WSJ: LeFrak and Soffer Property Dynasties Team Up to Fund Miami Project
Developers are digging deep into their own pockets to pull off megaprojects in South Florida. In the latest example, two prominent families, the LeFraks of New York and the Soffers of South Florida, are teaming up on a $4 billion, 183-acre development on a former landfill and Superfund site in North Miami.
Miami Beach Approves Gigantic Convention Center Hotel
The gigantic Miami Beach Convention Center Hotel plans proposed by Portman Holdings, a 300-foot-tall tower that looks like a bad copy of the Fontainebleau, on steroids, in the middle of South Beach, have been approved by the Miami Beach City Commission. The approval was granted in the City…
Miami self-storage projects land $22M in financing
A local development group landed $21.9 million in financing to build two self-storage complexes in Miami-Dade County. Cleveland-based Jernigan Capital Operating Partnership gave the mortgages to affiliates of Miami City Self Storage LLC, headed by Jan Massirman, Stephen Garchick and Steve McBride. They will help build…
Under LeFrak & Soffer Families, Biscayne Landing Getting Ever More Gigantic, Renamed SoLeMia
The megaproject formerly known as Biscayne Landing has a new set of developers, the family-run LeFrak Organization (don’t worry, it won’t be called LeFrak City) and Miami’s Soffer Family, and is being renamed SoLeMia. The Wall Street Journal, unfortunately doesn’t explain why it’s being called…
JPMorgan Chase lends $68M to project in Miami’s Midtown/Design District
JPMorgan Chase Bank awarded a big construction loan to the developer of the District 36 residential and retail tower on the border of Miami’s Midtown and Design District neighborhoods. The bank (NYSE: JPM) granted the mortgage to MREG NE36 Owner, a joint venture between New York developers Mack Real Estate Group…
Casal Group Negotiates Sale Of Doral Industrial Facility
TIAA-CREF Pays $90M for Casa Palma
ZOM, Inc. and AEW Capital Management sold the 350-unit Casa Palma at 6112 SR-7 in Coconut Creek, FL to TIAA-CREF for $89.88 million, or approximately $257,000 per unit. The 489,000-square-foot multifamily building was built in 2014. It sits on 20.1 acres and has over 600 parking spaces. This…
Preservation Watch: 50 Eggs Headquarters Relocating to Renovated MiMo Hotel
50 Eggs is moving their headquarters to an old motel in the MiMo district, just across from the Vagabond Hotel. The company, who is responsible for starting the chain Lime Fresh Mexican Grill, and other staple Miami restaurants such as Yardbird Southern Kitchen & Bar, Swine Southern Table &am…
Miami Beach commission selects developer for Miami Beach Convention Headquarter hotel
The City of Miami Beach Commission has officially approved the selection of Portman Holdings as the developer for the Miami Beach Convention Headquarter Hotel. Atlanta-based Portman Holdings revealed its plans for the $405 million, 800-room development earlier this month. The plan was then reviewed by the Miami Beach…
Preservation Watch: The raising stakes of the condo boom…
The raising stakes of the current condo boom have made Miami’s historic preservation battles more vicious and contentious than ever. The designation of Surfside’s modest early-MiMo Seaside Terrace apartments, built in 1948, has just been overturned by the County Commission after having been passed…
Development update: Related Dims the Lights at The Almost-Complete Icon Bay
The bright lights of the big city are a little less bright over in residential Edgewater, where the Related Group has dimmed the rear facade lights at Icon Bay in response to a Curbed Miami reader’s complaint about their glaring brightness just two weeks ago. According to Carlos Rosso, President…
Demolition permit denied for Bay Harbor Continental
After three different votes at a contentious hearing, the Miami-Dade Historic Preservation Board on Wednesday rejected the demolition of the Bay Harbor Continental, a cooperative apartment building with 35 units in Bay Harbor…
Wynwood parking garage passes review board
The Wynwood parking garage proposed by Goldman Properties passed a major hurdle on Wednesday, with a unanimous vote of approval from Miami’s Urban Development Review Board. The eight-story garage plans to bring 428…
Hot topics in Miami real estate: panel
Anthony Graziano, Jeffrey Oris, Jonathan Cardello, Kevin Tomlinson, Mark Zilbert, Ophir Sternberg. When the Miami Downtown Development Authority issues its second quarter 2015 report, it will show a continuing decline in real estate sales to international buyers, said Anthony Graziano…
TRD’s South Florida Development Guide
Last month, The Real Deal hosted its Broward Real Estate Forum & Showcase at the Design Center of the Americas in Dania. TRD‘s development guide and program for the event included a comprehensive list of all upcoming condo developments…
Experts: Will U.S. recession spark next SoFla real estate downturn?
South Florida real estate prices have rebounded sharply over the last four years, making many in the industry forget the carnage that preceded. At some point another downturn will come, though it’s unlikely to be as severe as that of 2007 to 2011. So what will cause the…
Meliá Costa Hollywood Beach Resort tops off
One of two U.S. properties that will operate a Meliá Costa hotel topped off at six stories, developers announced on Wednesday. The 304-unit Meliá Costa Hollywood Beach Resort is scheduled to open this fall and…
Cigar, whiskey bar signs lease in Miami’s Brickell
Prime Cigar & Whiskey Bar has signed a lease for 4,800 square feet of space in Brickell’s newly built 1100 Milecento residential tower. The Boca Raton-based company will offer wines, spirits, and 1,000 cigars at the mezzanine level of the 42-story tower at 1100 South Miami Avenue in Miami.
Miami-Dade to keep rent low for waterfront lot next to arena
Miami-Dade County commissioners reportedly voted to maintain the rent on a sizable waterfront parcel behind the American Airlines Arena, despite its appraisal of nearly double what the county is charging. Commissioners met on Tuesday to discuss a fee…
From Peebles to Baywood: Keys resort likely to be a Hampton Inn
The long vacant Keys Bay Colony Resort in Marathon will most likely be converted into a Hampton Inn, new owner Baywood Hotels told The Real Deal this…
Are Coral Gables Offices Better Than Brickell?
For all the focus on Brickell City Centre and the rising occupancy of office space in the urban core, outlier markets like Coral Gables are nevertheless making a buzz. Is it a better location than the urban core?…
NAI, Colliers See Executive Shakeup
“Our industry is changing rapidly.”
How Port Dredging Will Impact Office Market
“Although the funding sources are still unclear, it is important for the city to look forward.”…
How Avison Young Filled the Amex Void
With American Express moving out of the building after 10 years, Avison Young wasted no time looking for a replacement tenant at Weston Park of Commerce…
Former CushWake Exec Joins One Sotheby’s To Lead New Commercial Division
ONE Sotheby’s International Realty — a brokerage that has so far focused on residential sales — has brought on a 10-year veteran of commercial brokerage Cushman & Wakefield to grow its niche commercial practices.