PMG, E11even Partners score $262M construction loan, expand project
The developers of two E11even-branded condo towers in downtown Miami closed on a $262 million construction loan for the second planned high-rise and expanded its size, The Real Deal has learned. New York and Miami-based Property Markets Group, and E11even Partners, led by Marc Roberts and Michael Simkins, secured the financing from New York-based Madison Realty…
Miami and Miami Beach commercial sales volume plunges 80% in first quarter
Miami’s sizzling commercial real estate sales run is fizzling, a recently released report shows. In the first three months of this year, total sales volume hit $194 million, a whopping 80 percent drop compared to the same period of last year, when deal flow hit $977 million, according to Dwntwn Realty Advisors, led by Tony Arellano and Devlin Marinoff. The report focused on all…
52-Story Clear Residences Moving Through Planning Approval
Miami’s Planning Department is now reviewing a proposal for a 52-story tower called Clear Residences. The project is proposed on a 23,750 square foot lot currently used as surface parking. According to a December 2022 Letter of Intent and plans filing, Clear Residences is proposed to include: 545 residential units (average unit size 773 square feet); 4,190 square feet ground floor retail…
Arquitectonica-Designed Tower Proposed Near Aventura
Plans for a mixed-use building in Ojus have been filed with Miami-Dade planners. The project is proposed to rise 20 stories and include: 125 multi-family residential units, inclusive of 10% workforce; housing units (on levels 7 through 11); 90,960 square feet of office (on levels 2 through 4, and 14 through 20); 5,470 square feet of retail; 298 parking spaces (on levels 2 through 5). Arquitectonica…
Newmark Arranges $91M Refinancing for Wynwood Mixed-Use Development
Newmark has arranged a $91 million loan for the refinancing of Wynwood 27 & 28, a mixed-use project currently underway in the Wynwood neighborhood of Miami. Upon completion, the development will feature 52,000 square feet of office space, 33,000 square feet of ground-floor retail space, 152 residential units and 232 parking spaces. Jordan Roeschlaub, Dustin Stolly…
Wynwood’s Tech And Finance Boom Sparks Development Blitz
From coast to coast, formerly industrial areas are being transitioned into white hot urban enclaves. None, however, are as sizzling as Miami’s Wynwood, a neighborhood north of downtown Miami and Overton, and bordering Edgewater. A destination for Puerto Rican immigrants beginning in the 1950s, Wynwood went from being known as “Little San Juan” to a mecca for 21st Century…
Blackstone, Link Logistics buy northwest Miami-Dade industrial site for $16M
Blackstone teamed up with its subsidiary Link Logistics to buy an industrial site in northwest Miami-Dade. The joint venture paid $15.5 million for a boat and truck yard spanning 6.3 acres at 7320 Northwest 61st Street, according to records and Vizzda. The property also has a 5,000-square-foot warehouse completed in 1975. The seller is an entity managed by Stuart Davant in Miami.
Kushner Cos., Block Capital Group Snag $91M Refi Loan
Newmark has arranged a $91 million loan on behalf of Kushner Companies and Block Capital Group for the refinancing of Wynwood 27 & 28. The property is on NW 27th Street (adjacent to NW 2nd Ave) in Miami’s highly trendy, up-and-coming Wynwood submarket. The Newmark team was led by Jordan Roeschlaub and Dustin Stolly, Co-Presidents of Debt & Structured Finance…
Okan Tower Unveils First Renderings Of Hilton Miami Bayfront Hotel
In an anticipated unveiling, Okan Tower, the up-and-coming mixed-use titan set to redefine the contours of Downtown Miami’s skyline, recently showcased the first imagery of its Hilton Miami Bayfront Hotel. Presented through the lens of the impressive lobby entrance, the reception locale, and the cosmopolitan lobby bar, the distinguished design, an artistic achievement of esteemed…
Former Opa-Locka Hialeah Flea Market to Operate as Industrial Space
The former site of the Opa-Locka Hialeah Flea Market will soon find new life as a $90 million industrial center. Per the South Florida Business Journal, the facility will comprise close to 740,000 square feet of new construction spread across six low-rise buildings. Plans call for 765 parking spots, which is expected to accommodate the 700-plus employees that could work there.
FAA Application & Demolition Permit Filed At 600 Miami Worldcenter
An application has been filed with the Federal Aviation Administration for the 600 Miami Worldcenter project. A demolition permit has also just been applied for. According to the May 23 filing with the FAA, the tower will rise 327 feet above ground, or 339 feet above sea level. According to the May 16 demolition permit filing with Miami’s Building Department, a total of 5,000 sf…
First Look At Julia & Henry’s, Opening This Week in Downtown Miami
Julia & Henry’s is nearly ready to open, new photos by Phillip Pessar show. Opening to the public is scheduled for Saturday, June 3, according to the Miami New Times. It will be one of the largest concentrations of award winning chefs in the nation, the report said. A total of 26 different food and beverage venues will be spread over seven levels. The complex is opening…
$15M Sale of Greenview Hotel in Miami Beach Brokered
CBRE has brokered the $15 million sale of Greenview Hotel, a 45-room boutique hotel located at 1671 Washington Avenue in Miami Beach. Natalie Castillo and Austin LaPoten of CBRE Hotels represented the seller, an entity doing business as Greenview Hotel LLC, in the transaction. The buyer was a private investor with other South Florida hotels in its portfolio.
Miami Beach considers plan to raze Jackie Gleason, build anew
A new Fillmore Miami Beach Theater concept presented to Miami Beach’s finance committee by Live Nation Entertainment would raze the landmark Jackie Gleason Theater and build a new venue closer to Washington Avenue that Live Nation would run on a 20-year lease. The finance committee voted to have the city commission examine the proposal and its potential funding opportunities.
City of Miami huddles with developers to add hotel at Olympia Theater
Restoration of the historic Olympia Theater and Tower is temporarily stalled as the city is engaged in talks with developers after none responded to a request for proposals. On Aug. 24, 2022, the City of Miami requested proposals for the improvement and lease of the theater at 174 E Flagler Street downtown to find a responsible operator for the aging landmark. The period for…
Year delay adds to cost of South Dade Transitway
Add $3.7 million to the cost of the South Dade Transitway, one of the six corridors of the Strategic Miami Area Rapid Transit (Smart) Plan and the only corridor already under construction. A one-year delay to begin Transitway operation announced a year ago as supply chain issues choked off concrete, steel and fiber strands needed for the communications and technology systems along…
Coral Gables sends mobility hub back to drawing board
Coral Gables city officials are taking a step back to reimagine the architecture of the Coral Gables Mobility Hub. The Coral Gables City Commission last week instructed city staff to work with construction design developers M. Arthur Gensler Jr. & Associates Inc. to redesign a third look of the mobility hub at 245 Andalusia Ave. Residents desire a more open, green and art deco-style…
Freedom Tower closed for repairs until its 2025 centennial
Miami Dade College’s Freedom Tower officially closed to the public in May to prepare for the building’s capital renovation work. The $25 million state-funded renovation of the historic 289-foot Freedom Tower at 600 Biscayne Blvd. will focus on urgent structural repairs, like pipes, improving water and sewer infrastructure and outside restoration. A reopening commemorating…
Ricadri Group Proposes 90-Unit Multifamily At 21320 SW 112th Avenue In Goulds Area of Miami-Dade
Miami-based Ricadri Group, headed by Adriana S. Guerrero, has filed plans for an 8-story multifamily project in Goulds… Designed by PPKS Architecture… would comprise roughly 110,037 square feet of space, including 90 multifamily units, commercial space, and 129 parking spaces. The project is proposed on a 2.61-acre site at 21300 and 21320 SW 112th Avenue, minutes…
Demolition Permit Issued For Miami Worldcenter Site Where Naftali Group’s 65-Story Tower Will Rise
Demolition permits have been issued for the 26,946-square-foot building at 1016 Northeast 2nd Avenue, the eastern parcel of Miami Worldcenter’s Block A. The building, which formerly served as the sales center for the Paramount Miami Worldcenter, is set to be completely razed to pave the way for an ambitious new development. TNG MWC LLC, an affiliate of the New York,,,
Developer Jaimito Ventures LLC Proposes Mixed-Use Venture at 1477 NW 79th Street in Miami
A vacant 0.36-acre lot could soon be home to a mixed-use venture in Miami-Dade County, Florida. Developer Jaimito Ventures LLC owns the property, having purchased it for $625,000 in February. It hopes to get approval from city officials for a five-story, 52-apartment complex. Homes will measure about 500 square feet to 760 square feet, offering one-bedroom to two-bedroom,,,
$250M Fund Targets South Florida Developments
Miami. Image by Jessica45 via Pixabay Participant Capital Advisors, a Miami-based real estate investment firm that manages private equity real estate funds, has launched a multifamily development investment vehicle targeting Sun Belt communities with a focus on Florida. Participant Capital Sun Belt Multifamily Development Fund I has a fundraising target of $250 million.
GID Acquires Biscayne Shores 240-Unit Garden Style Multifamily Advenir
GID has expanded its Miami footprint with the acquisition of Advenir at 12016 NE 16th Avenue in Biscayne Shores, a 240-unit garden-style community. Advenir at Biscayne Shores offers one-, two- and three-bedroom units ranging from 733 to 1,319 square feet. The apartments have walk-in closets and in-unit washers and dryers, with select units offering private patios and balconies.
Okan Tower Unveils New Renderings Of Hilton Hotel, Completes Supertall Piling Test
New renderings of the Hilton Hotel planned inside the Okan Tower “megaplex” have been revealed. The developers also announced they had passed rigorous new piling tests mandated by the City’s building code for supertall towers. The Hilton will be located on levels 13 through 30 of the 70-story tower, and will include 316 keys. The renderings show the lobby entrance, reception area…
Jorge Perez’s Related, partners can move ahead on North Miami condo project
Related Group, Teddy Sagi and BH Group got the green light to redevelop a shuttered waterfront hotel in North Miami. The North Miami City Council voted 5-0 on Tuesday to approve a site plan for Icon Residences, a proposed 10-story condominium with 53 units and 114 parking spaces at 2305 Northeast 123rd Street, according to video of the meeting. The 1-acre waterfront…
IMC Equity Group scored a $43.8 million construction loan for a multifamily and industrial project in West Little River… IMC, led by Yoram Izhak, plans a pair of six-story apartment buildings with 161 units, combined, and an adjacent four-story, roughly 123,000-square-foot self-storage facility at 2751 and 2795 Northwest 84th Street and 8400 Northwest 27th Avenue, according…
Construction Permit Filed At 56-Story Edition Residences in Edgewater
A construction permit has been applied for to begin building the 56-story Edition Residences in Edgewater. A separate construction permit to build a seawall has also been applied for. A total of 187 residential units are planned in the 56-story Edition, along with a 13-level parking garage and 3,500 square feet of office, the permit filing states. Total new construction is listed at…
As National Office Market Chills, Miami Sizzles
While office markets across the country continue cooling, Miami’s is ramping up the heat. With nearly 35 million square feet of negative net absorption across the country in the past 12 months, office tenants in most markets are clearly shedding space. But that’s not the case in Miami, where leasing activity over the same period accounted for 1.3 million square feet of net absorption last year.
What Commercial Real Estate Slump? Everything Is Sunny in South Florida
Miami’s newest office tower is still under construction, but it’s earned a distinction that eludes most other U.S. office buildings: It’s full. More than six months before the 55-story glass tower 830 Brickell even opens, all 640,000 square feet of its available space have been leased at rents that are double the landlords’ initial estimates and set records for Miami’s office market.
Miami’s Thriving Real Estate Market Attracts International Rainmakers Despite Challenging Conditions
Amidst less-than-ideal market conditions, South Florida’s real estate market continues to flourish, thanks to the unwavering confidence of international investors. Miami, in particular, has become a favored destination for global capital, attracting prominent figures who remain bullish on the city’s potential. One notable example is Mariano Borges, the CEO and Founder of Menessee International…
Construction at Aston Martin condo tower resumes after subcontractor filed bankruptcy
Aston Martin Residences’ construction is resuming after a subcontractor working on the downtown Miami luxury condo tower reached an agreement with the general contractor. Edgewater Construction, a Miami-based stucco and drywall company, filed for Chapter 11 bankruptcy in March, creating a two-month delay for the project at 300 Biscayne Boulevard Way. Cost increases…
Major Food Group cancels Miami Beach lease
Sadelle’s won’t be coming to Miami Beach’s 1212 Lincoln, as Major Food Group canceled its lease at Crescent Heights’ mixed-use project under construction. Major Food, the New York-based hospitality firm, led by Mario Carbone, Jeff Zalaznick and Rich Torrisi, pulled out of a lease for a 10,000-square-foot space at the five-story building rising on the 1600 block of Alton Road…
IHG Hotels & Resorts Breaks Ground on New Miami EVEN Hotels Property
IHG Hotels & Resorts, one of the world’s leading hotel companies, recently celebrated the ceremonial groundbreaking of its new EVEN Hotels property in suburban Miami. Located within the vibrant and growing Miami community of the same name, EVEN Hotel Sweetwater – Doral is projected to open in time for the busy summer travel season in 2024. EVEN Hotel Sweetwater…
Hollywood Courtyard by Marriott Planned for 1926-1934 Tyler Street in Hollywood
Hollywood Courtyard by Marriott is unfolding in Hollywood, Florida. Per Adache Group, the 13-story venture will offer 112 guestrooms, ranging from single-bed to multi-bed accommodations. The Real Deal reports that the hotel will cost $30 million to complete. In addition to its rooms, the venture will comprise many amenities, including a swimming pool, Starbucks, meeting rooms…
HTG scores $61M in construction financing for Hollywood affordable housing project
Housing Trust Group landed $61 million in construction financing for a multifamily project in Hollywood. Florida Housing Finance Corp., or FHFC, provided a $50 million mortgage for University Station, a proposed two-building, eight-story complex with 216 apartments at below market rents, according to records. Housing Trust Group, Or HTG, also obtained a $10.6 million State…
Related, BH plan $50M Hilton-branded hotel next to Diplomat Beach Resort
Related Group and BH Group plan a Hilton-branded hotel next to the Diplomat Beach Resort in Hollywood. The developers are proposing a $50 million, 42-story tower with 500 rooms or condo-hotel units at 3451 to 3690 South Ocean Drive, according to a site plan and documents submitted to the city of Hollywood. The joint venture has not decided if the project will be a full hotel…
Former Plantation Mayor Charged With Falsifying Records To Help Developer
Former Plantation Mayor Lynn Stoner was arrested Tuesday after being accused by Broward County prosecutors of falsifying business records to allow a developer to proceed with a project despite code violations. Stoner, who lost her re-election campaign last year, is facing a felony charge of official misconduct and three misdemeanors, including two counts of influencing…
CC Homes buys Sunrise golf course, plans 900-home development
Developers Armando Codina and Jim Carr purchased a Sunrise golf course with plans for a 900-home project, marking continued redevelopment of South Florida’s greens and fairways. CC Homes, led by Codina and Carr, bought the 160-acre shuttered Sunrise Country Club at 7400 Northwest 24th Place from an affiliate of South Florida real estate investor Roland DiGasbarro for $12.3 million…
Related Group Breaks Ground on Pompano Beach Condo Tower
Casamar Residences. Rendering courtesy of the Related Group The Related Group has broken ground on Casamar Residences, a 21-story condominium project in Pompano Beach, Fla. Arquitectonica and The Rockwell Group are the designers behind the 119-unit the development, scheduled for completion in 2025. Located on a 283-foot stretch of oceanfront, the luxury…
Related Group Breaks Ground On Casamar Residences In Pompano Beach
Earlier this week, the Related Group (Related) celebrated the groundbreaking of Casamar Residences in Pompano Beach. This boutique property is set to occupy nearly 300 feet of pristine white sand and house 119 oceanfront condos. Anticipated for completion in 2025, the development features world-class designs by the acclaimed Arquitectonica and the Rockwell Group….
Aletto at Sanborn Square Gets Redesign at 123 E. Palmetto Park Road in Boca Raton
In January 2022, the team at Florida YIMBY reported on Aletto at Sanborn Square. Now, more than a year later, we’ve learned of some changes to the original proposal. Initially, the venture was to comprise two high-rise buildings, 360 parking spots, and more than 120,000 square feet of new construction. According to the South Florida Business Journal, new plans call for three…
El-Ad National Properties Celebrates Topping Off Of ALINA Residences’ Second Phase in Boca Raton
El-Ad National Properties, an affiliate of Elad Group, has announced the topping off of two structures, ALINA 210 and ALINA 220, in the final stage of ALINA Residences Boca Raton. This residential project, nestled in the heart of downtown Boca Raton, has reached a significant milestone in collaboration with Moss Construction, the general contractor overseeing the…
Cymbal DLT Secures $95M for Denia Beach Refi
Oasis Pointe Residences in Dania Beach, Fla. Image courtesy of Cymbal DLT Cos. Cymbal DLT Cos. has refinanced its 301-unit Oasis Pointe Residences, a newly built waterfront multifamily complex in Dania Beach, Fla., with a $95 million loan from Kookmin Bank and Related Fund Management. The new financing enabled Cymbal DLT, a Miami-based real estate development and…
First Look: New Renderings Reveal Amenities At Olara In West Palm Beach
New renderings have been unveiled, offering a first glimpse at the amenity spaces of Olara, a mixed-use development set to rise 26 stories and approximately 329 feet along West Palm Beach’s Intracoastal Waterway. Situated at 1919 North Flagler Drive in the Currie Park district, this project integrates almost two acres of indoor-outdoor spaces that echo South Florida’s natural beauty…
Developer Wins Yearlong Fight To Replace Palm Beach Raceway With Warehouses
Palm Beach County commissioners reversed course Thursday and unanimously approved a site plan to redevelop the Palm Beach International Raceway into warehouses. The approval comes less than a month after a judge ruled in a nonbinding decision that the county commission had improperly rejected the site plan in January. The judge gave the commissioners 60 days…
Palm Beach County approves 2M sf industrial project on Moroso racetrack
A controversial 2.1 million-square-foot industrial project in north Palm Beach County got the green light this week. Under the threat of costly litigation from the developer, county commissioners voted in favor of New York-based Sixth Street Specialty Lending’s proposed industrial campus on 186.4 acres at the Moroso racetrack at 17047 Bee Line Highway, the South Florida…
Prologis Anticipates Industrial Rents Will Increase 10% This Year
The industrial sector experienced a moment of worry several weeks ago amid the mounting economic and financial sector turmoil. That moment appears to have passed, based on Prologis’ Industrial Business Indicator, which moved back into expansionary territory in April with a score of 56.2, after falling to its lowest level in 30 months for March. Prologis, too, apparently is feeling…
Gunnar Branson, the CEO of The Association for International Real Estate Investors (AFIRE), joins America’s Commercial Real Estate Show to discuss aspects of his organizations recent survey; 2023 Q1 AFIRE International Investor Survey. He discusses a generally optimistic tone among international real estate investors in United States Real Estate. He also discusses a chart displaying…
‘Persistent’ Remote Work Could Slash Office Values Nationally By 44%
The researchers who last year predicted $500B in value would be wiped from office buildings nationwide because of remote work gave a chilling update for real estate investors this week: They underestimated the damage. Academics from New York University and Columbia University published a report last summer predicting that New York City office values would drop 28% by 2029…
New Restrictions to the Sale of Florida Real Estate to Foreign Buyers
On May 8, Gov. Ron DeSantis signed Senate Bill 264 codified at Chapter 2023-33, Laws of Florida (the act) into law. This new legislation introduced, among other measures, new restrictions to the sale of Florida real estate to certain foreign entities and individuals. Attorneys, title companies, brokers as well as other players in the real estate industry need to familiarize themselves with this…
Office Valuations Expected To Fall Nationally As Owners Take What They Can Get
Commercial property deal volume has been stuck in low gear since interest rates started their march upward last year, and the lack of deals has stalled a reset in valuations, especially for the beleaguered office sector. But as office owners look to get what they can this year, that reset may be underway, The Wall Street Journal reports, with a particular focus on office properties in New York.
A Guide To Buying And Selling Delinquent Office Space
The fate of the millions of square feet of office space sitting empty in downtowns across the country has the capacity to shift the landscape of the overall economy and commercial real estate. That outcome is increasingly falling into the hands of distressed asset specialists, whose job it is to facilitate the least painful result for troubled properties. New York University professors…
The Fed’s Beige Book: Inflation Moderates but Some Consumers Still Feel the Sting
Economic activity in the Sixth District grew slowly in April and the first half of May, according to the new Beige Book report on economic conditions from the Federal Reserve Bank of Atlanta. The report carried generally good news on prices—many of them are falling or increasing less quickly. However, the Reserve Bank’s contacts who serve low- and moderate-income households…
Faced With Growing Demand, State of Florida Activates Public Land
The news that Florida became the nation’s fastest-growing state in 2022 supports the notion that the wave of people and businesses that began in 2020 is proving resolute and driving heightened demand for housing and commercial real estate across the state’s land-constrained peninsula. Another impact of inbound migration is a surge in demand for public services…
Here’s how Florida’s immigration law could lead to construction turmoil
A new immigration law in Florida targeting undocumented people in the state could take a toll on the construction labor workforce, and ultimately force contractors to raise wages and benefits to become more competitive. In the days after Senate Bill 1718 became law, videos of empty construction job sites and farms went viral online. Some workers reportedly feared they…