Construction is officially underway on Ella Miami Beach, a 10-story, 103-unit boutique condominium at 6940 Abbott Avenue in North Beach. Developed by Constellation Group and The Boschetti Group, the project aims to bring a contemporary take on Miami Beach’s Art Deco heritage while expanding luxury residential offerings in the area. Ortega Construction…
Brickell’s Tallest-Ever Tower Is Now Rising Vertically
The tallest tower to ever break ground in Brickell is now rising vertically, according to a photo by Due Italiani a Miami. Cipriani Residences is planned to eventually reach a height of 80 stories, or 940 feet above ground, and 950 feet feet above sea level. Developer Mast Capital broke ground on the tower in February 2024, after securing a $600m construction loan that…
At Least 10K Residential Units Planned In City Of Miami Under Live Local Act
There are now over 10,000 Live Local residential units moving through the planning process with City of Miami boundaries. Miami’s Planning Department maintains a list of all applications received under the Live Local law, which went into effect in 2023. As of the end of 2024, a total of 32 Live Local plans had been received by the city. Some of the applications have…
Ella Miami Beach Breaks Ground, With 103 Residences Planned
Ella Miami Beach has held a groundbreaking ceremony, according to the development’s Social Media account. Ella will have 103 residential units offering short-term rental flexibility upon completion. The building is planned to rise 10 stories, with a design by Arquiteconica. Previously, the developer described the design of the building as having Art Deco curves with modern…
Development With 1,450 Live Local Residential Units Planned In Edgewater
An application to build a major development in Edgewater has been submitted to Miami’s Planning Department. For now, the project name is known only as 3180 Biscayne. The development is planned under Florida’s Live Local Act, which came into effect in 2023. Developers can bypass certain local zoning restrictions if they dedicate part of their new development to income-restricted…
Deauville redevelopment secures Miami Beach planning board’s blessing
The Meruelo family and David Martin are one step closer to securing approval to build on the former site of the Deauville Beach Resort in Miami Beach. The city’s planning board unanimously recommended at its meeting on Tuesday that the Miami Beach City Commission approve land use changes that will allow the developers to build a larger project on the 3.8-acre oceanfront…
Miami’s Office Market Topped the Charts in 2024
The Miami office sector posted strong fundamentals throughout 2024, according to the latest CommercialEdge data. The metro marked a more than 41 percent jump in investment volume year-over-year, recording the busiest period in the last quarter. Last year, high prices in the Magic City placed it fourth in the nation, the market also emerging as the most expensive…
Dead deal: Related Urban cancels mixed-use project at former Homestead city hall
After nearly four years of negotiations, Related Urban is backing out of a pending deal to partner with the city of Homestead on a major mixed-use project, The Real Deal has learned. Last week, the affordable housing arm of Coconut Grove-based Related Group, led by Jorge Pérez and his sons Jon Paul and Nicholas Pérez, notified city officials that Related Urban is out.
Construction Braces For Impacts Of Tariffs, Deportations
Implications of trade tariffs and immigration policies could impact the construction industry, according to local experts. Trade tariffs could lead to inflation and recession, as has happened historically with tariffs. This could have significant impacts on the construction industry, affecting both costs and demand, said Lisa Colon, a partner at Saul Ewing. “The tariffs on materials imported from…
Transit team calls on Trump for help with Amtrak
In hopes the train hasn’t already left the station, the Citizens’ Independent Transportation Trust is urging Amtrak to reconsider keeping its vow to use the depot that the state built for it in Miami and is asking federal officials for help. The trust “is disappointed in Amtrak’s reversal to extend its passenger rail service to the [Miami Intermodal Center], where a more logical terminus…
Citadel developer goes back to drawing board, gets OK
A developer working to reactivate the rehabilitation of the historically designated Salvation Army Citadel building in Miami, and develop an adjacent property, has gained city support after a redesign. Owner-developer 49 NW 5th Street LLC is proposing the major rehabilitation of the historic site at 49 NW Fifth St. and 50 NW Sixth St. The applicant plans a restoration of the…
70-story tower ups contribution and enters Brickell Metrorail zone
A 70-story tower encompassing 464 residences, retail space and a performing arts venue near the Brickell Metrorail station has won unanimous county approval to apply development criteria of the Metrorail Subzone of the Rapid Transit Zone. In the process, Millennium Developments of Brickell LLC last week raised its voluntary contribution to improve area transit stations…
Plans Revealed for The James Hotel & Residences, an 82-Story Supertall Tower in Downtown Miami
Mint Developers and Sonesta International Hotels Corp. have announced plans for The James Hotel & Residences, an 82-story mixed-use supertall at 231 East Flagler Street in Downtown Miami. Estimated to cost $850 million, the project will introduce a blend of luxury residences and hospitality, becoming one of Miami’s tallest buildings. The project is designed by Idea…
Partnership Unveils Plans for $850M Hotel, Residential Skyscraper in Downtown Miami
A partnership locally based firm Mint Developers, hospitality owner-operator Sonesta International Hotels Corp. and property manager AD1 has unveiled plans for an $850 million hotel and residential project in downtown Miami. The James Hotel & Residences in Downtown Miami will comprise 336 fully furnished, for-sale residences and roughly 200 hotel rooms. At 82 stories…
82-Story Supertall Planned In Downtown Miami
Sonesta International Hotels Corporation says it has executed an agreement to build The James Hotel & Residences Downtown Miami. The 82-story $850 million, building will be a supertall, a press release said. A separate press release by AD1 Hospitality says the building will be the tallest in Miami. It will also have the highest elevation luxury bar and restaurant in the Americas.
Mint Developers plans $850M Sonesta supertall in downtown Miami
Mint Developers is teaming up with Sonesta International Hotels on the James Hotel & Residences, a planned supertall in downtown Miami. The two companies revealed their plans for the $850 million, 336-unit condo-hotel tower, a block west of Biscayne Boulevard. It will mark the first residential building for the James, one of Sonesta’s brands.
Applications for new construction and total demolition permits have been submitted for a property near the former Omni. The FAA also granted height approval last week for the new tower, at 380 feet above ground, or 388 feet above sea level. According to the master construction permit filing with Miami’s Building Department, the new development will have 33 floors…
SkyRise Miami Was Resubmitted To The FAA Yesterday
The Federal Aviation Administration has received an application to approve the height of SkyRise Miami. The agency received the application on February 3, 2025. It’s not clear who submitted it, or if it would look the same as an earlier proposal. According to the filing, SkyRise is planned to rise 1,045 feet above ground, or 1,049 feet above sea level. The application cites…
Miami-Dade Could Eliminate Parking Minimum In Government Center Subzone
Miami-Dade Commissioners were scheduled to vote today on eliminating a parking requirement for new developments in the Government Center Subzone of the Rapid Transit Zone. All properties within the Government Center Subzone are County-owned or County-developed properties. The area is served by Metrorail, Metromover, Tri-Rail, Brightline, and Bus Rapid Transit.
Viceroy Residences Aventura Launches Sales
Plans have been unveiled for Viceroy Residences Aventura. Viceroy Residences Aventura will include 274 residential condos, becoming the first new construction condos in Aventura in nearly 7 years, according to the developers. Residents will have access to 36,000 square feet of amenities, including a rock climbing wall, pickleball courts, and an indoor basketball half court.
Commissioners Vote In Favor Of 70-Story Calle 8 Brickell Tower
Brickell’s planned 70-story Calle 8 tower received a key approval from Miami-Dade last week. County commissioners voted unanimously to approve a special exception for a general development plan for Calle 8. The vote came at Miami-Dade’s Comprehensive Development Master Plan & Zoning. Commissioner Eileen Higgins noted several positive aspects that the development…
Kolter Group, BH list oceanfront Miami Beach condo dev site with whisper price of $110M
A joint venture between Kolter Group and BH Group is looking to sell an oceanfront development site in Miami Beach for a big profit. Delray Beach-based Kolter and Aventura-based BH tapped Berkadia to market the 1-acre property at 6985 Collins Avenue with a whisper price of $110 million, The Real Deal has learned. The developers paid $24 million…
Revised Demo Permit Approved For Santander Site In Brickell
Miami’s Building Department has approved a revision to a demolition permit for the Santander Tower site in Brickell. The revision was approved on January 31. It appears to be the second revision to the permit. Another revision was approved in December. Meanwhile, a dewatering permit application was submitted to Miami-Dade for the site in January. Coastal Construction…
Downtown Miami Fountain Is Now On, With 500 Lights & 800 Water Jets
The large fountain at Bayfront Park has been turned on following extensive construction. Renovation of the fountain cost $5.5 million, according to Axios. It will additionally cost an estimated $20,000 to $30,000 per month to operate, the report said. The fountain now features extensive upgrades compared to when it originally opened in 1990. There are over 500 lights…
FAA Filing Reveals Potential 1,000-Foot Tower in Brickell Adjacent to I-95
A filing with the Federal Aviation Administration (FAA) suggests the potential for another supertall tower in Brickell, with new permits requesting a height of 1,000 feet, or 1,010 feet above sea level. The filing, submitted on January 28, lists the project under the name “Brickell Mixed Use” and describes it as a multi-purpose building. However, it remains unclear whether the FAA…
1000-Foot Mixed-Use Building Planned In Brickell
A filing with the Federal Aviation Administration reveals that yet another supertall tower is under planning in Brickell. The filing was received by the agency on January 28. The structure will be a multi-purpose building, the application states. For now, the building name is listed in the filing as Brickell Mixed Use. Coordinates submitted with the filing show it will be built…
As part of $850M nationwide leaseback deal, AT&T sells 10 South Florida sites for $63M
AT&T has disconnected its ownership of 10 South Florida sites, selling the office/industrial properties to Reign Capital for a combined $62.9 million. An affiliate of New York-based Reign acquired buildings spanning roughly 1 million square feet in Coral Gables, Homestead, Miami, Miami Gardens, Sunrise and West Palm Beach, records and real estate database Vizzda show.
Ira Giller aborts Miami Beach project, sells dev site to Miami jewelers planning bigger development
Ira Giller canceled plans for a Miami Beach mixed-use building, after selling his development site to jewelers assembling land for a larger project, The Real Deal has learned. Gateway Group, a Miami Beach-based firm led by the architect, Jason Giller and other family members, sold three retail buildings at 976 West 41st Street, 3907 Alton Road and 3915 Alton Road for a combined…
BridgeInvest Provides $15.7M Loan for 53-Story Tower at Miami Worldcenter
BridgeInvest has closed a $15.7 million loan to refinance existing debt on Block C East, a 1.4-acre development site at 155 NE 10th Street within the Miami Worldcenter district. The financing supports plans for a 53-story mixed-use tower by Falcone Group, further expanding the 27-acre Miami Worldcenter, one of the largest mixed-use developments in the country….
Fresh off buying a Blackstone Opa-Locka industrial portfolio for nine figures, TA Realty sold a nearby warehouse complex for $22 million, marking a sizable gain. An affiliate of Miami-based Midtown Capital Partners, led by CEO Alejandro Velez, acquired the two buildings spanning 83,000 square feet at 5261 Northwest 161st Street in unincorporated northwest Miami-Dade…
Escapology, OAKBERRY, and Petricor Join CityPlace Doral’s Expanding Retail Lineup
CityPlace Doral has announced the addition of three new tenants to its retail and entertainment offerings: Escapology, an immersive escape room experience; OAKBERRY, a global quick-service superfood brand specializing in açaí bowls and smoothies; and Petricor, a fashion destination. These new arrivals continue diversifying the lifestyle center’s dining, retail, and entertainment options….
Süzer buys majority stake in Wynwood’s Moxy hotel for $99M
Süzer Group bought a majority stake in the Moxy Miami Wynwood hotel for $99 million, The Real Deal has learned. The Istanbul-based firm purchased a 52 percent stake in the eight-story, 120-key building at 255 Northwest 25th Street in Miami, Baran Süzer said. The deal, which closed on Thursday, includes the Sparrow Italia and Casa Madera restaurant spaces in the building.
Site Work Starts on ‘The Delmore’ at 8777 Collins Avenue in Surfside
Dubai-based DAMAC International has started site work on a 12-story high-rise tower on the former site of the collapsed Champlain Towers South in Surfside. The Delmore will comprise 37 ultra-luxury residences, with the condos averaging 7,000 square feet and the penthouses starting at 10,000 square feet. The Real Deal reports that layout plans include four-bedroom to five-bedroom…
DAMAC Kicks Off Luxury Surfside Project
Dubai-based DAMAC International has broken ground on The Delmore, a 37-unit, ultra-luxury condominium development in Miami’s Billionaire’s Triangle. Zaha Hadid Architects designed the project that is slated for completion in 2029. New York-based Douglas Elliman is the exclusive broker in charge of sales at the property. Prices will start at $15 million, The Real Deal reported.
Meet Ken Griffin’s platoon of planners and professionals building his business in South Florida
In less than three years, billionaire Ken Griffin has turned into one of South Florida’s biggest real estate tycoons. The Daytona Beach native with a net worth of $43.8 billion, per Forbes, moved his hedge fund Citadel and its sister financial services firm Citadel Securities to the Magic City from Chicago in 2022. Griffin has since amassed a residential and commercial real estate…
Why condo developers flush with optimism should think twice
Some condo developers experienced slower sales in 2024. That didn’t stop developers from launching more projects. Expect more of that this year, developers and brokers say. The consensus is that condos are still “where we can make the numbers work,” says developer Gaetano Caltagirone. Multifamily is way more challenging (see last week’s Weekly Dirt) and some…
Miami-Dade Commissioners Vote in Favor Of 42-Story Tower
Miami-Dade commissioners voted today to approve a zoning application for a 42-story tower next to a historic church. The favorable vote came at a county Comprehensive Development Master Plan & Zoning meeting. The approval is for a special exception for a general development plan, under Miami-Dade’s Rapid Transit zoning plan. In order to gain approval…
Raanan Katz boosts retail empire, pays $15M for City Furniture showroom
Raanan Katz’s RK Centers added a second Broward retail property to its portfolio in less than three months, paying $15.2 million for a furniture store. An affiliate of Sunny Isles Beach-based RK acquired a City Furniture showroom at 11249 Pines Boulevard in Pembroke Pines, records and real estate database Vizzda show. The deal breaks down to $243 a square foot…
CSL Partners and Presidium scooped up the 260-unit Pura Vida Hialeah apartment complex for $95 million, with plans for a Live Local Act conversion, The Real Deal has learned. Montreal-based CSL Partners, a joint venture between Benjamin Farkas and Brandon Chemtov, and Dallas-based Presidium bought the property at 3051 West 16th Avenue in Hialeah from Coral Rock…
Retail asking rents rise across South Florida in fourth quarter
South Florida retail landlords boosted their asking rents during the fourth quarter of last year, while investors continued scooping up shopping centers, especially properties anchored by Publix grocery stores, a recent report shows. Yet, restaurants and the big box sector felt the effects of national chains filing for bankruptcy last year. More than 95 companies closed 211 sites…
NYC Bagel Company H&H Bagels Opening 5 Miami Locations
After causing a frenzy in Boca Raton with lines out the door, famed New York City bagel shop H&H Bagels is headed to South Florida where it will open five locations in Miami. Founded in 1972, the legendary fresh bagels shipped directly from New York City will finally be available down in Miami, where authentic New York bagel lovers will be in for a treat. Not only will the longtime…
Pinnacle proposes a 110-unit affordable apartment project for seniors in Princeton, amid a continuing development rush in south Miami-Dade County. The Kendall-based firm wants to build the eight-story building with 1,000 square feet of ground-floor retail on a 1-acre site on the southeast corner of South Dixie Highway and Southwest 250th Street in unincorporated Miami-Dade…
Allen Morris launches sales of Ponce Park luxury condo project
Allen Morris Company is launching sales of its luxury condo project in Coral Gables, about nine months after securing approval from the city. The Coral Gables-based firm, led by W. Allen Morris and his son, Spencer Morris, plans to build Ponce Park at 3000 Ponce de Leon Boulevard. Prices for condos at the 11-story, 58-unit building start at $2.4 million, according…
Notable Retail Leases Signed in South Florida Q4 2024
We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during 2023. This past quarter was busy overall, and there were a few big box leases signed and sealed. Despite the sentiment that the traditional retail market is taking a hit due to several factors, particularly e-commerce and several retail store closures nationwide…
Lease roundup: Niku X restaurant opening in South Beach, Equinox coming to Boca Raton
Hospitality firm Chubby Group will open its upscale buffet-style restaurant Niku X in South Beach, The Real Deal has learned. Philadelphia-based Chubby Group leased 10,000 square feet at 555 Washington Avenue in Miami Beach, according to Aaron Butler, the landlords’ broker. Niku X will open early next year at the four-story office building.
Hallandale Beach board green-lights BH, Prime’s Homewood Suites by Hilton hotel project
BH Group and Prime Group are a step closer to building a new hotel near Gulfstream Park. The Hallandale Beach Planning and Zoning Board on Monday unanimously approved the joint venture’s site plan for a Homewood Suites By Hilton hotel at 804 South Federal Highway, city records show. Designed by Hollywood-based Prime Design Associates, the planned…
Coral Gables-based Housing Trust Group (HTG) is seeking approval for “Paramount Place”, an affordable housing development for seniors in Broward County. Plans call for an eight-story building comprising 162,541 square feet of new construction. There would be 96 residences ranging 699 to 1,066 square feet, with floorplans including one-bedroom and two-bedroom designs.
As it stands, the Celtic Apartments in Palm Springs is a mostly vacant multi-family complex built in the early 1990s. Yet, a developer hopes to expand the number of units by 325 percent with the addition of 26 residences, bringing the total number of homes to 46. According to the South Florida Business Journal, 17 homes would be available to those earning up to 140 percent…
Investor sues developers of Icon Palm Beach Shores over allegedly unpaid loans
The developers of Icon Palm Beach Shores are facing yet another lawsuit tied to the luxury condo project. Investor Daniel Perla sued Marc Shulman, Anthony Shafer, IRC Equities III FL, Icon Development Holdings I, Icon Dev Owner I and ARKNH Servicing in Palm Beach County Circuit Court last week. Perla alleges he is owed $4.9 million in unpaid loans that…
Henderson Park-led JV takes over PGA National Resort in $400M-plus deal
Henderson Park, Salamander Collection and South Street Partners teamed up to purchase the PGA National Resort in Palm Beach Gardens. The Henderson Park-led joint venture paid more than $400 million for the 807-acre property at 400 Avenue of the Champions, a source familiar with the deal told The Real Deal. The buyers declined to comment. PGA National Resort…
With Trump back in office, all eyes are on a changed Palm Beach
Election Day in Palm Beach was relatively quiet. The skies were overcast and schools were closed. Traffic caused by Donald Trump’s motorcade escort to the island’s polling place was intolerable, so the kids stayed home. Palm Beachers, ever a crowd who love to lunch, wore their “I Voted” stickers to their usual spots at Sant Ambroeus and the Honor Bar. The commotion…
What Deregulation Could Mean for CRE Bank Lending
Last week, President Trump issued an executive order to Federal agencies to cut 10 regulations for every new one they institute. This regulation-light approach could have some positive implications for commercial real estate bank lending, which has fallen off considerably in recent years. For example, big banks, those with assets of $100 billion or more…
New Data on Property Insurance Nonrenewal Rates, Claims, Premiums
Earlier this month, the Federal Insurance Office released a detailed report, “Analyses of Homeowners Insurance Markets, 2018-2022: Climate-Related Risks and Other Factors.” While it focuses on homeowners’ insurance, we know that commercial property insurance is facing similar stresses. Trends in premiums, claims and nonrenewals provide insight into where…
Class, exams, studying…and rent? For students already juggling the demands of school, work, and building their future, the rising cost of housing is becoming an increasingly pressing challenge. The housing affordability crisis—marked by shifting rent-to-income ratios, a limited supply of affordable housing, and growing demand—has dominated discussions in recent years.
What’s Propelling Florida’s Waterfront Development Rush?
A 50-foot-wide linear park at River Landing adds a serene, green escape to the riverfront setting. Image courtesy of River Landing Shops & Residences Florida’s waterfront commercial development boom is being driven by migration, demographic shifts and evolving tenant preferences, creating a surge in demand for mixed-use, lifestyle-driven spaces. According to Ryan Shaw…
Video: BGO Chief Economist Ryan Severino; Commercial Real Estate Market Forecast 2025
In a recent episode of America’s Commercial Real Estate Show, the host of the show welcomed Ryan Severino, Chief Economist with BGO, to discuss the evolving landscape of commercial real estate. Their conversation, which was national in scope, touched on key economic indicators, capital markets, policy shifts, and emerging investment opportunities that will shape…
Blackstone’s Gray Says ‘Office Has Bottomed,’ Eyes 1.5M SF Manhattan Tower
Blackstone surprised analysts Thursday, both because it beat expectations in its fourth-quarter earnings and because the private equity giant is looking for opportunities in office space. The strong earnings were bolstered by fees from the firm’s management and advisory services. Its flagship real estate funds were down modestly in the fourth quarter, but Chief Operating…
Developers Question Whether Florida’s Live Local Act Can Actually Help Residents Live Local
The Live Local Act, which overhauled rules over zoning and development across Florida, was drafted to address the Sunshine State’s affordable housing crisis. But as the law approaches its second birthday, developers say it hasn’t been enough for them to get projects off the ground and deliver more lower-cost housing. “I keep hearing ‘Live Local, Live Local,’ but I don’t hear anything…
Ramola Motwani: Merrimac Ventures chairwoman on transforming their motel business, more…
For years, Nitin and Dev Motwani have been the talking heads (and managing partners) of their family company, Merrimac Ventures, which has completed more than $3 billion in projects in South Florida. But the two brothers wouldn’t be in their positions without their mother, Ramola. Ramola Motwani and their father, her late husband Ramesh “Bob” Motwani, moved…