Brickell Office Lease Hits Record High, Matching Manhattan Prices
Miami office space rents have broken a new record, according to the FT and Bloomberg. The reports say that Brazil’s Banco Master leased 26,000 square feet of space at 830 Brickell for around $190 per square foot. That’s a record price for Florida, and “on par with Manhattan’s priciest office space.” 830 Brickell is now 100% leased. It will become the tallest office tower…
Construction Update Issued For Legacy Miami Worldcenter
Construction at Miami Worldcenter’s 55-story Legacy tower could resume in two to three m0nths, according to The Real Deal. The report cited a July 11 letter to buyers stating that drawings necessary to resume construction had been completed. The tower broke ground in 2021, with a foundation pour in mid-2022. Work was halted when the tower reached level 16, where it…
Developer From Kazakhstan To Partner On 185 Units In Brickell
Developers have announced plans for a new building called Parkside in Brickell, according to the SFBJ. Parkside will include 164 condo-hotel units and 21 condo units. A rooftop pool overlooking Simpson Park is also planned. Developer BI Group of Kazakhstan and Miami’s Habitat Group are partnering on the project, after paying $14.8 million for a site at 1750 SW 1st Avenue.
Plat Docs Resubmitted For Trinity Cathedral Site, Where 42-Story Tower Planned
Plat documents for the Trinity Cathedral site were resubmitted this morning. The updated plat survey shows that a new development with 462 residential units and 14,000 square feet of space for the church is planned. It’s not clear why the plat is being resubmitted. A note says that corrections are being made. A 42-story tower is currently moving through the approval process…
Iconic Miami Sports Bar Duffy’s Tavern Sold for $4.5 Million
Months after New Times broke the news that the end of beloved Miami restaurant Duffy’s Tavern was near, the restaurant’s site has sold for $4.5 million. According to Kerdyk Real Estate, who handled the sale of the development site at Duffy’s Tavern Sports Grill, the landmark bar and restaurant at 2108 SW 57th Ave. has sold for $4.5 million in a site deal on July 26.
Last call for Duffy’s Tavern near University of Miami?
Duffy’s Tavern near the University of Miami campus in Coral Gables could be ending its 70-year run after the iconic bar’s owners recently sold the property. Wayne Russell and James Fabbricatore sold the business at the single-story building at 2108 Southwest 57th Avenue that’s been open since 1955, as well as an adjacent 3,150-square-foot automotive center, according to a press…
Alger family sells nearly 800 acres outside Miami-Dade’s UDB for $56M
The Alger family, who have been farmers in Miami-Dade County for generations, sold a nearly 800-acre land tract outside the Urban Development Boundary for $56 million. The deal marks the second big south Miami-Dade property sale this month by the Algers, as the family is trimming its land holdings. The Algers sold 797 acres across 22 parcels that span from north…
David Martin’s Terra completes Mr. C Residences in Coconut Grove
David Martin’s Terra delivered Mr. C Residences in Coconut Grove, with an expected sellout of more than $500 million. The developer partnered with Maggio Cipriani’s Mr. C on the luxury branded condominium project at 2678 Tigertail Avenue. Sales of the 20-story, 230-unit development launched in 2020, and the condos sold out during the pandemic. The biggest sale to be recorded…
SG Holdings Delivers 578-Unit Affordable Seniors Housing Community in Miami’s Overtown Neighborhood
SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, has completed the housing component of Sawyer’s Walk, marking the delivery of the largest affordable senior living community in the United States within the last decade, according to the developer. The studio, one- and two-bedroom housing units, which are designated for seniors earning…
Limestone Asset Management Acquires Metro Miami Retail Property Leased to LA Fitness for $13.6M
Limestone Asset Management has acquired a single-tenant retail property in the Miami suburb of Doral for $13.6 million. LA Fitness occupies the building, which was built in 2001 and totals 37,500 square feet. Kevin Sanz of Orion Real Estate Group represented the buyer in the transaction. Alex Sharrin of JLL Capital Markets represented the undisclosed seller.
Nuveen, SJC Ventures Get $69M for Doral Retail Project
The developers will break ground on Doral Marketplace this fall. Image courtesy of CBRE The joint venture of SJC Ventures and Nuveen Real Estate has obtained a $69.4 million loan for the development of Doral Marketplace, a 83,329-square-foot shopping center in Doral, Fla. Construction is slated to begin this autumn, while the initial store openings are expected in the latter part…
Bridge Industrial Begins Office-to-Industrial Redevelopment in Miami
Bridge Point Flagler Station will comprise two industrial buildings totaling 326,448 square feet. Image courtesy of Bridge Industrial Bridge Industrial has begun demolishing the former headquarters of Ryder Systems in Miami, where it will develop a two-building, 326,448-square-foot Class A industrial complex. Bridge Point Flagler Station will come online on a speculative…
Daniel Abreu scored a $16.5 million construction loan for an 80-unit apartment building near North Miami, marking one of the first Live Local Act project financings. Abreu plans a six-story building on a 1.9-acre vacant site at 13650 Northeast Second Court in unincorporated Miami-Dade County, according to the lender’s news release. Ocean Bank provided the construction financing.
Miami Commission Approves Watson Island Referendum; BH3 & Merrimac Unveil First Rendering
This November, City of Miami residents will vote on Watson Harbour, a mixed-use development planned for the south side of historic Watson Island. The project, proposed by BH3 Management and Merrimac Ventures, includes two hotels, retail spaces, offices, residences, dining areas, and expansive public spaces. Located directly on Biscayne Bay between Downtown Miami…
Watson Island condo revamp? Developers’ $160M+ purchases of city-owned sites head to Miami voters
Voters will decide whether the city can sell land on Miami’s Watson Island to two development groups in separate deals geared at developing more condos. Ecoresiliency Miami, a joint venture between ESJ Capital Partners and David Martin’s Terra, would tentatively pay $135 million for 5.4 acres that are currently part of the 13.3-acre Jungle Island property at 1111 Parrot Jungle…
Snafu pits affordable housing against county’s space needs
A triangle of “surplus” land in Miami’s Allapattah neighborhood has county commissioners squabbling over its best use. Commissioner Marleine Bastien wants to build affordable housing on the site at 2750 NW 20th St. A resolution she submitted at the latest county commission meeting proposed selling the less than two-thirds of an acre for $10 for construction of up to 150…
Tom Brady’s firm leases at Terra’s The Well in Bay Harbor Islands
Former quarterback-turned-businessman Tom Brady will move his family office’s headquarters to The Well health-focused development in Bay Harbor Islands. TEB Capital Management leased 8,400 square feet at the mixed-use project that’s under construction at 1177 Kane Concourse, according to a news release. The deal comes as South Florida has earned a reputation as a magnet…
$100 million grant to help restore Venetian Causeway bridges
As the scenic Venetian Causeway nears its 100th birthday, the federal government is allocating over $100 million to restore 11 historic bridges along the road that connects Miami to the beach so they can endure another 75 years. US Transportation Secretary Pete Buttigieg announced $100.5 million in funding for Miami-Dade County for the Venetian Causeway Bridge Replacement…
World’s largest cruise terminal nears PortMiami opening
PortMiami is preparing for growth with upcoming development focused on denser use to maximize limited port space, including an opening soon of the world’s largest cruise terminal. The two primary sides to the seaport’s business are cruise and cargo, said Hydi Webb, PortMiami director and CEO. “Over the next five years, we have a very strong capital development program…
First of Signature Bridge arches is finished
It’s official. The first of six towering arches that will become a Signature Bridge hugging a rebuilt I-395 in downtown Miami is complete. The I-395/SR 836/I-95 Design-Build Project is the massive undertaking of a partnership between the Florida Department of Transportation (FDOT) and the Greater Miami Expressway Agency and its contractor, the Archer Western…
Wynwood project The Wyn Mood C sets aside units as affordable housing
New workforce housing is coming to the Wynwood neighborhood of Miami. A project called The Wyn Mood C is planned as a four-story building offering 72 apartments, with 20% of the units reserved as workforce housing. Owner-developer Wyn 107 Development LLC plans the new building of about 53,401 square feet at 107 NW 31st St. The city’s Urban Development Review Board…
Zach Vella expands Miami portfolio with Wynwood retail purchase
Zach Vella is boosting his reach in Miami after acquiring a four-building portfolio in Wynwood. An affiliate of Vella’s eponymous Los Angeles-based real estate investment firm bought a restaurant currently leased to Barteco at 282-292 Northwest 25th Street, and an empty space previously leased to Dogfish Head Brewery at 325-339 Northwest 24th Street, according…
Debt payment concerns echo from baseball stadium debacle
A shift in bank letters of credit for $100 million in bonds reactivates an appalling baseball stadium deal that left taxpayers on the hook for $3 billion. That bond issue is among a fistful that Miami-Dade County and the City of Miami used in 2009 to build a stadium as Marlins owners claimed that without a new ballpark the team would leave. Those owners later sold out, bragging about…
Prologis Signs Aeronautical Engineer Global Turbine Services For 78K SF In Miami-Dade
Aeronautical engineer Global Turbine Services (GTS) signed a 10-year lease for 77,900 square feet at Prologis (PLD)’ Beacon Industrial Park in Miami-Dade County. The warehouse — located at 10814 NW 33rd Street, about 10 miles west of Miami International Airport — spans 115,200 square feet. The global industrial real estate investment trust purchased the property…
MHN Miami Multifamily Report – June 2024
South Florida’s strong fundamentals drove its performance following the first quarter of 2024. Advertised asking rents increased 0.2 percent on a T3 basis, to $2,427, marking the fourth consecutive month of positive growth. The average overall occupancy rate in stabilized properties decreased by 40 basis points year-over-year, but still stood…
830 Brickell in Miami Lands $565 Million in Financing Ahead of Completion
830 Brickell, a 57-story, 640,000-square-foot Class A+ office tower in Miami’s Brickell Financial District, has secured $565 million in financing ahead of its delivery this fall. The long-term loan from TYKO Capital will pay off the development’s existing construction loan from MSD Partners. This emphasizes 830 Brickell’s significance as a base for many firms establishing their…
Brickell Tower Height Approval Issued After Dade Objects To Taller Elevation
The Federal Aviation Administration issued a determination this morning that a proposed Brickell tower does not present a hazard to air navigation. According to the determination letter, a building height of 737 feet above ground or 750 feet above mean sea level is not a hazard. The proposed height was submitted to the FAA in April, following an objection by Miami-Dade’s…
Miami High-Rise Construction Activity More Than Double the Entire State Of California
There are currently 90 high rises under construction in the city of Miami – double what is currently under construction in the entire state of California, according to a map created by a Reddit user. The analysis looked at buildings now under construction that are taller than 10 stories. In Miami, 90 such buildings are underway – second most in the U.S., behind only New York.
SJC, Nuveen land $69M construction loan for Whole Foods-anchored project in Doral
SJC Ventures and Nuveen Real Estate are moving quickly to start building a Whole Foods-anchored project in Doral, recently securing a $69.4 million construction loan. Deutsche Bank provided the financing for the joint venture’s Doral Marketplace, a planned 83,000-square-foot shopping center on a 10-acre vacant property on the southwest corner of Northwest 41st Street…
Tricera Capital joined forces with Miami Beach-based real estate investors Scott Robins and Philip Levine to buy Aby Rosen’s Lincoln Road retail building at a discount. The joint venture paid $13.6 million for a single-story storefront at 318-334 Lincoln Road, according to a press release. An affiliate of RFR Realty, the New York-based firm founded by Rosen and Michael Fuchs…
Lights On At 588-Unit Forma As It Nears Completion
The lights are on at the 39-story Forma apartment tower near Midtown Miami as it nears completion. The development includes 588 apartments. Whole Foods has filed for permits to build a large supermarket at the ground floor of the tower. Those permits are still in process as of this morning. Crescent Heights is the developer, with Arquitectonica the architect.
First Rendering Released Of Proposed Watson Island Baywalk; Voters Will Decide
Miami voters will decide in November on charter amendments related to redevelopment at Watson Island. Revised development plans have been proposed for the north side, formerly Parrot Jungle, and the south side, formerly known as Island Gardens. If approved by voters, Ecoresiliency Miami LLC would pay $135 million for 5.4 acres on the north side. They would also build…
Construction at Dan Kodsi’s Legacy Miami Worldcenter still on hold
Construction is still stalled at Legacy Hotel & Residences after a design issue halted work at the mixed-use tower at Miami Worldcenter in March. But work could resume in the next two to three months. Dan Kodsi’s Royal Palm Companies is developing the 50-story building at 942 Northeast First Avenue in downtown Miami. Condo sales launched in 2019 and construction began…
FM Capital Secures $11M Bridge Loan for Office Building in Miami Beach
FM Capital has secured an $11 million bridge loan for the financing of an office building located at 301 Arthur Godfrey Road in Miami Beach. Formerly known as the HSBC Building, the property is now known as the Citizens Bank Building. Noam Temchin of FM Capital originated the interest-only, floating-rate loan through Sheridan Capital on behalf of the undisclosed borrower.
Developers Complete Remi on the River at 999 NW 7th Street in the Miami River District
Mast Capital, in partnership with AEW, has completed Remi on the River, a new multifamily development at 999 Northwest 7th Street in the Miami River District. Designed by Corwil Architects, the apartment community offers 342 rental units with various floorplans and amenities. It is situated near Miami’s Brickell Financial District, the Miami Health District, Downtown Miami…
Habitat, partner plan condo-hotel project in Brickell after paying $15M for dev site
Habitat Group is partnering with a Central Asian firm entering the U.S. market to build a condo-hotel on a Brickell development site acquired for $14.8 million. An affiliate of Miami-based Habitat, led by CEO Santiago Vanegas, and Kazakhstan-based BI Group bought an 0.6-acre assemblage at 1750 Southwest First Avenue previously slated for a Marriott-branded hotel…
Sant Ambroeus to Open First Miami Location at The Fifth Miami Beach
Sumaida + Khurana and Bizzi + Bilgili have announced that Sant Ambroeus will open its first Miami location at The Fifth Miami Beach. The restaurant and coffee bar will occupy over 7,000 square feet at the base of this Class A+ office building designed by Alberto Campo Baeza. Expected to open in late 2025, Sant Ambroeus is renowned for its contemporary interpretation…
Construction Concludes on ‘Remi on the River’ at 999 N.W. 7th Street in Miami
A market-rate apartment complex has officially ended construction along the Miami River. The aptly named “Remi on the River” is a 342-unit community offering studio to three-bedroom apartments. The South Florida Business Journal indicates that they measure 465 to 1,334 square feet. Rent for the smallest units starts at $2,171 a month, per Apartments.com. In-unit features…
SG Holdings, a partnership among Swerdlow Group, SJM Partners, and Alben Duffie, has completed the housing component of Sawyer’s Walk at Located at 249 Northwest 6th Street in Overtown, marking it as the largest affordable senior living community in the US within the last decade. The mixed-use development includes 1.5 million square feet of space, featuring 578 residential…
Villa Miami Gets General Contractor, Groundbreaking Set for This Summer for Edgewater Development
Moss Construction has been awarded the construction of Villa Miami, a waterfront residential development in Miami’s Edgewater neighborhood. The project, a collaboration between Major Food Group, David Martin’s Terra, and One Thousand Group, is set to break ground later this summer. “We’re thrilled to work with Moss Construction on another landmark…”
Financially troubled Columbus Center in Coral Gables facing deed in lieu of foreclosure
Affinius Capital may not own the Columbus Center in Coral Gables for much longer. The lender on the office building could move forward in a deed in lieu of foreclosure, according to… Minneapolis-based global alternative investment management firm Värde Partners is considering the workout… for the troubled $67.4 million loan on the property at 1 Alhambra Plaza…
Sunny Isles Now Ranks As The 14th Tallest City In The U.S.
Sunny Isles Beach ranks as the 14th tallest city in the U.S., according to a list compiled by the Council on Tall Buildings and Urban Habitat. The list ranks each city by the number of buildings over 150 meters, 200 meters, and 300 meters. Sunny Isles now has 16 buildings over 150 meters, behind Las Vegas (with eighteen 150 meter buildings) and ahead of Minneapolis…
Galbut family completes short-term rental-friendly Gale tower in Miami, closings underway
The Galbut family completed Gale Miami Hotel & Residences, a short-term rental condominium and hotel tower in downtown Miami. An affiliate of GFO Investments, led by cousins Keith Menin and Marisa Galbut, secured a temporary certificate of occupancy for the 51-story building at 601 Northeast First Avenue, developer Russell Galbut said. The company, Sixth Street Miami…
Miami Among The Fastest Growing Big US Cities Over The Past Year
Miami was among the fastest growing big U.S. cities, according to recently released Census data. Between July 2022 and July 2023, Miami’s population increased by 1.3%. That makes Miami the tenth fastest growing big city (defined as a population above 250,000), according to an Axios analysis. As of July 2023, Miami’s population stood at 455,924. The wider Miami metro…
Documents Submitted For Edgewater Development With 1,178 Residential Units
An Edgewater residential project on the the former Chinatown property is continuing to move through the planning process. On July 16, plat documents for the property were refiled with Miami-Dade to address comments made by the county, according to a note attached to the submission. The plat is named Seventeen Plaza. A Multi-story mixed use C.B.S. Building with 1,178…
OKO Group, Cain International Obtain $565M Loan for 830 Brickell Office Tower in Miami
Co-developers OKO Group and Cain International have obtained $565 million in financing for 830 Brickell, a 57-story office tower underway in Miami’s Brickell district. TYKO Capital, a joint venture between Adi Chugh and a Florida-based hedge fund that was established last year, provided the loan that pays off an existing construction loan that MSD Partners provided…
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…
Lennar, BH drop $18M on shuttered Aventura area golf course to develop homes
Lennar and BH Group dropped $17.5 million on a shuttered 104.3-acre golf course near Aventura, to redevelop with single-family homes. The partnership plans to tear up the fairways and build a community with 103 homes on the site at 19650 Presidential Way, BH’s website shows. The redevelopment of the golf course, known as Presidential Estates, will add to the existing gated…
Lease roundup: Restaurant Sant Ambroeus will open at Fifth Miami Beach project
Italian restaurant Sant Ambroeus will open its first Miami-Dade County outpost in South Beach. Sant Ambroeus leased more than 7,000 square feet at The Fifth Miami Beach office building that’s under construction at 944 Fifth Street and 411 Michigan Avenue in Miami Beach, according to the developers’ news release. The restaurant will open late next year.
Townhome Developments ‘Magnolia at Pembroke Park’ and ‘Dania Preserve’ Emerge in South Florida
Communal amenities include a children’s playground and swimming pool. Currently, residences start at $518,990. At the time of publication, the website’s availability map indicated that 20 homes had already been sold. Lennar secured the build site for $5.2 million in September 2023. Magnolia at Pembroke Park is located at 5190 S.W. 37th Street, Miami, FL, 33155, straddling…
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…
Mixed-Use ‘Parc Residences’ Undergoes Construction at 3411 N. Federal Highway in Oakland Park
The former site of a strip club could find new life as Parc Residences, a seven-story residential building in Oakland Park. Our sources indicate that local developer Newrock Partners recently secured a $60 million loan that would go toward the construction of 165 apartments. The South Florida Business Journal notes that communal amenities at the mid-rise complex…
Newrock Partners and Brickbox Development landed a $60 million loan to build apartments in Oakland Park, as South Florida continues to defy a financing slowdown that’s gripping other U.S. markets. New York-based S3 Capital Partners provided the construction loan for the seven-story, 165-unit project planned at 3411 North Federal Highway, according to the lender’s news release.
L+R Hotels’ $22M loan on Fort Lauderdale Marriott enters special servicing
A $22.4 million loan on the Fort Lauderdale Marriott North entered special servicing, according to data from Morningstar Credit, further evidence of South Florida commercial property distress. The loan on the 315-key hotel at 6650 North Andrews Avenue was put into special servicing late last month due to a Dec. 1 maturity that looms, as the property’s net cash flow has…
ShopOne drops $36M on Publix-anchored Tamarac shopping center, amid retail deal uptick
ShopOne Centers REIT is laying down $36.4 million for a Publix-anchored shopping center in Tamarac, as retail deals continue to flow across South Florida. New York-based ShopOne bought the one-story Midway Plaza at 5701-5881 North University Drive from Beachwood, Ohio-based Site Centers, according to records and real estate database Vizzda. Completed in 1986…
Kolter drops $22M for Delray Beach dev site, amid its South Florida resi construction spree
Kolter Group scooped up an asphalt paving business’s headquarters in Delray Beach for $21.9 million as a potential development site. Delray Beach-based Kolter bought the 12.3-acre site at 2101 South Congress Avenue from George T. Elmore, trustee of the George T. Elmore Trust, according to records and real estate database Vizzda. The buyer took out $18 million in seller…
Industrial Complex ‘Bedner Oaks Commerce’ Proposed for West of State Road 7 in Palm Beach County
The Palm Beach Zoning Commission will consider plans regarding “Bedner Oaks Commerce,” an industrial complex proposed on a swath of agricultural land. The multi-million-dollar venture would occupy a nine- and five-acre site currently owned by Bedner’s Farms. The popular farmer’s market would remain on the site. According to the South Florida Business Journal…
South Miami-based Estate Cos. recently secured a $72.5 million construction loan for “Soleste Palm Station,” a luxury housing development in West Palm Beach. Initially, per the developer’s website, construction was intended to start on the mid-rise complex in the third quarter of 2022. Now, new developments suggest that groundbreaking could happen later this year…
Estate lands $73M construction loan for West Palm rental complex, amid record multifamily pipeline
As South Florida is experiencing a near-record multifamily construction pipeline, Estate Companies scored a $73M loan to build a 321-unit complex in downtown West Palm Beach. Estate Companies landed a $72.5 million construction loan for a 321-unit apartment complex in downtown West Palm Beach. The financing for the planned complex comes as South Florida…
Related, BH under contract to buy waterfront West Palm Beach dev site
The Pérez family’s Related Group and the Toledanos’ BH Group are teaming up again to acquire a waterfront development site in West Palm Beach, The Real Deal has learned. Related and BH are in contract to acquire the property at 2001 North Flagler Drive for more than $30 million, according to sources. The developers plan a luxury condo project on the 0.8-acre site. Isaac Toledano…
Värde, Unity Medical partner up for West Palm Gardens office acquisition
Värde Partners and Unity Medical Properties are partnering up to acquire a medical office building in Palm Beach Gardens. An affiliate of Värde, a Minneapolis-based global investment firm, and Unity, a Monterey, California-based medical office real estate investment firm, paid $14.5 million for Laser and Surgery Center of the Palm Beaches. The joint venture also obtained $8.7 million…
One Less Headache for Small Businesses as SBA Moves Aim to Make Loan Programs More User Friendly
The American economy has slowly been rebounding from a tumultuous period. Between the Federal Reserve fending off inflation by hiking interest rates 11 times between March 2022 and July 2023, five prominent banks collapsing in 2023, and a debt ceiling deal narrowly passing in May 2023, several events powerfully altered the U.S. financial market.
Office Loan Maturity Monitor: Mid-Year Update and a Peek at Future Maturities
Highlights: A total of $1,072 million across 27 CMBS office loans reached fully extended maturity in June with the payoff rate of 31.5%.A $500 million loan secured by the Bloomberg HQ was extended despite strong characteristicsLoan size continues to be a significant factor in whether or not a loan pays off$1,075 million loan secured by 280 Park Avenue was extended from September…
In a recent episode of America’s Commercial Real Estate Show, the show host provided an in-depth look at the current state of the commercial real estate mortgage market, focusing on lending, interest rates, and the future of the industry. The episode featured Jamie Woodwell, Head of Commercial Real Estate Research at the Mortgage Bankers Association (MBA), who…
How agency lending impacts affordable housing
Fannie Mae and Freddie Mac have helped to create a more stable and affordable housing market in America for more than 50 years. “The agencies were created to provide liquidity to the housing markets, when and where it’s needed most—during times of economic stress and for markets and product types that traditional lenders may shy away from,” said Greg Rice, Senior Commercial…