David Beckham to pay $9 million for final piece of MLS stadium development site in Overtown
Miami’s Major League Soccer stadium may finally become a reality. David Beckham is ready to close on the 3 acres of Miami-Dade County-owned land needed to build the stadium, and he now has an investor to pay for it, the Miami Herald reported. While the county has been ready to negotiate a deal for the Overtown land, Beckham held off, until Los Angeles Dodgers owner Todd Boehly came on board to help back the stadium. The Miami-Dade County Commission could vote on the deal…
Miami-Dade county is closer to building new courthouse
Miami-Dade is getting closer to building an estimated $361 million civil courthouse, whether through a private partnership or some kind of lease payment from the private sector for properties the county owns. Commissioners at Chair Esteban Bovo Jr.’s policy council May 4 voted support for legislation directing the administration to solicit ideas from developers, financiers, real estate investment companies, contractors and builders to design, build, finance, operate or maintain…
A prominent East Coast developer is bowing out of the Miami development scene until land prices justify affordable housing projects near transit stations. Cameron Sperance Don Peebles at Bisnow’s Trump Era Forecast event in Boston Don Peebles said some people seeking to live at transit nodes cannot afford the luxury prices of new apartment developments, which behooves developers to add affordable and workforce housing units in transit-oriented developments. But land costs prevent…
Wynwood expansion effort stumbles, will continue
A push to extend the boundaries of the Wynwood Business Improvement District (BID) suffered its second setback in the past few weeks but will continue, directors say. Earlier this year, BID directors sent out all ballots to property owners in the area soliciting them to join; 350 positive replies were needed to expand the boundaries. The district received 390 positive votes, but a glitch forced the vote to be thrown out. There were plans, pending the city’s commission’s approval, to send…
$160 million state budget cuts for South Florida hospitals
Local hospitals – especially safety-net institutions that serve uninsured people – emerged as the losers as this year’s session of the Florida Legislature that ended Monday. That body included $160 million in budget cuts for South Florida hospitals in the budget it passed and sent to Gov. Rick Scott. For the fiscal year beginning July 1, the Legislature cut the proportion of federal Medicaid funds and state tax revenues it will send to hospitals. In Miami-Dade County, Jackson Health System…
Miami Beach setting the pace on gambling for all of us
For all the right reasons, Miami Beach this week is to vote to keep casinos out of its city limits. The legislation should be passed, and then should become a model for every other government in Miami-Dade County to do the same thing. The most important reason for every city to act now to bar gambling is that neither the state legislature nor county hall can be counted on to hold the gates against the constant battering ram of mega-casinos. Each legislative session casino interests get…
Miami Beach preservation board expresses concerns over stalled Faena Versailles tower
In order to protect the gutted 16-story Versailles Hotel in Miami Beach from the elements, and to avoid the wrath of code enforcement, developer Alan Faena plans to wrap the entire 77-year-old building with a plain red wrap absent of logos while the development company re-evaluates its proposed renovation project. The building during Art Basel: A wrap with the logo “Culture Reimagined Faena District” was partially blown down about a month ago, said Matthew Barnes, a consultant…
Miami activist Elvis Cruz and the Morningside Civic Association are hoping to put the kibosh on Avra Jain and the Mattoni Group’s plans to demolish a building tied to the redevelopment of the Bayside Motor Inn (aerial view) site. Cruz and the association are asking the Miami City Commission to overturn a February vote by the Miami Historic and Environmental Protection Board that authorized tearing down a 6,430-square-foot structure at 5125 Biscayne Boulevard. The appeal…
Taubman, retail co-developer of Miami Worldcenter, is at odds with hedge fund
Taubman Centers, which operates Dolphin Mall and is planning the retail component of Miami Worldcenter, is battling with activist investor Jonathan Litt’s hedge fund, after it filed documents to nominate Litt and a corporate governance guru to Taubman’s board. Taubman, a Bloomfield Hills, Michigan-based real estate investment trust, said in a filing with the Securities and Exchange Commission that it has reviewed the nominees from the hedge fund, Land & Buildings Investment…
What To Do About Multifamily Insurance Sticker Shock
Owners and buyers of multifamily housing are experiencing sticker shock when they refinance, sell or purchase properties. Insurance premiums have jumped as much as 25% because of the broadened insurance requirements set forth by lenders. GlobeSt.com caught up with Ryan Cassidy and Evan Seacat, both senior directors at Franklin Street Insurance Services, for a deeper understanding of why lenders have changed their standards and what owners and buyers can expect in part one…
Miami parking agency wants to control Biscayne Green boulevard
Art Noriega, the man who runs the City of Miami’s parking agency, says he wants control of a project called Biscayne Green, designed to make one of the busiest streets in Miami smaller, less imposing and more pedestrian friendly. The plan has been around for at least a half dozen years, and along with eliminating lanes of traffic on Biscayne Boulevard, it would reduce public parking spaces from 388 to 187 and cost the Miami Parking Authority $1.2 million a year in revenue. Although…
More than 100 MIAMI members will attend the fifth annual Miami Association of Realtors® Miami Realtors Commercial Alliance (RCA) Midyear Update event on Friday, May 12, at the Coral Gables Country Club. Ten industry leaders, including an American Dream Miami consultant, will discuss the state of South Florida commercial real estate. “Miami’s commercial real estate continues to evolve in new and exciting ways,” said José María Serrano, the 2017 Miami…
Sam Zell on WeWork: “Wouldn’t let those guys near my business with a 10-foot pole”
Sam Zell isn’t sold on WeWork’s business model — especially when it comes to the unicorn company consulting on office management for corporations outside of its own shared spaces. “I wouldn’t let those guys near my business with a 10-foot pole,” he quipped during an appearance on CNBC earlier this week. “The last thing I want to do is introduce somebody else’s culture and have them influence the way my company is run.” WeWork’s move…
Brickell Key getting water taxi site, park
A site on Brickell Key is being dedicated as a public park and water taxi pick up and drop off location. Miami city commissioners meeting today (5/11) are to consider accepting a right-of-way deed of dedication for upland property on the key, a man-made triangular island at the foot of Southeast Eighth Street. It is part of a development agreement the city has with property owner-developer Swire Properties. The legislation is a resolution authorizing and directing City Manager…
International Inn in North Beach might be designated historic, amid uncertain future
The Miami Beach Historic Preservation Board unanimously directed city staff to look into the feasibility of designating the International Inn on the Bay in North Beach as an historic landmark, amid uncertainty about its future. The action, which came during a meeting Tuesday, could lead to a moratorium on any demolition activity for the next 60 days if a preliminary report from the city’s Planning Department sees evidence that the International Inn is worthy of preservation…
Related Group buys into East End Capital’s Wynwood project
The Related Group will jump in as a 50-50 partner on East End Capital’s Wynwood 25 mixed-use project at 339 NW 24th Street (birdseye), the two firms announced on Wednesday. Related and East End will break ground on the 289-unit rental development this summer and deliver the building in 2019, East End founder Jonathon Yormak said. Yormak declined to provide the total project cost, but said the project is close to securing construction financing that would cover…
Video: Ernst & Young’s Mark Grinnis Discusses the Trump Effect on Real Estate
Global Real Estate Investment Funds Leader with Ernst & Young Mark Grinis joins The Commercial Real Estate Show to discuss E&Y’s Global Market Outlook, in particular the potential effect of a Donald Trump Presidency. Highlights include: Thinks there will be a lot of resistance to significant tax cuts; Believes there will be some tax cuts, both personal and corporate; Have had a long period of slow growth; In general, seems optimistic but cautious.
The Common Sense of Common Space
Today’s office is all about space – and how to best utilize space that’s often shrinking and more expensive. There’s open space and space dedicated to focused individual work, small group space and larger meeting space, shared space and co-location space. With an emphasis on flexibility, productivity, and cost-effectiveness, it only makes sense for the office common space – also known as the break room …
Forecast: Commercial Real Estate To Grow Modestly By 2019
A recent forecast out of the Urban Land Institute (ULI) presents a modest growth scenario for the economy, as well as the real estate industry in the commercial sector. The ULI Real Estate Consensus Forecast, a semi-annual projection based on survey responses, anticipates commercial real estate will see $450 billion in transaction volume in 2017.