American Dream Miami mega-mall draws traffic concerns
Traffic In Miami-Dade and Broward counties is still a concern for the development of the American Dream Miami mega-mall in Northwest Miami-Dade County as meetings continue throughout the fall. “It’s a little under two miles South of our county line, so we know it’s going to generate traffic impacts in Broward,” said Jo Sesodia, Broward County’s director of planning and development management.
Prudential spends $19M on new Little Havana development
Prudential just paid $18.5 million on a new self storage facility in Little Havana, property records show. Broward Havana LLC, a company owned by Bruce Weiner of Atlanta, sold the five-story development at 641 Northwest 12th Avenue to an affiliate of Madison, New Jersey-based Prudential Variable Contract Real Property Partnership. Weiner made his fortune in candy. He sold his company to Tootsie Roll in…
Video: Considering the Impact of Legislative Changes on Multifamily Properties
Greg Brown, Senior Vice President of Governmental Affairs with the National Apartment Association (NAA) talks with the host of The Commercial Real Estate Show about future legislative modifications that may impact the multifamily property market. Among the issues discussed are ADA litigiation, including NAA’s proposal for a 120 day right to cure, and the pending expiration of the National Flood…
Chinatown design nears review and approval
After sending six city officials on a 12-day trip to China last May, the City of North Miami completed its conceptual design master plan for its Chinatown Cultural Arts & Innovation District, which is to be presented to the city’s Community Redevelopment Agency this month for review and approval. “Right now we are continuing our planning and public feedback process,” said Larry Spring Jr., North Miami city…
Related Group arm may add housing atop Olympia Theater
The aging and grandiose Olympia Theater in downtown Miami could get a new lease on life if Miami commissioners buy into a proposal from an arm of mega-developer the Related Group to rehab the theater and redevelop the residential units above. The venerable venue hasn’t had a major facelift in more than 15 years. The city commission is to discuss the new proposal today (9/14). The city owns the…
Developers Overbuilt So Many Sunny Isles Beach Condos, They Have Two-Year Backlog
A Miami real-estate analysis released Monday sheds light on the wonderfully stupid way South Florida operates: For the past handful of years, condo prices in the area have been criminally high, so condo developers have laid waste to any undeveloped piece of land they could find, stacking buildings into the sky regardless of whether anyone would buy them. Now they’ve finally built so many they can’t…
Miami police due to get an office in Brickell City Centre
Miami police will have an office in Brickell City Centre if city commissioners approve a lease with the management company of the vast development. Swire Properties is developing the multi-block project and last year opened phase one, which includes residential towers, offices, hotel rooms and a 500,000-square-foot shopping center. The proposed lease for a police station is on the commission’s agenda…
Virginia Key advisory group tries to get ahead of events
Members of the Virginia Key Advisory Board want to be more proactive and less reactionary. The operations and scope of the barely one-and-a-half-year-old body were discussed at the board’s last meeting Aug. 22, and on the heels of a vote to stop the city from proceeding with a proposal for a mooring field in the historic basin of the island. Board members have expressed surprise and concern about some…
LAX Floral Import Inks 30,000 SF Lease Deal In Doral
State Street Realty has leased 30,000 square feet of industrial space to LAX Floral Import at Beacon Centre Business Park, located within the Miami-Airport West submarket. As a result, Beacon Centre Building 3, a 114,000 square foot building within a Class “A” industrial business park at 1617 NW 84 Avenue in Doral, is 100% occupied. The vacancy rate for industrial space in the Miami Airport / Doral area…
Hurricane Irma’s Miami landfall and aftermath in photos
80 percent of Miami-Dade lost power The Miami area thankfully has Hurricane Irma in its rearview, as winds have finally started to settle across the tri-county region. Cities continue to unleash first responders while assessing damages and outages. According to the Sun Sentinel, as of Monday morning there were over 815,000 outages in Miami-Dade (80 percent of homes), nearly 644,000 outages…
CoStar shelling out $385M for another rental listing website
From TRD New York: New York’s brokerage firms may be no match for StreetEasy and its parent Zillow, but CoStar looks to be trying to become one. The real estate data company agreed to buy the rental listing site ForRent.com for $385 million in a bid to list “every single apartment in the U.S. being marketed, whether it’s someone’s garage apartment up to the largest institutional property,” according…
Terry Stiles, who kickstarted Fort Lauderdale’s real estate boom, dies of cancer
Terry Stiles, the developer whose vision essentially led to the creation of the Fort Lauderdale office and multifamily markets, died Monday. He was 70. The cause of death was cancer. Diagnosed in 2015, the chairman and former CEO of Stiles Corp. initially took a six-month leave and returned to work 80 pounds lighter but determined to remain involved. In 2016, his son, Ken Stiles, was named CEO in a previously…
Irma has arrived: Tower crane snaps in half, strikes PMG’s 300 Biscayne
The nightmare is happening. High winds from Hurricane Irma caused the tower crane at Property Market Group’s under-construction “Vice” apartment tower to snap in half and crash into the building. The Herald reported that the boom is still connected to the crane tower by a cable but is dangling on the side of the 30-story luxury residential building at 300 Biscayne Boulevard. No injuries were…
A second crane just collapsed. This time it’s at the Related Group’s GranParaiso condo development
Just hours after the boom separated from the crane tower and struck Property Markets Group’s 300 Biscayne Avenue, another crane collapsed in Miami, this time at the Related Group’s GranParaiso condominium tower. Multiple news stations reported Sunday afternoon that a tower crane at Related’s 10-acre megadevelopment in Edgewater snapped amid Hurricane Irma’s howling winds and is dangling…
The perks and perils for developers who do their own construction
In 1898, Julius Tishman built a six-story tenement building, ultimately sparking the creation of the family’s development firm, Tishman Realty & Construction. The “construction” portion of the company’s name initially indicated that it was self-sufficient, that it could build its own projects — but the construction arm grew to one of the most active shops in the city and eventually was bought by engineering…
A Close Look at Urban Core Apartment Market Performances: Miami Listed Among Weakened Markets
Rents have been essentially flat for a while now in a big block of downtowns, including the urban cores in Charlotte, N.C., Los Angeles, Miami, San Antonio, Texas, San Diego, San Francisco, San Jose and Washington, D.C. Let’s also put Manhattan and Brooklyn in this category, although Manhattan performances by individual neighborhood are wide-ranging.
Long-Term Outlook for Rental Apartments Remains Positive: Miami Supply Shortfall Coming
In fact, some cities are likely to suffer from a shortage of apartments in the short term. “Keeping in mind that deliveries are set to hit cyclical highs in many markets over the coming few months, there would be supply shortfalls in big-demand centers like Las Vegas, Miami, Fort Lauderdale, Orlando and Raleigh,” says Willett. This demand will continue over the next decade, according to the NMHC…
Just under $40 billion of CMBS debt was exposed to the wrath of Hurricane Irma in Florida, $6.41 billion of which was concentrated in Miami, according to an analysis from Morningstar Credit Ratings. FEMA has not posted a formal disaster declaration for the storm yet, but Morningstar’s initial analysis found that it exposed $38.94 billion worth of CMBS in the state. About $6.46 billion of exposure was…
Miami firm buys Atlanta-area office complex for $13.5 million
Miami-based IG3 Real Estate bought an office complex in the Atlanta area for $13.5 million. IG3 paid about $119 per square foot for the 113,016-square-foot Sugarloaf Business Center in Duluth, Georgia. The office complex has a 98 percent occupancy rate. Major tenants include Credit Union Service Corp., Emory Clinic, United Healthcare Services Inc. and USASF Servicing. IG3 obtained an $8.4 million loan…
Miami Construction Firm MCM Gets Tangled Up In Paul Manafort Saga
Munilla Construction Management, also known as MCM, has built schools, airports and highways all around the United States. Its projects have included terminals at PortMiami, various city halls and police stations, and the bridges connecting Las Olas Boulevard to the finger islands in Fort Lauderdale. Now the Miami-based firm, owned by six brothers, is playing a bit part in a national saga: the investigation…
NREI: Florida Assesses Damage as Irma Ebbs to Tropical Storm
Post-hurricane Miami got back to business with a puff of smoke. It came from the fat Arturo Fuente Opus X that Jorge Artiles was smoking after he opened his cigar shop in a strip mall. Asked why he decided to open only one day after Hurricane Irma turned the surrounding Brickell Avenue financial district into a lake, he said: “Because today is Monday.” The first day of the week offered the city and all…
These 10 US cities are most prepared for disaster – Miami isn’t one of them
Hurricane Harvey pummeled Houston and New Orleans last week, and Hurricane Irma hit Miami and other cities near the US southern coast this weekend. Meanwhile, officials in cities across the American West have been trying to tame massive wildfires in recent weeks. And then there are the everyday disasters that plague many American cities, like poverty, unsanitary water, substandard education…
J.P. Morgan, Magellan Development Secure Financing for Proposed Midtown 6 Apartments
J.P. Morgan and Magellan Development Group secured $110.3 million in construction financing for the proposed Midtown 6 multifamily project at 3101 NE 1st Avenue in Miami, FL. The project will span 31 stories and total 397,000 square feet of residential space above 40,000 square feet of street-level retail. The project is expected to complete in spring 2020 and have a LEED Silver designation.
Artists Creating – And Owning – Their Own Spaces in Miami
How creativity is changing commercial real estate: Art does a lot for people. It appeals to our creative nature; it’s personal; its expression touches something in all of us. In the words of Pablo Picasso, “The purpose of art is washing the dust of daily life off our souls.” The same sentiment can be said about art in communities. By embracing creativity, neighborhoods are learning that art can wash off their dust.
Commercial Real Estate in Miami is Getting Greener
When it comes to climate change, perhaps no other region in the nation has as much to lose as South Florida – Miami and Miami Beach in particular. With each year, King Tide flooding becomes increasingly extreme and creeps into more and more neighborhoods, and herculean efforts are underway to adapt city design and pump water back into the ocean. It should come as little surprise that cities…
Rules For Public-Private Deals OK, But Pick Proper Rules
To expedite public-private partnerships and unsolicited proposals for deals with Miami-Dade, commissioners are being asked (9/7) to toss out every word of county code on the topic and add a whole new version. Even if we agreed entirely with fostering a new wave of deals that could wind up with companies controlling public lands, buildings…
More Real Estate Players Say The Peak Is Now
More than half of respondents to an NREI survey conducted in July said the real estate cycle has reached its peak. The percentage of survey respondents who believe we are currently at the peak of the market totaled 52 percent, up 500 basis points since the results in May of 2017 and 600 basis points since March results. The only…
Pepsico Seeks Buyer For Miami-Dade Plant As Redevelopment Opportunity
Pepsico has listed the site of its Miami-Dade County bottling plant for sale as a redevelopment opportunity. The 23.7-acre site in Doral is listed for sale on the Real Capital Markets website. The brokers are NAI Global’s Jay Olshonsky, Clifford Moskowitz and Kimberly Kocur, plus NAI Miami’s Gabriel Garcia-Menocal and Lucia Custer. Located just off the Palmetto Expressway…
“Florida Has Many Resources For Businesses, Before And After Irma,” Says DEO Chief
In the past, many looming storms were met with a dangerous element: complacency. “Not so with Hurricane Irma, said Cissy Proctor,” executive director of Florida’s Department of Economic Opportunity. “Everyone is being vigilant and paying attention to what’s going on with this storm and taking it seriously.” She has an important message to share with the thousands of Florida business owners…