Miami Development News: 262-unit apartment tower breaks ground in Brickell
Maizon Brickell is going vertical Maizon at Brickell broke ground recently at 1100 Southewest 2nd Avenue in the western edge of Brickell. Developed by Zom and Invesco Real Estate, the mixed-use project entails 262 apartment units, over 350 parking spaces, and 15,300 square feet of retail. The development is expected to be completed in early 2019 with pre-leasing beginning late 2018. ZRS Management will handle leasing and property management. Zom has been heavily involved…
Miami’s Porsche Design Tower Developers Tied to Brazilian Money-Laundering Probe
This past March 23, singer Alicia Keys headlined the grand-opening party for the Porsche Design Tower, an ultraluxury condominium complex in Sunny Isles Beach built by father-and-son Miami developers (and former Trump business partners) Michael and Gil Dezer. The event was a spectacular display of wealth at the Porsche Tower, a massive steel-gray building filled with spartan German decor, billionaire investors, and elevators that lift whole cars right into residents’ condo units.
The Economist: South Florida tries to hold back the sea
Turrets and terracotta tiles, palm trees and pillars adorn properties on La Gorce Island. Trucks roll by on their way to plots where homes are being torn down or built up. “There are a lot more people making improvements here than fleeing,” says Josh Gelfman, a developer. “None of my clients are that worried,” says David Pobiak, an estate agent who sells mansions to Americans, Brazilians and others. “Most people I deal with just want to be able to park their boat behind the property.
Florida Leaders Debate Economic Impact Of Withdrawing From The Paris Climate Accord
Should we stay or should we go? That’s the question on the minds of Florida leaders reacting to President Trump’s decision last week to withdraw the United States from the Paris climate accord. The accord is intended to limit carbon emissions that drive up global temperatures, worsening storms and intensifying sea level rise.
The president claims it costs U.S. energy and manufacturing jobs. But the accord doesn’t impose regulations or specify how countries should cut carbon emissions.
Is all the talk of the death of the mall overdone?
Talk of the demise of the shopping mall may be overdone, according to Fitch Ratings, which on Monday took a neutral stance on retail REITS, or real estate investment trusts, the entities that own and manage malls and rent space to tenants. Mall REITs are popular with investors for their attractive dividend yields. But the sector has come under pressure this year amid a wave of closure announcements from department store chains, sporting retailers and teen clothing retailers…
Construction of 41-unit Bay Harbor condo begins
The developer of Bijou Bay Harbor held a groundbreaking ceremony to launch construction of the 41-unit condominium at 9521 East Bay Harbor Drive (see 45° aerial view)in Bay Harbor Islands. The development company behind the condo project, called Ability by Acierto, has sold 70 percent of the units. The development site at 9521 East Bay Harbor Drive in Bay Harbor Islands is located across the Intracoastal Waterway from the Bal Harbour Shops shopping center.
Miami is getting a second Topgolf location-in Doral
Joining Miami Gardens Miami will be getting its second Topgolf location after the popular entertainment company purchased a 12.6-acre site west of Doral for $11.7 million from a subsidiary of Prologis, according to the South Florida Business Journal. Joining the Miami Gardens facility that broke ground earlier this year (targeting a late 2017 completion date), this new location is west of the Florida Turnpike near Dolphin Mall. While playing 18 holes of golf may be in rapid decline…
Here’s what Miami’s 100 Biscayne will look like after a $10M renovation
Formerly New World Tower Miami’s New World Tower will not only be getting a facelift after East End Capital invests $10 million into renovations for the 30-story office building in the heart of Downtown, but it’ll also be getting a new name: 100 Biscayne. The 357-foot tower, which was originally known as 100 Biscayne Tower upon rising in the 1960s, was actually Miami’s tallest building at the time of completion. Today that honor goes to Panorama Tower in Brickell. Among the…
Sunrise’s Metropica unveils new wave of retailers, including Harry’s Pizzeria
Also Gastrobar, City Works Eater & Pour House, Sugarboo & Co., and Sparkles Metropica, a $1.5 billion mega-development rising on a whopping 65 acres in Sunrise, has announced a new wave of tenants that includes Harry’s Pizzeria, a Michael Schwartz operation that has locations in the Design District, Coconut Grove, and Dadeland. Other newly announced tenants are Bulla Gastrobar, City Works Eater & Pour House, Sugarboo & Co., and Sparkles — they join Shake Shack, Kona Grill…
Topgolf scores development site near Dolphin Mall for $12M
Industrial giant Prologis just sold a site west of Dolphin Mall to Topgolf USA for $11.7 million, property records show. It will mark the second South Florida location for Topgolf, a Dallas, Texas-based sports entertainment company. Its Miami Gardens facility is under construction. AMB Codina Beacon Lakes LLC sold a portion of land within the Prologis Beacon Lakes industrial park in northwest Miami-Dade County to Topgolf USA Doral LLC. The Prologis subsidiary…
Trump Organization launches budget hotel chain “American Idea”
From TRD New York: The Trump Organization plans to launch a budget hotel chain that will first target areas of the country that favored President Trump during the presidential election. American Idea, a three-star hotel chain, will debut in Mississippi and will partner with Chawla Hotels, another chain based in the state, the New York Times reported. Trump met the company’s co-owner, Suresh Chawla, during a campaign stop in Jacksonville…
Mapletree Investments Acquires 3,751-Unit Housing Portfolio, some in Miami near FIU, for $1.6 Billion
Singapore-based Mapletree Investments Pte Ltd. announced the acquisition of a second portfolio of student housing assets from Kayne Anderson Real Estate Advisors. Mapletree listed the purchase price for the portfolio at about $1.6 billion. The transaction includes eight student housing assets containing 3,611 beds, including properties located in Fort Collins, CO, near Colorado State University; in Miami near Florida International University…
Easton Group Snaps Up New Distribution Facility from Ridge Development
An affiliate of The Easton Group, a commercial real estate firm based in Doral, recently closed on the acquisition of a new, 182,057-square-foot warehouse and distribution facility in the Medley Industrial submarket. The affiliate, EWE Airport North Logistics Center LLC, paid $21.846 million in cash, or approximately $119 per square foot, for the new facility called the Airport North Logisitics Center, which the seller, Ridge Development, recently…
Video: 2017 Midyear Miami Industrial Property Market Update ~ SIOR Panel
Moderated by Geoffrey Kassleman, Diana Pubchara, the Chief Marketing Officer for Blanca Commercial Real Estate, Jose Juncadella, Senior Advisor at Fairchild Partners, and John Dohm, Florida Transatlantic Real Estate Consultant, discuss the future of office and industrial real estate in this half hour long video.
Miami Attorney Ronnie Fieldstone Discusses the EB-5 Immigrant Investor Program
Ronnie Fieldstone, Partner with the Miami law firm Arnstein & Lehr, joins The Commercial Real Estate Show to discuss the EB-5 program and its effect on the real estate industry. The EB-5 Visa program allows investors in approved commercial real estate developments to apply for permanent residency in the U.S. Highlights include: EB-5 has been around since 1992, but became popular during the recession of 2008 and 2009 as a method for attracting investors lured by the USA…
The 2017 Fla. Legislature Returns To CondoLand
Once again, after a one-year hiatus, the Florida Legislature has produced several condominium bills. Typically, the Legislature passes a single condominium bill into which other approved bills have been merged. This year, perhaps to make up for the failure to enact any condominium legislation, four bills were passed: CS/CS/CS/HB653 (HB653), CS/CS/HB1237 (HB1237), (CS/CS/CS SB398 (SB398), and CSSB1520 (SB1520) were passed by both houses of the Florida Legislature…
Mixed-Use 33 Alhambra Project In Coral Gables Approved
Despite some resistance from residents, the 33 Alhambra project in Coral Gables was officially approved at Tuesday’s commission meeting. The city commission voted 3-2 to give the project final approval. Mayor Raúl Valdés-Fauli, Vice Mayor Patricia Keon and Commissioner Frank Quesada voted yes, and Commissioners Vince Lago and Michael Mena voted against the project. The development, proposed by TWJ Alhambra, is made up of several plots on a stretch of land that intersects…