Amancio Ortega buys Miami’s iconic Southeast Financial Center for $500M
Buying a whole block on Miami Beach’s Lincoln Road simply wasn’t enough for Spanish billionaire Amancio Ortega. The Zara owner has yet again smashed a Miami record with the $500 million purchase of downtown’s Southeast Financial Center, an iconic office building that seller JPMorgan Asset Management began shopping around earlier this year. In a single deal, Ortega has closed on the largest commercial purchase in Miami this year, blowing past the previous high set…
8 fast facts about South Florida’s billionaire condo king
You might call billionaire developer and art collector Jorge M. Pérez “Mr. Miami.” Not only does his Related Group of Florida create some of the city’s most noteworthy buildings, this son of Cuban émigrés is also a vice chairman of the Dolphins NFL team, and his name is on the institution once known as the Miami Art Museum and now called the Pérez Art Museum Miami (PAMM). We caught up with Pérez, 67, to get a sense of the grand accounting of his life.
Brokers and developers capitalize on artsy set during Art Basel
Lavish luncheons and dinners, helicopter tours, rooftop parties and art-studded soirees. During Art Basel, brokers and developers are taking advantage of the well-heeled crowd descending on Miami to boost the visibility of their luxury properties. Brokers are launching new multimillion dollar listings in time to catch art-lovers’ eyes. And a plethora of prospective buyers are squeezing viewings in between art fairs and fetes. Aiming to pull out all the stops, Oren Alexander…
Sea-level rise at center of heated debate over future of North Beach’s historic designation
North Beach (Credit: Marc Averette). Inset: Commissioners Kristen Rosen Gonzalez and Ricky Arriola, and architect Reinaldo Borges
Property owners and business advocates used sea-level rise as an argument against designating North Beach neighborhoods historic during a contentious special Miami Beach…
Marine stadium’s fate must rest on a business plan, not faith
Now that Miami commissioners have voted to borrow $45 million to restore Miami Marine Stadium, where does faith in the stadium’s ability to fund its own future end and guaranteed cash start? Faith is indeed an asset, but money in the bank is golden. Assessing the fate of the decayed stadium on…
Office Space Bargains Aren’t Easy to Find Anymore
Consumer psychology is surprisingly universal. It doesn’t shift dramatically whether the consumer is buying a Canali suit or leasing a corporate office. Everyone wants a perfect fit and a great deal. And to get a deal, one need only to comparative shop, negotiate hard and…
25 photos showcasing Art Basel 2016
The best of Miami Art Week on Instagram Another year of Art Basel is in the books as Miami Art Week wrapped up this weekend. The great part about 2016 is even if you weren’t able to make it to Miami’s signature annual art event or if you were out of town like myself, you can still get…
Miami considers negotiations to sell riverfront land, acquire new HQ
Miami commissioners are expected Thursday to entertain negotiations to lease the site of their riverside administrative headquarters to a private developer and pay for a custom-made office building elsewhere in the city. The tradeoff, which would give Adler Group the land needed to build more than a million square feet of shops, apartments and hotel rooms on the north bank of the Miami River, is up for a vote Thursday in which commissioners can give Miami’s administration…
Diego Lowenstein: Pushing a global growth plan for Virgin Hotels team
Diego Lowenstein heads a third-generation family business, started by his grandfather, who escaped Frankfurt in Nazi Germany and made a new life for himself and loved ones in Argentina during World War II. He started with nothing, his grandson said, but with perseverance won the fortune to place his…
Canadian investors buy MiMo building with plans for micro condos
5201 Biscayne Boulevard, Ness Ohayon on left, Mitash Kripalani on right. Micro condos may be headed to Biscayne Boulevard, close to the MiMo district. Canadian investors just paid $3.725 million for a 23-unit apartment building — plus air rights — at 5201 Biscayne Boulevard, with plans to…
Prodesa, Fortune launch sales for Naranza at Edgewater tower
Renderings of Naranza at Edgewater. Inset: Edgardo Defortuna. Fortune International Group launched sales for Naranza at Edgewater, a 137-unit, 19-story condo tower now planned for the Miami neighborhood. Prodesa, a real estate firm with offices in Colombia and Miami, is the developer behind Naranza…
Video: Multifamily Market Trends and Forecasts: Market Growth, Supply, and Lending
Panel discusses trends and forecasts related to market growth, supply of units, and lending conditions with regard to multifamily properties are discussed. Participating in the panel are Benno Rotschild (Hartman Simons), Jamie Teabo (a board member of the Atlanta Apartment Association and Exe…
Bilzin Sumberg Partner Calms Fears of Trump Hurting Miami Real Estate Market
Attorney James W. Shindell, Real Estate chair at Bilzin Sumberg, has a message for those who believe Donald Trump’s presidential election will hurt Miami’s real estate market: The sky is not falling. Shindell addressed concerns of a Trump presidency impacting the South Florida market in…
What are the typical steps involved with venture capital?
As discussed last week in this blog, there is a concern about a slowdown in the commercial real estate market in the coming year. The potential slowdown facing Florida businesses is due to many factors, including potential financial issues. Accordingly, many business owners may be addressing financing…
Increasingly over the past 18 months, the Miami office market has decisively shifted to the landlord’s favor. Absorption of office space and rental rates have increased, there is little to no free rent and even though construction costs have risen, allowances have shrunk. It’s tough to…
Miami Neighborhood Gets A High-Tech Makeover
In a faded Miami manufacturing neighborhood, a pair of private developers are looking to build a Magic City–a $1 billion mixed-use technology and cultural hub for innovators and entrepreneurs.
Retailers Should Fear Amazon’s Grocery Ambitions: Gadfly
As if traditional retailers didn’t already live in constant fear of rival Amazon.com Inc., now the e-commerce giant is invading their home turf. Amazon on Monday announced plans to open an 1,800-square-foot convenience store early next year, likely sending shudders through Wal-Mart Stores Inc. and Target Corp., which are already scrambling to keep up with Amazon on e-commerce.
Suzanne Amaducci on big deals, Miami real estate and how the law has changed
Suzanne Amaducci works on the kind of complex land deals that give even other attorneys major headaches. The Bilzin Sumberg partner leads the Brickell-based firm’s real estate group, overseeing 33 attorneys. Her team has worked on transactions including the $1.4 billion development of Miami’s Design District; more than $200 million worth of construction loans for Florida East Coast Industries on its Brightline passenger train that will provide All Aboard Florida service…