On Monday, July 22nd, Miami-Dade County officials celebrated the groundbreaking of Brownsville Transit Village’s fifth phase. Currently, the affordable housing development offers 401 apartments, along with a 660-spot parking garage and 6,400 square feet of retail. The fifth phase will add an additional 120 homes targeted at those earning 30 percent to 80 percent…
Contractor Hired To Build 56-Story ‘Architectural Marvel’ Villa Miami, Groundbreaking Soon
The developers planning the Villa Miami tower have hired a general contractor. Moss Construction will build the 56-story, 650-foot-tall “architectural marvel,” the developers said. Groundbreaking is planned for this summer. Villa Miami will feature a distinctive copper color-cladded exoskeletal design that “promises to make it an iconic tower.” “Villa Miami is an elegantly…”
Casa Forma Developer Advocating For Omni Community Redevelopment Agency Extension
The developer planning Casa Forma says an extension of the Omni Community Redevelopment Agency will help the project to proceed, according to the SFBJ. Casa Forma is planned to include 1,441 residential units, 143,328 square feet of office, 7,959 square feet of retail, and 1,532 parking spaces. The tower would rise 55 stories, or 650 feet. It would be developed by Crescent Heights…
830 Brickell office tower lands $565M perm loan, among South Florida’s biggest refinancings ever
The office tower 830 Brickell scored a $565 million loan from an Elliott Investment Management-backed lender, marking one of South Florida’s biggest refinancings ever. Vlad Doronin’s OKO Group and Cain International are developing the 57-story tower at 830 Brickell Plaza in Miami. The project, the first new standalone office tower in the Brickell Financial District in the past…
Second Meeting Scheduled To Discuss City-County Conflict Over Rapid Transit Zoning
Miami has issued notice of another joint public meeting to discuss a conflict over Miami-Dade’s Rapid Transit zoning. The first public joint meeting to discuss the conflict took place in March. Here’s what is planned at the new meeting, according to the agenda: A discussion, pursuant to the Florida governmental conflict Resolution act procedures of Chapter 164….
342-Unit Luxury Apartment Development Reaches Completion On The Miami River
Remi on the River has reached completion. The eight-story building includes 342 luxury apartments, ranging from 465 to 1,334 square feet. Remi is the second phase of the development. The first phase, known as Waterline, includes 346 apartments, which were fully leased within months of opening. Mast Capital and AEW are the developers. Corwil is the architect.
Mast Capital, AEW Complete 342-Unit Remi on the River Apartments in Miami
Mast Capital and AEW have completed Remi on the River, a 342-unit apartment community located at 999 N.W. 7th St. in Miami’s River District. The eight-story property features 400 feet of frontage along the Miami River, as well as studio, one-, two- and three-bedroom apartments spanning from 465 to 1,334 square feet in size. Monthly rental rates range from $2,171 to $4,897…
Lender sues to foreclose on Bay Harbor Islands condo site
An affiliate of Allure Development Group is being sued for foreclosure over a stalled condo development in Bay Harbor Islands. Saluda Grade Alternative Mortgage Trust 2023-BC3 sued BHI The Club 2 LLC over the remaining $10.2 million unpaid balance on a $16.5 million loan, according to records and real estate database Vizzda. The loan backs the development site where…
Merrick Parc Phase II wins OK for 225 residences, commercial
The second phase of what will be dual mixed-use residential towers in Miami’s southwest area cleared the city’s Urban Development Review Board with a recommended approval for Merrick Parc Phase II and a suggestion to consider replacing some palms in the landscaping plan with shade trees. This second phase will see construction of a 20-story mixed-use building…
County’s first three-story public library taking shape for branch in Downtown Doral
Downtown Doral is set to welcome the new Doral Branch Library for patrons to use and enjoy. The three-story library, at 5360 NW 84th Ave., will include books, technology and a terrace. It is expected to open its doors in June 2025. The library is rising across from Doral’s City Hall, near schools and retail stores, said Ray Baker, director of the Miami-Dade Public Library System.
Doral gaining during nation’s commercial realty dip
Doral’s commercial real estate defies national trends and continues to showcase high demand. “Viewing commercial real estate overall, even on a national scale,” said Matthew Rotolante, president and broker at Lee and Associates South Florida, “I would say Miami, Doral included… is somewhat resilient in the face of some of the trends that are taking place on a national scale.”
Grove Village, OK’d in 2011, finally moving ahead
A sweeping development destined to transform about 12 acres in the West Grove is finally moving forward with a city board’s unanimous approval. Grove Village, a six-block mixed-use residential and commercial project, has been in the works for more than a decade. The original Grove Village Major Use Special Permit (MUSP) was approved by the City of Miami in 2011.
New Central Park in Doral set to open
Inauguration plans are set for the east portion of the Doral Central Park, according to city officials. As part of the $150 million Doral Parks General Obligation Bond, the flagship project at 3000 NW 87th Ave. will be opening its first half on Aug. 24 with a community event. The project’s opening includes the amphitheater, skate park, playgrounds, multipurpose fields, a boardwalk…
Rodney Harris: Miami Gardens mayor cites taxable value rise and stability
Since becoming the mayor of Miami Gardens in 2020, Rodney Harris’ biggest motivation to build the city a thriving, productive place to live, worship, work and play has been the commitment to residents who initially placed him in public service. In November 2012, he was elected a councilman and in August 2016, he was re-elected for a second term. Later in his career as a public servant…
Nearly 600 Apartments Now Open At New 1.5M Square Foot Overtown Complex
In Overtown, the residential component at Sawyer’s Walk (formerly known as Block 55) has officialy opened. Developer SG Holdings, a partnership among Swerdlow Group, SJM Partners, and Alben Duffie, announced the opening this morning. “We’re pleased to announce the highly anticipated opening of nearly 600 residences at Sawyer’s Walk, a tremendous milestone for the city…
FAA Approves Midtown Miami’s Tallest Tower, Midtown One
The Federal Aviation Administration has completed a review of the proposed Midtown One tower, which is set to become the tallest in the neighborhood. According to a July 15 determination letter, the building’s proposed height of 610 feet above ground level and 623 feet above mean sea level does not pose a hazard to air navigation. Midtown 1 is planned to include: 329 residential units…
Miami Review Board Rejects Tall Towers on Small Lots
Miami’s Urban Development Review Board (UDRB) has rejected two projects this month to build really tall towers on small lots, calling both projects “out of scale.” Under Miami’s zoning laws, the board is required to review any project proposal that exceeds 200K SF and base its recommendations to the city planning director on the project’s “urban quality, compatibility and contribution…
SJC Ventures, Nuveen to Develop Whole Foods-Anchored Shopping Center in Doral
Atlanta-based SJC Ventures and Nuveen Real Estate have formed a partnership to develop Doral Marketplace, a new shopping center in suburban Miami that will be anchored by Whole Foods Market. The partnership recently purchased a 10-acre site at the southwest corner of NW 41st Street and NW 107th Avenue for the development, which is set to break ground this fall. The site is…
SJC, Nuveen drop $32M for Doral dev site, plan Whole Foods-anchored mixed-use project
SJC Ventures and Nuveen Real Estate scooped up a development site in Doral for $32 million, with plans for a Whole Foods Market-anchored project. Atlanta-based SJC and New York-based Nuveen bought the 10-acre vacant property on the southwest corner of Northwest 41st Street and Northwest 107th Avenue from Bridge Industrial, according to an SJC and Bridge…
Revised Plans and New Renderings Revealed for 1 Southside Park in Brickell
JDS Development Group has filed revised plans and renderings with Miami-Dade County for Brickell’s massive 1 Southside Park, currently under construction. Designed by SHoP Architects with ODP Architecture & Design as the architect of record, the project includes a residential component known as Mercedes Benz Places. The proposed changes to the project…
“Way out of scale”: Miami board rejects SB, Hazelton’s 55-story Edgewater tower
Amid intense neighborhood opposition against a proposal for a 55-story tower in Edgewater, a Miami project review board rejected the plan by SB Development and Hazelton Capital Group. The Urban Development Review Board voted 6-0 on Wednesday to recommend denial of the 463-unit project proposed for a 0.3-acre lot 419 Northeast 19th Street, between the Cité on the Bay…
Brickell Citadel HQ Tower Moves To Pre-Application Phase, With Public Baywalk
An affiliate of Citadel has filed a pre-application with Miami-Dade County for a new mixed-use tower in Brickell. Previous reports have said the tower could end up being a supertall, but the building’s overall size or height was not listed in the new filing. The purpose of the pre-application is to review the approval process and discuss filing requirements. According to the new…
Billionaire Ken Griffin submits site plan for mixed-use Miami supertall
Billionaire Ken Griffin is moving forward with plans to develop a $1 billion-plus mixed-use tower in Miami’s Brickell Financial District. Griffin’s attorney, Neisen Kasdin, this week submitted a pre-application for the sites at 1201 Brickell Bay Drive, 1221 Brickell Avenue and 1250-1260 Brickell Bay Drive. Griffin, founder and CEO of his hedge fund Citadel and owner…
Work Underway At Excel Miami Site, Where 424 Residential Units Planned
Site work is now underway at the Excel Miami site, according to Ryan RC Rea. The city issued a site work permit for the property on June 19, and a tree permit on June 25. The master permit to build the new tower and a phased vertical permit are both still in the review process. Excel Miami is planned to rise 24 stories, and include: 424 residential units (of which 216 will be micro-units)…
Block Capital buys into Diesel Wynwood project, plans relaunch
The Miculitzki family’s Block Capital Group bought into Diesel Wynwood, Bel Invest Group’s planned branded condominium project in the trendy Miami neighborhood, The Real Deal has learned. Wynwood-based Block Capital is taking the lead on the development, according to sources. Bel-Invest Group, led by CEO Maximilian Beltrame, remains a partner. Block Capital…
650-Foot Cranes Approved For Lofty Brickell Construction Site
Several cranes have just been approved for the Lofty Brickell construction site. According to a determination issued by the Federal Aviation Administration on July 17, the temporary cranes can rise 650 feet above ground, or 653 feet above sea level. Lofty Brickell is planned as a 44-story building with 364 residential units allowing short-term rentals. The permanent height…
Master Building Permit Issued for 75-Story ‘Baccarat Residences Miami’
A master building permit has been issued for Baccarat Residences Miami, a luxury condominium tower developed by Related Group and GTIS Partners and designed by Arquitectónica. Miami’s Building Department issued the permit to allow for the continued development of the 848-foot-tall skyscraper, under construction at 99 Southeast 5th Street and expected to be completed in early…
Master Construction Permit Issued At 75-Story Baccarat Residences Construction Site
A master construction permit was issued this week for Brickell’s 75-story Baccarat Residences tower. Records show the master permit was issued on July 15, with John Moriarty the contractor. It replaces a phased vertical permit. Baccarat is one of the tallest towers to ever go vertical in Miami, with a planned height of 75 stories, or 848 feet above ground and 852 feet above sea level.
Transit-Oriented Affordable Community Breaks Ground in Miami
The Miami-Dade County Department of Transportation and Public Works, Department of Housing and Urban Development and the County’s Department Public Housing and Community Development have broken ground on Phase V of Brownsville Transit Village, a 120-unit affordable development in Miami. Project partners include Atlantic Pacific Cos., Mount Sinai Community…
An affiliate of Onyx Housing Group hopes to get approval for a multi-family housing development on farmland in Miami-Dade County. The Naranja Grove Apartments would require 318,108 square feet of new construction, rising eight stories and comprising 285 apartments. According to the South Florida Business Journal, the one-bedroom to three-bedroom homes…
Miami’s Watson Island Development Proposals Reviewed by Climate Resilience Committee
The City of Miami Climate Resilience Committee recently reviewed two proposals concerning developing and using City-owned waterfront property on Watson Island. These proposals were presented for evaluation due to their deviation from previous plans and now include updated requests and public benefits. The following steps involve potential approval by the Miami City…
454-Unit, 28-Story Tower Proposed Under Live Local Act in Little Haiti area of Miami
Developers 8038 and 165 Owner LLC, an affiliate of New York- and Miami-based Infinity Collective, and Miami-based MVW Partners, have proposed a residential development in Miami’s Little Haiti neighborhood under the state’s Live Local Act. The city’s Urban Development Review Board is currently reviewing the application for the 2.17-acre site at 165 Northeast 80th Ter…
Miami International Airport Approves Cargo Facility That Will Move It Up Ranks Of World’s Busiest
Miami International Airport is already the busiest international cargo airport in the U.S., and one of the busiest in the world. Now, a new vertical cargo facility has been approved that will significantly increase airport cargo volumes. Miami-Dade County commissioners voted this week to approve a deal with private developers to build the $400m Vertically Integrated Cargo…
372-Unit Residential Development Planned In Overtown
Plans have been announced for a 22-story development in Overtown called One West Twelve Residences. One West Twelve Residences will include 372 residential units, delivered finished and furnished and allowing short-term rentals. PMG, Lion Development Group, and LNDMRK are the developers. Cube 3 is the architect. Numbers of pics are displayed…
H&R REIT, Urban-X Receive Approval for 28-Story MidRiverVu Apartment Tower in Miami
Canada-based H&R REIT and Miami-based Urban-X Group have received approval from the City of Miami’s Planning, Zoning and Appeals Board for MidRiverVu, a 28-story apartment tower. The 475-unit, market-rate community will be situated on a 2-acre site at 1411 N.W. North River Drive in Miami’s MidRiver district, which is west of the downtown area. The property represents…
Tatiana Pino now owns Century Homebuilders after Sergio Pino’s death, her attorney says
Developer Sergio Pino’s death by suicide on Tuesday — as federal agents descended on his home to arrest him — makes his estranged wife, Tatiana Pino, the sole owner of their development firm, Century Homebuilders Group, according to her attorney. And just one day after Sergio’s death, his brother submitted a will, kicking off the probate process tied to the distribution…
BH, Prime submit plans for 15-story hotel in Hallandale Beach
BH Group and Prime Group now plan a hotel on a Hallandale Beach development site where the joint venture previously envisioned a condo-hotel. The joint venture recently submitted a site plan to the city of Hallandale Beach for a 15-story building with 246 hotel rooms, 281 parking spaces and a public plaza at 804 South Federal Highway, according to city records. The project…
Atlantic Residential and Northwestern Mutual Life Insurance scooped up a development site for $29.1 million, to build apartments near Harrah’s Pompano Beach Casino. Their purchase comes amid a near record construction pipeline of multifamily units in South Florida, which has slowed leasing and calmed rent growth. Atlanta-based Atlantic and Milwaukee-based Northwestern…
Prestige scores $20M construction loan for Davie workforce housing project
Prestige Companies can move ahead with a workforce housing project in Davie after landing a $20 million construction loan. A Boca Raton-based entity, Mint 12 Income 3, provided the financing for Pioneer Lofts, a planned garden-style complex with 105 apartments at 6325 Southwest 37th Street, records show. Designed by Hialeah-based architect Albert Gonzalez, Pioneer Lofts…
A two-story padel and indoor pickleball court facility has been proposed to rise along Federal Highway in Fort Lauderdale. The city’s Development Review Committee is set to review plans for the 1.01-acre site at 4000 and 4008 North Federal Highway on July 23. Padel Broward LLC, managed by Arvinder Bajaj of AB Diversified of Plantation, Vicki Tofte and Vilic Novovic…
Construction Completes on BSO’s New Research, Development, and Training Center in Fort Lauderdale
ANF has completed construction of the new Broward Sheriff’s Office (BSO) Research, Development, and Training Center (R.D.T.C.) in Fort Lauderdale, Florida, serving as the construction manager for the project with Saltz Michelson Architects and RDG Planning & Design as the architects. The building is designed to meet Class “A” Office Building standards. The BSO R.D.T.C. is…
Fortress takes back Fort Lauderdale marina, RV park in $86M deed in lieu of foreclosure
The investors in a Fort Lauderdale RV park and marina surrendered the property to the lender through a deed in lieu of foreclosure valued at $85.8 million. Gary Cioffi and Christopher Hein handed back the keys to the 20.2-acre Yacht Haven Park & Marina at 2295 and 2323 West State Road 84 to Fortress Investment Group, according to records and real estate database…
Zaragon sells Plantation office building for $16M, a 6% discount from 2018
Zaragon sold an office building in Plantation for $15.7 million, a 5.5 percent discount from the firm’s purchase price six years ago. The deal comes as distress continues to trickle across South Florida office properties. The tri-county region experienced a leasing frenzy over the past four years, but office landlords haven’t been spared from the sting of higher interest rates and property…
Locally based Seaside Builders has proposed a high-end housing development in Delray Beach. The Tropics of Delray would offer a total of 34 units: 16 condos in a four-story building and 18 townhomes divided between three six-story buildings. According to the South Florida Business Journal, the condos would measure 2,405 to 3,690 square feet, while the townhomes…
Parking Lot Could Serve as 289-Unit Multifamily at 900 Broken Sound Parkway Northwest in Boca Raton
Locally based 900 Broken Sound Acquisition Co. has filed an application with Boca Raton city officials for the construction of a multi-family housing development. If approved, the venture would require 334,295 square feet of new construction and offer 289 units. Per the South Florida Business Journal, about 10 percent (29 homes) would be reserved as affordable housing…
Singaporean REIT sells Boca Raton office building for $82M –– an 18% discount from 2021
A Singaporean real estate investment trust sold the One Town Center office building in Boca Raton for $82 million, marking a 17.6 percent discount from its purchase price three years ago. Prime US REIT, which is publicly traded on the Singapore Exchange, sold the 10-story, 201,000-square-foot building and attached five-story garage at 1 Town Center Road to Gatsby Enterprises…
Asana Partners sold a portfolio of West Palm Beach warehouses repurposed into retail, restaurant and office space for $19.5 million. The deal comes as such South Florida commercial trades continue, despite higher interest rates. Charlotte, North Carolina-based Asana sold seven one-story buildings at 1300, 1400, 1500 and 1220-1250 Elizabeth Avenue, as well as 1615 Clare Avenue…
Foreclosure Suit Filed Against Developer Of 41-Acre Palm Beach Mixed-Use Project
Brian Tuttle’s plans to create a sprawling mixed-use community in Royal Palm Beach hit what he described as “a little bump in the road” this week after a foreclosure action was filed. A 41-acre site inside the Tuttle Royale community is facing foreclosure after Tuttle Land Investments stopped making payments on three mortgages totaling $38M. The short-term debt originated…
Related joint venture submits plans for Riviera Beach mixed-use project
Related Group, BH Group and Tezral Partners submitted plans for a mixed-use multifamily development in Riviera Beach. The joint venture plans 418 apartments across a 20-story, two-tower project at 1300 Broadway, just north of West Palm Beach. Miami Lakes-based Cohen Freedman Encinosa & Associates Architects is designing the buildings, according to a copy of the preliminary…
Kolter, Perko win Jupiter Island zoning amendment, allowing for condo project
The Kolter Group and Phil Perko won a zoning amendment that paves the way for a Jupiter Island condo project. The Palm Beach County commission voted unanimously Wednesday at its zoning hearing to allow property owners to apply for waivers for setbacks in the redevelopment of existing coastal multifamily buildings. The zoning amendment applies to buildings over 35 feet…
In a recent conversation on Bloomberg Television, Bruce Richards, CEO, Chairman, and Co-Founder of Marathon Asset Management, delved into critical financial topics. The discussion covered a range of subjects, from U.S. economic trends to central bank policies, offering deep insights into the financial landscape and including potential effects on commercial real estate…
Sentiment among CRE finance executives nationally drops again in new survey
Higher interest rates continue to cast a pall over commercial real estate, and the latest Board of Governors Sentiment Index from the CRE Finance Council (CREFC) reflects the gloom. The second quarter edition of the index dropped 3 percentage points from the first three months of the year to a reading of 105.4. The decrease reflects growing caution among more than 50…
Elevated Completions Continue to Weigh on USA Multifamily Rent Growth
Highlights: After a banner year for housing completions in 2023, both single-family and multifamily completions are poised for another strong year in 2024. However, elevated multifamily completions coupled with rising operating expenses have weakened profit margins for multifamily landlords. Consequently, as of the second quarter of 2024, Moody’s CRE forecast for asking…
Property Typecast: The self-storage industry shifts from surge to stability
While the industrial sector often gets the most recognition for being a pandemic-era darling, the self-storage industry has also enjoyed the benefits from changes in socioeconomic conditions that have bolstered demand for flexible storage solutions. As the pandemic took effect in early 2020, lockdowns and social distancing measures constrained consumers’ ability to spend money…
Medical Office Building Tenants Pay a Premium for These Markets
Medical office tenants seek densely-populated markets, said Jason Muss, president of Muss Development. Across the nation, demand for medical office buildings is persistent. As the population ages and the youngest of the Baby Boomers enter their 60s, the need for in-person health care is increasingly critical. But some markets in the U.S. are experiencing more demand than others…
Prologis Says Demand For Data Centers Is Boosting The Industrial Property Outlook Nationally
Prologis raised its annual earnings outlook despite a steep decline in revenue in the second quarter, saying that a dwindling pipeline of new warehouses and growing demand for artificial intelligence infrastructure should boost profitability. San Francisco-based Prologis, the world’s largest industrial property company, on Wednesday posted earnings attributable to common shareholders…
CNBC Ranks Florida’s Economy As The Best In U.S. In 2024
Florida has the best economy in the U.S. in 2024, according to a new CNBC ranking. The state added 240,000 new jobs last year, an increase of 2.5%, the report said. GDP increased 5% in 2023 to 1.28 trillion, among the fastest nationwide. New business applications grew even faster, up 9%. Florida’s budget and housing markets are also said to be balanced. The news network…
The Fed: Job openings-to-unemployment ratio; labor markets are in better balance
In the most recent FOMC press conference, on June 12, Chair Powell noted that the labor market “has come into better balance, with continued strong job gains and a low unemployment rate.” One measure of labor market tightness that illustrates this is the job openings-to-unemployment ratio, shown in the FRED graph above. The ratio is taken by dividing the total number…
Bank OZK Prepares For ‘Credit Deterioration’ While Growing CRE Loan Book
Bank OZK posted growing net charge-offs in the second quarter as its pool of nonperforming loans grew to $81M, its highest volume since at least 2009. But the Arkansas-based bank, which reported its second-quarter earnings on Wednesday and held its earnings call Thursday morning, continues to aggressively expand its real estate lending portfolio, the majority of which…