Meruelo family, David Martin propose big plans for Deauville Miami Beach site
The Meruelo family and David Martin are proposing land use changes that would allow them to build a larger project on the former site of the Deauville Beach Resort in Miami Beach. Recent legislative changes would allow a floor area ratio, or overall project size, of 5.5. The 3.8-acre Deauville site at 6701 Collins Avenue currently has an FAR of 3.0 to 3.15. The Miami Beach Planning…
Floyd Mayweather Jr. buying stake in former Versace Mansion in Miami Beach
Floyd Mayweather Jr. is making more moves in Miami Beach. The retired boxer turned real estate investor is partnering with the Nakash family and Eli Gindi to acquire a large stake in the former Versace Mansion, now known as Villa Casa Casuarina, The Real Deal has learned. Mayweather is taking the majority of Gindi’s interest in the iconic property at 1116 Ocean Drive for…
Report: Developer In Talks To Buy 1001 and 1111 Brickell Bay Drive for Around $500m
A developer is in talks to buy a waterfront property in Brickell, according to Commercial Observer. Oak Row Equities has signed a Letter of Intent and placed a refundable deposit on the properties at 1001 and 1111 Brickell Bay Drive. Aimco currently owns the properties. The negotiations are for a purchase price of around $500m. Two towers are currently on the property…
Sky-High Prices Forcing South Florida’s Industrial Developers To Look Elsewhere
South Florida’s industrial market has gotten so hot coming out of the pandemic that developers are eyeing a Plan B. While developers say the region is still attractive with the influx of new residents and its business-friendly environment, developers are beginning to look elsewhere due to Miami’s soaring prices and the dwindling supply of land. “For us, we’ve had to sort…”
New Renderings Released Of 45-Story Standard Residences, Under Construction
New renderings and details have been released for the Standard Residences in Brickell. According to a fact sheet on the developer’s website, the tower is currently under construction, with completion planned in 2027. A total of 422 units are planned, finished with porcelain floors. Unit sizes range from 432-square-foot studios to 963-square-foot two-bedroom residences…
So nice, they tried it twice: Standard International plans second branded condo tower in Miami
Standard International plans to brand a second condo tower in Miami, this time with developers Harvey Hernandez and Two Roads Development, The Real Deal has learned. Hernandez’s Newgard Development Group recently brought on Two Roads as a partner for the three-tower One Brickell Riverfront project along the Miami River. Standard, a hotel group that was…
Groundbreaking Ceremony For 50-Story Brickell Tower St. Regis Residences
A groundbreaking ceremony took place this morning for the 50-story St. Regis Residences. Developers Related Group and Integra Investments recently closed on $527 million in financing to build the luxury tower. “The groundbreaking for The St. Regis Residences, Miami marks a pivotal step in bringing an unparalleled luxury experience to one of South Florida’s…
Developers Secure $424M Financing To Build Bal Harbour Condo Tower
A construction loan has been obtained for a 24-story Bal Harbour condo tower. Rivage Residences Bal Harbour broke ground in September. Developers Related Group, Rockpoint and Two Roads Development announced today that they have secured a $424 million construction loan from TYKO Capital. Just 56 condos are planned, with units ranging from 3,300…
Related, partners score $424M construction loan for oceanfront Bal Harbour condo tower
Related Group, Rockpoint and Two Roads Development secured a massive construction loan for Rivage Residences, a planned luxury oceanfront condo project in Bal Harbour. The developers closed on a $424 million loan from Adi Chugh’s Tyko Capital, according to a press release. Construction began in September, and the developers plan to complete the 24-story…
Miami Beach investor Fred Karlton and his partner, Beneficial Funding Corp., secured an $8.7 million foreclosure judgment against the owner of an office building near Coconut Grove. An auction to sell the 12-story tower at 3150 Southwest 38th Avenue is set for Dec. 9, court records and real estate database Vizzda show. On Oct. 24, after a non-jury trial, Miami-Dade…
Developers Say Miamians Will Have To Get Used To Smaller Apartments
Miami is living large in shrinking units. Between 2013 and 2022, the average new Miami apartment was 912 SF, about 3% bigger than the national average. But South Floridians used to spacious units are going to have to learn to think smaller. “The same people that are willing to pay whatever they were paying for rent for an 800 SF, one-bed [apartment] are now going to have…”
Miami World Tower Now Complete, First Residents Moving In
Get ready for hundreds more residents at Miami Worldcenter. The 52-story Miami World Tower is now open, and the first new residents are moving in. It took about three years of construction to complete the tower. There are 556 apartments in the building, with some available for move in tomorrow and others available in June. Prices range from $2,755 to $5,485…
Two Roads joins Harvey Hernandez on three-tower Miami River project
Two Roads Development is partnering with Harvey Hernandez’s firm on his planned One Brickell Riverfront project along the Miami River, The Real Deal has learned. The two developers are now 50-50 partners on the three-tower project, said Two Roads’ Taylor Collins and Hernandez, founder and CEO of Miami-based Newgard Development Group. Construction recently…
Terreno Realty Corporation Announces Development Completion In Hialeah
Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it has completed the development and stabilization of Countyline Corporate Park Phase IV Building 31 in Hialeah, Florida effective November 21, 2024. Building 31 is 100% leased to one tenant. Building 31 of Terreno…
Miami’s UDRB to Consider ‘the Cymbal DLT Midtown’ Project for 3466 N Miami Avenue
Miami-based Cymbal DLT has proposed a high-rise tower under the Live Local Act in Miami. The project, which our sources call “the Cymbal DLT Midtown”, would require more than 850,000 square feet of new construction. It would rise 36 stories and feature 598 apartments, with about 240 reserved for those earning 120 percent of the area median income (AMI).
Board Denies Extension For Graffiti-Covered 19-Story Downtown Miami Building
Miami’s Code Enforcement Board voted to deny an extension for a 19-story building in downtown Miami to clean up graffiti, according to NBC 6. The building is slated for demolition, to make way for a supertall tower called One Bayfront Plaza. Interior demolition on the old building began in May 2023. In early December 2023, the building was painted over in graffiti. A total…
Adam Neumann’s Flow Pays $116M For Miami Office Building, 500-Unit Development Site
Adam Neumann is back in the spotlight, with the WeWork co-founder’s real estate firm partnering to buy a Miami office building on an expansive site zoned for two residential towers. Flow and Israeli investment firm Canada Global acquired the Aventura Corporate Center for $116.2M, according to Tel Aviv Stock Exchange filings reported by the South Florida Business…
Israeli co Canada Global buys Aventura real estate for $116m
Israeli income producing real estate company Canada Global (TASE: CNGL), controlled by Israel Canada (TASE: ISCN) controlling shareholders Asaf Touchmair and Barak Rosen (60%) notified the Tel Aviv Stock Exchange (TASE) this morning that it has bought an office complex in Miami for $116 million. Canada Global’s investors include WeWork founder Adam Neumann…
Demolition Of Former INS Building Underway: Here’s What Will Replace It
The former INS Building at 79th Street and Biscayne is now being demolished. It will be replaced with an apartment complex, according to plans submitted to the City of Miami. Records show that a total demolition permit has already been issued by Miami’s Building Department. The owner of the property told the SFBJ that demolition is underway, and should be complete…
Plan for vast new Miami airport on runway
A flight path is being cleared to build a major new airport in Miami-Dade County to handle mushrooming demand. A commission committee last week recommended ordering Mayor Daniella Levine Cava to detail within 90 days how to go about creating a vital airport to handle cargo, commercial passengers and general aviation. “It’s honestly just about forward thinking…
Five new offices cost Miami-Dade $30 million
Nearly $40 million in federal funding is geared to breathe new life into Overtown, transforming distressed housing, sparking fresh investments and creating a vibrant, connected future for one of Miami’s most historic neighborhoods. Today (11/21), the Miami City Commission is poised to accept a $39,968,424 grant from the US Department of Housing and Urban…
Lights, Camera, Incentives! County funding big film productions
Miami-Dade is set to be the backdrop to upcoming film and video productions as incentives lure more projects into the community. Last December, said Marco Giron, chief of film and entertainment at the Miami-Dade County Office of Film and Entertainment, “the board of county commissioners passed a resolution to incentivize production with the creation of the High Impact…
Clearline Obtains $95M in Construction Financing for Excel Miami Multifamily Development
Clearline Real Estate, a multifamily development firm with offices in New York City and Miami, has obtained $95 million in financing for the construction of Excel Miami, a 24-story apartment tower. Clearline is developing the 427-unit apartment community at 1550 N.E. Miami Place in the city’s Arts & Entertainment District. The financing includes a $68.5 million senior loan…
Jenny Bernell’s Clearline Real Estate landed a $94.5 million construction financing package to build an apartment project in Miami’s Arts & Entertainment District, as South Florida experiences a record multifamily pipeline. Clearline, based in Miami and New York, plans the 24-story Excel Miami Apartments with 427 units at 1550 Northeast Miami Place. The project will consist…
Miami Tower Secures $95M Construction Financing
Clearline Real Estate has secured construction financing for the Excel Miami Apartments, a 24-story multifamily tower in downtown Miami. Centennial Bank provided a $68.5 million senior construction loan on behalf of the project while Sunrise Realty Trust has committed $13 million to a $26 million subordinate loan. “We’re excited to partner with Clearline…”
Construction is progressing at Excel Miami, a 24-story multifamily tower rising at 1550 Northeast Miami Place in Miami’s Arts & Entertainment District. The project has secured $94.5 million in construction financing, comprising a $68.5 million senior loan from Centennial Bank, facilitated by Jay Brito, and a $26 million subordinate loan originated and agented…
Miami’s UDRB to Review Plans for ‘Rosee Wynwood’, Located at 3223 NW 5th Ave
Miami’s Urban Development Review Board will consider plans regarding Rosee Wynwood on November 20th. The preconstruction venture will measure six stories above grade and offer 140 units, with square footage ranging from 430 to 1,342 square feet. Miami Condo Investments shares that residences come with nine-foot-high ceilings, Euro-style appliances…
Blackstone South Florida Industrial Portfolio Trades for $331M
Late last year, Longpoint acquired another 1.4 million-square-foot portfolio in South Florida. The deal included a 96,175-square-foot facility in Davie, Fla. Image courtesy of CBRE Longpoint Partners has acquired a 26-building, 1.4 million-square-foot industrial portfolio in South Florida for $331.3 million. Blackstone sold the assets, according to the Commercial Observer.
‘Atelier Residences Miami’ Planned for 2025 Groundbreaking at 1265 SW 22nd Street in Miami
BLDG Ventures has plans for a high-rise condo in Miami-Dade County. Atelier Residences Miami is set to measure 10 stories above grade, offering 148 units. The Real Deal reports that residences would span studio to three-bedroom layouts, with square footage measuring 360 to 1,500 square feet. The fully furnished luxury homes currently start in the mid-$400,000s. Our sources…
Estate scores $110M refi for North Miami Beach apartment tower, as financing continues to flow
Estate Companies landed a $110 million refinancing for its completed North Miami Beach apartment tower. Los Angeles-based Ares Management provided the refinancing for the 23-story Soleste NoMi Beach tower at 16395 Biscayne Boulevard, according to a news release from Estate’s broker. The loan has a floating interest rate. Brian Gaswirth and Paul Adams…
Billionaire Ken Griffin linked to Miami condo buyout next to his planned supertall
Billionaire hedge fund manager Ken Griffin may be tied to a condo takeover attempt in Miami’s Brickell, next to where the Citadel founder plans a bayfront supertall. Nearly half the units at Solaris at Brickell Bay, a 22-story, 141-unit condo tower at 186 Southeast 12th Terrace, have sold in the past two years to similarly named Delaware LLCs with the same manager, the Wall Street…
South Florida’s retail market is in the midst of a buying spree for grocery-anchored shopping centers, buoyed by low single-digit vacancy rates and healthy asking rents. Deal volume for grocery-anchored shopping centers in the tri-county region hit $1.7 billion during the 12 months that ended Sept. 30, according to a third quarter Colliers report. The deal flow was fueled by…
43-Story Downtown Miami Tower Celebrates Top Off
The first of two towers at Namdar Towers has topped off, according to architect Behar Font & Partners. Namdar Towers will include two 43-story towers upon completion. There will be a combined 1,394 residential units and 7,984 square feet of commercial space between the two high rise buildings. Construction on the first tower began around April 2023. The first tower will have…
Excel Miami Gets $95M Loan, With Construction Underway
The developers of Excel Miami have secured construction financing. The 24-story apartment tower is already under construction just north of downtown Miami and Miami Worldcenter. It will include 427 apartments, with studio, one-bedroom, two-bedroom and 13 townhouse loft units. A total of 214,183 rentable square feet is being built. The building’s amenity floor…
Dalfen Industrial has signed Cooper & Hunter, a leading HVAC equipment company, to a 96,000-square-foot lease at Midpoint Miami Logistics Center in Hialeah. Wayne Ramoski, Skylar Stein and Ivana Leitner Perez of Cushman & Wakefield represented Dalfen Industrial in the lease transaction, while Cook Commercial Realty represented Cooper & Hunter…
Plans Unveiled For 598-Unit ‘Wave Pattern’ Tower Across From Midtown Miami
Plans have been filed for a 35-story tower across from Midtown Miami. The design of the tower will use vertical frames in a wave pattern to add visual interest, according to an architectural narrative submitted with the filing. The development is being proposed under Florida’s Live Local Act. Exactly 40% of units will be income restricted (and they will be studio units).
‘Striking’ 45-Story Tower Across From MiamiCentral Submitted To UDRB
The developers planning downtown Miami’s First and Fifth tower have submitted plans to Miami’s Urban Development Review Board. Plans call for a complete restoration of the remaining portion of the historic Salvation Army Citadel building, while a later addition would be demolished. According to an architectural narrative submitted by the architect, the “striking” new…
140 Units Proposed In Wynwood Norte, With Design By Belgian Architect
Plans have been submitted to the Urban Development Review Board for a 6-story residential development in Wynwood Norte. The development is planned to include: 140 residential units 10,456 square feet of retail, including 6,771 square feet of micro-retail 207 parking spaces Parking spaces are planned in a basement level, and on two above ground levels lined…
The son of a former Ecuadorian government official pleaded guilty in connection to an alleged $16.5 million international bribery scheme that funneled funds into Miami-Dade County condos, an office building and other assets. John Christopher Polit diverted bribe money that his father, Carlos Ramon Polit Faggioni, had obtained while serving as Ecuador’s comptroller general.
Developers To Partner On 3 Towers At ‘Iconic’ One Brickell Riverfront
New details have been revealed for the “iconic” One Brickell Riverfront, which is already partially under construction. Newgard Development Group said in a press release that Two Roads Development has joined as a partner on the development. The developers are working on a master-planned project with three towers. The first 44-story tower, known as Lofty Brickell…
Miami-based Ytech has officially broken ground on The Residences at 1428 Brickell, a 70-story, 195-unit residential tower designed by ACPV Architects and Arquitectonica. Set to become a prominent feature of the Miami skyline, it will be the world’s first high-rise partially powered by solar energy. The building integrates photovoltaic glazing into its façade, bringing a new level…
Interior Renderings Unveiled for The Residences at Mandarin Oriental in Miami
Renderings were recently released of the interiors of The Residences at Mandarin Oriental, Miami. The much-anticipated two-tower development by Swire Properties is being built on the southernmost tip of Brickell Key with panoramic views of Biscayne Bay and Miami cityscape. The two towers, designed by Kohn Pedersen Fox, will be connected by a landscaped podium…
Judge approves $18M sale of Location Ventures’ Miami Beach dev site
The $17.5 million sale of a former Location Ventures development site in Miami Beach is moving ahead, but prospective condo buyers won’t be happy. Proceeds from the sale will pay off a lender with a pending foreclosure complaint, but more than 30 investors under contract to buy co-living condo units in the abandoned project will collectively lose more than $10 million in deposits.
SEC agrees to settle fraud lawsuit against Rishi Kapoor
The U.S. Securities and Exchange Commission is calling a truce in its civil case against disgraced developer Rishi Kapoor. In a motion filed by SEC lawyers in Miami federal court on Wednesday, Kapoor, the ex-founder of defunct Coral Gables-based Location Ventures, is settling the pending lawsuit without admitting or denying the allegations against him. The proposed judgment…
Lease roundup: Consultancy moving HQ from Las Vegas to Miami, Northbridge Centre now 95% leased
A consulting firm specializing in helping clients obtain low-interest financing will move its headquarters to River Landing Shops & Residences. Boge Group leased 14,300 square feet at the Offices at River Landing and will move in the fourth quarter of next year, according to a River Landing news release. Boge, led by CEO Andrew Imbesi, is now based in Las Vegas.
Hollywood’s Technical Advisory Committee intends to review plans for an income-restricted housing development next week. The proposed Hillcrest Apartments would measure eight stories above grade and comprise 120 apartments. The one-bedroom to three-bedroom units would span about 670 to 1,420 square feet. There would be 148 parking spots…
Real estate firm Tobin wants to build a 120-unit apartment project in Hollywood, as South Florida experiences a record multifamily construction pipeline. Hollywood-based Tobin proposes an eight-story building on the 2-acre site at 1101 Hillcrest Drive, according to an application filed to the city. The project, called Hillcrest Apartments, will offer one- to three-bedroom…
Two developers have secured a multi-million-dollar construction loan for the Residences at Shell Bay, a luxury venture in Hallandale Beach. The South Florida Business Journal reports that the project will have both a residential and commercial aspect, with plans calling for a 20-story, 108-unit condominium, along with a 60-key Auberge resort hotel. At the time…
Witkoff, Ari Pearl land $273M construction loan for Shell Bay in Hallandale Beach
Witkoff Group and Ari Pearl’s PPG Development scored a $273 million construction loan for Shell Bay, a mixed-use luxury condo and hotel project in Hallandale Beach. J.P. Morgan and BDT & MSD Partners are providing the financing for the 150-acre property anchored at 501 Diplomat Parkway, according to a press release. Shell Bay calls for an Auberge-branded condo…
South Florida retail king Ranaan Katz picks up Miramar shopping center for $42M
An investors’ buying spree for South Florida shopping centers wouldn’t be complete without retail king Ranaan Katz getting in on the action. An affiliate of Katz’s Sunny Isles Beach-based RK Centers paid $42.3 million for Fountains of Miramar, a two-building complex at 2905-3161 Southwest 160th Avenue, records and real estate database Vizzda show.
Lincoln Property Lands $68M Refi in Plantation
Royal Palm I and II came online between 2001 and 2007. Image courtesy of JLL Capital Markets Lincoln Property Co. has received $68.2 million in refinancing for Royal Palm I and II, two Class A office buildings totaling 465,592 square feet in Plantation, Fla. Barclays provided the fixed-rate loan, in a deal arranged by JLL Capital Markets. Lincoln Property purchased…
The Armani Group Partners with South Florida Developers for Armani/Casa Residences Pompano Beach
Armani/Casa Residences Pompano Beach, a two-tower luxury condominium project, is coming to 1550 North Ocean Boulevard in Pompano Beach. Developed by SP Developments, Vertical Developments, WellDuo, and GCF Development, the project will introduce 28 exclusive oceanfront residences, each occupying an entire floor across 19 stories. Sales are being led…
Branded boom carries on: Two-tower Armani/Casa condo project planned in Pompano Beach
A group of developers plans to build Armani/Casa Residences Pompano Beach, marking the second South Florida condo project for the luxury Italian furnishings company amid a sea of branded developments in the region. The development team, led by Vertical Developments, WellDuo, GCF Development and SP Developments, will soon launch sales of the twin 19-story…
BH, Related land W brand for Pompano Beach condo-hotel project
BH Group and Related Group are bringing the W Hotels brand to Pompano Beach, securing a deal with Marriott for the joint venture’s 24-story waterfront project. The frequent development partners signed a licensing agreement with Marriott for the W Hotels brand to adorn a 373-unit condo-hotel being developed at 1 North Ocean Boulevard, a press release states. Marriott owns…
“It’s a canvas”: Kenneth Himmel digs into Related Ross’ West Palm Beach bet
Most South Florida octogenarians plan to wind down in the region long known as a playground for retirees. Not Steve Ross. The 84-year-old Ross, who founded Related Companies 52 years ago, carved out its Southeast U.S. division this summer into Related Ross, which Ross leads as chairman and CEO. The firm’s primary focus: West Palm Beach, where Related Ross is the biggest…
Chetrit avoids foreclosure of Hollywood, Pompano Beach projects
Joe and Jacob Chetrit refinanced their massive Hollywood Beach and Pompano Beach projects, staving off a foreclosure attempt by Madison Realty Capital. Madison had launched a non-judicial foreclosure against the Chetrits’ stake in the two South Florida developments earlier this year, but the real estate heavyweights recently came to terms on a deal.
Vertical Construction Underway at South Flagler House in West Palm Beach
Vertical construction has officially begun at South Flagler House, a luxury residential development located at 1355 South Flagler Drive in West Palm Beach. The project, developed by Related Ross, marks the firm’s first luxury condominium venture in Florida. Comprising two 28-story towers—The Park Tower and The Lake Tower—South Flagler House will feature 108 two…
Related Ross launches redesigned Shorecrest condo project in West Palm Beach
The condos are planned for the current waterfront site of the synagogue at 1901 North Flagler Drive. The original design included 21,500 square feet for a house of worship and a daycare, but temple leaders “came to the realization it would be preferable to have their own standalone curb appeal and their own standalone operation,” said Bryan Cho, executive vice president…
The Investor Perspective on Surging Insurance Premiums
A lively end to hurricane season has many wondering about the broader insurance market implications of extreme storms. We have covered the challenges in the insurance industry in great detail, including tracking premium increases, examining potential solutions and discussing the likely impact of Hurricane Milton on the insurance landscape. Today, we’ll share highlights…
Using a rent roll in multifamily real estate
Whether you’re evaluating a potential investment property, looking to get a loan or refinancing an existing one, there’s a key document that informs those decisions: a rent roll. A rent roll provides a record of a multifamily property’s occupancy and the rental income it can generate. That information can help multifamily investors evaluate how much cash flow a property will produce…
On a recent episode of America’s Commercial Real Estate Show, the host sat down with Ryan Severino, Chief Economist at BGO, for an in-depth discussion about the state of the economy, commercial real estate, and the potential impact of the Trump presidency. The conversation navigated through economic optimism, sector-specific challenges, and strategies for navigating…
Commercial real estate equity waterfalls, explained
A commercial real estate equity waterfall is a useful method for describing how investors will share proceeds from an investment. When one investor actively manages a project on a group’s behalf, a waterfall can help keep incentives aligned by adjusting distributions based on investment performance. What is a waterfall in real estate? A waterfall model outlines how cash flow…
Geopolitics and international technology trade
The FRED Blog has described how the value of technology exports from the United States to the rest of the world has steadily declined. This post adds geopolitical characteristics to the discussion. The FRED graph above uses Bureau of Economic Analysis data to track the inflation-adjusted value of US technology services exported to other countries, measured in royalties…
Imports Could See Surge Ahead Of Trump Tariffs And A Potential Port Strike
Import volumes at the nation’s major container ports could be higher than previously expected for the remainder of this year as retailers face another potential East Coast/Gulf Coast port strike and tariff increases planned by President-elect Donald Trump, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Asso…
Collaborating with Utilities and Tenants on the Energy Transition
Increasing attention will be drawn to state and local climate policy in the coming months and years and meanwhile building performance standards setting emissions limits on buildings will continue to emerge. Electrification is a key element of the transition to a low carbon economy, and it presents challenges in terms of grid capacity, pricing and resilience during extreme weather.
How interest rate cuts could impact commercial real estate
The Federal Reserve dropped rates by 25 bps at its November meeting in response to a steady slowdown of inflation. The target federal funds range is now 4.50%–4.75%. This is the second cut in 2024, following a series of rate hikes and over a year of interest rate uncertainty. The Fed indicated it remains on a path to neutral and risks to achieving employment and inflation…
Share Of Immigrant Workers In Construction Hits New Record High
The number of immigrant workers in the construction industry has sharply risen in recent years, showing how the industry has increasingly relied on the very people who could be the targets of President-elect Donald Trump’s promised mass deportation campaign. Of the 11.9 million-strong U.S. construction workforce at the end of 2023, 3 million were immigrants…