Florida East Coast Industries buys more land for MiamiCentral project
Florida East Coast Industries just closed on two parcels of public land in downtown Miami, locking in another component to its massive MiamiCentral mixed-use development. FECI and AAF Miami TOD Holdings LLC paid $14 million for the city-owned parcels at 104 Northwest First Avenue. Also included is a half-acre strip of land at 435 Northwest First Court, which runs parallel to Northwest Sixth…
Drivers Club Miami, a “country club for cars,” could be headed near Miami Gardens
It’s one step closer to reality Developer Carlos de Narváez’s $100 million “country club for cars” club is one step closer to reality, the Real Deal reports. The Miami-Dade County government operations committee gave approval for the project, and now it will go before the county commission for a vote next week. The auto club plotted for a 160-acre site near Miami Gardens would include a two-mile track…
Florida East Coast Railway sues Miami developer for alleged trespass
Jacksonville-based Florida East Coast Railway is suing a Miami developer along its 351-mile long freight line. The railway, owned by a subsidiary of Grupo Mexico, is alleging that Ofer Mizrahi’s Miami Ironside is encroaching on the train tracks that run behind the office and retail development, according to a lawsuit filed in Miami-Dade County Circuit Court earlier this month. Florida East Coast Railway is…
Major US cities saw sharp drops in new construction projects in 2017: report
Multifamily and commercial construction slowed in most major U.S. metro areas last year, according to a new report. Major declines in funding for new construction starts were registered in cities like New York, Miami and Los Angeles. The report by Dodge Data & Analytics tracked the 20 cities with the highest dollar contribution for new construction projects last year. The total was $194.7 billion, down from…
Miami Beach board backs plan to convert Prince Michael condos to hotel
Plans to turn the Prince Michael Condominium into the Prince Michael Hotel got a boost on Tuesday after the Miami Beach Historic Preservation Board approved the renovation of the 67-year-old MiMo-era building. Eli Dadon, Richard Waserstein, and Avi Dishi want to renovate and convert the rundown 90-unit condo at 2618 Collins Avenue into an 89-room boutique hotel. Dadon said he and his…
Drivers Club Miami project heads to county commission
A Miami-Dade County committee just green lit a developer’s vision to turn land just west of Miami Gardens into a $100 million luxury auto club, dubbed the “country club for cars.” Tuesday night, South American developer Carlos de Narváez received approval from the government operations committee to move forward with his project, which would entail building a 2-mile track for car aficionados…
New Office Bldg Planned North of Downtown Miami
A New York developer is betting big on the Class A office market in the emerging Miami neighborhoods of Wynwood, Midtown, Edgewater and the Design District. R&B Realty said Tuesday it expects to break ground in the next three months on The Gateway at Wynwood, a 225,000-square-foot building at 2916 N. Miami Ave. The firm is building the project on spec, and says it will be ready by…
Mixed-Use Building on Miami Beach Fetches $38M
East End Capital Partners LLC and GreenOak Real Estate acquired a mixed-used building in Miami Beach, FL for $38 million, or about $588 per square foot, from KBS Realty Advisors. The 555 Washington Ave. property, designed by the Arquitectonica architecture firm, consists of 44,000 square feet of Class A office space, 22,000 square feet of retail space and a 243-stall attached parking garage. Tenants include…
Video: A Discussion of Changes in Single Tenant Net Lease Operations and Technology
Fred Weir, President at Meadowbrook Restaurant Company, and Nancy Miller, President at National Net Lease Investment Group, appear with host Michael Bull on America’s Commercial Real Estate Show to talk about trends in single tenant net lease commercial investment properties. Topics that are covered include operational trends and trends in technology that serves the single tenant new lease property…
$9.2 million deficit looms to restore Miami Marine Stadium
City of Miami officials are estimating a $9.2 million deficit for the project to restore Miami Marine Stadium and build the new maritime museum and welcoming center next door. The city intends to renovate the stadium and make other improvements on Virginia Key using revenue bonds and other funds, and is working on a request for proposals to manage the stadium. City commissioners got a status…
Plaza Coral Gables works through the chain of reviews
The Plaza Coral Gables, formerly known as the Mediterranean Village, is still in the process of reviewing permits along with neighborhood concerns before moving forward with any further construction, according to city Planning and Zoning Director Ramon Trias. The mixed-use project, which is set to rise at 2801, 2901 and 3001 Ponce de Leon Blvd., just south of downtown Coral Gables, will stand at 190 feet…
Construction is going up on Coconut Grove’s The Optimum office tower
The office project is set to open in September Optimum Group’s Class A office tower at 3480 Main Highway in Coconut Grove is going vertical. The Arquitectonica-designed project is on track for completion this September, according to a rep. When The Optimum opens, it will bring 44,000 square feet of office space and a 6,500 square-foot ground floor restaurant — along with a rooftop bar which…
Check out these jaw-dropping new renderings of One Thousand Museum’s amenity spaces
Can you imagine swimming laps here? Didn’t get enough behind-the-scenes info on Miami’s Zaha Hadid-designed One Thousand Museum from its PBS Impossible Builds episode? The 62-tower with its unique structural exoskeletal design just topped off, and is on track for a late 2018 completion. Now, the developers behind the Pritzker Prize winner’s futuristic residential skyscraper are releasing…
Nitin Motwani has 10 acres ready for Amazon. But will Bezos play ball?
Amid the cacophony of cranes and construction crews at the 27-acre Miami Worldcenter in Overtown sits a swath of land, untouched. These are the 10 acres set aside for the holy grail of tenants, Amazon, which last month announced that Miami would be among 20 cities on its shortlist for its second headquarters. The prospect of landing the $5 billion project sent every major developer…
Why savvy real estate investors are looking at mid-level malls
High dividends have some investors taking a second look at “class B” shopping centers. Due to falling share prices, mall operators’ dividends have increased dramatically, some well over 15 percent, the Wall Street Journal reported. For example, Tennessee-based CBL & Associates Properties and Ohio-based Washington Prime Group saw dividends spike 19 and 18 percent, respectively, last year, even as…
Developer submits plans for mixed-use project near Hard Rock Stadium
About 40 acres of city-owned land near the Hard Rock Stadium in Miami Gardens has captured yet another development proposal.
Garden Square Holdings LLC, led by developer Barron Channer, submitted plans for a mixed-use project with a hotel, two office towers, restaurants and retail, according to the South Florida Business Journal. The city, which owns the land at the northeast corner of…
Cadillac Hotel & Beach Club will reopen in Miami Beach this spring
The Art Deco hotel is going through a multi-million-dollar renovation An Art Deco icon is about to be revealed in Miami Beach. The Cadillac Hotel & Beach Club, originally designed by renowned Art Deco architect Roy France in 1940, is set to reopen this spring following a multi-million-dollar renovation. The 357-room hotel, located at at 39th and Collins Avenue, will joins Marriott International’s…
Marriott Stanton South Beach is finishing $22 million worth of upgrades
Including a renovated spa and expanded fitness center After adding two restaurants (Sushi Azabu and Lolo’s Surf Cantina), Marriott Stanton South Beach is wrapping up the second phase of its $22 million renovation. Those upgrades include a spruced-up spa and expanded fitness center, according to South Florida Business Journal. The spa now fits in with the the SoFi hotel’s lobby, which features…
Airbnb says Florida hosts generated $45.7M in tax revenue
As Airbnb continues to duke it out with Florida’s hotel industry over property owners’ rights to rent their homes to vacationers, the tech company announced its hosts are helping fill up state and local government coffers with a new lucrative cash stream. In 2017, Airbnb collected and remitted $45.7 million in sales and local bed tax revenue to the Florida Department of Revenue and 39 counties that have…
Moishe Mana inks lease on 120K sf warehouse in Miami Gardens
Developer and investor Moishe Mana has completed a deal to expand his corporate document storage company, signing a lease for a 120,000-square-foot space in Miami Gardens, The Real Deal has learned. The firm, GRM Information Management, will occupy the warehouse at 15801 Northwest 49th Avenue. Jason and Marcos Morjain of Warehomes are the property owners. Jason Morjain…
Starwood’s Sternlicht Opens Up at Real Estate Conference
Starwood Capital Group CEO Barry Sternlicht addressed a variety of topics in a discussion with PGIM Real Estate executive Cathy Marcus at the University of Miami Real Estate Impact Conference. Credit: University of Miami. Barry Sternlicht, chairman and CEO of Starwood Capital Group, is not bashful in big groups. Sternlicht weighed in on a number of topics during last Friday’s University of Miami’s Real Estate…
Meet the gatekeepers to South Florida’s Amazon HQ2 bid
Amazon’s search for a second headquarters may be shrouded in secrecy. But in South Florida, three power brokers have a direct line to the e-commerce giant as they make their pitch to host HQ2. Mike Finney, president and CEO of the Miami-Dade Beacon Council; Bob Swindell, president and CEO of the Greater Fort Lauderdale Alliance; and Kelly Smallridge…
Starwood’s Sternlicht Opens Up at UM Real Estate Conference
Starwood Capital Group CEO Barry Sternlicht addresses a variety of topics in a discussion with PGIM Real Estate executive Cathy Marcus at the University of Miami Real Estate Impact Conference. Credit: University of Miami. Barry Sternlicht, chairman and CEO of Starwood Capital Group, is not bashful in big groups. He unloaded on a number of topics Feb. 9 during the University of Miami’s Real Estate Impact…
Aventura Mall celebrates its newest artwork: a 93-foot-tall spiral slide
Actress Chloë Sevigny joined artist Carsten Höller for yesterday’s debut Aventura Mall’s latest public artwork is designed to make you feel like a kid again. Behold the Aventura Slide Tower, a nearly 100-foot tall slide that’s free for all ages and takes 15 seconds to traverse at speeds of up to 15 miles per hour. The slide is a permanent installation from Belgian artist and former scientist Carsten Höller, who has…
See inside the new co-working space WeWork Ponce de Leon in Coral Gables
Find 552 desks and kombucha on tap Co-working office space brand WeWork opened its fifth location in the Miami area earlier this month, with a shiny new space within a six-story building at 2222 Ponce De Leon Boulevard. WeWork’s in-house design team, Lunch Money, brought in a custom wallpaper, neon signage, murals and a massive custom terrazzo bar in the main pantry. To break it down…
Miami-Dade Mayor Gimenez nixes FECI’s courthouse proposal
Miami-Dade’s mayor has rejected a proposal by the operator of the Brightline passenger train to build a new downtown Miami courthouse. Instead, Mayor Carlos Gimenez revealed in a memo obtained by The Real Deal that he has started a formal bid process for developers to replace the 90-year-old Miami-Dade County Courthouse — which lawyers and judges insist is obsolete, moldy, and falling…
Four favorites to win Amazon’s HQ2
While there are officially 20 cities Amazon is deciding between, economists have singled out four stand-out contenders. The four cities, all located in Southern states, are being called favorites by the Wall Street Journal due to their labor-markets and employment growth. Known as Sunbelt cities, they have the right mix of capable, highly-educated workers minus fierce competition from whom Amazon…
The Miami commission is trying to prevent leaks on its Amazon HQ2 bid
To the tune of non-disclosure agreements What is going on with South Florida’s bid to land Amazon’s new headquarters? Amazon boss Jeff Bezos and the leaders behind Miami’s effort want to keep things securely under wraps, according to the Miami Herald. Andres Viglucci reports that non-disclosure agreements are involved, writing: The Miami Commission voted unanimously and with no discussion…
The major expansion at Bal Harbour Shops is taking shape
Barneys New York will open its first Florida flagship there A major enhancement of Bal Harbour Shops is taking shape: the South Florida Business Journal reports that the Bal Harbour Shops obtained a $150 million mortgage as part of its plan to add 340,387 square feet of retail. The mall’s upgrades include the addition of a Barneys New York flagship, the first store for the brand in Florida…
Miami Beach firm pays $13.5M for Hialeah apartment complex
A Miami-Beach based company paid $13.5 million for a 90-unit apartment complex in Hialeah, property records show. The acquisition comes at a time when city has seen an increase in investment there. The 114,575-square-foot rental community at 6195 West 19 Avenue traded hands for $150,000 per unit. The buyer, Fields and Green Family’s LLC, is led by Jonathan Fields and Leah Green. Records show…
Coral Gables office market sizzles with new construction and low vacancy rates
In Coral Gables’ highly competitive office market, landlords are always seeking a slight edge in luring new tenants and retaining existing ones. But for the owners of Douglas Entrance at 800 Douglas Road, spending $7 million to renovate the office park’s lobbies, corridors, elevators, indoor common areas and its historic “La Puerta del Sol” ballroom wasn’t enough, said Maggie Kurtz, a CBRE senior…
Versailles, La Carreta owner sells two shopping centers in Northwest Miami-Dade
Felipe Valls Jr. and Isabel Dimise just sold two shopping centers in Northwest Miami-Dade for $16 million, property records show. The Valls family owns popular Cuban restaurants Versailles and La Carreta. Records show Valls Jr. and Dimise sold shopping centers Country Club Shopping Center and Palmetto Plaza Center to Miami Lakes-based R.I.C. Inc., led by Rolando and Jonathan Hernandez.
Whitman gets $150M loan for Bal Harbour Shops expansion
Whitman Family Development scored a $150 million mortgage for Bal Harbour Shops’ expansion, property records show. SunTrust Bank provided the financing for the luxury shopping mall at 9700 Collins Avenue in Bal Harbour. The Whitman family secured approval last year for a $400 million expansion and renovation of the high-end mall that will add more than 340,000 square feet to the 511,000 sf…
Video: Experts Discuss Single Tenant Net Lease Financing and Investment Trends
Fred Weir, President at Meadowbrook Restaurant Company, and Nancy Miller, President at National Net Lease Investment Group, joins the show host Michael Bull on America’s Commercial Real Estate Show to discuss various trends in single tenant net lease properties. Among the topics discussed are financing and investment trends for single tenant net lease real estate.
Video: Experts on Single Tenant Net Lease Market and Cap Rate Trends
Nancy Miller, President of National Net Lease Investment Group, and Fred Weir, President at Meadowbrook Restaurant Company, appear on America’s Commercial Real Estate Show, with its host Michael Bull, to talk about a variety of trends in single tenant net lease properties. Among the single tenant net lease real estate related topics discussed in this video are overall market trends and trends…
Real estate market unfazed by changes to tax law
You might recall the scary predictions from the realty industry and some independent economists that began last fall: Cutting tax benefits for homeowners would inevitably lead to declines of 4 to 10 percent in home prices, and maybe even more for upper-bracket properties in high-tax areas. So how are those dire warnings holding up? It’s still early in the game for hard statistical answers. But it’s not too…
First phase of Jungle Island’s multimillion-dollar renovation to open this year
Jungle Island is getting back on track with its multimillion-dollar renovation after Hurricane Irma forced its closure in September. The first phase, expected to cost $16 million, is underway and the park is projected to reopen in late spring with new attractions. ESJ Capital Partners paid $60 million for the property in April with major redevelopment plans. Irma caused substantial damage to the 18.5-acre…
Commercial real estate in Florida: do not try this at home!
Commercial real estate is big business in South Florida — maybe even the biggest. It is connected to all of the state’s major industries from tourism and housing to banking, government and health care. If there is a business sector that requires property, commercial real estate, in some form or another, will come into play. The trouble is, commercial real estate is whole different animal from residential…