Fontainebleau, Related Cos. Win Bid To Develop New Miami International Airport Hotel
Miami-Dade County commissioners approved a ground lease for a new hotel at Miami International Airport, bringing a close to a three-year bidding process that will bring the first new hotel to the airport in 60 years. The 451-room hotel with Westin branding will be built on a 1.8-acre site at Miami International Airport. The commission unanimously approved plans for a 451-room hotel with Westin…
Cleared for takeoff: Steve Ross, Jeffrey Soffer land Miami airport hotel deal
Steve Ross and Jeffrey Soffer got clearance to develop a Westin hotel at Miami International Airport. The Miami-Dade County Commission on Tuesday authorized a 50-year lease with a joint venture between Ross’ Related Companies and Soffer’s Fontainebleau Development. The deal is for Related and Fontainebleau to develop a 451-room hotel that county officials expect will bring…
Black Salmon lists Brickell dev site, brokers shooting for $70M
Investment firm Black Salmon put a 1-acre development site in Brickell on the market, The Real Deal has learned. The Coral Gables-based company wants to offload three lots at 68, 82 and 84 Southwest 13th Street, as well as the adjacent vacant office building at 1399 Southwest First Avenue, according to an offering memorandum and public records. The three-story, 48,600-square-foot…
250 Microunits Proposed for Miami’s Little River Neighborhood at 279 NE 79th Street in Little River
The Healthy Housing Foundation has proposed a 12-story affordable housing complex in Miami’s Little River neighborhood. Meet Little River Plaza. If approved, the community would rest on a .94-acre build site, offering 250 apartments. Per the South Florida Business Journal, they could range from 380 to 540 square feet, intended for those making up to 50 percent of the area…
65-Story E11EVEN Residences Beyond Gets UDRB Approval, Construction Underway
The 65-story E11EVEN Residences Beyond was presented to Miami’s Urban Development Review Board last week. Members voted 5-0 to recommend approval. New renderings of the tower were also released as part of the July 19 presentation to the board. According to the UDRB filing, E11EVEN Residences Beyond is planned to include: 558 residential units; 13,647 square feet…
600 Miami Worldcenter Gets UDRB Approval: New Renderings
Miami’s Urban Development Review Board voted on July 19 to recommend approval of the design for 600 Miami Worldcenter. The vote was 5-0, with no conditions made by the board. According to the filing, 600 Miami Worldcenter is planned to rise 31 stories and include: 606 residential units; 3,750 square feet of commercial; 1,261 square feet of office; related amenities…
Chrysler Building Owner Proposes 104-Story 1,049-foot Supertall in Downtown Miami
Yet another 1,049-foot supertall has just been proposed by a developer for a property in downtown Miami. The tower is planned to rise 104 stories, according to newly filed documents. Preliminary plans show it would include: 1,074 residential units (averaging 1,268 square feet); 252 hotel keys (averaging 540 square feet); 1,013 parking spaces. The Yve Hotel, an adjacent parking garage…
FAA Approves Another 700-Foot Tower At Miami Worldcenter
The Federal Aviation Administration has issued a letter stating that a 700-foot tower proposed at Miami Worldcenter does not pose a hazard to air navigation. The application requesting height approval was first submitted to the FAA on December 2, so review took over 8 months. The approval letter was issued on July 18 to Abbhi Capital, which owns a parcel at Worldcenter.
Plans Filed For Freedom Tower Rehab & Repair Project
Downtown Miami’s 17-story Freedom Tower is set for a rehabilitation & repair project, according to documents newly filed with DERM. The building closed in May to allow for the $25M state-funded renovation, according to Miami Today. Funding for the project was placed in Florida’s 2022 budget after an announcement by the governor. The DERM plan set is for a storm drainage…
AAR Aircraft Services hangar lease to add 250 airport maintenance jobs
AAR Aircraft Services is to pay Miami-Dade County at least $173 million over 22 years, create 200 temporary construction jobs and add 250 permanent jobs averaging $65,000 a year in building a maintenance hangar at Miami International Airport in a lease the county approved last week. Illinois-based AAR, which operates in more than 20 nations and has been leasing…
Commercial real estate booms near Miami International Airport
Due to its proximity to Miami International Airport, Doral’s commercial and industrial real estate remains strong, as one of the most sought-after areas in Miami-Dade County. The Doral and airport sector, as of the second quarter of the year, has a vacancy of 3.9% and an average asking rate of $50.27 per square foot for retail space, according to a preliminary report by Colliers.
Coral Way office-retail building seeks zoning approval
A new mixed-use commercial development is targeted for Coral Way with over 120,000 square feet of class-A offices and retail shops. Today (7/27), Miami City Commissioners are to hear the second reading of a resolution to rezone the corner lot on Coral Way and Southwest 31st Avenue where the Brito Miami Private School sits. If the city votes to rectify the zoning discrepancy…
Coral Rock to redevelop Allapattah library into $75M mixed-use project
Coral Rock Development is planning Dulce Vida, a $75 million mixed-use project on the site of a library in Miami’s Allapattah neighborhood. The Coral Gables-based firm reached an agreement with the city of Miami to purchase the 1.3-acre property at 1785 Northwest 35th Street, according to a press release. Coral Rock and its partner, Allapattah-based Miami Bethany…
MIA Ranks In Top 10 Airports Worldwide For Cargo, Aircraft Movements
Miami International Airport was among the busiest in the world for both passenger and cargo traffic last year, according to a new report by Airports Council International. A total of 50,684,396 passengers used MIA in 2022 (a 36% increase from 2021). That ranked 14th highest in the world, and 8th highest in the U.S. Around 42% of MIA’s traffic last year was international, while other…
FT: With Messi Arrival, Miami Confirmed As Most Important US City In Sports
The arrival of Lionel Messi has “confirmed” Miami as the most important U.S. city in sports, the FT says. Messi’s arrival in Miami joins a long list of recent milestones. Last year, Miami became a part of the Formula 1 circuit, with newly built facilities at Hard Rock Stadium. In recent months, the Miami Heat and Florida Panthers both made it to the finals. The article noted how…
Roversi family proposes 248-unit workforce housing project in Brownsville
The Roversi family of Miami-Dade County wants to build a 248-unit workforce housing project in the Brownsville neighborhood. Guillermo Roversi filed an application for an eight-story building at 2301 Northwest 54th Street with 10,400 square feet of ground-floor retail in an unincorporated area, according to filings submitted to Miami-Dade this week. The 1.3-acre site is home to the…
Northmarq Arranges $70M Refinancing for Two Multifamily Communities in Miami Lakes
Northmarq has arranged a $70 million loan for the refinancing of two multifamily communities located in Miami Lakes. Built in 1997 and 2000, the properties total 500 units. Jeff Robertson of Northmarq secured the 10-year permanent financing through Empower Annuity Life Insurance Co. on behalf of the borrower, Graham Cos. The names and addresses of the communities were…
South Beach retail slump: Investors buy Collins Avenue building at 75% discount
Amid a South Beach retail slump, Northeast investors bought a Collins Avenue building at a deep discount, with plans for a Michelin-starred chef to open a restaurant at the long-vacant site. Garfield and Rebecca Spencer bought the two-story building at 624 Collins Avenue in Miami Beach for $6 million, or 75 percent less than the property’s sale price seven years ago…
Collins Avenue Corner Retail Property Across from Deauville Site Trades
Berkshire Hathaway HomeServices EWM Realty top-producer and Senior Vice President Nelson Gonzalez announced today the $5.5 million sale of 6644 Collins Ave. in Miami Beach, an 8,700-square-foot corner retail property with four tenants. The one-story, freestanding building is located directly across the street from the famed, 3.8-acre Deauville Hotel site, which…
Sol Vista Tops Out At 11251 Caribbean Boulevard In Cutler Bay
ANF Group, Inc., a South Florida construction firm providing construction management, general contracting, development, and design-build services, celebrated the topping out of Sol Vista, a 227-unit affordable senior community designed by Burgos Lanza & Associates and co-developed by MRK Partners and Cypress Equity Investments located at 11251 Caribbean Boulevard…
Tower 91 “Gateway to the Design District” Proposed for 91-93 NE 36th Street in Miami
Developers hope to proceed with the construction of a 20-story building that will serve as “the southern gateway to the Design District.” The Next Miami reports that Tower 91 is proposed to offer 107 multi-family housing units, starting on the development’s seventh floor. They will range from one-bedroom to three-bedroom layout plans, ranging from 843 square feet…
Coral Rock Development Group Unveils Plans For Mixed-Use Project ‘Dulce Vida’ In Allapattah
Coral Rock Development Group, a leading real estate development company based in Coral Gables, has unveiled plans for Dulce Vida, a transformative mixed-use, mixed-income development in Miami’s Allapattah neighborhood. The project aligns with Florida’s SB 102 law, which aims to promote mixed-income developments and increase access to affordable housing. Dulce Vida…
Retail rap: Flo Rida buys Miami Gardens shopping center
Miami-based hip-hop artist Flo Rida (real name Tramar Dillard) and his business manager, Lee “Freezy” Prince, have a “Good Feeling” about paying $10 million for a Miami Gardens retail center, according to records and Vizzda. Taylor Made Lending LLC provided the buyer with a $6.2 million mortgage. The deal breaks down to $360 per square foot. David Heinrich with Keyes Co. brokered…
Meridian Point at Goulds Station to Offer Affordable Housing at 11850 SW 216th Street in Miami
The Preservation of Affordable Housing (POAH) hosted a groundbreaking ceremony for Meridian Point at Goulds Station, an affordable housing complex in Miami-Dade County. POAH reports that the new-construction community will comprise 113 residences across two buildings. The taller seven-story building will offer 80 units, and the smaller three-story garden-style building…
Mast Capital sued over troubled oceanfront condo buyout in Miami Beach
The owners of a unit at Amethyst are suing Mast Capital over the dragged out condo buyout of the oceanfront Miami Beach property, which is now facing competition — or collaboration — from David Martin’s firm, Terra. Clifford and Maria Greenhouse sued the Mast entity, as well as Old Republic National Title Insurance Company, over the $650,000 sale of their unit that has yet to…
Melo Group 824-Unit Apartment Tower Gets FAA Approval To Rise 587 Feet in Downtown Miami
The Federal Federal Aviation Administration has given the green light for the Downtown 6th apartment tower to be built. The 54-story tower is being planned by developer Melo Group. A Determination of No Hazard letter was sent to the developer on July 14. The proposed height was first submitted to the FAA on January 26. Downtown 6th is approved to rise 574 feet…
$430M Construction Loan Issued For The Shore Club
A construction loan has just been issued to build to the developers planning an expansion at the Shore Club, according to the FT. JPMorgan backed the loan, the report said. It runs for four years and is valued at $430 million. The loan is for construction of a new residential tower and a boutique hotel. The project includes an 18-story residential tower called Shoreclub…
Witkoff, Monroe score record $430M construction loan for Shore Club
Witkoff and Monroe Capital secured $430 million in construction financing for their Shore Club project in Miami Beach, likely marking the largest such loan for a residential development in South Florida — at a challenging time in the market. J.P. Morgan provided the financing for the luxury condo and resort development planned for 1901 Collins Avenue, according to a press release.
W2 & W9183 Proposed In Wynwood, With Green & Wood Exteriors
Plans for a pair of new mixed-use projects have been filed in Wynwood. The project names are listed as W2 & W9183 in the submittals. W9183 is proposed to rise 5 stories and include: 34 residential units; 5,250 square feet of ground floor retail space; activated rooftop; no onsite parking, six offsite spaces (reduced by payment into the Wynwood Parking Trust Fund). Architectural materials…
MRK Partners, Cypress Equity JV Tops Out Cutler Bay Affordable Senior Project Sol Vista
Sol Vista. Image courtesy of Smith Aerial Photos A joint venture between MRK Partners and Cypress Equity Investments has topped out Sol Vista, a 227-unit age-restricted and affordable development in Cutler Bay, Fla. ANF Group serves as the project’s general constructor. Partnering with the Housing Finance Authority of Miami-Dade County, the Florida Housing Finance…
Lore Development Group Files Plans For 843-Foot-Tall Mixed-Use Tower ‘Summit Brickell’
Lore Development Group has filed plans for a monumental mixed-use project called Summit Brickell at 1015 Southwest 1st Avenue in Miami’s Brickell neighborhood. The 69-story tower would activate a 22,712-square-foot land parcel on the southeast corner of SW 1st Avenue and SW 10th Street, adjacent to the Brickell Metromover Station. Designed by Corwil Architects, the nearly…
451-Key Westin Hotel Approved for Miami International Airport (MIA)
A new hotel is headed for Miami International Airport (MIA). Yesterday, the Miami-Dade County Commission approved the construction of a 451-key Westin-brand hotel. The venture will rest on a 1.82-acre build site, offering a rooftop restaurant, spa, fitness center, event space, and more. There’s also a unique building element: a climate-controlled pedestrian bridge connecting the hotel…
Vertical Construction Expected Q1 For Supertall Waldorf Astoria Hotel and Residences
The Waldorf Astoria Hotel and Residences’ vertical structure is expected to emerge in the first quarter of 2024, according to an update posted last week on Instagram by a member of the project’s in-house sales team. Deep soil mixing at the project’s Central Zone has been completed, the update said. Completion of deep soil mixing will allow for piling work to begin, which is…
Redevelopment area adds Watson Island, Allapattah as blighted
An agency responsible for the redevelopment of some of Miami’s downtown neighborhoods has been renewed for another 15 years with expanded boundaries including areas of Allapattah and Watson Island, both now officially listed as blighted. On July 13, City of Miami commissioners who double as board members for the Omni Community Redevelopment Agency (Omni CRA)…
Miami tech influx slows, still strong
After the height of the post-pandemic technology sector relocation and expansion trend, Miami continues to attract tech firms and startups at a reduced level, still depending on local talent and business incentives. Technology has been a targeted industry for recruitment efforts for a long time, said James Kohnstamm, executive vice president of economic development…
Vast Hyatt Regency complex wins Miami lease
The land lease deal between the city and developers of the Miami Riverbridge project has won approval, paving the way for a reimagined Hyatt Regency hotel, residential apartments, green space and a revitalized waterfront downtown. On July 13, the Miami City Commission unanimously approved the amended lease agreement for the existing Hyatt Regency Hotel at 400 SE Second Ave…
Witkoff, Monroe Land $430M Loan For Miami Beach Condos
Miami-based Witkoff Group and Chicago-based Monroe Capital secured a $430M construction loan for a luxury condo development in Miami Beach called Shore Club Private Collection, according to a release. The loan, which was provided by JPMorgan Chase, was announced as the largest loan ever provided for a residential development in Miami.
Jonathan Landau plans Bay Harbor condo project, taps Official for sales
Jonathan Landau plans a waterfront boutique condominium project in Bay Harbor Islands and tapped Official to lead sales. The developer, through an affiliate of his New York-based Landau Properties, wants to build an eight-story, nine-unt building, called Indian Creek Residences & Yacht Club, at 9110 West Bay Harbor Drive, according to a filing submitted to Miami-Dade County…
Prestige lands $61M construction loan for Hialeah race track project
Prestige Companies is galloping ahead with plans for a multifamily project at Hialeah Park Racing & Casino, after securing $60.7 million in construction financing. Centennial Bank provided the loan to an affiliate of Miami Lakes-based Prestige that is partnering with Hialeah Park President John Brunetti Jr. to develop Flamingo Village, a proposed 343-unit apartment complex with…
Miami International Airport to get one new hotel, not two
Miami-Dade County Commission Chairman Oliver G. Gilbert III was pushing for two new hotels at Miami International Airport. He got half of what he asked for at Tuesday’s meeting. The quest for a new, upscale hotel at the airport was supposed to be “expedited,” on the fast track, when it was first proposed. That was three years ago. Commissioners this week voted 13-0 to award…
Surfside Collapse Spurred Talk Of A Condo Buyout Wave. Then The Market Turned
The collapse of Champlain Tower South in Surfside, Florida, in June 2021 killed 98 people and reverberated across the state’s coastal communities, leaving condo owners at older properties with questions about the safety of their home. Some owners looked for a way out and, in the months that followed, developers began negotiations to acquire at least eight condo buildings. But as the cost…
The Dori Topped Off at 4760 NW 85th Avenue in Doral
Just a few days ago, a subsidiary of Lennar Corp. topped off the Dori, a 222-unit residential complex in Doral, Florida. The mid-rise building will comprise homes ranging from studios to three-bedroom floorplans, measuring about 550 square feet to 1,470 square feet each. Homes come outfitted with tiled showers, smart-home thermostats, and wood-inspired flooring. Select units…
Revealed: Summit Brickell, 69-Story ‘Architectural Work Of Art’
Plans have just been filed for a 69-story tower called Summit Brickell. Miami-Dade records show that a pre-application for the project was filed with county planners on July 17. The filing shows that Summit Brickell is planned to top off at 825 feet, and include: 500 residential units 2,174 square feet of ground floor commercial space amenities on level 13 and 69, including a rooftop pool…
Four Offers Received For Genting’s Resorts World Miami Property
Four offers have been received for Genting’s Resorts World Miami property, according to a report by Bloomberg yesterday. “There’s been no break in the receipt of offers at, and even above, the $1.225 billion price,” a broker representing the seller said in a statement. In June, Genting said that a $1.225 billion bid by SmartCity Miami, led by Terra, had been terminated. SmartCity…
City Studying Building New I-95 Ramp In Downtown Miami
Miami has commissioned a study on building new traffic ramps in downtown Miami. “A traffic study to see if we could do the elevated ramp,” commissioner Joe Carollo said at a July 13 commission meeting. At the meeting, Carollo asked city officials for a cost update on the study. A $400,000 fee for the study had been “proffered” by the developer planning the 3-tower Hyatt Regency…
$10.1M Sale of Shoppes of Ives Dairy Retail Strip Center in Miami Gardens Brokered
Marcus & Millichap has brokered the $10.1 million sale of Shoppes of Ives Dairy, a 24,517-square-foot retail strip center located at 19801 N.W. 2nd Ave. in Miami Gardens. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller in the transaction. The buyer and seller are both private investment firms that have requested anonymity.
Revealed: Hakimian South Tower Proposed With 631 Units for Miami’s Urban Core
Plans have just been submitted to Miami’s Urban Development Review Board for a a 42-story residential tower in Miami’s urban core. Hakimian South Tower is proposed to rise 42 stories, or 467 feet, and include: 631 residential units (of which 125 will be micro-units) approximately 3,140 square feet of commercial space 469 parking spaces on 8 levels (residential liner units…
Lefferts, Russell Galbut, Matis Cohen propose 20-story North Beach condo project
Lefferts and its partners are proposing another North Beach condominium. Records show Miami Beach-based Lefferts, led by Mendy Chudaitov, along with partners Matis Cohen, Russell Galbut and other representatives of the Galbut family firm, GFO, want to build a second condo project in the Miami Beach neighborhood. Lefferts submitted plans to the Miami Beach Design Review…
Surfside shoots down controversial proposal for Damac’s collapse site
A controversial proposal to tweak development regulations for Damac Properties’ project in Surfside fizzled out amid concerns that the ordinance amounted to special treatment of the Dubai-based developer, allegedly allowing it to maximize profit from its proposed condominium building. In a special meeting on Tuesday that went off the rails –– with elected officials speaking…
‘Beautifully Designed’ Tower 91 Planned As Design District’s Southern Gateway
The developer responsible for much of the Design District is partnering on a 20-story development across from Midtown Miami called Tower 91. Design District Associates and Prinz Corner LLC, which are affiliated entities of DACRA and the owners of the property located at 91-93 NE 36 Street, submitted plans for the new development for review by Miami’s Urban Development Review Board.
Land Lease Deal Approved For Riverbridge, Paving Way For 1,049-Foot Supertall
Miami commissioners voted unanimously on July 13 to approve a lease agreement with the developers of the Miami Riverbridge project, according to a representative. In a statement, the developers said they would now finalize construction plans with the city over the coming year. Riverbridge will include three towers, with: 682 multifamily apartments (61-story tower) 615-room…
Miami World Tower Tops Off At 53 Stories
Miami World Tower has officially topped off, according to Nichols Architects. A ceremony was held on July 14, Nichols wrote. Miami World Tower is now the second tallest rental apartment tower in the city. Only Panorama Tower in Brickell is taller. Pre-development plans showed that the apartment tower was to have 53 stories. The top off height was planned at 579 feet above ground…
JFM Development Corp., a Hialeah-based developer, has submitted plans for a new townhome community. If approved, Palm Cove Reserve would offer 296 townhomes on a 59.1-acre lot. Homes would measure 1,357 square feet to 1,701 square feet each, offering three-bedroom to four-bedroom floorplans. Sources report that homes would come with a garage and driveway…
Joint Venture Sells 312-Unit Altís Ludlam Trail Apartments in Miami
A joint venture sponsored by The Altman Cos. has sold Altís Ludlam Trail, a 312-unit apartment community located in Miami. Developed between 2020 and 2022, the property was 98 percent occupied at the time of sale. GID purchased the property for an undisclosed price, and the company’s in-house property management company, Windsor Communities, will operate the community…
Hyatt, Gencom win key approval for James J. Knight Center redevelopment project
Hyatt and Gencom can move forward with plans for a major redevelopment project on 4 acres of city-owned land along the Miami River. The Miami City Commission last week unanimously approved extending an existing ground lease with Hyatt from 45 years to 99 years. That would allow the Chicago-based hospitality conglomerate and its partner, Gencom, to replace the James L. Knight…
Wynwood Design Review Board Considers Razor-Thin Building Proposal for 153 NW 25th Street
The Doris is a razor-thin mid-story building proposed for Miami’s Wynwood neighborhood. But what is it? Our sources indicate that the Doris could comprise just over 20,000 square feet of new construction, comprising primarily office and retail space. The eight-story building would offer offices measuring 3,994 square feet, and each one featuring an outdoor terrace.
In a 5-0 vote at the Miami City Commission, the lease agreement between the City and the joint venture led by Hyatt and Gencom has been unanimously approved. This decision marks a significant milestone in advancing the visionary Miami Riverbridge development, setting the stage for revitalizing Downtown Miami’s riverfront area. The approved lease agreement paves the way…
Terrace 88 Proposed for 2580 NW 88th Street in Miami
Red Octopus, the architect behind Little 22 apartments in Miami-Dade, is pleased to announce its proposal for Terrace 88. The multi-family housing development would comprise 30 apartments on a .23-acre lot. They would measure about 590 square feet to 1,260 square feet each, including one-bedroom, two-bedroom, and four-bedroom units. Four of those apartments would be…
Notable Retail Leases Signed in South Florida Q2 2023 ~ Table
We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida in the beginning of 2023 and throughout 2022. This past quarter was busy overall, and there were a few big box leases signed and sealed. Despite the sentiment that the traditional retail market is taking a hit due to several factors, particularly e-commerce and several retail store…
Construction Commences On Wynhouse Miami At 2200 Northwest 1st Avenue In Wynwood
Fisher Brothers, an esteemed fourth-generation real estate company renowned for its ownership, management, and operation of distinctive properties nationwide, has announced the commencement of construction for Wynhouse Miami. This mixed-use multifamily development is poised to make a lasting impact in the heart of Miami’s vibrant Wynwood neighborhood. Soaring…
178-Unit Residential Project Submitted To Wynwood Design Review Committee
Plans for a new mixed-use project have been filed in Wynwood. The unnamed project was first revealed last year for a site at 18 NW 23rd Street, formerly a Salvation Army property. Now, the full plans and renderings have been released as part of a Wynwood Design Review Committee submittal. The development is proposed to include: 178 residential units; 13,498 square feet of retail…
W3 Proposed In Wynwood, Painted In Red
Plans for a new mixed-use project have been filed in Wynwood. The project name is listed as W3 in the submittal. The new development is proposed to rise 5 stories, or 143 feet and include: 34 residential units; 5,250 square feet of ground floor retail space; no onsite parking, six offsite spaces (reduced by payment into the Wynwood Parking Trust Fund). Architectural materials will include…
Plans Submitted For Mixed-Use 111 Wynwood
Plans have been filed for a mixed-use project called 111 Wynwood. The building is proposed to include 12,106 square feet of commercial space. It will be located on First Avenue, which is a designated pedestrian woonerf. Here’s how a representative describes the design: Designed by Touzet Studio, the building massing is composed of a low volume that curves broadly as it takes the…
Quarterra JV Tops Off Doral Community The Doris
Quarterra Multifamily, a subsidiary of Lennar Corp., in partnership with the CPP Investment Board, has topped off The Doris, a 222-unit multifamily community in Doral, Fla. The mid-rise community will encompass studio, one-, two- and three-bedroom floorplans, ranging from 548 to 1,468 square feet. The sustainable building’s design achieved a National Green Building Standard Bronze…
Fisher Brothers Breaks Ground on 308-Unit Wynwood Community Wynhouse
Fisher Brothers has broken ground on Wynhouse Miami, a mixed-use multifamily community located at 2200 NW First Ave in Miami, Fla. Appropriately named after its location in the Wynwood neighborhood, the eight-story Wynhouse Miami will feature 308 units. JPMorgan Chase and affiliates of Canyon Partners provided $117.5 million in financing for the community. After its construction…
Fisher Brothers Breaks Ground on 308-Unit Wynhouse Multifamily Project in Wynwood
Fisher Brothers has broken ground on Wynhouse Miami, a 308-unit multifamily community located at 2200 NW First Ave. in the Wynwood neighborhood of Miami. JP Morgan Chase and affiliates of Canyon Partners provided $117.5 million in financing for the development, which Suffolk Construction is building. The eight-story community is scheduled for completion in early 2025.
Rishi Kapoor Resigns From Location Ventures Amid FBI Investigation, Lawsuits
Embattled developer Rishi Kapoor has resigned as the head of the real estate firm he founded, Location Ventures, which will look to liquidate its assets in the face of intense scrutiny after it was revealed that the firm had paid Miami Mayor Francis Suarez at least $170K in consulting fees. “Rishi Kapoor was not removed by the board; he amicably stepped down…
Location Ventures’ new boss, Alan Fine, has one goal: Liquidation
Retired Miami-Dade Circuit Court judge, Alan Fine, has a formidable task ahead of him. The Location Ventures new boss will need to lead an effort to find buyers willing to pay top dollar for the Coral Gables-based development firm’s real estate projects to avoid a fire sale through federal bankruptcy proceedings, Fine told The Real Deal. When its founder and CEO Rishi Kapoor stepped…
Location Ventures hit with $15M foreclosure lawsuit tied to Miami Beach project
More legal woes for Location Ventures. A lender is seeking to foreclose on the firm’s co-living development site in Miami Beach for nonpayment of a $14.8 million mortgage debt. On July 21, an affiliate of Coral Gables-based Spectrum Mortgage Group sued a Location Ventures entity that owns two commercial parcels at 1234 and 1260 Washington Avenue. In addition to the…
South Florida by the numbers: A hot Messi
Soccer’s Inter Miami team (over a competing $1-billion plus offer from a Saudi Arabian squad). Then, Lionel Messi made a Hollywood-scripted debut for the team this month with a game-winning goal that exceeded anyone’s wildest expectations for a dramatic impact. Before he had even laced up his cleats, “the Messi effect” was being felt across South Florida with his Inter Miami…
Star Tower Hollywood to Offer 248 Units at 410 N Federal Highway in Hollywood
In late 2022, developers proposed Star Tower Hollywood, a 19-story residential building that would offer 182 residential units. Now, nearly eight months later, they’ve submitted a revision, instead proposing a 22-story tower with more than 200 homes. The South Florida Business Journal notes that the 511,620-square-foot venture would rest on a build site measuring 35,516 square feet.
Atlantic Pacific, LEM pay $86M for Plantation rentals amid summer sales rally
Atlantic Pacific Companies and LEM Capital bought a Plantation rental complex for $86 million, amid a summertime rally in South Florida multifamily deals. PGIM Real Estate, the Newark, New Jersey-based investment arm of Prudential Financial, sold the 293-unit complex at 10900 Northwest 17th Street, according to records and real estate database Vizzda. Atlantic Pacific and LEM…
Related, BH plan mixed-use, multifamily complex in Plantation
Frequent development partners Related Group and BH Group are planning to convert a former AT&T office building in Plantation into a sprawling multifamily complex with retail. The joint venture is proposing Plantation City Center, a project consisting of nine buildings with a combined 481 apartments, a combined 17,000 square feet of retail and 993 spaces divided between a garage…
Developer Duo Nets $226M for Fort Lauderdale Society Las Olas Project
Developer PMG and private equity firm Greybrook Realty Partners have secured $226 million in construction financing for the 563-unit second phase of Society Las Olas, a 42-story multifamily community in downtown Fort Lauderdale, Fla. The two towers comprising Las Olas, which is in the city’s Riverfront district, will offer more than 850,000 rentable square feet. The first phase…
Society Las Olas Second Phase Planned for 140 SW 2nd Street in Fort Lauderdale
As it stands, Society Las Olas stands 34 stories above grade and offers close to 650 residential units. Now, developer PMG and Greybrook Realty Partners have secured finances for the construction of a second 563-unit phase. Multifamily Housing News reports that upon completion, the two-phase two-tower community will feature 850,000 square feet and more than 1,000 units total.
Brookfield scores $136M refi for Hilton Fort Lauderdale Marina
Brookfield Asset Management is refinancing a Hilton-branded hotel in Fort Lauderdale with proceeds from a $220 million loan. Coast Commercial Mortgage Trust is providing the two-year, floating-rate interest only commercial mortgage-backed securities loan to Brookfield, according to an S&P Global ratings report. Roughly $136 million, or 62 percent of the CMBS loan…
15-Story Hotel Proposed At 3001 Alhambra Street In Central Beach, Fort Lauderdale
A 15-story hotel has been proposed on an 11,100-square-foot lot at 3001 Alhambra Street in Central Beach, Fort Lauderdale. The 200-foot-tall building is being developed by Roslyn Heights, NY-based Hariom Realty LLC, led by Harsh and Rikul Patel, affiliated with Virginia-based IMG Hotels. The development is going by the name 42 Hotel and is planned to encompass…
Urbano Co Proposes 14-Story Mixed-Use Building At 901 East Sunrise Boulevard In Fort Lauderdale
A Site Plan Level III application has been submitted for De Parc, a 14-story mixed-use development project located at 901 East Sunrise Boulevard within the Lake Ridge neighborhood of Fort Lauderdale. The nearly 149-foot-tall project is designed by Built Form Architecture, with YH Consulting Engineering as the structural engineer, and developed by Urbano Co, led by Fort Lauderdale…
New Renderings Reveal Interiors For The Residences At Pier Sixty-Six In Fort Lauderdale
Interior renderings have been unveiled for The Residences at Pier Sixty-Six, a new collection of residential buildings located at 2301 Southeast 17th Street, forming a part of the expansive 32-acre Pier Sixty-Six Marina Promenade in Fort Lauderdale. Designed by GarciaStromberg and developed by Tavistock Development Company, a division of Orlando-based The Tavistock Group…
PMG, Greybrook score $226M construction loan for Fort Lauderdale apartments
Property Markets Group and its partner, Greybrook, scored a $226 million construction loan for the second phase of a large mixed-use apartment development in Fort Lauderdale, marking another large loan PMG secured this year. New York-based Related Fund Management and Lubert-Adler provided the financing, according to a press release. The loan is for the second…
A partnership between PMG, a development and investment firm with offices in New York City and Miami, and Toronto-based private equity firm Greybrook Realty Partners has received a $226 million construction loan for a high-rise apartment tower in downtown Fort Lauderdale. Related Fund Management and Lubert-Adler provided the financing to the developers. Located at 140 S.W. 2nd St…
Prospect plans 265-unit apartment building in Lauderhill
Prospect Real Estate Group plans to build Commercial Commons, a mixed-use development in Lauderhill with 265 apartments and about 10,000 square feet of commercial space for a restaurant and retail store. DeLand-based Prospect will build the five-story development on 6.4 acres at 8456-8458 West Commercial Boulevard, near the intersection of North Pine Island Road. Commercial Commons…
Housing Trust Group Breaks Ground On New Affordable Community For Seniors In Deerfield Beach
Housing Trust Group (HTG) has closed financing and commenced construction on Hillsboro Landing, a $41 million affordable senior community in Deerfield Beach, Florida. This community is a joint venture between HTG and the Broward County Housing Authority, focused on providing stable and quality affordable housing options for low and moderate-income families…
Blackstone’s Link Logistics drops $162M for Deerfield Beach industrial campus
Blackstone’s Link Logistics subsidiary dropped $162 million for an industrial campus in Deerfield Beach. New York-based Link bought the properties at 710-750 South Powerline Road and 3155-3161 Southwest 10th Street within the Quiet Waters Business Park from an affiliate of PGIM Real Estate, according to records and real estate database Vizzda. Link made the purchase in two deals.
Boca Raton Based CP Group Eyes Major Flex Office Expansion
CP Group, of Boca Raton, Fla., plans to complete 340,000 square feet of its “worCPlaces” brand flexible office suites this year, the company announced on Monday, July 17. Designed in collaboration with Gensler, the worCPlaces program was launched in late 2021, in response to market demand…
Key, Wexford pay $26M for Boca Raton site, plan 190-unit multifamily project
The Ardid family’s Key International and Wexford Real Estate Investors plan a 190-unit multifamily project in Boca Raton. The Miami-based firms want to build a 12-story building at 14 Southeast Fourth Street, after buying the site and surrounding lots for $25.5 million, according to a Key and Wexford news release. The purchase includes the properties at 33 and 41 Southeast Fourth…
Batmasians propose 266-key hotel at Mizner Plaza in Boca Raton
James and Marta Batmasian want to build an 11-story hotel on a development site at Mizner Plaza in Boca Raton. The married couple, who are considered the largest private real estate owners in the city, propose a 266-key hotel on 1.7 acres at 132 and 170 Northeast Second Street, according to the Batmasians’ application submitted to the city last month. The project would consist…
Local residents celebrated last month when the Riviera Beach City Council rejected a zoning change that would have allowed 286 housing units to be built on a 64-acre former golf course. More than two dozen people spoke out against the project at the council meeting on June 21 where it was voted down by a 4-1 vote. Less than two weeks later, Florida’s Live Local Act — which allows…
Integra Investments Acquires Shopping Center in Palm Beach County, Plans to Add Workforce Housing
Miami-based Integra Investments has purchased Lantana Village Square, a 165,000-square-foot shopping center located at 1001 S. Dixie Highway in Lantana, a town in South Florida’s Palm Beach County. The buyer plans to raze the center’s vacant K-Mart department store and develop workforce housing that is affordable for Lantana renters. The overall development is situated…
Related proposes 46-unit waterfront condo building in West Palm
Related Group wants to build a 46-unit waterfront condo building in West Palm Beach, as the Miami-based developer continues to expand northward. Related, led by Jorge Pérez and his sons, Jon Paul and Nick, submitted a proposal for the project at 4906 North Flagler Drive to the city of West Palm Beach. The plans, including a requested rezoning of the site, were reviewed by the…
Woodmont, Butters And PCCP Break Ground In Florida’s Palm Beach Park Of Commerce
Woodmont Industrial Partners (Woodmont), Butters Construction & Development (Butters), and PCCP LLC have officially broken ground on the first of eight buildings within the Palm Beach Park of Commerce (PBPOC). Located at 15430 Corporate Road North, this project will bring 303,364 square feet of for-lease Class A industrial space to the market by the second quarter of 2024….
Ken Griffin Drops $83M On Palm Beach Office Building
A company affiliated with billionaire Ken Griffin, the head of hedge fund Citadel, paid $83M to acquire an office building in Palm Beach as Griffin and his firm continue to expand their presence in South Florida. The 49K SF office building at 125 Worth Ave. is adjacent to a former department store Griffin acquired for $78M last year. Griffin purchased the 49K SF property at 125 Worth Ave…
Citadel’s Ken Griffin drops $83M for office building on Palm Beach’s Worth Ave
Billionaire Ken Griffin bought an office building on Worth Avenue for $83 million, marking the hedge funder’s latest move to home in on Palm Beach, after a near takeover of Miami’s Brickell. An entity tied to Griffin’s Citadel bought the nearly 50,000-square-foot office building at 125 Worth Avenue from an affiliate of Frisbie Group and Dreyfuss Management, according to records…
CS Ventures buys office, retail buildings in Palm Beach for $18M
CS Ventures bought a pair of office and retail buildings in Palm Beach for $18.3 million, marking the firm’s continued investment in the area. The Palm Beach-based company, a partnership between Charles Rosenberg of a New York-based family investment office and Spencer Schlager, bought the adjacent two-story properties at 375 South County Road from an affiliate…
Two Roads, Frisbie settle lawsuit over waterfront West Palm condo project
Two Roads Development and Frisbie Group settled litigation over which has dibs to develop a pair of luxury condominium towers on a waterfront site in West Palm Beach. The two-year long dispute was tied to a 3.4-acre site at 1355 South Flagler Drive, where Frisbie and Hines now plan the pair of 28-story South Flagler House buildings with 82 condos and seven townhouses.
Retail market softens in Palm Beach County, stays strong in Miami-Dade and Broward
South Florida’s retail market outlook this year appears bright with leasing and rents holding steady, though that’s until Palm Beach County enters the picture. It was the only county in the region to show signs of softening in the second quarter, with both leasing and asking rents slightly dropping while vacancies crept up, according to Colliers’ new reports. For one, Palm Beach net absorption…
Wellington board to vote on Bellissimo’s massive mixed-use development
Developer Mark Bellissimo and his partners are seeking approval of land use and zoning changes to move forward with their proposal for a huge luxury mixed-use community in Wellington, a month after a village advisory board unanimously recommended denying those requests. Wellington Lifestyle Partners, a joint venture between Bellissimo’s Wellington Equestrian Partners…
Integra plans to redevelop Lantana shopping center
Integra Investments bought a Lantana shopping center with plans to redevelop the property into a mixed-use project. The Miami-based real estate investment and development firm paid $14.8 million for Lantana Village Square at 1201 and 1301 S. Dixie Highway, and 457 Greynolds Circle, an Integra spokesperson said. Bradesco Bank provided acquisition financing.
Nightingale Misappropriated Millions From Crowdfunding Investors, Fiduciary Says
When Nightingale Properties raised more than $50M in equity to acquire a massive Atlanta office complex last year, it was the highest-dollar campaign in real estate crowdfunding site CrowdStreet’s history. Most of that money is now missing, an independent fiduciary told investors on Friday, alleging that Nightingale and its CEO, Elie Schwartz, misappropriated the funds.
Inside Nightingale Properties, The CRE Firm At The Center Of The Missing Millions
In literature, the nightingale’s song is a symbol of beauty so transfixing it lulls listeners in the darkness to ignore the dangers of the day. Such a metaphor may be apt when considering the tale of Nightingale Properties, the New York-based investment firm that has accumulated a commercial real estate portfolio spanning millions of square feet across 22 states. Last year, it raised…
CrowdStreet Investors, Facing Total Wipeout, Question Platform’s Role In Alleged Fraud
The investors who wanted to buy a piece of a trophy office building in Atlanta on the CrowdStreet platform come from all walks of life: real estate pros trying to make a little extra on the side, but also tech workers, physicians and a college professor. The minimum investment in the deal was $25K, and the sponsor of that investment, New York-based Nightingale Properties…
A New Way Of Looking At Industrial Markets’ Volatility And Risks
A new method of ranking industrial markets using a two-dimensional grid reveals changes over time in both sales volume and volatility and claims to offer new insight into risks that may not be apparent in traditional one-dimensional models. The grid was developed by NAIOP. “This may help investors and developers create better strategies around market entry and exit, and to more…
Can Cold Storage Keep Its Cool This Summer?
Despite headwinds, this soaring niche continues to attract an increasing number of investors. Industry experts expect substantial growth to continue, driven by increasing demand and need for temperature-controlled storage and transportation of food, pharmaceuticals and chemicals. The post Can Cold Storage Keep Its Cool This Summer? appeared first on Miami Airport Warehouses….
Lenders, Borrowers Are in a Holding Pattern Until Interest Rates Settle
The U.S. economic picture is an opaque one for lenders and borrowers alike as inflationary pressures persist and the massive swings in interest rates are still working their way through the economy. At its May meeting, the Federal Open Markets Committee (FOMC) raised the federal funds rate for a 10th consecutive time to a target range of 5 to 5.25 percent. The fed funds rate…
A “Category 5 Hurricane” in Commercial Real Estate Nationally
There are many green shoots in today’s broad economic landscape. They’re encouraging, and we remain committed to trading this bull market higher. But the way we protect our wealth is by paying more attention to weeds than green shoots. And if you’re looking for weeds today, just type “commercial real estate” into Google. Here are the headlines that populated my results…