Mill Creek Residential scaled back the second phase of its Modera Aventura multifamily project, nearly halving the building plans. The Boca Raton-based firm now proposes an eight-story, 251-unit project, down from its previous plan for 15 stories and 420 units, according to Mill Creek’s application to Miami-Dade County submitted on Monday. The proposal also is for…
Related Group’s affordable housing division proposes a 316-unit public housing project near West Little River, marking an expansion of the firm’s previously planned project on the site. Related Urban wants to build a 12-story building on the 4-acre site at 860, 930 and 950 Northwest 95th Street in unincorporated Miami-Dade County, according to an application. The project…
Trump National Doral seeks approval for 1,500 condos
The Trump Organization is reviving plans to expand Trump National Doral Miami, with up to 1,500 luxury condos and commercial space. An affiliate of Donald Trump’s firm is seeking a zoning change for 56.4 acres of the property at 4400 Northwest 87th Avenue in Doral to the city’s downtown mixed-use zoning. Trump Endeavor 12 LLC will go before the Doral City…
Donald Trump leaves his name off a luxe condo complex he’s building in Doral
Donald Trump plans to bring luxury condominiums to a Miami suburb, but they’re missing one notable selling point: Trump’s name. The former president’s latest South Florida real estate play moved closer to reality on Wednesday evening when the Doral City Council gave preliminary approval for the residential and commercial complex he wants to build on the edge…
Miami awaits judgment to remove final giant billboard
After striking down an ordinance that allowed extra-large LED billboards to rise in downtown Miami, the city is waiting for a declaratory judgment to take down one last sign. In a 4-1 vote on May 23, city commissioners rolled back a January 2023 resolution that allowed for 100-foot-tall, illuminated, multi-faced signs up to 1,080 square feet at an expanded list of locations including…
Bridge Industrial Begins Miami Project
Bridge Industrial is beginning a new project for a two-industrial building development in Miami, Florida. The privately owned real estate firm will start by first demolishing the former headquarters of logistics company Ryder System at 11690 Northwest 105th Street. That will make room for the new site on 16.8 acres, called Bridge Point Flagler Station. It will feature two industrial LEED…
Loews getting $305M refi for oceanfront Miami Beach resort
Loews Corporation is getting a $305 million refinancing of the loan backing its oceanfront Miami Beach resort. The financing is for the 5-acre, 790-key hotel at 1601 Collins Avenue in Miami Beach. Wells Fargo, National Association and JPMorgan Chase Bank are originating the loan, according to Fitch Ratings. It’s expected to close on Sept. 10. A spokesperson for Loews did not respond…
South Florida submarkets see rent declines, amid hefty new apartment supply
Across South Florida, some municipalities are experiencing a drop in apartment rents, marking a sharp turnaround from the tri-county region’s record rate hikes of recent years, a new report shows. Although this comes as bad news for landlords and a welcome reprieve for cost-burdened tenants, the rent declines in some areas may not be indicative of a long-term region-wide trend…
Naftali scores $35M loan for planned Miami Worldcenter high-rise
Naftali Group secured a $35 million pre-development loan for its mixed-use condo and rental tower at Miami Worldcenter. The New York-based developer obtained the financing from BHI, the U.S. arm of Israel-based Bank Hapoalim, according to a press release. The loan is for the planned 70-story high-rise at 1016 Northeast Second Avenue in downtown Miami. Naftali’s…
Doral Continues To Grow And Improve Its Reputation
“Doral continues to grow and improve its reputation.” This was stated by the Economic Developer of the city of Doral, Manuel Pila, after reviewing the economic analysis of Doral recently presented by Florida International University (FIU), which shows that Doral has an excellent reputation as a safe, modern, and efficient city for business. “The economic momentum…”
Citigroup Center Signs 46,000 SF of Lease Agreements
Citigroup Center is keeping and welcoming a series of tenants to its building thanks to the landlord striking roughly 46,000 square feet of lease agreements. The 34-story 810,000 square feet tower has kept four existing companies in addition to bringing in three new ones. The largest occupancy came from a new tenant, classified as a “large full service law firm,” which signed a lease…
Superior Manor Apartments Phase II Completes Construction In Liberty City
ANF has completed construction on the second phase of Superior Manor Apartments, a 76-unit affordable housing development in Miami’s Liberty City neighborhood. This project was developed by New Urban Development, the real estate affiliate of the Urban League of Greater Miami. Superior Manor Apartments Phase II provides affordable housing for residents earning…
Luxury South Beach Hotel Owner Proposes 561 Apartments In North Miami
A parcel in North Miami that has been vacant for more than 15 years could become the site of a 561-unit multifamily development. The development on the 4-acre site at 11400 Biscayne Blvd. would rise up to 15 stories and include 20K SF of ground-floor commercial space and a 723-car garage. Around 84 of the apartments would be designated as workforce housing, according…
Shvo Lays Off Miami Staff As Hurdles Mount For Ambitious Projects
Michael Shvo’s eponymous development firm is scaling back operations in South Florida despite having two projects in the early stages of construction. Shvo is down to four full-time office staff in South Florida after several employees were laid off last week, Bisnow has learned. The terminations — announced at a staff meeting on Wednesday, multiple sources said — were the latest…
Miami private credit firm raises over $670M for commercial real estate loan fund
A Miami-based private credit firm that specializes in commercial real estate lending raised $670 million for its latest fund. BridgeInvest announced Aug. 12 that it closed its fourth vintage specialty credit fund that will provide collateral-backed financing to existing properties or ones that are being renovated or repurposed ranging from $20 million to $150 million. The fund will target…
Heightened demand? MHG, Miami investor buy South Florida hotels
A Miami-based investment firm and a Midwest hospitality company… The deals come at a dubious time for South Florida’s hospitality market, as hotel investment sales… have faced financial woes. In the bigger deal, Brickell-based entity Habitus SPV Miami Airport BB1 bought the six-story, 110-key hotel at 5125 Northwest 36th Street in Miami Springs, near Miami International Airport…
Miami-Dade’s aviation department moving to new digs after $26M purchase of office building near MIA
Miami-Dade County paid $26.3 million for an office building for its aviation department. The county bought the six-story, 112,500-square-foot building at 7200 Northwest 19th Street in an unincorporated area of the county, north of Miami International Airport, from Walton Street Capital, according to records and real estate database Vizzda. Completed in 1982, the building…
CGI Merchant loses downtown Miami Gabriel hotel in UCC auction
CGI Merchant Group lost its downtown Miami hotel at 1100 Biscayne Boulevard in a UCC auction, marking the second time this week the firm parted with one of its properties due to debt woes. Coconut Grove-based CGI Merchant, led by founder and CEO Raoul Thomas, has been fighting foreclosure filings by lenders on three of its biggest hotels this year. Issues partly stem from elevated interest rates…
“A lot of square footage”: Six office buildings are on tap in Miami Beach. Will all get leased?
As South Florida became a magnet for out-of-state companies in the past four years, Miami Beach emerged as a budding office market. The city landed major leases at record rents during the influx of financial firms, family offices, hedge funds and other businesses. Developers seized on the boom, with plans for new Miami Beach projects. In all, six buildings are on tap…
Daniel Motha, Rishi Kapoor’s former right hand, fights SEC subpoena for emails
Daniel Motha played an integral role helping Rishi Kapoor establish Location Ventures. Now, Motha is fighting the U.S. Securities & Exchange Commission’s efforts to pry company information out of him. Motha, a former CFO for defunct Coral Gables-based Location Ventures, wants a Miami federal judge to deny a subpoena filed by the SEC seeking his tax returns, emails…
Lease roundup: Downtown Miami’s Citigroup Center, Hollo family’s 1101 Brickell land tenants
Law firm Fowler White Burnett will move its office to downtown Miami from the city’s Brickell neighborhood. The firm is one of two tenants that leased at the 34-story Citigroup Center at 201 South Biscayne Boulevard. Citigroup Center’s ownership team announced that a law firm leased 18,800 square feet at the tower and seafood company Pescanova leased 2,500 square feet.
Multiplan launches sales for oceanfront Surfside condos
Multiplan Real Estate Asset Management is launching sales of a planned boutique oceanfront condo building in Surfside, seven months after buying the site. The 12-story building, dubbed Ocean House, at 9317 Collins Avenue, will have 25 units, according to a press release. Prices start at $5 million. Multiplan CEO Marcelo Kingston said the firm plans to price the project’s penthouse…
13th Floor Investments landed an $83 million construction loan for a planned 398-unit apartment complex in Hallandale Beach. The deal comes as South Florida is experiencing a continued flow of financing, despite elevated interest rates, and a record multifamily construction popeline. 13th Floor, led by managing partner Arnaud Karsenti, is developing the five-story…
Developer Giuseppe Iadisernia scored an $85 million construction loan for a 250-unit Hallandale Beach condo tower. The deal comes as South Florida construction lending continues to flow, especially for condo projects, despite elevated interest rates and economic uncertainty. Iadisernia scored the financing for the 25-story West tower, which is already under construction…
‘The Horizon of Oakland Park’ Gets Site Plan Approval for Broward County
Two developers have secured approval from Oakland Park city officials regarding a mixed-use venture in Broward County. The Horizon of Oakland Park will offer 331 apartments and retail space in two mid-rise buildings. The South Florida Business Journal reports that 10 percent of the homes (averaging to about 33) would be reserved as workforce housing. Communal amenities…
Billionaire Bill Malhotra plans 220-room hotel in Pompano Beach
Claridge Homes, a Canadian real estate development company led by billionaire Bill Malhotra, plans to build a 15-story, 220-room Courtyard by Marriott hotel near the oceanfront in Pompano Beach. Ottawa-based Claridge last year paid $4.5 million to acquire the development site at 101 South Ocean Boulevard, now the site of a vacant two-story office building…
Pier Sixty-Six in Fort Lauderdale Nears Completion, Announces Pioneering Spa Concept
Pier Sixty-Six is nearing completion and is on track for a Fall 2024 opening. Located on 32 waterfront acres along the Intracoastal Waterway in Fort Lauderdale, the redevelopment by Tavistock Development Company includes a world-class resort with 325 guestrooms and suites, 12 dining destinations, 40,000 square feet of event space, and62 condominiums.
Developer Seeks Funding for ‘the Villages at East Ocean’ at 405 E. Ocean Avenue in Boynton Beach
In 2017, Edgewater Capital Investments secured approval for the Villages at East Ocean, a mixed-use complex in Boynton Beach. Now, seven years later, the Miami-based firm is seeking $12.5 million in city incentives to move the project forward. Developers originally secured approval for an eight-story building with 371 apartments and 15,757 square feet of retail. Current plans…
ALINA 210 Receives Early TCO At 200 SE Mizner Boulevard in Downtown Boca Raton
El-Ad National Properties, a South Florida-based subsidiary of the Elad Group, has announced that ALINA 210, part of the second phase of the ALINA Residences in downtown Boca Raton, received its temporary certificate of occupancy (TCO) ahead of schedule on July 26, 2024. The nine-story building at 200 Southeast Mizner Boulevard, which features 30 residences, is now…
Alba Palm Begins Vertical Ascent At 4714 North Flagler Drive In West Palm Beach
Construction is ascending on Alba Palm Beach, a 22-story residential building at 4714 North Flagler Drive along the Intracoastal Waterway in West Palm Beach. Designed by Spina O’Rourke + Partners with Schmidt Nichols as the landscape architect and developed by BGI Companies and Blue Road Group, the 262-foot-tall structure will offer 55 residences, including four…
Bessemer Trust sells Palm Beach building for $19M, opting for newer digs
Bessemer Trust sold a Palm Beach office building for $18.7 million to a mystery buyer. New York-based Bessemer, a private wealth management firm, sold the two-story, 11,700-square-foot office building at 222 Royal Palm Way, according to records and real estate database Vizzda. The buying entity, 222 RPW LLC, ties to Gunster attorney Bradley McPherson.
Helgstrand Dressage sells remainder of Wellington sales center for $24M
Helgstrand Dressage sold the remaining 45 acres of its Wellington sales center for $23.6 million, just two years after selling off about half of the original property. The deal follows a tumultuous few years for the horse training and sales operation founded by dressage rider Andreas Helgstrand. In addition to a battle playing out for the horse show in Wellington, a documentary…
Calculating net operating income in multifamily real estate
Net operating income is a metric that can help commercial real estate investors evaluate a property’s performance and estimate its value. Here’s how it works. Calculating net operating income (NOI) is relatively straightforward, but it’s an important metric for multifamily investors. It can help assess a property’s profitability, estimate its value and compare potential investment….
The Fed: Signals of continued economic resilience from the output gap
At the July 31 FOMC press conference, Chair Powell said “recent indicators suggest that economic activity has continued to expand at a solid pace,” even in the face of a labor market that appears to be normalizing. Real GDP growth picked up significantly in the second quarter of 2024, according to the BEA’s advanced estimate, at an annualized rate of 2.8%. While this output…
Real Estate in Focus: Signs of Recovery After the Shocks
Key findings: Global commercial real estate is showing signs of recovery from the slowdown sparked by higher interest rates. Sales of commercial property worldwide in the second quarter of 2024 matched the levels of the same period in 2023, and price declines in the U.S. moderated. Challenges remain, including fears that slowing U.S. job growth could lead to an abrupt…
Using the cash-on-cash return in real estate
Cash-on-cash return is a common metric real estate investors use to measure how much cash flow they can expect from the equity they invest. Using the cash-on-cash return in real estate helps investors estimate how much cash flow each dollar invested in a deal will generate. In other words, it assesses how efficiently the cash, or equity, invested in a property will create…
The Amazing New Residential Buildings Being Developed with Office Space
One of the latest trends in the balance between work from an office and working from home worldwide has arrived in Miami. Mixed use Buildings, with Residential Condos with office spaces are the perfect mix for those looking to live and work in the same place, without doing it completely from home, just taking the elevator to work, without worrying about traffic, weather…
How U.S. elections could impact multifamily real estate
Key takeaways: The results of the upcoming election cycle will influence fiscal and regulatory policies affecting commercial real estate.
Because of legislators’ role in spending, the outcomes of Congressional contests are also important to consider. The results of local elections may be even more impactful, as they can influence city and state policies, such as zoning…
U.S. Inflation Falls Below 3% for the First Time in Over Three Years
The Federal Reserve’s efforts to curb inflation appear to be working, as consumer prices continued to trend down in July. The news could signal an interest rate cut by the Fed in September. The price of goods and services paid by U.S. consumers rose 2.9% in the year-ending July, according to the Consumer Price Index (CPI) for All Urban Consumers measured by the Bureau…