Assurant Puts 79-Acre Miami Campus Up For Sale As Vacant Redevelopment Play
Insurance giant Assurant is looking to sell off its sprawling corporate campus south of Miami, which it plans to vacate as it embraces a hybrid work model. Assurant is listing its 79-acre campus in Miami-Dade County as a vacant redevelopment opportunity. The 79-acre property at 11222 Quail Roost Drive, west of Cutler Bay, has three office buildings, a warehouse and three school…
Former INS Building At 79th Street Sold for $23 Million
A development property that includes the former INS Building at Biscayne Boulevard and 79th Street has been sold. B Group Capital Management paid $23 million for the property in a court-ordered-sale, according to a press release. Around 500 residential units can be built in addition to commercial uses, with a total buildable area of approximately 889,000 square feet, the release…
B Group Capital pays $23M for Miami’s former immigration building
Miami’s former immigration building has a new owner after B Group Capital Management finalized its $23 million purchase of the troubled property. In March, a Miami-Dade judge approved the sale of the 3.5-acre site at 7880 Biscayne Boulevard to an affiliate of B Group Capital Management, led by CEO Sebastian Barbagallo. Some of the proceeds will be used to help pay…
Alonzo Mourning, Matt Rieger building affordable housing for seniors
Matthew A. Rieger, president and CEO of Housing Trust Group, is building affordable housing for seniors alongside NBA Hall of Famer Alonzo Mourning. Why it matters: Floridians on fixed incomes are struggling to cover skyrocketing housing costs. The average Social Security check covers less than 55% of a person’s average expenses in Miami-Dade County, according to one report.
Developer Assembles Wynwood Norte Property, Plans ‘Attainable’ Multifamily
A developer has announced plans for attainable multifamily development in Wynwood Norte. ABH Developer Group said in a press release that it had acquired two duplexes at 84-86 NW 32nd St. and 90-92 NW 32nd St. The acquisition completes ABH’s assemblage in the Wynwood Norte district, which includes the purchases of 3129 NW 1st Ave., 3131 NW 1st Ave., 75 NW 31st…
Developer bets on Wynwood Norte, plans 200-plus apartments
Two years after Alexis Bogomolni launched his real estate firm, he’s poised to start construction on 217 apartments in Miami’s Wynwood Norte district by year-end, The Real Deal has learned. ABH Developer Group completed a 4.1-acre non-contiguous assemblage throughout the district, with plans to develop the properties into 13 multifamily projects with 24 to 150 units each…
Miami-Dade County aims to dismiss Affordable Housing Trust Fund board
Miami-Dade County commissioners voted unanimously Tuesday to dissolve the Affordable Housing Trust Fund’s board of trustees and its revolving loan fund. “The Affordable Housing Trust Fund Board,” Commissioner Eileen Higgins told Miami Today, “has simply not been able to activate this important funding source to do what it is supposed to do – build affordable housing.”
Waterfront North Bay Village condo building Island Place targeted for potential buyout
A waterfront condo building in North Bay Village is the latest target of a possible bulk buyout. Colliers sent a letter to a unit owner at Island Place, a nearly 60-year-old building near Sunbeam Properties’ assemblage, inquiring on behalf of an unnamed “highly motivated” developer interested in acquiring all the units, according to a copy obtained by The Real Deal. Island Place…
Moishe Mana plans $20M-plus redevelopment of RC Cola Plant in Wynwood
Moishe Mana plans a $20 million-plus redevelopment of the former RC Cola Plant in Wynwood, a move forward on the long-stalled vision for his portfolio in Miami’s arts district, The Real Deal has learned. The project will include an indoor food hall with nine tenants, a bar spanning 100 feet on two sides, outdoor space for food trucks, a beer garden, retail, event space, and 10,000 square…
Miami-Dade Mayor looks beyond Doral incinerator to manage waste
The county’s waste-to-energy incinerator in Doral might not be rebuilt next door as was planned before an out-of-control February fire put it out of business. In fact, it might not be rebuilt at all, according to Mayor Daniella Levine Cava. In a memo to area commissioner Juan Carlos Bermudez last week, the mayor wrote that “my administration is looking at the spectrum of solid waste…
Miami Beach may offer density bonuses to redevelop hotels in South of Fifth
Miami Beach elected officials could soon adopt density bonuses to condominium and multifamily developers that rebuild oceanfront hotels in the city’s burgeoning South of Fifth neighborhood. On Wednesday, the city commission is scheduled to take a second and final vote on an ordinance that would grant a larger floor area ratio, or FAR, than currently allowed for residential…
65-story residential project advances in Miami Worldcenter
A new skyscraper is coming to the assemblage changing Miami’s skyline as part of Miami Worldcenter, bringing more than 700 residential units. Owner-developer Naftali Group LLC has proposed a 65-story tower, referred to as MWC Block A, at 1016 and 1044 NE Second Ave. The city’s Urban Development Review Board has recommended approval of the project. The tower will be home…
Miami-Dade Transit has most riders in 41 months
Miami-Dade’s transit operations carried almost 7 million riders in March, the most in any month since October 2019, well before the start of the Covid-19 pandemic, latest county figures show. The March passenger tally of 6,989,938 was up nearly 41% from March 2022 and was 4.1% more than March 2019. By March 2020, at the outset of the pandemic, March passengers had fallen…
Lissette Calderon proposes 1,250 apartments near Beckham soccer stadium
Lissette Calderon wants to develop a 1,250-unit apartment complex near the planned Beckham soccer stadium, marking her largest project yet, in a long-overlooked area along the Miami River. Neology Life Development Group, led by Calderon, proposes three 15-story buildings on the 7.3-acre site of a shuttered car rental facility at 2301 Northwest 33rd Avenue in unincorporated…
Consumer Price Index hikes in South Florida outpace nation
South Florida’s consumer prices rose 9% for the 12 months ended in April, the US Bureau of Labor Statistics reported last week, far faster than the 4.9% increase for the US as a whole, which has felt 10 straight months of cooling inflation since it peaked at 9.1% nationally last June. While a 9% price rise is light years faster than South Florida increases in earlier years, it is slower than…
Urban-X’s Andy Hellinger: His River Landing causing splash in emerging Allapattah
Andrew B. Hellinger is the co-founder and principal of Urban-X Group, a real estate development firm based in Coral Gables that has achieved great success in the development of River Landing Shops and Residences. The more than 2.2 million-square-foot project in 1400 NW North River Drive was completed in September 2020. It is a six-minute drive to Jackson Memorial Hospital…
Aligned, Coral Rock sue Florida over industrial megaproject outside UDB
The developers of a controversial industrial megaproject outside Miami-Dade County’s Urban Development Boundary sued Florida over a state department’s stance that the approval process needs a do-over. Aligned Real Estate Holdings and Coral Rock Development want to build the 5.9 million-square-foot South Dade Logistics and Technology District on 378 acres on the southeast…
Related And Merrimac Secure $94.2M To Construct The Crosby At Miami Worldcenter
The Related Group and Merrimac Ventures have successfully secured a substantial $94.2 million in funding for the vertical construction of The Crosby, which is poised to add more density to the ongoing developments at Miami Worldcenter. The residential tower is set to ascend 33 stories high and is expected to top off at around 377 feet above ground, or 390 feet above sea level…
Two 699-Foot Towers Approved By FAA At Brickell Gas Station Site
Two towers have just been approved by the Federal Aviation Administration in Brickell. The two towers are proposed on property currently operated as a gas station, owned by Millennium Developments of Brickell LLC. The FAA letter approving the height of the two proposed towers was sent to German Coto of Millennium on May 15. According to the approval letter, the towers are…
Interior Demolition Underway At One Bayfront Plaza Supertall Site
Interior demolition is now underway at the One Bayfront Plaza supertall site in Downtown Miami, according to new photos by Phillip Pessar. Miami’s Building Department approved an interior demolition permit on May 1. The permit is for interior demolition of 278,000 square feet of space, at an estimated cost of $400,000. County records show that the 19-story building on the site…
Miami Gardens City Center Planned With Formula One Museum
Construction is expected to begin this year on Miami Gardens City Center, developers told the Miami Herald. According to Ditman Architecture’s website, the project is planned to include: 720 multi-family units with a 2-story clubhouse 2 flag hotels with 300+ keys 100,000 GSF of retail & restaurants 160,000 GSF of entertainment 2 parking garages with 1,600 spaces…
EB-5 Partnership Nabs $19M In Construction Financing For Doral Hotel
An EB-5 joint venture scored $19.2 million in construction financing for a hotel project in Doral. Fort Lauderdale-based OptimumBank provided a $12.1 million loan for the proposed 125-key Even Hotel, an IHG brand, at 2005 Northwest 110th Avenue, according to records. Robert Bhat with Marcus & Millichap arranged the financing, according to a press release. The partnership developing…
Miami-Dade defers vote on Ross, Soffer’s $240M airport hotel proposal
A vote on billionaire developers Steve Ross and Jeffrey Soffer’s proposal to build a luxury hotel at Miami International Airport was deferred this week, as both ramp up development activity in South Florida. Miami-Dade commissioners serving on the county’s airport and economic development committee unanimously voted for the deferral on Wednesday.
Plans For Ora By Casa Tua To Go Before Miami’s Urban Development Review Board On May 17
Ora by Casa Tua, a 76-story mixed-use skyscraper planned for 1210 Brickell Avenue in the heart of Miami’s bustling Brickell financial district, is set to go before Miami’s Urban Development Review Board on May 17. Designed by Arquitectonica with interiors by m2atelier and developed by Fortune International Group, the tower is set to rise 930 feet, replacing an existing 7-story…
“A little bit more creative”: Developers seize on aging offices
For years, a four-story office building at the Beacon Station business park in north Miami-Dade County has been abuzz with Ryder System employees. The logistics firm made the beige building its headquarters 18 years ago, and it held as many as 800 staffers at one time. But the 250,000-square-foot building will soon be gone. Due to the shift towards hybrid work, Ryder is downsizing…
Miami Among Top 10 Markets for Self Storage Transactions in 2022
The self storage sector enjoyed a record-setting spell in 2022, with property values climbing in major metros. Nationally, more than 112.7 million square feet space traded totaling nearly $10.3 billion in self storage transactions, according to Yardi Matrix. While this marks a slight slump compared to 2021, when the closed deals added up to $12.4 billion, it is a considerable improvement…
Habitat Group Files Plans For Smart Brickell Luxe At 267 SW 9th Street In West Brickell
Plans have been filed for Smart Brickell Luxe, a 23-story mixed-use development proposed for 267 Southwest 9th Street in Brickell. Designed by Ginard Studio with All Landscape Data Inc. as the landscape architect and AB Engineers Inc. as the civil engineer and developed by Habitat Group, the approximately 308-foot tall structure would comprise 192,808 square feet…
CG Smile Files Plans For A 7-Story Office Building At 5591 SW 8th Street In Miami
Plans have been submitted to construct a 7-story office building at 5591 Southwest 8th Street in Miami. The project, spearheaded by CG Smile, a Miami-based cosmetic dentistry service provider, and designed by Modis Architects, aims to create an 89-foot-tall structure encompassing a total area of 52,258 square feet. The proposed building would accommodate 21,000 square feet…
CFH Group Plans Two Multi-Family Complexes in Princeton, FL
CFH Group, under the TMC Naranja 66 Holdings LLC, hopes to move forward with the Pointe at Princeton, a multi-family housing development in Miami-Dade County. The South Florida venture would rest on 12.3 acres and comprise over 500 apartments in a three-story building. Apartments.com reports that the at-market homes would range from 615 square feet to 1,092 square…
Demolition Banner Flies At One Bayfront Plaza Supertall Site
A demolition banner has just been installed at the One Bayfront Plaza site in Downtown Miami, according to new photos by Phillip Pessar. An interior demolition permit was approved by Miami’s Building Department on May 1. The permit is for interior demolition of 278,000 square feet of space, at an estimated cost of $400,000. B2 Group LLC is listed as the contractor.
76-Story Brickell Tower Scheduled For UDRB Hearing
A proposal to build a 76-story tower at 1210 Brickell Avenue is scheduled for an Urban development Review Board hearing next week. Sales for condos are already underway, with the project being marketed under the Ora by Casa Tua name. The project is proposed to include: 540 residential units 53,841 square feet of office 24,260 square feet of commercial 955 car parking…
JBS Refis Suburban Miami Apartment Complex With $220M
JSB Capital Group refinanced an apartment complex in Doral, Fla., with $219.9 million… The Miami Beach-based firm acquired the property called Landmark South in 2021 for $255 million, just after the property had been completed, according to property records. Built across two phases in 2017 and 2021, the complex at 6055 NW 105th Court features 631 units across three…
13th Floor shrinks office space at Link at Douglas in Miami
13th Floor Investments wants to shrink the final phase of its mixed-use Link at Douglas development in Miami. The scaled-down plan calls for one-third as much office space, in response to the drop in demand due to the hybrid-work trend, according to the developer’s filings to Miami-Dade County and an interview with a 13th Floor representative. Additional design tweaks…
Nikki Beach operator sues Miami Beach, Boucher Brothers to stop no-bid takeover
Miami Beach elected officials orchestrated a backroom deal for a politically connected firm’s no-bid takeover of a popular oceanfront city-owned venue, a recently filed lawsuit alleges. On Friday, Lucia and Jack Penrod, through their company that operates Nikki Beach Club at 1 Ocean Drive, sued Miami Beach and Boucher Brothers, a family-run company of beach concessions moguls.
Plans Filed For 23-Story Smart Brickell Luxe
Plans for a project called Smart Brickell Luxe have been filed with Miami Planners. Smart Brickell Luxe is proposed to rise 23 stories, and include: 74 lodging units 53 residential and condo hotel units, along with amenities 5,945 square feet of commercial 75 parking spaces Parking is being reduced by up to 50% from zoning requirements, through payment to a transit trust fund…
$19.2M Construction Financing Secured for Doral Hotel
Marcus & Millichap Capital Corp. (MMCC) has secured $19.2 million in financing for the development of EVEN Hotel Doral, a 125-room hotel that will be located at 10770 N.W. 25th St. in Doral, a suburb of Miami. Robert Bhat of MMCC’s Miami office secured the financing on behalf of the borrower, a foreign entity that is partnering with locally based ASI Global to raise capital through…
South Florida’s Office Sector May Be Cooling Off, But the Forecast Remains Sunny
South Florida’s commercial real estate market for the first time demonstrated signs that it may be starting to feel the impacts of the Fed’s interest rate hikes to restrict inflation that began in March 2022. The region’s office supply barely outpaced demand in South Florida as a whole, but results differed across asset type, location and in urban versus suburban areas, with Class A office…
$1B Development Planned Near Seminole Hard Rock in Davie, With 5 Towers
A developer has unveiled plans for The District in Davie, just north of the The Guitar Hotel at Seminole Hard Rock Hotel & Casino. The project is expected to cost $1 billion, and will be the largest multi-family project in Davie history. The District in Davie is planned to have five towers ranging from 20–24 stories, with: 1,256 class A residential apartments, with 1.6 million square feet…
Developer Proposes 322 Residences at 4100 N. Hills Drive in Hollywood
PPG Development hopes to rezone part of The Club at Emerald Hills and transform 36.8 acres into a residential complex. In 2020, the developer initially proposed 486 units. However, recent plans call for 322 residences, including 252 condos, 40 townhomes, and 30 villas. The residences are for-sale units, although potential prices have not been released. The 300-plus homes…
A smoking deal: Baloghs sell Hallandale Beach retail site to Flanigan’s
The Balogh Family Partnership sold a Hallandale Beach retail property to Flanigan’s, the eponymous South Florida restaurant chain known for its barbecued ribs, seafood and libations. Fort Lauderdale-based Flanigan’s Enterprises paid $8.5 million for a small strip center and two outparcels at 615, 701, 707 and 715 East Hallandale Beach Boulevard, according to records. Attorneys…
OceanLand Investments Breaks Ground On Sixth&Rio In Downtown Fort Lauderdale
In the heart of a bustling downtown area predominantly filled with rental properties, Fort Lauderdale is set to welcome an exciting addition to its real estate landscape. OceanLand Investments, led by CEO Jean Francois Roy, has officially broken ground on Sixth&Rio, one of the few for-sale condominium developments in the region. The eight-story property, located…
Downtown Fort Lauderdale Office Tower Sells For $43M
The 24-story 110 East office tower in Downtown Fort Lauderdale sold for $43M, with the new owners announcing they have already secured 76K SF in new leases.An affiliate of Stockbridge Capital sold the 343K SF office building at 110 East Broward Blvd. to a partnership of Pebb Capital, Intalex Capital and CDS International Holdings. The group said the acquisition, which breaks down…
Old Town Towers Proposed for 210 N.E. Third Street in Pompano Beach
OT Property Group recently acquired a 5-acre site for $8.4 million in Pompano Beach, Florida. Now, it hopes to move forward with Old Town Towers, which will rest on 2.3 acres. Per the South Florida Business Journal, the venture will offer two stories: one measuring six stories and the other measuring 10. Connected by a pedestrian bridge, the community will offer 319 rental…
Cavache buys Pompano Beach church, plans 319-unit multifamily project
Cavache Properties bought a church campus and surrounding sites in Pompano Beach, with plans to develop a 319-unit multifamily project. Cavache paid $8.4 million for six lots totaling about 5 acres, consisting of the Christ United Methodist Church, plus adjacent lots at 210-219 Northeast Third Street; a vacant lot at 290 Northeast Second Street; two land parcels at 200 Northeast…
Cymbal DLT Companies, a Miami-based real estate development and construction firm, has secured a $95 million loan from an undisclosed senior lender and Related Fund Management. The loan is intended for Oasis Pointe Residences, a 301-unit multifamily complex designed by CES Design Group located at 150 South Bryan Road in Dania Beach, a significant part…
Demolition Begins at West Palm Beach Site for Olara
Savanna, a vertically integrated real estate investment and development firm with offices in New York and West Palm Beach, has today commenced demolition of the existing building at 1919 North Flagler Drive to make way for Olara, the luxury condominium tower that overlooks the Intracoastal Waterway. Transforming the waterfront of… The post Demolition Begins at West Palm…
Madison Realty Capital Provides $340M Loan for The Ritz-Carlton Residences in Palm Beach Gardens
The Intracoastal Waterway in Florida. Image by Richard Sagredo via Unsplash Privately-owned development firm Catalfumo Companies has secured a $340 million construction loan for The Ritz-Carlton Residences in Palm Beach Gardens, Fla., from Madison Realty Capital. The Ritz-Carlton Residences will be branded as “The Estate Collection” and will be situated on an expansive…
Medical tech firm buys dev site in Palm Beach Gardens for $19M
Medical technology firm Meso Scale Diagnostics paid $18.9 million for a development site in Palm Beach Gardens that was previously approved for a hospital. An affiliate of Rockville, Maryland-based Meso Scale acquired the 9.1-acre assemblage at the southwest corner of PGA Boulevard and Ballenisles Boulevard, just east of Florida’s Turnpike, according to records and Vizzda.
How Will Florida’s ‘Live Local Act’ Impact Senior Affordable Housing Development?
Steve Protulis Towers. Image courtesy of Yardi Matrix Florida is now the nation’s fastest-growing state, according to Census data, with a 1.9 percent demographic expansion between 2021 and 2022. The expanding population is putting increased pressure on its affordable and workforce housing sector, particularly when it comes to developments that cater to low-income seniors.
Understanding agency lending for multifamily properties
While agency loans have existed for decades—Fannie Mae® was first chartered by the U.S. government in 1938, and Freddie Mac was introduced in 1970—even experienced commercial real estate investors may not have used them. “With bank and agency loans, one isn’t necessarily better than the other—it depends on the property, the client and their goals,” said Kurt Stuart…
How property technology is changing commercial real estate
While commercial real estate leaders are optimistic about the industry’s and their company’s performance for 2023, according to JPMorgan’s 2023 Business Leaders Outlook: Commercial Real Estate, they’re also concerned about inflation, rising interest rates and a potential recession. One potential solution: commercial real estate technology—property technology…
Developers In A ‘Mad Rush’ To Take Advantage Of Florida’s Live Local Act
When Condra Property Group bought the single-story motel at 2007 North Ocean Drive in Hollywood, Florida, last year, it was planning to redevelop the site into a 10-story luxury hotel. But the project required a height variance, got tied up in the approval process and never broke ground, the developer’s land use attorney said. Then in March, Florida Gov. Ron DeSantis signed Senate…
Florida immigration law could impact state’s construction industry
A new immigration law signed by Florida Gov. Ron DeSantis last week is expected to have a significant impact on the state’s construction industry. The law, which DeSantis signed Wednesday and goes into effect July 1, requires private employers with 25 or more employees to confirm workers’ immigration status through the E-Verify system, according to Construction Dive.
Investing In A Warehouse Property Can Benefit Your Company In The Long Run
Warehouse investments offer high rental yields and provide a stable income for investors. They also have low tenant turnover rates, which reduces maintenance costs and risk. However, several factors must be considered before investing in a warehouse property. For example, you should look at its size and location. You should also check the tenant potential and lease types.