Trammell Crow proposes 324 apartments in Miami-Dade’s Coral Terrace, puts land under contract
Trammell Crow Residential wants to build a 324-unit multifamily complex on land it has under contract in the Coral Terrace neighborhood, marking the developer’s continued bet on Miami-Dade County’s apartment market. The Dallas-based developer proposes Alexan Ludlam on an 8.7-acre industrial site near the southeast corner of Coral Way and Southwest…
Landlords now required to give 60 days’ notice of rent hikes over 5% in Miami-Dade
Residential landlords in Miami-Dade County are now required to provide tenants with at least 60 days’ notice of rent hikes of 5 percent or more, as renting becomes increasingly more expensive in South Florida. The ordinance, introduced by Commissioner Eileen Higgins, passed unanimously at Tuesday’s commission meeting. Commissioners…
CIM Group Sells Strata Wynwood Mixed-Use Development in Miami
CIM Group, a commercial real estate developer, owner and lender based in Los Angeles, has sold Strata Wynwood, a mixed-use development in Miami’s Wynwood district. The buyer and sales price were not disclosed. The recently completed development spans a full city block and comprises two 12-story towers totaling 257 apartments, 27,040 square feet of retail…
CIM Group Sells Strata Wynwood
CIM Group has sold a Miami community after recently completing construction on it in the first quarter of 2022. CIM sold Strata Wynwood, located in Miami’s Wynwood Arts District, to an undisclosed seller. CIM co-developed the community with One Real Estate Investment, breaking ground on the project in August 2019 when it was known as Wynwood…
Stephanie Shojaee promoted to Shoma Group president
Stephanie Shojaee was promoted to president of Shoma Group, the real estate development firm led by her husband, Shoma Chairman Masoud Shojaee, The Real Deal has learned. Stephanie Shojaee, who joined Coral Gables-based Shoma in 2013 as chief marketing officer, eventually plans to expand Shoma in the U.S. and parts of Latin America, including…
Cohen family investors pay $31.5M for Kendall shopping plaza
A fully leased shopping plaza near West Kendall Baptist Hospital traded for $31.5 million. Husband-and-wife Yakov and Cheryl Cohen bought The Pointe Kendall Town Center at 9165 Southwest 162nd Avenue from The Centre at Kendall Town Center LLLP, according to records. The seller is tied to Richard Gertz Jr. The 11.9-acre plaza spans eight buildings totaling…
Chicago firm pays $31M for Opportunity Zone dev site for apartments in Edgewater
Trilogy Real Estate Group is continuing its bet on Miami’s Edgewater, paying $30.6 million for an Opportunity Zone site with plans for a multifamily project. Chicago-based Trilogy bought the 1.6-acre Edge 22 vacant property at 2201 Northeast Second Avenue, which allows for an up to 36-story tower with a maximum of 247 units, according to the…
MV Group to Redevelop Two Retail Centers in Downtown Miami Springs
MV Group USA, a Miami-based full-service construction company has plans to redevelop two retail centers in downtown Miami Springs. The redevelopments, which will exceed 30,000 square feet of retail space, are slated to be fully completed by the end of the year. The redevelopment projects include a modern redesign of the two retail centers…
NYC’s Related Bets on Miami Boom With Supertall Skyscraper “One Brickell City Centre”
Related Cos., the developer behind Manhattan’s Hudson Yards project, is making its first foray into the Miami office market. The real estate firm, led by billionaire chairman Stephen Ross, is working with Hong Kong-based Swire Properties to develop a supertall building in Brickell, a key commercial district in Miami, according to a person familiar with…
8-story sister Wynwood office buildings get OK
As the popular Wynwood Arts District evolves it is enjoying a boom in new office space, including a large mixed-use project that will bring a working campus of two 8-story sister buildings at Northwest Fifth Avenue and 27th Street. WYN ON 5TH NORTH, at 2701 NW Fifth Avenue, and WYN ON 5TH SOUTH, at 2661 NW Fifth Avenue, are proposing together nearly 250,000…
Miami aims to accelerate Flagler Street revamp
The Flagler Street beautification process downtown is on track with its 30-month schedule. “Flagler Street is coming along beautifully,” Chairman Manolo Reyes told the Miami Downtown Development Authority board March 18. The project is divided in five sections from Biscayne Boulevard to Southwest/Northwest First Avenue, with work progressing from…
Third Avenue residential midrise wins OK
A midrise of residential units and ground floor commercial-retail is planned for property west of Brickell and I-95 in the city of Miami. The project, named SW 3rd Ave-Residences, is targeted for 1900 SW Third Avenue from owner-developer Blue Tevere Investments Inc. The city’s Urban Development Review Board recommended approval of the project…
Global private school targets ex-Archbishop Curley campus
A global private school network plans to build a school in the City of Miami near Little Haiti on property that for many years was home to Archbishop Curley High. Avenues – The World School is planned for 4949 NE Second Avenue. It will be a new school campus that will serve children from daycare through high school. The developer-applicant is identified…
In this video Tom Schircliff, co-founder of Intelligent Buildings, joins America’s Commercial Real Estate Show to discuss the challenges and solutions for property owners and business leaders as it relates to office workers becoming partly or fully remote. Today we want our people to be able to work from home, office or anywhere. We want to have smart…
Revving up: Norman Braman acquires three Edgewater commercial properties for $13M
uto dealership mogul Norman Braman is gassing up his real estate portfolio in Miami’s Edgewater neighborhood, acquiring two warehouses and a parking lot for $13 million. An entity managed by Braman acquired the three adjacent properties at 106 Northeast 20th Street, 120 Northeast 20th Street and 135 Northeast 19th Terrace, according to records. The seller…
Lease roundup: Danish furniture chain, mobile bill payment firm lease in Miami’s Wynwood
The Gateway at Wynwood (R & B Realty Group) BoConcept I The Gateway at Wynwood | Miami Danish furniture chain BoConcept will open in a 3,000-square-foot ground-floor retail space in The Gateway at Wynwood. BoConcept plans to open in the fall. It designs, produces and sells contemporary furniture, as well as accessories and lighting…
BoConcept Signs Retail Lease at Gateway at Wynwood in Miami
BoConcept, a furniture retailer, has signed a 3,000-square-foot lease at The Gateway at Wynwood, an office building in Miami. Alex Cesar of CBRE represented the landlord of The Gateway at Wynwood, R&B Realty Group in the transaction. Drew Schaul of CBRE represented BoConcept. BoConcept is the first retail tenant at The Gateway at Wynwood and will occupy…
Multistory Warehouses Require Multistory Rents
New York is starting to get comfortable with the idea of growing its industrial warehouse space vertically instead of horizontally. Several multistory warehouses, which are common in Asia, are under development in the Bronx, Brooklyn and Queens. Rising on 14 acres in an Opportunity Zone in the Hunts Point neighborhood is the Bronx Logistics Center…
I dissented with the Federal Open Market Committee (FOMC) decision announced on March 16, 2022, to raise the target range for the federal funds rate by 25 basis points to 0.25% to 0.50%. In my view, raising the target range to 0.50% to 0.75% and implementing a plan for reducing the size of the Fed’s balance sheet would have been more appropriate actions.
Developer Releases New Details Of Complex Designed By Rafael Viñoly In Zoning Filing
The developer planning the massive Casa Forma complex designed by architect Rafael Viñoly has released new details of the project in an application for a zoning hearing, as it continues to move through the approval process. A request for a zoning hearing was filed with Miami-Dade County on March 10, and documents relating to the filing were…
Shoma completes Ten30 South Beach condo project near Lincoln Road
Shoma Group completed its latest condo development, a sold-out boutique project near Lincoln Road in Miami Beach. The developer recently completed Ten30 South Beach at 1030 15th Street and received final Fannie Mae approval for buyer financing, according to a press release. About 35 percent of buyers used Fannie Mae-conforming loans to finance…
Mast Capital, Starwood launch sales of planned oceanfront condo project in Miami Beach
Starwood’s Barry Sternlicht, Mast Capital’s Camilo Miguel Jr. and renderings of The Perigon (Getty, Binyan Studios) Mast Capital and Starwood Capital Group launched sales of The Perigon, a luxury condo development planned for an oceanfront site in Miami Beach. Coconut Grove-based Mast, led by Camilo Miguel Jr., formed a joint venture with Barry Sternlicht’s…
Alex Karakhanian sells Miami Design District retail building for $8M
Alex Karakhanian’s Lndmrk Development sold a fully leased Miami Design District retail showroom for $8.5 million. Investor Glenn Braswell Jr. bought the 4,500-square-foot building at 3740 Northeast Second Avenue. Kitchens by Studio Kaza, the local operating partner of Brazil-based furniture manufacturer Kitchens, leases the building, according to the broker’s…
Industrial Developers Shouldn’t Delay Construction As Demand Rages
Industrial developers would be wise to plan ahead—and carefully—as materials constraints continue to plague the building process and elongate delivery timelines. But what is the one thing they shouldn’t do? Delay construction. “Do not delay construction,” Cushman & Wakefield’s researchers say in a new analysis. “Demand will drive rents…”
Video: Real Page’s Carl Whitaker; Multifamily Keeps Rolling?
Carl Whitaker, Senior Manager – Market Analytics with Real Page, joins America’s Commercial Real Estate Show to discuss the current state and future of the multifamily sector. Carl starts by noting that rent growth is near 20% year over year nationally. He moves on to note that occupancy is running 97% and even increased from December to January…
Harbor pays over $400M for MiamiCentral apartments in record deal
Harbor Group International bought the pair of ParkLine Miami apartment towers at Brightline’s downtown station for roughly $450 million, marking a record for a single multifamily asset sale, The Real Deal has learned. The Norfolk, Virginia-based real estate investment and management firm bought the 44-story and 47-story buildings perched atop the…
Related to build condo tower on city-owned beachfront site in Hollywood
Related Group won city approval to rebuild a beachfront community center and develop a downsized condominium tower on about 4 acres of city-owned land in Hollywood. Miami-based Related won approval to rebuild the outdated Hollywood Beach Culture and Community Center at 1301 South Ocean Drive and to develop a 26-story condo building on…
Related Companies affiliate, partner pay $145M for Las Olas Square in Fort Lauderdale
Related Fund Management, an affiliate of Stephen Ross’ Related Companies, and partner CP Group bought Las Olas Square in downtown Fort Lauderdale for $144.5 million. UPDATED, March 17, 4:29 p.m.: A joint venture among Apollo Global Management, Steelbridge Capital and Square2 Capital sold the two-building office and retail complex spanning…
Miami firm buys 154 Lauderhill condos in bulk $17M deal, plans revamp
In a bulk purchase, REO Asset Specialists bought the majority of the condos at an aging complex in Lauderhill for $17.4 million. The Miami-based company, through an affiliate, bought 154 units at One Circle Condominium at 2601 and 2611 Northwest 56th Avenue. The seller is Florida’s Attainable Home Company, managed by Meir Benzaken in Pompano Beach…
Father-and-son team sells Margate industrial complex for $11M
In an $10.7 million deal, a father-and-son team of real estate investors cashed out of an industrial warehouse complex in Broward County. An entity managed by Michael McCarty and Rory McCarty of Hillsboro Beach sold the nearly 5-acre property at 2200-2248 Mears Parkway in Margate, according to records. Tyler Kuhlman and Douglas Mandel…
Mortgage firm pays $17M for entire West Palm condo building
Mortgage lender NewDay USA doubled down on its commitment to West Palm Beach, buying an entire boutique condo building near its second headquarters. An entity tied to NewDay USA, which is based in Fulton, Maryland, bought the newly built waterfront Crystal condo at 3611 South Flagler Drive. The seller is Coordinates Solutions LLC, managed by…