Potential Brickell Key Supertall Exempted From UDRB Review
A new development on Brickell Key would not need to have a hearing before Miami’s Urban Development Review Board, according to a letter issued by Miami’s Department of Zoning. The Department of Zoning letter was issued in February 2022 to a Greenberg Traurig land use attorney, who had requested a zoning verification request for property at 750 Claughton Island Drive.
Miami Commission Unanimously Approves Waivers At Hyatt Supertall Site: New Renderings
Miami commissioners voted unanimously on May 11 to approve waivers needed for the Hyatt Regency redevelopment in downtown Miami. New renderings of the supertall tower have also been released. The $1.7B development is planned to include three towers, with the tallest at 95 stories, or 1,049 feet. There will be 1,806 apartments, a 615-room Hyatt Regency hotel…
New Renderings Emerge of Hyatt And Gencom’s Planned Miami Riverbridge Development In Downtown Miami
New renderings have surfaced for Miami Riverbridge, an ambitious, three-tower mixed-use venture designed by Arquitectonica to redefine Downtown Miami at 400 Southeast 2nd Avenue. The colossal development will rise from the grounds of the existing Hyatt Regency Miami and James L. Knight Convention Center, making way for a new era in Miami’s real estate…
Moishe Mana pays $74M for Museum Tower in downtown Miami
Moishe Mana, downtown Miami’s biggest property owner, bought the Museum Tower office building for $73.8 million. Mana purchased the 28-story building at 150 West Flagler Street, with a plan to lure attorneys and others in the legal profession, he confirmed to TRD. Although he declined to disclose the price, social media real estate firm Traded reported it as $73.75 million.
Lodging, condo hotel due in trio of West Brickell towers
Plans for the third in a trio of mid-rise residential buildings planned for a site in West Brickell have been filed with the City of Miami. Owner-developer Smart Corner LLC plans a 23-story mixed-use residential building, Smart Brickell Luxe, at 885 SW Third Ave. The new building will become home to 74 lodging units and 53 residential and condo hotel units. The city’s Urban…
Casa Tua condo tower, Smart Luxe condo-hotel and Wynwood mixed-use project score approvals
Fortune International Group, Habitat Group and Bazbaz Development scored key approvals for three separate projects in Miami’s Brickell and Wynwood neighborhoods. Last week, the Miami Urban Development Review Board gave its seal of approval for a 70-story Casa Tua-branded tower at 1210 Brickell Avenue; a 23-story condo-hotel called Smart Brickell Luxe at 885 Southwest Third Avenue…
76-story Brickell tower will raze office building parking garage
A new mixed-use residential skyscraper is coming to the Brickell neighborhood in Miami. The owner-developer, 1210 Brickell LLC, plans to build a 76-story mixed-use tower with 540 residential units and 955 parking spaces at 1210 Brickell Ave. The project will also include an additional 53,841 square feet of office uses, in addition to the existing 231,500 square feet of office use…
Doug Levine lists Wynwood dev site for $30M
Doug Levine is listing three Wynwood retail buildings primed for redevelopment, with an asking price of $30 million. The Crunch Fitness founder and real estate investor is looking to sell the fully leased properties at 2324-2328 North Miami Avenue and 36-38 Northwest 24th Street, according to an offering. Dwntwn Realty Advisors is handling the listing. Levine paid a combined $5.9M…
Brightline Construction Project 93% Complete, Substantial Completion Expected In June
Brightline has provided a construction update on its project that will bring fast train service between Miami and Orlando. The project is now over 93% complete, according to a report issued to investors in Monday. Substantial completion is expected in June 2023. Ticket sales recently launched for dates starting September 1 and beyond (but the service start date could come…
830 Brickell Office Tower Nearing Completion, Over 90% Leased
Brickell’s first new standalone office tower in over a decade is nearing completion, with over 90 percent of space leased. According to a February press release, global financial firm Rothschild & Co. signed a lease for 5,000 square feet of space. Rothschild will join a roster of tenants at 830 Brickell that includes Microsoft, Citadel, Kirkland & Ellis, Sidley Austin, Winston & Strawn LLP…
OKO Group And Cain International File FAA Permits For Another 649-Foot-Tall Tower In Edgewater
Developers are looking to further reshape Miami’s skyline with plans for another high-rise in the city’s burgeoning Edgewater neighborhood. OKO Group, the Miami-based development firm established by international real estate mogul Vladislav Doronin, and its partner, Cain International, have filed with the Federal Aviation Administration (FAA) to construct a 649-foot…
Another 649 Foot Tower Planned In Edgewater
Developers have filed to build yet another 649 foot tower in Edgewater. The filing was made with the Federal Aviation Administration on May 17, records show. According to the filing, the tower will rise 645 feet above ground or 649 feet above sea level, which is the maximum permitted by aviation rules in the area. The project site is located at the end of 27th Street. Currently, the property…
Codina Partners Acquires Former Sears Site at Westland Mall in Hialeah
Codina Partners has acquired the former Sears site at Westland Mall in Hialeah for an undisclosed price. The 15-acre parcel has been vacant since February 2020. The locally based buyer, following the closure of the sale, formed a joint venture with Westland Mall owner, Centennial, to redevelop the site and add a mixed-use concept with a residential component. Centennial…
Codina Acquires Vacant Sears In Hialeah, Plans Redevelopment
Codina Partners acquired the site of a former Sears at the Westland Mall in Hialeah, the latest in a wave of development projects for the rapidly growing city. The Coral Gables-based developer paid an undisclosed price for the 15-acre site at 1625 West 49th St. that includes the former Sears, surrounding parking lots and commercial outparcels. Codina is partnering with the…
Harry Macklowe Is Piecing Together A Waterfront Development Site In Miami
New York developer Harry Macklowe is assembling a large development site in Miami’s North Bay Village. An affiliate of his development firm, Macklowe Properties, is in the process of acquiring two sites for more than $58M in the island neighborhood between Miami and Miami Beach, The Real Deal reports. While no plans have been announced, the sites’ likeliest future…
Macklowe assembling waterfront development site in Miami’s North Bay Village
New York developer Harry Macklowe is assembling a large waterfront development site in North Bay Village, where his firm could build hundreds of condos, The Real Deal has learned. The purchases could total more than $58 million. An affiliate of Macklowe Properties is expected to pay $47.7 million for the 3-acre Biscayne Sea Club co-op at 8000, 8010 and 8020 East Drive in…
Florida Number 1 in Self-Storage, $1.6B in Transactions
According to a recent report, Miami’s hyperactive real estate market has created an opportunity in a niche segment of the commercial real estate market. Miami’s commercial real estate had a busy year in 2022, as spending on self-storage space surged to $110 million. StorageCafe’s most recent industry sales report in which analysts gauged the state of the sales market and…
One sector of Miami’s commercial real estate had a busy year in 2022, as spending on self-storage space surged to $110 million. That’s according to StorageCafe’s most recent industry sales report in which analysts gauged the state of the sales market and sought to identify the top self-storage markets based on investment volume in 2022. The Bronx, N.Y., led the way with $235 million…
Northeast Miami-Dade Corridor Commuter Rail Completes Development Phase; Request to Begin Engineering Submitted
Miami-Dade County has completed the Project Development phase of the New Starts program for its Northeast Corridor commuter rail service between downtown Miami and Aventura, Brightline told investors yesterday. The Project Development phase was completed in April, the investor report said. The County submitted its request to the Federal Transit Administration for entry…
36-Story 2000 Biscayne Tower At Top Off ~ Pics
The apartment tower being built at 2000 Biscayne Boulevard in Edgewater is at or near top-off, a new photo shows. The planned top-off height for 2000 Biscayne is 36 stories, or 408 feet above ground. The tower will include 393 rental apartments, 455 parking spaces, and 4,569 square feet of retail. Kushner Companies is the developer.
Rishi Kapoor scores approval for Miami Beach co-living, micro-unit project
Miami Beach commissioners tweaked city development regulations to benefit Rishi Kapoor’s planned co-living and micro-unit project on Washington Avenue. Commissioners voted 6-1 on Wednesday to give final approval to an ordinance that allows for the development of co-living units on the east and west side of the North Washington Avenue district between 15th and 16th…
International visitors send Miami travel industry soaring
Miami-Dade County welcomed more than 26.5 million visitors last year, generating over $20.8 billion, an increase of 8% in tourism revenue over 2021. The Greater Miami Convention and Visitors Bureau stated in its 2022 Visitors Industry Overview report that a total of 26.5 million visitors came to the county last year, with 19.2 million coming for overnight stays and 7.3 million,,,
Commission looks again at big-name airport hotel bids
A mayoral bid for development giants Stephen Ross and Jeffrey Soffer to jointly get a 50-year lease to build and run a four-star hotel at Miami International Airport was pulled off the runway at a committee meeting as Chairman Keon Hardemon called it “one of the most peculiar processes I’ve ever seen.” Reversing a firm stance she took in December against the lease with…
CP Group, Monarch Ink 50,000 SF of Office Leases at Citigroup Center in Downtown Miami
CP Group and Monarch Alternative Capital have announced more than 50,000 square feet of office leasing activity at Citigroup Center, a 34-story office tower in downtown Miami. All four leases at the 810,000-square-foot property closed in the first quarter. The deals include wealth management firm Larch Capital Partners signing for 5,466 square feet; real estate development…
Development Plans Revealed for 20-Story Arquitectonica designed Mixed-Use Tower in Ojus
Plans for a new high-rise are making waves in Ojus, Miami-Dade County, with a 20-story tower designed by Arquitectonica poised to bring an array of apartments, office space, and retail outlets. The developer, Coral Gables-based 18050 W Investments LLC, has set the gears… The 0.92-acre site, located at 18050 West Dixie Highway and 2560 Northeast 181st Street near…
Approval Requested for Project at 18050 West Dixie Highway in North Miami Beach
18050 W Investments hopes to get approval for a 20-story mixed-use development in Miami’s Ojus neighborhood. The unnamed development will comprise 120 studio apartments and one-bedroom apartments, along with five two-bedroom units. Additionally, plans call for more than 90,000 square feet of office space and 5,580 square feet of commercial space. There is also…
Walker & Dunlop Arranges $140M Refinancing for Soho Beach House Club, Hotel in Miami Beach
Walker & Dunlop Inc. has arranged a $140 million loan for the refinancing of Soho Beach House, a private members club and hotel in Miami Beach. Located along Collins Avenue, the property includes a seven-story main building with 35 suites and amenities and a 16-story beachfront tower comprising 15 full-floor suites. JPMorgan Chase Bank NA…
Soho Beach House Secures $140M Refi From JP Morgan Chase, Citi
Soho Beach House in Miami Beach has secured $140 million to refinance its Miami Beach facility. Situated in a 1940s tower overlooking Miami Beach, the club’s design is inspired by the city’s Art Deco and Cuban heritage, with a pool and ocean-facing rooftop among the highlights. The seven-story main building includes 35 suites and has dedicated amenity space on the first three floors…
Major Biscayne 79 Site Sells For $23M, Paving Way For Mixed-Use Development In Miami
Avison Young’s Florida Capital Markets Group has brokered the sale of a pivotal development opportunity at 7880 Biscayne Boulevard, Miami, known as Biscayne 79. The property, spanning an impressive 3.5 acres, was formerly occupied by the Immigration and Naturalization Service. The transaction was made under the guidance of court-appointed receiver Michael…
Resia Looks To Leverage Live Local Act For Swift Approval Of 948-Unit Project
Miami-based multifamily development firm Resia is asking Miami-Dade County for administrative approval of a 948-unit workforce housing project in Medley, citing rules under Florida’s new Live Local Act that the developer says allow it to skip the public approval process. The application marks one of the first instances in South Florida of a developer seeking administrative…
Resia proposes 948 workforce units in Medley under new Live Local Act
Resia wants to build a 948-unit workforce housing complex in Medley under the Live Local Act, marking one of the first South Florida developers to seize on new legislation that allows them to bypass local approval for projects. The Miami-based firm proposes four 12-story buildings on an 18-acre site at 7701 Northwest 79th Avenue that now consists of a Miami-Dade County…
New Renderings Of Legacy Miami Worldcenter, With Soaring Spire On Top
Developers building the Legacy Miami Worldcenter tower recently submitted revised renderings after acquiring more land for the project. The newly acquired parcel created an opportunity to expand the medical office component, according to a letter from the developers. Legacy will have some of the most unique, high-end design elements in Miami, with a sleek…
MIA’s First Private Terminal Coming Soon: Get Driven To Your Plane, Even On Commercial Flights
Passengers at Miami International Airport will soon be able to avoid the main terminals and be driven directly to their planes, even when flying commercial. The service includes a new private terminal known as PS Miami. The historic Pan American Airways Regional Headquarters will be renovated to create the new terminal, with architect Richard Heisenbottle…
Top 10 Markets for Multifamily Construction; Miami at #3
Image by Russell Holden via Pixabay Key Highlights The top 10 most active metros in the country by volume of units under construction account for 40 percent of the national figure, amounting to 421,972 units. Texas maintained the lead in multifamily construction, with three metros—Austin, Dallas and Houston—making the top 10. Shifting and moderating demand is…
Thor Equities sells Wynwood dev site for $28M
Thor Equities sold a Wynwood site that was previously approved for a mixed-use hotel development for $28 million to a mystery buyer. An affiliate of Thor, led by Chairman Joe Sitt, unloaded the 0.7-acre assemblage at 2724 Northwest Second Avenue, 208 Northwest 28th Street and 229, 235 and 245 Northwest 27th Street in Miami, according to Vizzda. The buyer traces…
Edgewater condo owners sue developer Two Roads over termination
Ten unit owners are fighting Two Roads Development’s termination and planned demolition of their waterfront condo building in Miami’s Edgewater. The owners of eight condos at Biscayne 21 filed the lawsuit in mid-May in Miami-Dade Circuit Court. They allege they were “manipulated, bullied, deceived and pressured” to sell their units to the developer, an affiliate of Miami and…
JSB Lands $220M Recapitalization for Doral Multifamily The Landmark South
The Landmark South. Image courtesy of Yardi Matrix JSB Capital Group has obtained a $219.9 million recapitalization for The Landmark South, a 631-unit multifamily community in Doral, Fla. The capital stack comprises a five-year, $154.1 million senior Freddie Mac loan and $65.8 million in preferred equity from Pensam. JLL Capital Markets arranged the financing. JSB acquired…
JLL Arranges $219.9M Recapitalization for Landmark South Apartment Community in Metro Miami
JLL Capital Markets has arranged the recapitalization of Landmark South, a multifamily community featuring 631 units in the Miami suburb of Doral. The financing comprises a five-year, $154.1 million senior loan through Freddie Mac Multifamily, which JLL Real Estate Capital LLC will service, as well as a $65.8 million preferred equity investment from Pensam.
Miami Beach commissioners approve density bonus in South of Fifth
In Miami Beach’s South of Fifth neighborhood, more density is the carrot. And three hotel owners are the rabbits. And at least one of those hospitality landlords, an affiliate of Miami-based Key International, is eyeing that carrot. The Miami Beach City Commission on Wednesday approved a measure that would encourage South of Fifth hotel owners to redevelop their properties…
Atlantic Pacific plans 116 affordable housing units in Naranja
Five months after scoring a deal to redevelop four public housing complexes in south Miami-Dade County with 605 income-restricted units, Atlantic Pacific is aiming to start a portion of the project. The Bay Harbor Islands-based company proposes 116 affordable units on the 4-acre site of the Heritage Village II public housing complex on the northeast corner of Southwest 270th…
Alta proposes 18-story condominium in North Miami
Alta Developers wants to build a 96-unit condominium on the site of an aging waterfront apartment building in North Miami. The Miami-based development firm, led by Raimundo Onetto, proposes an 18-story building on a 0.8-acre site that is now home to the closed Mid Bay Club Apartments at 11950 North Bayshore Drive, according to an Alta application to Miami-Dade County.
MGM Construction Group Starts Phase 3 of Hallandale Mixed-Use Towers
A rendering of the completed Oasis project. Image courtesy of MGM Construction Group South Florida-based MGM Construction Group has broken ground on the third phase of Oasis Hallandale, a mixed-use luxury project in Hallandale Beach, Fla. This phase of the project will feature 500 condominiums across two 25-story towers. MGM is the general contractor for the $370 million…
Mill Creek plans 395-unit apartment complex in Hollywood
Mill Creek Residential Trust plans to build Modera Hollywood, an eight-story apartment complex with 395 units on the southwest fringe of downtown Hollywood. The Boca Raton-based developer unveiled plans for the project at the company’s preliminary meeting on Monday with the city’s 11-member Technical Advisory Committee, or TAC. Mill Creek will respond to comments by members…
MGM Construction Group Commences Construction On Oasis Hallandale Towers
South Florida’s renowned commercial and residential firm, MGM Construction Group, has announced the commencement of construction on Phase 3 of the highly anticipated 10.8-acre Oasis Hallandale project in Hallandale Beach. The project, developed by Hallandale Oasis 2019 LLC, led by Giuseppe Iadisernia, and spearheaded by MGM as the general contractor, is set to bring…
Staybridge Suites Proposed for 1531 SW 26th Street in Fort Lauderdale
Fort Lauderdale could be home to the first Staybridge Suites in the region. Designed by Adache Group Architects, the eight-story venture would comprise 124 rooms, offering “clean lines and minimalistic and functional features.” The rooms would include king studio suites to two-bedroom double queen rooms. Each one would come with a kitchen and access to a shared laundry…
In addition to Fort Lauderdale’s evolving real estate market, The Austin, a mixed-use multifamily development, is poised to make its mark at 1201 Northwest 6th Street. Spectrum Management, renowned for its prowess in facilities, construction management, and real estate development based in Washington, D.C., is listed as the developer and seeks approvals from Fort Lauderdale’s…
Kolter’s 100 Las Olas sells out for $178M
Kolter Urban sold its last unit at 100 Las Olas this week, marking a $178 million sellout for Fort Lauderdale’s tallest condo tower. The 113-unit, 46-story tower at 100 East Las Olas Boulevard completed construction in early 2020, and sales have closed since then, records show. The final unit to sell was the tower’s two-story penthouse, closing at $5 million, sources confirmed.
Rausmans sell Lauderdale Lakes apartment/condo complex for $77M
A 612-unit complex with both apartments and condos in Lauderdale Lakes traded for $77.1 million. An entity tied to Juda Klein purchased the 36-acre property at 2690-2770 Somerset Drive from limited liability companies led by Henry and Norman Rausman, according to records and real estate database Vizzda. The buyer secured a $70 million loan from Valley Bank.
The Strada Shopping Plaza at 1019 Lyons Road in Coconut Creek Slated for Expansion
In October 2022, MMG Equity Partners and Mouhalis Capital sought approval for an expansion of Strada shopping center, a mixed-use complex in Coconut Creek, Florida. Now, nearly six months later, they’ve secured approval from city officials. As it stands, the Strada shopping plaza has a Regions bank and 30,000-square-foot medical facility. With the expansion…
Developers win approval to expand Coconut Creek shopping center with Sprouts and more
A joint venture of developers is under contract to buy a Coconut Creek shopping center and won approval to expand it with a Sprouts Farmers Market and more. Strada Plaza, a 7.1-acre retail center near the intersection of Lyons Road and Coconut Creek Parkway, also will add a 1,500-square-foot Cali Coffee shop and a five-story Sentry Self Storage facility with about 120,000…
Construction on the Pearl at 123 S Ocean Avenue in Palm Beach Shores Planned for 2024
The Atlantic Group of Cos. hopes to break ground on the 18-unit Pearl in the first quarter of 2024, with completion planned for the fourth quarter of 2025. The development will measure six stories above grade, ranging from two-bedroom to four-bedroom homes. They range from 2,400 square feet to 7,000 square feet each. They come with oceanfront views. Per a report from the…
Maryland investor Blake Smith scoops up West Palm Beach office complex
Maryland investor Blake Smith bought Northpoint Business Plaza in West Palm Beach, bringing his total South Florida real estate purchases to about $63 million. It’s a portfolio he amassed largely off the radar during the past eight years. Smith, through his Angler Properties, paid $15.5 million for the fully leased complex at 901 Northpoint Parkway in an off-market deal…
In this video, host Michael Bull engages in a captivating conversation with Caitlin Walter, the Vice President of Research at the National Multifamily Housing Council (NMHC). Caitlin provides expert analysis on the current state of the multifamily real estate market, covering essential topics such as rent growth rates, vacancy rates, supply and demand dynamics, and the transformative…
Sam Zell Remembered: Jon Gray, Stephen Ross Among CRE Leaders Reflecting On Death Of A Titan
Sam Zell, the legendary investor who pioneered the modern real estate investment trust and has been a leading voice in commercial real estate for decades, has died. He was 81. The multifamily REIT he founded, Equity Residential, announced Zell’s death in a press release Thursday. The company said Zell died at home due to complications from a recent illness. Equity’s board…
9 Reasons to Invest in Miami Multifamily Real Estate
Known for its beautiful sandy beaches, tasty cuisines, diverse culture, and favorable climate, Miami has earned its rightful place as one of the best tourist destinations in the world; however, this sparkling seaside city is more than a hub for tourists. Miami has become a leading investment destination thanks to its growing economy, favorable tax…
The Curtain Fell For Thousands Of Movie Screens. Survivors See Opportunity
The United States has lost more than 2,165 movie screens since 2019, more than 5% of the country’s total inventory, as theater operators were forced to close or adjust programming during the pandemic. Now, as the summer blockbuster season gets into full swing, some operators see those vacant spaces as an opportunity to quickly grab market share at a discount from landlords…
65% Of Companies Now Requiring Some Office Attendance, Survey Finds
Although hybrid work schedules seem to be here to stay, more companies are requiring office attendance for workers. Of the 207 corporate real estate executives who participated in CBRE’s Spring 2023 U.S. Office Occupiers Sentiment Survey, 65% said their companies now require employees to return to the office at least some of the time. That is a sharp increase from last year…
Moody’s Analytics: 84% Of Office Loans Maturing Nationally Could Have Trouble Refinancing
The vast majority of the office CMBS loans that come due this year will have problems at refinancing, according to a new study, as questions over asset values in a heightened-rate environment continue to plague the industry. A total of $7.8B worth of fixed-rate CMBS loans on offices will mature this year, and Moody’s Analytics data suggests about 84% of them will face…
Dan Kodsi launches $250M equity fund for Florida multifamily projects
Amid high construction financing costs, developer Dan Kodsi is launching an equity investment fund for his Florida multifamily projects, including towers he plans in Aventura and Miami. Participant Capital, a real estate investment firm founded and led by Kodsi, is launching a $250 million equity fund targeting multifamily developments in the Sun Belt, mostly in the Sunshine State.