Target Opens 50,000 SF Store at Sawyer’s Walk in Miami’s Overtown Neighborhood
Target has opened a new 50,000-square-foot store at Sawyer’s Walk, a 1.5 million-square-foot mixed-use development underway in Miami’s Overtown neighborhood. SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, is the master developer. Construction on the 3.4-acre development began in summer 2021. The project includes a 578-unit…
Sawyer’s Walk (Block 55), the largest mixed-use development in the historic community of Overtown, announces the delivery of the retail component. A brand new Target just opened, and other major retailers are set to open over the coming weeks and months, including a Burlington, Five Below, Aldi supermarket, and Ross Dress for Less, which will serve the immediate…
13-Story ‘Traditional Condo’ Could Replace Closed Truist Bank at 2501 Galiano Street in Coral Gables
The Coral Gables Development Review Committee will review plans for a high-rise mixed-use project. Proposed by 2501 Galiano Street Holdings LLC, the 13-story building would comprise 98,335 square feet of new construction and feature 93 units. Floridian Development notes that 85 would be condos, and the remaining eight would be lodging units. The South Florida…
Race to the top: Developer proposes 1,000-foot-plus mixed-use Brickell supertall
Walter Defortuna, brother of Miami developer and broker Edgardo Defortuna, is proposing a 1,010-foot tall mixed-use tower in Brickell. The plan is the latest in a growing rush of supertall projects in Miami. The 81-story building would consist of 560 residences, 84 hotel keys and a 1,200-space parking podium on the 1.2-acre site at 1414 Brickell Avenue and adjacent lot at 1421 South…
Melo submits $35M stalking horse bid for 16-acre former trailer park in El Portal
Melo Group could expand its development pipeline into El Portal after placing a $35 million stalking horse bid for 16 acres along Biscayne Boulevard. An affiliate of Melo, a Miami-based family run development firm led by brothers Carlos and Martin Melo, made an offer for the former Little Farm Trailer Park at 8500 Biscayne Boulevard that has been managed by a receiver since 2020…
Review targets many changes in Flagler housing project
A developer has plans for a major Miami intersection, bringing new residential housing and a block-long stretch of retail businesses to the area. East Flagler Service Station LLC is the owner-developer of the 27 Flagler project, designed as a 12-story mixed-use building, home to 133 multi-family residential units, about 12,000 square feet of ground floor commercial-retail uses…
OK of 51-story Brickell office tower to fund transit
A 51-story Brickell Avenue office tower with ground-floor retail faces a hearing this week before the county’s comprehensive master plan and zoning board for a general site approval that would add 14% to Class A Brickell office space. If approved, the developer would contribute $1.1 million to improve the Tenth Street Metromover Station and pedestrian uses along….
County OK’s $75 million grant to get convention center hotel going
Miami-Dade has had its foot on a stubborn ground-breaking shovel for a hotel next to the Miami Beach Convention Center for almost a decade. It may just have started to dig in a little last week when commissioners agreed to toss another $75 million into the $500 million-plus project. That could get the 28-month hotel-building task started in early 2025 and opened by 2027.
41-Story ‘Flow House’ Planned for 2025 Unveiling at 697 N Miami Ave in Miami’s CBD
Flow House is an exciting high-rise headed for Miami Worldcenter, a project which its developers call “a nineteen-year secret in the making.” The 41-story tower is currently under construction, having topped off within the past few months. Planned for a 2026 reveal, Flow House will offer 466 fully furnished units, ranging from studios to two-bedroom units.
Tate Capital proposes a 348-unit apartment project in North Miami, as redevelopment plans for the long-overlooked western side of the city ramp up. The firm, led by brothers Jimmy and Kenny Tate, wants to build a 17-story building with 39,300 square feet of ground-floor commercial space and a 636-space garage on the site of the company’s headquarters, according to records…
OKO Group, Cain International Deliver 57-Story Office Tower in Miami
OKO Group and Cain International have completed the development of 830 Brickell, a 57-story office tower located in Miami. Totaling 640,000 square feet, the fully leased building has now received its temporary certificate of occupancy (TCO) from the City of Miami. Tenants — which include Microsoft, Citadel, Kirkland & Ellis LLP, Marsh Insurance, Sidley Austin LLP…
Alan Faena heads to the Miami River: Fortune, KAR to launch Faena-branded condos
Developers Edgardo Defortuna and Shahab Karmely plan a Faena District along the Miami River, The Real Deal has learned. Defortuna’s Fortune International Group and Karmely’s KAR Properties are working with Alan Faena on Faena Residences, a planned 440-unit luxury condo development, Defortuna said. The two-tower project will be built on the site at 90 Southwest Third…
JEM Sky Villas with Interiors by FENDI Casa Unveiled at JEM Private Residences in Downtown Miami
Naftali Group has unveiled two luxury penthouses, JEM Sky Villas, with interiors designed by the renowned Italian brand FENDI Casa. Positioned at the top of the 67-story JEM Private Residences, these units showcase FENDI Casa’s signature design collections. Rising over 700 feet at 1016 Northeast 2nd Avenue in Miami Worldcenter, JEM Private Residences is designed…
FPL drops $60M for 350 acres in south Miami-Dade. Could a solar farm be in store?
Florida Power & Light bought nearly 350 acres of land in south Miami-Dade County near a solar panel facility owned by the energy company. Juno Beach-based FPL bought the site between Krome Avenue and Southwest 187th Avenue, south of the Black Creek Canal NO C-1W, in an unincorporated area of the county, according to records and real estate database Vizzda.
Institute of Contemporary Art, Miami expanding show space, pays $25M for building on same block
The Institute of Contemporary Art, Miami is nearly doubling its show space, paying $25 million for the former home of the de la Cruz Collection. Backed by high-profile Miami developers, the museum acquired a 30,765-square-foot building at 23 and 31 Northeast 41st Street, records and real estate database Vizzda show. The 36,388-square-foot institute, also known as ICA…
Industrial Supply in Miami-Dade Outpaces Absorption for First Time in 4 Years
South Florida is seeing some mixed results for the industrial sector, with Miami-Dade County seeing a big change in supply versus demand. This is based on three separate insight market reports from JLL, which not only evaluated the third quarter performance in Miami-Dade but in Palm Beach and Broward counties too. While Miami-Dade finished the third quarter…
Miami’s Industrial Sector Sees Record High Deliveries
Miami’s industrial sector is currently dealing with a surplus of supply, according to an analysis by Avison Young of the area’s third-quarter performance for the asset class. It found that the city has received more than six million square feet of new inventory, setting a new record, according to the CRE firm. But construction development in the pipeline has eased…
Sale of New 505,518 SF Industrial Property Miami Midway Park in Hialeah Arranged
CBRE has arranged the sale of Miami Midway Park, a four-building industrial park in Hialeah spanning 505,518 square feet. A real estate fund managed by Ares Management purchased the property from a joint venture partnership between Greystar and Butters Construction & Development for an undisclosed price. Jose Lobón, Frank Fallon, Trey Barry, Royce Rose, Devin…
Yes, chef: Terra, Lion Development launch sales of Jean-Georges condo tower Near Midtown Miami
French chef Jean-Georges Vongerichten is looking to cash in on Miami’s branded condo boom. The Michelin-starred chef is working with David Martin’s Terra and Michael Simkins’ Lion Development Group on Vongerichten’s first residential project, according to a press release. The developers launched sales of Jean-Georges Miami Tropic Residences at 3501 Northeast First…
Developers Hold Topping-Off Ceremony for NoMad Residences Wynwood
The NoMad Residences Wynwood, a new nine-story condominium tower located in the Wynwood Arts District, has officially topped off. Developed by Miami-based Related Group and Manhattan-based developer Tricap, the project is the first residential concept by the NoMad Hotels brand, under parent company Sydell Group. Over 80% of the building’s residences are…
New Jersey Developer Squeezes 378 Apartments Into Downtown Miami Proposal
A 50-story apartment tower with workforce housing is being proposed in Downtown Miami, four blocks west of the Adrienne Arsht Center. The 378-unit project at 1315 NE Miami Court was submitted in a preapplication to the county by Optimum Properties, a Jersey City-based developer and property manager. Optimum is looking to use rapid transit zoning rules…
Thousands of new apartments are here in South Florida (and more are coming)
One out of every 26 new apartments built nationwide since just before the pandemic have been built in South Florida. Over 14,000 new units open just this year. It is a brisk pace for a rental market that was squeezed by few apartments and a spike in demand during the COVID-19 pandemic migration to Florida. Over the past five years, over 74,000 new apartments have been…
Lease roundup: Korean restaurant Bonchon on tap at Moxy South Beach; More…
Korean fried chicken restaurant Bonchon will open at the Moxy Miami South Beach hotel. Bonchon leased 2,900 square feet at 915 Washington Avenue, according to a news release from landlord broker Comras Company. The restaurant is expected to open by year-end. Ryan Brodsky of Colliers represented the tenant, and Vicki Freeman of Comras represented…
How Sunshine, Palm Trees And Tropical Modernism Define Miami Design
Tourists flock to Miami Beach to stroll the streets lined with the city-defining art deco design. But the wave of permanent transplants to the city is staying for the tropical modernism that has for decades underpinned the city’s design ethos. Defined in part by its fondness for wide-open interiors, embrace of indoor-outdoor spaces and commitment to using locally sourced…
Brazilian Firms Target South Florida
Brazilian firms are targeting the South Florida regions to operate their businesses, as they look for opportunities that they wouldn’t get in their own country. According to a report from the state’s commerce organization, SelectFlorida, Brazil ranks as Florida’s second-biggest Latin America investor. Also, more than 100 Brazilian firms operate 115 locations in The Sunshine State.
Miami’s Office Leasing Is At A 4-Year Low As Pandemic-Era Deals Dry Up
Miami is on track to have its worst year of leasing activity since at least 2020 with a dearth of large deals and the average size of a new lease down to 3,682 SF. The 780K SF of third-quarter leasing activity puts Miami at 2.5M SF year-to-date, according to Avison Young. That’s on par with 2020, the worst-performing of the last five years. Large deals that helped propel Miami’s…
Plans Filed for 5-Story Condominium Development at 90 Isle of Venice Drive in Fort Lauderdale
Plans have been filed with Fort Lauderdale’s Development Review Committee (DRC) for the Adria Condominiums, a five-story, roughly 55-foot-tall residential project at 90 Isle of Venice Drive along the Rio Cervante Waterway. Designed by Adache Group Architects, with civil engineering by Craven Thompson and landscaping by EcoPlan, the development is proposed…
Eight-Story Affordable Housing Venture Could Replace Walgreens at 6105 W Sunrise Blvd in Sunrise
Affiliated Development hopes to get approval for an affordable housing venture that would replace a now-shuttered Walgreens in Sunrise, FL. The development would measure eight stories above grade and comprise 415 apartments. One-third of the units (about 138) would be designated as workforce housing, reserved for those earning up to 120 percent of the area median…
Boca Raton-based Penn-Florida Cos. has plans for a massive mixed-use venture in Palm Beach County. For starters, University Village will comprise 710 homes. According to the South Florida Business Journal, residences will be an array of apartments, single-family homes, and townhomes, along with options for senior living. They would average 1,007 square feet.
$75M Construction Loan Secured for 201-Room Hotel in West Palm Beach’s NORA District
BD Hotels has secured a $75 million construction loan to develop a 201-room hotel, the Nora Hotel, in the emerging NORA District of West Palm Beach. Metropolitan Commercial Bank provided the loan, which JLL’s Steven Klein and Mark Fisher arranged for financing. BD Hotels is working with NORA District master developers NDT Development, Place Projects…
Richard Born lands $75M construction loan for Nora hotel
BD Hotels, led by New York boutique hotelier Richard Born, and its partners landed a $75 million construction loan for a hotel at downtown West Palm Beach’s Nora District. BD, in partnership with Nora District master developers Place Projects, NDT Development and Wheelock Street Capital, landed the financing for the six-story, 201-key The Nora Hotel, according…
BH, Related add West Palm Beach dev site to growing portfolio
BH Group and Related Group snatched up another development site, paying $34 million for a waterfront lot in West Palm Beach nearby another project the duo are working on. The frequent partners acquired a 0.8-acre property at 2001 North Flagler Drive, which is less than half-a-mile from where Aventura-based BH and Coconut Grove-based Related are co-developing…
West Palm Beach board approves BH, Related’s Ritz-Carlton Residences project
BH Group and Related Group, two of the most prolific development partners in South Florida, can move forward with the first branded luxury condo project along West Palm Beach’s waterfront. On Wednesday, the West Palm Beach Planning Board voted 5-0 to approve the joint venture’s Ritz-Carlton Residences, West Palm Beach, a planned 26-story high-rise with 138 condo…
Integra picks up 317-unit West Palm apartment complex for $56M
Integra Investments picked up a 317-unit apartment complex in West Palm Beach for $55.5 million, in an otherwise sluggish multifamily investment market. The Miami-based firm bought Monaco Isles at 800 The Pointe Drive from New York-based Axonic Properties, according to Vizzda records. Integra took out a $41 million Freddie Mac loan originated…
Palm Beach County to vote on Vanderbilt campus
Palm Beach County is slated to vote on Vanderbilt University’s proposal for a $520 million graduate school campus. The Board of County Commissioners will consider the creation of a development and conveyance agreement (DCA) for the proposed West Palm Beach campus at its Oct. 22 meeting. Vanderbilt, nicknamed “the Harvard of the South,” presented its vision for a graduate…
Silverstone sold a senior living facility in Palm Beach County for $23.5 million, as part of a three-way deed in lieu of foreclosure deal. The Dallas-based firm sold the two-story, 136-unit building at 8785 Lake Worth Road in an unincorporated area of the county to Walton Street Capital, according to records and real estate database Vizzda. The facility was rebranded Alamar…
In a recent episode of America’s Commercial Real Estate Show, the discussion delved into the evolving state of the retail real estate market. The featured guest, Xander Snyder, Senior Commercial Real Estate Economist at First American Economics, provided valuable insights into the trends shaping the retail sector, which remains a crucial part of the U.S. economy.
Workforce Stress, Insurance and Resilience Innovations are Key Themes from Climate Week 2024
Last month in New York City, organizations of all types hosted events as part of Climate Week. In addition to Moody’s event, Climate and Capital: Bridging the Gaps on the Path to Net Zero, I attended events focused on addressing insurance gaps, catalyzing resilience investment, advancements in physical risk data and innovations to address heat stress. Among the many…
Regional Economy Cooling Slightly, Beige Book Shows
The new Beige Book from the Federal Reserve Bank of Atlanta showed economic activity in the Southeast has continued the slight slowdown that began in July into the current reporting period of September and the first half of October. Contacts reported declines in tourism in the wake of Hurricane Helene, in manufacturing output and commercial real estate, and also…
Protected: Financial Losses of the Florida “Self-Insured” May Be Near a Tenth of State’s GDP
Insurance is an issue in Florida. As a commercial real estate broker, I run into it all the time. It is either decreasing net operating income for an investor or increasing association fees on an industrial condo for an owner user or something. Its effect is everywhere. I’ve found owners can look at insurance as an expense, a requirement with no perceived benefit. I don’t view it this…
Florida Industrial Still Hasn’t Run Out of Gas
Four years after the global pandemic, Florida’s industrial real estate market continues to boom, fueled by a combination of demographic shifts, strong economic fundamentals, limited supply and increasing investment activity. The following analysis explores the key factors behind why the Sunshine State’s capital markets show no signs of slowing down…
Measuring labor market tightness with FRED
Economists measure labor market tightness as the number of job vacancies per unemployed worker, which is a key factor in monetary policymakers’ decisions. In the FRED graph above, the blue line shows the seasonally adjusted number of job openings as a fraction of the number of workers in the labor force since January 2020, just before the pandemic. The red line shows…
New Residential Construction Nationally in 5 Graphs
Table 1: Monthly New Residential Construction, September 2024 Last Friday, the Census Bureau released it New Residential Construction report for September 2024. For today’s article, I pulled together five charts (and one table) to help explain what’s going on in the housing market. In Table 1, you can see that permits, starts, and completions all softened during…