Developers Propose ‘River Haus’ for 123 N.E. 79th Street in Little River
Our sources have revealed an exciting venture proposed for Miami’s Little River neighborhood. River Haus, rising eight stories above grade, would comprise 218,546 square feet of new construction, offering 154 apartments. Homes will measure 505 square feet to 955 square feet each, with studios, one-bedroom, and two-bedroom floorplans available. Communal amenities include…
Miami-Dade dev site listings surge since December
Condo and multifamily development in South Florida is still booming, but signs of a market correction are appearing, as some builders are abandoning planned projects and listing their sites for sale. In the past three months, nearly two dozen development sites across Miami-Dade County have hit the market, as small and mid-tier builders trim their project pipelines. In some cases…
Inigo and Diego Ardid banking on Brickell office tower
Inigo and Diego Ardid sat at a conference table, looked at an aerial photo of their Ivy and Mint towers in Brickell and reflected on the dark days of the Great Recession. By the time Lehman Brothers went bankrupt in 2008, Key International, the Ardids’ family firm, had sold about half of the 504 condos at the completed Ivy and had not finished the interior buildout of the adjacent 530-unit…
Site Work Permit Filed At Robert A.M. Stern Architects’ St. Regis Residences In Brickell
A site work permit was applied for yesterday at the Robert A.M. Stern Architects’ St. Regis Residences tower in Brickell. The St. Regis tower is planned to rise 52 stories. The March 5 site work permit filing lists Coastal Construction as the contractor. A phased permit for full vertical construction of the new tower was applied for in January, with review underway. The master permit..
Dezer, Bentley Motors Break Ground on 62-Story Condo Tower in Sunny Isles Beach
A partnership between Dezer Development and luxury automobile company Bentley Motors has broken ground on Bentley Residences Miami, a 62-story condominium tower. Located at 18401 Collins Ave. in Sunny Isles Beach, the beachfront development will feature 216 condos, each with glass-covered, three- and four-car sky garages all made possible utilizing four car lifts…
Looking Into the Future: Behind Miami’s MIRAI MXU Project
The summer of 2024 will mark the groundbreaking of “the distant future” or MIRAI in Japanese. At 4218 NE Second Ave. in Miami, a mixed-use space comprising boutique luxury retail and office space will soon be taking shape, rising just three stories high. Three developers—Lionheart Capital, Leviathan Development and Well Duo—are working together to materialize…
Foster + Partners Designing ‘One Of The Tallest Towers In Miami’ For Citadel
Citadel’s new $1b headquarters tower in Brickell is being designed by Foster + Partners, according to the WSJ. Foster + Partners previously worked on the same property, designing residential towers for its previous owners before it was purchased by Citadel. The new Citadel tower will have a luxury hotel at the top, renderings show (the renderings have not been published).
Ken Griffin’s planned Citadel HQ tower in Brickell to include luxury hotel
Ken Griffin is advancing plans for a $1 billion headquarters tower for his Citadel and Citadel Securities in Miami’s Brickell. Architecture firm Foster + Partners is designing plans for one of the tallest towers in Miami that will include a high-end hotel on the top floors, while environmental testing on the site has started, The Wall Street Journal reported, citing renderings viewed by…
South Florida’s condo whisperer Edgardo Defortuna
Edgardo Defortuna sells the American dream. The 68-year-old developer and broker, who grew up in Argentina, holds the concept in high esteem, especially after his father was kidnapped for ransom in 1978, during a politically unstable time before Defortuna emigrated. Defortuna’s voice softens more than usual when recounting the ordeal. “It wasn’t a fun time…”
Dade Mayor To Propose $800M In Affordable Housing Bonds, None For Mass Transit
Miami-Dade Mayor Daniella Levine Cava wants to provide $800m in new funding for affordable housing, according to Bloomberg. Priority will be given for projects that increase urban density, the mayor said. The county will also look to redevelop its own properties with housing. A voter referendum on issuing bonds is expected in November. The $800m in funding will be part…
40-story Santander Tower to add Brickell Class A offices
A new 40-story Class A office building is to rise in Brickell offering exclusive tenant amenities including a private club, meeting facilities and fitness facilities. Services and Promotions Miami LLC plans to build the office building, Santander Tower, at 1401 Brickell Ave. The building now is the home of Santander Bank. The tower will have just under 1.5 million square feet of floor area…
Miami board approves Banco Santander’s proposed 40-story office tower in Brickell
Banco Santander scored approval for its planned 40-story office tower in Brickell. The Miami Urban Development Review Board voted on Wednesday in favor of the 1.5 million-square-foot project at 1401 Brickell Avenue in Miami. The project, called Santander Tower, would replace Banco Santander’s existing 14-story, 237,000-square-foot office building on the site. Designed by Handel…
Future of deteriorating Jackie Gleason Theater a tossup
The future of a dark and deteriorating Fillmore Miami Beach at Jackie Gleason Theater remains in doubt many months after the operator called on the city to tear it down and build anew. The venue has a deep-rooted and pivotal history for the city, but its condition has brought forth the possibility of renovating or replacing it. “We need the Jackie Gleason,” said Commissioner…
Polish American Club plans Miami River tower
The Polish American Club is pushing forward a mixed-use development near the Dolphin Expressway with a vote by the Miami City Commission next week as the next step and a search for a developer to follow. The club proposed a mixed-used development on its land at 1250 NW 22nd Ave. (Pulaski Avenue) on the South Fork of the Miami River, Miami Today previously reported.
Three-tower Miami Riverbridge wins river commission backing
After hearing the latest plans from the developer of the Miami Riverbridge, the commission tasked with coordinating projects along the downtown waterway is recommending approval of the project to the city. On March 4, the Miami River Commission reviewed several real estate projects slated for the area, starting with details of the Miami Riverbridge, a massive three-tower…
CL Hotels pays $26M for Circa 39 in Miami Beach
CL Hotels picked up an Art Deco hotel in Miami Beach for $25.55 million. An affiliate of North Miami Beach-based CL acquired Circa 39 Hotel, a three-story building with 97 rooms at 3900 and 3924 Collins Avenue, records and Vizzda show. The deal breaks down to $263,400 per room. The seller, a joint venture between Coral Gables-based Black Salmon and Ashburn…
$50 million gift spurs Sylvester Cancer Center growth
A $50 million donation to Sylvester Comprehensive Cancer Center is expected to enhance patient care, double Sylvester’s research, expand clinical trials and develop new therapies in the new 12-story facility that is to open in 2025. Kenneth C. Griffin, founder and chief executive officer of Citadel and founder of Griffin Catalyst, donated $50 million to Sylvester Comprehensive…
$9.2M Sale of Office Depot-Leased Retail Property in Miami Springs Brokered
Marcus & Millichap has brokered the $9.2 million sale of single-tenant retail property located at 3600 S. Le Jeune Road in Miami Springs. Office Depot occupies the building on a triple-net-lease basis. Scott Sandelin of Marcus & Millichap represented the undisclosed seller, which acquired the property in 2012, in the transaction. Jorge Ruiz of Platinum Properties represented the…
62-Story Bentley Residences Breaks Ground At 18401 Collins Avenue In Sunny Isles Beach
Dezer Development has initiated construction on the Bentley Residences, the first-ever Bentley Motors branded residences worldwide. Situated at 18401 Collins Avenue in Sunny Isles Beach, this 62-story development occupies a 2.37-acre site along the beachfront. Designed by Sieger Suarez Architects with interiors by Michael Wolk Design, the 749-foot-tall tower is set to house 216…
62-Story Bentley Residences Miami – with Dezervator – Begins Construction
A groundbreaking ceremony has been held for the Bentley Residences Miami tower in Sunny Isles. The 62-story Bentley Residences is planned to top off at 749 feet, which would make it the tallest oceanfront building in the US (at least one other tower in Sunny Isles is planned to match that height). Residents will be able to to drive their car into one of four elevators (known as a Dezervator)…
Developer proposes 112-unit Live Local Act rental project in Model City
A developer wants to build a 112-unit apartment building under the Live Local Act in Model City, marking a continued uptick of proposals tied to the affordable housing law. The proposal is for an 11-story building with ground-floor retail on a 0.7-acre vacant site on the northwest corner of Northwest 27th Avenue and Northwest 46th Street in unincorporated Miami-Dade County…
Cranes As Tall As 1000 Feet Planned At Cipriani Construction Site: FAA Filing
A filing with the Federal Aviation Administration last week has revealed the heights of tower cranes planned at the 80-story Cipriani Residences construction site in Brickell. The first crane is planned to reach a height of 1000 feet above ground, or 1003 feet above sea level. The second crane is planned to reach a height of 980 feet above ground, or 983 feet above sea level.
M-Tower Being Redesigned With 90 More Units, Other Improvements
M-Tower’s developer provided a construction update at a recent meeting of the Miami Parking Authority. The tower is being built on a combination of MPA land and private property owned by the developer next door. An MPA garage was recently demolished to make way for the new building. The developer says it has invested a significant amount in value engineering, resulting…
Overtown’s Largest Development In Decades Now Painted, Completion In Summer
Overtown’s largest mixed-use project in decades has its paint, new photos by Phillip Pessar show. Completion is expected this summer, the developer said in January. The project is known as Sawyer’s Walk (previously Block 55). It is planned to include: 578 housing units, predominantly for low income seniors 130,000 square feet of office space 175,000 square feet of retail over…
Here’s When One Bayfront Plaza Demolition Is Estimated To Be Complete
A 1,049 foot mixed-use supertall called One Bayfront Plaza is planned in the heart of downtown Miami, but first an older 19-story office building must be demolished. Now, a contractor has provided an estimated on how long the demolition process is estimated, according to Axios. Miami’s Building Department is currently reviewing a total demolition permit to take down the old tower.
A joint venture between Toll Brothers Campus Living and CanAm Capital Partners has completed Lapis, a 1,086-bed student housing development located adjacent to the Florida International University campus in Miami. The 20-story community spans more than 763,500 square feet and offers units in one-, two-, three-, four- and five-bedroom configurations. Shared amenities…
Updated renderings and phased plans have been unveiled for Miami Riverbridge, a three-tower mixed-use development designed by Arquitectonica and developed by Hyatt Hotels Corporation and Miami’s Gencom set to redefine the 4-acre site at 400 Southeast 2nd Avenue along the Miami River. With a review by the Miami River Commission scheduled for March 4, this visionary…
Miami Riverbridge: New Renderings & Phasing Plans Filed With Commission
The three-tower Miami Riverbridge megaproject is set for a hearing before the Miami River Commission next week, with new details revealed in filings by the developers. According to the plans filed with the commission, Miami Riverbridge is planned to include: 1,342 multifamily units 264 apartment-hotel units 615 hotel keys 100,000 square feet commercial 1,180 parking…
Domus Brickell Park, a 12-story condominium development by North Development—a strategic joint venture between Ricardo Dunin’s Oak Capital and Edifica, one of Peru’s most prominent developers and builders—is gearing up to break ground next month. This milestone follows the successful conversion of reservations to contracts, with over 50% of the 171 residential…
NuRock Proposes 11-Story Affordable Housing Development in Northern Miami-Dade
A Georgia-based developer has submitted a pre-application proposal for the Residences at Westview Landings, a residential development that would take shape east of Opa-Locka. The affordable housing complex would offer 130 apartments in an 11-story building, reserved for residents making up to 50 percent of the area median income. That means that for a single-person household…
New Details On 765-Foot Santander Tower Planned In Brickell
There’s more information about the new Santander Tower being planned on Brickell Avenue. A final decision on building the new tower has not yet been made, according to Forbes, which cited Spain’s Expansión. Meanwhile, Santander Bank signed a lease with Miami Worldcenter for a 4,043 square foot retail space at Block F East, according to documents seen by The Next Miami.
Miami Schedules Meeting To Resolve Rapid Transit Zone Conflict
Miami has issued notice of a scheduled meeting to discuss Miami-Dade’s Rapid Transit Zone. Here’s what is planned, according to the agenda: A discussion, pursuant to the Florida governmental conflict resolution act procedures of chapter 164, Florida statutes, for the purpose of resolving a conflict between the city of Miami and Miami-Dade county regarding Miami-Dade…
ANF Group, Inc. Tops Off Construction On ‘University Station’ in Hollywood
ANF Group, Inc., a full-service construction firm providing construction management, general contracting, development, and design-build services to the South Florida market, celebrated the topping out of University Station, a new $100 million mixed-use development in Hollywood, Florida. A true public-private partnership (P3) with the City of Hollywood, the development is…
Miami Named The Hottest Apartment Market In The U.S. To Start 2024 (Again)
In the early months of 2024, Miami-Dade has once again been named the hottest market for apartments in the nation, according to RentCafe. A total of 139 markets were analyzed for the ranking. Miami scores as the most competitive rental market out of any, RentCafe said. The city’s thriving economy, lifestyle, location and weather puts pressure on apartment supply, the report said.
JDS Development Partners With Mercedes-Benz for Branded 67-Story Condo Tower in Brickell
Merely two months following the grand reveal of its first foray into real estate in Dubai, Mercedes-Benz is now casting its visionary blueprint across the shores of the United States. Miami, a city synonymous with a vibrant tapestry of culture, iconic sandy stretches, and an ever-evolving skyline, is poised to embrace a significant new landmark. In an ambitious leap, Mercedes-Benz…
JDS Development Group Unveils Plans for 67-Story Mixed-Use Tower in Miami
JDS Development Group has unveiled plans for Mercedes-Benz Places, a 67-story mixed-use tower that will be located in Miami’s Brickell neighborhood. Designed by SHoP Architects and developed in partnership with the German automaker, Mercedes-Benz Places will feature 791 condominium units, a 174-room hotel, 200,000 square feet of office space, retail space, restaurant…
67-Story Mercedes-Benz Tower Announced In Brickell, In ‘Technical Silver’ Color
Plans have been announced for a 67-story Mercedes-Benz branded tower in Brickell. The Mercedes-Benz Places tower in Brickell will be the first in the USA. Technical silver will be the dominant color of the tower, complemented by the classic Mercedes-Benz black and white, to create a distinct presence on the Miami skyline. There will be 791 Mercedes-Benz residences in the 1 Southside…
Michael Stern’s JDS launches sales for Mercedes-Benz branded Brickell condo tower
JDS Development Group is launching sales of its planned Brickell tower to be branded Mercedes-Benz, marking the German carmaker’s first North American condo project. The previously un-branded 67-story mixed-use tower at 191 Southwest 12th Street will be called Mercedes-Benz Places in Miami, according to a press release. It comes on the heels of Mercedes-Benz debuting…
445-Foot Tower At Brickell’s Starlite Motel Site Submitted To FAA
FAA height approval is being requested for a tower at the former Starlite Motel site in Brickell. The proposed heights were submitted to the federal agency last week. According to the filings, the tower is proposed to rise 445 feet above ground, or 452 feet above sea level. In August, Chicago-based developer Focus filed plans with Miami-Dade for a 39-story tower on the site, after the…
Miami Beach Commissioners Unanimously Oppose Metromover Extension
Miami Beach City Commissioners voted last week to unanimously oppose a Metromover extension to South Beach, according to the Herald. Miami-Dade could still build the new Metromover leg without city approval, but the vote sets up the possibility of legal challenges. Homeowner groups representing wealthy residents in the South of Fifth and West Avenue areas have opposed…
High-End Wynwood Apartment Building With 509 Units Tops Off
The Residences at The Wynwood Plaza has topped off. The building “will set a new bar of luxury in Wynwood,” its developers said. A total of 509 luxury apartments are being built, with high-end amenities for residents that will include a sauna, cold plunge, hot tub, multiple outdoor pools, and a glass atrium with co-working spaces. L&L Holding Company and Oak Row Equities, along…
Developers Top Off Construction On 509-Unit ‘Residences at The Wynwood Plaza’
L&L Holding Company and Oak Row Equities, along with project partner Shorenstein Properties and co-investor Claure Group, have topped off construction on the Residences at The Wynwood Plaza (the “Residences”), the luxury apartment community the team is developing as part of a one-million-square-foot mixed-use campus in Miami’s vibrant Wynwood Arts District.
Miami International Airport advances vast Central Terminal revamp
Next steps in the $7 billion redevelopment plan for Miami International Airport (MIA) are underway this week, as the county pursues architectural and engineering services for Phase One of Central Terminal modernizations. All of the projects are in anticipation of MIA reaching a projected 77 million travelers and 4 million tons of freight by the year 2040. MIA is also undergoing…
27-story Edgewater hotel-condo wins backing
A developer plans to construct a 27-story condo-hotel in Miami’s Edgewater neighborhood. Urban Network Capital Group LLC plans to build the mixed-use project at 445 NE 36th St., near Biscayne Bay and the Julia Tuttle Causeway on I-195. The city’s Urban Development Review Board unanimously recommended approval of the project with several conditions. Designed by Kobi Karp…
Michael Lewis: To add Beach transit, the perfect is the enemy of the good
In a letter to the editor, Miami Beach’s city manager notes that Metromover in Downtown Miami “is enjoying increasing ridership and public acceptance” and hopes opponents of Miami Beach transit plans learn “that the system must be efficient, economical, and – most importantly – go where people want to go.” Unfortunately, they didn’t learn. That letter didn’t follow last week’s…
Brickell’s Tallest Tower, Cipriani Residences Miami, Breaks Ground At 1420 South Miami Avenue
Moss Construction marked a pivotal moment in the transformation of Brickell’s skyline with the groundbreaking of Mast Capital’s Cipriani Residences Miami on February 13. This event heralds the rise of what is set to become Brickell’s tallest edifice, reaching an impressive height of 950 feet above ground level. Designed by the esteemed Arquitectonica with interiors…
In Brickell, Signage Installed For 90-Story Dolce Gabbana Tower
Signage has been installed at the site of an upcoming sales gallery for the Dolce & Gabbana supertall tower, also known as 888 Brickell, according to photos by Phillip Pessar. There’s also now an official website for the development, with new details. The building will top off at 1,049 feet, the website says, which would make it a supertall. Developers said last year that it would have 90 stories.
New Tenants Coming To Downtown Miami’s Brightline MiamiCentral
Brightline MiamiCentral’s latest tenant signings within the downtown transportation hub are the AT&T Store at MiamiCentral. The two retail additions join Brooklyn Dumpling Shop among recently announced additions to the six-block transit-oriented development in the heart of Downtown Miami. All slated for 2024 openings collectively illustrate the continued demand for retail…
Developers Propose Mixed-Use Forum Park for 18820 W Dixie Highway in Miami’s Ojus Neighborhood
Developers hope to get approval for Forum Park, a mixed-use venture in Miami’s Ojus neighborhood. The project would require 302,223 square feet of new construction. The main building would measure 11 stories above grade, with the floorplates measuring 11,600 square feet to 14,500 square feet. Forum Park would offer 120,000 square feet of office space, with the office themselves…
A transformative mixed-use development is on the horizon in the burgeoning Ojus neighborhood near the bustling Aventura Mall. Aventura Office Center LLC, under the leadership of Yakov Cohen and Cheryl Cohen from Sunny Isles Beach, has propelled forward with plans for an innovative 11-story tower at 18820 West Dixie Highway. This project, known as Forum Park…
Vera Fund 6 LLC Proposes ‘Co-Living Project’ for 2511 NE 192th Street in Miami’s Ojus Neighborhood
Miami-based developer Vera Fund 6 LLC has proposed a new housing development for Miami’s Ojus neighborhood. It hopes to get approval for an eight-story development that would offer 38 apartments, with units measuring 413 to 779 square feet each. Floorplans range from studios to two-bedroom homes, with the unnamed development hosting just over 21,000 square…
Miami-Dade ranks as highest-performing US hotel market
Hotel owners in Miami-Dade County are flying high to start the year. CoStar data shows the county ranks as the best performing market in the nation. Miami-Dade hotels experienced an 88.2 percent occupancy rate for the week ending Feb. 24, a nearly 3 percent increase, year-over-year. That was enough to claim the top spot among 25 other major hotel markets in the…
Best Meridian Insurance seeks to foreclose on South Florida office and religious buildings
Best Meridian Insurance Company is looking to nab a triple-play foreclosure. In separate civil lawsuits filed in Miami-Dade and Broward counties, the Miami-based lender is alleging the owner of a Fort Lauderdale office building, and a church and school owner in Miami, each defaulted on a combined $11.6 million mortgage debt. Mitchell Mandler, Best Meridian’s lawyer, did not…
Lease roundup: Space Invaders and Jetset Pilates coming to downtown Miami
A Miami nightlife company and a Pilates studio leased in downtown Miami. Space Invaders signed a five-year lease with a five-year extension option for 7,800 square feet at the Clear Spaces commercial space within the Centro residential condo tower at 151 Southeast First Street, according to a news release from Clear Spaces’ broker. Space Invaders, a subsidiary of Los Angeles…
Top 15 South Florida Retail Shopping Center Transactions of 2023
In 2023, South Florida witnessed a flurry of significant transactions within its retail real estate sector, cementing its status as a vibrant hub for commercial activity. Among the top shopping center deals, notable acquisitions and developments reshaped the region’s retail landscape. From iconic malls to upscale boutiques, investors and developers eagerly capitalized on the area’s…
Bal Harbour development rules could hinder Whitman’s Live Local Act project
Bal Harbour officials are passing a slew of new development regulations that could bar Whitman Family Development from pursuing its Live Local Act project in the village. Whitman Family Development, owner of the high-end Bal Harbour Shops, wants to add a mixed-use project on the 18-acre mall site, using the Live Local Act. The state law, approved last year, allows developers…
Developers propose 234-unit age-restricted multifamily complex in Goulds
Trinity Housing Partners proposes a 234-unit age-restricted multifamily complex in Goulds, marking continued development appetite in south Miami-Dade County. Trinity, led by attorney Erick Deeb and electrical contractors Roberto Baroniel and Pep Alvarez, wants to build Trinity Sierra Bay, consisting of a seven-story building and a five-story building at 11770 Southwest 214th Street…
Terranova eyes takeover of Location Ventures’ Coral Gables headquarters
The Coral Gables headquarters for Location Ventures could end up in the hands of Stephen Bittel, CEO of Terranova Corporation. An entity managed by Terranova CFO Scott Fitzgerald, which owns a delinquent loan secured by the office building at 299 Alhambra Circle, is negotiating a settlement with the court-appointed receiver managing Location Ventures to acquire the property…
At South Florida real estate functions, it’s fairly common to run into brokers who’ll gnaw your ear off about #longmiami. Aside from being a hashtag on X (formerly Twitter) that is used to share anecdotes and data points about the region’s hot real estate market, #longmiami has become a slogan for local boosters eager to convince you that South Florida has entered the global stage.
THE WELL Bay Harbor Islands, an 8-story condominium building under construction at 1177 Kane Concourse, has begun its vertical ascent. Spearheaded by Terra, a leading force in Miami’s real estate sector, and the internationally acclaimed wellness brand THE WELL, this development sets a new precedent as the nation’s first combined condo and office wellness lifestyle endeavor.
High times: Miami City Commission approves Midtown Miami cannabis dispensary
A medical marijuana company got the green light to open a store in a Midtown Miami retail building owned by Michael Comras. The Miami City Commission on Thursday voted 3-2 to uphold a certificate of use issued to Miami-based Ayr Wellness by the city’s planning and zoning appeals board in 2022. The city’s zoning office had requested that the elected body overturn…
EQT Exeter Acquires Doral Mixed-Use Building for $14.5M, Expanding Portfolio
EQT Exeter has completed the acquisition of a mixed-use building in Doral, South Florida, marking another significant investment by the Radnor, Pennsylvania-based real estate investment trust (REIT). The property, located at 3605 Northwest 115th Avenue, encompasses 45,970 square feet and is currently leased to Wrk Lab, a prominent office furniture dealer. This move is part of EQT…
EQT Exeter pays $15M for Doral warehouse and office building
EQT Exeter paid $14.5 million for a warehouse and office building in Doral. An affiliate of the Radnor, Pennsylvania-based real estate investment trust acquired the 45,970-square-foot mixed-use building at 3605 Northwest 115th Avenue, records show. Sitting on a 2.1-acre site, the building was completed in 2004. The seller, an entity managed by Harry Aizenberg in Laredo, Texas…
Co-working firm takes over WeWork’s former space in downtown Miami
A co-working firm took WeWork’s former space at the Security Building in downtown Miami. Vast Coworking Group leased 20,300 square feet on the seventh, eighth and ninth floors of the building at 117 Northeast First Avenue, according to a news release from the tenant. An unidentified franchiser signed a 10-year deal to run the space under Vast’s Venture X brand…
Miami’s graffiti landmark is set to be demolished
Transformed by a group of graffiti artists from a downtown eyesore into a social media sensation, the old commercial complex across from Bayfront Park is slated to be demolished soon to build a luxury project. But the art world isn’t exactly mourning its loss. The big picture: By its nature, graffiti is temporary. Pieces regularly get covered up by other artists, painted over by property owners…
RAM, Pinnacle expand planned rental project near Brightline Aventura station to 334 units
RAM Realty Advisors and Pinnacle propose to expand their planned multifamily project near the Brightline Aventura station to 334 units. The developers want to build the 16-story Aventana building with ground-floor commercial space at 19640 West Dixie Highway in the Ojus neighborhood in unincorporated Miami-Dade County, according to an application filed to the county…
Buena Vista Residents Resist Proposed Developments
As South Florida grapples with a housing crisis and developers propose building more high-rises in Miami, BVM Development LLC (BVM), developers and owners of the Upper Buena Vista outdoor mall, and Design District Studios (DDS) have requested rezoning changes for planned multistory residential buildings in the Buena Vista neighborhood. However, residents…
Mode Hopes to Reinvigorate Nightlife in Downtown Miami
Downtown Miami’s core received another jolt to its nightlife scene with the opening of Mode last month. The venue took over the South Miami Avenue space formerly occupied by the jazz bar Le Chat Noir. The 80-year-old building initially served as a fallout shelter during the Cold War, which is why it has one of the very few basement spaces in Miami. Upon entering at ground level…
Raimundo Onetto’s Alta plans 534-unit multifamily complex in Princeton
Alta Developers wants to develop a two-phase multifamily project with a total of 534 units in Princeton, marking the firm’s first bet on the south Miami-Dade County neighborhood. The development firm, led by Raimundo Onetto, plans Princeton Commons roughly on the northwest corner of Southwest 127th Avenue Southwest 248th Street in unincorporated Miami-Dade County…
The Weekly Dirt: Live Local gets key changes, faces early battles
This week state lawmakers approved changes to the Live Local Act, which was signed into law last year and provides incentives for affordable and workforce housing. The Senate approved changes a few weeks ago, and the House did the same on Wednesday, meaning the tweaks await Gov. Ron DeSantis’ signature. Here’s a quick rundown of the changes: The original law allowed…
Riviera Horizons to launch sales of Pagani-branded North Bay Village condos
Mikael Hamaoui’s Riviera Horizons is set to launch sales this spring of a Pagani-branded North Bay Village condo project. The planned 28-story, 70-unit Pagani Residences is the first ever condo development for the Italian hypercar brand, according to a press release. It marks the latest addition to the slew of branded residences in development across South Florida, and the first such…
Citadel exec talks offices, David Martin speaks about climate change at UM conference
Citadel remains steadfast in its belief that companies will bring employees back to the office, despite some firms opting to downsize and certain industries still allowing remote work, an executive with the hedge fund said. “The financial services sector, they have leaned [into] the value of being in the office. And it’s not just a three-day a week conversation. It’s a five-day a week conversation…”
A New York-based hedge fund pre-leased at the Fifth Miami Beach office project under construction in South Beach. J. Goldman took about 10,000 square feet, marking the first signed tenant at the roughly 60,000-square-foot project, according to Bloomberg, which cited an unidentified source. Michael Juliano, COO at J. Goldman, said the firm has long had a South Florida office…
Making “mor chikin”? Chick-Fil-A pays $51M for Weston warehouse
Chick-Fil-A is boosting its fowl fast food distribution in South Florida after acquiring a Weston warehouse for $50.5 million. An affiliate of the Atlanta-based chain bought the 207,335-square-foot facility at 3225 Meridian Parkway that was completed in 1995, records show. The deal breaks down to $244 per square foot. The seller, a fund managed by Boston-based Cabot Properties, paid $30 million…
36-Unit Vielix 441 Proposed for 2127 North State Road 7 in Hollywood
A local South Florida developer hopes to get approval for an eight-story housing development that would offer both two-bedroom and three-bedroom floorplans. Vielix Investments has proposed Vielix 441, which would feature 36 units and measure about 900 square feet to 1,230 square feet each. There would be 73 parking spots (about two per unit). The South Florida Business…
Fort Lauderdale Office Tower Moved To Special Servicing Amid Dwindling Cash Flow
The $58.5M loan backing One Financial Plaza in Downtown Fort Lauderdale was moved to special servicing this week after owner Alliance HP failed to secure an extension on the debt. The collateralized loan obligation covering the 274K SF office building at 100 SE Third Ave. is facing issues with a floating interest rate and didn’t achieve stabilized net operating income…
Developer Files Plans for 44-Unit Residential Building At 900 Intracoastal Drive In Fort Lauderdale
900 Intracoastal Drive, Inc. has filed plans for a new 16-story residential building at 900 Intracoastal Drive, located near The Galleria shopping mall in Fort Lauderdale. The 185-foot-tall structure, named 900 Intracoastal, is set to yield 217,652 square feet of space and feature 44 exclusive residences along the city’s picturesque Intracoastal Waterway. The development has…
DWS Inks Long-Term Office Renewal in Fort Lauderdale
Las Olas Centre I was completed in 1997 and is LEED Gold certified. Image courtesy of Stream Realty Partners Las Olas Centre I was completed in 1997 and is LEED Gold certified. Image courtesy of Stream Realty Partners Las Olas Centre I was completed in 1997 and is LEED Gold certified. Image courtesy of Stream Realty Partners DWS has signed a 22,000-square…
Urbane Capital proposes 18-unit townhouse complex in Wilton Manors
A development firm wants to build an 18-unit luxury townhouse complex in Wilton Manors. Urbane Capital, led by Amin Jamal and Nitin Jain, proposes three three-story buildings with six units each on a 1-acre site on the southeast corner of Duval Court and Northeast Ninth Avenue, according to Jamal and project filings to the city. The project, called Wilton Yards, would offer the townhomes…
A South Florida developer has purchased 4.27 acres, which could be developed into Boynton Beach’s first complex under the Live Local Act. The Dune apartments would feature 336 residential units in an eight-story building. Of those units, 36 would be townhomes, and the rest apartments. The South Florida Business Journal reports that 60 percent of the units (201) would be…
Kayne Anderson, Remedy pay $21M for Boynton Beach office buildings
Kayne Anderson and Remedy Medical Properties paid $20.5 million for an office complex in Boynton Beach. The joint venture acquired a pair of two-story medical office buildings at 10275 and 10383 Hagen Ranch Road, records and Vizzda show. Kayne Anderson and Remedy Medical also assumed two 99-year ground leases with Ohio-based Welltower, which owns the land underneath…
BH Group JV to Redevelop Former Office Depot Boca Raton HQ Site
The Offices at 6600 N. Military Trail are slated for redevelopment. Rendering courtesy of BH Group and PEBB Enterprises The Offices at 6600 N. Military Trail are slated for redevelopment. Rendering courtesy of BH Group and PEBB Enterprises The Offices at 6600 N. Military Trail are slated for redevelopment. Rendering courtesy of BH Group and PEBB Enterprises…
José Andrés Group Brings First Restaurant Concept to West Palm Beach at Olara
New York-based developer Savanna has announced a new partnership with the José Andrés Group at Olara, a new 26-story luxury residential condominium at 1919 North Flagler Drive on West Palm Beach’s waterfront. Renowned Chef José Andrés will bring his first new restaurant concept in the Palm Beaches to Olara, which will be open to the public. Additionally, residents…
West Palm approves Capstone’s 238-unit apartment project with workforce housing
Capstone Realty Group scored approval for a 238-unit apartment project in West Palm Beach, marking the firm’s development debut in South Florida. The Englewood, New Jersey-based firm plans an eight-story building on 3.7 acres at 1551 Forum Place, according to city records. West Palm commissioners unanimously approved a future land use change from commercial…
Dalfen Inks 101 KSF Lease at West Palm Beach Industrial Facility
Dalfen Industrial has signed a 101,000-square-foot lease at its Turnpike Logistics Center in West Palm Beach, Fla., with National Millwork. The arrangement represents the largest industrial lease signed in Palm Beach County year-to-date, according to CBRE. Turnpike Logistics Center came online in 2020. Image courtesy of CBRE Turnpike Logistics Center came online…
Pérez family’s Related, partners sue Palm Beach County over Transit Village project
The Pérez family’s Related Group and its partners in the Transit Village mixed-use project are suing Palm Beach County, alleging it’s trying to strong-arm the developers into paying nearly 10 times more for the site. The 1.3 million-square-foot Transit Village would consist of four 25-story buildings with 986 residential units, including 42 workforce-priced rentals and 165 micro-units…
Great Gulf pays $29M for West Palm Beach waterfront dev site
Great Gulf paid $28.5 million for a waterfront development site in West Palm Beach that is currently home to a small multifamily project. An affiliate of the Toronto-based condominium and single-family home builder acquired Poinsettia Club Apartments at 5400 North Flagler Drive, records and Vizzda show. The 2.5-acre site is along the Intracoastal Waterway and roughly five miles…
Catalfumo, Richman score approval to add 620 rental units at Palm Beach Gardens project
Catalfumo Companies scored approval to build an additional 620 multifamily units at its Palm Beach Gardens project. Catalfumo, in partnership with The Richman Group of Companies, now will develop a total of 1,016 apartments at Gardens Station. The pair are currently building 396 units at the project at 11025 RCA Center Drive, according to a Catalfumo news release.
JDL, Wanxiang score $160M construction loan for Juno Beach condo project
JDL Development and Wanxiang America Real Estate Group landed a $160 million construction loan for a planned condo project in Juno Beach. Argo RE, Bsafal, and Taconic Capital provided the financing for Caretta, a planned five-story building with 95 units at 1011 U.S. Highway 1, a press release states. Designed by Chicago-based Hartshorne Plunkard Architecture, the project will also…
Video: Costar National Director of US Capital Market Analytics on Cap Rates & Transaction Volume
The Discussion: Analyzing the Trends and Forecasts of America’s Commercial Real Estate Market In the dynamic landscape of commercial real estate, understanding the nuances of market trends and forecasting future trajectories is essential for investors, brokers, and stakeholders alike. The recent conversation between the host of America’s Commercial Real Estate Show…
Reports: Brightline’s Next Train Station Will Be In Stuart
Stuart officials say their city has been selected as the next location for a new Brightline station, according to multiple reports. The new station will be built in the city’s downtown. Stuart, Martin County, and Brightline would contribute to the station’s $60 million cost, according to a proposal submitted to the company. Multiple Treasure Coast cities had been competing for…
JP Morgan: How to raise capital for multifamily properties
Raising capital for real estate can be a challenge, especially amid market conditions that can encourage investors to be cautious. But accessing new capital can also unlock big opportunities—especially for commercial real estate owners with the skills and experience to navigate the market. Fundraising can help you grow, whether that means investing in larger multifamily…
Understanding institutional real estate investing
Institutional real estate investors, such as pension funds, endowments, foundations and sovereign wealth funds are a key source of capital for real estate developers, operating companies, asset managers, investment funds and trusts. Like many investors, these institutions are attracted to real estate’s potential for diversification and solid returns. But their scale and sophisticated approach…
2024 apartment market update for multifamily investors
What’s in store for multifamily investors in 2024? At a national level, multifamily real estate will continue to grapple with slowing growth in the number of new households while apartment supply surges. Rents will likely continue to grow, but more slowly than the long-run average. Meanwhile, vacancy rates are expected to stay at levels slightly above average in the post 2008 recession…
The Fed’s Beige Book: Tourism Roars On as Overall Activity Holds Steady
Economic activity across the Southeast was little changed from the prior six weeks during January through mid-February, according to the new Beige Book anecdotal report of business conditions from the Federal Reserve Bank of Atlanta. Firms reported steady hiring even as finding quality workers remained challenging. Many contacts said they employed various strategies to attract staff.
“Beneficial to developers”: Florida Legislature approves tweaks to Live Local Act
Florida lawmakers approved changes to the Live Local Act that are expected to benefit developers planning affordable housing projects. The state House on Wednesday passed a slew of tweaks with a 112-1 vote, three weeks after the Senate first approved the changes. The legislation won’t be final until Gov. Ron DeSantis signs it into law. The Live Local Act was approved…