Brickell City Centre Retail Remains 100% Leased At End Of Q2, Swire Says
Brickell City Centre’s shopping mall continues to be 100% occupied, according to a quarterly release by owner Swire Properties. Swire’s second quarter earnings report was released to investors on August 2. It shows that the space was 100% occupied as of Jun 30, as it also was on December 31, 2023. The tally includes space allocated to prospective tenants who have signed letters…
Tricera Capital joined forces with Miami Beach-based real estate investors Scott Robins and Philip Levine to buy Aby Rosen’s Lincoln Road retail building at a discount. The joint venture paid $13.6 million for a single-story storefront at 318-334 Lincoln Road, according to a press release. An affiliate of RFR Realty, the New York-based firm founded by Rosen and Michael Fuchs…
Torose Equities is expanding its reach, adding a Lincoln Road retail building in Miami Beach to its commercial portfolio, acquired at a discount. An affiliate of Miami-based Torose, led by principal Scott Sherman, bought 910 Lincoln Road, a two-story storefront spanning 8,700 square feet, records show. Torose paid $10.4 million for the property, partially financing the purchase…
Torose Equities Taking Advantage of ‘Wealth Migration’ in Miami Retail
The retail segment of CRE is thriving thanks to consumer demand – and Torose Equities is seizing the opportunity in Miami. Particularly, Scott Sherman, founder and principal of the real estate investment firm told GlobeSt that demand has been “strong” in the past year or two. “It’s become a more favorable asset class,” he said. “You’re seeing a lot of capital still actively pursuing…
Foundation Pour Completed At 62-Story Aria Reserve North Tower
A foundation pour was completed over the weekend at the 62-story Aria Reserve North Tower, according to a social media post by shell contractor L&R Structural Corp. Miami Building Department Records show a master construction permit for the tower was issued on June 11, with construction cranes installed shortly after. Aris Reserve includes twin towers, each rising…
CMC, Morabito finish Bay Harbor Islands condo project
CMC Group and Morabito Properties completed Onda Residences, their waterfront luxury Bay Harbor Islands condo project. The joint venture has sold all but three units in the eight-story, 41-unit condominium at 1135 103rd Street, according to a company statement. Ugo Colombo’s CMC and Valerio Morabito’s Morabito launched sales for the project three years ago and have…
Miami-Dade Map Shows Where Supertalls Are Permitted In Miami
Below is the the Airport Height Restriction Zones Map for Miami International Airport, issued by Miami-Dade. The map shows that parts of Downtown and Brickell allow for buildings of 1,049 feet above mean sea level, or supertall height. Park West property owners can develop up to 709 feet, while most of Edgewater is in a zone allowing 649 feet. Developers wanting to build…
Nuveen, Pimco list Waterford offices for sale, as Miami-Dade properties keep hitting the market
Nuveen Real Estate and Pimco put an office building at the Waterford Business District in Miami-Dade County on the market, The Real Deal has learned. The companies listed the 10-story 1000 Waterford at 1000 Northwest 57th Court, across from Miami International Airport, according to listing brokers… Bids for the building, which hit the market unpriced…
Okan Tower Construction Workers Warm Up ‘Like Athletes’
Construction crew at the Okan Tower construction site are warming up and stretching before work, “like athletes,” according to the social media feed of contractor Jacob Companies. Photos uploaded this week show workers pouring walls and columns, while preparing slabs. Okan Tower will eventually reach a height of 70 stories, or 902 feet, making it one of the tallest in Miami.
Across South Florida, developers are building a record number of multifamily units. The booming pipeline comes as the tri-county region’s leasing frenzy has slowed and unbridled rent growth has calmed. By year-end, developers are expected to finish 23,863 units across South Florida, the highest number since 2002, according to Berkadia’s mid-year multifamily report.
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…
M-Tower Gets Residential Density Boost With New Utilities Agreement
Miami Dade’s Water and Sewer Department has agreed to provide utilities for additional units beyond what was originally planned for M-Tower, a 57-story residential building planned at 56 Southwest 1st Street in downtown Miami. The revised utility agreement, recorded in early July, now states the development will include 765 apartments, 4,708 square feet of retail, and 5,000 sf…
Second Phase of Caribbean Isles Could Offer 142 Residences at 19755 SW 110th Court in Miami
Miami-based Caribbean Village LTD., an affiliate of Pinnacle Housing, hopes to get approval for revised plans regarding the second phase of Caribbean Isles. The first phase, which finished construction in 2019, currently offers 123 units geared toward seniors. The second phase would offer 142 affordable housing units in an eight-story building. This is a 42 percent increase…
33-Story Tower At Miami Worldcenter Celebrates Top Off
The 33-story Crosby Miami Worldcenter has topped off, according to contractor Beauchamp Construction Co. A celebration to mark the event was held on July 19. Groundbreaking for the tower took place in January 2023. The Crosby has a permanent height of 390 feet. It will include: 450 condo units (allowing short-term rentals) 22,000+ square feet of amenities rooftop bar…
40-Story Downtown Miami Tower Without Parking Garage Tops Off After Just 18 Months
Downtown Miami’s 501 First tower topped off recently. The 40-story tower topped off in late June, just 18 months after breaking ground, according to an Instagram post. Glazing installation is also now nearing completion. The development includes 448 residential condos allowing short-term rentals, along with 3,198 square feet of retail. No parking garage was built.
M-Tower Approved At 600+ Foot Height, Gets Utilities For More Units
M-Tower’s new height has been approved by the Federal Aviation Administration. Miami Dade’s Water and Sewer Department has also agreed to provide utilities for additional units over what was originally planned. According to an FAA determination letter issued in July, M-tower’s proposed height of 605 feet above ground and 615 feet above sea level does not represent…
Rendering Released For Miami-Dade Waste To Energy Facility, Largest In U.S.
Miami-Dade is planning the largest waste-to-energy facility in the U.S. AtkinsRéalis Group said today that it had been awarded a $65 million contract to oversee the project, and released a conceptual rendering. The facility could cost $1.5 billion, and be capable of processing 4,000 tons of waste per day. A location has not been selected yet. Only one new WTE facility…
1,000-unit pre-2010 plan near Miami River & 27th Avenue bridge revamped, OK’d
A 1,000-unit residential development first proposed years ago for a site near the Miami River and the 27th Avenue Bridge is moving ahead. Delaware Parkway is the first phase of a larger overall development known as the Miami River Rapids MUSP (Major Use Special Permit). The city’s Urban Development Review Board has unanimously recommended approval…
George Merrick’s meticulously planned Coral Gables, conceived a century ago, continues to be influenced by his visionary ideas – and by the laws that he implemented. We did a deep dive to see what strange ordinances are still on the books today and discovered a fascinating interplay between the City’s beginnings and the regulations that continue to shape our community.
North Miami Beach Development With Multiple Towers Rising Up 48 Stories Submitted For Review
Plans for the Uptown Harbor megaproject have been submitted to the North Miami Beach Planning and Zoning Board for review. Uptown Harbor is proposed to include ten high rise buildings, rising up to 48 stories, or 490 feet. The project is proposed to include: 375,000 SF of commercial-retail space 200,000 SF of office space 2,000 residential units 244-key hotel 4,743 garage…
Plat Documents Submitted For 600-Unit Development Across From Midtown Miami
Plat documents have been submitted to Miami-Dade for a proposed development across from Midtown Miami. The name of the new plat is Wynwood HQ. Wynwood HQ is planned to include a development with 598 apartment units, 12,836 square feet of retail, 4,997 square feet of office, and 3,327 square feet of restaurant, the filing states. North Miami Avenue, LLC is listed as the owner.
Miami-Dade Commissioner Eileen Higgins has provided an update on the county’s plan to add multiple rapid transit corridors, according to Local10. The 13.5 mile Northeast Corridor commuter rail will be under construction by the end of next year, she said. The Biden administration recently announced that it is recommending the project receive $263.7 million in federal funding.
Tom Brady Enterprises Signs 8,415 SF Office Lease at THE WELL Bay Harbor Islands in Miami
Tom Brady Enterprises (TBE) Capital Management has signed an 8,415-square-foot office lease at THE WELL Bay Harbor Islands, a mixed-use project currently under development in Miami. TBE will relocate its headquarters to a 113,000-square-foot office building located at 1177 Kane Concourse within the development. Scheduled to open in 2025, the office building…
Dezer seeks site plan, waivers approval for long-planned Uptown Harbour project
Four years after scoring a key approval for the redevelopment of North Miami Beach’s Intracoastal Mall, Dezer Development is taking the next step. Sunny Isles Beach-based Dezer wants to build the massive mixed-use Uptown Harbour on the 29-acre site of the Intracoastal Mall at 3501 Sunny Isles Boulevard, as well as 3745 and 3909 Northeast 163 Street. The project already…
Allapattah apartment complex proposed near transit station
ERF Investments has proposed a five-story apartment complex that includes workforce housing in the Allapattah neighborhood of Miami-Dade County. The North Miami Beach-based developer filed an administrative site plan with county officials for a 0.25-acre site on the west side of Northwest 23rd Court, just north of Northwest 38th Street. The vacant property is surrounded…
Lennar drops $28M on Homestead dev site, in contract for Princeton site
Records show Lennar bought a 59-acre site in Homestead for $28 million. The seller, J.F.M. Development Corporation, managed by Nelson Graveran, won approval for a 296 townhouse development on the land last year, Florida Yimby reported. Dubbed Palm Cove Reserve, the planned units would range between 1,400 square feet and 1,700 square feet with three…
Developers Sign Utility Agreement For Four Seasons Private Residences Coconut Grove
The developers behind the Four Seasons Private Residences Coconut Grove have signed a utility deal to connect the new 20-story tower to Miami-Dade’s water and sewer system, executed on June 25. According to Miami’s Water and Sewer Department, the agreement will permit the connection for up to 72 residential units and a 5,071-square-foot restaurant. A construction permit…
New Renderings Revealed for Cassia in Coral Gables’ Merrick Park District
New renderings have been revealed for Cassia, a 12-story residential development by Alta Developers in the heart of Coral Gables. This fully furnished luxury turnkey condominium, designed by Behar Font & Partners, is located at 4011 Salzedo Street in the Merrick Park District. Cassia will feature 174 residences, including one-, two-, and three-bedroom units ranging from 662…
Construction Completes on Onda Residences at 1135 103rd Street in Bay Harbor Islands
Construction on Onda Residences, an 8-story residential condominium designed by Arquitectonica in Miami’s Bay Harbor Islands, is complete upon receiving its Temporary Certificate of Occupancy (TCO). This milestone marks the delivery of the boutique waterfront tower located at 1135 103rd Street as owners move forward with unit closings and prepare to move into…
Miami’s Brickell Office Market Hits Record $200 Square Foot Rents in 2024
The Brickell area of downtown Miami’s office market has seen rental prices soar to new heights due to intense demand from blue-chip companies based in New York, Chicago, Los Angeles and Latin America seeking premium office locations, surpassing the available supply. Brazilian bank Banco Master has secured the final 26,000 square feet in the prestigious 830 Brickell…
‘Delmas North Apartments’ to Offer 80 Workforce Units at 13650 N.E. Second Court in Miami
Delmas North LLC is one step closer to breaking ground on an 80-unit apartment complex, thanks to the security of a $16.5 million construction loan. Our sources indicate that the Delmas North Apartments will measure six stories above grade, offering homes measuring 557 to 1,057 square feet each. As an affordable housing development, residency will…
Lease roundup: Venture X co-working on tap in Boca Raton, Brazilian bank opening at 830 Brickell
Co-working space provider Venture X will open in Boca Raton. Venture X leased 29,000 square feet on the top floor of the Palmetto Central office complex at 1489 and 1499 West Palmetto Park Road, according to a news release from the tenant’s broker. Venture X is expected to move in in the third quarter of next year. Derek Baker of Colliers represented Venture X.
South Florida commercial real estate sales volume rebounds in 2nd quarter
The sales volume for commercial real estate in South Florida increased in the second quarter despite high interest rates, according to property data firm Vizzda. Tempe, Arizona-based Vizzda tracked all commercial real estate sales of at least $1 million in the tri-county area. There were $4.17 billion in deals in the second quarter, up 21.6% from the first quarter, up increasing 3.5%…
Miami offers least apartment space for $1,500 in Florida, report says
The city of Miami offers the least amount of space for a $1,500-a-month apartment than any municipality surveyed by RentCafe, a recent report stated. According to the report from RentCafe, a rental listing website run by Santa Barbara-based proptech company Yardi, the average size for an apartment that charges $1,500 a month in Miami is 533 square feet. That is 200 feet below…
IP Capital Partners is looking to take advantage of one struggling asset class and one that is surging – the office and industrial sectors. Most notably the office space is looked at as a scary place for investors in the current landscape. Since the onset of the pandemic, the popularity of working from home has surged – hurting the office sector and driving up vacancies.
TM Residential Proposes 80-Unit ‘Shalimar II’ for 4800 SW 82nd Avenue in Davie
Miami-based TM Residential hopes to get a rezoning approval for a multi-family housing development in Davie. Shalimar II would require 85,000 square feet of new construction on a 4.85-acre build site. The South Florida Business Journal notes that plans call for 80 homes, measuring 767 to 1,731 square feet each. Floorplans span one-bedroom to three-bedroom designs.
In less than two weeks, Davie’s Planning & Zoning Board will hear plans for “Saddlebridge Downtown Davie”, a multi-family housing development in Broward County. The venture would be located on a mostly vacant parcel near the Bergeron Rodeo Grounds. If approved, it would yield 286 apartments in two four-story buildings connected by a pedestrian bridge. The units…
YMP Real Estate adds another Broward office complex to portfolio
For the second time in five months, YMP Real Estate beefed up its commercial portfolio by acquiring a Broward County office complex. An affiliate of Lauderdale Lakes-based YMP, led by Moshe and Yaffa Popack, paid $26 million for Commercial Place I and II, a pair of office buildings at 3230 and 3250 West Commercial Boulevard in Oakland Park, records show.
Developers Reveal Design Plans For 24-Story Tower At 20 N. Ocean Blvd. in Pompano Beach
The Related Group and BH Group have submitted design plans with proposed amendments for a new 24-story condo/hotel project designed by Nichols Architects along the oceanfront in Pompano Beach. The city’s Development Review Committee is set to review the plans for the 3.7-acre site at 20 North Ocean Boulevard on August 7. The developers, operating through…
Silver Star pays $27M for Delray Beach self-storage facility as part of company-wide pivot
Silver Star Properties paid $26.5 million for a Delray Beach self-storage facility as part of a company reorganization. Silver Star, led by co-CEOs David Wheeler and Gerald Haddock, acquired a two-building complex leased to Public Storage at 14810 Hagen Ranch Road, records and real estate database Vizzda show. The buyer obtained a $15.5 million loan that matures in 2026…
BDT & MSD nets $64M with $1B refi of Boca Raton Resort & Club
BDT & MSD Partners is making big equity gains thanks to a $1 billion refinancing of Boca Raton Resort & Club. Citi Real Estate Funding provided the two-year, floating-rate interest only loan, which replaces a previous $900 million debt secured by the 1,047-key luxury hotel and private club at 501 East Camino Real in Boca Raton, according to a Fitch Ratings report.
Developers File Plans for “the Gallery at Marina Village”, Located at 1300 Broadway in Riviera Beach
Three developers have filed plans for “the Gallery at Marina Village”, a mixed-use venture in Riviera Beach. Located on a vacant 2.45-acre parcel, the venture would comprise 418 apartments. The studio to three-bedroom units would measure 490 to 1,195 square feet each, with most hovering around 786 square feet. Related Group, Tezral Partners, and BH Group are leading the venture.
City Officials to Consider 25-Story Dormitory for 1200 S. Dixie Highway in West Palm Beach
In fall 2023, Palm Beach Atlantic University welcomed its largest incoming class—a record 3,800 students in its 55-year history. Now, to accommodate the Christian university’s growing size, it has plans for a 25-story dormitory. The South Florida Business Journal reports that the addition would require 358,400 square feet of new construction, replacing a 3,852-square-foot…
Centaur scores $160M loan for Panther National project in Avenir
Centaur Holdings landed a $160 million loan for Panther National, a planned luxury single-family home community near Palm Beach Gardens. West Palm Beach-based Southern Realty Trust and its affiliate, Sunrise Realty Trust, provided the financing, of which $85 million will refinance an existing note and the remainder will go toward the construction of Panther…
Adapting to Change: The Evolving Landscape of Retail Leasing
Where Retailers are Looking to Lease When scouting for lease locations, retailers prioritize visibility and accessibility for shoppers. This focus has boosted the appeal of open-air shopping centers over traditional, dimly lit malls, with even older, unrenovated centers thriving. These open-air shopping centers are usually located in the suburbs and considered safer bets for future…
Eric Eikenberg: Everglades Foundation CEO spearheads restoration plans
Since taking on the role of Everglades Foundation’s CEO in 2012, Eric Eikenberg has been South Florida’s leading voice on expediting restoration efforts and bringing extensive public awareness for the Everglades. During Mr. Eikenberg’s tenure as CEO, The Everglades Foundation has provided scientific, technical, and policy support to numerous decision-makers…
CRE Lenders and Investors Increase their Focus on Sustainability, Survey Finds
Amid more frequent extreme weather events, varying regulations and raised consumer focus on sustainability, real estate lenders and investors are increasing their focus on the topic. However, the drivers and details of that focus continue to shift, with implications for the CRE landscape of the future. Today I’ll summarize findings from the Commercial Real Estate Finance…
How AI is revolutionizing treasury in commercial real estate
From cash management to resident engagement, artificial intelligence (AI) can play a transformative role in commercial real estate. That’s particularly true for treasury management, which is key to optimizing liquidity and helps drive strategic decisions. The increasing complexity and volume of financial data can challenge traditional treasury management approaches.
Apartment Occupancy and Rent Growth Nationally Continue to Stabilize in July
The U.S. apartment market continued to stabilize in July. Occupancy in market-rate apartments held steady at 94.2% in July, marking the third straight month of occupancy remaining at that rate. Historically speaking, occupancy tends to level off in July. Effective asking rents grew 0.3% during the month of July. That was less than the typical July pace from the 2010s decade…
Citizens Property Insurance seeks approval for rate hike
Citizens Property Insurance requested a 13.5 percent rate hike that will likely affect property owners in the most expensive home insurance market in the country. The Florida-backed insurer needs a nearly 93-percent increase to match the private market, but state regulations cap the amount that rates can rise annually, Newsweek reported. The smaller jump would…