Foundation Completed for One Park Tower at SoLé Mia in North Miami
Turnberry has completed the foundation pour for ONE Park Tower by Turnberry, a 33-story ultra-luxury condominium tower within the 184-acre master-planned community of SoLé Mia in North Miami. The tower, located at 2411 Laguna Circle, will feature 292 residences overlooking a seven-acre Crystal Lagoon® and natural landscapes. The project is designed by Arquitectonica…
Citadel Unveils Conceptual Plans for 1,032-Foot Super-Tall Tower at 1201 Brickell Bay Drive
Conceptual plans for Citadel’s new supertall tower in Brickell have been revealed, marking a significant addition to Miami’s ever-evolving skyline. The tower, set to rise 1,032 feet above sea level at 1201 Brickell Bay Drive, is the first phase of a multi-phase development that aims to reshape the landscape of Miami’s bustling financial district. The property is approximately 4.17 acres…
Conceptual Plans Revealed For 1,032′ Supertall At Citadel’s 1201 Brickell Bay Drive Property
Conceptual plans have just been revealed for a new Brickell supertall. Details of the multi-phase project were unveiled in a filing with county planners this morning. 1201 Brickell Bay Drive is planned to rise 1,032 feet above sea level with 54 stories, and include: 1,293,373 square feet of office area 212 hotel rooms and accessory uses, including health spa, fitness club, ballroom…
Details, renderings revealed for billionaire Ken Griffin’s $1B Miami supertall
Billionaire hedge fund manager Ken Griffin spent $670 million assembling land in Miami’s Brickell neighborhood in 2022, generating huge interest in his companies’ move to South Florida. Now his attorney has filed more detailed plans for the proposed supertall, a mixed-use tower with nearly 1.3 million square feet of office space, a 212-room hotel, fine dining restaurants with 915 seats…
Plans Revealed For Citadel’s Miami Supertall Headquarters Tower
Citadel CEO Ken Griffin filed plans for the hedge fund’s 1,032-foot-tall Miami headquarters, revealing plans for a tapering supertall with office space topped by a hotel. The hedge fund’s leader is planning a tower at 1201 Brickell Bay Drive with 1.3M SF of office space and 212 hotel rooms across its highest 14 floors, according to records submitted to Miami-Dade County Monday.
Santander To Demolish Brickell Office To Make Way For 41-Story Tower
At least four office towers are planned in Miami’s financial district of Brickell, with some developers searching for anchor tenants for their properties before beginning construction. Meanwhile, Santander Bank is plowing ahead. The Madrid-based bank will begin demolition of its Brickell office building in the next few weeks to make way for a new 41-story tower, it announced…
Watson Island developers plan two hotels, residences, more
Two Miami developers are teaming up to update a 20-year-old vision and revive 10.8 acres of city-owned land on the south side of Watson Island with reduced density and more open, walkable space for the public, including a 1,000-foot waterfront promenade along the bay. This November, city residents will be asked to approve Watson Harbour, a mixed-use development…
Doral OKs 552 residences, 10% for workforce
Development plans for Doral Parc: Midtown Doral Phase IV, V & VI are moving forward in the most northern part of Doral. Doral city officials approved the mixed-use development of 552 units across three 10-story buildings. Situated on the east side of Northwest 107th Avenue, between Northwest 86th and Northwest 90th streets, Doral Parc is to feature a mix of one-, two…
MG expands development pipeline into Doral
MG Developer is adding Doral to its mixed-use project pipeline. The Coral Gables-based firm and its partner, Ernesto de Luca, who owns a printing company in Doral, are planning Doral Parc, a complex of three buildings with 552 apartments, nearly 23,000 square feet of ground-floor retail and two garages, a press release states. The city of Doral recently approved the mixed-use…
A developer proposes a 119-unit multifamily building near Miami’s Culmer Metrorail Station, amid a record South Florida apartment construction pipeline. New York-based Urban Builders Collaborative, through an affiliate, wants to develop the 16-story building on a 0.8-acre vacant site at 1136 Northwest Eighth Avenue, according to the developer’s application filed this month…
Condo Buyouts Stall As Developers Balk At Sellers Looking To ‘Hit The Jackpot
South Florida’s thousands of aging condos are at a crossroads. For unit owners it’s a crisis that will likely force hundreds of people out of their homes. For developers, it’s an opportunity to snap up some of the region’s most desirable development sites to build new luxury towers. Deadlines loom for condo owners to pay for expensive repairs mandated by a new law, creating…
Michael Lewis: It’s time for Florida to dig its oldest landmark out of the grave
More than 25 years ago, Miami Today reporter Marilyn Bowden revealed that an archaeologist’s dig at the mouth of the Miami River had uncovered a stone structure. Six months later the Miami Circle turned into a national sensation that everyone waited to see. Two weeks ago, we reported that parking is still lacking to get visitors to the site, where they still can’t see Miami’s most…
FIFA Expands Its Coral Gables Office Space As Workers Relocate From Zurich
Soccer’s international governing body leased another full floor to expand its recently opened office at 396 Alhambra Circle in Coral Gables, a spokesperson for Blanca Commercial Real Estate, which handles leasing at the property, confirmed. Bloomberg first reported the new deal, citing anonymous sources. FIFA, headquartered in Zurich, already has around 350 staff…
Resul Sahinol arrived in Miami in October 2023 after working in Washington as the Deputy Chief of Mission at the Turkish embassy. After serving ten months as the Chargé d’Affaires in Miami, Mr. Sahinol was officially appointed the Consul General for the Republic of Türkiye in Miami at the beginning of August. Established in 2014, the Turkish consulate in Miami caters…
$5.2M Sale of 17.5K Office Building in Miami Brokered
A broker has brokered the $5.2 million sale of an office building located at 2150 Coral Way in Miami. Jeremy Larkin and Craig Merlin of NAI Miami | Fort Lauderdale represented the seller, an entity doing business as Ocean Coral Way Inc., in the transaction. Alphatur LLC acquired the property, which totals 17,450 square feet and is situated along…
1,049-Foot Dolce&Gabbana Tower Submitted For Review
Plans for the Dolce&Gabbana Tower were submitted to Miami-Dade planners last week. According to a letter attached to the application, the developer is requesting administrative site plan review for the new building. The new filing shows the tower will rise 81 stories and include: 259 residential units 102,805 square feet of commercial uses, including retail, restaurant…
Coastland Residential plans a 371-unit multifamily project with workforce housing near Miami-Dade County’s Tropical Park, as developers continue to bet on below-market apartments. Pinecrest-based Coastland wants to build an eight-story building with 7,500 square feet of retail at 4201, 4321, 4351 and 4383 Southwest 75th Avenue in an unincorporated area…
Developer Lewis Swezy proposes a 132-unit, age-restricted affordable apartment project in Miami-Dade County’s Princeton neighborhood. The plan comes as South Florida developers continue to seize on low-income housing, which can better withstand the current economic climate of elevated interest rates, as well as skittish debt and equity funding.
Blue Suede nabs $27M loan to update two Miami Beach hotels and apartment building
Blue Suede Hospitality Group landed a $27 million loan to refurbish two Miami Beach hotels and an apartment building undergoing renovations. Franklin BSP Realty Trust, an affiliate of New York-based asset management firm Benefit Street Partners, provided the two-year mortgage secured by Kayak Miami Beach at 2216 Park Avenue, Blue Moon Hotel at 944 Collins Avenue…
Yakov Cohen adds Aventura big box store to North Miami-Dade holdings
Yakov Cohen expanded his holdings in northeast Miami-Dade County after paying $17.7 million for an Aventura big box store. An entity managed by Cohen and partner, Shimon Bouskila, both of whom are based in Sunny Isles Beach, acquired the single-story, 28,376-square-foot building at 18495 Biscayne Boulevard, records show. The deal breaks down to roughly $624 a square foot.
Foundation Pour Completed For 75-Story Baccarat Tower In Brickell
A foundation pour took place this weekend for Brickell’s 75-story Baccarat Residences tower. The pour began on Friday and continued into Saturday, according to Due Italiani a Miami. Roads were closed during the pour. Baccarat is approved by the FAA for a permanent height of 848 feet above ground. The development will include 324 tower residences, 8 penthouses and 28…
Foundation Pour Completed For 65-Story E11EVEN Beyond Tower
A foundation pour was completed over the weekend at the E11EVEN Residences Beyond tower in Park West, according to the developer’s social media. A total of 760 concrete trucks were pouring 6,800 cubic yards of concrete, the post said. It is the second E11EVEN tower to begin construction on the same block. Both towers are planned to top off at the same height of 699 feet…
Construction Now Underway At 58-Story Downtown Miami Tower, Downtown 6
Construction is now underway at the 58-story Downtown 6 tower, according to the SFBJ. Completion is expected in about two years, the report said. The tower is being built on the same block where the two 52-story Downtown 5th towers were completed in 2021 by the same developer. A total of 1,042 apartments are included in those towers. Also on the same block, the 70-story…
Miami at Low End Florida’s Most Expensive Apartment Markets, Ranked by Rent-to-Income
Palm Bay, located along the Atlantic coastline, just about an hour southeast of Orlando, claimed the state’s highest… Meanwhile, only one of Florida’s largest apartment markets boasted a rent-to-income ratio below the national norm: Lakeland at 22% as of July. Deltona, Tampa and Miami also posted rent-to-income ratios within 100 basis points of the national norm.
MG Developer, one of South Florida’s most prominent residential developers, has received approval from the City of Doral for Doral Parc: Midtown Doral Phase IV, V & VI, a premier mixed-use development with 552 units across three 10-story buildings, as well as 22,740 square feet of retail throughout two new parking garages. This ambitious project…
Developers Secure $178 Million Refinancing for Society Wynwood
National development firm Property Markets Group (PMG), in collaboration with Canadian-based private equity firm Greybrook Realty Partners (Greybrook), has secured $178 million in refinancing for Society Wynwood, a 10-story mixed-use building designed by MKDA at 176 Northwest 25th Street in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing…
Onicx Lands Refi for Miami Medical Office Building
The 104,238-square-foot Mercy Medical Arts building at 3683 S Miami Avenue came online in 2017. The Onicx Group has received $20.7 million in refinancing for Mercy Medical Arts, a 104,238-square-foot medical office building in Miami. Lake Michigan Credit Union provided the loan, according to Miami-Dade County records. Berkadia Medical & Life Sciences…
FAA Approves 637-Foot Height for Edge House Miami at 1825 Northeast 4th Avenue in Edgewater
The Federal Aviation Administration (FAA) has approved the height for Edge House Miami, a new 55-story condominium tower planned at 1825 Northeast 4th Avenue in Miami’s Edgewater neighborhood. According to an FAA determination letter issued on August 19, the tower can rise 637 feet above ground or 641 feet above sea level. Designed by Kobi Karp Architecture & Interior…
Doral Approves Mixed-Use Development with 552 Units and Retail Space at Midtown Doral
MG Developer has received approval from the City of Doral for Doral Parc: Midtown Doral Phase IV, V & VI, a mixed-use development that will include 552 units in three 10-story buildings and 22,740 square feet of retail space in two new parking garages. This project is a joint venture between MG Developer and Latin American entrepreneur Ernesto De Lucas. As Doral continues…
Funding keeps flowing: Two recently completed Miami mixed-use projects score loans totaling $237M
A pair of mixed-use projects built in the last two years in Miami’s Wynwood scored loans totaling $237 million. In the larger deal, funds managed by Ares Management and Monarch Alternative Capital provided a $178 million loan to an affiliate of New York and Miami-based Property Markets Group, or PMG, and Toronto-based Greybrook Realty Partners.
Miami’s Building Department has issued a site work permit for Villa Miami in Edgewater, marking a significant step forward in the development process. The permit, issued on August 2, comes with a revision filed on the same day and allows for excavation, piles, site improvement, and soil improvement. Moss & Associates is listed as the contractor on the permit, covering 22k sf…
Developer Royal Palm Companies Plans Branded Condo-Hotel In Miami With Up To 360 Units
Planning is now underway by a developer to build a branded condo-hotel in Miami, according to a press release. A rendering shows the building will have around 30 floors. The developer is working with the City of Miami to increase the site’s density to accommodate up to 360 units, the release said. An $8.36 million pre-development bridge loan was secured for the property…
Maturing Industrial Outdoor Storage Sector Sees New Opportunities For Growth
The industrial outdoor storage asset type has been maturing over the past several years and is now reaching a stage of transition that is creating new opportunities to create value for existing owners and new market entrants. Beginning about five years ago, investors began flocking to the IOS market and institutionalizing the asset class via aggregation. Smaller investment…
$8.36M Bridge Loan Secured for Condo-Hotel Development in Miami’s Arts & Entertainment District
Forman Capital has issued an $8.36 million pre-development bridge loan secured by a residential development site along North Miami Avenue in Miami’s Arts & Entertainment District. The borrower, Royal Palm Companies (RPC), led by Dan Kodsi, plans to develop a 40-story condo-hotel on the properties, likely under the Elevate brand. The transaction was finalized on August 16…
Dan Kodsi reworks plans for Miami resi tower, seeks density boost
Dan Kodsi’s Royal Palm Companies is reworking plans for a residential tower in Miami’s Arts & Entertainment District. When Kodsi and his former partner, Rafael Pecchio, acquired the site at 1317 to 1353 North Miami Avenue two years ago, they planned to build a 200-unit apartment building. Now, Royal Palm is moving forward with a roughly 30-story condo tower, joining other…
Meta Development launches sales for boutique Coconut Grove condos
Meta Development launched sales for a boutique Kobi Karp-designed condo project in Coconut Grove, with prices starting at $2.5 million. Meta, a joint venture between Miami-based Lucid Investment Group and Brazil’s Iron Capital, is planning Opus Coconut Grove for the site at 3137 Southwest 27th Avenue, according to a press release. The planned six-story building will have 14 units…
Rockpoint Lands $59M For Strata Wynwood
Rockpoint, a Boston-based private equity firm, secured a $59M loan from Fannie Mae for the residential portion of the mixed-use Strata Wynwood, according to a release. Strata Wynwood, at 21 NE 22nd St., was completed by CIM Group in 2022. It includes 257 apartments, 60K SF of creative office space atop a 474-car parking garage. CIM Group sold the property to Rockpoint…
Continental Realty Corp. Sells Davie Shopping Center for $22M
Completed in 1984, Ridge Plaza encompasses four buildings spread on some 13 acres. Image courtesy of JLL Capital Markets Continental Realty Corp. has sold Ridge Plaza, a 138,554-square-foot regional shopping center in Davie, Fla. An affiliate of JBL Asset Management purchased the asset for $22.3 million. JLL Capital Markets represented the seller. The shopping center…
Continental Realty sells Davie shopping plaza for $22M, amid uptick in retail deals
JBL Asset Management, through an affiliate, bought the Ridge Plaza retail center in Davie for $22.3 million, marking an uptick in shopping center deals. Continental Realty Corporation sold the 138,600-square-foot property at 9000-9200 West State Road 84, according to a news release from the seller’s broker. Danny Finkle and Eric Williams were part of the…
Alliance HP’s downtown Fort Lauderdale office tower faces foreclosure
Alliance HP could lose a downtown Fort Lauderdale office tower to foreclosure. An affiliate of Atlanta-based lender Trimont on Tuesday filed a foreclosure complaint in Broward County Circuit Court that alleges Bryn Mawr, Pennsylvania-based Alliance HP defaulted on a $59.2 million mortgage that matured in October of last year, according to real estate database Vizzda…
‘Oaklyn Crossing’ to Offer 101 Units and Retail Space at 3520 N.W. 9 Ave. in Broward County
About two acres of riverfront land in Broward County could be developed into an affordable housing development. Oaklyn Crossing (not to be confused with “Oaklyn”) would measure 62 feet high, offering 101 residences. The South Florida Business Journal reports that units would range from studio to two-bedroom floorplans. Other features include 170 parking spots and…
Grant Cardone is on a Broward multifamily buying binge, paying more than $200M for two projects
Grant Cardone can’t get enough of Broward County. In recent months, funds affiliated with his Aventura-based Cardone Capital acquired two apartment complexes in Fort Lauderdale and Plantation as part of a half billion-dollar shopping spree across Florida. Cardone, a crowd-funding multifamily syndicator and business advice guru is also possibly buying a third Broward…
Buyers sue developer of long delayed Mandarin Oriental Boca Raton
Frank and Nancy Scala signed a contract for a condo at Mandarin Oriental in Boca Raton, and expected to close on their unit in June 2021. That year, the Scalas sold their waterfront home in Boca Raton. They provided the developer with a nearly $1.3 million deposit. But the closing date for their $4.1 million condo came and went. According to their contract with the developer…
Boca Raton couple siphoned over $40M from investors in a real estate fraud, SEC alleges
A Boca Raton couple siphoned off most of the $56 million they raised from 660 people nationwide for purported real estate investments, according to a Securities and Exchange Commission lawsuit. West Palm Beach-based Wells Real Estate Investment, company CEO Janalie C. Bingham and her husband, Jean Joseph, promised investors their funds would go toward purchasing…
Tribune parent’s real estate arm expands West Palm Beach industrial portfolio
Twenty Lake Holdings, a subsidiary of Tribune Publishing owner Alden Global Capital, is expanding its industrial portfolio in West Palm Beach. An affiliate of Stamford, Connecticut-based Twenty Lake purchased five warehouses spanning 57,282 square feet at 601 Roseland Drive, records and real estate database Vizzda show. The deal breaks down to $262 per square foot.
The joint venture that owns Northbridge Centre in downtown West Palm Beach, known as the “Darth Vader building,” landed a $96 million refinancing for the office tower. Vanderbilt Office Properties and Trinity Capital Advisors scored the refinancing for the tower at 515 North Flagler Drive from BMO, according to a news release from the landlords’ broker.
Q&A with a U.S. Practice Lead for Hospitality and Leisure
Like many other sectors of commercial real estate, the hospitality industry is entering a new normal as it seeks firm footing after severe ups and downs brought on by the COVID-19 pandemic. Hospitality now must deal with less business travel, a cooling of the leisure travel market and higher costs. In June, Scotsman Guide spoke with Tom Rowley, an executive managing…
The Warehouse Of The Future: Where Sci-Fi Meets Supply Chain
Traditional warehouses are dangerous workplaces. Warehouse injuries and illnesses nearly doubled from 42,500 to 80,500 between 2016 and 2021. In 2022, forklift accidents caused 73 deaths and thousands of lost work hours in 2021-2022. While the increase in the number of warehouses during these five years may inflate the statistics, the raw numbers still paint a hazardous work…
BNN Bloomberg Video: Christian Ulbrich sees real estate prices stabilizing globally
The Conversation: A Deep Dive into the Real Estate Sector. In a recent segment on BNN Bloomberg’s Trading Day, Amber Kanwar engaged in an insightful conversation with Christian Ulbrich, Global CEO of Jones Lang LaSalle (JLL), about the current state of the real estate market, the impact of potential rate cuts, and the evolving trends in the sector. The discussion provided…
Office Loan Maturity Monitor: U.G.L.Y.: Underperformance Grows vs Last Year
Highlights: A total of $880 million across 28 CMBS office loans reached fully extended maturity in July with a dismal payoff rate of 14%. Maturities with debt yield below 8% and limited lease rollover have underperformed but there are very few observations. Loan size continues to be a significant factor in whether or not a loan pays off but all sizes trail 2023. Spotlight: How a pickup…
Moody’s Identifies Oversupplied Multifamily Markets
Highlights: As of the second quarter of 2024, our 82 primary multifamily markets were evaluated based on their level of excess supply (or demand). Excess supply was measured by total completions less net absorption on a rolling 12-month basis – positive values imply excess supply and negative values excess demand. Excess supply (or demand) was then expressed as a percentage…
National Heat Strategy’s Vision Supports Resilience for CRE
July 22, 2024 was the hottest day on record, with extreme heat baking various parts of the US and the world throughout this summer. Known as the silent killer, extreme heat is the top weather-related cause of death in the US. While it sometimes gets less attention than storms and wildfires which cause structural damage and substantial insurance claims, extreme heat also…
Study: Florida Gained the Most High Income Households Last year
Florida is by far the top state where high income households are moving to, according to a recent analysis. SmartAsset analyzed IRS data from the 2021-2022 tax year for the study. Florida had a net inflow of 29,771 high-income households during the period. That includes 46,874 arriving high-income households, and 17,103 moving elsewhere. The average income of high-earning…
The commercial real estate market has been under the microscope lately, especially with the specter of distress looming large across various sectors. This topic took center stage in a recent episode of America’s Commercial Real Estate Show featuring Jim Costello, Chief Economist at MSCI Real Assets. The discussion provided critical insights into the state of distressed assets…
JP Morgan: Three reasons we see a potential comeback in commercial real estate nationally
The menacing commercial real estate (CRE) headlines just won’t stop. “U.S. office prices headed for ‘severe crash.” “Wall Street braces for commercial real estate time bomb.” The headlines suggest things will likely get worse. We disagree. CRE property prices have fallen 12%, in aggregate, since peaking in 2022. Following the fastest Federal Reserve (Fed) hiking cycle since the early 1980s…
Florida’s top affordable housing issues
The affordable housing statistics in Florida are staggering. The Sunshine State has only 25 affordable and available rental homes for every 100 extremely low-income renters, according to The Gap report from the National Low Income Housing Coalition. Most extremely low-income Florida renters—82%, the second highest in the country—are severely cost-burdened.