$60 million Jungle Island deal to go before Miami commission
Jungle Island’s proposed redevelopment could move a step forward on Thursday. The Miami City Commission will consider approving a lease transfer to an Aventura-based real estate firm in a deal valued at $60 million. Jungle Island (property info) owner Bern Levine plans to sell the theme park’s lease to ESJ Capital Partners, the Miami Herald first reported. ESJ, backed by European investors…
Brickell condo development may slow
Riding a five-year trend of high absorption levels, developers planned another robust year of new construction in Brickell’s hot condo market. But early signs suggest 2016 might be different. The market took delivery of well over 1,000 units in 2015, and about three times that many sit on the…
Jorge Pérez on how a Trump presidency will affect foreign buyers: Video
In one of the country’s most divisive presidential elections, Related Group CEO and Chairman Jorge Pérez sided with Hillary Clinton. But that doesn’t mean he thinks a Donald Trump presidency will negatively impact Miami’s real estate market. A self-proclaimed liberal Democrat…
High-profile site may add riverwalk
A high-profile site near the mouth of the Miami River downtown may finally be opened to the public as part of an extended riverwalk. The additional riverwalk would be temporary, for perhaps one year, while the property’s new owner lines up permits and other approvals needed to build a luxury…
Turnberry Ocean Club broke ground at 40 percent sold
The new development is highlighted by its Sky Club, 300 feet above the ground Turnberry Ocean Club Residences broke ground yesterday at 40 percent sold in Sunny Isles Beach, with the luxurious oceanfront development originally slated to begin construction last spring. With units starting at $3.9 million…
Miami has the nation’s 5th best airport for holiday travel, study says
Fort Lauderdale also fared high, coming in at No. 9 Sometimes you don’t realize how good you have it, relatively speaking. While traveling to and from Miami International Airport can be a source of angst for many, MIA graded out extremely well nationally for holiday travel, according to…
County flyspecks lease for big film studio
“There’s no news, which is probably good news,” on negotiations for a mammoth studio complex comprising 11 sound stages and 4 million cubic feet of water in 10 giant tanks, said Rodolfo Paiz, a principal of Miami Ocean Studios LLC. His company is in lease negotiations for 160 acres…
Blackstone’s Gray: Trump win is a game changer for real estate
The Blackstone Group’s real estate head Jonathan Gray thinks Donald Trump’s victory in last week’s election is a game changer for the real estate industry. But whether it’s a good or bad one remains to be seen. “I think it’s fair to say that the economic narrative has changed,” Gray said Tuesday at a conference hosted by Bank of America. “It does appear like we’re going to have lower taxes, less regulation…”
Questions fly on new I-395 bridge
Design-build contracts for a long-awaited “signature bridge,” part of an upgrade of I-395 from west of I-95 to the MacArthur Causeway, will be advertised next year. But Metropolitan Planning Organization members are already discussing specific challenges, as well as whether the project…
Investment dollars flowing to WeWork competitors
From the New York website: The co-working business model — which propelled co-working giant WeWork to a $16.9 billion valuation last month — may be changing tack. WeWork has carved out a niche for itself by signing long term-term leases for office space that…
Rockpoint Buys 235-Room Aloft South Beach Hotel
Rockpoint Group LLC acquired the Aloft South Beach Hotel at 2360 Collins Avenue in Miami Beach for $105 million, or about $447,000 per room, from JMH Development LLC and Madden Real Estate Ventures. The 235-room hospitality building features a swimming pool and on-site restaurant. The 148,514-square…
Difference in Pricing of Class A, B, and C Office Leases in Miami-Dade County
Ten Year Chart Comparing Gross Asking Rent for Class A (yellow), B (maroon), and C (purple) Office Properties in Miami-Dade County Chart Courtesy of Costar as of 11/11/16. Having recently run into a situation where an office building seemed to be classified lower than it actually is, we wondered what…
Condo-Turned-Rental Project In Little Havana Trades For $89 Million
The sale of the newly built InTown apartment complex at 1900 Southwest Eighth Street gives further credence to the trend of national investors favoring South Florida rental properties.