Video: David Kessler Discusses the Trump Effect on Commercial Real Estate & the Economy
David Kessler, CPA, Partner, and National Director for the Real Estate Industry Practice at CohnReznick, an audit, accounting, tax, transactional planning, succession planning, business valuation and consulting services company with offices nationwide, discusses how Trump’s policies may affect…
Coral Gables to begin talks with Allen Morris/Related on mixed-use garages
After more than an hour of deliberating with developers and city staff, the Coral Gables City Commission voted to move forward with the redevelopment of two city-owned garages off of Miracle Mile. Staff will begin working with the top-ranked bidder, Coral Gables City Center, on the redevelopment of the garages at 245 and 345 Andalusia Avenue into mixed-use projects with high-tech parking systems, retail and office space, and apartments. The Allen Morris Company and the Related Group are partnering…
Miami’s 386-Unit One River point expected to break ground in late 2017
One River Point is expected to break ground along the Miami River in the fourth quarter of 2017, per Miami Luxury Homes, while also adding 32 additional residences to the original 386-unit plan, divided among its two 60-story towers. Now totaling 418 units, the east tower will consist of 224 units while the west tower will consist of 194 units. Miami Luxury Homes also notes the east tower will allow monthly rentals while the west tower will not, requiring a six-month minimum. There’s more news regarding…
Formerly Contaminated Development Site In North Miami Beach Sells For $21 Million
Formerly a TECO Gas and People’s Gas site, the 17.8 remediated acreage at 15780 W. Dixie Highway has development rights for up to 2,300 residential units and 2.5 million square feet of commercial space with heights of up to 20 stories.
Senior analyst DJ Busch was interviewed at the annual ICSC (International Council of Shopping Centers) RECon convention in Las Vegas, Nevada. This interesting video provides unique insight on Green Street Advisor’s mall quality grades, perceived trends in the industry and how players seem to be…
Related Cos. CEO Jeff Blau: Trump presidency will be boon for real estate industry
Just a few days after Donald Trump was sworn in as the 45th President of the United States, another developer has joined the chorus of real estate professionals who are optimistic at the prospect of one of their own being in the nation’s highest office. “I think it will actually be good to have someone who understand industry in the office,” Jeff Blau, chief executive officer of Related Companies, told Bloomberg. “If you take away the theatrics of what we’ve all been watching the last couple of days or months, and focus really…
Details Can Be Weighty When Renting Commercial Space
Renting a commercial space is a move many entrepreneurs postpone as long as they can, because it’s one of the biggest expenses and most consequential commitments a startup or young company faces. A commercial lease binds landlord and tenant to a variety of promises. A well-executed lease can benefit…
Forty investors who bought rooms in Miami Beach’s Shelborne Hotel lose contentious lawsuit
Five years after suing Miami Beach hotelier Keith Menin, their condo association and companies tied to developer Russell Galbut for allegedly authorizing nearly $30 million in illegal assessments to renovate and repair the Shelborne Hotel, 40 investors who bought rooms in the historic property have lost their battle. Miami-Dade Circuit Court Judge Beatrice Butchko last Friday issued a final judgment in favor of the defendants Menin, Joan Brent, Justo Carlos Padron, Martin Wasserman…
Miami River group can’t swallow waterfront restaurants
If it were up to the Miami River Commission, it would bar restaurants planned for two riverfront sites zoned marine-industrial. As it is, however, the decision is left to the city planning director after the negative river commission votes. A rare special river commission meeting Monday considered two separate plans for restaurants in vacant riverfront buildings: Shahab Karmely and his KAR Properties propose River Arts Complex, to transform three warehouses into a dining and event space at 125, 129 and 131 NW South River Drive. It includes a partnership with Yachtlife, a private club with yacht sales…
Signs Point To Surge In South Florida Industrial Markets
Since the end of the recession, South Florida’s industrial market has seen over 33 million square feet of net absorption with this year’s deal activity set to continue this robust growth movement.
Funds fuel passenger rail link for Tri-Rail into downtown Miami
City leaders have followed through on part a financial commitment to help establish a passenger rail link for Tri-Rail into downtown Miami. Plans call for Tri-Rail to have a place inside the new MiamiCentral station from All Aboard Florida, now under construction paralleling Northwest First Avenue. The station will serve as a major transportation hub and be home to Brightline, a privately-run passenger rail service from here to Orlando, to debut later this year. City commissioners on Jan. 12 declared the city’s intent…
Developers talk up Little Haiti and the Miami River: Bisnow forum
Converting a 15-acre site in Little Haiti into a thriving hub for innovation will entail more than targeting technology company tenants, according to one of the partners behind the ambitious Magic City project. Bob Zangrillo, the Silicon Valley entrepreneur who linked up with developer Tony Cho to create the planned innovation district, told a gathering of real estate professionals on Tuesday that Magic City could be a place where start-ups and entrepreneurs from various industries — including art, architecture, biotechnology…
CASA Boutique hotel opens in Miami Beach
South Beach’s newest boutique hotel The CASA Boutique Hotel recently opened in Miami Beach at 1334 Washington Avenue, bringing 32 upgraded rooms to the heart of South Beach. Blue Road purchased the property in 2015 and the original site housed the historic Waldorf Building, which was built in 1925…
Miami’s Panorama Tower in Brickell is soaring above the clouds
Miami’s Panorama Tower in Brickell is on its way to becoming the tallest building building in Miami, with construction reaching the 76th floor and close to surpassing the Four Seasons’ 789 feet. Yet the title will likely be a temporary one for the 830-foot tower that will top off at 85 stories this year, as monstrosities like The Towers and One Bayfront Plaza are in the planning stages. Last time we checked in was in October of last year when construction hit the 57th floor. Well, 19 floors later and the view is heavenly, looking down…
Miami-Dade County’s supply of luxury condos for sale could last five years
Plagued by swelling inventory and sagging sales, Miami-Dade County’s supply of luxury condos – defined as those priced at more than $1 million – stood at 2,549 by the end of 2016, according to a new market report from EWM Realty International. At today’s sales pace, it would take 57.9 months to sell them all, a 69% surge over the months of supply recorded at the end of 2015.That’s by far the highest backlog since the end of 2008, when the end of a building boom collided with the recession, briefly sending the supply…
Will Trump end crackdown on dirty cash in luxury real estate?
Just a month after President Donald Trump’s inauguration, a federal anti-money laundering program that targets luxury real estate is set to expire. The dragnet monitors pricey home deals for signs of dirty cash, helping detect criminals who launder money through real estate. Manhattan and Miami-Dade County were the first markets scrutinized by the feds. Here’s the big question: Will Trump — who made his money as a developer — keep the heat on the real estate industry? And if the administration…
City digs into idea of a tunnel beneath Miami River
Directors of Miami’s Downtown Development Authority heard Francis Suarez, Miami commissioner and mayoral aspirant, ask their support Friday for a tunnel beneath the Miami River just east of Brickell Avenue. The downtown authority has waged battle with the US Coast Guard, Florida Department of Transportation and Miami River Commission over what it says are improper openings of the Brickell Avenue bridge that bring traffic to a standstill downtown and in surrounding areas. So far, it’s a standoff, with the authority…
Miami-Dade commission grants first approval for American Dream Miami project
If the first public hearing for American Dream Miami is an indicator of what’s to come, the developer of the largest proposed mall and theme park project in North America is in for a long battle. After slogging through nearly seven hours of testimony from represesentatives for developer Triple Five Group…
605 Lincoln Road retail space hits the market, could fetch $30M
605 Lincoln Road retail space and Luis Castillo. The ground-floor retail space at 605 Lincoln Road in Miami Beach has just hit the market, and could fetch $30 million, The Real Deal has learned. New York-based Thor Equities and ASB Capital Management, a Washington, D.C.-based pension fund advisor…
Genting submits new FAA application for former Miami Herald site
Rendering of Resorts World Miami via the Next Miami. The former site of the Miami Herald in downtown Miami may soon see some activity. Genting filed a new application on Monday with the Federal Aviation Administration for three towers on the land at 1 Herald Plaza, according to the Next Miami. Each…
Kansas Marine Continues to Anchor Aventura Industrial Ctr
Long-time tenant Kansas Marine Co. has again renewed its lease for 109,267 square feet in the Aventura Industrial Center building at 555 NE 185th St. in Miami, FL. The single-story, 232,500-square-foot industrial building was construtcted in 2007 in the North Miami Beach Industrial submarket.
Three Factors That Will Impact Financing For Commercial Properties In 2017
The financing market has demonstrated tremendous growth and robust activity this past year. According to a report by the Mortgage Bankers Association, over $500 billion in commercial real estate loans were originated this past year, indicating a strong financial landscape for lending. Low interest rates…
Realtor says man did not pay required commission after purchase
In Miami, real estate is a big business and can lead to significant financial transactions. A reason that many people get into the business is to receive substantial commissions when there is a purchase of property. However, when there is an agreement is in place and one side or the other does not adhere to it, getting that payment can be difficult, particularly if the amount reaches the high six-figures or seven-figures. When there is a dispute over these bills that cannot be settled amicably and paid, it may be necessary to consider…