House Of Wellness Hotel Proposed In Brickell, With 832 Lodging Units
A pre-application has been filed with Miami-Dade reviewers for a hotel tower in Brickell called House of Wellness. House of Wellness is proposed to rise 43 stories, and include: 832 lodging units 347 parking spaces A rooftop pool deck is planned on level 43. Approval of the development is planned through Miami-Dade’s Rapid Transit Zone, rather than through the City of Miami…
Mexican firm sells condo dev site in Brickell to partner
A Mexican firm that invested in Brickell development sites over the past two years sold one of the properties. Yet, it still plans to partner on developing the planned condo project, according to a source familiar with the matter. Menesse International sold the 0.4-acre vacant lot at 1870 Brickell Avenue in Miami for $10.3 million, according to records. The purchasing entity ties…
850-Foot Construction Crane Planned To Be Installed At Bentley Residences Site
Two very tall construction cranes are planned for the Bentley Residences Miami site in Sunny Isles, according to a new FAA filing. Tower Crane #1 at Bentley Residences is planned to reach 850 feet above ground, or 857 feet above sea level. Tower Crane #2 is planned to reach 742 feet above ground, or 749 feet above sea level. The work schedule for the cranes is estimated to begin…
Miami Metro Ranks #3 For Job Growth Over The Past Year
The Miami area continues to outpace the rest of the country when it comes to job growth, according to the U.S. Bureau of Labor Statistics. As of July 2024, the metro area job growth was 2.6 percent over the previous year. The U.S. as a whole saw 1.6 percent growth during the same period. The Miami metro added 75,300 nonfarm employees during the period. Only New York…
Developer Aimco Gets Construction Financing For ‘Condo Quality’ Edgewater Apartment Tower
Aimco says it has obtained construction financing for a “condominium quality” luxury apartment tower in Edgewater. Work is already underway, photos taken in August show. The developer secured $56 million of preferred equity from investment firm Sixth Street, and $172 million of senior construction financing from Apollo. Apartments in the 38-story waterfront tower…
Aimco scores $172M construction loan, $56M in equity for Edgewater apartment tower
Aimco scored a $228 million financing package to develop a 114-unit apartment tower in Miami’s Edgewater, as construction loans keep flowing in South Florida. The Denver-based real estate investment trust landed a $172 million senior construction loan from Apollo Global Management, and $56 million in preferred equity from partner Sixth Street, according to news…
FPL Wants To Install Solar At Metrorail Station To Power New Transit Oriented Development
A residential development currently under construction could be powered by solar panels installed at an adjacent Metrorail station. Metro Grande is being built next to the Okeechobee station. Construction is well underway, photos by MiamiSprings.com show. The development planned to have a combined 286 apartments, along with retail, with Cornerstone Group…
Ira Giller’s Miami Beach mixed-use project design gets green light
Miami Beach architect Ira Giller can move forward with plans for a new mixed-use building in his home city’s Mid-Beach neighborhood. Earlier this month, the Miami Beach Design Review Board approved the design for Giller Tower, a planned seven-story building at 976 Arthur Godfrey Road and 3915-3925 Alton Road. The project would include ground-floor retail and restaurants…
Infinity Collective evicts LuxUrban Hotels from South Beach building
Infinity Collective is the latest Miami Beach landlord to give troubled hospitality firm LuxUrban Hotels the boot. Last month, New York-based Infinity, led by Steve Kassin, Etienne Locoh and David Berg, took possession of a five-story short-term rentals building at 1700 Alton Road after winning an eviction lawsuit against Miami-based LuxUrban, court records show.
Financial services firm Rothschild & Co won’t be opening at the 830 Brickell tower, marking the third company that leased during South Florida’s boom to scrap its planned office. Rothschild, which traces its roots to 18th century Europe when Rothschild family members rose to prominence in banking, had leased 5,000 square feet last year at 830 Brickell in Miami. The deal marked…
Alo Yoga founders expand retail portfolio with $17M South Beach acquisition
Alo Yoga founders Danny Harris and Marco DeGeorge expanded their retail portfolio by acquiring a South Beach condominium’s ground-floor retail space. An entity managed by Delaware corporations tied to Harris and DeGeorge, co-CEOs of Beverly Hills-based Alo Yoga, paid $17.3 million for four commercial units on the first floor of The Decoplage, a 16-story condominium…
Victoria’s Secret to Open New Miami Beach Flagship Store on Lincoln Road
Women’s undergarment apparel retailer Victoria’s Secret has signed a lease to occupy 8,000 square feet on Lincoln Road, a high street retail corridor in Miami Beach. Jonathan Carter and Ryan Brodsky of Colliers represented the landlord, ALTO Real Estate Funds, in the long-term lease negotiations. Brandon Nocella of Strategic Retail Advisors represented the tenant.
Multifamily Project Proposed For First Time At 250-Acre Miami Office Park
Apartments could be coming to Waterford Business District, the sprawling office and hotel complex directly south of Miami International Airport. London and Regional Properties is proposing a plan to add up to 600 apartments to the surface parking lot and grounds surrounding the Pullman Miami Airport hotel at 5800 Blue Lagoon Drive. The developer’s plans…
Location Ventures’ receiver seeks to sell Miami Beach dev site for $18M
The receiver managing the assets of defunct firm Location Ventures wants permission to sell a Miami Beach development site for $17.5 million. Receiver Bernice Lee filed a motion on Tuesday seeking an order from U.S. District Judge Cecilia M. Altonaga to allow the sale of the 0.7-acre assemblage at 1234 and 1260 Washington Avenue. Pakman Miami Beach, a Fort Lauderdale entity…
A retail plaza with buildings constructed in the 1960s and 1970s could be replaced with a project dubbed “2157 Flagler Residences”. WR Flagler LLC has proposed an eight-story venture comprising 197 apartments ranging from 524 to 1,056 square feet. The South Florida Business Journal reports that floorplans span studios to two-bedroom layouts. Communal amenities…
Robert Rivani’s Black Lion scores design approval for Miami Beach mixed-use building renovation
A Miami Beach board gave Robert Rivani’s Black Lion the green light to revamp the exterior of a mixed-use building off Lincoln Road. Earlier this month, the Miami Beach Design Review Board unanimously approved the planned renovation of the building at 1691 Michigan Avenue and its garage facades. Miami-based Black Lion is giving the six-story structure…
Second Mercedes Benz Tower Now Under Construction In Brickell
The second tower at Brickell’s Mercedes Benz Places is now under construction. Foundation construction at the first tower is also now nearly complete, according to Serhant, which is handling condo sales. The second tower now underway will be 763 feet, while the first tower will reach 780 feet, according to plans submitted to the county in July. The combined development…
Demolition Underway At Two Small Brickell Properties
Demolition is now underway at two small properties in Brickell currently housing multifamily buildings. A video posted by Due Italiani a Miami shows demolition this morning at the first building, at 239 SW 12 Street. Building department records show a demolition permit was also issued on the same day for another building directly behind it, at 250 SW 11 Street. The properties…
32-Story Tower Planned In Edgewater
Plans have been filed for a 32-story tower in Edgewater. The development is planned to include: 68 lodging units; 57 off-street parking spaces; recreation and amenities on levels 7, 8, 9 and 32. Residential units on levels 10-26 will be 1 bedrooms, ranging from 720 to 750 square feet. On levels 27 through 31, there will be larger units. The top of the tower is planned at 385 feet…
Baywood Hotels scored approval for a 124-key Hyatt House hotel in Doral, amid an uptick in hospitality project proposals across South Florida. The six-story building will rise on the vacant portion of the 3.3-acre site at 10234 Northwest 19th Street, adjacent to an existing 135-key Residence Inn by Marriott. On Wednesday, the town council unanimously approved the project.
South Miami Leaders Consider 13th Floor Investments for $309M City Hall Redevelopment Project
South Miami leaders are considering 13th Floor Investments for a $309 million redevelopment project that would transform the city’s municipal complex. The project’s design is by Miami-based Corwil Architects, with Coral Gables-based RJ Heisenbottle Architects serving as the historic preservation consultant. Known as The Link at SoMi, the mixed-use development would…
Miami-Dade departments getting new offices after $182M acquisition
Miami-Dade County paid $182 million for a 1970s office complex that will house various departments. An affiliate of New York-based Bushburg Properties sold The Current Miami at 9250 West Flagler Street to Miami-Dade, records and real estate database Vizzda show. The 26-acre property includes a six-story building and a one-story building spanning a total of 671,088…
BH, Lennar launch sales for Greenview at Presidential Estates near Aventura
BH Group and Lennar launched sales for a luxury 103-single-family home community near Aventura, nearly 17 years after litigation with neighboring homeowners stalled the project. The joint venture’s Greenview at Presidential Estates will offer six options featuring four-, five- and six-bedroom houses priced between $2.5 million to $3.5 million, according to a price sheet obtained…
Miami and Sunbelt Ranked Among Cheapest Places to Rent Coworking Spaces
For some businesses, rents for offices aren’t worth the cost of admission anymore given the slowdown the CRE asset class has seen with the work-from-home trend picking up since the pandemic. However, the solution to save money might be opting for coworking spaces – with Miami and other Sunbelt areas leading the charge. A report from CoworkingCafe compared the annual…
Construction Starts on ‘Royal Pointe Apartment Homes’ at 11350 Dunbar Drive in Miami
Hollywood-based Cornerstone Group, in partnership with the Martin Memorial AME Church, has started construction on an affordable housing development in Miami-Dade County. The developer first filed the pre-application phase in September 2021. Now, the venture is one step closer to completion. Royal Pointe Apartment Homes will comprise 102 residences, spanning…
$9.1M Sale of Miami Industrial Building Brokered
Avison Young has brokered the $9.1 million sale of an industrial property located at 7400 NW 37th Avenue in Miami. RAM Steel Framing occupies the building, which totals 109,000 square feet. John Crotty, David Duckworth, Michael Fay and Brian de la Fé of Avison Young represented the seller, Plage Associates, and the buyer, Azora Exan, in the transaction. The same team previously…
Residences at Six Fisher Island Breaks Ground, Expected to Complete in 2026
Related Group, along with partners Teddy Sagi, BH Group, and Wanxiang America RE Group, have officially broken ground on the Residences at Six Fisher Island, a highly anticipated residential tower within the exclusive Fisher Island community. Situated on the last development site of the 216-acre island, the project will feature just 50 bespoke residences spread across…
Construction Permit & Building Heights Submitted For Overtown Condo Development
An Overtown condo development is moving forward with multiple new filings to prepare for the start of construction. The condo tower is known as One West Twelve Residences. It will allow short term rental flexibility. Yesterday, the planned height of the building was filed with the Federal Aviation Administration for review. According to the FAA filing, the tower is planned…
Report: Downtown Miami To Aventura Rail Line Sees Costs Increase By 72%
The Northeast Corridor rail line planned between MiamiCentral and Aventura was originally estimated to cost $538M. Now, the estimated cost has increased 72% to $927M, according to the SFBJ. FDOT has agreed to increase funding for the project, the report said. Originally, FDOT had committed $103.5m toward the project, (the remainder was to come from Miami-Dade…
Demolition Of First Building At One Brickell City Centre Site Essentially Complete
Demolition of a building at the One Brickell Citycentre site is now nearly complete, according to Due Italiani a Miami. Work to demolish a second building on the site is still not approved however. The demolished building is at 710 Brickell Avenue. The second building at 799 Brickell Plaza is closer to the Brickell City Centre complex. A demolition permit for 799 Brickell Plaza…
44-Story Lofty Brickell Tower Begins Vertical Construction
Vertical construction is now underway at the 44-story Lofty Brickell tower, according to photos by Ryan RC Rea. The photos show that building columns’ are now rising out of the ground, with cranes in place. The cranes were approved by the FAA in July for heights of 650 feet above ground, or 653 feet above sea level. Lofty Brickell is planned to include 364 residential units…
Related Group JV Closes $527M for Miami Condo Tower
Related Group and Integra Investments have closed $527 million in financing for St. Regis Residences, Miami. The 50-story condominium property on the Biscayne Bay waterfront in the South Brickell neighborhood is on track for completion in 2027. TYKO Capital provided the loan, led by Adi Chugh. Robert A.M. Stern Architects (RAMSA) designed the property…
Shops at Sunset Place redevelopment scores South Miami approval
Alex Vadia’s Midtown Development is moving forward with plans to redevelop the Shops at Sunset Place in South Miami into a mixed-use project with about 1,500 residential units. The South Miami Planning Board on Wednesday evening unanimously approved a resolution granting initial site plan approval for the site at 5701 Sunset Drive. The resolution next heads to the South Miami…
How ELLE Residences Are Bringing a Touch of Europe to Miami
Miami’s condo market is ripe with luxury high-rise developments that attract a high-profile clientele. After Armani, Fendi and many others, ELLE is the latest European brand that wants a slice of the scrumptious Magic City pie. I believe that developments by European brands will set a new standard in Miami’s condo market, said Nuñez y Lugones.
Bagel Emporium & Grille will move its Coral Gables restaurant to CMC Group’s 4000 Ponce building in the city. The bagel and deli shop leased 9,000 square feet on the ground floor at the office and retail building at 4000 Ponce de Leon Boulevard, according to the landlord’s news release. Bagel Emporium, which now is at 1238 South Dixie Highway, will move next year.
MIA Passenger Count Up 10% In 2024, Breaking New Records
Miami International Airport is setting records for the number of passengers using the facility in 2024. From January through July, a total of 33,840,894 passengers have either departed or landed at MIA, up 9.91% compared to the same period in 2023. If current trends continue, MIA will have broken new passenger records three years in a row. MIA passed 50 million…
Close Flagler Street To Cars On Weekends, City Resolution Urges
Miami commissioners are scheduled to vote on a resolution urging Downtown Miami’s Flagler Street be closed to vehicles at certain times. Miami-Dade County controls the street, so City of Miami commissioners can only pass a resolution urging the county consider the closure request. City commissioners are scheduled to consider whether to adopt the resolution at a meeting…
Vow to pick solid waste plant site goes up in smoke
The only crucial item missing Tuesday from the “who, what, where, when” discussion about a new waste-to-energy facility was the “where.” Miami-Dade County Commission Chairman Oliver G. Gilbert III vowed at the commission’s last full meeting two weeks ago that the “where” would be answered this week. It wasn’t. At Tuesday’s fretful and sometimes contentious…
Surprise Land Swap Offer Upends Miami-Dade Decision On Site For New Incinerator
Facing a packed room of concerned and angry residents, Miami-Dade County commissioners punted on a decision about where to put a new trash incinerator that officials say is needed to ensure that real estate development can continue in the region. After months of consideration — and spirited debate at Tuesday’s meeting — commissioners voted to defer a plan put forward…
The billionaire Ansin family proposes a massive mixed-use project with more than 2,800 residential units in Miramar, amid a record multifamily construction pipeline in South Florida. The Ansins’ Miramar-based Sunbeam Properties wants to develop Park Miramar on a 125.8-acre vacant site the firm owns on the northeast corner of Miramar Parkway and Red Road, according…
First Look: Newgard Development Group’s Brand-New Renderings of Natiivo Fort Lauderdale
Newgard Development Group has unveiled new renderings for Natiivo Fort Lauderdale, a 40-story residential tower featuring 384 units at 200 West Broward Boulevard in downtown Fort Lauderdale. The project, designed by Arquitectonica with interiors by IDDI, aims to bring a fresh approach to urban living. These renderings offer a detailed look at the building’s residences…
Maxx Properties scooped up a 145-unit apartment complex in Wilton Manors for $46.6 million, amid a South Florida multifamily investment sales slowdown. The Purchase, New York-based firm bought the ANKR Wilton Manors complex consisting of 11 three-story rental buildings and a clubhouse at 513 Northeast 21st Court from Gables Residential, according to records…
Construction Starts on Second Phase of Atlantic Crossing at 777 East Atlantic Avenue in Delray Beach
In 2021, Florida YIMBY reported on the first phase of Atlantic Crossing, a mixed-use venture that offers apartments, office space, and retail ventures. Now, we’ve learned that Ohio-based Edwards Cos. has broken ground on the venture’s second phase in Delray Beach. The South Florida Business Journal reports that the second phase of Atlantic Crossing will feature three buildings.
Macy’s offloads two South Florida retail properties for a combined $28M
Macy’s offloaded a couple of retail properties in South Florida, selling both for a combined $28 million. Most recently, an affiliate of Columbus, Ohio-based Washington Prime Group paid $15 million for a Macy’s department store at Boynton Beach Mall at 801 North Congress Avenue in Boynton Beach, records and real estate database Vizzda show. Washington Prime…
Focus Healthcare Partners scooped up a 377-unit assisted living facility in Palm Beach County for $63.8 million, as South Florida senior care facilities continue to trade. The Chicago-based firm bought the Mariposa property consisting of a three-story building and a one-story building at 9130 Hypoluxo Road in an unincorporated area of the county from Ventas, according to records…
West Palm Beach adds hundreds of rentals
Thousands of residential units are in the development pipeline in West Palm Beach, following a rush of post-pandemic investment in the coastal city. While many of those projects are luxury condominiums years out from completion, others are rental buildings beginning to open their doors. In this lease roundup, Related Companies, Tortoise Properties, Hyperion Group…
The first rate cut is here: now what?
Moody’s CRE economists weigh in on the long-awaited Fed move Today’s 50 basis point rate cut from the Federal Reserve is more aggressive than many expected. It marks a crucial step on the road towards recovery for the overall economy, and especially for the Commercial Real Estate (CRE) industry. Economist Twinkle Roy notes that businesses should…
Why Light Industrial Properties Will Continue to Shine
The often-overlooked multi-tenant light industrial subsector has strong fundamentals and will remain solid in a supply-constrained environment, according to a new research study by BKM Capital Partners. The report argues that the light industrial subsector demonstrates particular resilience, especially when compared with other property types, including…
2023 Was Another Challenging Year for Insurance Expenses
Insurance coverage cost and availability has become an increasing pain point for commercial real estate (CRE) market participants. Property insurance expenses traditionally inflated by roughly two to three percent per year, which is a typical expense budgeting target of underwriters, lenders and asset managers. However, year-over-year insurance cost growth has spiked…
Moody’s Mid-Year Multifamily Performance Review
Highlights: As of the second quarter of 2024, our primary 82 multifamily markets were evaluated based on their year-to-date (YTD) change in effective revenue. Two of the top five metros were from the Northeast and two of the bottom five metros were from the Western region. The Northeast was the top-performing region with effective revenue up 125 basis points (bps) YTD…
Office Real Estate Sector Shows Signs of Optimism Despite Persistent Challenges The latest episode of America’s Commercial Real Estate Show featured an insightful discussion about the U.S. office market. Hosted by a seasoned real estate expert, the show welcomed Phil Mobley, National Director of Office Analytics at CoStar. The conversation centered on the state of the office…
The CRE outlook: new normals, the Fed, and the latest performance data
The Commercial Real Estate (CRE) industry has been anxiously awaiting action from Jerome Powell and the Federal Reserve for several quarters now. Even though the industry has largely begun to emerge from its most recent lows, the first rate cut is crucial to recovery. The question remains, however: will these cuts be enough to get the CRE market back up to speed?
Unpacking the Menu of Inflation Reduction Act Incentives for Commercial Real Estate
Earlier this week the Urban Land Institute Northwest hosted the first in a series of webinars helping CRE owners identify opportunities to leverage Inflation Reduction Act (IRA) incentives and understand how they fit in with other regulatory and financing mechanisms already in place. In this first webinar, “Introduction to IRA Tax Incentives,” Ben Evans at the US Green Building…
Using IRR to evaluate real estate investments
The internal rate of return (IRR) is a powerful tool for assessing a commercial real estate investment’s profitability. IRR can be particularly valuable when comparing potential investment opportunities with varying cash flows over time. What is IRR? IRR measures an investment’s compound annual growth rate, accounting for all cash flows over the life of the investment.
Converting Office To Industrial Space Is Picking Up Steam
One of the growing trends in commercial real estate is converting vacated office space into industrial use. Since the onset of the pandemic, more employees have been working from home. While office vacancies in some markets are recovering, it’s still nowhere close to 2019 levels. Of course, CRE developers have noticed that trend and are getting creative. During the year-to-date…