Miami Population Grew 1.7% Last Year – Fourth Fastest Among Big Cities
Miami’s population increased 1.7% between 2021 and 2022, according to a recent Census report. The Seattle Times noted that Miami’s growth rate for the period was the fourth fastest of the 50 biggest U.S. cities. The newly released data showed Miami’s population was estimated at 449,514 on July 1, 2022. That compares to an estimate of 441,999 on July 1, 2021. On July 1 2020…
ROVR Development to Build 1,600-Unit River Rapids Apartments in Miami
ROVR Development plans to develop The River Rapids, a 1,600-unit apartment development situated on 10.2 acres along the Miami River. The developer recently acquired a 6.2-acre site for $23.5 million as part of the multi-phase community. Located at 2750 N.W. South River Drive, Phases I and II of River Rapids, dubbed Tides and Moorings, will add 600 units to the local supply.
Developer Buys More Land For 1600 Apartments: ‘Alternative To Brickell’
The developer of an apartment complex called River Rapids has purchased additional land, with plans to build a total of around 1600 apartments, according to the SFBJ. In a statement, founding partner Oscar Rodriguez of developer ROVR said that “our vision for this neighborhood that is evolving into a robust community that offers an excellent alternative for those priced…
ROVR pays $24M for Miami River dev site for massive apartment project
In a $23.5 million deal, ROVR nabbed 6 acres near the Miami River for its massive planned River Rapids multifamily project. A ROVR affiliate bought a 192,966-square-foot self-storage facility at 1701 and 1851 Delaware Parkway that the Miami-based development firm intends to redevelop into a 1,000-unit apartment project, according to a press release.
Seawall Rebuild Planned At Edgewater Property Where 649-Foot Tower Proposed
Plans have been filed to rebuild a seawall on a large Edgewater property. The seawall plans were filed with Miami-Dade’s DERM yesterday, June 5, records show. The seawall project passes by multiple buildings controlled by the same developer, plans show. It is also the same site where a recent filing with the FAA indicated that a 649-foot tower is planned. The FAA filing was made…
Signature Bridge Construction Delay Due To Supply Chain, Holidays, & Weather
A spokesperson for FDOT has explained the reason for the delays to the Signature Bridge construction project. The completion date is now late 2027. It was originally expected to be completed in Fall 2023. The FDOT spokesperson told Miami Today that the reason for the delay includes supply chain issues, weather, and holidays. If the latest deadline holds, it will mean around…
Assurant trying to sell its 40-year South Dade campus
Atlanta-based Assurant is marketing the 78-plus acre South Dade campus it has occupied since 1982 that includes seven buildings, three of them office structures. Development of regional impact rights, according to the offering, allow “significant development on the site.” Assurant, a provider of risk management products and services that employs 2,000 persons in the area…
Two towers replacing Mandarin Oriental on Brickell Key
The secluded island of Brickell Key will see yet another luxury development rise as Swire Properties detailed a modern Mandarin Oriental hotel replacing the present structure on the island and a residential tower. Last week, developer Swire Properties unveiled details for One Island Drive featuring two towers and over 100,000 square feet of amenities. “With One Island Drive…”
Swire, Mandarin Oriental Plan Two Towers On Exclusive Brickell Key
Swire Properties is partnering with Mandarin Oriental Hotel Group to complete a major development on Brickell Key. Swire announced plans for a 400-foot-tall hotel and an 800-foot-tall condo tower that would be one of the tallest buildings in Miami. The development will fill the last vacant site on Brickell Key, an exclusive island just southeast of downtown where Swire has been…
Swire unveils plans for two-tower Mandarin-branded Brickell Key project
Swire Properties unveiled plans for a two-tower, Mandarin Oriental-branded development on Brickell Key. The project calls for demolishing the existing Mandarin Oriental hotel at 500 Brickell Key Avenue and building an 800-plus-foot tower with 220 condos, and a 400-foot hotel with 151 rooms, 61 condos and 28 hotel residences, according to Swire. The existing 326-key…
An exciting announcement from Swire Properties reveals the first details of One Island Drive, a project that combines residential and hospitality services in a tranquil island environment near Miami’s bustling downtown. With its enviable waterfront location, One Island Drive is set to take a premier position in Swire Properties’ renowned portfolio and establish itself as a standout…
One Island Drive: Two ‘Architecturally Spectacular’ Brickell Towers Planned, Including New Mandarin Oriental
Swire Properties has unveiled plans for a two-tower project on Brickell Key called One Island Drive. The towers will be “architecturally spectacular,” designed by Kohn Pedersen Fox Associates, Swire said. The taller tower will be called The Residences at Mandarin Oriental, Miami and rise over 800 feet, with 220 residential units. The second tower will be a Mandarin Oriental hotel…
Autonomous air mobility may serve Miami in five years
Aviation experts gathered in Brickell last week to discuss the future of urban air mobility in Miami, with the more optimistic panelists predicting autonomous aircrafts could soar through the skies within five years. The Greater Miami Chamber of Commerce annual members meeting featured a presentation on smart cities and advance air mobility (AAM), an emerging field…
Construction jobs fall along with building permits
The impact of a more than 20% drop in South Florida residential construction permits issued in 2022 from the 2021 total is showing up in a declining number of Miami-Dade construction jobs this year. Miami-Dade’s construction job loss in April from April 2022 resulted in 2,500 fewer persons at work, a 4.8% job decline, according to figures from the US Bureau of Labor Statistics.
Businesses struggle as Flagler Street renovation downtown digs on
Not long before closing for the evening, Charles Zaine stood outside his sporting goods store on East Flagler and couldn’t help but notice what had brought him uncertainty for months – a renovated street in downtown Miami without foot traffic. The Flagler Street Beautification Project, designed to transform Flagler Street from Biscayne Boulevard to Northwest First Avenue…
E11EVEN Residences Beyond Breaks Ground Following $262M Construction Loan
Property Markets Group and E11EVEN Partners have secured a hefty $262 million construction loan and turned the first dirt on their second tower, E11EVEN Residences Beyond. This significant step forward paves the way for adding a remarkable 700-foot, 65-story skyscraper to Miami’s skyline, set to rise at 90 Northeast 11th Street in District 11 at Park West. Sieger Suarez…
New Design Submitted For 2000 Wynwood
New plans have just been sent to Miami’s Wynwood Design Review Committee for an apartment building in Wynwood. Previously, plans for the site were submitted to the UDRB for project with a similar unit count. The new plans show that the 12-story project is now proposed to include: 310 residential units 9,416 square feet of retail 308 parking spaces The parking garage…
Service Properties Trust Purchases Nautilus by Arlo Hotel in Miami Beach for $165.4M
Service Properties Trust, a hotel and retail REIT managed by Massachusetts-based RMR Group, has purchased Nautilus by Arlo, a 250-room hotel located at 1825 Collins Ave. in Miami Beach. Quadrum Global sold the beachfront hotel for $165.4 million. Paul Weimer, Christian Charre and Jennifer Jin of CBRE Hotels, along with Scott Ellman, Alyssa Kidd and Peter Flexner of…
Service Properties pays $165M for Nautilus Hotel in Miami Beach
Service Properties Trust dropped $164.5 million to acquire Miami Beach’s Nautilus Hotel. The Newton, Massachusetts-based Real Estate Investment Trust, or REIT, paid about $661,000 per key for the 250-room Art Deco oceanfront property, a press release states. Completed in 1950, the eight-story building at 1825 Collins Avenue was designed by Morris Lapidus. The late architect also…
Penske Buys Miami-Dade County Site For New Location In Doral
Penske Truck Leasing purchased a Doral property to establish a new location for its business. Hackney Properties LLC, managed by Robert Hackney in Palmetto Bay, sold the 4-acre property at 9200 N.W. 58th St. for $14.15 million to Reading, The site contains a 45,015-square-foot industrial building. The site last traded for $950,000 in 1989. “Despite the higher interest rates, there…”
Newmark announces it has arranged a $91 million loan on behalf of Kushner Companies and Block Capital Group for the refinancing of Wynwood 27 & 28. The property is on NW 27th Street (adjacent to NW 2nd Ave) in Miami’s highly trendy, up-and-coming Wynwood submarket. The Newmark team was led by Jordan Roeschlaub and Dustin…
Infinity Gardens Apartments Proposed for 14505 Southwest 260th Street in Homestead
Developers have proposed Infinity Gardens Apartments, a 773-unit apartment complex south of Miami-Dade County. The mixed-use venture would require more than 50,000 square feet of new construction at 14505 SW 260th Street, along with anywhere from 7,500 square feet to 10,000 square feet of retail. The Real Deal lists BSB Global Enterprises as the developer.
Brandon Shpirt proposes 773 rentals on Miami-Dade site partly outside UDB
Developer Brandon Shpirt wants to build a 773-unit apartment project on a south Miami-Dade County site that is partly outside the Urban Development Boundary. Shpirt, who leads Miami-based BSB Global Enterprises, proposes the six-story complex on 13.8 acres at 14505 Southwest 260th Street near the Naranja neighborhood, according to an application filed to Miami-Dade…
Wynwood Crossing At 2000 North Miami Avenue Gets Updated Design By Leo A Daly
Clearline Real Estate has revealed an updated design for its proposed 12-story mixed-use development at 2000 North Miami Avenue in Wynwood. The project, now named Wynwood Crossing and alternatively referred to as 2000 Wynwood or 2000 North Wynwood, has showcased a refreshed look in recent images in a waiver application submitted to Wynwood’s Design Review…
Miami’s Hot Investment Sales Market Takes An Ice Bath
The flood of investment sales spurred by the pandemic in Miami has turned into a trickle. Commercial real estate sales in Miami fell to $194M in the first quarter, down 80% from the same period last year, according to a report from Dwntwn Realty Advisors. The decline, which was felt across all asset classes, returned transaction volume to near pre-pandemic levels as increased interest…
New York Developer Launches First Miami Project In Edgewater
New York-based SB Development kicked off sales Wednesday at a condo project in Miami’s Edgewater neighborhood, the first of multiple South Florida multifamily projects the developer has planned as it joins a wave of other New York-based developers that are looking to capitalize on the movement of residents out of the Empire State. SB Development has partnered with another…
52-Story Tower Pitched For Downtown Miami As Investor Gil Blutrich’s First South Florida Project
Plans for a 52-story multifamily tower in Downtown Miami are moving ahead after the site’s owner secured a $12M bridge loan to advance the project. The family office of investor Gil Blutrich secured the loan for the planned development on a 0.6-acre parking lot at 130 Southeast First St., according to a release. The Israeli-Canadian entrepreneur is planning a 545-unit multifamily…
Blutrich plans 52-story apartment tower in Downtown Miami
Israeli-Canadian real estate investor Gil Blutrich wants to build a 52-story apartment tower in downtown Miami, marking his first South Florida development. Blutrich Holdings, a Toronto-based family office founded by Blutrich, plans a 545-unit building on a 0.6-acre parking lot at 130 Southeast First Street, according to a news release from the firm that arranged financing for the project.
Another: Groundbreaking Announced For Second E11EVEN Tower In ‘District 11’
Developers of E11EVEN Residences Beyond have announced that they have broken ground on the 65-story tower. PMG and E11EVEN Partners said in a press release that they have secured a $262 million construction loan. Over 80 percent of the building has been sold, the release said. The area is now being referred to by the developers as District 11. Two 65-story towers are now…
Bill Fuller, Martin Pinilla win $63M verdict against Joe Carrollo
A Fort Lauderdale jury vindicated Bill Fuller and Martin Pinilla in their five-year legal fight with Miami commissioner Joe Carollo. On Thursday, jurors sided with the Little Havana developers, awarding them $63 million in damages against Carollo, court records show. The jury found Carollo guilty of violating the first amendment rights of Fuller and Pinilla, who own the popular…
Here’s When 1266′ Cranes For 100-Story Waldorf Astoria Scheduled To Be Installed
A filing with the Federal Aviation Administration yesterday provided new details on the construction cranes planned to help build Miami’s 100-story Waldorf Astoria supertall tower. Two tower cranes are planned to rise 1255 above ground level, or 1266 feet above sea level, the filing states. The work schedule for the cranes is estimated to run from October 24, 2023 to August 23, 2027.
Time Out Market Vendors Given Two Hours’ Notice of Food Hall’s Closing
The food hall, which opened in 2019, will close at the end of the day on June 30, 2023, according to a statement provided by the market The closing announcement was released on Time Out Miami’s Instagram around noon yesterday, June 1. The market’s co-CEO of operations, Sandy Hayek, said, “We want to thank our team, our chefs and restaurateurs who truly are the…
Don’t believe the hype: The true story of South Florida’s office space
A pair of sand-colored Weston Corporate Campus office buildings sit vacant, devoid of any employee chatter. That’s because tech firm Ultimate Kronos Group left the two-story complex at the start of the year and consolidated into its other South Florida space. To the south, tucked between Miami Lakes’ leafy suburban streets, a two-story, 34,000-square-foot light beige building…
A joint venture between Miami-based real estate developers Key International and 13th Floor Investments has acquired a 4.2-acre vacant site in Broward County’s City of Coral Springs for $8 million where the team plans a mixed-use residential and retail development. “Coral Springs has evolved tremendously in the last couple of… The post Key International and 13th Floor Investments…
Key International, 13th Floor Investments Plan Mixed-Use Project in Coral Springs, Florida
A joint venture between Miami-based Key International and 13th Floor Investments has acquired a 4.2-acre site in Coral Springs for $8 million, with plans to develop a mixed-use project at the property. Plans for the development include 377 residential units, 11,525 square feet of ground-floor retail space and a 629-space parking garage. A construction timeline was not disclosed.
Construction Starts on Hanover Riverwalk at 477 S.W. First Avenue in Fort Lauderdale
Construction has officially started on Hanover Riverwalk, a mixed-use 36-story venture in Broward County. Costing more than $120 million to complete, the tower will comprise 380 apartments and 2,700 square feet of retail. Units will measure 750 square feet to 1,440 square feet, ranging from one-bedroom to three-bedroom homes. Florida YIMBY reported on this project in February 2022…
Related Group Breaks Ground on Casamar Residences in Pompano Beach, Rapidly Approaches Sell-Out
On May 23, Premier real estate developer, the Related Group (Related), broke ground on Pompano Beach’s newest beachside condominium,Casamar Residences. Set upon nearly 300 feet of pristine white sand, the boutique luxury property will house only 119 oceanfront condos with world-class designs by the award-winning Arquitectonica and The Rockwell Group.
Related, BH buy Chetrit’s Pompano Beach dev site for $48M
Related Group and BH Group can’t get enough of each other. Teaming up for the sixth time since 2001, the firms bought a Pompano Beach development site for $47.5 million, The Real Deal has learned. A spokesperson for the joint venture confirmed Related and BH acquired a 3.7-acre waterfront property at 20 North Ocean Boulevard that has site approval for a mixed-use…
Legacy @ 45th Street Planned for 3430 45th Street in West Palm Beach
Spectra Organization is working on Legacy @ 45th Street, an affordable housing development in Palm Beach County. The non-profit’s community will comprise 48 apartments, measuring about 680 square feet to 1,080 square feet each. Units will range from one-bedroom to two-bedroom layout plans, aimed at tenants making up to 80 percent of the area median income.
Legal Considerations for Commercial Real Estate Transactions: What You Should Know
Transactions involving commercial real estate can be complicated and necessitate careful attention to legal issues. Understanding the legal ramifications is essential to protecting your interests and ensuring a successful transaction whether you are buying, selling, leasing, or investing in commercial properties. The main legal factors for commercial real estate transactions will be…
The Importance of Due Diligence in Real Estate: Uncovering Hidden Risks
Thorough due diligence is essential when it comes to real estate purchases in order to safeguard your investment and minimize potential hazards. Proper due diligence allows you to find any buried problems or obligations that could affect the transaction, whether you are buying, selling, or leasing a property. The significance of due diligence in real estate will be discussed in this…
Commercial Real Estate Deal Volume Down Markedly in Florida
Following a year that saw record levels of investment sales activity across multiple sectors, total deal volume for the first four months of the year is down markedly in Florida. Comparing the period of January through April of this year to the same period a year ago shows a combined decline of 64% in overall investment sales volume for all property types in the state. While total four-month…
JP Morgan’s 2023 midyear commercial real estate outlook
Economic uncertainty remains high for commercial real estate through the rest of 2023. There are plenty of big questions—including the interest rate environment and the future of office space. But there are also positives: Multifamily and industrial continue to perform well, and the industry may have underestimated the strength of neighborhood retail. Keep an eye on these commercial…
No-buy zone: Florida’s ban on some foreign buyers has industry scrambling for response
Gov. Ron DeSantis’ crackdown on foreign investment is having ripple effects on Florida real estate. Senate Bill 264 bans nearly all purchases by Chinese nationals and China-based companies. It also bars buyers from what the state deems “countries of concern,” including Venezuela and Russia, from purchasing agricultural land in the state, as well as any real estate within…