he would move from Seattle to Miami. Amazon is looking to lease 50K SF of office space in the city, a company spokesperson confirmed. The search comes as Bezos has been buying mansions…
Jeff Bezos is moving from Seattle to Miami—and he could take some of Amazon with him
Amazon and its founder turned executive chairman, Jeff Bezos, both look set for new ventures in Miami. Bezos—the world’s second richest person, according to the Bloomberg Billionaires Index—announced earlier this month that he was planning to move back to Miami, where his parents live and where he spent his high school years.
Menesse Brickell Gets FAA Approval For 39-Story Height
Menesse Brickell was granted height approval by the FAA this morning. The height filing was submitted to the FAA on November 2, with the approval quickly issued on November 28. A note attached to the submission stated they were “refiling building project due to revised building points and heights.” The FAA approval letter states that a height of 426 feet above ground, or 439 feet…
Neology Tops Off Latest Miami Luxury Property Fourteen Allapattah
Neology Development Group has topped out its newest luxury residential property, Fourteen Allapattah Residences. The project, located in Miami’s Allapattah neighborhood, is expected to be online in 2024. The developer broke ground on the community in November 2022. Neology is developing the community alongside AOZA Fund and has tapped JAXI Builders, Behar Font Architects…
MIRAI Design District Set To Break Ground In The Summer 2024 At 4200 NE Second Avenue In Miami
A consortium of three visionary developers, Lionheart Capital, Leviathan Development, and Well Duo, is set to further transform the Miami Design District by introducing MIRAI Design District at 4200 NE 2nd Avenue. This groundbreaking mixed-use development, designed by super-star Architect Kengo Kuma and called the ‘inimitable Japanese architect” by Architectural Digest, promises…
Brand Urban, a Manhattan-based retail real estate brokerage and advisory firm, has announced that maman, the acclaimed French-inspired café and bakery from co-founders Elisa Marshall and Benjamin Sormonte, will open a new 2,590-square-foot location at 830 Brickell. This 55-story, 640,000-square-foot Class A+ office tower in Downtown Miami’s Brickell Financial District…
CP Group Executes 38,731 SF of Office Leases at Citigroup Center in Downtown Miami
CP Group has executed 38,731 square feet of leasing activity at Citigroup Center, a 34-story office tower in downtown Miami spanning 810,000 square feet. The deals include six new tenants and two lease renewals, one with an expansion. New tenants coming to the tower include Trion Properties, Lithium Capital Management, Kili Topco Ltd., Marex Solutions, Pisec Group and the…
Miami Multifamily Report – October 2023
Miami rent evolution, click to enlarge After two years of stellar performance, South Florida’s fundamentals began moderating as the fourth quarter approached. Rent growth tempered, up 2.1 percent year-over-year as of August, to $2,412. This placed Miami 10th among the nation’s top 30 metros and 60 basis points ahead of the U.S. average. Meanwhile, despite robust supply…
Miami’s Commercial Real Estate Deal Volume Picked Up in Q3
Miami performed well through the first nine months of this year, with deal volume increasing in comparison with first-quarter data. As of September, the metro’s office market had some 2.4 million square feet under construction, representing 3.6 percent of total stock. When compared to the national and peer markets figures in relation to the percentage of stock, the metro exceeded…
Send South Dade Transitway back to square one, trust urged
The citizens group that oversees spending from the county’s transportation tax is looking to send operational plans for a 20-mile South Dade Bus Rapid Transit corridor back to the drawing board less than a year before it is due to begin running. The Citizens’ Independent Transportation Trust has become increasingly restive since June in seeking details of how the transportation…
Miami International Airport on a record flight path
Miami International Airport is on pace to handle 52 million passengers this year as it runs 2.56% ahead of last year’s record-shattering 50.65 million, latest statistics from the Miami-Dade Aviation Department show. The total could be even higher if the heavy winter travel season surges past last year’s levels. The airport expected 1.77 million passengers during the jam-packed…
UrbanX Air vows electric Miami commuter flights in 2026
UrbanX Air has plans to bring Urban Air Mobility (UAM) to Miami by launching electric commuter flights throughout South Florida. Beginning in 2026, the new flight initiative marks a pivotal initial phase in making electric air commuting a reality for South Florida residents, the firm announced this week. The global crossing airline is collaborating with state officials…
Final US OK will bring Tri-Rail to downtown Miami in December
Long-awaited Tri-Rail service into Downtown Miami is still expected this year, and a proposed operating schedule is being reviewed by all involved as final federal approval is awaited. The $70 million, tax-funded project originally was on the schedule for a 2017 arrival. But the teen years came and went, as did the early 2020s. Blockages from exposed rebar to delicate negotiations with…
Michael Lewis: Signature bridge downtown merits a signature park below
Two newly elected commissioners give Miami fresh views to seize multiple opportunities. One that flies under not only the radar but also the highway is the Underdeck, a 33-acre linear park that the city agreed to operate under I-395. After nearly five years, progress is minimal. As we detailed last week, when a new expressway and signature bridge open, now expected in late 2027…
192-Unit Sevilla Parc Proposed on the West Side of Northwest 94th Court in Miami
Miami-based Sevilla Group hopes to get approval for a residential community. Sevilla Parc would comprise 192 units spread across six low-rise buildings. The South Florida Business Journal notes that homes would comprise one-bedroom and two-bedroom units. Our sources don’t offer much information about communal amenities currently, but we do know that plans call for 314…
Ken Griffin In Talks To Buy Stake In Miami Dolphins
Billionaire Ken Griffin is reportedly in talks to buy a stake in the Miami Dolphins from Stephen Ross, according to Andy Slater. Griffin is said to be discussing buying a minority stake in the Dolphins, Hard Rock Stadium, and F1 Miami. Both Griffin and Ross are planning major office towers in Miami. Griffin is planning a $1B+ bayfront headquarters tower for Citadel, the company he moved…
Ken Griffin in talks to invest in Steve Ross’ Miami Dolphins, F1
Billionaire developer Steve Ross is in talks to sell stakes in the Miami Dolphins, Hard Rock Stadium and the Formula One Miami Grand Prix to fellow billionaire Ken Griffin. Ross, founder and chairman of New York-based Related Companies, and hedge funder Griffin, founder and CEO of Miami-based Citadel, have yet to finalize a deal and Ross could sell the stakes to someone else, according…
Sixty Miami Area Businesses, Officials Taking 12-Day Trade Mission To Japan
The Nov. 25-Dec. 6 trade mission signifies a commitment to fostering stronger connections between Miami and Japan. The purpose of the excursion is to explore innovations, share strategies and establish business connections in export/import trade; technology, innovations and entrepreneurship; waste management; sustainability and resilience; urban density and workforce housing…
Austria-based Premium wins $10M court judgment tied to delayed Allapattah project
Premium Development recently scored a $10.3 million summary default court judgment against a Miami-based general contractor, Proton Builders, that failed to complete a 132-unit apartment complex in Allapattah. Yet, Premium, the U.S. subsidiary of a Vienna, Austria-based developer of the same name, may have a hard time collecting that award since it appears Proton is no longer…
Developers Get Approval From Miami’s UDRB For 38-Story ‘2900 Terrace’ In Edgewater
Miami’s Urban Development Review Board has issued approval for 2900 Terrace, a new 38-story mixed-use development slated for 401 Northeast 29th Terrace in the Edgewater neighborhood. This 380-foot-tall project is a collaboration between LNDMRK Development and Oak Row Equities, with design by the renowned architectural firm Arquitectonica. The development is anticipated…
Developers Related Group (Related) and partner Alta Developers have closed on $240 million in financing for Casa Bella Residences by B&B Italia (Casa Bella), a 56-story residential building that broke ground earlier this month in Downtown Miami’s burgeoning Arts and Cultural District. The loan was provided by Cain International (Cain) — a privately held investment firm with over…
Lionheart, partners reveal plans for Kengo Kuma project in Miami Design District
Lionheart Capital, Leviathan Development and Well Duo revealed plans for their Miami Design District project, which will mark the first mixed-use building in the U.S. designed by Japanese architect Kengo Kuma. MIRAI Design District, a planned 57,500-square-foot development, calls for 17 modular retail spaces totaling 15,500 square feet on the first floor, and 41,000 square feet…
Beacon Hill Property Group Proposes 109-Unit Complex for 23815 S Dixie Highway in Homestead
A Coral Gables-based developer hopes to get approval for Beacon Flats, a residential complex in Miami-Dade County. The complex, which would comprise 103,176 square feet of new construction, would offer 109 apartments divided between two three-story buildings. Our sources indicate that most of the apartments would be workforce housing units, with homes ranging…
Related Group JV Secures $240M for Miami Condo Tower
Related Group, in partnership with Alta Developers, has secured $240 million in construction financing for Casa Bella Residences by B&B Italia, a condominium project currently underway in Miami’s Arts and Cultural District. Cain International originated the loan. Newmark arranged the transaction. Casa Bella Residences by B&B Italia broke ground earlier this month and will include 319…
Prominent South Florida builder faces trial on charges of ripping off Covid loan program
As the COVID-19 pandemic tanked the economy, South Florida developer Eric Sheppard turned to the U.S. government for help and received about $900,000 in fraudulently obtained loans that his business really did not need or qualify for, a prosecutor said during opening statements in his Miami federal trial Monday. Sheppard used the emergency loans for personal expenses…
Lease roundup: Monarch, Tourmaline ink tenants at 801 Brickell
The 801 Brickell office tower scored four new tenants and one lease renewal. Global investment banking company Puente Servicios Financieros renewed its 2,800-square-foot lease at the tower at 801 Brickell Avenue in Miami, according to a news release from the deal brokers. In the new deals, modern manicure franchise Glosslab took 860 square feet, marking its first Brickell…
The Carillon Miami Wellness Resort condo associations lost their legal battle to purchase the spa, pools and other portions of the oceanfront mixed-use complex. Judge Jennifer Bailey issued a final judgment on a lawsuit at the Carillon condo-hotel in Miami Beach that has pitted unit owners against New York-based Z Capital Group for the past seven years. The order addressed…
Developers revitalize historic Downtown Hollywood in South Florida
People visiting Hollywood, Florida often bypass the city’s downtown and head right to the award-winning beach and historic Broadwalk. However, a new wave of development activity is attracting both residents and businesses back to the core of the city. Downtown Hollywood has a growing pipeline of residential mixed-use projects that are energizing what has long been…
New York-based BAM Property Development has submitted plans to Fort Lauderdale’s Development Review Committee for a 14-story mixed-use building in the city’s Flagler Village neighborhood. Situated at 650 North Andrews Avenue and bordered by North Flagler Drive to the northwest, Northeast 7th Avenue to the north, and Northeast 1st Avenue to the east, the proposed 175 foot…
Infinity, Bachow plan mixed-use tower in downtown Fort Lauderdale
Infinity Real Estate and Bachow Ventures are planning a mixed-use tower with 316 apartments and 5,000 square feet of ground-floor retail in downtown Fort Lauderdale. The proposed as-yet unnamed project would replace an existing Goodyear Auto Service center on a 0.6-acre development site at 11 North Andrews Avenue, the joint venture’s principals told The Real Deal.
Morgan plans 452-unit multifamily project in Sunrise
Morgan Group won city approval for a 452-unit multifamily development in Sunrise. The Houston-based multifamily developer won approval earlier this month of a site plan for the low-rise apartment and townhouse complex, called Caroline at Sunrise, as well as a rezoning of the 21-acre development site. Two companies own the site…
LYND JV Lands Refi for Dania Beach Project Site
A joint venture between LYND and Dania Beach Marina Corp. has received a $12 million loan to refinance a 2.91-acre development site in Dania Beach, Fla., in metro Miami. The partners are planning to use the land for the construction of The Aileron, a 380-unit multifamily tower across from Spirit Airlines’ headquarters. Work on the project is expected to begin in the third quarter…
Public Meeting Scheduled On Broward Commuter Rail
A public meeting is scheduled for the Broward commuter rail south PD&E study. The plan is to extend the commuter rail 11.5 miles from Aventura to Fort Lauderdale on the Brightline tracks. There is a separate Miami-Dade County project for commuter rail along the same tracks from Aventura to Downtown Miami, which would connect to the Broward service. Three stations are recommended, according to an email sent by FDOT: City of Hollywood Fort Lauderdale-Hollywood International Airport South Fort…
A filing with the Federal Aviation Administration on November 21 has revealed that Hudson Yards developer Related Companies has applied for building permits for their new office project in West Palm Beach. Named the East and West Towers, this project will be located at 550 South Rosemary Avenue, signaling a significant step towards developing the 1-million-square-foot complex…
Harvard Business Review on the Rise of the Meta Cities Miami, Others
Not long ago, during the early days of the Covid pandemic, pundits predicted the death of great global cities. Expensive hubs such as New York and London, which were hard hit by the pandemic’s earliest waves, were called out in particular, as the residents who were able retreated to suburbs and small towns to work remotely. But far from being eclipsed, global cities are being…
Allapattah: The Rising Star of Miami’s Art Scene
Miami, renowned for its vibrant cultural landscape, is no stranger to artistic hubs that redefine the city’s identity. In recent years, a neighborhood has emerged as a focal point for the arts, transforming itself into the beating heart of Miami’s creative pulse. That neighborhood is Allapattah. In this exploration, we delve into the intriguing narrative of how Allapattah has evolved…
Citigroup Center in Downtown Miami Announces 38,000 SF of New Leasing Activity
The agreements include six new tenants and two lease renewals, one with an expansion. Four of the new tenants will occupy brand new spec suites completed by Citigroup Center. Trion Properties, a multifamily real estate investment sponsor new to the Miami market from West Hollywood, CA., signed a lease for a new 3,678-square-foot spec suite. CBRE’s Alina Plasencia…
Italian Influence Has Miami Real Estate Embracing La Dolce Vita
Miami has long been known as Latin America’s unofficial northern capital. As much as Latin culture reigns in Miami, though, today’s Miamians seem as enamored of another country’s influence as they are Central and South American cues. You see, Spanish is not the only Romance Language on residents’ lips these days, given Italian cultural ascendance. Italy’s imprint on the Magic City…
E-Commerce Continues To Fuel Industrial Expansion
The pandemic-triggered surge in e-commerce significantly increased demand for industrial real estate, according to the latest CommercialEdge industrial report. Even though e-commerce sales have seen a 74 percent boost since early 2021, a substantial portion of this sudden increase occurred primarily in the second quarter of 2021. Notably, pre-pandemic, the growth rate…
Landlords Push Back On WeWork’s Lease Rejections
As WeWork’s high-profile bankruptcy proceedings get out of the starting gate, a select few landlords have filed objections to the coworking company’s request to reject dozens of leases. WeWork filed for Chapter 11 bankruptcy protection earlier this month, asking to reject 69 leases in total. Tuesday was the deadline for landlords to object to WeWork’s rejection requests…
The Fed’s Beige Book: Tepid Growth, Eroding Pricing Power
The new Beige Book report describes “tepid” economic growth in the Southeast from October through mid-November, but inflationary indicators continued to paint a mostly promising picture. Most business contacts in the Federal Reserve Bank of Atlanta’s Sixth District reported that the labor market continued to soften as job openings were easier to fill and pressure to hike wages…