Miami Marlins, Cordish Partner to Develop Miami Live! Entertainment Destination at loanDepot Park
Major League Baseball’s Miami Marlins have formed a partnership with The Cordish Companies to develop Miami Live! at loanDepot Park, the home ballpark of the Marlins. The entertainment destination in the city’s Little Havana neighborhood will feature indoor-outdoor dining and entertainment spaces aimed at elevating the fan experience, including year-round space activations.
‘Transformational’ Entertainment Development Planned At Marlins Stadium
The Miami Marlins have announced a partnership with The Cordish Companies to develop an entertainment district at their stadium. The new district will be known as Miami Live!, and will be similar to others developed by Cordish in Arlington, Texas and Kansas City. Miami Live! will include indoor and outdoor dining, entertainment, and gathering areas. It will be located…
56-Story Casa Bella More Than Halfway Up
The Casa Bella Residences by B&B Italia tower is now more than halfway up. Contractors were scheduled to pour the 30th floor of the building this week, according to a social media post by Director of Sales Olga Monson. The building’s parking garage is scheduled to be completed at the end of this month. Top off of the tower at 56 stories is scheduled for summer of this year.
526-Unit Tower Across From MiamiCentral Scheduled For UDRB Hearing
Downtown Miami’s First and Fifth tower is scheduled for a hearing today before Miami’s Urban Development Review Board. Plans had been submitted to the UDRB in November, but the application was withdrawn. First and Fifth is planned to rise 45 stories, 517 feet and include: 526 residential units 6,638 square feet of commercial 161 parking spaces ODP is the architect.
North Corridor Rail Service Pushed Back To 2037
Completion of the North Corridor has been pushed back, according to Miami Today. The North Corridor is a planned rail extension from the existing Metrorail to Broward County, with a stop at Hard Rock Stadium. It is part of Miami Dade’s SMART rapid transit plan. It would run 10 miles, with 8 stations. Completion is now projected for 2037, according to a presentation to the…
Pre-Application Filed For 398 Units In Rapid Transit Zone
Related Urban Development Group has filed plans for a housing development in the Rapid Transit System-Development Zone. The project name is listed as Claude Pepper in the filing. Units would be “fully affordable.” Conceptual plans show the project would include: 398 units 4,400 square foot community center 410 parking spaces CFE is the architect. The nearest Metrorail station…
Work Underway On Pedestrian Bridge At Entrance To South Beach
A developer mobilized yesterday to begin construction on a colorful pedestrian bridge at the entrance to South Beach, according to Local10. The bridge is being designed by French artist Daniel Buren, and is titled Walking In, Along and Under the Colors. Pedestrians will be able to cross from the South of Fifth baywalk to a recently completed park. The park and bridge are being built…
Apple’s ‘Most Sustainable Store’ Opening At Miami Worldcenter With Biophilic Garden
Apple has announced an opening date for a new store at Miami Worldcenter. The new Apple Store at Miami Worldcenter will open on January 24. It will be Apple’s “most sustainable store.” The store will include a biophilic garden using natural materials and a variety of plants. It will become the tenth Apple Store in Miami. Apple also reportedly signed a lease for around 45ksf..
Total Demolition Permit Submitted For Brickell Key Mandarin Site
A total demolition permit has been applied for at the Brickell Key site where The Residences at The Mandarin Oriental, Miami is planned. The permit was applied for on January 10 and is not yet in review. According to the filing, a total of 527,824 square feet will de demolished, at an estimated cost of $1,072,500. The BG Group is listed as the demolition contractor. The existing Mandarin…
62-Story Aria Reserve North Tower Making ‘Rapid Progress’
In Edgewater, the under-construction North Tower at Aria Reserve passed level 20 last week, according to developer Melo Group. Completion of the 383-unit South Tower at Aria Reserve is also expected soon. Aria Reserve will include two 62-story condo towers, said to be the tallest waterfront dual residential towers in the United States. A foundation pour for the South Tower…
City of Miami to Break Ground on Eight-Story Administration Building at Miami Freedom Park
The City of Miami is set to break ground this week on a new eight-story administration building within the Miami Freedom Park complex. The ceremony, scheduled for January 15 at 9:30 a.m. at 1802 NW 37th Avenue, will follow the State of the City Address delivered by Mayor Francis X. Suarez at the same location. The project will launch construction of the 382,592-square-foot…
Groundbreaking Scheduled For Miami Administration Building at Miami Freedom Park
The City of Miami will break ground next week on its new administration building at Miami Freedom Park. The City of Miami Administrative Building will rise 8 stories and span over 382,592 square feet. An attached parking garage will have space for up to 889 vehicles. Arquitectonica is the architect. Adler Development is the developer. Moss Construction…
Map: A look at CGI Merchant’s unraveling real estate investments amid mounting debt woes
Raoul Thomas is having a helluva year. Thomas’ Miami-based CGI Merchant Group is getting pummeled with foreclosure filings and reports of delinquent loan payments, putting nearly its entire portfolio amassed over two decades into debt trouble. It’s not the first tough time for CGI Merchant. The firm weathered the pandemic slowdown. But the current economic headwinds…
First & Fifth: 45-Story Mixed-Use Tower Submitted to UDRB for Approval in Downtown Miami
A 45-story mixed-use development, First & Fifth, has been submitted to Miami’s Urban Development Review Board (UDRB) for approval. Designed by ODP Architecture & Design and proposed by developer Oak Row Equities under the 49 NW 5TH STREET LLC, the 530-foot-tall tower is planned for 49 NW 5th Street and 50 NW 6th Street in Miami’s Overtown neighborhood.
Univista Insurance mogul Ivan Herrera launches commercial development family office
Insurance king Ivan Herrera is jumping into commercial real estate development after partially selling his Univista empire for $700 million, The Real Deal has learned. His new firm, Unicapital Asset Management Group, is developing a new office building near Doral, and is planning a multifamily project in Hialeah and mixed-use project in Allapattah, Jose Cueto, a Unicapital…
Developers’ Delicate Dance To Build High-Rises In Wynwood Without Ruining It
In Wynwood, walls are canvases, sidewalks are sketchbooks and street signs double as sticker galleries. The Miami neighborhood’s signature public art has made it a magnet for tourists and developers itching to get in on the action. Developers Hidrock Properties and Robert Finvarb Cos., for example, are moving forward on a 39-story apartment tower at 2534 N. Miami Ave.
Developers Propose 35-Unit Condo at 895 N.E. 131st Street in North Miami
Two developers hope to proceed with a condominium in Miami-Dade County. Our sources indicate that the 10-story venture (dubbed “Cocoanut Avenue”) would comprise close to 56,000 square feet of new construction, featuring 35 two-bedroom homes. Floorplans would span 850 to 1,116 square feet, and there would be 48 parking spots, averaging about 1.37 per unit.
Demolition Permit Issued For Wynwood Crossing Site at 2000 North Miami Avenue
The City of Miami has issued a total demolition permit for the site of 2000 Wynwood, paving the way for a new 12-story mixed-use development in the heart of Wynwood. The permit, approved on January 2 and issued on January 6, lists BG Group as the demolition contractor, with work estimated at $13,000. The permit was initially applied for in July 2023….
First Crane Installed At 427-Unit Excel Miami
Vertical construction is now underway at Excel Miami, which will have 427 apartments. Shawmut Design and Construction, a $2 billion national construction management firm, said on December 10 that it had broken ground on the development. A groundbreaking ceremony was held December 9. At the time, Shawmut said a mat foundation pour would be completed in weeks…
Miami Office Leasing Slows Further, But Rents Keep On Rising
The average office rent in Miami is nearly 17% higher than it was a year ago, according to a fourth-quarter market report from Savills, a spike that is pushing more tenants out of prime markets in search of more affordable alternatives. Every major submarket in Miami experienced positive rent growth after remaining relatively stable at the end of 2023, according to…
Calta scores $30M construction loan for Coral Gables townhomes
The Calta Group scored a $30 million construction loan for its planned Via Veneto townhomes in Coral Gables. The Coral Gables-based developer, led by brothers Ignazio and Gaetano Caltagirone, secured financing for the 10-unit project from Banesco USA, according to a press release. Construction for Via Veneto, planned for the site at 915 and 920 Palermo Avenue…
Miami Beach Ordered To Fully Reopen Ocean Drive To Cars
A judge has ordered the City of Miami Beach to reinstate two-way car traffic on Ocean Drive, according to the Herald. The court order came after The Clevelander challenged the current one-way configuration in court, saying it couldn’t properly operate a business. Miami Beach initially closed the street to cars during the pandemic, and for the past three years has allowed only…
Big 4 Ad Agency Ditching Brickell For Coworking Space In Coral Gables
Global media and advertising conglomerate WPP has left Miami’s financial district behind, downsizing by more than two-thirds to new digs in Coral Gables. London-based WPP has vacated its 73K SF office space at Brickell Key Centre II and taken 25K SF with WeWork in Coral Gables. WPP subsidiary Hogarth Worldwide moved to the two-building complex on Brickell Key…
More trouble: Another lender accuses Shoma’s Masoud Shojaee of not repaying loan
For the second time in a one-month span, Shoma Group CEO Masoud Shojaee is being sued for allegedly welching on a mortgage debt. City National Bank of Florida filed a foreclosure complaint this week against Shojaee, as trustee for a trust in his name, and an entity he manages that owns a 12th floor condominium at Gables Club Tower at 60 Edgewater Drive in Coral Gables.
South Florida’s industrial market took a hit in the fourth quarter of last year, as vacancies rose across the tri-county region, and rents dropped in Broward and Palm Beach counties, according to a recently released report. Since the pandemic, industrial landlords have reaped the benefits of Florida’s population boom and the need for e-commerce distribution facilities.
An attorney referral service firm will move its headquarters to Coral Gables. The No-Fault Group, which connects people with legal and medical care following an accident, leased 21,800 square feet at 2990 Ponce de Leon Boulevard, according to the broker’s news release. Stephen Rutchik and Kevin Gonzalez of Colliers represented the landlord and the tenant.
A Naples-based project consultant is accusing developer Michael Stern’s partner, Italian entrepreneur Gianluca Vacchi, of stiffing him out of $1.7 million in fees tied to his financial evaluations of three planned condo projects in Miami and Miami Beach. The developments represent part of a $4 billion pipeline. Genesis Project Management and Consulting, led by John Stamboulis…
Oasis Hallandale West Tower Tops Off At 275 Feet
The West Tower at Oasis Hallandale has topped off, and a second tower will soon break ground.. The 25-story West Tower topped off with 75% of units sold. A second condo tower is planned to break ground later this quarter. Sales recently launched for those units. Each tower will have 250 units, for a total of 500. The project has already delivered 60,000 square feet of retail…
Construction Tops Out on Oasis Hallandale’s West Tower in Hallandale Beach
Oasis Hallandale, a $370 million mixed-use development located at 1000 East Hallandale Beach Boulevard, has officially topped out its West Tower. This marks a significant milestone in the project’s construction, led by MGM Construction. With the West Tower now structurally complete and 75% of its residences sold, the development is gaining momentum as one…
Map: Here is Broward County’s condo development pipeline
South Florida’s condo developers want to build, baby, build –– in Broward County. Long overshadowed by Miami-Dade and Palm Beach counties, its more expensive neighbors to the north and south, it seems Broward is getting its moment in the sun. In the wake of South Florida’s pandemic real estate boom, developers have snapped up project sites and are betting big…
Developer Proposes What Could be Fort Lauderdale’s Tallest Building at 315 NE 3rd Street
100 Las Olas could be unseated as Fort Lauderdale’s tallest building. Arosa Development has proposed a mixed-use 54-story tower that would offer residences, commercial space, and parking. Here’s what’s in store. Our sources report that the venture would measure 600 above grade, occupying a 27,591-square-foot that currently serves as a parking lot located between…
54-Story, 600-Foot Tower Planned In Fort Lauderdale
Plans have been filed for what would be the tallest building in Fort Lauderdale. The tower is planned to rise 54 stories, or 600 feet above ground level, which is taller than any existing building in the city. The building is proposed to include: 607 residential units 3,727 square feet of commercial 659 parking spaces Units will range from in size from studios to 3-bedrooms.
Condo Owners Seeking $23M For Fort Lauderdale Building They Evacuated
Springbrook Gardens, a 77-year-old waterfront condominium complex in Fort Lauderdale, has been listed for sale just three months after residents were forced to evacuate when the building was deemed to be structurally unsafe. The condominium association has tapped Sam Gaita of The Corcoran Group and Donna Carbonara of Douglas Elliman to market their 28K SF site…
Developers add 17 condos to planned hotel on Las Olas in Fort Lauderdale
What began as a mid-size hotel development on East Las Olas Boulevard in Fort Lauderdale has morphed into plans for the Whitfield, a boutique hotel and condominium with penthouses priced at $15 million. After winning site plan approval for a 10-story hotel in 2021, Fort Lauderdale-based developers Steve Hudson and Charlie Ladd redesigned the project as a 12-story building…
Accesso Acquires Sunrise Office Asset
Sawgrass Lake Center went through cosmetic renovations in 2017. Image courtesy of CommercialEdge Accesso Partners has acquired Sawgrass Lake Center, a 240,000-square-foot office building in Sunrise, Fla., a Fort Lauderdale submarket. American Realty Advisors sold the asset, according to CommercialEdge information, in a deal arranged by CBRE. The property previously…
Foundry Commercial sold an office building in Sunrise for $20.9 million less than it had paid seven years ago, as suburban properties continued to trade at a discount in South Florida. Accesso Partners bought the six-story Sawgrass Lake Center at 13450 West Sunrise Boulevard for $36.5 million from Orlando-based Foundry, according to records. The buyer took out a $21M…
Ocean580: 10-Story Beachfront Residences Planned for 580 Briny Avenue in Pompano Beach
Canadian developer Claridge Homes has unveiled plans for Ocean580, a 10-story luxury beachfront development in the heart of Pompano Beach. Located at 580 Briny Avenue, the boutique project will feature 17 exclusive residences offering direct oceanfront living. Designed by FSMY Architects with interiors by Manhas Design, the development is expected to be delivered in winter 2027…
BDT & MSD proposes 60-unit project at Boca Raton Resort, amid luxury condo frenzy in South Florida
BDT & MSD Partners proposes a 60-unit condominium at Boca Raton Resort & Club, amid a development frenzy for luxury projects in South Florida. The merchant bank, which has offices in New York and Chicago, wants to build an eight-story building with a 142-space underground garage on a nearly 4-acre site at the resort at 501 East Camino Real, according to an application…
13th Floor Investments landed board approval for a 340-unit apartment project at the Boca Raton Tri-Rail station. 13th Floor, led by managing principal Arnaud Karsenti, plans an eight-story building on an 8.2-acre site at 680 West Yamato Road, according to an application filed to the city last week. The development, called Boca Village, will include 34 affordably…
Insurer lands approval for 287 rentals in Boca Raton, after year of record multifamily construction
A developer landed preliminary approval for a 287-unit apartment project at the Park at Broken Sound in Boca Raton, following a year of record apartment construction in South Florida. Mutual of America Life Insurance Company plans a seven-story building with 2,000 square feet of retail at 1150 Northwest Broken Sound Parkway, according to an application submitted to the city last…
The Ritz-Carlton Residences Tops Off in Palm Beach Gardens, Completion Expected in Early 2026
Palm Beach Gardens developer, Catalfumo Companies led by CEO Daniel Catalfumo, announced The Ritz-Carlton Residences, Palm Beach Gardens has reached its summit with construction ahead of schedule. Located on the last 14 contiguous acres of waterfront in Palm Beach, the development is 40 percent sold and is slated for completion in early 2026. This marks the official top…
Industrial Tops Commercial Real Estate Investment Picks For 2025, Expert Says
Many CRE firms are hopeful that 2025 will be the year that just about everything across the board booms after dozens of months of turbulence. For his part, Michael Thom, attorney in the business and finance department at Obermayer, has zeroed in specifically on the industrial sector. Industrial has many attributes that make it an attractive investment. One of them…
The Fed’s Beige Book: Southeast Economy Holds Steady
The new Beige Book from the Federal Reserve Bank of Atlanta describes mostly more of the same in the southeastern economy: modest growth, steady employment, and mixed pricing power for businesses. The Beige Book is a compilation of anecdotal feedback from business contacts across the six states of the Sixth Federal Reserve District: Alabama, Florida, Georgia, Louisiana…
Climate Risk Disclosure Ramps Up Gradually
This year is a key milestone for several climate risk disclosure laws. Companies subject to the EU Corporate Sustainability Reporting Directive (CSRD) must begin reporting this year based on 2024 data, while those covered by Australia’s climate risk disclosure mandate for large companies must begin reporting in 2026, based on 2025 data. In the US, many CRE companies…
Distressed Debt is Consistently Growing
Distressed office loans have been a common theme of CRE over the last year. Slowly but steadily, almost every sector of commercial real estate has growing loan distress. Self storage and industrial show blips of distress, but look like nothing when compared to multifamily and office. Construction debt is typically based on SOFR (Secured Overnight Financing Rate) rates which…
Manufacturing Reshoring Is Breathing New Life Into U.S. Industrial Markets
A manufacturing comeback is underway in the U.S. Once heavily outsourced to countries with lower labor costs; manufacturing is returning (or “reshoring”) to America as companies seek to minimize risk, ensure quality, and meet rising consumer and regulatory expectations for sustainability. Several factors are converging to encourage U.S. companies to reevaluate their production…
2025 Expectations for the U.S. Apartment Market
Demand for apartments in 2025 is expected to remain solid – if not excellent – based on 2024 readings. Continued job growth, strong wage growth, improving affordability, improved consumer sentiment, near-record resident retention and fewer move-outs to the single-family for-purchase market colored the 2024 market landscape. These things appear likely to persist well into 2025.
Miami Investors Buy Houston Office Tower
A Miami-based investment firm has acquired Lockton Place, a 186,747-SF, Class A office building in the Westchase submarket in west Houston, JLL Capital Markets reported. JLL represented the seller, Triten Real Estate Partners and Affinius Capital, in the sale to Galium Capital, a Miami-based firm led by Jacques Bessoudo and Iser Rabinovitz.
Completed in 2017, the eight-story Lockton Place is over 96% leased to a diverse tenant roster anchored by Lockton Companies, the world’s largest privately held insurance brokerage firm.