Related withdraws proposed theater renovation and redevelopment
A unit of Miami-based Related Group withdrew an unsolicited proposal to renovate the historic Olympia Theater in downtown Miami at 174 East Flagler Street and convert 80 apartments above the theater to affordable housing units. Related Urban Development Group proposed the theater renovation and the residential project in a May 9 offer sheet, the Miami Herald reported. The proposal included turning the 80 apartments above…
Aetna Realty buys former Barneys building in Miami Beach
Companies tied to New York-based Aetna Realty just purchased the former site of a Barneys New York Co-Op in Miami Beach for $5.75 million, property records show. The 9,377-square-foot retail space at 832 Collins Avenue sold for about $610 per square foot. Aetna’s U.S. Realty Financial Corp. now owns 49.09 percent, U.S. Realty & Investment Co. owns 48.52 percent, and Olympic Gardens HB owns…
Terreno Realty Corp. Acquires Doral Industrial Distribution Building For $6.8 Million
Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Doral, Florida on October 23, 2017 for a purchase price of approximately $6.8 million. The property consists of one industrial distribution building containing approximately 38,000 square feet on 3.3 acres at 1480 NW 94th Avenue in Miami’s…
Miami’s tallest planned tower 300 Biscayne unveils new renderings, design
300 Biscayne looks a bit different. 300 Biscayne, one of several planned towers that would be Miami’s tallest at 1,041 feet above ground, has launched its website and unveiled a batch of exterior renderings, notes The Next Miami. Within these renderings you’ll notice a new look. The luxury residential project’s initial approved design depicted two towers with what appeared to be several walkways…
Climate change and sea level rise could have a negative impact on commercial lending: CIASF panel
Commercial real estate developers building projects in cities facing threats from climate change and sea level rise may find it harder to find traditional bank financing in the near future. “One of my concerns is rising seas,” said Veronica Birch Flores, executive vice president with First National Bank of South Miami, during a panel discussion earlier this week. “How municipalities deal with rising seas and the…
City tweaks rules affecting Wynwood Arts District
Miami planning and zoning officials continue to tweak language of proposed legislation to govern temporary uses on vacant land, which impacts so-called pop-up businesses – in particular the venture in the Wynwood Arts District called The Wynwood Yard. City commissioners approved the ordinance amendment after a first reading in September. The final vote has been deferred to December.
New residential developments meet demands in Midtown
Developers in Midtown are meeting the increase in demand for residences by building new developments such as Hyde Midtown and Midtown 8, industry experts say. With such developments underway, experts point to a higher demand for rentals in the Midtown area. “The amount of supply in Midtown is a lot less compared to other markets,” said Carlos Rosso, the president of Related Group’s…
Aston Martin Gets Into Real Estate; Miami Tower Breaks Ground
Ever since James Bond drove a DB5 in the 1964 film “Goldfinger,” Aston Martin cars have been associated with the handsome spy. Now, the luxury automaker is getting into the housing business. Aston Martin The Aston Martin Residences are expected to be completed in 2021. The carmaker’s first condo project, Aston Martin Residences, broke ground in Downtown Miami Oct. 18. In press materials,
Samsung, WeWork Partner To Take On Apple’s Genius Bar in Miami, Other Cities
Samsung and WeWork are teaming up to offer a new work-while-you-wait concept. The companies will be opening “care centers” in several WeWork offices across the U.S., including Detroit, Miami and Williamsburg, Brooklyn, that will combine tech service tune-ups with WeWork’s co-working concept, Fast Company reports. While the centers are similar to Apple’s Genius Bar, they will be taking a slightly…
Aventura Mall Food Hall to Include Todd English Concept, Shake Shack, and Other Local Favorites
Aventura Mall is joining the food hall scene with its own robust entry. The mall’s Treats Food Hall will include nearly a dozen local and national restaurants when it opens this winter. A date has not yet been pinpointed, but Turnberry Associates, the mall’s owner and management company, would probably want to give holiday shoppers additional incentive to spend money.
Here’s the lineup at Aventura Mall’s new food hall
A slew of new restaurants will open at Aventura Mall’s new food hall later this year, including Shake Shack and Luke’s Lobster. The food hall will be part of the mall’s three-story, 315,000-square-foot expansion wing that’s set to open in November. Joining Shake Shack and Luke’s Lobster are Figs by Todd English, GoGo Fresh, My Ceviche, Zuuk Mediterranean Kitchen, Poke 305, Hank & Harry’s Delicatessen…
Food Halls to Crowd Miami Soon
Jacopo Giustiniani picks up a clay brick from a stack and gestures toward a vaulted ceiling. “These are the same tiles used to reconstruct the Brunelleschi’s dome on the Duomo of Firenze,” he says, referring to the 13th-century main church of Florence, Italy. Then the lean 37-year-old, clad in a white button-down shirt and faded jeans, gestures around the room, straining to be heard over the sounds of…
Coconut Grove’s Neighborhood Conservation District (NCD) Reform: City Planner revises interpretation
Will taller condo towers, more building sites, and other measures to increase residential density help preserve the unique character of Coconut Grove’s single-family neighborhoods? As puzzling as it sounds, that’s the recommendation of the City of Miami’s Planning Department as a proactive solution to the growing concerns over lot splitting, mega-home construction, destruction of the tree canopy…
University Bridge Residences unveils new renderings
The newly announced Miami condo requiring FIU-affiliated residents has released new renderings, showing off the 20-story project’s interiors and amenity spaces. Set to rise at 740 Southwest 109th Avenue, University Bridge Residences is comprised of 492 units priced from around $190,000 to upwards of $600,000. Each unit comes fully furnished and includes stainless steel appliances and washers…
New renderings of Smart Brickell, University Bridge Residences & more
University Developments, Lionheart Capital and Habitat Development unveiled new renderings of their residential and mixed-use projects in Miami, Miami Beach and Brickell. University Bridge Residences: The developers of University Bridge Residences just released a fresh glimpse of the 492-unit condo tower near Florida International University. The project, at 740 Southwest 109th Avenue, is geared toward…
North Bay Village approves 19-story condo
Set to begin construction next fall A 19-story condo planned for North Bay Village developed by P&O Global Technologies was approved by the village commission, per The Real Deal. The waterfront tower will be located at 7918 West Drive and is comprised of 54 units, which is scaled back from the original design calling for 77 units in addition to “elevator parking spaces.” Rising 240 feet, the self-financed…
South Florida construction starts down in September: report
September was a slow month for construction starts, thanks in part to Hurricane Irma. Overall, new contracts in September totaled nearly $726 million, down 12 percent year-over-year from $822 million, according to a new report from Dodge Data & Analytics. Residential and commercial each posted declines on a year-over-year basis. Last month, residential construction starts totaled $287 million, a 13 percent…
Zaha Hadid’s computer drawings of One Thousand Museum
Its exoskeleton is comprised of 5,000 pieces of lightweight concrete reinforced with glass fiber With Zaha Hadid’s One Thousand Museum on the cusp of topping off in downtown Miami — expected in December — we thought it’d be cool to take a deeper look at the design of the highly anticipated development. Hadid’s first and final residential tower in the Western Hemisphere, the 62-story tower is a…
Manafort’s indictment includes ties to Florida property
Former Trump campaign manager Paul Manafort used his Palm Beach Gardens home as the mailing address for a number of companies included in Monday’s indictment and spent more than $1 million on home improvements in Florida. Special Counsel Robert Mueller charged Manafort and his business associate Rick Gates as part of the Trump-Russian collusion investigation. According to the 12-count…
Southeast Overtown/Park West Community Redevelopment Agency’s Executive Rirector resigns
The executive director of a city of Miami agency tasked with encouraging redevelopment in one of Miami’s poorest neighborhoods handed in his resignation, The Real Deal has learned. Clarence Woods’ resignation as executive director of the Southeast Overtown/Park West Community Redevelopment Agency is effective Dec. 1st, according to Cornelius Shiver, assistant director of the Overtown CRA.
Broker running for Miami Beach commission loses campaign staff amid sexual harassment allegations
A Miami Beach commission candidate, who is the broker of a boutique brokerage firm, just lost his campaign staff amid allegations of sexual harassment. Rafael Velasquez, president and broker of Sunset Realty Group, was accused of sexual harassment by two women this week, commissioner and congressional candidate Kristen Rosen Gonzalez and publicist Frances Alban, in the wake of the Harvey…
Moishe Mana, unplugged: Investor dishes on his plans for Wynwood, unloads on POTUS
What’s Moishe Mana’s rationale for gobbling up large swathes of land in Wynwood and picking up trophy properties along Flagler Street? Mostly, his desire to reshape the city into a global cultural and trade hub, the investor told a standing room only crowd on Thursday during The Real Deal’s fourth annual South Florida Real Estate Showcase & Forum at SoHo Studios in Miami.
TRD‘s Miami event tackles sea level rise, new development, Moishe Mana and more
More than 4,500 real estate brokers, investors and developers flocked to The Real Deal’s Fourth Annual Miami Real Estate Showcase & Forum on Thursday to get the latest intel from the industry’s movers and shakers, including Moishe Mana, Alicia Cervera Lamadrid and Art Falcone. Forty-six exhibitors, including new development projects, lenders and brokerages, lined the path to the panel room at Soho…
As Miami’s condo market lags, developers are working hard to sell their remaining inventories and looking long term when it comes to completing major projects like Miami Worldcenter. In 2010, “there was a lot of need and a lot of demand and we all thought it was going to last for a long time,” Edgardo Defortuna, president and CEO of Fortune International Group, said at The Real Deal’s Fourth Annual…
New York investor sells Coral Gables buildings for $9 million
A local investor paid $8.6 million for two rental buildings in northern Coral Gables, with plans to renovate the properties and raise rents. Capri Street Partners, a New York-based company controlled by Alfred Sayegh, sold the buildings at 800–801 Capri Street to Capri Elite Holdings LLC, led by Ivan Ryabushkin, according to property records. The 42-unit deal breaks down to about $205,000 per apartment.
C-III Capital Partners in partnership scoops up office building in Sunrise
A partnership between NAI Merin Hunter Codman and C-III Capital Partners, an institutional investor, just scooped up an office building in Sunrise for $19 million, property records show. The 93,724-square-foot office building, called International Place II, at 1580 Sawgrass Corporate Parkway traded for $203 per square foot. The partnership financed the deal with a $13.85 million loan from Branch Banking…
Miami Investors Buy Fort Lauderdale Office Tower for $81.5M
Banyan Street Capital and Oaktree Capital Management LP paid $81.5 million, or $361 per square foot, for the 200 East Broward office building in Fort Lauderdale, FL from TA Realty. The Realty Associates Fund X LP acquired the asset from Invesco Advisors for $66.4 million ($294 pSF) in July 2014, according to CoStar data. The 21-story, 225,761-square-foot, 4-Star office tower was built in 1992 on…
Auto insurer buys new headquarters building near Doral
Windhaven Insurance is shifting gears into a new office space near Doral at 3155 Northwest 77th Avenue. Property records show Windhaven paid $10.4 million for a 57,500-square-foot office building at 3155 Northwest 77th Avenue. The company will be moving out of its two offices at 7300 Northwest 19th Street and in the Doral Commons office building at 8550 Northwest 33rd Street…
Airbnb, Miami Developer to Offer Home-Sharing Apartments
Airbnb and Newgard Development Group of Miami are partnering to offer home sharing in new apartment buildings to be built the Southeast, with the first project planned for Kissimmee, FL, near Orlando. The 324-unit building will be called Niido Powered by Airbnb, and will allow residents to rent out their units for up to 180 days each year. A new app integrated with Airbnb’s system will allow…
Video: Yardi Matrix BI Director Doug Ressler Presents Office Investment Trends and Forecasts
Doug Ressler, Director of Business Intelligence at Yardi-Matrix, an apartment information service provider, appears on The Commercial Real Estate Show to discuss trends and forecasts in the office property market. Among the topics covered are occupancy and rental rates for the office market, profitability, and some tips going forward for investing in office building properties.
Malaysian developer wins approval for North Bay Village luxury condo tower
The first new condominium project in North Bay Village in several years will move forward after the village commission gave unanimous approval this week to three measures that will allow P&O Global Technologies, a Malaysian-based company, to build a 19-story 240-foot tower with 54 units at 7918 West Drive. The waterfront parcel is adjacent to Vogel Park on Harbor Island. The commission approved…
North Miami firm sells Orlando-area shopping center for $23.8 million
A North Miami-based firm sold a Publix-anchored neighborhood shopping center in the Orlando area to a Canadian buyer for $23.8 million. Canada-based Slate Retail REIT paid about $143 per square foot for Good Homes Plaza at 8805-8995 West Colonial Drive in Ocoee, a western suburb of Orlando. Colonial Drive is a major east-west thoroughfare in the Orlando area. Anchor tenants other than…
Miami Beach developer sues contractor over Hurricane Irma damage
Alan Lieberman’s South Beach Group Hotels is suing a contractor over damage to a construction site in Miami Beach, alleging negligence and breach of contract. Allied Roofing was hired to build new roofs for the building at 6755 Harding Avenue, 8320 Harding Avenue and 2365 Pinetree Drive in Miami Beach. Owner Marcial Garcia told The Real Deal that his workers completed all three, but that he wasn’t…
Inside Seminole Hard Rock’s $1.5B expansion
The Seminole Tribe of Florida and Seminole Gaming unveiled the $1.5 billion expansion of the Seminole Hard Rock Hotel & Casino in Hollywood on Wednesday. The project will be centered around a giant guitar-shaped, 450-foot tower. The casino will double in size and have 3,267 slot machines, 178 table games and a new 18,000-square-foot poker room, according to a press release. Hard Rock’s…
Industrial Investment To Stay Strong In 2018, Based On Survey Of RCM Principals And SIOR Members
Spurred by e-commerce growth, corporate expansion of distribution spaces and overall momentum in the supply chain, investment levels in leasing, construction and capital market sales in the industrial sector are expected to remain strong for at least 12 to 18 more months, according to a new survey. The Real Capital Markets/Society of Industrial and Office…
Miami-based hoteliers invest in 35-room property in The Bahamas
Miami-based boutique hotel owner-operators Jesper and Gustaf Arnoldsson of SMS Lodging are part of a partnership that acquired a historic hotel in the southern Bahamas. SMS Lodging will manage the operations of the Peace & Plenty Hotel on Great Exuma, which was built in 1958 by Lawrence Lewis, grandnephew of Henry Flagler, the railroad tycoon who pioneered the development of Florida more…
Despite the spotlight, Paul Manafort appears to be trying to put together major real estate deals with a motley crew from across the globe. (A potential deal between a foreign firm and a U.S. firm doing sensitive government work, such as Pacific acquiring Munilla, could attract the attention of the Treasury Department.) A common denominator in those deals, both past and present, is Zackson, a veteran…
How to handle a partnership dispute
Partnership disputes can oftentimes result in litigation which can be partnership ending. Partnership disputes most often arise from a real or perceived breach of trust between the partners. The most common breaches of trust usually involve money, self-dealing by one of the partners, failing to account for money or assets, profiting individually from a partnership opportunity or theft. These disputes may also…
The magnificent “Four Seasons” Hotel in Surfside has already an opening date!
It is not a secret to anyone the fact that “Four Seasons” Hotel is one of the main world references of quality, service and sophistication. This Canadian hotel chain started its projects in the 60’s. It incorporates a concept of exclusive and non-comparable attention to guests, aspect that currently prevails as a principle. They have reached successfully millions of guests in 35 countries with its 80 luxury hotels all…
New Bayside Owner Trying To Rid Mall Of Local Business With Over 40 Eviction Lawsuits
Bayside Marketplace has been working to remove local and regional businesses from the mall since a recent ownership change, according to a lawyer representing one of the tenants. In 2015, New York’s Ashkenazy Acquisition Corp. paid a reported $196 million for a 49 percent stake in the center, valuing the property (a leasehold owned by the city) at $400 million. Since then, management has been working to…
Miami 12th, Fort Lauderdale 6th in most investable real estate markets, per PwC study
In this year’s edition of PWC’s Emerging Trends in Real Estate, both Fort Lauderdale and Miami registered leaps from a year ago in regards to the most desirable U.S. markets for real estate investment. Fort Lauderdale soared to No. 6 among the 78 markets included in the study after placing 35th a year ago. Miami checked in at No. 11, up from 25th year over year. Seattle, Austin, Salt Lake City, Raleigh/Durham…
Storm-damaged Ritz-Carlton on South Beach closed indefinitely, laying off staff
The Ritz-Carlton, South Beach notified the state government that the hurricane-damaged hotel will lay off 281 employees and remain closed indefinitely for repairs. The 375-room hotel at 1 Lincoln Road in Miami Beach has been closed since Sept. 8, two days before Hurricane Irma made landfall in the Florida Keys. The hotel’s general manager, Sase Gjorsovski, wrote in a Worker Adjustment and…
Miami-based Lennar to pay $5.7B for CalAtlantic, become biggest US homebuilder
Lennar Corporation will merge with CalAtlantic Group, creating the largest homebuilder in the country in a $5.7 billion deal. The deal will boost the combined company’s standing to a top 3 ranking in 24 of the top 30 markets in the country, Lennar CEO Stuart Miller said in a statement. Together, Lennar and CalAtlantic reported revenues of more than $17 billion last year and a market cap of about $18 billion.
Monty’s new lease in Coconut Grove on ballot
A popular waterfront venue in Coconut Grove that anchors several small businesses and a marina is looking to gain a long lease extension and make millions in improvements. The land is owned by the City of Miami and a lease amendment or extension requires the approval of city voters at referendum. The changes would mean additional rent revenue and improvements to the property at 2550 S Bayshore Drive…