Whale & Star Wynwood to Develop Eight-Story Cloud One Hotel, Residences in Miami
A joint venture doing business as Whale & Star Wynwood Owner LLC has announced plans for a new, eight-story mixed-use project in the Wynwood neighborhood of Miami. Spanning half a city block at 2215 N.W. 1st Place, the development will feature a 214-room hotel, as well as 87 residential condominiums. The City of Miami’s Wynwood Design Review Committee recently…
Wynwood’s Whale & Star Site Eyed for Mixed-Use Redevelopment with Hotel and Condos
Plans have been submitted for potentially redeveloping the Whale & Star building in Miami’s Wynwood Arts District into a mixed-use project. The site is located at 2215-2237 Northwest 1st Place, 175 Northwest 22nd Street, and 170 Northwest 23rd Street, and spans 37,822 square feet. Currently, the property contains 27,406 square feet of commercial buildings, which would be…
A German group scored design approval for a 214-key hotel with condos in Wynwood, amid a continuing flurry of development proposals in Miami’s arts district. On Tuesday, the Wynwood Design Review Committee voted in favor of the eight-story building with 87 condos and 11,400 square feet of commercial space on the southeast corner of Northwest 23rd Street and Northwest First…
Construction Starts on ‘The Dolce by Wyndham Miami’ at 1745 James Avenue in Miami Beach
Our sources report that two developers have broken ground on a mid-rise hotel in Miami Beach. The Dolce by Wyndham Miami is a five-story venture offering 90 rooms, occupying a 15,000-square-foot property that once hosted a 36-unit condo, which has been demolished. Upon its anticipated completion in 2026, the hotel will create 45 jobs. Communal amenities at the high-end…
MG Developer expands into hospitality after buying Miami hotel for $36M
MG Developer is entering the hospitality sector after paying $36 million for a hotel near Miami International Airport. Coral Gables-based MG, led by Alirio Torrealba and Diego Torrealba, acquired Regency Miami Airport by Sonesta, a five-story hotel with 176 rooms at 1000 Northwest 42nd Avenue, records and real estate database Vizzda show. The deal breaks down…
Brickell Tower Designed By Robert A.M. Stern Architects Gets Giant Construction Loan
The 50-story tower St. Regis Residences, Miami has obtained a massive construction loan after reaching a sales milestone. Developers Related Group and Integra Investments closed on $527 million in financing to build the luxury tower from TYKO Capital. It is one of the largest residential construction loans in Florida to date, following the $668 million loan for Miami’s Waldorf…
Gus Machado’s family sells late car dealer’s longtime Hialeah dealership for $19M
Gus Machado Ford in Hialeah is no longer owned by the late car dealer’s family, which sold the auto retailer site for $19.3 million. A trust managed by Machado’s surviving relatives sold the 5.7-acre property to an entity managed by Victor Benitez, records and real estate database Vizzda show. City National Bank of Florida provided the buyer with a $15.4 million mortgage.
Domus Brickell Center Gets FAA Approval, Demolition Permit Issued
FAA height approval has been issued for a 35-story tower known as Domus Brickell Center. A demolition permit has also been issued for the site. The FAA approval was issued on August 30, and allows for a permanent tower height on the property of 405 feet above ground, or 419 feet above sea level. The demolition permit was issued earlier in August, with Thornton Residential LLC…
Expansion Proposed For Miami Beach Hotel, Designed By Bjarke Ingels
The Standard Hotel in South Beach is proposed to be renovated and expanded, a new filing with the city shows. One wing of the hotel is proposed to be renovated, while another is proposed to be redeveloped. The number of hotel rooms will remain the same, while six residential units would be added. The design team includes Bjarke Ingles Group and Kobi Karp Architecture.
Plans have been submitted to redevelop Sunset Place in South Miami, transforming the site into a massive mixed-use complex with nine towers. The proposed towers will rise to various heights, including two at 12 stories, two at 15 stories, one at 21 stories, one at 25 stories, and three at 33 stories. The architectural concept for the Sunset Place redevelopment moves away from…
Shops at Sunset Place redevelopment scores South Miami approval
Alex Vadia’s Midtown Development is moving forward with plans to redevelop the Shops at Sunset Place in South Miami into a mixed-use project with about 1,500 residential units. The South Miami Planning Board on Wednesday evening unanimously approved a resolution granting initial site plan approval for the site at 5701 Sunset Drive. The resolution next heads to the South Miami…
Nine Towers Rising Up To 33 Stories Proposed At Sunset Place
Plans have been filed for a massive redevelopment of Sunset Place. The redevelopment would include nine towers. They would rise 12 stories (2), 15 stories (2), 21 stories, 25 stories, and 33 stories (3). Sunset Place is proposed to include: 1,513 residential units 287 hotel keys 1,300 seat movie theater / performing arts theater 149,506 square feet of retail 50,892 square feet of office…
The Shops of Sunset Place, which was built in 1999, has become mostly vacant in recent years. Currently home to a movie theater, 40 apartments, and some office and retail space, the venture could soon find new life as a massive, mixed-use venture. The revitalization, known as “Sunset Place”, would span 1.47 million square feet amongst nine high-rise towers.
Longpoint bulks up South Florida industrial portfolio with $27M Medley purchase
Longpoint continues bulking up its South Florida industrial portfolio, recently paying $27.2 million for three Medley warehouses. An affiliate of Boston-based Longpoint, led by founding partner Dwight Angelini, acquired the 113,936-square-foot complex at 9942 Northwest 89th Court, records and real estate database Vizzda show. The deal breaks down to $237 per sf…
Court clears way to partly demolish Coconut Grove Playhouse
At the end of August, the Third District Court of Appeal dismissed the latest petition filed by city residents to stop county plans to partially demolish the Coconut Grove Playhouse, clearing the path for the project to proceed. The Playhouse’s fate has been in limbo for years, dating back to 2004 when county voters approved a far-ranging bonding measure that would have under…
FAA Approves 764-Foot 848 Brickell Tower Designed By Skidmore, Owings & Merrill
The Federal Aviation Administration (FAA) has officially approved the height of 848 Brickell, a 51-story Class-A office and retail development in Miami’s Brickell neighborhood. Planned by Key International in collaboration with Sterling Bay, the project has been given the green light to rise 764 feet above ground, or 775 feet above mean sea level. This approval, issued…
Mixed-Use Development Proposed In Wynwood
Plans have been filed for a new mixed-use development in Wynwood. The 8-story project is planned to include: 87 multi-family dwelling units 214 lodging units 11,350 square feet of commercial space 87 on-site parking spaces, spread over two floors Zoning requires 252 gross parking spaces. A 30% Transit Corridor Waiver is being requested to reduce that to 177 spaces.
Developer Says 444 Brickell Won’t Be Demolished Until 2028 ‘At Earliest’
Related Group says 444 Brickell will not be demolished until 2028 at the earliest, according to the Herald. Demolition of 444 Brickell will allow for a new section of baywalk to connect two existing baywalk sections, along with a new tower. The property has been designated as an archaeological landmark, as part of a deal to allow two towers to proceed next door. Miami’s Historic…
Here’s When Citadel’s Brickell Supertall Tower Is Expected To Begin Construction
An expected construction start date for Citadel’s new supertall headquarters tower has been revealed. Construction is estimated to begin in the third quarter of 2025, a Citadel spokesperson told The Real Deal. Miami-Dade records show that the zoning review application was accepted on September 9, after an initial August 26 filing was revised. The development is now being assigned…
Triple Double, Stonerock Capital could lose downtown Miami office buildings to foreclosure
Two years after buying a pair of downtown Miami office buildings, Triple Double Real Estate and Stonerock Capital Partners could lose the properties to foreclosure. An affiliate of Atlanta-based Ardent Companies filed a foreclosure complaint… against the Triple Double and Stonerock Capital entity that owns…. at 200 Southeast First Street, as well as… 44 West Flagler Street. Ardent alleges…
The Graham Cos. Reshapes Plans for Lakeside Apartments at 14650 Oak Lane, Miami Lakes, FL
The Graham Cos. is shifting plans for a multi-family housing development in Miami Lakes. Previously, the developer secured a zoning approval for a senior living facility on the 9.5-acre site. Now, it hopes to move forward with the Lakeside apartments, which would offer 220 units in four four-story buildings. The one-bedroom to three-bedroom units would span 750 to 1,409 sf…
Graham Companies, the family owned developer of Miami Lakes and its biggest property owner, proposes a 220-unit multifamily complex in the town. Led by CEO Stuart S. Wyllie, Graham wants to build the Lakeside project with four four-story buildings on a 9.5-acre vacant site at 14610, 14620, 14640 and 14650 Oak Lane, according to the Miami Lakes Town Council…
Cult Movie Director’s New Studio Is Latest Signal Of Miami Beach’s Pivot Away From Partying
Acclaimed oddball film director Harmony Korine is opening a 30K SF creative design studio on Lincoln Road. The new headquarters for EDGLRD, a digital-first studio focused on film, gaming, advertising and sensory experiences, on the top floor of 230 Lincoln Road was announced by Miami Beach City Commissioner Joseph Magazine from the stage at Bisnow’s Future of Miami…
Developer Seeks Approval for ‘Alexandria Gardens’ at 13317 Alexandria Drive in Opa-locka
An affiliate of VS Real Estate could build an apartment complex featuring workforce housing in Opa-locka. Alexandria Gardens would comprise 216,152 square feet of new construction amongst seven four-story buildings. It would offer 225 apartments. The South Florida Business Journal reports that 12.5 percent of the units (28) would be workforce housing. The developer…and children’s playground. There would also be 285 parking spots, averaging to about 1.27 per unit.
Video & Pics: Banco Santander Announces It Will Begin ‘Landmark’ Brickell Tower
Banco Santander says it is proceeding with plans to build a new 1.6 million square foot tower in Brickell. A 14-story office tower is currently on the site. Demolition will begin shortly, according to the company. The property has already been fenced off, according to Ryan RC Rea. There are currently 650 Santander employees working from the old tower, who will be moved…
Site Work Permit Issued For Former Miami Arena Site, Where 2,350 Units Planned
Miami’s Building Department has issued a site work permit for the former Miami Arena site. The permit was issued on August 26, with Coastal Construction listed as the contractor, records show. Three towers are planned on the property, to be built in phases. A master construction permit for the first tower, with 894 residential units, is currently moving through the approval…
Monceau entangled in legal rift with partner over Goulds workforce housing dev site
Family-owned Monceau Real Estate allegedly reneged on buying out a partner involved in a Goulds workforce housing development site, a recently filed lawsuit alleges. Jason Talbot, principal of Miami-based Workforce Housing Partners, sued Miami Beach-based Monceau and its sibling owners, Adrian, Julien and Sarah Haccoun, in Miami-Dade Circuit Court on Friday for breach…
848 Brickell Office Tower Approved By FAA At 764 Feet
The Federal Aviation Administration has issued a letter stating that an office tower planned on Brickell Avenue does not represent a hazard to air navigation. The tower is known as 848 Brickell. The approval letter was issued on September 5 to developer Key International. Skidmore, Owings & Merrill is listed as a representative. The approved height is 764 feet…
As South Florida’s population continues to grow, so does its affordability challenge. According to Miami Homes For All, the tri-county area currently faces a shortage of 90,181 housing units for households earning below 80 percent of the area median income, estimated at around $75,000 annually. The recent passing of Florida’s Live Local Act offers incentives aimed at addressing…
Developers Secure $527M Financing for St. Regis Residences Miami in South Brickell
Developers Related Group and Integra Investments have announced the closing of $527 million in financing for St. Regis Residences, Miami, a highly anticipated residential tower located on the Biscayne Bay waterfront in Miami’s South Brickell neighborhood. The loan, provided by TYKO Capital, marks one of the largest residential construction loans in South Florida’s…
Florida Developers Score $527M Loan for Miami Condo
Florida CRE developers Integra Investments and Related Group have scored a $527 million loan to work on a multifamily project in Miami. The 50-story tower at 1809 Brickell Avenue is set to feature 152 condos, according to a report from Bisnow. The unit options will range from two to six bedrooms. The Brickell project will include eateries such as an “upscale restaurant…”
Related, Integra JV pays $100M for waterfront St. Regis Brickell site
Integra Investments sold the St. Regis Residences, Miami development site to a joint venture it formed with the Related Group. Downtown Miami-based Integra, led by Paulo Tavares de Melo, sold the waterfront 3.2-acre property at 1809 Brickell Avenue for $100 million to 1809 Brickell Venture, property records show. The Integra and Related entity recently…
Construction Tops Off at The Standard Residences in Midtown Miami
Construction at The Standard Residences, Midtown Miami, a 12-story pied-à-terre-style building, has reached its topping-off milestone, and window installation has progressed up to the eighth floor. The project previously secured $45.045 million in financing from Bank OZK and has announced two major food and beverage offerings: Solana by Juvia Group on the rooftop…
Vita at Grove Isle Tops Off Construction, Set for Late 2025 Completion
Grove Isle’s first new residential development in decades has reached a major milestone as CMC Group, led by developer Ugo Colombo, topped off construction of Vita at Grove Isle, a 65-unit luxury condominium. Situated on the 20-acre private island of Grove Isle, just offshore from Miami’s Coconut Grove neighborhood, the seven-story waterfront development is comprised…
Mill Creek Residential Downsizes Second Phase of ‘Moderna Aventura’ in Miami-Dade County
In April 2023, Boca Raton-based Mill Creek Residential broke ground on the first phase of Moderna Aventura, which will offer 420 apartments, 6,400 square feet of retail, and 632 parking spots. The developer received approval for a second phase with the same specs, but now has filed plans for a smaller phase. The South Florida Business Journal notes that it’s “rare” for…
Acre scores controversial upzoning approval for 337-unit rental project near MiMo’s Legion park
A developer scored approval for a controversial upzoning for a 337-unit apartment project adjacent to Miami’s Legion Memorial Park, despite vehement pushback from neighbors. The Miami Planning, Zoning and Appeals Board greenlit the rezoning of a 3.5-acre vacant assemblage on the northeast corner of Biscayne Boulevard and Northeast 64th Street. Acre…
Lennar in contract to buy Barry University land, downsizes proposed project to 277 townhomes
Lennar proposes a 277-townhouse development on Barry University land in Miami Shores, marking a significant downsizing of the homebuilder’s previously planned project. Miami-based Lennar is under contract to buy about 24 acres of Barry-owned land immediately west of the university’s main campus at 11300 Northeast Second Avenue, according to a Barry spokesperson…
Lease roundup: Pipeline Workspaces renews Coral Gables office, French bakery opening in Kendall
Co-working and shared office space provider Pipeline Workspaces is staying put in Coral Gables. Miami-based Pipeline renewed its 14,000-square-foot lease at Alhambra West at 95 Merrick Way, according to a news release from the tenant’s broker. Shay Pope of Stream Realty Partners represented the tenant. Steven Hurwitz and Doug Okun were part of the…
How Miami-Based Pura Vida Took Over Florida and Then New York
Miami has seen an influx of New York restaurants and cafés lately, but over the summer, a Miami spot did a switch-up and returned the favor back to New York City. Pura Vida, the healthy café chain that has taken Florida by storm with its all-day breakfast and signature pastel blue umbrellas, is making waves beyond its home base with an ambitious expansion into New York…
A developer proposes a 198-unit Live Local Act project near the Seminole Hard Rock Hotel & Casino in Hollywood, amid a surge of applications under the state’s affordable housing law. An entity led by Eloy Garcia and Nick Mendizabal, founders of Car Factory Outlet, wants to build a 14-story building with 6,000 square feet of commercial space and 277 parking spaces…
Rreef Property Trust sold a 368-unit apartment complex in Pembroke Pines for $110 million, marking a 9 percent discount from its purchase price two years ago. The deal comes as South Florida’s multifamily market is turning from the boom times of the past four years. Higher interest rates, elevated property management and upkeep costs, and skyrocketing insurance have…
DWS Group Fund Takes $11M Loss On Plantation Apartments
A real estate fund run by a Deutsche Bank subsidiary took a nearly 10% haircut on its recent sale of the Marela Apartments southwest of Fort Lauderdale. Abacus Capital Group paid $110M for the 368-unit, garden-style apartment complex in Pembroke Pines, or around $299K per unit. The seller was an entity controlled by RREEF Property Trust, which is run by DWS Group…
Pompano Beach Property Lands Financing for Rental-to-Condo Conversion
Plantation, Fla.-based Invesca Development and the Gold Coast Florida Regional Center, an EB-5 immigration investing program center, have secured a $55.2 million bridge loan to convert Envy Pompano Beach into condominiums. The 214-unit Class A rental property is located in Pompano Beach, Fla. Envy Pompano Beach in Pompano Beach, Fla., courtesy of Forman Capital.
MAXX Properties Buys 145-Unit Asset in Wilton Manors
Privately held MAXX Properties has bought ANKR Wilton Manors, a 145-unit rental community in Wilton Manors, Fla., between Pompano Beach and Fort Lauderdale. The previous owner was Gables Residential, according to Yardi Matrix information. This marks the buyer’s fifth multifamily asset in the state. The new ownership intends to modernize the community’s interior…
Schmier adds mixed-use complex to Boca Raton portfolio
Schmier Property Group pumped up its Boca Raton portfolio by acquiring a mixed-use complex for $32 million. An affiliate of Boca Raton-based Schmier, led by principals Brian and Robert Schmier, acquired Boca Financial Plaza at 5530 and 5550 West Glades Road, records and real estate database Vizzda show. Seacoast National Bank provided the buyer with an $18 million…
Jeff Greene fires back at One West Palm’s former project manager
Billionaire Jeff Greene is hitting back at the general contractor previously overseeing his One West Palm mixed-use project. Greene’s development entity 1370 South Ocean on July 29 countersued Coral Gables-based Kast Construction in Palm Beach County Circuit Court. Greene’s complaint alleges Kast mismanaged construction of the planned $3 billion two-tower complex…
Publix bags two more South Florida shopping centers for $67M
Publix filled up its real estate cart with more South Florida shopping centers, paying a combined $67 million for a pair of Palm Beach retail properties anchored by its stores. The sites are part of Publix’s recent $224 million purchase of a seven-shopping center portfolio across Florida that includes two retail properties in Davie acquired for a combined $83 million.
Data story: reimagining offices in a hybrid world
US vacancy rate of office buildings sits at a historic high four years after COVID-19 upended the industry COVID-19 completely upended work dynamics, but none more so than for office workers. Both central business districts (CBDs) and suburban offices became ghost towns. Suddenly, all “non-essential workers” – the typical white-collar worker – began performing their job…
Increasing Office Visits Not A Panacea for Record High Vacancy Rates
Highlights: According to Placer.AI – a startup that uses cell phone data to analyze foot traffic patterns down to the property level – nationwide employee office visits were 27.8% lower than compared to July 2019 and 16.5% higher than July 2023.Perhaps unsurprisingly, among the eleven metros included in Placer’s report, San Francisco’s office recovery has been the most mired…
Coastal Properties are Exposed to Multifaceted Risks, but Solutions Exist
Last week, the Urban Land Institute published Surge – Coastal Resilience and Real Estate, a report unpacking a range of risks threatening coastal real estate, as well as highlighting solutions already in practice. From sea level rise and coastal storms, to sunny-day flooding, subsidence and erosion, the report put risk into dollar terms, as well as explaining risk pathways…
How the New PFAS Ruling Impacts CRE Transactions
Real estate professionals have a lot of questions about how PFAS may impact their deals EPA’s PFAS ruling of July 8, 2024. The ruling designates two of the most widely used categories of PFAS as hazardous substances under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA, also known as Superfund). This means that in order to evaluate…
Florida’s Live Local Act—An Admirable Vision Meets Reality
In the heart of Miami, the Wynwood neighborhood shines as a success story of urban development. Once an industrial area, Wynwood has transformed itself from warehouses and factories to a street-art-laden hub for creativity and innovation. Wynwood’s coffee shops, art galleries, vibrant bars, and cafes have attracted locals, tourists, and a community of entrepreneurs.
Industrial Absorption Set To Grow On Rate Drop Expectations
Industrial net absorption for the second half of 2024 is expected to reach approximately 114 million square feet, up from 67.1 million square feet absorbed during the first half of the year. First-quarter absorption was down substantially from its historic peak in 2021 when it totaled 749.3 million square feet for the year, according to CoStar data. It also lagged absorption recorded in the same per…