Miami commissioner goes after large-scale developments
A second Miami city commissioner is going after a provision in the zoning code that allows for large-scale developments with relaxed conditions called Special Area Plans, or SAPs. Commission Chairman Keon Hardemon proposes a moratorium on SAPs near Biscayne Bay to give planning staff more time to review current regulations and adopt revisions. His proposal is on today’s (3/23) commission agenda for a first reading. The ordinance would establish a 240-day moratorium on the acceptance of new applications…
Triple Five, Developer of American Dream Miami mega mall, halts its New Jersey mall project
The developer of the American Dream mall in north Miami-Dade County is still struggling to finish a mall with the same name in New Jersey. Triple Five, the developer, suspended construction of the American Dream mall in the Meadowlands area of northeastern New Jersey on December 23 for what it called a “planned holiday slowdown.” Triple Five told NorthJersey.com that work on the mall would resume this year. But construction has not resumed. The stalled construction work may derail plans to open the mall by 2018.
Vote soon on Genting plan for 300-room Miami hotel
Miami-Dade commissioners should soon vote on a joint development at the county’s Omni Bus terminal and access to the Adrienne Arsht Center Metromover station in which Malaysian casino giant Genting plans a 300-room hotel over the bus terminal. Miami-Dade’s Transportation and Public Works Committee on Thursday unanimously approved the concept from Genting subsidiary Resorts World Miami LLC and forwarded it to the full commission. It was a late addition to the agenda. Mayor Carlos Gimenez wrote…
Flanigan’s Enterprises is making sure that its customers always have parking. The publicly traded Fort Lauderdale-based restaurant group paid $2.5 million for a 20,000-square-foot lot adjacent to its North Miami location on Biscayne Boulevard, broker Jonathan Molano told The Real Deal. Jimmy Flanigan, president and CEO of the company, said Flanigan’s Seafood Bar and Grill has been at that spot, at 13205 Biscayne Boulevard, for about 40 years. “We endeavor to own all of our properties and the corridor…”
Miami’s spectacular condo-flipping market is in turmoil
In February, existing home sales of all types fell 10% year-over-year, to 1,835 homes. These sales “do not include Miami’s multi-billion dollar new construction condo market,” the Miami Association of Realtors clarified in its report on March 23. And this new construction market that is not included has become distressed. Sales of single-family homes fell 10% in February, to 881 houses. The report blamed the shortage of properties “in popular price points.” Prices have been rising sharply, and at the price points where people…
Frustration builds on Flagler Street renovation
Frustrated with on-again, off-again progress on Flagler Street’s renovation from the Dade County Courthouse to Biscayne Boulevard, Miami’s Downtown Development Authority might consider hiring its own project manager. The idea was one of many discussed at the authority’s Friday meeting. Though Miami’s Capital Improvement Program (CIP) is running the project, the downtown authority, stakeholders on the street, and Miami-Dade County – not the city – are footing most of the cost. Yet authority members say they…
Miami Commissioner Wants to Replace Godforsaken Brickell Bridge With a Tunnel
Maurice Ferre served as the mayor of Miami from 1973 to 1985. During that time, his administration noticed that the Brickell Bridge, which spans the Miami River downtown, had been mucking up traffic on Biscayne Boulevard. The structure is a drawbridge, and every time a boat passed into the bay, traffic on both sides of U.S. 1 ground to a halt. So Ferre’s administration proposed digging a tunnel under the river. But Ferre’s fellow city officials shot down the idea down. And in the decades since, traffic around the bridge has gone…
Topshop Topman, Zara and more heading to Aventura Mall’s new wing
Topshop Topman and Zara will open flagship stores in Aventura Mall’s new three-level wing in November, as the shopping center aims to boost its experiential offerings with more food, art and a VIP lounge, The Real Deal has learned. Topshop Topman’s two-level store at the mall owned by Turnberry Associates and Simon Property Group will mark the British brand’s first standalone store in Florida. The retailer’s offerings will include Topshop for women and Topman for men. Zara, which previously operated a store at Aventura Mall…
Company says bill could block extension of train service to Orlando
Executives of All Aboard Florida, the company developing a passenger train service in South Florida, say a bill in the Florida Legislature could derail plans to extend the service to Orlando. Michael Reininger, chief executive officer of All Aboard Florida, criticized a legislative proposal called the Florida High Speed Passenger Rail Safety bill, sponsored by Senator Debbie Mayfield (R-Melbourne). Reininger said in a conference call with the Miami Herald and El Nuevo Herald that the bill is a “thinly veiled” attempt to block…
Too much time in permitting is too little money for Miami
We used to learn by the grapevine that getting a building permit was slower in one city than another. For example, we always heard that Coral Gables could take seemingly forever to get a small project permitted. But thanks to the Internet, we can now read officially what virtually every community tells us about how long a building permit for a single-family home or a small renovation is going to take and plan accordingly. One of the longest waits nationally is San Diego, where such a permit…
Ten Business Practices To Manage Risk And Avoid Litigation
We see litigation in our daily lives, whether it is depicted in movies and television shows or blasted all over the news, but most business owners don’t stop to think about what it really means for them when they get into a legal situation. Typically, litigation is settled by agreement between the two parties but it may also be resolved by a jury or judge in court. Litigation is often necessary in some cases where attorneys fight hard to get the best results for their clients. However, litigation…
Five Companies Open New Locations In Doral
In addition, another Doral tenant increased its square footage by 9,800 square feet.
Coconut Grove Sees A New 30-Year First In Commercial Development
The Grove is coming alive with new condos, restaurants and shops, and the development of new Class A office space is the final ingredient that will complete the neighborhood’s comeback.
Everything You Need To Know About Florida Deficiency Judgments – Part II
A foreclosure judgment, followed by sale of the mortgaged property, doesn’t necessarily end a foreclosure case. If the sale proceeds don’t fully pay the debt, the next step is a money judgment against the borrower for the difference (a “deficiency judgment”). “The amount for which a mortgaged property sells at foreclosure sale, whether to the mortgagee or to a stranger, is (less such costs and expenditures as provided in the final judgment of foreclosure) applied to the debt as fixed…
New York to Miami was 2016’s most popular long-distance move
Estimated to cost $5K The move from New York City to Miami was the most popular long-distance move of 2016, according to a study by SpareFoot in collaboration with Moving.com which looked at the most searched moves of 2016. The estimated cost for that move from the Big Apple to the Magic City based on a two-to-three-bedroom home without packing was $5,000. Among the 20 most popular long-distance routes was also Miami to Los Angeles (No. 17), Miami to Atlanta (No. 11), Miami to New York (No. 9)…
Poll: Should the Miami Open move to Hard Rock Stadium?
Miami Dolphins owner Stephen Ross makes a proposal With the Miami Open’s longtime future on Key Biscayne in question, Miami Dolphins owner Stephen Ross has proposed an alternative location: on the grounds of Hard Rock Stadium in Miami Gardens. Ross has proposed building a new tennis complex next to his stadium, according to the Miami Herald, while installing a Stadium Court inside the 65,326-seat stadium for bigger matches. The privately-funded alternative to Key Biscayne, where the tournament…
Miami Ultra Music Festival’s 2017 design and lighting in 15 photos
With a multi-million dollar budget You don’t have to be a hardcore fan of electronic dance music to appreciate Miami’s Ultra Music Festival, which wrapped up its 19th edition last night at downtown Miami’s Bayfront Park. If that heart-rattling music isn’t for you—it’s certainly not for me—one can still become enchanted by the secondary entertainment. This would include the attire, which ranges from Borat thongs to black tape bikinis, as well as the elaborate stage design…
Miami Development: Resorts World’s 36-story downtown tower to include hotel, residential
Part of a proposal to redevelop the Omni transit terminal Included in Resorts World’s plans to redevelop the Omni transit terminal in downtown Miami is a mixed-use building with retail, restaurants, and entertainment, according to The Next Miami, in addition to a 36-story tower above the station that would encompass hotel rooms and residences.
Arquitectonica is the architect of the estimated $200 million project, which would include 300 rooms in the 162,000-square-foot limited service hotel…
Medical marijuana may push South Florida’s industrial sector to new highs
From the March issue: In early February, two monthly gatherings of real estate professionals hosted by the Realtors Commercial Alliance Miami saw attendance spike three-fold. “We usually get 25 to 30 people showing up to these events,” said Michael Silver, first vice president for CBRE Miami. “But we had about 90 people at the February events because both had to do with medical marijuana.” Silver told The Real Deal that a majority of attendees were interested in how they could cash in…
Judge orders Craig Robins’ Dacra to pay Ugo Colombo’s $1.5M legal tab tied to jet dispute
In the latest step in a seven-year legal battle, a judge ruled that Craig Robins’ Dacra Development must pay $1.5 million for Ugo Colombo’s attorneys’ fees tied to their dispute over a private jet. The judgment brings the total Dacra owes Colombo and his CMC Group to $3 million. Miami-Dade Circuit Court Judge Michael Hanzman’s ruling from Thursday was an agreed amount, and is on top of another $1.5…
Video: Deloitte’s Bob O’Brien Discusses the State of Different Commercial Property Types
Bob O’Brien, Global Real Estate Sector Leader at Deloitte, join The Commercial Real Estate Show to chat about the state of different commercial property sectors. Some highlights include: Rise in one day or same day shipping has caused a rise in industrial space; Global trade disruption is the risk to industrial; In hospitality, excess supply is a risk as added inventory is outpacing demand; Trump initiatives could be positive for commercial real estate; Commercial lending has been suppressed by…
3 Major Changes on the Horizon for Commercial Real Estate
Globalization, new technologies, and mobile applications are accelerating industry innovations. In the last two decades, the residential real estate industry has undergone a radical transformation. Innovations like mobile technology and big data have changed and refined the sales, marketing, financial, and communications methods used to buy and sell homes. Despite these transformations, the commercial real estate sector has remained comparatively unchanged – with many brokers and companies…
US Real Estate Debt Funds Are Flourishing, But Are They Becoming Complacent?
U.S. private fund managers are doubling down on debt, but some observers are worried they might be underestimating the risks. Last year, the total sum raised by real estate debt funds rose to $20.4 billion, from $12.2 billion in 2015, according to research firm Preqin. The appeal of issuing debt is that it protects investors…
Non-compete agreements act as contracts
When two multi-million dollar companies engage in similar business dealings, it can be important for those companies to protect their individual interests. That is why many Florida companies have non-compete agreements in place to protect confidential information and make sure that their business continues to thrive and grow in the community. Many times, employers require employees to sign non-competition agreements to ensure that they do not reveal confidential information to a competitor upon…
Miami Among Top Cities For Millennials
According to a new report from Realtor.com, high job growth in Miami is making it a magnet for millennials, translating into a strong population of home buyers.
Another 70,000 People Are Working In The Miami Area This Year, Setting A Record
The recently released U.S. Bureau of Labor Statistics data showed the county has once again broken employment records in January, after a record-setting December.