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…
2600 Biscayne Continues Vertical Ascent Towards 41-Story Apex in Edgewater
Construction continues to rise on 2600 Biscayne, a 41-story mixed-use tower at 2626 Biscayne Boulevard and 246 NE 26th Terrace in Edgewater, Miami. Designed by the globally-renowned architecture firm Arquitectonica with interior design by Vida Design and developed by Oak Row Equities, the 521-foot-tall structure will comprise over 900,000 square feet of space.
Construction to Start on ‘ENSO’ at 3025 SW 3rd Avenue in Miami
Florida YIMBY has an update regarding a mixed-use development we first covered in July 2021. Our initial report indicated that the then-named Ambienta Brickell would comprise 79 residences, ground-floor retail, and office space, but plans have since changed. The community is now named ENSO, and while it’ll still measure eight stories, it’ll instead offer 85 residences and ground-floor retail.
Ivan Herrera’s Unicapital pays $72M for late Sergio Pino’s apartment building
Insurance mogul Ivan Herrera’s family office acquired a Miami apartment building for $71.5 million that was developed by the late Sergio Pino. The sale of 850 Living, an eight-story multifamily project with 230 units at 811 Northwest 43rd Avenue, resolves the disposition of another key property among Pino’s numerous assets that his widow, Tatiana Pino, and her brother-in-law…
Construction Reaches Residential Levels On 80-Story Cipriani Residences Miami in Brickell
Construction is steadily advancing on Cipriani Residences Miami, an 80-story residential skyscraper at 1420 South Miami Avenue in Brickell. Designed by Arquitectonica with Thornton Tomasetti as the structural engineer and interiors by 1508 London, and developed by Mast Capital, the 940-foot-tall structure will span over 1.2 million square feet and house 397 condominium…
Aventura mixed-use project engulfed in legal turmoil faces foreclosure
The owner of a recently completed, yet troubled, Aventura mixed-use project is facing foreclosure after allegedly defaulting on $49.6 million mortgage debt. An affiliate of Las Vegas-based Dornin Investment Group last week sued Medical District Developments, managed by Felix Martinez Jansen in Aventura, which owns 1212 Aventura at 21290 Biscayne Boulevard.
14 ROC Moves to Contracts, Completion Planned In 2027
The 14 ROC tower planned near downtown Miami’s Adrienne Arsht Performing Arts Center is moving to the contract phase ahead of construction. There has been “robust sales momentum,” since sales launched last July, with 20% of units already sold, according to the developer. “Converting reservations to contracts represents a pivotal achievement in 14 ROC’s development…
Wynwood Haus Now 96% Leased, Less Than A Year After Opening
Renters have been flocking to the 20-story Wynwood Haus since it opened less than a year ago, according to its developers. The building is now 96% occupied, and has achieved stabilization. Black Salmon and LD&D in joint venture with IGEQ are the developers. “Over the past 12 months, Wynwood Haus has outperformed the market and expectations—surpassing average occupancy…
Developers Announce Plans To Build Ultra-Luxury Casa Cipriani Miami
Developer have announced plans to build a Casa Cipriani tower in Miami Beach. Casa Cipriani brand currently has locations in Milan and New York. The brand is led by the Cipriani family and traces its roots to the landmark Harry’s Bar in Venice, which opened in 1931 and is now a National Landmark. Casa Cipriani Miami will include a 40-key all-suites hotel, a private members club…
Cipriani, 13th Floor and Midtown Equities plan oceanfront tower in Miami Beach
The Cipriani family is jumping into another branded condo development in South Florida. Cipriani and developers 13th Floor Investments and Midtown Equities revealed plans for Casa Cipriani, a 40-key hotel, private members club and 17-story, 23-unit luxury condo tower in Miami Beach. The project, called Casa Cipriani Miami, is planned for the oceanfront property at 3611 Collins…
Photo: Cranes Removed From Topped-Off 40-Story Miami’s 501 First Tower
The cranes have been removed from downtown Miami’s 501 First tower, as it moves closer to completion. The 40-story tower is being built without a parking garage. It will include 448 residential condos allowing short-term rentals, along with 3,198 square feet of retail. A groundbreaking ceremony was held in December 2022, and the tower topped off just 18 months later.
Florida Memorial University plans $1B+ revamp with Redwood Dev Co
Florida Memorial University is working with Redwood Dev Co on the first phase of a redevelopment of the Miami Gardens campus, The Real Deal has learned. FMU, a historically Black university, tapped Redwood as the lead developer on the 52.6-acre project, according to FMU’s Interim President William McCormick and David Burstyn, principal of Miami-based Redwood Dev Co.
Omni area getting 33-story 282-unit residential tower
A developer plans a new mixed-use mixed-income residential tower for the Omni neighborhood of Miami, a few blocks from the School Board Metromover Station. 1600 NE 2nd Avenue LLC is the owner-developer of property at Northeast 16th Street and Northeast Second Avenue. Plans include a 33-story tower with 282 multi-family residential units, 10,000 square feet…
First Phase of Mercedes-Benz Places Goes Vertical in Brickell
Formwork is now rising above ground at Mercedes-Benz Places in Miami, marking the start of vertical construction on the first of two interconnected towers at 1 Southside Park in Brickell. Developed by JDS Development Group in collaboration with Mercedes-Benz, the mixed-use complex is designed by SHoP Architects, with ODP Architecture & Design as the architect of record.
RUDG Seeks Approval for 19-Story Workforce Housing Development at 1175 NW South River Drive in Miami
Related Urban Development Group (RUDG), the affordable housing branch of the Related Group, is seeking approval for a 19-story mixed-use building. Gallery at Riverwalk would comprise 236 apartments. The venture would offer workforce housing, and affordable housing units for those earning up to 80 percent of the area median income (AMI). Records report that Miami-Dade’s…
Miami Administrative Building at Miami Freedom Par Gets Utilities; First Look Inside
The City of Miami has signed a deal with Miami-Dade to connect its new administrative building to the county’s water and sewer system. The new 8-story city administrative building is currently being constructed at Miami Freedom Park, which will also be home to Inter Miami’s soccer stadium. Groundbreaking for the office building took place in mid-January.
700+ Foot Cranes Filed For Villa Residences Construction Site In Edgewater
Plans have been filed for two construction cranes at the Villa Miami Residences site in Edgewater. The 56-story Villa Residences tower broke ground in December, with construction now underway at the site. On March 20, plans were submitted to the Federal Aviation Administration for the two cranes. One crane is planned to rise 754 feet above ground, while the second…
Two Miami-Dade Cities Buying Up Commercial Property
Two Miami-Dade cities are taking advantage of the real estate slump by buying up commercial properties, planning to use the sites for parks, senior housing and other community purposes. Miami Gardens — the county’s third-largest city — has made several deals in the past year. “We’re 95% built out, and you just can’t find vacant land here,” City Manager Danny O. Crew says.
Photos: Under-Construction Casa Bella Residences Near Level 40
The Casa Bella Residences by B&B Italia tower is now around level 40 of construction, new photos show. The tower is planned to top off at 56 stories this summer. Groundbreaking took place in November 2023, with a foundation pour in May 2024. Casa Bella Residences by B&B Italia is planned to include 319 condos, along with amenities, including a 56th floor rooftop pool and terrace.
Drainage Construction Permit Applied For At 800-Room Grand Hyatt Miami Beach
The developers planning to build the new Grand Hyatt convention center hotel in Miami Beach have applied for a drainage system construction permit. The Class VI Permit application was submitted to Miami-Dade last week. It calls for construction of six interconnected drainage wells and related systems, at an estimated cost of $500,000. Balfour Beatty is listed as the contractor.
Aria Reserve North Tower Surpasses Halfway Mark In Edgewater
Construction has surpassed the halfway mark on the North Tower at Aria Reserve, the second skyscraper in Melo Group’s twin-tower luxury condominium development located at 725 NE 24th Street in Edgewater, Miami. Designed by Arquitectonica, with interiors by MORADA Haute Furniture Boutique and landscaping by ArquitectonicaGEO, the waterfront high-rise is planned…
Constellation, partners score $42M construction loan for North Beach condos
Constellation Group, Boschetti Group and Vietmar scored a $42.3 million construction loan for their planned North Beach condo project. Ella Miami Beach, a 10-story, 103-unit short-term rental-friendly condo building planned for 6940 Abbott Avenue in Miami Beach, is more than 50 percent presold, according to a press release. The developers landed the three-year…
Miami-Dade County has plans to redevelop a shuttered La Quinta Inn into “Hideaways by the Bay,” a community that would offer long-term accommodations for homeless individuals. The effort will involve updating the hotel’s 107 rooms into those that can serve as residences for those struggling with housing insecurity. Each unit features its own bathroom, and planners intend…
Casa Bella Residences by B&B Italia Reaches Upper Floors in Miami’s Arts & Entertainment District
Construction has reached the upper floors at Casa Bella Residences by B&B Italia, a 56-story condominium tower rising at 1400 Biscayne Boulevard in Downtown Miami. Developed by Related Group and Alta Developers, with Arquitectonica as the architect, Piero Lissoni handling interior design, and Enzo Enea overseeing landscaping, the tower steadily advances toward…
Miami World Tower 1 Completes Construction, Rising 53-Stories in Downtown Miami
Miami World Tower 1, the first phase of the Miami World Towers development at Miami Worldcenter, officially opened at the end of 2024, introducing 560 rental units to Downtown Miami. Standing 579 feet tall and comprising 53 stories, the tower enhances the city’s skyline with its sleek and modern design. It features a fully glazed façade and a unique arrangement of balconies…
One Park Tower by Turnberry Tops Out at 33 Stories in North Miami’s SoLé Mia District
One Park Tower by Turnberry has officially topped off at 33 stories, marking a significant milestone for the residential development within SoLé Mia, a 184-acre master-planned community in North Miami. Developed by Turnberry and LeFrak, the tower is set to bring 303 luxury residences to the northern edge of the seven-acre Crystal Lagoon known as Laguna Solé….
Nine-Story Residential Tower VIDA Residences Progresses at 410 NE 35th Terrace in Miami
Florida YIMBY has an update regarding a mid-rise building we first covered in April 2023. Our sources share that the final deck of VIDA Residences has been poured, indicating that that the project is moving forward with its scheduled 2026 completion. At full buildout, the nine-story building will feature 121 fully furnished units, spanning studio to four-bedroom models.
Miami-Dade housing chief Alex Ballina leaving to start own firm
Miami-Dade’s housing czar Alex Ballina is leaving his government post to cash in on demand for affordable and workforce developments across the Sunshine State, The Real Deal has learned. He recently formed Florida Development Building Group, or FDBG, a firm that will use “data driven insights and data-backed strategies to focus on projects for essential workers in underserved…
Google funds Miami’s AI experiment with automatic zoning verification letters
A $250,000 donation from Google is funding a three-month pilot program using artificial intelligence to automate zoning verification letters while the City of Miami explores broader uses of the technology to optimize municipal services. The city commission approved a March 13 resolution from Mayor Francis Suarez accepting the donation from Google to utilize its C3…
Slate Hallandale Beach Secures $225 Million Refinancing in Hallandale Beach
PPG Development and BH3 Management have announced the successful refinancing of Slate Hallandale Beach, a 26-story luxury residential tower completed in 2022. J.P. Morgan and Monroe Capital provided the $225 million loan, which supports the continued stabilization and operation of the 250-unit property. Faisal Ashraf of Lotus Capital Partners…
BH, Prime score approval for Hallandale Beach hotel project
BH Group and Prime Group can charge ahead with plans for a Homewood Suites By Hilton hotel near Gulfstream Park, as South Florida’s hospitality sector expects growing demand this year. On Wednesday, the Hallandale Beach City Commission by a unanimous 7-0 vote approved a site plan for the joint venture’s 15-story project with 246 rooms and 281 parking spaces…
Affiliated lands $80M construction loan for Fort Lauderdale multifamily project
Affiliated Development is the latest South Florida developer to nab construction financing for an apartment project, despite a slowing multifamily market. Fort Lauderdale-based Affiliated, led by CEO Jeffrey Burns, secured an $80 million loan from Bank of Montreal to build The Era, a planned eight-story building with 400 apartments in the firm’s home city, records show.
Oak Lane advances 243-unit Live Local Act multifamily development next to its Boca Raton HQ
Oak Lane Partners plans to develop a 243-unit Live Local Act project next to its headquarters in Boca Raton, and is seeking streamlined approval under the state’s affordable housing law. Oak Lane, led by founder and managing partner Bhavin Shah, plans 226 apartments and 17 townhouses next to an office building that houses its headquarters in Boca Raton’s…
Principal Asset Management Sells 204,000 SF Pinewood Square Shopping Center in Lake Worth
Principal Asset Management has sold Pinewood Square Shopping Center, a 204,000-square-foot retail center in Lake Worth, roughly 35 miles north of Fort Lauderdale. Situated on the southeast corner of Lantana and Jog roads, the property was 99 percent leased at the time of sale to 42 tenants including T.J. Maxx/HomeGoods, Ross Dress For Less, Five Below, Goodwill and Delray…
Acadia dives back into South Florida with $68M Lake Worth Beach retail purchase
Nearly a decade after selling its interest in a large Miami Beach retail portfolio, Acadia Realty Trust is back in South Florida, acquiring a Palm Beach County shopping center for $68 million. An affiliate of Rey, New York-based Acadia, led by CEO Kenneth Bernstein, purchased Pinewood Square, a 96,586-square-foot center and six outparcels spanning 24,279 square feet at 6330 Lantana…
SROA Capital adds 12th facility to South Florida portfolio with $17M West Palm Beach site purchase
SROA Capital picked up its 12th South Florida self-storage facility for $17.1 million, 205 times more than the previous sale price nearly a half-century ago. An affiliate of SROA Capital, a West Palm Beach real estate investment firm that owns self-storage company Storage Rentals of America, bought a complex of 18 single-story warehouses at 1547 North Florida Mango Road…
Southeast Industrial Boom Driven By Population Growth And Strategic Infrastructure
Southeast Industrial Boom Driven by Population Growth and Strategic Infrastructure The Southeast United States has successfully attracted industrial occupiers and investors, driven by ongoing population growth, low costs, strategic infrastructure access, and a favorable business operation environment. Industrial vacancy rates remain below pre-pandemic averages, and rental rates…
Video: MSCI Research Executive Director Jim Costello Provides Retail Market Update & Forecast
In a recent episode of America’s Commercial Real Estate Show, the show’s host sat down with veteran economist Jim Costello of MSCI to explore the latest trends, challenges, and opportunities in the U.S. retail real estate sector. With over 30 years of experience analyzing market cycles, Costello provided valuable insights into how retail is faring in the wake of shifting…
The Byproducts of Eliminating Property Taxes
Eliminating property taxes for homeowners isn’t a concept I’ve heard often. Given Florida’s history as a pro-growth state that consistently seeks to improve its economic appeal, it’s not entirely shocking that such a bold proposal would surface there. What did surprise me, however, is that this tax cut would come in addition to Florida already not having a state income tax.
Strong Job Gains Meets High Apartment Supply Across Florida
Job growth has been significant across the state of Florida in the current cycle, which would typically lead to solid apartment occupancy and rent growth. But apartment performance in the Sunshine State has been subdued by staggering new supply volumes. Florida added 950,000 jobs in the 2020–2024-time frame, according to data from the Bureau of Labor Statistics.
The Fed: an update on the breakeven inflation rate
Expectations about inflation are an important indicator of actual future inflation: If market participants expect inflation to be higher, they may elevate prices, increasing the actual inflation rate and creating a self-fulfilling prophecy. In this FRED Blog post, we compare “breakeven” inflation expectations with actual inflation to see how they’ve both evolved over time.