First Tower Of 800+ Unit Project Proposed In Health District
Related Urban has submitted a Zoning Verification Letter to Miami-Dade planners for a property in Miami’s Health District. The project name for the proposed development is listed as Gallery at Wagner Creek. Gallery at Wagner Creek’s North Tower is proposed to rise 27 stories. It is proposed to include 460 residential units, 354 parking spaces, and a 7th level amenity deck.
Sabet and Evolve’s proposed projects in Miami’s Wynwood Norte and near Edgewater get green light
Miami architect Kobi Karp pulled off a double play, scoring a green light on designs for a pair of apartment projects near Edgewater and Wynwood Norte. On Wednesday, the Miami Urban Development Review Board approved 1600 Edgewater, Sabet Group’s 33-story tower with 282 apartments, as well as Evolve Companies’ Evolve Wynwood 35, an eight-story building…
Developers Plan 2,400 Apartments On Biscayne Boulevard
A massive apartment complex is being planned on Biscayne Boulevard, according to The Real Deal. The development will have over 2,380 apartments, a school, and commercial space, the report said. Israeli company Canada Global is said to be partnering with Adam Neumann’s Flow on the development. The 16-acre El Portal property was formerly a trailer park, and is now vacant.
Baron scores $206M construction loan for 661-unit apartment project in Hialeah
Baron Property Group scored a $206 million construction loan for the Metro Parc North apartment project in Hialeah. The New York-based firm is building the eight-story building with 661 units at 901 East 26th Street, according to a Baron news release. Construction started last month, and is expected to be completed in late 2027. Stamford, Connecticut-based Post Road Group is the lender…
Baron Property Group Secures $206M for Florida Project
Baron Property Group has secured $206 million in construction financing from Post Road Group to help transform Hialeah, Fla., with a new transit-oriented residential property. Developers broke ground on the project, Metro Parc North, last month, with completion expected in late 2027. Metro Parc North will offer 661 homes ranging from studios to three-bedrooms.
Facade Work Progresses on The First of the ‘222’ Namdar Towers in Downtown Miami
Facade work is making significant progress on the first of two 43-story towers at 222 NE 1st Avenue in Downtown Miami, known as Namdar Towers or simply “222.” Developed by New York-based Namdar Group, the project will encompass approximately 1.3 million square feet, integrating residential, commercial, and parking components. Designed by Behar Font & Partners…
Miami Beach commission grants initial approval of Deauville redevelopment
Miami Beach commissioners approved land use changes that will allow the Meruelo family and David Martin’s Terra to build a larger project on the oceanfront property that was previously home to the Deauville Beach Resort. The commission on Wednesday evening voted six to 1, with commissioner David Suarez casting the sole ‘no’ vote, on first reading to approve two amendments…
Summit Brickell Enters Construction Permitting
The 65-story tower known as Summit Brickell has entered the construction permitting phase. The permit application was submitted to Miami-Dade County in late February, with review now underway. Turner Construction is listed as the contractor. Zoning review of the tower was completed by Miami-Dade late last year. Summit Brickell is planned to include 505 residential units…
Map: Here are South Florida’s canceled or delayed office projects
In recent years, South Florida’s office market appeared resilient to financial woes experienced elsewhere in the U.S. Major companies leased across the tri-county region, making brokers giddy. Developers announced plans for new South Florida office projects, offering flashy renderings. Yet by now, some of these projects are canceled or paused. The progress and success of others…
Botched $11M land deal costs city of Doral nearly double the price six years later
Six years after allegedly trashing a vacant property it intended to buy for $10.7 million, the city of Doral will pay the landowner nearly double the originally agreed purchase price. On Wednesday, the Doral City Council approved a settlement agreement that will pay Doral 10, an entity managed by Lizbeth Arencibia of Hialeah Gardens, $21 million to drop a 2019 civil lawsuit…
Miami-Dade Office Vacancy Among Nation’s Lowest
The office market in Miami-Dade is among the strongest in the nation, according to a new report by Marcus & Millichap. “Miami’s office market continues to outperform, with one of the lowest vacancy rates in the nation and sustained investor interest in both urban and suburban submarkets. Strong pre-leasing activity and an expanding knowledge-based economy…
Developer Vivian Dimond to revive stalled waterfront North Bay Village condo project
Developer Vivian Dimond took over the stalled condo building in North Bay Village, a 15-story shell on Harbor Island, The Real Deal has learned. The planned 54-unit building at 7918 West Drive will now be called Tula Residences. Dimond’s Bayshore Grove Capital is now the sole managing member of the LLC that owns the property, she said. Malaysian developer Pacific & Orient…
Signage Installed At Edgewater Whole Foods, Opening Date Coming Soon
Signage for Edgewater’s new Whole Foods Market has been installed, as construction on the new store continues. An opening date for the store will be announced soon, a broker involved in the lease of the store said. Whole Foods is building out 50,812 square feet of space at the ground floor of the new Forma tower. By comparison, the existing downtown Miami Whole Foods…
Photo: Demolition Activity At Brickell’s Santander Tower Site
Demolition activity can be seen at the Brickell Avenue site were Santander Bank is planning a landmark tower. The new 40-story tower is planned to rise 765 feet, with a design by Handel Architects and Bernardi & Peschard Arquitectura. It will include 612,918 square feet of Class A office space, and 1,496 parking spaces. There will also be 107,953 square feet of food and beverage…
Construction Cranes Installed To Build 58-Story Downtown Miami Tower
Multiple construction cranes have now been installed at the Downtown 6 site. Downtown 6 is a massive apartment tower under development by Melo Group. It will rise 58 stories upon completion. The tower will have 824 apartments, 2,247 square feet of retail, and 639 parking spaces. Melo also built the two 52-story Downtown 5 towers seen in the background…
606-Unit Worldcenter Tower Reaches Level Ten Of Construction
Contractors have now completed ten floors at the 600 Miami Worldcenter tower, about a year after groundbreaking. The groundbreaking ceremony for the tower took place last year in mid-March, with vertical construction beginning around six months later. By December, the third floor of the tower had been poured. The tower is eventually planned to top off at 32 stories…
Affordable housing developer Lewis Swezy plans an 80-unit age-restricted apartment project near the Earlington Heights Metrorail stop in Miami-Dade County. Swezy, through his Miami Lakes-based Centennial Management, wants to develop the six-story building with 60 one-bedroom apartments and 20 two-bedroom apartments on a 0.7-acre site at 4052 Northwest 22nd Avenue…
Okan Towers Ascent Continues at 555 North Miami Avenue in Downtown Miami
Construction continues to climb at Okan Tower, a 70-story mixed-use skyscraper at 555 North Miami Avenue in Downtown Miami. Designed by Behar Font & Partners with Thornton Tomasetti as the structural engineer and Ortus Engineering as the civil engineer, and developed by Okan Group, the 902-foot-tall tower will feature 163 luxury residences, 236 condo-hotel…
A disgraced Venezuelan ex-banker identified in the Panama Papers joins a growing number of South Florida commercial real estate owners feeling the pinch of distress. An entity managed by Eligio Cedeño in Coral Gables filed for Chapter 11 reorganization in Miami federal bankruptcy court on Saturday, two days before its four commercial units at Brickell House condominium…
University of Miami plans major campus
University of Miami’s Coral Gables campus is on track to complete a large residential project in 2026 and continues to work on more capital improvement projects. Centennial Village is to be a first-year experience for students, said Jessica Brumley, vice president of facilities, operations, and planning. “The majority of our freshman students would live in the Centennial Village…
Brazilian billionaire’s firm completes dev site purchase for first Coral Gables condo project
Multiplan Real Estate Asset Management completed an assemblage for its first condo development in Coral Gables, The Real Deal has learned. Brazilian billionaire Jose Isaac Peres’ firm, led by managing partner Marcelo Kingston, paid $17.8 million for the second half of the assemblage, an office building at 1501 Venera Avenue, Kingston told TRD. Mutiplan acquired the first piece…
Adam Neumann’s Flow nabbed a $51 million acquisition loan and is partnering with Canada Global for a planned mixed-use project on an El Portal development site. New York-based Ladder Capital provided the mortgage to a Delaware entity with ties to Flow that paid $71.5 million for a 16-acre former trailer park at 8500 Biscayne Boulevard, records show. Canada Global…
Miami International Airport pivoting stores to dining
Miami International Airport, in the midst of $9 billion in physical growth, is on the runway to also revamp the stores and dining that passengers can choose from in an upgrade that will markedly swing the mix from mostly shopping to nearly two-thirds food and beverage. While reworking terminals is slow, most food and shopping concessions will vastly alter within three years…
Habitus Capital scored approval for a 61-key boutique hotel in Miami’s Edgewater, marking the firm’s continued investment in South Florida’s hospitality market. Brickell-based Habitus plans the eight-story building on a 0.2-acre lot at 459 Northeast 25th Street with 20 on-site parking spaces and two street parking spaces, according to a Miami City Commission agenda item.
Homestead gears first strategic plan as roadmap to future
The City of Homestead is undertaking steps to develop its first-ever strategic development plan, following a major push from City Manager Zerry Ihekwaba. “It was part of the vision and mission statement to have a clear concept of what are we looking at for the future. What exactly are we looking to accomplish?” asked Dr. Ihekwaba. “Upon my assumption of office, I realized…”
Trinity leading development of JMH’s former condo project near Faena District
Bill and Dana Lozito’s Trinity Southern is taking over development of a long-planned luxury condo project in Miami Beach called 29 Indian Creek, The Real Deal has learned. Developer Jason Halpern’s JMH Development will remain an investor-partner and adviser on the planned 22-unit development at 2901 and 2911 Indian Creek Drive, near the Faena District, Bill Lozito said.
Construction Rises Higher on the 100-Story Waldorf Astoria Hotel & Residences in Downtown Miami
Construction is rising higher on the Waldorf Astoria Hotel & Residences Miami, a 100-story supertall mixed-use skyscraper at 300 Biscayne Boulevard in Downtown Miami. Designed by Sieger Suarez Architects in collaboration with Carlos Ott and developed by Property Markets Group (PMG) and Greybrook Realty Partners, alongside Mohari Hospitality, S2 Development, and Hilton…
Shoma sheds another property, sells Hialeah project to IMC for $81M
For the second time in less than a month, Shoma Group’s commercial portfolio got lighter — along with its overall debt. The Coral Gables-based firm, led by power couple Masoud Shoajee and Stephanie Shojaee, sold a fairly new Hialeah mixed-use project to Yoram Izhak’s North Miami-based IMC Equity Group, records and real estate database Vizzda show.
Waldorf Astoria Supertall Reaches Level 19
Developer PMG says that the Waldorf Astoria Hotel & Residences Miami has reached a new construction milestone. Level 19 of the tower’s shell has now been poured, and contractors have begun pouring the building’s pool level. Contractors are also now installing the glass facade in the building’s first cube (there will be nine cubes in total). Once the pool level has been poured…
Tourmaline pays $76M for Coral Gables office complex facing foreclosure
A year into Coral Gables’ Columbus Center’s debt woes, Tourmaline Capital Partners paid $76 million for the property facing foreclosure. Bryn Mawr, Pennsylvania-based Tourmaline bought the office complex consisting of a 14-story building and an eight-story building on a 2.5-acre site at 1 Alhambra Plaza, according to records and real estate database Vizzda.
Developer Of 848 Brickell Agrees To Public Benefits Contributions
The developer planning an office tower at 848 Brickell Avenue has agreed to public benefits contributions as a condition for obtaining development approval. The contributions will include: $2m towards the 10st Street Metromover Station, to be used at the county discretion for repairs, maintenance, and improvements Pedestrian improvements surrounding the development…
Photo: 44 & 45-Story Towers Rising In Brickell
Two towers are rising in Brickell, a new photo shows. One of the tower is the 44-story Lofty Brickell, which is planned to include 364 residential units allowing short-term rentals. The second tower will be the 45-story Standard Residences, which will have 422 condo units, a 45th floor rooftop lounge, amenities, and a restaurant. The towers will be be connected by a podium.
33-Story 1600 Edgewater Tower Proposed in Miami, Set for UDRB Review on March 19
Plans have been submitted to Miami’s Urban Development Review Board for 1600 Edgewater, a 33-story mixed-use tower proposed at the former Miami Cash Register site at 1600 NE 2nd Avenue. Designed by Kobi Karp Architecture & Interior Design, the project aims to integrate elements reflective of Biscayne Bay, Wynwood, and Miami’s evolving skyline, according to…
Okan Group Unveils New Hilton Residences Miami Bayfront
Okan Group, in partnership with Hilton (NYSE: HLT), has unveiled the first look at Hilton Residences Miami Bayfront, a new collection of residences offering modern, high-rise living in downtown Miami. With prices starting at $685,000, the homes bring additional housing options to a growing urban center while incorporating world-class hospitality and amenities….
‘Season One Brickell’ Planned for 1200 SW 2nd Avenue in Miami
Developers Habitat Group and BI Group are one step closer to making One Season Brickell a reality. Miami Dade’s Water & Sewer Department recently agreed to provide utilities to the pre-construction high-rise. Plans call for 88 residences in a 22-story tower, including studio to three-bedroom models; homes would span 432 to 1,017 square feet. Homes would come outfitted…
33-Story Edgewater Tower Revealed For The First Time
Plans for a 33-story tower have been revealed for the first time in a filing to Miami’s Urban Development Review Board. The building is named 1600 Edgewater, according to a letter to board members from an architect at Kobi Karp Architecture & Interior Design, the firm designing the building. “This building aspires to be more than just a physical structure; it is a celebration…
Plans Submitted For 141 Residential Units In Wynwood
Plans have just been revealed for another residential project in the Wynwood Norte area. The project name is listed as either 35th Wynwood or Evolve Wynwood 35 in documents and plans submitted to Miami’s Urban Development Review Board. Evolve Wynwood 35 is planned to rise 8 stories and include: 141 residential units 202 on-site parking spaces Parking will be located…
Update Provided On 55-Story Legacy Miami Worldcenter
The developer of the 55-story Legacy Miami Worldcenter tower has provided an update on a construction halt, according to the SFBJ. The developer expected to remobilize construction in around five to six weeks, the report said. Construction has been halted since 2024. A foundation pour for the tower took place in 2022, with a crane installed in early 2023. After the halt…
Miami Multifamily Real Estate Report – Q4 2024
Market Snapshot for Miami Multifamily Real Estate We’ve compiled key statistics (vacancy rates, absorption rates, and rental rates) and property transactions for Miami multifamily real estate in this report. The Miami multifamily report is updated quarterly by our commercial real estate professionals. We also want to cover the bigger picture and provide some information about…
Call Me Gaby, the Italian restaurant in Miami Beach’s South of Fifth neighborhood, will expand to the Miami River. Call Me Gaby owners Cathy and Anthony Arrighi, in partnership with restaurateur Roman Jones, will open the restaurant in a two-story, 8,500-square-foot building at 5 Southwest South River Drive in Miami, according to a news release from Call Me Gaby and Jones.
With the security of a $67.5 million construction loan, two developers are one step closer to making their multi-family housing project a reality. That venture? Parks at Davie, a 383-unit apartment complex. The one-bedroom to three-bedroom homes will measure 568 to 1,415 square feet; in-unit amenities include stainless steel appliances, nine-foot-high ceilings, and quartz…
Construction Financing Secured for Apex Logistics Park at Signature Grand in Davie, FL
Altman Logistics Properties and FRP Development Corp. have secured $31.9 million in construction financing for Apex Logistics Park at Signature Grand, a two-building, 182,000-square-foot logistics development planned for Davie, Florida. The site, formerly home to the Signature Grand events and catering space, will undergo demolition in preparation for vertical construction…
13th Floor scores $68M construction loan for Davie rentals
13th Floor Investments and JSB Capital Group scored a $67.5 million construction loan for a 383-unit apartment complex near Broward College in Davie. Coconut Grove-based 13th Floor and Miami Beach-based JSB Capital plan the five-story Parks at Davie with some workforce apartments on the northwest corner of Davie Road and Southwest 37th Street, according to a 13th…
Developer Proposes Mixed-Use Venture for 228 SE 9th Street in Hallandale Beach
Hallandale Beach-based Grupo Eco intends to move forward with a mixed-use development in the area. The Web Center would replace two duplexes and a few single-family homes, offering residences, office space, and retail. Plans call for two structures: a four-story office building and a seven-story multi-family tower, both connected by a podium that would feature 9,350 square feet…
PPG Development and BH3 Management scored a $225 million refinancing for the Slate Hallandale Beach apartment tower. The deal marks continued lending in South Florida, despite higher interest rates, slower apartment leasing and other economic headwinds. JP Morgan Chase and Monroe Capital provided the refinancing for the 26-story, 250-unit Slate…
Developers Secure $225 Million in Refinancing for 26-Story Slate Hallandale Beach Residential Tower
PPG Development and BH3 Management have secured a $225 million refinancing package for Slate Hallandale Beach, a 26-story residential tower completed in 2022. The financing, provided by J.P. Morgan and Monroe Capital, will support the continued operation of the 250-unit luxury development, which is positioned among Hallandale Beach’s premier residential…
Journey Capital buys multifamily complex in Plantation for $102M
Journey Capital scooped up a 404-unit multifamily complex in Plantation for $102 million. The New York-based investment manager bought Rise at Plantation Walk at 333 North University Drive from Boca Raton-based Encore Capital Management, according to records and real estate database Vizzda. The deal breaks down to $252,500 per unit. Journey borrowed $89.7M…
Miami Manager cuts fully leased Broward retail center from commercial portfolio
Miami Manager is left with three shopping centers in South Florida, after selling Village Shoppes of Coconut Creek for $21.3 million. An affiliate of Sunrise-based Miami Manager, led by Claudio and Milton Mekler, sold the two-building retail site at 4690 North State Road in Coconut Creek to an entity managed by Dayvana Milano and Lisette Hermoso in Coral Springs…
Publix picks up another of its South Florida stores for $25M
Publix is back at the South Florida retail checkout line, paying $25 million for one of its stores near Galleria Mall in Fort Lauderdale. Since last year, the Lakeland-based grocery chain has dropped $273 million for standalone Publix supermarkets and shopping centers anchored by its stores, including its latest purchase. An affiliate of Publix, led by CEO Kevin Murphy, acquired…
Two developers are moving forward with a high-rise multi-family development in Broward County. Sereno Fort Lauderdale will measure 14 stories above grade, requiring 230,000 square feet of new construction. Our sources indicate that the tower will host 76 “boutique residences,” with homes spanning one-bedroom to three-bedroom models. They will measure 1,080…
Integra launches sales for Sereno Fort Lauderdale condos
Integra Investments is launching sales for Sereno Fort Lauderdale, a condo project with prices starting at $1.4 million. The Miami-based developer is planning the 14-story, 76-unit condominium for 2901 Northeast 9th Court in Fort Lauderdale, according to a press release. It was originally planned as an 11-story, 54-unit condominium with a 12-story, 100-key hotel.
A group of investors bought Airport Commerce Park near Fort Lauderdale-Hollywood International Airport for $18.3 million. The deal comes amid a paradox for South Florida’s office market. While aging suburban buildings have traded at discounts and foreclosures have popped up, Broward County recently scored two office deals for over $200 million each. An entity managed…
A developer scored a $53.5 million construction loan for a 250-unit apartment complex in Boynton Beach, amid a multifamily supply overhang in South Florida. TM Real Estate Group plans the Shalimar at Boynton Beach project with 10 three-story and four-story buildings, a nearly 10,000-square-foot clubhouse and 4,300 square feet of retail in two additional buildings…
Harnessing Critical Mass: The Key to a Thriving Office Environment
The story of the office market is an epic tale filled with dramatic twists and turns, reminiscent of a cinematic thriller. As we delve into in the Moody’s docuseries, Work from Where: Building the Future of Work and Urban Life, obsolescence is a key theme in this narrative; however, it is not solely a consequence of the pandemic. Instead, it stems from longer, more subtle changes in how…
Fed Stays Put on Interest Rates, but Uncertainty Looms
The Federal Reserve Open Markets Committee elected to keep interest rates the same at the conclusion of its March meeting, at a target range of 4.25 to 4.5 percent. The current Federal funds rate has remained unchanged since last December. The decision follows consistent reports of a strong, yet slowing economy and even more uncertainty around inflation, particularly as it…
What’s in and what’s out five years after COVID-19 lockdowns began: commercial real estate edition
The COVID-19 pandemic’s onset set off a once-in-a-century exogenous macroeconomic shock has left lasting scars on commercial real estate (CRE). In this report, we explore the shifts that occurred across CRE after this historic disruption and its aftermath, from property tastes to geography to lifestyle to lending dynamics, and their impact on the asset class. Location, Location…
Property Tax & Extreme Weather Events: A Complicated Relationship
As extreme events contribute to the recent surge in P&C insurance premiums, some lenders have noted that there might be a knock on effect on property tax. Perhaps municipalities striving to rebuild from hurricanes or wildfires, or implement resilience projects to mitigate future risks, may raise property taxes to finance these initiatives. Is this true? The answer is complicated…