BH, Süzer buying W Hotel in Miami’s Brickell
BH Group and Süzer Group are under contract to buy the W Miami hotel in Brickell. Sources familiar with the seller confirmed the pending deal, but could not disclose the sale price. Al Rayyan Tourism Investment Company, or ARTIC, is selling the 50-story, 148-key hotel at 485 Brickell Avenue in Miami. Stefano Santoro with Disruptive Real Estate is representing the buyers…
Map: Miami Worldcenter’s pipeline of 8,400 resi units, 500 hotel keys. 800k sf commercial space
Developers are racing to Miami Worldcenter. The 27-acre master-planned development is partially completed, but much more is on tap. Seventeen towers are proposed, approved or under construction, promising to transform a 10-block stretch in the heart of Miami into a canyon of skyscrapers. In total, the projects would add 8,473 condos and apartments, 499 hotel keys and…
Shidler Group wasn’t about to miss out on South Florida’s multifamily bonanza. In 2021, amid an influx of out-of-state residents creating unprecedented apartment demand and the biggest rent hikes nationwide, Shidler bought the 433-unit Sealofts at Boynton Village for $153 million. The complex of 20 white and sky blue buildings tucked in suburban Boynton Beach is over 90 percent…
67-Story Miami Worldcenter Tower JEM Private Residences Breaks Ground In Record Time
The developer of the 67-story JEM Private Residences tower at Miami Worldcenter held a groundbreaking ceremony this morning, putting the development on an ultra-fast timeline. The project moved from market entry to construction commencement in under 5 months, a record-breaking development timeframe for South Florida. The building will eventually top off…
Planned Edgewater Apartment Tower Gets FAA Approval for Permanent Height Of 444 Feet
The FAA has issued height approvals for an Edgewater apartment tower that will soon begin construction. The 42-story rental apartment tower is planned at 1775 Biscayne Boulevard. The FAA issued approval on April 1 for a permanent height of 444 feet above ground, of 448 feet above sea level. The agency also approved two tower cranes at a temporary height of 541 feet above ground…
North Bay Village’s Renaissance: New Developments Usher In An Era Of Dynamic Growth
North Bay Village, nestled between Miami and Miami Beach, is undergoing a significant transformation, evolving from a tranquil island community into a bustling hub of residential and commercial growth. This shift is underscored by the development of over 3,000 new residential units and 1 million square feet of commercial and retail space. Adding to the area’s appeal is…
IMC Equity plans a 244-unit apartment building with workforce housing, marking the first phase of the company’s 1,000-unit complex in West Little River that may use the Live Local Act. North Miami-based IMC wants to build a seven-story building with at least 31 workforce units and 213 market-rate units on 5 acres on the northeast corner of Northwest 79th Street and Northwest 30th Ave…
In Downtown Miami, 43-Story Apartment Tower by Namdar Now Rising
A downtown Miami apartment tower is now about five floors out of the ground, a new photo shows. The 43-story tower is being built by developer Namdar. It wall have 680 apartments upon completion. Namdar is also planning a second tower on the property, bring the total apartment count to 1,394 units. There won’t be much parking in the new buildings. Just 336 spaces are planned…
Eight-Year, $908M Miami Highway Project – Golden Glades Interchange Rebuild – Begins Construction
The Florida Department of Transportation has commenced construction on a $908m highway interchange rebuild in Miami. The Golden Glades Interchange will get new flyover ramps, new on and off ramps, and new and widened lanes as part of the project. Construction will last for around eight years. The start of construction was accelerated by years thanks to Florida legislators…
Vice City Marina in Brickell hits market for $40M
A public marina in Brickell, near billionaire Ken Griffin’s planned Citadel headquarters development site, hit the market, with an asking price between $37 million and $40 million, The Real Deal has learned. Vice City Marina at 809 Brickell Key Drive in Miami, next to the Four Ambassadors condo complex, is a 26-slip public dock facility that can be expanded to 36 slips…
Miami International Airport & Miami Open Tennis Tournament Break New Records
Miami International Airport and the Miami Open tennis tournament announced that they have both broken new records for passengers and visitors. The 2024 Miami Open had attendance of 395,683, compared to 386,000 in 2023. It is currently the second most attended ATP Masters 1000 tournament, seeing far higher numbers since moving from Key Biscayne.
Berkadia has arranged a $328 million construction loan for Baccarat Residences Miami, a 355-unit luxury condominium tower planned at the gateway of Brickell Avenue in Miami. Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins and Brad Williamson of Berkadia arranged the floating-rate loan through Bank OZK on behalf of the borrowers, Related Group and GTIS Partners.
Related Group and GTIS Partners have secured a $328 million construction loan for the Baccarat Residences Miami, a 75-story luxury condominium tower at the gateway of Brickell Avenue. The financing, arranged by Berkadia South Florida, supports the development of the 848-foot-tall skyscraper, which is currently under construction at 99 Southeast 5th Street and is expected…
Related, partner score $328M construction loan for Baccarat Miami
Related Group and its partner scored $328 million in construction financing for their planned Baccarat Residences condo tower in Miami’s Brickell neighborhood. Coconut Grove-based Related, led by Jorge Pérez and his sons Jon Paul and Nick Pérez, and New York-based GTIS Partners secured the floating rate loan from Bank OZK, according to a press release.
Battle with developer may slow new Miami-Dade Courthouse
Money issues may strangle a planned October completion of the new county Civil and Probate Courthouse on Flagler Street downtown as Miami-Dade and the builder trade claims. Mediation Feb. 7 “resulted in an impasse,” said Kathy Labrada, chief efficiency and compliance officer for the Internal Services Department. The matter is slated for review in late April. Builder Plenary Justice…
City Approves Height Increases for MiMo
The Miami City Commission has voted unanimously to approve increased height limits in the MiMo Biscayne Boulevard Historic District under certain conditions. The final language adopted last month through the approved ordinance allows 20 feet of additional height for a project on a one-acre lot or larger, if that project includes a public benefit by a public agency “including but not…”
PortMiami expanding to double freight rail
PortMiami is clearing the tracks for a rail expansion to double railway freight capacity from the port by 2027. “The rail as you see it today, the FEC [Florida East Coast Railway] intermodal yard, was opened here in 2014,” said Hydi Webb, PortMiami director and CEO. “We have 9,000 feet of track, and … it goes from the port here, it connects to their rail yard in Hialeah, and then…
Bal Harbour to retake final vote on Live Local Act ordinances next week
Bal Harbour’s Village Council will retake its final vote next week on Live Local Act ordinances addressing unit size, “poor doors,” parking, construction noise and more tied to the proposed expansion of Bal Harbour Shops. Bal Harbour council members voted unanimously to pass the ordinances last week again on first reading. Part of that included the council readopting rules it voted…
First phase of Lincoln Road makeover funded
A project is underway on Miami Beach to improve Lincoln Road’s 100, 200 and 300 block and first-phase funds are lined up. “We started off with a plan for the 100 block, our first phase,” said Peter Kanavos, a partner of the Ritz Carlton Sagamore group. “We’re working subsequently on trying to do the same to revitalize the 200 and the 300 blocks.” The process is in phases…
Downtown Miami I-395 Signature Bridge taking shape
The soaring concrete arches extending high above a new I-395 expressway are already adding to the City of Miami’s ever-changing skyline. The vast highway improvement project downtown is moving steadily forward, reports the Florida Department of Transportation (FDOT), as the new I-395 Signature Bridge takes final form. The I-395/SR 836/I-95 Design-Build Project…
Crescent Heights proposes 280-unit condo tower in Miami’s A&E District
Crescent Heights proposes a 280-unit condo tower in Miami’s Arts & Entertainment District, near the firm’s planned redevelopment of a school board site. The Miami-based firm, led by Russell Galbut, wants to build the roughly 26-story building between Northeast First Court and Northeast First Avenue, north of Northeast 14th Street, according to an application Crescent Heights…
Tri-Rail working to bring one-seat service downtown
Efforts to create a one-seat Tri-Rail express train between West Palm Beach and downtown Miami continue, says Victor Garcia, South Florida Regional Transportation Authority public affairs director. Director David Dech has been reviewing potential Tri-Rail accommodations “with a one-seat express train ride between West Palm Beach and Miami Central,” Mr. Garcia…
Coral Gables expects million trolley rides, Doral up too
Trolley ridership is growing in cities like Coral Gables and Doral. In Coral Gables, the trolley operates daily except Sundays, and weekday ridership is more than 4,000 per day, which is above pre-pandemic levels, according to Kevin Kinney, the city’s parking and mobility services director. Coral Gables’ Saturday trolley service, which launched in October 2021, has performed better…
Woodhill pays $26M for Hialeah industrial assemblage
Woodhill Real Estate paid $26 million for a Hialeah industrial assemblage at the center of a not-so-neighborly dispute between the seller and a next-door developer. An affiliate of New York-based Woodhill acquired six warehouses spanning nearly 159,000 square feet at 215–325 West 75th Place and at 7550–7620 West 2nd Court, records and Vizzda show. Ameritas Life Insurance…
Internationally recognized real estate development firm Sumaida + Khurana has announced that Pritzker Prize-winning architect Eduardo Souta de Moura will design its new Class A+ office building at the corner of Fifth Street and Alton Road. This is the first building in North and South America for Souta de Moura. Sumaida + Khurana is partnering with property owners Roslyn…
Pritzker Winning Architect Eduardo Souto de Moura Designs First Miami Building
Portugal’s Pritzker Prize-winning architect Eduardo Souto de Moura is designing a Class A office building at the entrance to South Beach. The development will replace multiple existing buildings on the corner of 5th Street and Alton Road, including a Burger King. This is the first building in North and South America for Souto de Moura. The new 5-story building features unique…
Sumaida + Khurana proposes five-story office building in South Beach
Less than a year after starting construction of the Fifth Miami Beach office project, Sumaida + Khurana is proposing a second office building in the city. New York-based Sumaida + Khurana, led by Amit Khurana and Saif Sumaida, wants to develop the 101,400-square-foot building with a ground-floor restaurant on a 0.8-acre lot at 1100 Fifth Street, near the MacArthur Causeway…
Kroger To Close Opa-Locka Distribution Center, End Deliveries In The Region
Kroger is pulling out of South Florida a little over a year after it launched a delivery service in the region.America’s largest grocery chain is closing a 60K SF distribution center in Opa-Locka at 14350 NW 56th Court , along with locations in Austin and San Antonio, and will stop its Boost delivery service across South Florida and Central Texas on May 25. The company said in a statement…
Details, renderings revealed of planned Four Seasons in Coconut Grove
Developers Ugo Colombo and Nadim Ashi are moving forward on their planned Four Seasons-branded luxury condo project in Miami’s Coconut Grove. Sales are already underway, with buyers skipping reservations and signing contracts for units at the planned 20-story, roughly 70-unit building, a source said. Colombo’s CMC Group is partnering with Ashi’s Fort Partners…
Nef hit with lawsuit over stalled Sweetwater mixed-use project
Workforce Housing Partners is suing global real estate firm Nef in an attempt to completely take over a $110 million planned mixed-use project near Florida International University’s campus in Sweetwater. An affiliate of Workforce Housing, a Miami-based company led by Jason Talbot, is suing Amsterdam-based Nef for allegedly breaching an operating agreement to build Cité – FIU…
Photo: Foundation Pour At 70-Story Okan Tower
A massive foundation pour was completed over the weekend at the Okan Tower construction site. The foundation pour began on Friday night and ran continuously through Saturday night. The original plan called for 1,200 concrete trucks to be brought in for the pour. Okan Tower is planned to rise 70 stories, or 902 feet when it reaches completion, which is planned in 2027.
One Park Tower in North Miami by Turnberry Secures $172M Construction Loan Facilitated By Berkadia
Berkadia announced it arranged for $172 million in construction financing for ONE Park Tower by Turnberry, a 33-story, 292-unit condominium tower located at 2411 Laguna Circle in the 184-acre master-planned community of SoLé Mia in North Miami, Florida. Designed by the award-winning architecture firm Arquitectonica, with interiors by the globally acclaimed…
Contractors have officially broken ground on Origin Residences by Artefacto, a luxury housing development in the Bay Harbor Islands. The structure will measure seven stories and offer 27 units, with the largest measuring 2,330 square feet and the smallest starting at $1.9 million, according to the venture’s website. They range from two-bedroom to four-bedroom floorplans.
Florida Law Speeds Demolition of Iconic Buildings in Miami Beach
A new law in Florida limits the ability of municipalities to prevent the demolition of aging coastal buildings, including architectural icons that have been granted local historical status. The Resiliency and Safe Structures Act, recently signed into law by Gov. Ron DeSantis, strips local municipalities of their authority to ban, restrict or prevent the demolition of non-conforming…
Berkadia Arranges $172M Construction Financing for Residential Tower in North Miami
Berkadia has arranged a $172 million loan to finance the construction of ONE Park Tower by Turnberry, a residential tower located at 2411 Laguna Circle in North Miami. Scott Wadler, Alec Fox, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia secured the financing through Bank OZK on behalf of the developer, Turnberry. Upon completion, the community will…
CREI Holdings Secures $67M Loan for Affordable Housing Development in Sweetwater
CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, an affordable and workforce housing community in Sweetwater, roughly 15 miles outside of Miami. Centennial Bank provided the financing. Upon completion, which is scheduled for the second quarter of 2026, the property will feature an eight-story building with 328…
Okan Tower Prepares for Massive 1,200 Truck Concrete Foundation Pour In Downtown Miami
A team of 300 workers, operating in three shifts and utilizing 1,200 concrete trucks, is set to pour the foundation for Okan Tower, a forthcoming 70-story highrise development at 555 North Miami Avenue developed by Okan Group. Positioned to be a new landmark in Downtown Miami’s skyline, the tower is expected to reach 902 feet, making it one of the city’s tallest buildings…
Massive Foundation Pour Planned This Weekend For Okan Tower, One Of Miami’s Tallest Towers
A massive foundation pour is planned this weekend for Okan Tower, which is set to become one of the tallest buildings in Miami. “This marks a significant milestone for the Okan Tower team, and we are filled with pride and excitement as our vision for Miami’s skyline transforms into a reality,” said Bekir Okan, Chairman of developer Okan Group. “Okan Tower represents…”
Lynd buying Miami Worldcenter dev site for $35M, plans 551-unit condo tower
Lynd Group is buying a Miami Worldcenter development site for roughly $35 million, with plans to build a 551-unit condo tower. The San Antonio, Texas-based firm has the half-acre assemblage on the northeast corner of North Miami Avenue and Northeast Ninth Street under contract, according to sources at Lynd. The land is immediately south of another half-acre site that Lynd…
First Look Inside Brickell’s 90-Story Supertall Dolce&Gabbana Condo Hotel
Dolce&Gabbana and developer JDS unveiled new details and renderings yesterday of a 90-story supertall condo hotel they are planning at 888 Brickell. The 1,049-foot building will be the tallest in Miami, the developer said. It will feature ivory travertine and matt black steel beams, along with a gold beaded ‘necklace’ towards street level, with Studio Sofield the architect. Inside the…
Bowlero Opens 30,000 SF Lucky Strike Bowling Alley at Miami Worldcenter
Bowlero Corp. has opened Lucky Strike Miami, a 30,000-square-foot entertainment venue within the $6 billion Miami Worldcenter development. The venue is the second new build for Bowlero using the Lucky Strike brand since it was acquired in September. Lucky Strike Miami features 28 bowling lanes, an arcade, craft cocktail bar, food service and a VIP room with six…
WSJ: How LVMH Helped Turn an Abandoned Miami Warehouse District Into a Luxury Hot Spot
When Miami developer Craig Robins welcomed LVMH Chief Executive Bernard Arnault to his office in the city’s Design District, there was little about the gritty neighborhood to suggest it would ever become a mecca for luxury goods. The dozen blocks consisted of squat, single-story concrete warehouses, furniture showrooms, and empty lots. But the two men shared a vision that the area…
Coral Gables’ Miracle Mile Makes Timeout’s List of 30 coolest streets in the world
Our pick for one of the world’s coolest neighbourhoods in 2023, Coral Gables’ downtown is anchored by Miracle Mile, a palm and oak tree-lined street where you’ll find plenty of independent shops and some of Miami’s best restaurants (including several that recently earned nods from the Michelin Guide). Like the rest of its historic neighbourhood, Miracle Mile and its…
Fort Lauderdale’s getting a $140 million police headquarters. Construction started on the 192,263-square-foot venture in summer 2023. The three-story building will replace the former police headquarters, which was less than half of the size of the new facility. According to the City of Fort Lauderdale, the energy-efficient complex will feature training rooms, an evidence warehouse…
Lurra pays $59M for downtown Fort Lauderdale apartment building
Lurra Capital bought the Queue Apartments in downtown Fort Lauderdale for $59 million, marking the Swiss firm’s continued bet on South Florida’s multifamily market, The Real Deal has learned. Zurich-based Lurra, through its Real Lurra real estate arm, bought the seven-story, 192-unit building at 817 Southeast Second Avenue, according to a Lurra news release. The deal…
New York-Based Time Equities Proposes More Than 900 Apartments at Boynton Beach Town Square
New York-based Time Equities hopes to get approval for more than 900 apartments at Boynton Beach Town Square. The proposal concerns north and south parcels. Here’s what we know. The north parcel, measuring 3.7 acres, could offer an eight-story building with 433 residences, ranging from studios to three-bedroom units. Communal amenities would include a swimming…
Baptist Health sells Boynton Beach medical office campus for $38M
Bethesda Hospital, a subsidiary of Baptist Health South Florida, sold a former medical office campus in Boynton Beach for $37.7 million. A joint venture between Orlando-based Foundry Commercial and Greenwich, Connecticut-based Wheelock Street Capital acquired the vacant 30.7-acre site at 3800 South Congress Avenue, records show. The deal breaks down…
Historic ‘Gulfstream Hotel’ Set for Expansion and Renovation at 1 Lake Avenue in Lake Worth Beach
The Gulfstream Hotel’s renovation and expansion are just one step closer to reality, with construction having already started on the first phase. Our sources indicate that the historic hotel, erected in 1925, was mostly “gutted” for the past few years. Yet, the renovation hopes to transform the multi-level building into a “hipstoric” destination. Developers hope to maintain the historic elements…
Optimism Prevails In Industrial Capital Markets This Year
fix link https://miamiairportwarehouses.com/optimism-prevails-in-industrial-capital-markets-this-year/?preview=true There is a new sense of optimism in the industrial capital markets this year compared to 2023 with Colliers analysts finding investor sentiment has boosted significantly. The firm’s Ryan Vaught, Southeast, said there’s been a healthy uptick in capital evaluating…
The Conversation: Understanding America’s Industrial Real Estate Landscape In a recent episode of “America’s Commercial Real Estate Show,” the show host delved into the complex and evolving world of industrial real estate with his guest, Aaron Halfacre, CEO and President of Modiv Industrial. Modiv Industrial is a Real Estate Investment Trust (REIT) that owns and…
RealPage, a leading global provider of software and data analytics to the real estate industry, today released the findings from its proprietary fraud study, the largest national fraud survey of the multifamily industry conducted to date. With more than 400 property management professionals responding across five major U.S. markets, the study uncovers the drivers behind…
Multifamily Leaders Up In Arms As FCC Mulls Banning Bulk Broadband Billing
A potential ban on bulk WiFi billing for apartments and their tenants has sparked fierce pushback among industry organizations, while tenant advocates and the Federal Communications Commission argue such a ban would allow tenants more choice. The FCC is considering a proposal that would restrict residential landlords and condo boards from providing broadband…
How real estate investors can prepare for an economic rebound
An economic rebound may not be on the immediate horizon, but multifamily investors can still make preparations for the future. Multifamily investors should look at economic indicators, such as housing markets, interest rates, and political and geopolitical dynamics—including the upcoming U.S. election—to get a clearer picture of the economy. Performing market research…
Florida Gov. DeSantis signs anti-squatters bill into law
Gov. Ron DeSantis signed a bill that he promises will “put an end to the squatter scam” in Florida. DeSantis signed House Bill 621, which allows a property owner to ask law enforcement to remove squatters from properties and creates penalties for those who violate the law. The law would not apply to former or current tenants involved in a legal dispute with the landlord.