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609 Brickell Set For Hearing Before Historic Preservation Board
A hearing on the 609 Brickell property is scheduled for Miami’s Historic and Environmental Preservation Board on July 2. The First Presbyterian Church and developer 13th Floor Key Church, LLC are requesting an an amendment to the historic designation report for the property. An iconic, 80-story tower is being planned on the property. A staff report notes that the site…
The City of Doral is hitting its stride with significant economic growth outstripping neighboring areas, as detailed in the latest report put forth by the Florida International University’s Metropolitan Center. The Doral Economic Analysis Report 2024 Update, a continuation of the original study from 2017, reveals a city in the throes of development…
$76.81 Million Loan Secured for ‘SoWy’ Mixed-Use Development in Wynwood and Overtown
More Development, an international real estate company based in Miami and Nassau, The Bahamas, has secured a $76.81 million loan for SoWy, an upcoming mixed-use development in Wynwood and Overtown, north of Downtown Miami. The loan was announced by More Development President Whitney Thier and provided by JP Morgan Chase. The nearly eight-acre SoWy…
1,296-Unit Community Proposed for 15780 W. Dixie Highway in North Miami
An affiliate of Miami-based Resia is seeking approval for a multi-family housing development from North Miami City Officials. The North Towne apartments would comprise five, 12-story buildings, offering a grand total of 1,296 residences at full buildout. Per the South Florida Business Journal, the one-bedroom to three-bedroom units would span 626 to 1,041 square feet…
81-story Brickell Dolce & Gabbana tower advances
Development of an 81-story tower on Brickell Avenue that has been hyped as a condo-hotel with Dolce & Gabbana branding won first-step zoning approval from Miami-Dade County last week by an 11-0 vote. A final review has yet to be scheduled. Currently on the half-acre site is a seven-story office building built in 1972. This is at least the fourth project that aimed to replace that…
Eichner’s Continuum pays $75M for Shuckers site in North Bay Village
Ian Bruce Eichner’s Continuum Company acquired the popular Shuckers Waterfront Bar & Grill property and the adjacent Best Western in North Bay Village. Continuum paid $75 million for the restaurant and hotel at 1819 79th Street Causeway, according to a press release. The firm financed the deal with a $67.5 million loan from Longline Financial. Montreal-based Jesta Group…
Continuum Co. Grows North Bay Village Holdings With $75M Acquisition
Ian Bruce Eichner’s Continuum Co. has added to its property holdings in Miami’s North Bay Village with the purchase of the 2.3-acre site of Shuckers Waterfront Bar & Grille and a Best Western hotel. Continuum paid $75M for the site, Eichner told Bisnow, acquiring it from Canadian investment firm Jesta Group. Continuum landed a $67.5M acquisition and pre-construction loan…
Plans revealed: Three more Live Local Act apartment towers proposed in Wynwood
Developers are seizing on the Live Local Act with plans for five apartment high-rise projects in Wynwood. The towers, which would range from 18 to 48 stories, promise to alter the look of the Miami neighborhood, where heights for years have been capped at 12 stories. Three of the proposals were recently revealed. New York-based Hidrock Properties plans a 39-story, 336-unit…
Raanan Katz plans 1,050-unit project at Miami Sears, amid surge of Live Local Act proposals
RK Centers plans a 1,050-unit Live Local Act complex on the site of a Sears in Miami, amid an outpouring of project proposals under the state’s affordable housing legislation. The firm, founded and led by Miami Heat minority owner Raanan Katz, wants to build three eight-story buildings with 995 apartments and 55 rental townhouses on an 8.1-acre site at 3655 Southwest 22nd St…
Metromover system overhaul gains funding
County commissioners last week unanimously passed a resolution adding $6.7 million to a contract to support the Metromover comprehensive wayside system overhaul project. The additional funds bring the contract to more than $14 million. The contract with New York-based Atkins North America Inc. is for construction, engineering, and inspection services. It passed…
Transformative Miami Riverbridge downtown wins backing
The major redevelopment of one of Miami’s highest profile sites in the heart of downtown is one step closer to reality. A city review board on June 20 unanimously recommended approval of the Miami Riverbridge project, which will take the place of the James L. Knight Center and Hyatt Regency hotel on the Miami River. The Urban Development Review Board did ask…
Miami Riverbridge Approved By UDRB, Including Supertower
The three-tower Miami Riverbridge megaproject was approved last week by the Urban Development Review Board. An existing Hyatt Regency will be demolished to make way for the new towers, one of which will be a new Hyatt Regency. Hyatt is partnering with Gencom on the development. Phase one will include an include an 87-story, 1,046 f00t supertall residential tower…
Miami Riverbridge Gains Unanimous Approval from City of Miami Urban Development Review Board
The redevelopment plans for Downtown Miami’s Hyatt Regency site have received unanimous approval from the City of Miami Urban Development Review Board. The updated project plans for Miami Riverbridge, presented by Hyatt Hotels Corporation and Miami’s Gencom under HRM Owner, LLC, were approved without any conditions at the board hearing. Construction…
“Aggressive pricing”: Brickell landlords list sites at record asking prices
Elevated interest rates and skyrocketing insurance premiums have curbed South Florida’s commercial investment sales flurry of recent years, with cash flow and debt woes besetting some property owners. Yet, Brickell landlords remain unfazed. Since last fall, four large properties have hit the market, and two are for unprecedented prices that would surpass records set during the…
Matther Rieger: Housing Trust Group CEO builds vital affordable housing
Since taking on the role as president and CEO of the Housing Trust Group (HTG), Matthew Rieger has been an advocate and top developer in solving the affordable housing crisis in South Florida. For the past 13 years, Mr. Rieger has led HTG’s advances on affordable housing causes and delivering high-quality housing solutions to underserved communities. Since its inception…
Baha Mar developer scores $77M loan for 8-acre Wynwood assemblage
The original developer of Baha Mar in the Bahamas secured a $76.8 million loan, with plans to build on eight acres of land in Miami’s Wynwood neighborhood. Miami and Bahamas-based More Development spent $115 million-plus assembling six blocks in south Wynwood between 2018 and 2022 where it plans a mixed-use project, said Whitney Thier, president of the firm.
Miami’s First Supertall Tower – Waldorf Astoria Miami – Begins Vertical Construction
The 1,049-foot Waldorf Astoria Miami has commenced vertical construction, new photos show. The Waldorf will be Miami’s first supertall, and the tallest residential building south of New York. It will include 387 condos and 205 guestrooms and suites. The residential component is already 90 percent sold. A record-breaking foundation pour was recently completed…
616-Unit Atlantic Station Tower in Overtown Appears To Have Reached Top Off
Contractors appear to have reached the roof level of the Atlantic Station tower under construction in Overtown, a new photo shows. Groundbreaking for Atlantic Station took place in January 2023. At the time, it was billed as the largest single phase mixed-income Transit-Oriented Development to ever get underway in Miami-Dade County. Atlantic Station is planned…
MSC Group buys future HQ space at Michael Swerdlow’s Block 55 in Overtown
MSC Group is anchoring its new North America cruise headquarters at Michael Swerdlow’s Block 55 at Sawyer’s Walk after paying $67 million for a commercial unit at the Overtown mixed-use project. An affiliate of MSC Group, an international shipping company based in Geneva, Switzerland, purchased a 131,129-square-foot office space on the 7th floor of Block 55 at 249 Northwest…
Corebridge buying Moishe Mana-leased Miami Gardens warehouse, as South Florida industrial deals flow
Corebridge Financial is buying a Miami Gardens warehouse for $25.5 million that is fully leased to Moishe Mana, as South Florida industrial investment sales continue to flow despite elevated interest rates. Lightstone and Mavik Capital Management, both based in New York, are under contract to sell the 134,000-square-foot facility at 15801 Northwest 49th Avenue to Corebridge…
JPMorganChase Expanding Brickell Offices For 400 More Employees
JPMorganChase has announced plans to double the size of its offices in Brickell. The company already has 500 employees in its Brickell offices. With the expansion, the company will have capacity for 400 new employees. The size of the JPMorganChase Brickell office space will go from 80,000 square feet to 160,000 square feet. In addition to offices, there will also be new event…
JPMorganChase Goes Double in Miami
JPMorganChase is planning to double its downtown Miami office footprint at 1450 Brickell to 160,000 square feet, up from 80,000 square feet over the next two years, as well as expand its physical presence in other parts of Florida. JPMorganChase’s major expansion will include other South Florida locations, in addition to the 1450 Brickell office tower seen here.
‘Spectacular’ Tower Planned Across From Brightline’s MiamiCentral
A new downtown Miami transit-oriented residential tower has been announced, with a “spectacular” design. The 700,000-square-foot tower will be known as First & Fifth, and is being developed by Oak Row Equities. It will be located across from Brightline’s MiamiCentral, on a property with a rare perfect transit score of 100. The 45-story tower is being designed…
Foundation Permit Issued At Miami Freedom Park Soccer Stadium Site
A phased foundation permit has been issued at the Miami Freedom Park construction site, according to Miami Building Department records. The phased foundation permit was issued by Miami’s Building Department on June 5 to contractor Lemartec Corporation. Activity can already be seen at the site. Miami Freedom Park will eventually include a 25,000-seat multi-purpose…
Sale of 352-Unit AMLI Doral Multifamily Community in Doral Arranged
JLL Capital Markets has arranged the sale of AMLI Doral, a 352-unit multifamily community located at 11481 N.W. 41st Street in Doral, about 18 miles west of Miami. AMLI Residential sold the property to Pantzer Properties for an undisclosed price. Developed in 2013, AMLI Doral comprises nine four-story buildings with apartments in one-, two- and three-bedroom layouts…
Pantzer continues multifamily buying binge, pays $139M for Doral complex
Pantzer Properties is bullish on South Florida multifamily, acquiring a Doral rental community less than four months after buying a West Palm Beach apartment complex. In what is now the second largest multifamily deal in the tri-county region this year, New York-based Pantzer paid $139.2 million for AMLI Doral, a 6.4-acre garden-style complex at 11481 Northwest 41st Street…
10-Story ‘Ella Miami Beach’ Set for 6940 Abbott Ave in Miami Beach
Yesterday, Florida YIMBY reported on 299 Minorca, an eight-story, mixed-use venture spearheaded by Constellation Group and Boschetti Group. Today, we’re reporting on another venture in the developers’ pipeline: Ella Miami Beach, a 10-story residential tower offering 95 condos. This is not to be confused with ELLE Residences Miami, a taller, separate venture…
The Waldorf Astoria Hotel & Residences, a nearly 100-story luxury tower set to rise at 300 Biscayne Boulevard in Downtown Miami, has secured a historic $668 million construction loan, the largest ever for a residential condominium development in Florida. The project, developed by PMG, Greybrook, Mohari Hospitality, S2 Development, and Hilton, achieved this financing…
Developers Propose 57-Condo ‘299 Minorca’ for 299 Minorca Avenue in Coral Gables
Two developers have proposed an eight-story mixed-use venture in Coral Gables. The prospective tower, dubbed “299 Minorca,” would comprise 58,572 square feet of new construction, occupying a 10,341-square-foot site that serves as a surface parking lot. If approved by city officials on June 28th, the project would offer 57 condos intended for short-term rentals, with the homes…
Ellen Buckley gears up development firm following nearly a decade at Terra
During her nearly decade run at Terra, Ellen Buckley managed $6 billion in South Florida real estate projects from concept to final design. But after rising in the ranks to vice president overseeing development at David Martin’s Coconut Grove-based firm, Buckley found no more room to grow professionally. So last year, the 44-year-old developer left Terra to start her own firm…
Miami Seaquarium hit with eviction lawsuit
After nearly 70 years in Virginia Key, Miami Seaquarium is a step closer to getting the boot from its longtime home. Miami-Dade County on Tuesday filed an eviction lawsuit against the affiliate of Miami-based Dolphin Company that owns the landmark marine mammal attraction at 4400 Rickenbacker Causeway. Under the direction of Miami-Dade Mayor Daniella Levine Cava…
Lease roundup: Dacra lands six tenants in Miami Design District, Kushner scores bakery in Edgewater
Dacra scored six tenants at its Miami Design District development. Dacra leased out 90,000 square feet at The Moore mixed-use building at 4040 Northeast Second Avenue, for offices, a private members club, a gallery and a 13-key boutique hotel and the Elastika restaurant, according to a Miami Design District news release. Also, Italian luxury fashion brand Brunello Cucinelli…
Plans Submitted for Grove Village Bimini Block Project in Coconut Grove
Grove Bimini Nassau QOZB, LLC, managed by Sankesh Abbhi of Miami-based private equity firm Abbhi Capital, has submitted plans for the Grove Village Bimini Block Project to the City of Miami’s Urban Development Review Board (UDRB). The proposed project, encompassing the addresses 3410 and 3428 Hibiscus St, 3509/3521/3547/3551/3559/3575 and 3587 Thomas…
City to Consider Plans for ‘the Mosaic at Douglas Road’ at 3700 SW 28th Street in Miami
Today, Miami’s Urban Development Review Board will review plans for an eight-story residential housing complex west of Douglas Park. If brought to fruition, the Mosaic at Douglas Road would comprise just over 268,500 square feet of new construction, offering 130 studio to three-bedroom layout plans. Square footage ranges from 568 to 1,319 square feet, and there would be 210…
Coral Gables office loan enters special servicing
The $71.6 million loan on the Columbus Center office complex in Coral Gables entered special servicing, according to data from Morningstar Credit. The troubled loan is the latest sign that South Florida real estate is feeling the sting from elevated interest rates and other economic headwinds. Although the industry has cited the tri-county regional office market’s resilience…
Total Demolition Permit Issued For One Bayfront Plaza Supertall Site
Miami’s Building Department issued a total demolition permit for the One Bayfront Plaza site yesterday. The permit was approved on March 27. It remained approved but unissued until June 25.. A 19-story office building occupying a full city block in the heart of downtown Miami is being demolished to make way for a supertall tower. Demolition is estimated to take…
PortMiami Among The First In The World With Shore Power
Miami will see a significant reduction in pollution after Shore Power was launched earlier this month at PortMiami. Miami-Dade County Mayor Daniella Levine Cava said Miami was the first port on the eastern seaboard with the system, and one of only 35 in the world. Cruise ships docked at PortMiami no longer have to leave their engines running while in port, instead connecting…
The Weekly Dirt: Examining aspirational pricing in South Florida
Commercial landlords in Brickell are seeking record prices for their properties despite significant economic headwinds. While no one is immune to high interest rates and skyrocketing insurance premiums, multifamily and office owners are having a rockier time. Still, some are betting on the market coming back soon, especially in Miami’s Brickell Financial District, where four…
Miami-Dade Quits $160M Deal to Buy 80-Acre Office Campus
Miami-Dade County has notified the owner of an 80-acre Assurant office complex near Cutler Bay that it is backing out of a $160 million deal to buy the property and transform it into a new South Dade Government Center. A broker representing the campus’s owner, American Bankers Life Assurance — an insurance company that operates as Assurant — received a letter…
Condra Property Group has updated its redevelopment plans for a group of oceanfront hotels, adding more residential units under Florida’s Live Local Act. The New York-based developer, led by Allen Konstam, will present the revised application to Hollywood’s Technical Advisory Committee on July 1. The project concerns 3.33 acres at 2007 and 2115 N. Ocean Drive…
Pine Tree plants roots in South Florida retail with $70M Plantation purchase
Pine Tree made its first foray into South Florida by acquiring a Plantation shopping center at $2.5 million below the previous sale price two decades ago. An affiliate of Northbrook, Illinois-based Pine Tree paid $70 million for The Fountains at 801, 805 and 821 South University Drive, records show. The deal breaks down to $160 per square foot for the 438,051-square-foot…
Mesirow drops $89M for Sunrise apartment complex, amid recent uptick in multifamily investment sales
Mesirow picked up a 325-unit apartment complex for $89.4 million near Sawgrass Mills mall in Sunrise, amid a recent uptick in South Florida multifamily investment sales. The firm bought The Retreat at Sawgrass Village, consisting of a five-story building and three one-story buildings, at 3001 Northwest 130th Terrace from AMLI Residential, according to records and real estate…
Revised Plans For The Arcadian In Fort Lauderdale Seek Site Plan Amendment
A Site Plan Level II has been filed for review, seeking a Site Plan Amendment with design deviation requests to increase the building floorplate and reduce tower stepbacks for The Arcadian, an 8-story mixed-use development set on a 3.35-acre site at 640 Northwest 7th Avenue in Fort Lauderdale’s Progresso Village neighborhood. This amendment aims to add 22 additional…
Fraudster’s Fort Lauderdale Airport Hangar And Luxury Apartment Go Up For Sale
A private hangar and office at Fort Lauderdale Executive Airport is up for sale as their owner liquidates assets to pay two fraud judgments totaling $124M. The FXE Gateway Complex at 1200 and 1400 NW 62nd Street has direct runway access, with a 20K SF office and 18K SF private hangar that can accommodate four planes, according to a release. The buyer will also get a luxury two…
Super Bowl winner Jonathan Vilma proposes a 102-unit affordable housing project on a church site in Palm Beach County, marking continued redevelopment of South Florida’s religious properties. Vilma, who also is a former University of Miami football star, partnered with the West Palm Beach Seventh Day Baptist Church to request changes in the development regulations…
Dalfen Industrial lightens Palm Beach County portfolio with $55M sale
Dalfen Industrial lightened its load in Palm Beach County by selling one of its warehouse facilities for $55 million. An affiliate of Irvine, California-based LBA Logistics bought Interstate Park Logistics Center at 3774 Interstate Park Road North in Riviera Beach, records and real estate database Vizzda show. The deal breaks down to $232 per square foot for the 236,554-square-foot…
Retail Sales Miss Expectations While the Industrial Sector Moves Towards a More Balanced Equilibrium
Highlights: Retail sales were weaker-than-expected in May, increasing by 0.1% MoM (Est: 0.3%) while April’s previously reported flat change was revised lower to -0.2%.Excluding gasoline stations, however, retail sales were higher by 0.3% MoM. Falling gasoline prices have weakened growth with sales at gasoline stations lower by -2.2% during the month.Over the first five…
Moody’s and Zillow team up to enhance data and analytics for multifamily owners and investors
This new, strategic collaboration will leverage more comprehensive rental market data and insights Moody’s, the leading source of insights on exponential risk and global provider of commercial real estate (CRE) solutions and data, and Zillow, the most-visited online real estate marketplace, announced today a mutually advantageous collaboration to enrich the data…
Bank Delinquency Rates Eke Up, Negative Pressure from High Interest Rates to Continue
The June 2024 FOMC meeting came to a close last week and left the CRE industry waiting for a clear signal of loosening monetary policy. Lower interest rates could lessen the negative pressure on property values and net income, lending and transaction volume, and loan delinquency rates. The radical jump in interest rates roiled the CRE capital markets since 2022…
Freddie Mac apartment investment index jumps nearly 9% in first quarter
Freddie Mac’s Multifamily Apartment Investment Market Index (AIMI) increased 8.7% quarterly during 2024’s first quarter, bouncing back sharply from the deep decline in the previous three-month period. The AIMI’s quarter-over-quarter pick-up was broad-based, with all 25 regional markets tracked by Freddie Mac seeing a rise in the index. Annually, the index is up 8.1%…
Starwood Fund’s Liquidity Issues Spark Spike In Withdrawals At Other REITs
Nine of the 10 largest nontraded real estate investment trusts have seen a huge jump in investors seeking to pull out their money following Starwood Real Estate Income Trust’s move last month to sharply limit redemptions. Investors in these semiliquid funds have been looking to withdraw their money since late 2022 as interest rates were spiking, leading many of the nontraded…
Chart: Yield Curve Remains Inverted as Recession-Predicting Power is Debated
A recession can significantly impact the commercial real estate (CRE) sector, often resulting in decreased demand for office, retail, and industrial spaces. During economic downturns, businesses tend to cut costs, which can lead to downsizing or closures. This contraction reduces the need for office spaces, leading to higher vacancy rates and putting downward pressure on rental…
KKR Makes Its Biggest Foray Into Apartments, Betting on Rising Rents
KKR has completed its largest-ever purchase of apartment buildings, the latest in a string of big-ticket deals, signaling that some of the most prominent investment firms are betting on a broad rebound for multifamily housing. The New York-based private-equity firm paid $2.1 billion for more than 5,200 apartment units across the country, from California and Texas to New Jersey…
8% Of U.S. Office Buildings Are Taking Basically All The Tenant Activity
Only 8% of office buildings are thriving, while most of the market has been struggling since the onset of the pandemic. A CBRE analysis of 57 U.S. office markets found that only a sliver of office properties are successful in attracting tenants today, a sharp acceleration of the flight-to-quality trend. This upper echelon is designated as prime office buildings by CBRE, a more exclusive…
JP Morgan’s 2024 midyear multifamily market update
The outlook for multifamily real estate continues to be largely positive for the rest of 2024, even as interest rates remain high. Nationwide, asking rents are expected to grow 2% this year, with vacancies remaining at 5.6%, according to data from Moody’s CRE. But real estate is a local game. Our experts shared multifamily trends, forecasts and opportunities to keep an eye on in top apartment…