Three all-star teams of developers qualify to bid on $10B Miami-Dade project
Miami-Dade County’s ambitious plan to redevelop 17 acres of land in downtown Miami into a $10 billion mixed-use project will pit some of the biggest names in real estate against each other, The Real Deal has learned. Three all-star development teams have qualified to bid on a request for proposals to build Metrocenter, a mix of new office and residential towers on a hodgepodge…
Excel Miami Breaks Ground at 1550 NE Miami Place in Arts & Entertainment District
Shawmut Design and Construction and Clearline Real Estate have officially broken ground on Excel Miami, a 24-story residential tower located at 1550 NE Miami Place in Miami’s Arts & Entertainment District. The project will bring 427 rental apartments to the area, providing a range of housing options. Designed by Arquitectonica, with LEO A DALY serving as the…
University of Miami beefs up commercial portfolio with $68M Allapattah purchase
The University of Miami expanded its real estate portfolio near its Allapattah medical school… led by President Joseph James Echevarria, bought a strip mall with medical offices at 1050 Northwest 14th Street for $28 million; an adjacent parking lot for $34 million; and a former bank building at 1000 Northwest 14th Street for $6 million, records and real estate database…
Developers Propose Affordable Housing Complex at 17601 NW 78th Avenue in Hialeah
A 1960s-era shopping center in Miami-Dade County could be replaced with an affordable housing development. The Hub apartments (not to be confused with the HUB Miami) would measure five stories above grade and comprise close to 200,000 square feet of new construction. Of that square footage, 155,232 square feet would be 108 apartments, with the two-bedroom…
Developer Planning Tower Near Brickell City Centre Signs Public Benefits Agreement
The developer planning a 39-story residential tower a block from Brickell City Centre has signed a public benefits agreement to allow development to proceed. The agreement was recorded on December 10 and is for the former Starlite Motel property, which was recently demolished. The project is being developed under Miami-Dade’s Rapid Transit Zoning plan. A special…
Report: 340 Biscayne Scheduled For Auction
An auction is scheduled next week for the property at 340 Biscayne Boulevard, according to The Real Deal. The auction date is December 17, a public notice says. In 2014, plans were filed with Miami’s UDRB for the 77-story World Trade Center of the Americas on the site. The proposal included eight floors of office, ten floors of hotel, and 40 floors of residential, along with a parking…
Downtown Miami Holiday Inn hit with $70M UCC foreclosure, as debt woes pop up in South Florida
The Holiday Inn Port of Miami-Downtown is headed to a foreclosure auction. Lender Cirrus Real Estate Partners filed a Uniform Commercial Code foreclosure against the landlord tied to a $70 million loan on the 200-key hotel at 340 Biscayne Boulevard in downtown Miami, according to a public notice Cirrus filed last month. The auction is scheduled for next Tuesday.
Lore, Element Development to launch 48-unit boutique condo project in Coconut Grove
Brickell-based Lore, a real estate firm that’s a partnership between Leste Group and the Brazilian real estate firm Opportunity Fundo de Investimento Imobiliário, teamed up with Miami-based Element on the planned eight-story, 48-unit building at 2650 Lincoln Avenue, which shares the same address as 3151 Southwest 27th Avenue in Miami. Javier Lluch, president of Element…
Art Basel Miami Beach Economic Impact Similar To Super Bowl
Art Basel Miami Beach’s local economic impact hit a new record high this year, according to the SFBJ. The report cites research by BizCosts.com, which is a unit of Boca Raton’s The Boyd Co. Total economic impact rose 9.4% this year, to $547 million. In 2020, the Miami Super Bowl Host Committee released research stating the economic impact of hosting Super Bowl LIV…
Auto Showroom Planned At Mary Brickell Village
An auto-related commercial establishment is planned at Mary Brickell Village. Miami’s Office of Zoning issued a notification on December 6 that a final decision was complete on a warrant for the establishment. The project name is listed as Auto Showroom – Mary Brickell Village. It will be located in space 152 at the shopping center. A construction permit to build out 4,000 sf…
Developers Close On Purchase Of Tower 36 Site In Edgewater
The developers planning Tower 36 in Edgewater have completed the acquisition of the property and announced plans to build branded residences. Developer One Thousand Group paid $53M for the site where the tower will be built. A fence permit for the site was submitted last week, and a demolition permit for a former gas station on the site entered its third review cycle…
One Thousand Group pays $53M for dev site in Miami’s Edgewater
One Thousand Group paid $53 million for a development site in Edgewater, marking the group’s third project in the Miami neighborhood, The Real Deal has learned. The group, led by Louis Birdman, Kevin Venger and Michael Konig, acquired the assemblage at 3601 Biscayne Boulevard and 345 and 409 NE 36th Street, near the Miami Design District and the ramp to I-195…
The developer building the 67-story Mercedes Benz Places towers in Brickell is reporting strong sales. Michael Stern of JDS Development Group told The Times that it was the “fastest-selling residential project in the history of south Florida.” More than 50 nationalities are represented among the buyers, the report said. The Mercedes Benz Places towers will include 791 residential…
Brightline Breaks Another Ridership Record In November After New Train Cars Added
Brightline says it broke a long-distance ridership record in November after it added new train cars. A total of 155,939 long-distance passengers rode on Brightline last month – the most ever, and a 67% increase from November 2023. Long distance ridership is defined as being between the Miami area and Orlando. The ridership surge came after the company placed…
Report: Miami Was The Hottest Residential Rental Market Again In 2024
Miami was once again the strongest rental market in the nation in 2024, even though it cooled from last year, according to RentCafe’s Year-End Report. It is the third year in a row that Miami has held the title. During the year, Miami saw a 4.12% increase in new rental units added to its inventory (0.41% more than in 2023). 72% of Miami renters renewed their leases…
Miami may lease historic high school for commercial uses
Tucked amidst Brickell’s towering skyline, Miami’s first high school – a bungalow-style structure built in 1905 – may soon be reactivated as a public center with commercial, retail, restaurant and café spaces. Today (12/12), the Miami City Commission is to vote on a resolution to authorize a lease agreement with 191 SW 12 Owner LLC, the developer of One Southside Park…
Project for historic Salvation Army Citadel back to drawing board
A developer has plans to reactivate the rehabilitation of the historically designated Salvation Army Citadel building and the redevelopment of the adjacent property in a tower with 526 residences in the City of Miami. Owner-developer 49 NW 5th Street LLC is proposing the major rehabilitation of the historic site at 49 NW Fifth Street and 50 NW Sixth Street.
Chetrit scores financing, new partner for long-awaited Collins Park Hotel in Miami Beach
Chetrit Group is nearing the finish line of a long-awaited Miami Beach hotel project. Joe Chetrit’s firm refinanced its loan on the Collins Park Hotel at 2000 Park Avenue with Kawa Capital and brought in a new partner, The Real Deal has learned. The new loan from Kawa totals $88 million, and Chetrit Group chipped in a significant amount of capital, according to a source familiar…
Collins retail revival? Art Deco assemblage hits market for roughly $50M
Individually, the properties are listed at between $5 million to $20 million, according to the listings. The offerings include the building at 751 Collins Avenue, which was previously leased to Aldo Shoes; the building at 826 Collins Avenue, which was once home to a Levi’s store; and the building at 832 Collins Avenue, which was previously leased to a Barney’s New York Co-op store.
Miami funds target homeless housing in Cutler Bay
An $8 million investment from the City of Miami could help transform a former hotel in Cutler Bay into permanent housing for homeless and low-income residents. Miami commissioners are voting on a resolution today (12/12) to allocate monies from the city’s ARPA funds to the Miami-Dade County… to acquire and convert the La Quinta Inn & Suites at 10821 Caribbean Blvd…
Coral Gables City Hall repairs won’t be done until 2029
During Tuesday’s city commission meeting, Coral Gables officials were presented with a preliminary timeframe for all the renovations and repairs City Hall will need to be fully operational. They did not act on the information. Development and construction completion for the historic Coral Gables City Hall would be more toward the fall of 2029, José Gómez, the assistant city manager…
As president of nonprofit Partnership for Miami, Raul Moas leads a dynamic group of business leaders acting in the civic interest to build a world-class Miami that works for all its residents. Through the Partnership, Mr. Moas collaborates with grassroots organizations, researchers, policymakers, and philanthropists to develop and implement solutions that improve…
Edelstein, Karakhanian and Integra list Design District dev site for $47M
David Edelstein’s Tricap, Integra Investments and Alex Karakhanian’s Lndmrk Development are listing their development site at the entrance to the Design District and Midtown Miami for nearly $47 million, The Real Deal has learned. The partners paid $23 million for the vacant 1-acre site at 3601 North Miami Avenue from the previous lender in 2022, and they planned to build…
Six-story Wynwood Norte residences win recommendation
A developer has put together a plan to bring more residential units to the evolving Wynwood Norte neighborhood, along with several retail spaces. Owner-developer Kambucha LLC plans to construct the new six-story Rose Wynwood building at 444 NW 33rd St. The overall project will amount to 232,095 square feet of floor area, home to 140 residential dwelling units…
Construction Underway For Viceroy Brickell Tower Overlooking Miami River
Work is underway for Viceroy Brickell – The Residences, an upcoming residential tower developed by Related Group and GTIS Partners, and hospitality company Viceroy. Designed by Arquitectónica with interiors by Meyer Davis, the striking 45-story glass structure will comprise 420 residences overlooking the Brickell skyline, the Miami River, and Biscayne Bay….
Newmark Arranges $1.75B Refinancing of Two Miami Hotel Resorts
Newmark has arranged two loans totaling $1.75 billion for the refinancing of a pair of hotel resorts in Miami. Jordan Roeschlaub, Jonathan Firestone, Nick Scribani and Tyler Dumon of Newmark arranged the loans on behalf of the borrower, national hospitality owner-operator Fontainebleau Development. In the first deal, the Newmark team arranged a $1.2 billion loan…
Jeffrey Soffer scores $550M refi for JW Marriott Miami Turnberry Resort & Spa
Billionaire Jeffrey Soffer is on a refinancing roll, landing a new $550 million loan for his Aventura resort from the same lenders that provided a $1.2 billion debt for his Miami Beach hotel. In the latest… refinanced a previous $412 million loan from Bank of China New York Branch, secured by the JW Marriott Miami Turnberry Resort & Spa at 19999 West Country Club Drive in…
Jeffrey Soffer’s firm seeks $1.2B refi for Fontainebleau Miami Beach resort
Jeffrey Soffer’s real estate firm is seeking to raise $1.2 billion in the bond market to refinance the Fontainebleau Miami Beach resort. The plan is for the capital stack to come from a $975 million sale of commercial mortgage-backed security and a roughly $225 million mezzanine loan, Bloomberg reported. Soffer, chairman and CEO of Aventura-based Fontainebleau…
Fontainebleau Development Snags $1.75B to Refinance Two Miami Resorts
Fontainebleau Development has secured a total of $1.75 billion so it can refinance to resorts in South Florida. They come courtesy of multiple loans arranged by Newmark from Goldman Sachs and J.P. Morgan. One of them is for its Fontainebleau Miami Beach luxury hotel for $1.2 billion. The other refinancing is for $550 million and applies to Fontainebleau’s JW Marriott…
Federal Government Looks To Sell Office Building In The Heart Of Brickell
The U.S. government is looking to sell a 53 year-old office building in Miami’s sought-after Brickell neighborhood as it works to streamline its portfolio. The General Services Administration, which oversees the federal government’s real estate portfolio, has identified 909 SE First Avenue, its Brickell Plaza Building, as one of eight properties it will move to dispose of…
Raoul Thomas is having a rough year. After losing two of his marquee hotels… could also forfeit a Coral Gables office building due to financial woes. Lender Cerberus Capital Management filed a Uniform Commercial Code foreclosure against Thomas’ Coconut Grove-based CGI Merchant Group tied to a $48.7 million loan on the 15-story 550 Biltmore Way building…
Developers Break Ground On Copper-Clad Tower Villa Miami in Edgewater
Developers have broken ground on a 56-story “masterpiece” of a building in Edgewater called Villa Miami. The 650-foot residential tower will be clad in copper, making it stand out in Miami’s growing skyline. Despite the tall height, there will be just 70 condo units in the building. Residents will have access to a 3-story amenity space called The Copper Club. A rooftop helipad…
The Perrin To Break Ground In Brickell Early Q1 2025
Real estate investment manager Empira Group has released new details on a residential development it is planning in Brickell. The 26-story tower will be known as The Perrin (it was previously called Empire Brickell). Groundbreaking is planned for early Q1 2025. The Perrin will include 310 upscale residences, ranging from studios to 3-bedrooms. There will also be a rooftop…
Miami-Dade GDP Increased 3.5 Percent In 2023
Miami-Dade’s GDP grew 3.5 percent between 2022 and 2023, according to newly released data from the Bureau of Economic Analysis. That is slightly faster than the national average of 2.9% during the same period. The Miami-Fort Lauderdale-Pompano Beach MSA saw a GDP growth rate of 4% during the period, while the State of Florida growth rate was 4.3%. Miami-Dade’s growth…
First 44-Story Tower At One Brickell Riverfront Now Rising
In Brickell, the 44-story Lofty Brickell tower is rising vertically. It is one of three towers planned at the One Brickell Riverfront complex. Lofty Brickell is planned to include 364 residential units allowing short-term rentals. The second tower will be the 45-story Standard Residences. Plans were submitted to the UDRB last year for a third tower on the site. It is planned to rise 59…
MMG and Linkvest Acquire 4.8 Acre MXU Entertainment Center Homestead Station
Linkvest Capital and MMG Equity Partners are pleased to announce the acquisition of Homestead Station, a 4.8-acre mixed-use entertainment center located at 4 South Krome Ave. in Homestead, FL. LV Lending previously held a first mortgage on the property, and the acquisition was completed through a deed in lieu of foreclosure. MMG and Linkvest have been…
Miami-Dade Commission Considers Land Buy Near Airport For $17 Million
The property just east of MIA is intended to be utilized by the Aviation Department for any compatible land use. The seller has already provided the four tenants at the property — including a luxury car rental business — with a notice of termination of their leases and will reportedly pay for the demolition of existing buildings within six months of purchase.
This Week’s South Florida Deal Sheet: Miracle Marketplace Sells For A $30M Loss
Chicago-based Heitman sold the Miracle Marketplace retail property at 3301 Coral Way for $62M, $30M less than what the company bought it for in 2013. The buyer, an entity tracing to South Florida-based IMC Equity Group and Alan Lipton, secured the retail center with new debt of $42.5M from Pacific Coast Bankers’ Bank that matures in November 2034, according to the Vizzda database.
Construction Complete at Sol Vista, a 227-Unit Affordable Senior Community in Cutler Bay
ANF has completed work on Sol Vista, a 227-unit affordable senior housing community in Cutler Bay, Miami-Dade County. Designed by Burgos Lanza & Associates and co-developed by MRK Partners and Cypress Equity Investments, the project aims to address the region’s growing need for affordable housing. Located at 11251 Caribbean Boulevard, the development includes…
Empira Group, a prominent real estate investment manager, has unveiled updated plans and renderings for The Perrin, a 26-story multifamily development set to rise at 244 SW 9th Street in Miami’s fast-growing Brickell neighborhood. Formerly referred to as Empire Brickell, the project marks Empira’s vision for high-quality urban rental housing in one of Miami’s most…
Green Certified Condominium Announced at 2650 Lincoln Avenue in Coconut Grove
LORE Development Group, a real estate development company formed by Leste Group and Opportunity Fundo de Investimento Imobiliário, together with Element Development, has announced The Lincoln Coconut Grove, a new Green Certified luxury condominium. Located at 2650 Lincoln Avenue in Coconut Grove, Miami, the eight-story development…
Waymo Bringing Driverless Robotaxis To Miami
Waymo has announced plans to bring its driverless taxi service to Miami. The company’s fully electric Jaguar I-PACEs will begin arriving in Miami in early 2025 to become better acquainted with local streets (Waymo previously tested here in 2023). Waymo intends to begin allowing riders to book its service in Miami beginning in 2026, using the Waymo One app. Uber and Lyft…
Miami To Vote On Funding For Signature Bridge Underdeck
Miami commissioners are scheduled to vote on a funding agreement for the recreational space to be built under Downtown Miami’s Signature Bridge (previously known as The Underdeck). The 33-acre space is expected to include an amphitheater, event lawn, community plaza, children’s play area, dog play area, multi-use court, and water feature, a resolution text…
Mapped: The 15 South Florida Housing Projects That Have Won Funding From The Live Local Act
Since the Florida state legislature passed the Live Local Act last March, most of the attention it has gotten — from lawmakers, developers and the public alike — has been about the changes to zoning laws that reshaped the project approval process to sidestep local control of development. But the landmark law, designed to spur the construction of affordable and attainable housing…
Steady Construction Progress On Fountain In Downtown Miami’s Bayfront Park
Construction is progressing steadily on work to rebuild the large fountain at Downtown Miami’s Bayfront Park, according to the Bayfront Park Management Trust. The fountain is being rebuilt with a new lighting scheme, and will be “iconic” and an “unparalleled engineering feat,” the Trust previously said. Opening of the rebuilt fountain was announced earlier this year, and was…
Developer Plans To Activate 120-Year-Old First Miami School House in Brickell
Miami commissioners are scheduled to vote on a plan that would see the First Miami School House in Brickell activated by a developer. The building dates to around 1905. It was relocated several decades ago from a nearby property where the Axis condo towers were built. The approximately 3,000-square-foot building is now in Southside Park, which itself is being rebuilt…
Where Is Miami’s Place In The Data Center Explosion?
The U.S. data center boom is expected to reach $1T invested in the next five years, but Miami is being left behind. Miami’s leaders have touted the city as the Silicon Valley of the South, with companies like Microsoft and Apple opening offices in recent years. But data center development and demand haven’t followed suit. The city’s data centers have a 16.4% vacancy rate, according…
Ten30 condo association sues Shoma for alleged construction defects
Shoma Group developed a shoddy luxury boutique condo project in South Beach, a new lawsuit alleges. The Ten30 Condominium Association is suing the Coral Gables-based development firm led by power couple Masoud Shoajee and Stephanie Shojaee for alleged construction defects at the three-story, 33-unit building at 1030 15th Street in Miami Beach. The complaint…
IWG Leases Miami Beach Building WeWork Rejected During Bankruptcy
The world’s largest coworking company has leased a full building on Miami Beach that WeWork… Regus, part of IWG, is taking over a former location in Miami Beach just seven months after WeWork cut its losses with the property. International Workplace Group has signed a lease for the entirety of the office building at 429 Lenox Avenue, according to a press release….
A Mediterranean restaurant and a private lounge will open atop the 830 Brickell office tower. Miami Members Hospitality, a new joint venture between Vlad Doronin’s OKO Group and Tao Group Hospitality, will open the restaurant and members-only lounge next year on the top two floors of the 55-story building, according to an OKO Group news release. The tower is at 830…
Construction Starts on ’21 Hollywood’ at 2100 N. Federal Highway in Hollywood
21 Hollywood, a mixed-use venture Florida YIMBY covered last year, has officially broken ground in Broward County. The 13-story venture will comprise 200 apartments (18 of which are penthouses), along with 10,000 square feet of retail and 301 parking spots, averaging to about 1.51 per unit. The amenity-rich community will include a swimming pool deck, fitness…
A Site Plan Level III application has been filed to redevelop Cypress Creek Station in Fort Lauderdale, with plans for a new Target store at 6415 North Andrews Avenue. The Development Review Committee (DRC) and Planning and Zoning Board will review the proposed site plans today. Spearheaded by Cypress Creek Associates LP, the project involves replacing the existing Regal…
Developer Asi Cymbal expects to start construction next year on the first two towers of Nautico District, a planned development with more than 1,200 residential units and a hotel on the New River south of downtown Fort Lauderdale. The Fort Lauderdale City Commission on Tuesday approved a site plan for three of five planned towers: a 37-story condominium, a 30-story apartment…
‘Plantation City Center’ Approved for 8601 W. Sunrise Boulevard in Plantation
Two developers have secured approval for a mixed-use project on the former site of an AT&T training center in Broward County. Plantation City Center will occupy a 13.7-acre site and comprise more than 860,000 square feet of new construction. The South Florida Business Journal shares that upon completion, the venture will offer 512 residences, with 51 reserved…
Blackstone continued lightening its industrial property load in South Florida, selling five Sunrise warehouses for a combined $205.5 million. The deal is on the heels of the New York-based institutional giant’s $331.3 million sale of 10 industrial properties in Miami-Dade, Broward and Palm Beach counties last month. Affiliates of Blackstone subsidiary Link Logistics sold…
Grover Corlew lands $114M refi for 355-unit Pompano Beach rental complex
Grover Corlew landed a $114.4 million refinancing for its newly finished 355-unit apartment complex in Pompano Beach. The deal marks a continuation of loan deals in South Florida, despite elevated interest rates. PNC Financial Services Group provided the new debt for the Mayla Pompano complex at 11 Northeast 24th Avenue, according to a Grover Corlew news release.
Related, Dezer score approval for Rosewood Residences in Hillsboro Beach after nabbing $307M loan
Related Group and Dezer Development received back-to-back good news for their Rosewood Residences luxury condo project planned in Hillsboro Beach. After securing $307 million in construction financing for the 92-unit development planned for 1174 and 1185 Hillsboro Mile, the developers on Tuesday secured approval from the town to build their project under new coastal regulations…
Penn-Florida Companies could lose its 101 Via Mizner apartment building in Boca Raton to foreclosure over its alleged failure to pay off a $145 million loan at maturity. Blackstone Mortgage Trust, through its Parlex 15 Finco lending affiliate, filed a Uniform Commercial Code foreclosure on the 14-story, 366-unit building at 101 East Camino Real. It is seeking to hold an auction…
Synagogue to sell its waterfront West Palm Beach campus to Related Ross for $30M
The members of West Palm Beach’s Temple Israel approved a $30 million deal to sell a majority of the synagogue’s waterfront campus to Related Ross, following a redesign of the developer’s planned Shorecrest condos. Previous plans included 21,500 square feet for a house of worship and a daycare at the project at 1901 North Flagler Drive, with the intent that Temple Israel would…
Great Gulf Proposes 32-Story Tower for 5400 North Flagler Drive in West Palm Beach
Earlier this year, the Commercial Observer shared that Canada-based Great Gulf had purchased a three-acre waterfront site in Palm Beach County, speculating that it would likely host luxury condominiums. Now, as the year draws to a close, the South Florida Business Journal has confirmed that theory, noting that Great Gulf is seeking approval for a 32-story high-end tower.
Related Ross lands $200M refi for CityPlace in downtown West Palm, as lending flows in South Florida
Developer Steve Ross landed a $200 million refinancing for a portion of the CityPlace mixed-use complex in downtown West Palm Beach. The deal marks a continuation of financing in South Florida, despite elevated interest rates. Ross’ recently launched Related Ross, which is heavily focused on downtown West Palm, scored the new loan from Ares Commercial Real Estate…
F/Advance Capital bought a 60-unit apartment complex near West Palm Beach for $17.5 million, amid a year-end surge of multifamily investment sales in South Florida. The Miami-based private equity investment firm scooped up Melrose Apartments at 3200 North Haverhill Road in unincorporated Palm Beach County from Arch Companies, according to records and real estate…
Big-Box Industrial Tides May Be Turning
Big-box industrial product continues to set the tone for the overall industrial market, according to a new report from global investment management firm Colliers. The segment attracted the lion’s share of the record demand in response to the pandemic, and is largely what developers have been building during the ongoing cycle. Craig Hurvitz, Colliers’ director of national industrial…
Where Norges, Starwood And Other Real Estate Giants Say They Plan To Keep Spending
As commercial real estate markets begin to transition into the next cycle, with prices bottoming and dealmaking climbing, the world’s largest property investors are settling on which bets they plan to double down on and which may require cashing out. Chief among those conversations in the U.S. is the Sun Belt, which developers turned to as Americans moved away from coastal…
Understanding Valuation Gaps in M&A: Why Buyers and Sellers Disagree
Every dealmaker has faced it: the elusive valuation gap that turns promising negotiations into drawn-out debates. In mergers and acquisitions (M&A), the negotiation process often hinges on one key question: What is the business worth? While both buyers and sellers may start with the same formula, such as multiplying EBITDA by an industry-standard multiple…
U.S. Imports Surge Amid Tariff And Strike Fears
With a strike at East and Gulf Coast ports possible in January, and President-elect Donald Trump planning to increase tariffs, the United States’ major container ports are expected to see a continued surge in imports. According to the latest Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates on Thursday, the surge is forecast…
Beige Book: Region’s Economy Expands as Employment, Prices Hold Steady
The Southeast economy grew slightly during October and the first half of November, as labor market conditions continued to normalize and prices remained broadly stable, according to the new Beige Book report on economic conditions from the Federal Reserve Bank of Atlanta. Employment across the region remained mostly steady since the previous Beige Book report…
How Elie Schwartz Went From Rising Real Estate Star To Alleged Fraudster
Elie Schwartz rose from obscurity in Brooklyn to stake a claim on the skylines of Manhattan and Philadelphia — and then it all came crumbling down. The CEO and co-founder of Nightingale Properties was charged with wire fraud on Dec. 4, a crime carrying a maximum 20-year prison sentence if convicted. Schwartz pleaded not guilty at an Atlanta federal courthouse…
Can Builders Stay Ahead of Deportations and Tariffs?
On August 17, 2024, I blogged about the sharp decline in construction job openings. Over the past three months, the trend has continued to tell the story of a serious slowdown in construction activity. This could be derailed by the double gut punch of tariffs and deportations. Foreign-born workers will take the manual labor jobs that US-born residents don’t want, especially framing…
Office-to-Residential Conversions: A Billion-Dollar Trend Shaping Urban Landscapes The transformation of office buildings into residential properties is gaining momentum, exemplified by a $1 billion venture spearheaded by Dune Real Estate Partners and developer TF Cornerstone. This initiative, discussed here recently on CNBC’s Squawk Box with Dune Real Estate…
CRE professionals are increasingly aware of the need to minimize the risk of damage and loss by consider properties’ resilience to physical climate risks, but inconsistent terminology and lack of clear translation from risk exposure to resilience, has hindered consistent uptake across the industry. ASTM International, the standardization organization, recently published a new guide…
State Rescued Stalled Affordable Housing Projects With Live Local Act Funding
Florida legislators passed the Live Local Act in 2023 with the goal of funneling millions of dollars to new affordable housing construction to combat a growing housing crisis. But pandemic-era price spikes forced lawmakers to pivot, redirecting nearly half of the money awarded in the first year to projects already in the works when the law was passed, shrinking the pool…
CMBS Troubled Loan Tracker: Office delinquencies more than double in the past year
Summary Conduit & fusion loan delinquencies show no signs of slowing down and have been steadily rising over the past year. In November 2023, the conduit delinquency rate sat just below 5.0% but is now reported at 7.4% in November 2024. Unsurprisingly, office has been the main culprit, skyrocketing to 11.2%, more than double what it was a year ago.