Watson Island Referendums Pass, Allowing Four New Towers
Miami voters voted yes on two separate items on the ballot yesterday relating to Watson Island, paving the way for new development. The two separate ballot questions were: Charter Amendment: Partial Conveyance for Revised Development at 1111 Parrot Jungle Trail on Watson Island Shall Miami’s Charter be amended authorizing sale and/or lease of 5.4 acres on Watson Island…
Four Towers Planned On Watson Island
Developers are now planning a total of four towers on Watson Island, according to the Herald. The development proposals are contingent on two separate items to be voted on by City of Miami voters in a referendum, scheduled for tomorrow. On the north side of the island, two residential towers are planned to rise 40 stories each, by developers Terra and ESJ Capital Partners.
Voters approve Watson Island referendums to sell city land for condo projects
Miami voters approved two ballot measures tied to selling city-owned land to different development groups so they can build more condos on Miami’s Watson Island. In exchange, the city will receive public benefits in the form of park space and a baywalk. The referendums waive competitive bidding and allow the city manager to negotiate the sales of property on Watson Island…
Voters Give Thumbs-Up To $2B Of Development On Watson Island
Two high-rise projects are set to rise on Watson Island in Biscayne Bay after Miami residents voted to greenlight the developments by a comfortable margin Tuesday. Coconut Grove-based Terra Group and Aventura-based ESJ Capital Partners gained approval to redevelop the Jungle Island animal theme park into two condo towers, paying the city $135M for 5.4 acres on the north…
56-Story Miami World Tower 1 Gets TCO
Miami World Tower 1 has obtained its initial Temporary Certificate of Occupancy, according to contractor Coastal Construction. It is TCO #1 for the tower, Coastal wrote. Miami World Tower 1 rises 56 stories and includes 565 apartments, 3,000 square feet of full service restaurant, and 401 parking spaces. Construction activity was first spotted at the Miami World Tower…
Another 57-Story Tower Planned In Edgewater
A developer has acquired property in Edgewater where it will soon file plans for a 57-story tower, according to the SFBJ. Grupo T&C will file plans in Q1 2025 for a building with 600 and 800 residential units. Some of the units will be developer-owned rental apartments, while others would be condos allowing flexible rentals. The developer paid just over $15m for property…
William Ticona bought a residential development site in Edgewater for $15.1 million, advancing his plans to expand his real estate empire from Peru to Miami. Ticona, who leads Lima-based Grupo T&C, scooped up the 0.8-acre vacant property at 404, 412, 416, 420, 432 and 436 Northeast, according to his broker. The seller was G&L Associates at 35th Street, an entity led by Nicolas…
Private School Shortage Cited After Billionaire Moves Firm To Miami
Two years after billionaire Ken Griffin moved Citadel to Miami, his biggest concern is the shortage of private schools here, according to the NY Post. Griffin announced a donation earlier this year to a 2-year old private Catholic school in North Miami, according to the Herald. Citadel’s relocation was announced in 2022, and the company has been working out of offices…
Linkvest Capital, MMG Equity Acquire Mixed-Use Destination in Downtown Homestead
Linkvest Capital and MMG Equity Partners have acquired Homestead Station, a mixed-use entertainment destination located on 4.8 acres at 4 S. Krome Ave. in downtown Homestead, about 39 miles south of Miami. LV Lending previously held a first mortgage on the property, and the acquisition was completed through a deed in lieu of foreclosure to Linkvest Capital and MMG Equity.
$400M Sale of W Hotel South Beach in Miami Brokered
Newmark has brokered the more than $400 million sale of the W Hotel South Beach in Miami. Reuben Brothers purchased the 20-story, oceanfront property from Tricap. The sale marks the largest hotel transaction in the Miami market this year, according to Newmark. The property is also the newest hotel to sell in the market since 2021. The W Hotel, which Tricap completed in 2009…
Miami-based LD&D, in partnership with ONE Capital and IGEQ, has introduced a new vision for Surf Row Residences, a collection of 25 bespoke condominiums situated just a block from the beach at 8800 Collins Avenue in Surfside. Designed by Alfonso Jurado Architecture and Boris Pena Architects, the project has been reimagined to align with evolving market demands.
‘Jean-Georges Miami Tropic Residences’ to Offer 329 Luxury Condos at 3501 NE 1st Ave in Miami
Soon, Michelin-Star Chef Jean-Georges Vongerichten may be known for more than innovative cuisine: his name could soon be synonymous with luxury residences. Sales have launched for Jean-Georges Miami Tropic Residences, an upscale high-rise comprising 329 condos, ranging from one-bedroom to four-bedroom floorplans. Future residents will have access to more…
Developer Planning 70-Story Brickell Tower Signs Covenant
The developer planning a 70-story tower in Brickell has signed a covenant with the county. The covenant, which was recorded on November 4, states that the property is within feasible distance to the water and sewer system, and will be connected as a condition of a building permit. Miami-Dade is currently in process on zoning approval for the site. An updated version…
61-Unit Hotel Planned In Edgewater
Zoning approval is in process for an 8-story hotel in Edgewater. The development name is listed as the Sonder Hotel – Edgewater Miami on plans. The hotel units will be a mix of studios and 2-bedrooms. Units will range from 381 to 742 square feet. The roof level will have a pool and a gym. Parking for 20 cars is planned within the new building. Miami’s Planning, Zoning and Appeals…
Lease-Up Of 323-Unit Allapatah Apartment Building ‘The Julia Residences’ Reached In Under Six Months
Developer Neology says it has achieved lease-up for its newly completed Allapattah apartment building, known as The Julia Residences. The 14-story, $140 million tower is named after Julia Tuttle, the founder of Miami. The 323 “attainable luxury” apartments are now 95% occupied, which took less than six months. Neology’s first project in Allapattah, No. 17 Residences…
Bldg Ventures plans short-term rental-friendly condo project near Miami’s The Roads neighborhood
Bldg Ventures is planning to develop Atelier Residences Miami, a short-term rental-friendly condo project near Miami’s The Roads neighborhood. Prices for units in the planned 10-story, 148-unit building at 1265 Coral Way will range from $400,000 to $2 million, according to a press release. Bldg, led by CEO René Bello, anticipates a total sellout of $80 million…
Big plans, little construction: Mapping South Florida’s long-delayed megaprojects
Nearly a decade ago, the Ghermezian family unveiled plans for an ambitious project: American Dream Miami. The Ghermezians’ Triple Five Group, owners of American Dream mall in New Jersey and Mall of America in Minnesota, proposed a sprawling mixed-use, phased 6.2 million-square-foot development with up to 3.5 million square feet of retail space, a massive theme park…
Massive Golden Glades rebuilt on $908 million road
Now 10 years in the making, the Golden Glades Interchange is on track to be the largest state-funded construction effort in Florida history. The mammoth $908 million project will help ease traffic flow in South Florida, one of the most heavily congested corridors in the nation, targeting major highways. Florida Department of Transportation (FDOT) officials say they are very…
UHealth Doral opening piece by piece through 2026
UHealth Doral is being rolled out in a phased approach rather than all it once. “It [the opening date] was Sept. 16, and we’ve done a phased approach,” said Dede Austin, assistant vice president of ambulatory services at UHealth Doral. “It’s been a phased approach opening. We started with the radiation oncology on Sept. 16 and then we, each week, expanded the services.
Lourdes Boue: Doctors Hospital/West Kendall Baptist’s CEO looks ahead
A distinguished healthcare executive, Lourdes Boue leads two hospitals within Baptist Health’s 12-hospital network: West Kendall and Doctors. Since joining Baptist Health in the ‘90s working in strategic planning, Ms. Boue has built an impactful career spanning more than two decades, marked by her dedication to advancing healthcare services and community well-being.
Design review recommends adaptive reuse project for Wynwood
A developer who is already making an impact on the Wynwood Arts District with a mixed-use project called Wyncatcher I now proposes a companion project that will fill out the block with more new retail uses and office space. Wyncatcher II is an adaptive reuse designed to bring new life to an old two-story warehouse at 2150 NW Miami Court. The Wynwood Design Review Committee…
$500 Million Mixed-Use Project Planned on 147-Acre Site Near Miami Gardens
A company led by Juan Carlos Mas, a member of the prominent Mas family with stakes in MasTec, has proposed a $500 million mixed-use development on 146.8 acres of county land just west of Miami Gardens at 20000 Northwest 47th Avenue. The project is planned to include workforce housing, retail, a hotel, warehouses, and recreational sports facilities. The Miami-Dade…
400-Foot Tower Submitted To FAA Near Omni
Plans for a tower near the Omni have been filed with the Federal Aviation Administration. The proposal was received by the agency on October 29. According to the filing, the tower will rise 392 feet above ground, or 400 feet above sea level. The site coordinates match a property that was reportedly sold to an affiliate of Sabet Group of Los Angeles in 2022. At the time, the SFBJ…
How is Flow revolutionary? Adam Neumann: “It’s a feeling”
It’s been two years since Adam Neumann launched his residential venture Flow and over six months since its first properties went live. And yet the haziness around how Flow will “revolutionize” community-based living — as Neumann promised — is as thick as ever. At The Real Deal South Florida Real Estate Forum, founder and publisher Amir Korangy pressed Neumann to explain.
Pedestrian Bridge Connecting Brightline To Aventura Mall Sitting In Storage For Months
A $20m pedestrian bridge has been sitting in storage for months, according to Miami-Dade Commissioner Eileen Higgins. Drone photos of the bridge were captured by Joel Franco. The county is waiting for an easement to be signed by a private property owner before construction can begin, Higgins said. See the pictures below.
Plans Revealed for 420-Foot Condominium Tower at 1250 West Avenue in South Beach
A partnership between JDS Development, led by Michael Stern, and entrepreneur Gianluca Vacchi has announced plans for a 420-foot luxury condominium tower at 1250 West Avenue in South Beach. Designed by Kobi Karp, the proposed tower aims to replace an existing 286-unit building currently allowing short-term rentals. Unlike the current structure, the new development…
Self-Storage Project Unfolding at 275 South Krome Avenue in Florida City
In August, Florida YIMBY reported on three self-storage ventures unfolding in both Miami-Dade and Palm Beach counties. The projects intend to meet the growing need for storage as South Florida’s population rises. Now, we’ve learned of another self-storage development taking shape in Florida City. The project is led by Ohio-based Amsdell Storage Ventures 83 LLC. It purchased…
St. Regis Bal Harbour condo association sues Qatari owners, alleging host of defects
St. Regis Bal Harbour Residences condo association is suing the property’s owners and managers, alleging building defects, health and safety issues and financial mismanagement. Mold, corrosion, flooding and exposed wiring are just a few of the defects alleged in the lawsuit filed this week in Miami-Dade Circuit Court by the Bal Harbour North South Condominium Association…
Q & A: Ed Easton goes toe-to-toe with institutional giants in South Florida’s industrial market
Ed Easton doesn’t see himself ever retiring from South Florida’s real estate game. His Doral-based eponymous commercial real estate firm runs smoothly, entering its 50th year of existence by keeping it all in the family. Easton’s adult kids, nephews and grandchildren have all been groomed to keep Easton Group in peak condition against multibillion-dollar national conglomerates…
Easton Group Buys Former Sears At Miami International Mall
The Easton Group bought the former Sears store and surrounding parking lot at the Miami International Mall from Seritage Growth Properties for $17M. The Miami-based development and real estate management firm took out a $12M loan from North Miami-based New Wave Loans to acquire the 13-acre Doral property, according to property records sourced…
South Florida holds growing role in global trade
Miami once was known as the gateway to the Americas. More recently, South Florid has grown an outsized role beyond the hemisphere to become a critical global trade hub. From sea and airports, to the foreign trade zones, to the importers, exporters and logistics facilities that rely on them, the region’s trade infrastructure and providers are connecting South Florida to the world.
Real estate firm Tricap and architecture firm Foster + Partners will open offices at the Design 41 building in the Miami Design District. Tricap, led by David Edelstein, leased 1,500 square feet; and Foster + Partners leased 4,000 square feet of indoor office space and a 3,500-square-foot patio at 112 Northeast 41st Street, according to broker Tony Arellano. The companies are…
Late developer Sergio Pino’s Miami apartment building faces $45M foreclosure
A Miami apartment building developed by the late Sergio Pino is facing a $45.4 million foreclosure suit. Pino, a prominent South Florida real estate figure who founded Century Homebuilders Group, died on July 16 from a self-inflicted gunshot wound at his Coral Gables home. At the time, the Federal Bureau of Investigations was closing in on raiding his home and arresting him…
New office space will lure firms to South Florida: TRD Forum panelists
The number of companies migrating to South Florida has slowed, but will reaccelerate as the region’s inventory of new office space expands, according to panelists who spoke Wednesday at The Real Deal South Florida Real Estate Forum. “Relocation activity has moderated partly because we don’t have enough high-quality office space,” said Jeremy Larkin, a founding…
TRD Forum panelists: The “Citadel effect” is boosting Brickell
Billionaire hedge fund manager Ken Griffin’s bet on Miami’s Brickell office market is boosting the neighborhood’s cachet among out-of-town executive condo buyers, according to a trio of experts addressing thousands of real estate professionals on Wednesday. Griffin is spearheading the development of a planned $1 billion 54-story mixed-use tower with a 212-room hotel…
Developers’ choice, Tomas Regalado, coasts to victory in Miami-Dade Property Appraiser race
Backed by developers, Tomas Regalado rode the red wave in Miami-Dade County to win the property appraiser’s race. Regalado, a Republican who served as Miami mayor from 2009 to 2017, beat Democrat Marisol Zenteno by 15 percentage points in Tuesday’s presidential election. Zenteno, who works as an analyst for the office she was seeking, captured 42 percent…
Developers Behind ‘Sixth&Rio’ at 501 SE 6th Ave in Fort Lauderdale Secure $96 Million in Loans
In May 2023, Florida YIMBY reported on Sixth&Rio, a multi-million-dollar residential venture in downtown Fort Lauderdale that had recently broken ground. Now, we have an update. Locally based OceanLand Investments has secured $96 million in funding to bring this project to life. According to the South Florida Business Journal, multiple lenders funded the loans…
OceanLand scores $96M construction loan for Sixth&Rio Fort Lauderdale condos
OceanLand Investments scored a $96 million construction loan for its planned Sixth&Rio condo project in Fort Lauderdale. The Fort Lauderdale-based developer landed financing from Invictus Real Estate Partners, a New York-based real estate private equity firm, and West Palm Beach-based Tannenbaum Capital Group Real Estate, according to a press release.
Developers Unveil First Yacht-Branded Residential Tower: Riva Residenze in Fort Lauderdale
Developers WellDuo, Vertical Developments, and GCF Development, together with Italian yacht maker Riva, have unveiled Riva Residenze, marking the launch of the world’s first yacht-branded residential project. The 20-story development includes 36 residences, occupying two parcels with 200 feet of waterfront and a private marina with slips. Sales and marketing…
Walton Street Capital bought a warehouse in Sunrise for $18.5 million. The Chicago-based firm scooped up the 77,600-square-foot building at 4701 Northwest 103rd Avenue from Plantation-based Miller Property Group, led by Steve Miller, according to records and real estate database Vizzda. The building, known as the Sunrise Corporate Headquarters, was completed by Miller…
Developers Complete and Open Edera Palm Springs, a 264-Unit Residential Community in West Palm Beach
Mast Capital, Rockpoint, and The Spear Group have announced the official opening of Edera Palm Springs, a new residential community offering 264 upscale apartments in the rapidly growing village of Palm Springs within West Palm Beach. Located at 2085 South Congress Avenue, Edera Palm Springs offers a walkable garden-style community with 11 three-story buildings set…
Video: Moody’s Senior Economist Ermengarde Jabir Provides Industrial Real Estate Outlook
In a recent episode of America’s Commercial Real Estate Show, the spotlight was on industrial real estate nationally with a deep dive into the current trends, challenges, and future outlooks impacting the sector in 2024. Featuring insights from Ermengarde Jabir, a senior economist at Moody’s Analytics who also publishes articles at NAIOP, the discussion offered valuable…
CMBS loans in commercial real estate
The market for commercial mortgage-backed securities (CMBS) has created a powerful source of capital for investors—particularly those financing the largest properties. While CMBS loans are more complex than traditional bank loans involving just a borrower and lender, they can be an attractive option for financing commercial real estate, depending on the property…
The condo-hotel conundrum: new state law tweaks balance of power at mixed-use complexes
Many residents bought their condos at the Carillon Miami Wellness Resort because living in a luxury hotel had an obvious allure. The branded oceanfront property is actually a condo-hotel, a complex for both residents and visitors with two restaurants and two cafés offering beachside dining, four pools, a gym and spa. Yet, the paradise is actually a “dictatorship” for residents…