A developer proposes a 163-unit Live Local Act multifamily project near West Little River, as the industry continues to seize on the state affordable housing law. Dan Ainuz, a residential real estate investor and developer, wants to build a 14-story building with 40 percent of the units, or 65 apartments, at below-market rents, according to an application Ainuz’s affiliate filed…
Lower Level Curves Now Visible At 80-Story Cipriani Tower In Brickell
Brickell’s 80-story Cipriani Residences Tower is continuing to take shape, new photos show. Cipriani is expected to become the tallest tower in Brickell when it tops off (there are other Brickell buildings planned to rise even taller, but they are not yet under construction). The Cipriani tower is planned to reach a near-supertall height of 940 feet above ground, or 950 feet…
No bid, no problem? Miami-Dade eyeing deal with Michael Swerdlow for workforce housing project
Miami-Dade officials could forgo competitive bidding to have developer Michael Swerdlow build a workforce housing project near a site he’s buying from the county for a planned Costco store. The unusual arrangement is part of a proposed county resolution to amend a pending sales contract for Swerdlow to pay Miami-Dade $8.1 million for 17 acres of county-owned vacant land…
Developer Michael Swerdlow wants to develop 5,730 multifamily units with some affordable and workforce apartments, replacing five public housing complexes across Miami. Coconut Grove-based Swerdlow Group’s project also will include 370,000 square feet of commercial space such as offices and a school; 250,000 square feet of open space and amenities…
Demolition Progress At Edgewater Site Where 635-Foot Tower Planned
Demolition now appears to be mostly complete at the Tower 36 site in Edgewater. Developer One Thousand Group is planning a 635-foot tower on the property. The developer closed on the purchase of the site in December, for a reported $53m. In January, a demolition permit for a former Shell gas station on the property was issued. The permit is still active as of this morning.
13th Floor, LeFrak and Related take over Shoma dev site in Miami
Shoma Group is abandoning plans to redevelop a shuttered car dealership, selling the 2.5-acre site for $35 million to a group that includes Richard LeFrak’s eponymous firm. An entity managed by Arnaud Karsenti, principal of Coconut Grove-based 13th Floor Investments, acquired the property at 3650 Bird Road, records and real estate database Vizzda show. 13th Floor partnered…
Fifield Cos. Welcomes First Residents to 266-Unit Avida Aventura
Fifield Cos. has opened Avida Aventura, a 266-unit luxury apartment community located at 19401 W. Dixie Highway in Aventura. The project sits steps away from the new Brightline station, with direct access to the Aventura Mall, the fifth-largest mall in the U.S. and one of Miami’s premier dining, retail, and entertainment hubs. “As the first upscale multifamily development…
Michael Stern’s JDS Development Group and Gianluca Vacchi’s GV Development Group are heading to the Miami Beach City Commission next month with an unfavorable recommendation from the city’s planning board for their proposed tower. The developers are proposing a luxury condo project on the bay at 1250 West Avenue that would require legislative changes to the city’s future…
Construction Underway at Cassia, a 12-Story Condominium in Coral Gables’ Merrick Park District
Construction is now underway at Cassia, a 12-story condominium at 4011 Salzedo Avenue in Coral Gables’ Merrick Park District. Developed by Alta Developers, the project will introduce 174 fully furnished residences, with Behar Font & Partners as the design architect and IDDI overseeing interiors. Residences at Cassia will range from 662 to 1,461 square feet, offering one-, two-, and…
The Federal Aviation Administration issued a letter this morning stating that the proposed height of a Live Local development is not a hazard to air navigation. The development is named The HueHub in the FAA application, and in plans filed with the county. The HueHub will have a permanent building height of 350 feet above ground…
24-Story Excel Miami Continues Rising
Excel Miami, a 24-story apartment complex under construction near the Arsht Center, is quickly rising. As of last week, construction of the building’s shell appears to have passed the podium garage levels, moving towards the typical residential floors. Shell construction tends to accelerate once buildings reach their typical residential floors. Excel will have 427 apartments…
Kolter, BH seek redevelopment approval for Miami Beach oceanfront site they listed for $110M
Kolter Group and BH Group are pursuing a redevelopment plan for an oceanfront hotel that the joint venture recently listed with a whisper price of $110 million. Delray Beach-based Kolter’s hospitality division and Aventura-based BH submitted a site plan application with the city of Miami Beach to tear down the Crystal Beach Suites Miami Oceanfront Resort at 6985 Collins Avenue…
FAA Approves 831-Foot Building Height In Downtown Miami
A proposal for a building in downtown Miami has been given the green light by the Federal Aviation Administration. A determination letter was sent by the agency on March 11 to Clear Communities Miami North & South, LP. The approved height is 831 feet above ground, or 840 feet above sea level. The project is located at 130 SE 1st Street, a description states. It is the same address…
174-Unit Cassia Breaks Ground In Coral Gables
A groundbreaking ceremony has taken place in Coral Gables for the Cassia condominium development. Cassia will rise 12 stories, and is being designed by architect Behar Font & Partners. The building will be located adjacent to Merrick Park. There will be 174 condos that will be delivered furnished. Units will have European appliances, RH furnishings, and Italian cabinetry…
Glass Installed At 138-Unit Vida Edgewater
Glass has been installed at Vida Residences, which is under construction in Edgewater. Vida Residences is planned to rise nine stories and include 138 condo units. The developer of the project obtained $38.5m in construction financing last year, according to Commercial Observer. Kobi Karp is the architect. The developer is Urbana.
New sanitation/storage hub for ports targets meat, medical imports
A lease of Miami International Airport land on the runway this week will provide an option to bring perishables into the airport and PortMiami that now are diverted to Northeastern ports and trucked back to South Florida. The deal could add $318 million to the county’s revenue. The agreement being heard by the Appropriations Committee stems from an airport-seaport…
Miami-Dade to consider $318 million cold chain processing facility
A Hollywood, Florida-based real estate developer may soon make a deal with Miami-Dade County for the right to build a new treatment and processing facility on county land. On March 12, the Miami-Dade County Commission’s appropriations committee will discuss a proposed lease deal with Mandich Group, LLC for the design, permitting, construction, financing and operation…
Lefferts starts closings for 72 Park condos in North Beach
Lefferts has begun closings for its first of four condo projects planned in Miami Beach’s North Beach neighborhood. 72 Park, a 22-story, 206-unit short-term rental-friendly building at 580 72nd Street is 90 percent sold, according to Miami Beach-based Lefferts founder Mendy Chudaitov. So far, deeds for 40 units have been recorded by Miami-Dade County. Condos range from studios…
Vote Scheduled On Nearly 6K Units Planned In Little River
Miami-Dade’s Housing Committee has scheduled a vote on a lease deal that could see thousands of residential apartments and condos developed in Little River. SG Little River Holdings LLC, led my Michael Swerdlow, is proposing to redevelop county land with 5,730 housing units,, 370,000 square feet of commercial space, office space, schools, a Tri-Rail Station, condo units…
Phased Vertical Permit Issued For 50-Story St. Regis In Brickell
Miami’s Building Department has issued a phased vertical permit for the 50-story St. Regis Residences in Brickell. According to an email from the developer, structural foundations and vertical construction of the tower is planned to start in May or June. A groundbreaking ceremony for the 152-unit condo tower took place in November, and foundation work is underway.
Developers Buy Site For 40-Story Towers At Metrorail Station
A transit-oriented property in Coral Gables where two 40-story towers were planned has been sold, according to Bisnow. 13th Floor Investments partnered with Related Group and LeFrak on the $35M acquisition. Shoma Group was the seller. In 2023, Shoma filed plans for two 40-story towers on the site, which is near the Douglas Road Metrorail station. The development…
Cymbal DLT Closes on $114 Million Financing for Laguna Gardens in Miami Gardens
South Florida-based Cymbal DLT Companies has secured $114 million in permanent financing for Laguna Gardens, a 341-unit multifamily community in Miami Gardens. The senior and mezzanine loans, provided by Apollo Global Management and RXR Realty Investments, paid off the development’s $102.5 million construction loan issued in 2022 by Related Fund Management…
Developer Seeks Funding for Affordable Housing Development at 3650 Florida Avenue in Coconut Grove
Grove Prosperity Partners LLC, an entity comprising a church, non-profit organization, and developer, is seeking funds for an affordable housing development in Coconut Grove. Grand Bahamas Place is slated to include two buildings: a five-story structure featuring 56 condos and a two-story building that would offer 2,950 square feet of retail and 4,000 square feet…
Collins Avenue retail storefront targeted in $6M foreclosure
The retail woes along a stretch of Collins Avenue in South Beach have sparked a foreclosure lawsuit against a storefront owner that allegedly owes $5.5 million to a lender. Last week, Troy, Michigan-based Flagstar Bank sued Brooklyn resident Zipporah Goldstein and her entity that owns nine ground-floor commercial units of a three-story condominium at 751 Collins Avenue, records show.
Miami-Based Lombardi Properties Proposes Office Building for 160 N.W. 30th Street in Miami
Miami-based Lombardi Properties has proposed a high-rise office building in Miami-Dade County. The project, which the Next Miami calls “161 Office,” would measure 12 stories above grade and comprise more than 45,000 square feet of new construction. It would take shape on two parcels that make up a 12,200-square-foot site. The already-existing commercial building on the property…
An Expanding Menu of Green Financing Options
Investing in energy efficiency retrofits often comes down to finding financing that can offset the high capital expenditure (CapEx) required while still enabling reduced operating expenses (OpEx) over time due to savings on utility bills. A range of drivers may push CRE companies to look for green financing opportunities, from fluctuating energy costs or tenant demand for green…
North Beach’s Development Boom Gains Momentum With New Residential and Mixed-Use Projects
North Beach, a historically low-rise and quiet section of Miami Beach, is undergoing a wave of redevelopment as developers capitalize on new zoning incentives and increasing demand for housing. The neighborhood, which spans 63rd to 87th streets between the Atlantic Ocean and Biscayne Bay, has seen an influx of investment following a 2017 voter-approved increase in floor area…
Carrfour Supportive Housing Debuts Miami Affordable Community
Carrfour Supportive Housing has opened Southwest Hammocks, a 100-unit fully affordable community in Miami, designed to serve adults with severe mental health issues. The National Alliance on Mental Illness, together with Broward Behavioral Health Coalition, Foot Print to Success Clubhouse and South Florida Wellness Network, were also involved in developing the project.
Developer Proposes Redevelopment of Affordable Housing Community at 750 NW 18th Terrace in Miami
As it stands, the Mildred & Claude Pepper Tower is a 166-unit affordable housing development for seniors in Miami. Built in 1970, the 12-story complex currently offers efficiencies and one-bedroom homes. Yet, Related Urban Development Group (RUDG) has filed documents to redevelop the complex into a 14-story tower with 398 apartments. The one-bedroom and two-bedroom…
First Phase Of $1.5B Southplace City Center Breaks Ground
Construction is now underway on the first phase of Southplace City Center. Southplace City Center is planned as a $1.5B redevelopment of the Southland Mall property, to be built over seven years. A 350-unit apartment building called The Current at City Center is the first phase. It will have luxury amenities and a parking garage. Presidente Supermarkets will occupy the entirety…
Related proposes 390-unit Live Local Act project for South Miami public housing redevelopment
The Pérez family’s Related Group proposes a 390-unit Live Local Act project for the second phase of its redevelopment of a South Miami public housing complex. The application comes as the Coconut Grove-based firm has seized on the state law that incentivizes development of apartments at affordable and workforce rents, with a flurry of new proposals.
Russell Galbut’s GFO Investments plans a 410-unit Live Local Act apartment project in Miami-Dade County, as developers seize on the state affordable housing law. Miami-based GFO, the Galbut family’s office, proposes a 19-story building and a 16-story building with a seven-story, 950-space garage podium, and a seven-story medical office building on a 4.1-acre site at 7350 Coral Way…
Condo Building With 360-Degree Rooftop Reaches Completion In North Beach
North Beach’s 72 Park condo tower has obtained its TCO and reached completion, with residents moving in. 90 Percent of the building has been sold, according to the developer. Remaining units are priced from the $800,000s. 72 Park includes 206 luxury condo units, allowing short term rental flexibility. The building has a 360-degree rooftop with a sundeck and dining spaces.
Canero plans 54 townhouses in Homestead, amid surge of south Miami-Dade projects
The Canero Group is planning a 54-unit townhouse project in Homestead, aiming to appeal to Miami locals priced out by the area’s luxury boom. The Coral Gables-based firm scored Miami-Dade County’s approval for a total of 66 townhouses for the 2.7-acre site at 27800 Old Dixie Highway, but decided against using the total allotment, President Jose A. Canero confirmed.
Burger King Across From Brickell City Centre Renovated
A Burger King located in a strip mall across from Brickell City Centre has been renovated. Redevelopment has previously been proposed for the property, which is in a prime location. In 2017, Miami’s Planning & Zoning Department granted approval for a 78-story tower on the site called 18, designed by architect Nichols. The plan included 392 residential units with four levels of retail…
DOGE federal property purge may create redevelopment plays in South Florida
Elon Musk’s purge of nationwide federal properties owned and leased by the U.S. government is causing ripples in South Florida’s commercial real estate market. Already, a handful of federal office buildings in Miami and West Palm Beach could be hitting the market, and a couple of Miami-Dade and Broward leases have been canceled, as Musk’s Department of Government…
The Miami Design District, an upscale shopping, dining and arts area developed by Craig Robins’ Dacra and its partners, scored a slew of tenants. Fendi, which previously had a space in the district, reopened an expanded store spanning 6,700 square feet at 150 Northeast 40th Street; and Beth Buccini’s Kirna Zabête opened a 3,000-square-foot store at 106 Northeast 40th Street…
$4.9M Sale of Wawa-Occupied Gas Station and Convenience Store in Davie Brokered
SRS Real Estate Partners has brokered the $4.9 million ground lease (land ownership) sale of a gas station and convenience store located at 2500 Davie Road in Davie. Pennsylvania-based chain Wawa fully occupies the 5,636-square-foot property on a corporate-guaranteed lease. The property was built in 2019 and is situated on 1.4 acres nearly 28 miles north of Miami.
Fort Lauderdale-based Austin Fox Architecture is working alongside Riking Enterprises V LLC on a residential complex submitted through the Live Local Act. The multi-building Pembroke Oaks (among the tallest multi-family developments in the city, if approved) would comprise 582,950 square feet of new construction, featuring 325 residences among three buildings.
FCP, a Chevy Chase, Md.,-based real estate investment company, is expanding its presence in Florida with the acquisition of ARIUM Sunrise, a 400-unit community in Sunrise, Fla. The company made the purchase with partners BMC Investments and The RMR Group. The property sold for $90 million, or $225,000 per unit, according to Yardi Matrix data. The RMR Group…
Construction to Start on ‘Regency Park’ by Q4 at 809 N.E. 16th Avenue in Fort Lauderdale
Chicago-based Regency Development Group intends to start construction on a luxury townhome development by the end of this year. Regency Park would comprise 24 townhomes, each measuring three stories above grade. The three- and four-bedroom residences would span 2,930 to 3,077 square feet; in-unit features would include private elevators, ground-floor…
Construction Progresses at Marina Landings at 2300 SW 15th Avenue in Fort Lauderdale
Construction is advancing at Marina Landings, a 34-home single-family community in East Fort Lauderdale by 13th Floor Homes. The boutique gated development is now more than halfway complete, with the first residents expected to move in this spring. More than half of the community’s homes have now been sold and are completed as residents prepare for move-ins…
BH3 adds 200-plus units to its planned two-tower DNA project in Fort Lauderdale’s Flagler Village
BH3 Management proposes 844 units at its two-tower project in Fort Lauderdale’s Flagler Village, up 38 percent from its previous plan. Fort Lauderdale-based BH3 raised the number of units from 612 and made both towers 45 stories, rather than one 45-story tower and one 40-story tower, according to the city’s Development Review Committee meeting agenda. As a whole…
‘Casamar’ Primed for Summer 2025 Completion at 900 North Ocean Boulevard in Pompano Beach
Florida YIMBY has an update regarding Casamar, a 21-story beachfront tower that we first covered in 2022. The development broke ground in May 2023, slated to offer 119 luxury residences. Now, contractors are working on interior and sitework, gearing for a summer 2025 completion. The three- and four-bedroom homes at Casamar will span 2,982 to 3,934 square feet…
Vertical Construction Underway for Boynton Tropical in Boynton Beach
Vertical construction has commenced at Boynton Tropical, a 55+ active adult apartment community planned for Boynton Beach. Developed by Kolter Multifamily LLC, an affiliate of The Kolter Group, the project will introduce 210 rental residences alongside a 15,000-square-foot amenities package designed to promote active living and social engagement. Completion is expected…
Only in America! Don King slapped with foreclosure lawsuit alleging $5M default
A lender is going toe-to-toe with Don King, alleging the Donald Trump loving boxing promoter defaulted on a $5.3 million mortgage. An affiliate of Miami-based Blueprint Capital Partners filed a foreclosure complaint in Broward County Circuit Court against King and his entity Fairway Enterprises that owns a 46,467-square-foot warehouse at 501 Fairway Drive in Deerfield Beach…
Savanna lands $380M construction loan for Olara in West Palm
Savanna landed $380 million in construction financing for its waterfront Olara project in West Palm Beach. It marks a crucial milestone for the firm’s first South Florida development, more than two years after launching sales. Zeckendorf Development, Sculptor Real Estate, One Investment Management (OneIM) and Octo Capital provided the financing, according to a press release.
More mileage: Krause Auto buys two Palm Beach County dealerships for $31M
Krause Automotive Group is branching out to South Florida after acquiring a pair of Nissan dealerships in Palm Beach County for a combined $30.5 million. The Alpharetta, Georgia-based company, led by CEO Vernon Krause, acquired two automobile retail sites at 5353 Lake Worth Road in Greenacres, and 3870 West Blue Heron Boulevard in Riviera Beach for $17.5 million…
The Florida Legislature is considering bills this session that target two of the thorniest issues at condo and homeowners associations: alleged fraud and structural requirements. For decades, some communities have been hotbeds for board members’ alleged mismanagement and fraud. In the biggest fraud case in recent years, authorities in 2022 charged four former board…
GSEs and Their Counterparts – A Multifamily Agency Financing Primer
Federal Agencies in the Housing Finance Space – Who is Who? Federal Agencies and the Government Sponsored Enterprises (GSEs) are often cited in the multifamily housing space. From new rules to new incentives or grant programs, they are ubiquitous in the industry. However, the details of their functions can be a bit opaque for those who are new to the industry…
Q4 2024 Housing Affordability Update
Key Takeaways The national rent-to-income (RTI) ratio has steadily decreased over the last five quarters, reaching 27.6% in Q4 as the median household income continues to outpace rent growth.Increased housing supply and strong wage growth provide first-time home buyers more options despite elevated mortgage rates.The rise in inventory from higher completions…
Beige Book: Modest Economic Growth, Steady Employment in the Southeast
The Southeast economy continued to grow and employment held steady, while consumer spending dipped slightly, according to the new Beige Book. The Atlanta Fed’s latest report on economic conditions includes anecdotal feedback from January through mid-February. On the labor market front, little changed since the last report: headcounts remained mostly flat and…
Q4 2024 CRE Tech Market Performance Index
The national office market reverted back to increased vacancy rates after seeing a brief dip in the third quarter, as vacancies increased by 0.2% to 20.3% during the fourth quarter. Even with a rise in vacancy, rents also experienced growth of 0.2%. The following will not only discuss this data but also how layoffs in the tech sector stayed persistent. We have compiled a brief update…
Flood of policy changes in Washington befuddles bankers
With a flurry of executive orders being rolled out by the presidential administration, the international banking and finance industry waits to see if any established policies will be impacted. There’s quite a confusion as some of the changes as executive orders with potential rule changes continue to take hold, said David Schwartz, president and CEO of the Financial & International…